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)

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

October 31, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments

Common Stocks — 61.1%
Security	Shares		Value
Aerospace & Defense — 0.4%
Safran S.A.		9,060	$	1,219,383
			$	1,219,383
Air Freight & Logistics — 0.3%
GXO Logistics, Inc.(1)		11,861	$	1,053,257
			$	1,053,257
Automobiles — 0.4%
Stellantis NV		67,807	$	1,353,729
			$	1,353,729
Banks — 3.9%
Bank of New York Mellon Corp. (The)		55,322	$	3,275,063
Citigroup, Inc.		31,658		2,189,467
HDFC Bank, Ltd.		57,776		1,227,822
ING Groep NV		136,623		2,072,421
M&T Bank Corp.		3,026		445,185
Mitsubishi UFJ Financial Group, Inc.(2)		268,285		1,471,139
Svenska Handelsbanken AB, Class A		117,230		1,343,730
Wells Fargo & Co.		7		358
			$	12,025,185
Beverages — 1.9%
Coca-Cola Co. (The)		52,606	$	2,965,400
Diageo PLC		55,570		2,764,701
			$	5,730,101
Biotechnology — 0.6%
CSL, Ltd.		8,140	$	1,852,178
			$	1,852,178
Building Products — 1.0%
Assa Abloy AB, Class B		52,807	$	1,549,497
Kingspan Group PLC		12,199		1,404,410
			$	2,953,907
Chemicals — 0.5%
Sika AG		4,143	$	1,403,564
			$	1,403,564

Security	Shares		Value
Construction Materials — 0.6%
CRH PLC		37,741	$	1,806,051
			$	1,806,051
Consumer Finance — 0.0%(3)
Capital One Financial Corp.		4	$	604
			$	604
Diversified Financial Services — 1.5%
Berkshire Hathaway, Inc., Class B(1)		10,704	$	3,072,155
Industrivarden AB, Class A		1,803		59,478
ORIX Corp.		71,345		1,418,074
			$	4,549,707
Electric Utilities — 1.0%
Iberdrola S.A.		132,847	$	1,570,142
NextEra Energy, Inc.		18,310		1,562,393
			$	3,132,535
Electrical Equipment — 1.6%
AMETEK, Inc.		19,923	$	2,637,805
Schneider Electric SE		13,399		2,310,230
			$	4,948,035
Electronic Equipment, Instruments & Components — 2.5%
CDW Corp.		10,639	$	1,985,769
Halma PLC		31,661		1,283,958
Keyence Corp.		2,633		1,589,317
Murata Manufacturing Co., Ltd.		12,079		896,003
TE Connectivity, Ltd.		13,020		1,900,920
Zebra Technologies Corp., Class A(1)		8		4,272
			$	7,660,239
Entertainment — 1.3%
Nintendo Co., Ltd.		1,662	$	734,034
Walt Disney Co. (The)(1)		18,911		3,197,283
			$	3,931,317
Equity Real Estate Investment Trusts (REITs) — 0.5%
American Tower Corp.		3,987	$	1,124,214
Equity Residential		5,370		463,968
			$	1,588,182

20 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Food Products — 1.9%
Mondelez International, Inc., Class A		40,179	$	2,440,472
Nestle S.A.		26,676		3,518,756
			$	5,959,228
Health Care Equipment & Supplies — 3.0%
Alcon, Inc.		23,498	$	1,948,419
Boston Scientific Corp.(1)		64,967		2,802,027
Intuitive Surgical, Inc.(1)		6,540		2,361,790
Straumann Holding AG		971		2,021,328
			$	9,133,564
Health Care Providers & Services — 0.6%
Anthem, Inc.		4,192	$	1,824,065
			$	1,824,065
Hotels, Restaurants & Leisure — 0.8%
Compass Group PLC(1)		65,010	$	1,379,554
InterContinental Hotels Group PLC(1)		13,920		975,056
			$	2,354,610
Industrial Conglomerates — 0.3%
DCC PLC		10,942	$	913,004
			$	913,004
Insurance — 1.0%
Allstate Corp. (The)		9,355	$	1,156,933
Aviva PLC		71,847		387,680
AXA S.A.		51,955		1,511,526
			$	3,056,139
Interactive Media & Services — 4.4%
Alphabet, Inc., Class C(1)		3,250	$	9,637,582
Meta Platforms, Inc., Class A(1)		10,056		3,253,820
Tencent Holdings, Ltd.		8,157		496,189
			$	13,387,591
Internet & Direct Marketing Retail — 2.0%
Amazon.com, Inc.(1)		1,861	$	6,276,092
			$	6,276,092
IT Services — 1.9%
Amadeus IT Group S.A.(1)		23,996	$	1,605,281
Fidelity National Information Services, Inc.		10,166		1,125,783

Security	Shares		Value
IT Services (continued)
Global Payments, Inc.		6,453	$	922,715
Visa, Inc., Class A		10,446		2,212,149
			$	5,865,928
Leisure Products — 0.6%
Yamaha Corp.		31,555	$	1,993,584
			$	1,993,584
Life Sciences Tools & Services — 0.6%
Lonza Group AG		2,291	$	1,882,745
			$	1,882,745
Machinery — 2.1%
Graco, Inc.		12,271	$	922,534
Ingersoll Rand, Inc.(1)		24,552		1,319,916
Sandvik AB		57,663		1,462,259
SMC Corp.		2,204		1,315,270
Stanley Black & Decker, Inc.		8,085		1,453,117
			$	6,473,096
Metals & Mining — 0.5%
Rio Tinto, Ltd.		21,801	$	1,493,646
			$	1,493,646
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
AGNC Investment Corp.		45,811	$	729,311
			$	729,311
Multi-Utilities — 0.2%
CMS Energy Corp.		10,882	$	656,729
			$	656,729
Oil, Gas & Consumable Fuels — 2.0%
Chevron Corp.		14,063	$	1,610,073
EOG Resources, Inc.		30,347		2,805,884
Phillips 66		15,200		1,136,656
Pioneer Natural Resources Co.		2,523		471,750
			$	6,024,363
Pharmaceuticals — 5.6%
AstraZeneca PLC		20,980	$	2,624,626
Eli Lilly & Co.		12,153		3,096,098
Novo Nordisk A/S, Class B		28,525		3,127,905

21 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Pharmaceuticals (continued)
Roche Holding AG PC		7,359	$	2,850,832
Sanofi		26,868		2,698,732
Zoetis, Inc.		12,775		2,761,955
			$	17,160,148
Professional Services — 2.6%
Recruit Holdings Co., Ltd.		36,171	$	2,406,059
RELX PLC		96,447		2,990,569
Verisk Analytics, Inc.		11,594		2,437,870
			$	7,834,498
Semiconductors & Semiconductor Equipment — 3.5%
ASML Holding NV		5,128	$	4,168,549
Infineon Technologies AG		51,652		2,418,932
Micron Technology, Inc.		26,684		1,843,864
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		19,867		2,258,878
			$	10,690,223
Software — 4.5%
Adobe, Inc.(1)		2,509	$	1,631,753
Dassault Systemes SE		31,575		1,843,897
Intuit, Inc.		3,022		1,891,742
Microsoft Corp.		25,735		8,534,241
			$	13,901,633
Specialty Retail — 1.4%
Lowe’s Cos., Inc.		10,022	$	2,343,344
TJX Cos., Inc. (The)		31,461		2,060,381
			$	4,403,725
Technology Hardware, Storage & Peripherals — 1.4%
Apple, Inc.		28,477	$	4,265,855
			$	4,265,855
Textiles, Apparel & Luxury Goods — 1.9%
adidas AG		9,160	$	2,998,079
LVMH Moet Hennessy Louis Vuitton SE		3,511		2,753,051
			$	5,751,130
Total Common Stocks (identified cost $116,252,388)			$	187,238,881

Convertible Bonds — 0.0%(3)
Security		Principal Amount (000’s omitted)		Value
Air Transportation — 0.0%(3)
Air Transport Services Group, Inc., 1.125%, 10/15/24		$	63	$	66,937
Total Convertible Bonds (identified cost $58,601)				$	66,937
Corporate Bonds — 33.9%
Security		Principal Amount* (000’s omitted)		Value
Aerospace & Defense — 0.7%
Moog, Inc., 4.25%, 12/15/27(4)			170	$	175,216
Rolls-Royce PLC:
5.75%, 10/15/27(4)			492		545,038
5.75%, 10/15/27(5)	GBP		161		245,440
TransDigm UK Holdings PLC, 6.875%, 5/15/26			200		210,894
TransDigm, Inc.:
4.625%, 1/15/29			185		184,075
5.50%, 11/15/27			106		108,650
6.25%, 3/15/26(4)			419		437,855
7.50%, 3/15/27			327		343,350
				$	2,250,518
Airlines — 0.5%
Air Canada:
3.875%, 8/15/26(4)			101	$	102,389
4.625%, 8/15/29(4)	CAD		93		75,146
Air France-KLM, 3.875%, 7/1/26(5)	EUR		400		453,644
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:
5.50%, 4/20/26(4)			314		329,779
5.75%, 4/20/29(4)			314		338,335
United Airlines, Inc., 4.625%, 4/15/29(4)			193		199,220
				$	1,498,513
Auto Components — 0.5%
Clarios Global, L.P./Clarios US Finance Co.:
4.375%, 5/15/26(5)	EUR		181	$	214,492
8.50%, 5/15/27(4)			192		204,196
Goodyear Tire & Rubber Co. (The):
5.00%, 7/15/29(4)			336		354,900
5.25%, 7/15/31(4)			270		287,690
TI Automotive Finance PLC, 3.75%, 4/15/29(5)	EUR		200		232,026
Wheel Pros, Inc., 6.50%, 5/15/29(4)			213		207,768
				$	1,501,072

22 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Automobiles — 0.9%
Ford Motor Co.:
4.75%, 1/15/43			197	$	215,445
8.50%, 4/21/23			202		221,746
9.625%, 4/22/30			208		299,911
Ford Motor Credit Co., LLC:
3.087%, 1/9/23			231		235,262
3.37%, 11/17/23			200		205,500
3.815%, 11/2/27			327		339,701
4.00%, 11/13/30			268		280,060
4.125%, 8/17/27			555		589,687
5.125%, 6/16/25			200		217,250
General Motors Financial Co., Inc., Series C, 5.70% to 9/30/30(6)(7)			85		98,281
Jaguar Land Rover Automotive PLC, 6.875%, 11/15/26(5)	EUR		100		129,090
				$	2,831,933
Banks — 1.5%
Banco Mercantil del Norte S.A./Grand Cayman, 7.625% to 1/10/28(4)(6)(7)			200	$	219,802
Citigroup, Inc., Series M, 6.30% to 5/15/24(6)(7)			200		213,460
Comerica, Inc., 5.625% to 7/1/25(6)(7)			125		138,650
Credit Suisse Group AG, 7.50% to 7/17/23(4)(6)(7)			208		221,624
Deutsche Bank AG, 7.125% to 4/30/26(5)(6)(7)	GBP		100		148,488
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(4)(6)(7)			220		242,000
HSBC Holdings PLC, 4.60% to 12/17/30(6)(7)			200		199,226
Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30(6)(7)			125		145,469
JPMorgan Chase & Co.:
Series HH, 4.60% to 2/1/25(6)(7)			298		305,187
Series KK, 3.65% to 6/1/26(6)(7)			251		250,372
Series S, 6.75% to 2/1/24(6)(7)			215		235,138
Series X, 6.10% to 10/1/24(6)(7)			165		177,478
Lloyds Banking Group PLC, 7.50% to 9/27/25(6)(7)			200		229,625
Natwest Group PLC, 4.60% to 6/28/31(6)(7)			200		197,500
Societe Generale S.A., 5.375% to 11/18/30(4)(6)(7)			200		213,000
Standard Chartered PLC, 4.75% to 1/14/31(4)(6)(7)			229		225,136
SVB Financial Group., Series C, 4.00% to 5/15/26(6)(7)			58		58,218
Truist Financial Corp., Series Q, 5.10% to 3/1/30(6)(7)			77		86,340
Vivion Investments S.a.r.l., 3.00%, 8/8/24(5)	EUR		800		893,042
Zions Bancorp NA, 5.80% to 6/15/23(6)(7)			268		276,252
				$	4,676,007

Security		Principal Amount* (000’s omitted)		Value
Biotechnology — 0.5%
Emergent BioSolutions, Inc., 3.875%, 8/15/28(4)			254	$	244,157
Grifols Escrow Issuer S.A.:
3.875%, 10/15/28(5)	EUR		925		1,072,695
4.75%, 10/15/28(4)			231		234,754
				$	1,551,606
Building Products — 1.1%
Boise Cascade Co., 4.875%, 7/1/30(4)			116	$	121,945
Builders FirstSource, Inc.:
4.25%, 2/1/32(4)			204		205,913
5.00%, 3/1/30(4)			90		95,176
Empire Communities Corp., 7.00%, 12/15/25(4)			259		268,389
HT Troplast GmbH, 9.25%, 7/15/25(5)	EUR		360		449,557
Masonite International Corp., 5.375%, 2/1/28(4)			105		110,381
PCF GmbH, 4.75%, 4/15/26(5)	EUR		175		206,235
PGT Innovations, Inc., 4.375%, 10/1/29(4)			176		174,680
Standard Industries, Inc.:
2.25%, 11/21/26(5)	EUR		100		112,225
4.375%, 7/15/30(4)			192		192,240
5.00%, 2/15/27(4)			78		80,145
Taylor Morrison Communities, Inc.:
5.75%, 1/15/28(4)			196		216,043
5.875%, 6/15/27(4)			146		163,529
Victoria PLC, 3.625%, 8/24/26(5)	EUR		806		942,314
				$	3,338,772
Capital Markets — 0.2%
AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(6)			150	$	156,711
Charles Schwab Corp. (The), Series I, 4.00% to 6/1/26(6)(7)			259		266,874
UBS Group AG, 4.375% to 2/10/31(4)(6)(7)			200		199,150
				$	622,735
Casino & Gaming — 0.2%
Cinemark USA, Inc.:
5.875%, 3/15/26(4)			67	$	67,251
8.75%, 5/1/25(4)			48		51,420
Peninsula Pacific Entertainment, LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(4)			370		395,347
Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(4)			215		219,984
				$	734,002

23 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Chemicals — 0.5%
Herens Holdco S.a.r.l., 4.75%, 5/15/28(4)			201	$	199,653
Herens Midco S.a.r.l., 5.25%, 5/15/29(5)	EUR		271		293,088
INEOS Quattro Finance 2 PLC, 2.50%, 1/15/26(5)	EUR		232		268,075
NOVA Chemicals Corp., 4.25%, 5/15/29(4)			203		200,615
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26(4)			310		317,169
Valvoline, Inc.:
3.625%, 6/15/31(4)			128		124,960
4.25%, 2/15/30(4)			140		142,294
				$	1,545,854
Commercial Services & Supplies — 1.5%
Adtalem Global Education, Inc., 5.50%, 3/1/28(4)			293	$	296,296
APi Escrow Corp., 4.75%, 10/15/29(4)			87		88,631
Avis Budget Car Rental, LLC/Avis Budget Finance, Inc.:
5.375%, 3/1/29(4)			127		133,826
5.75%, 7/15/27(4)			89		93,116
5.75%, 7/15/27(4)			110		115,328
Clean Harbors, Inc.:
4.875%, 7/15/27(4)			101		105,293
5.125%, 7/15/29(4)			61		66,109
EC Finance PLC, 3.00%, 10/15/26(5)	EUR		274		320,597
Gartner, Inc.:
3.625%, 6/15/29(4)			57		57,356
3.75%, 10/1/30(4)			107		108,605
4.50%, 7/1/28(4)			151		157,410
GFL Environmental, Inc.:
3.50%, 9/1/28(4)			240		239,100
3.75%, 8/1/25(4)			130		133,926
4.75%, 6/15/29(4)			343		346,430
HealthEquity, Inc., 4.50%, 10/1/29(4)			158		159,975
Korn Ferry, 4.625%, 12/15/27(4)			233		240,572
Madison IAQ, LLC, 4.125%, 6/30/28(4)			128		127,497
MoneyGram International, Inc., 5.375%, 8/1/26(4)			149		149,559
NESCO Holdings II, Inc., 5.50%, 4/15/29(4)			206		208,833
Paprec Holding S.A., 3.50%, 7/1/28(5)	EUR		352		407,665
Team Health Holdings, Inc., 6.375%, 2/1/25(4)			235		208,365
Terminix Co., LLC (The), 7.45%, 8/15/27			550		661,375
Tervita Corp., 11.00%, 12/1/25(4)			123		141,610
				$	4,567,474
Construction & Engineering — 0.1%
TopBuild Corp., 4.125%, 2/15/32(4)			158	$	159,580
				$	159,580

Security		Principal Amount* (000’s omitted)		Value
Construction Materials — 0.2%
SRM Escrow Issuer, LLC, 6.00%, 11/1/28(4)			644	$	670,565
				$	670,565
Consumer Finance — 0.3%
CPUK Finance, Ltd., 4.875%, 2/28/47(5)	GBP		278	$	381,877
PRA Group, Inc.:
5.00%, 10/1/29(4)			115		113,786
7.375%, 9/1/25(4)			261		278,617
				$	774,280
Containers & Packaging — 0.3%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
2.125%, 8/15/26(5)	EUR		410	$	468,332
4.125%, 8/15/26(4)			253		258,384
Kleopatra Finco S.a.r.l., 4.25%, 3/1/26(5)	EUR		243		270,204
				$	996,920
Cosmetics / Personal Care — 0.1%
Edgewell Personal Care Co., 5.50%, 6/1/28(4)			180	$	188,533
				$	188,533
Distributors — 0.4%
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(4)			475	$	471,031
Parts Europe S.A., 3.454%, (3 mo. EURIBOR + 4.00%), 7/20/27(5)(8)	EUR		350		405,432
Performance Food Group, Inc.:
4.25%, 8/1/29(4)			315		315,394
5.50%, 10/15/27(4)			169		176,394
				$	1,368,251
Diversified Consumer Services — 0.3%
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(5)			750	$	777,188
				$	777,188
Diversified Financial Services — 1.5%
Alliance Data Systems Corp., 4.75%, 12/15/24(4)			194	$	198,703
Allied Universal Holdco, LLC, 6.625%, 7/15/26(4)			497		522,784
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 9.75%, 7/15/27(4)			203		218,479
Allied Universal Holdco, LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28(4)			316		313,842
Ally Financial, Inc., Series B, 4.70% to 5/15/26(6)(7)			237		246,332
Alpha Holding S.A. de CV, 9.00%, 2/10/25(4)(13)			200		28,424

24 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Diversified Financial Services (continued)
American AgCredit Corp., Series QIB, 5.25% to 6/15/26(4)(6)(7)			250	$	255,625
Coinbase Global, Inc.:
3.375%, 10/1/28(4)			181		174,891
3.625%, 10/1/31(4)			151		144,016
Encore Capital Group, Inc.:
4.25%, (3 mo. EURIBOR + 4.25%), 1/15/28(5)(8)	EUR		479		558,721
5.375%, 2/15/26(5)	GBP		180		254,838
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp.:
6.25%, 5/15/26			146		153,118
6.375%, 12/15/25			120		122,550
Jefferson Capital Holdings, LLC, 6.00%, 8/15/26(4)			343		347,769
Louvre Bidco S.A.S., 6.50%, 9/30/24(5)	EUR		310		370,052
Sherwood Financing PLC, 6.00%, 11/15/26(5)(9)	GBP		420		574,791
				$	4,484,935
Diversified Telecommunication Services — 0.1%
Level 3 Financing, Inc.:
4.25%, 7/1/28(4)			324	$	320,749
5.25%, 3/15/26			90		92,875
				$	413,624
Electric Utilities — 1.1%
Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(4)			353	$	365,535
FirstEnergy Corp., Series B, 4.40%, 7/15/27			257		278,967
Imola Merger Corp., 4.75%, 5/15/29(4)			306		314,782
Leeward Renewable Energy Operations, LLC, 4.25%, 7/1/29(4)			113		113,709
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, 5/1/79(6)			155		180,148
NextEra Energy Operating Partners, L.P.:
4.25%, 9/15/24(4)			9		9,506
4.50%, 9/15/27(4)			142		152,089
NRG Energy, Inc.:
3.375%, 2/15/29(4)			106		103,482
3.625%, 2/15/31(4)			177		172,486
3.875%, 2/15/32(4)			195		191,344
5.25%, 6/15/29(4)			122		130,082
Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(4)			199		206,214
Southern California Edison Co., Series E, 6.25% to 2/1/22(6)(7)			101		101,657
Southern Co. (The):
Series 21-A, 3.75% to 6/15/26, 9/15/51(6)			120		122,016

Security		Principal Amount* (000’s omitted)		Value
Electric Utilities (continued)
Southern Co. (The): (continued)
Series B, 4.00% to 10/15/25, 1/15/51(6)			56	$	58,531
Series B, 5.50% to 3/15/22, 3/15/57(6)			192		194,334
TerraForm Power Operating, LLC:
4.25%, 1/31/23(4)			95		97,019
5.00%, 1/31/28(4)			237		252,704
Vistra Operations Co., LLC:
4.375%, 5/1/29(4)			235		232,944
5.00%, 7/31/27(4)			232		238,090
				$	3,515,639
Electronic Equipment, Instruments & Components — 0.1%
WESCO Distribution, Inc., 7.25%, 6/15/28(4)			153	$	168,937
				$	168,937
Entertainment — 1.1%
AMC Entertainment Holdings, Inc.:
10.50%, 4/15/25(4)			94	$	101,050
12.00%, (10.00% cash or 12.00% PIK), 6/15/26(4)(10)			209		208,277
Caesars Entertainment, Inc.:
6.25%, 7/1/25(4)			417		439,143
8.125%, 7/1/27(4)			56		62,793
Cinemark USA, Inc., 5.25%, 7/15/28(4)			206		201,236
Gamma Bidco SpA, 6.25%, 7/15/25(5)	EUR		200		239,038
LHMC Finco 2 S.a.r.l., 7.25%, (7.25% cash or 8.00% PIK), 10/2/25(5)(10)	EUR		686		802,216
Netflix, Inc.:
3.00%, 6/15/25(5)	EUR		370		465,600
4.875%, 6/15/30(4)			300		352,881
5.875%, 11/15/28			300		365,544
Powdr Corp., 6.00%, 8/1/25(4)			227		237,839
				$	3,475,617
Equity Real Estate Investment Trusts (REITs) — 0.2%
Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 4.50%, 4/1/27(4)			260	$	253,825
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc.:
4.50%, 9/1/26			100		108,600
5.625%, 5/1/24			200		217,220
				$	579,645

25 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Food Products — 1.0%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28(4)			181	$	192,539
Casino Guichard Perrachon S.A., 5.25%, 4/15/27(5)	EUR		125		137,523
Chobani, LLC/Chobani Finance Corp., Inc., 4.625%, 11/15/28(4)			70		71,662
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(4)			386		423,152
Kraft Heinz Foods Co.:
3.875%, 5/15/27			166		180,086
4.25%, 3/1/31			371		419,265
4.375%, 6/1/46			242		282,907
4.625%, 10/1/39			56		65,298
4.875%, 10/1/49			82		101,680
5.50%, 6/1/50			166		222,675
Land O’ Lakes, Inc., 8.00%(4)(7)			330		358,090
Nomad Foods Bondco PLC, 2.50%, 6/24/28(5)	EUR		371		426,916
Pilgrim’s Pride Corp., 3.50%, 3/1/32(4)			288		289,080
				$	3,170,873
Gas Utilities — 0.1%
NiSource, Inc., 5.65% to 6/15/23(6)(7)			280	$	296,800
				$	296,800
Health Care Equipment & Supplies — 1.0%
Centene Corp.:
2.50%, 3/1/31			311	$	303,620
3.00%, 10/15/30			377		383,669
3.375%, 2/15/30			308		316,487
4.625%, 12/15/29			319		344,520
Compass Minerals International, Inc., 6.75%, 12/1/27(4)			182		192,920
ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29(4)			101		102,861
Molina Healthcare, Inc., 3.875%, 11/15/30(4)			245		252,982
Mozart Debt Merger Sub, Inc., 5.25%, 10/1/29(4)			492		499,995
US Acute Care Solutions, LLC, 6.375%, 3/1/26(4)			331		343,826
Varex Imaging Corp., 7.875%, 10/15/27(4)			243		270,690
				$	3,011,570
Health Care Providers & Services — 0.6%
Encompass Health Corp.:
4.50%, 2/1/28			8	$	8,155
4.625%, 4/1/31			127		129,402
4.75%, 2/1/30			191		196,022
HCA, Inc.:
5.375%, 9/1/26			270		307,827
5.625%, 9/1/28			245		287,441

Security		Principal Amount* (000’s omitted)		Value
Health Care Providers & Services (continued)
Legacy LifePoint Health, LLC, 4.375%, 2/15/27(4)			131	$	129,854
ModivCare, Inc., 5.875%, 11/15/25(4)			182		191,327
Molina Healthcare, Inc., 4.375%, 6/15/28(4)			103		106,734
Tenet Healthcare Corp.:
4.625%, 9/1/24(4)			49		50,103
4.875%, 1/1/26(4)			290		297,612
5.125%, 11/1/27(4)			138		144,382
				$	1,848,859
Home Builders — 0.1%
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(4)			201	$	208,035
				$	208,035
Hotels, Restaurants & Leisure — 0.9%
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc.:
3.875%, 1/15/28(4)			286	$	285,666
4.375%, 1/15/28(4)			182		183,183
5.75%, 4/15/25(4)			66		68,640
Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24(4)			583		601,032
Lithia Motors, Inc.:
4.375%, 1/15/31(4)			131		139,673
4.625%, 12/15/27(4)			91		96,323
MGM Resorts International, 4.75%, 10/15/28			264		274,747
NH Hotel Group S.A., 4.00%, 7/2/26(5)	EUR		136		157,874
Viking Cruises, Ltd., 5.875%, 9/15/27(4)			974		942,895
				$	2,750,033
Household Products — 0.0%(3)
Tempur Sealy International, Inc., 3.875%, 10/15/31(4)			84	$	83,345
				$	83,345
Independent Power and Renewable Electricity Producers — 0.2%
Calpine Corp.:
5.125%, 3/15/28(4)			273	$	271,976
5.25%, 6/1/26(4)			101		104,050
NRG Energy, Inc., 5.75%, 1/15/28			210		222,863
				$	598,889
Industrial Conglomerates — 0.2%
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(4)			165	$	172,961
Dycom Industries, Inc., 4.50%, 4/15/29(4)			156		158,535

26 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Industrial Conglomerates (continued)
Gatwick Airport Finance PLC, 4.375%, 4/7/26(5)	GBP		145	$	201,164
				$	532,660
Insurance — 0.5%
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(4)			386	$	399,028
Galaxy Finco, Ltd., 9.25%, 7/31/27(5)	GBP		525		752,096
Liberty Mutual Group, Inc., 4.125%, 12/15/51(4)			115		118,023
QBE Insurance Group, Ltd., 5.875% to 5/12/25(4)(6)(7)			222		243,090
				$	1,512,237
Internet — 0.0%(3)
United Group B.V., 4.00%, 11/15/27(5)	EUR		125	$	141,703
				$	141,703
Internet & Direct Marketing Retail — 0.1%
Cars.com, Inc., 6.375%, 11/1/28(4)			185	$	193,852
				$	193,852
Leisure Products — 0.9%
Carnival Corp.:
5.75%, 3/1/27(4)			207	$	210,881
6.00%, 5/1/29(4)(9)			216		216,270
7.625%, 3/1/26(4)			87		91,771
7.625%, 3/1/26(5)	EUR		390		486,028
Carnival PLC, 1.00%, 10/28/29	EUR		350		317,285
Dometic Group AB, 2.00%, 9/29/28(5)	EUR		389		441,834
Life Time, Inc.:
5.75%, 1/15/26(4)			199		204,546
8.00%, 4/15/26(4)			208		218,743
NCL Corp., Ltd.:
3.625%, 12/15/24(4)			111		104,618
5.875%, 3/15/26(4)			106		106,397
NCL Finance, Ltd., 6.125%, 3/15/28(4)			55		55,550
Royal Caribbean Cruises, Ltd.:
3.70%, 3/15/28			111		105,311
4.25%, 6/15/23			29		39,261
Sabre GLBL, Inc., 9.25%, 4/15/25(4)			86		99,502
Viking Cruises, Ltd., 7.00%, 2/15/29(4)			104		104,690
Viking Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29(4)			66		65,588
				$	2,868,275

Security		Principal Amount* (000’s omitted)		Value
Life Sciences Tools & Services — 0.1%
Chemours Co. (The), 4.625%, 11/15/29(4)			148	$	142,635
WR Grace Holdings, LLC, 4.875%, 6/15/27(4)			245		249,165
				$	391,800
Machinery — 0.3%
Frigoglass Finance B.V., 6.875%, 2/12/25(5)	EUR		475	$	470,167
IMA Industria Macchine Automatiche SpA, 3.75%, 1/15/28(5)	EUR		381		438,360
				$	908,527
Media — 2.3%
Altice France S.A., 8.125%, 2/1/27(4)			458	$	492,922
Beasley Mezzanine Holdings, LLC, 8.625%, 2/1/26(4)			308		310,292
CCO Holdings, LLC/CCO Holdings Capital Corp.:
4.25%, 2/1/31(4)			286		285,108
4.50%, 8/15/30(4)			290		295,548
4.75%, 3/1/30(4)			322		332,867
5.375%, 6/1/29(4)			110		118,332
Clear Channel Outdoor Holdings, Inc.:
7.50%, 6/1/29(4)			91		93,219
7.75%, 4/15/28(4)			240		248,868
CSC Holdings, LLC:
3.375%, 2/15/31(4)			200		182,400
5.75%, 1/15/30(4)			416		410,987
7.50%, 4/1/28(4)			200		213,000
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(4)			369		209,225
Entercom Media Corp., 6.75%, 3/31/29(4)			261		259,112
LCPR Senior Secured Financing DAC, 5.125%, 7/15/29(4)			205		206,814
Mav Acquisition Corp., 8.00%, 8/1/29(4)			201		195,822
National CineMedia, LLC:
5.75%, 8/15/26			189		152,027
5.875%, 4/15/28(4)			245		226,482
Outfront Media Capital, LLC/Outfront Media Capital Corp., 6.25%, 6/15/25(4)			137		143,507
Sirius XM Radio, Inc.:
3.125%, 9/1/26(4)			125		125,312
3.875%, 9/1/31(4)			126		121,197
5.00%, 8/1/27(4)			218		227,810
Summer (BC) Holdco A S.a.r.l., 9.25%, 10/31/27(5)	EUR		264		331,181
Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26(5)	EUR		400		483,613
Terrier Media Buyer, Inc., 8.875%, 12/15/27(4)			178		188,516
Townsquare Media, Inc., 6.875%, 2/1/26(4)			141		147,521

27 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Media (continued)
Univision Communications, Inc., 4.50%, 5/1/29(4)			186	$	188,409
UPCB Finance VII, Ltd., 3.625%, 6/15/29(5)	EUR		116		136,786
Urban One, Inc., 7.375%, 2/1/28(4)			148		155,554
Virgin Media Finance PLC, 3.75%, 7/15/30(5)	EUR		250		287,602
Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28(5)	GBP		100		137,591
				$	6,907,624
Metals & Mining — 1.6%
Allegheny Ludlum, LLC, 6.95%, 12/15/25			598	$	654,062
Arconic Corp., 6.125%, 2/15/28(4)			101		106,555
Bombardier, Inc.:
7.50%, 12/1/24(4)			53		55,253
7.875%, 4/15/27(4)			90		93,683
BWX Technologies, Inc.:
4.125%, 6/30/28(4)			159		161,193
4.125%, 4/15/29(4)			118		119,897
Centennial Resource Production, LLC, 5.375%, 1/15/26(4)			237		236,639
Cleveland-Cliffs, Inc.:
6.75%, 3/15/26(4)			360		383,850
9.875%, 10/17/25(4)			52		59,605
Eldorado Gold Corp., 6.25%, 9/1/29(4)			176		178,913
Freeport-McMoRan, Inc., 5.45%, 3/15/43			297		373,997
Hudbay Minerals, Inc.:
4.50%, 4/1/26(4)			174		173,783
6.125%, 4/1/29(4)			151		159,116
Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24(4)			1,024		1,086,234
Joseph T. Ryerson & Son, Inc., 8.50%, 8/1/28(4)			127		141,446
New Gold, Inc.:
6.375%, 5/15/25(4)			38		39,168
7.50%, 7/15/27(4)			491		530,894
Novelis Corp., 3.25%, 11/15/26(4)			89		88,889
Roller Bearing Co. of America, Inc., 4.375%, 10/15/29(4)			153		156,060
TMS International Corp., 6.25%, 4/15/29(4)			101		104,409
				$	4,903,646
Multi-Utilities — 0.1%
Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23(6)(7)			345	$	364,725
				$	364,725

Security	Principal Amount* (000’s omitted)		Value
Oil and Gas — 0.0%(3)
TechnipFMC PLC, 6.50%, 2/1/26(4)		14	$	14,934
			$	14,934
Oil, Gas & Consumable Fuels — 2.6%
Aethon United BR, L.P./Aethon United Finance Corp., 8.25%, 2/15/26(4)		350	$	376,411
Archrock Partners, L.P./Archrock Partners Finance Corp., 6.25%, 4/1/28(4)		135		139,894
Callon Petroleum Co., 8.00%, 8/1/28(4)		172		173,574
Colgate Energy Partners III, LLC:
5.875%, 7/1/29(4)		227		232,675
7.75%, 2/15/26(4)		190		203,062
Continental Resources, Inc.:
4.375%, 1/15/28		144		157,320
4.90%, 6/1/44		8		9,089
5.75%, 1/15/31(4)		233		279,309
CrownRock, L.P./CrownRock Finance, Inc.:
5.00%, 5/1/29(4)		221		227,906
5.625%, 10/15/25(4)		259		265,151
CVR Energy, Inc., 5.75%, 2/15/28(4)		439		432,964
DCP Midstream, L.P., Series A, 7.375% to 12/15/22(6)(7)		160		160,800
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(6)(7)		193		154,734
EQT Corp.:
5.00%, 1/15/29		53		58,946
6.625%, 2/1/25		69		77,711
7.50%, 2/1/30		102		130,708
Great Western Petroleum, LLC/Great Western Finance Corp., 12.00%, 9/1/25(4)		248		252,256
Laredo Petroleum, Inc.:
9.50%, 1/15/25		74		76,196
10.125%, 1/15/28		112		119,840
Nabors Industries, Ltd.:
7.25%, 1/15/26(4)		110		106,886
7.50%, 1/15/28(4)		118		112,301
9.00%, 2/1/25(4)		95		98,480
Occidental Petroleum Corp.:
3.40%, 4/15/26		76		77,641
3.45%, 7/15/24		42		43,098
3.50%, 8/15/29		101		102,641
4.20%, 3/15/48		156		152,257
4.40%, 8/15/49		125		125,129
4.625%, 6/15/45		84		87,051
6.125%, 1/1/31		193		231,359
6.20%, 3/15/40		81		98,253

28 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

Security	Principal Amount* (000’s omitted)		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp.: (continued)
6.375%, 9/1/28		93	$	109,124
6.45%, 9/15/36		93		118,477
6.625%, 9/1/30		254		311,125
Odebrecht Oil & Gas Finance, Ltd., 0.0%(4)(7)		862		11,850
Ovintiv, Inc.:
6.50%, 2/1/38		34		46,159
6.625%, 8/15/37		18		24,487
8.125%, 9/15/30		40		54,918
PBF Holding Co., LLC/PBF Finance Corp., 9.25%, 5/15/25(4)		205		199,298
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(6)(7)		747		677,902
Precision Drilling Corp.:
6.875%, 1/15/29(4)		152		157,210
7.125%, 1/15/26(4)		99		101,948
Shelf Drilling Holdings, Ltd.:
8.25%, 2/15/25(4)		245		189,569
8.875%, 11/15/24(4)		71		73,592
Sunoco, L.P./Sunoco Finance Corp., 4.50%, 4/30/30(4)		226		228,276
Tap Rock Resources, LLC, 7.00%, 10/1/26(4)		250		257,730
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp.:
4.00%, 1/15/32(4)		169		174,614
4.875%, 2/1/31		37		39,941
5.50%, 3/1/30		36		39,610
5.875%, 4/15/26		155		162,025
Transocean Pontus, Ltd., 6.125%, 8/1/25(4)		80		80,714
Transocean Poseidon, Ltd., 6.875%, 2/1/27(4)		181		180,821
			$	8,003,032
Packaging & Containers — 0.1%
LABL, Inc.:
5.875%, 11/1/28(4)		66	$	66,516
8.25%, 11/1/29(4)		132		129,967
			$	196,483
Pharmaceuticals — 1.0%
180 Medical, Inc., 3.875%, 10/15/29(4)		103	$	103,709
AdaptHealth, LLC:
4.625%, 8/1/29(4)		65		64,350
5.125%, 3/1/30(4)		71		71,444
6.125%, 8/1/28(4)		310		328,600
Bausch Health Americas, Inc.:
8.50%, 1/31/27(4)		448		476,000
9.25%, 4/1/26(4)		105		111,694

Security	Principal Amount* (000’s omitted)		Value
Pharmaceuticals (continued)
Bausch Health Cos., Inc.:
5.25%, 1/30/30(4)		71	$	64,213
5.25%, 2/15/31(4)		71		63,945
5.50%, 11/1/25(4)		129		131,234
7.25%, 5/30/29(4)		98		99,499
9.00%, 12/15/25(4)		245		257,328
Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.125%, 4/1/29(4)		218		215,051
Herbalife Nutrition, Ltd./HLF Financing, Inc., 7.875%, 9/1/25(4)		392		421,384
HLF Financing S.a.r.l., LLC/Herbalife International, Inc., 4.875%, 6/1/29(4)		276		278,341
Jazz Securities DAC, 4.375%, 1/15/29(4)		224		230,440
Option Care Health, Inc., 4.375%, 10/31/29(4)		97		98,070
Owens & Minor, Inc., 4.50%, 3/31/29(4)		180		180,900
			$	3,196,202
Pipelines — 1.0%
Antero Midstream Partners, L.P./Antero Midstream Finance Corp.:
5.75%, 3/1/27(4)		102	$	105,443
7.875%, 5/15/26(4)		109		119,355
Cheniere Energy Partners, L.P.:
4.00%, 3/1/31(4)		519		540,417
4.50%, 10/1/29		199		212,717
Cheniere Energy, Inc., 4.625%, 10/15/28		183		192,141
DT Midstream, Inc., 4.125%, 6/15/29(4)		172		173,445
Energy Transfer, L.P., Series B, 6.625% to 2/15/28(6)(7)		147		142,958
EQM Midstream Partners, L.P.:
4.50%, 1/15/29(4)		137		141,111
6.00%, 7/1/25(4)		116		126,005
6.50%, 7/1/27(4)		116		129,202
Genesis Energy, L.P./Genesis Energy Finance Corp., 8.00%, 1/15/27		123		123,771
New Fortress Energy, Inc., 6.50%, 9/30/26(4)		382		371,846
Venture Global Calcasieu Pass, LLC:
3.875%, 8/15/29(4)		146		148,737
4.125%, 8/15/31(4)		130		134,706
Western Midstream Operating, L.P.:
4.50%, 3/1/28		27		29,261
4.75%, 8/15/28		24		26,435
5.30%, 2/1/30		207		227,182
			$	2,944,732

29 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Real Estate Investment Trusts (REITs) — 0.9%
ADLER Group S.A.:
2.75%, 11/13/26(5)	EUR		200	$	207,801
3.25%, 8/5/25(5)	EUR		100		107,335
Aedas Homes Opco SLU, 4.00%, 8/15/26(5)	EUR		287		338,399
HAT Holdings I, LLC/HAT Holdings II, LLC:
3.75%, 9/15/30(4)			151		150,257
6.00%, 4/15/25(4)			127		132,423
Heimstaden Bostad AB, 3.00% to 10/29/27(5)(6)(7)	EUR		415		459,298
Service Properties Trust:
3.95%, 1/15/28			310		288,688
4.95%, 10/1/29			23		22,166
5.50%, 12/15/27			49		51,284
7.50%, 9/15/25			167		184,887
Signa Development Finance SCS, 5.50%, 7/23/26(5)	EUR		300		304,750
VICI Properties, L.P./VICI Note Co., Inc.:
3.75%, 2/15/27(4)			27		27,776
4.125%, 8/15/30(4)			198		208,148
4.25%, 12/1/26(4)			300		311,124
4.625%, 12/1/29(4)			66		70,496
				$	2,864,832
Semiconductors & Semiconductor Equipment — 0.1%
ON Semiconductor Corp., 3.875%, 9/1/28(4)			258	$	261,225
				$	261,225
Software — 0.2%
Black Knight InfoServ, LLC, 3.625%, 9/1/28(4)			216	$	215,190
Playtika Holding Corp., 4.25%, 3/15/29(4)			222		222,899
SS&C Technologies, Inc., 5.50%, 9/30/27(4)			95		100,106
				$	538,195
Specialty Retail — 1.9%
Arko Corp., 5.125%, 11/15/29(4)			172	$	168,104
Carrols Restaurant Group, Inc., 5.875%, 7/1/29(4)			95		87,083
Dave & Buster’s, Inc., 7.625%, 11/1/25(4)			387		416,068
Dufry One B.V., 3.375%, 4/15/28(5)	EUR		379		431,552
eG Global Finance PLC, 6.25%, 10/30/25(5)	EUR		450		528,562
Entegris, Inc., 4.375%, 4/15/28(4)			33		34,238
Gap, Inc. (The):
3.625%, 10/1/29(4)			110		107,938
3.875%, 10/1/31(4)			65		63,781
Group 1 Automotive, Inc., 4.00%, 8/15/28(4)			203		203,294
IRB Holding Corp., 7.00%, 6/15/25(4)			77		81,428
Ken Garff Automotive, LLC, 4.875%, 9/15/28(4)			155		157,131

Security		Principal Amount* (000’s omitted)		Value
Specialty Retail (continued)
L Brands, Inc.:
6.625%, 10/1/30(4)			144	$	161,290
6.75%, 7/1/36			80		96,150
6.875%, 11/1/35			205		249,325
6.95%, 3/1/33			151		170,914
7.60%, 7/15/37			45		53,494
9.375%, 7/1/25(4)			31		38,479
LCM Investments Holdings II, LLC, 4.875%, 5/1/29(4)			257		264,214
Lithia Motors, Inc., 3.875%, 6/1/29(4)			86		89,226
Midco GB SASU, 7.75% (PIK), 11/1/27(5)(9)(10)	EUR		344		403,907
PetSmart, Inc./PetSmart Finance Corp.:
4.75%, 2/15/28(4)			264		271,590
7.75%, 2/15/29(4)			250		270,492
Punch Finance PLC, 6.125%, 6/30/26(5)	GBP		340		467,381
Sonic Automotive, Inc.:
4.625%, 11/15/29(4)			172		172,714
4.875%, 11/15/31(4)			143		143,179
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., 5.00%, 6/1/31(4)			135		138,544
Superior Plus, L.P./Superior General Partner, Inc., 4.50%, 3/15/29(4)			207		211,958
Victoria’s Secret & Co., 4.625%, 7/15/29(4)			193		194,090
White Cap Parent, LLC, 8.25%, (8.25% cash or 9.00% PIK), 3/15/26(4)(10)			108		109,351
Yum! Brands, Inc., 3.625%, 3/15/31			182		180,107
				$	5,965,584
Technology Hardware, Storage & Peripherals — 0.3%
Almaviva-The Italian Innovation Co. SpA, 4.875%, 10/30/26(5)(9)	EUR		200	$	230,795
Booz Allen Hamilton, Inc.:
3.875%, 9/1/28(4)			223		226,479
4.00%, 7/1/29(4)			97		98,334
Science Applications International Corp., 4.875%, 4/1/28(4)			260		268,125
Seagate HDD Cayman, 3.125%, 7/15/29(4)			139		133,509
				$	957,242
Telecommunications — 1.1%
Altice France Holding S.A., 10.50%, 5/15/27(4)			200	$	217,000
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(4)			421		437,314
LogMeIn, Inc., 5.50%, 9/1/27(4)			211		211,452
Sprint Capital Corp., 6.875%, 11/15/28			250		316,422
Sprint Corp., 7.875%, 9/15/23			375		416,250

30 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Telecommunications (continued)
T-Mobile USA, Inc.:
2.25%, 2/15/26			132	$	132,825
2.625%, 2/15/29			165		163,762
2.875%, 2/15/31			99		98,505
4.75%, 2/1/28			170		179,562
Telecom Italia Capital S.A., 6.00%, 9/30/34			215		239,492
Telecom Italia Finance S.A., 7.75%, 1/24/33	EUR		26		42,687
Telecom Italia SpA, 2.75%, 4/15/25(5)	EUR		140		168,512
Vmed O2 UK Financing I PLC, 3.25%, 1/31/31(5)	EUR		100		116,092
Vodafone Group PLC:
2.625% to 5/27/26, 8/27/80(5)(6)	EUR		220		260,599
4.875% to 7/3/25, 10/3/78(5)(6)	GBP		215		311,547
				$	3,312,021
Transportation — 0.2%
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(4)			247	$	251,940
Seaspan Corp., 5.50%, 8/1/29(4)			213		215,377
				$	467,317
Wireless Telecommunication Services — 0.6%
Altice France S.A., 5.50%, 10/15/29(4)			200	$	196,294
Iliad Holding SAS:
5.125%, 10/15/26(5)	EUR		191		227,268
6.50%, 10/15/26(4)			258		266,171
Lorca Telecom Bondco S.A.U., 4.00%, 9/18/27(5)	EUR		650		757,674
Sprint Corp., 7.625%, 3/1/26			157		188,424
Viavi Solutions, Inc., 3.75%, 10/1/29(4)			118		117,298
				$	1,753,129
Total Corporate Bonds (identified cost $101,875,482)				$	103,860,581
Exchange-Traded Funds — 0.1%
Security		Shares		Value
Equity Funds — 0.1%
Global X U.S. Preferred ETF			7,235	$	187,893
iShares Preferred & Income Securities ETF			4,902		192,992
Total Exchange-Traded Funds (identified cost $366,793)				$	380,885

Preferred Stocks — 1.4%
Security	Shares		Value
Banks — 0.3%
Farm Credit Bank of Texas, 6.75% to 9/15/23(4)(6)		1,115	$	120,977
First Republic Bank, Series M, 4.00%		4,600		112,148
JPMorgan Chase & Co., Series LL, 4.625%		2,350		61,429
Signature Bank, Series A, 5.00%		5,000		129,500
Wells Fargo & Co.:
Series DD, 4.25%		2,380		59,405
Series L, 7.50% (Convertible)		103		156,557
Series Z, 4.75%		4,762		123,336
			$	763,352
Capital Markets — 0.1%
Affiliated Managers Group, Inc., 4.75%		2,250	$	58,298
KKR Group Finance Co. IX, LLC, 4.625%		7,000		183,925
Stifel Financial Corp., Series D, 4.50%		4,600		117,300
			$	359,523
Electric Utilities — 0.1%
Brookfield BRP Holdings Canada, Inc., 4.625%		7,000	$	174,860
SCE Trust III, Series H, 5.75% to 3/15/24(6)		5,331		137,380
SCE Trust IV, Series J, 5.375% to 9/15/25(6)		1,911		47,889
SCE Trust V, Series K, 5.45% to 3/15/26(6)		3,551		91,900
			$	452,029
Equity Real Estate Investment Trusts (REITs) — 0.0%(3)
SITE Centers Corp., Series A, 6.375%(1)		4,730	$	124,304
			$	124,304
Food Products — 0.1%
Dairy Farmers of America, Inc., 7.875%(4)		2,550	$	256,275
Ocean Spray Cranberries, Inc., Series A, 6.25%(4)		540		50,490
			$	306,765
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co., Series B, 6.00%		3,268	$	171,897
			$	171,897
Independent Power and Renewable Electricity Producers — 0.0%(3)
Algonquin Power & Utilities Corp., Series 19-A, 6.20% to 7/1/24(6)		2,867	$	80,455
			$	80,455

31 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Insurance — 0.2%
American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(6)		7,517	$	215,212
Arch Capital Group, Ltd., Series G, 4.55%		7,000		181,650
Athene Holding, Ltd., Series C, 6.375% to 6/30/25(6)		4,920		142,089
			$	538,951
Oil, Gas & Consumable Fuels — 0.1%
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(6)		15,478	$	350,577
			$	350,577
Pipelines — 0.1%
Energy Transfer Operating, L.P.:
Series C, 7.375% to 5/15/23(6)		3,000	$	75,720
Series E, 7.60% to 5/15/24(6)		4,970		126,834
			$	202,554
Real Estate Management & Development — 0.1%
Brookfield Property Partners, L.P.:
Series A, 5.75%		6,545	$	159,763
Series A2, 6.375%		8,191		212,475
			$	372,238
Trading Companies & Distributors — 0.1%
WESCO International, Inc., Series A, 10.625%		12,788	$	401,543
			$	401,543
Wireless Telecommunication Services — 0.1%
United States Cellular Corp., 5.50%		11,460	$	304,951
			$	304,951
Total Preferred Stocks (identified cost $4,294,195)			$	4,429,139
Senior Floating-Rate Loans — 1.9%(11)
Borrower/Description	Principal Amount (000’s omitted)		Value
Air Transport — 0.2%
Air Canada, Term Loan, 4.25%, (6 mo. USD LIBOR + 3.50%, Floor 0.75%), 8/11/28	$	204	$	206,380
Mileage Plus Holdings, LLC, Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), 6/21/27		426		454,363
			$	660,743

Borrower/Description	Principal Amount (000’s omitted)		Value
Automotive — 0.1%
Truck Hero, Inc., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.25%, Floor 0.75%), 1/31/28	$	235	$	234,130
Wheel Pros, LLC, Term Loan, 5.25%, (1 mo. USD LIBOR + 4.50%, Floor 0.75%), 5/11/28		198		197,492
			$	431,622
Building and Development — 0.1%
SRS Distribution, Inc., Term Loan, 4.25%, (6 mo. USD LIBOR + 3.75%, Floor 0.50%), 6/2/28	$	208	$	208,712
			$	208,712
Business Equipment and Services — 0.2%
AlixPartners, LLP, Term Loan, 3.25%, (1 mo. USD LIBOR + 2.75%, Floor 0.50%), 2/4/28	$	210	$	209,595
Spin Holdco, Inc., Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 3/4/28		138		138,451
Travelport Finance (Luxembourg) S.a.r.l., Term Loan, 2/28/25(12)		208		216,109
			$	564,155
Cable and Satellite Television — 0.1%
DIRECTV Financing, LLC, Term Loan, 5.75%, (3 mo. USD LIBOR + 5.00%, Floor 0.75%), 7/22/27	$	132	$	132,248
			$	132,248
Drugs — 0.2%
Jazz Financing Lux S.a.r.l., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.50%, Floor 0.50%), 4/21/28	$	569	$	569,997
			$	569,997
Electronics / Electrical — 0.3%
LogMeIn, Inc., Term Loan, 4.834%, (1 mo. USD LIBOR + 4.75%), 8/31/27	$	445	$	445,098
RealPage, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 4/24/28		223		222,744
Riverbed Technology, Inc.:
Term Loan, 7.00%, (1 mo. USD LIBOR + 6.00%, Floor 1.00%), 12/31/25		169		154,911
Term Loan - Second Lien, 12.00%, (3 mo. USD LIBOR + 11.00%, Floor 1.00%), 7.50% cash, 4.50% PIK, 12/31/26		286		91,799
			$	914,552

32 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Financial Intermediaries — 0.1%
Spectacle Gary Holdings, LLC:
Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), 12/23/25	$	162	$	176,808
Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), 12/23/25		12		12,812
			$	189,620
Food Products — 0.0%(3)
Post Holdings, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 10/21/24	$	87	$	87,908
			$	87,908
Food Service — 0.1%
IRB Holding Corp., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), 12/15/27	$	240	$	240,510
			$	240,510
Health Care — 0.1%
Verscend Holding Corp., Term Loan, 4.087%, (1 mo. USD LIBOR + 4.00%), 8/27/25	$	249	$	250,123
			$	250,123
Insurance — 0.1%
Asurion, LLC:
Term Loan - Second Lien, 5.337%, (1 mo. USD LIBOR + 5.25%), 1/31/28	$	240	$	239,425
Term Loan - Second Lien, 5.337%, (1 mo. USD LIBOR + 5.25%), 1/20/29		174		173,492
			$	412,917
Leisure Goods / Activities / Movies — 0.1%
Playtika Holding Corp., Term Loan, 2.837%, (1 mo. USD LIBOR + 2.75%), 3/13/28	$	315	$	314,708
			$	314,708
Lodging and Casinos — 0.1%
Gateway Casinos & Entertainment Limited, Term Loan, 12/1/23(12)	$	62	$	62,314
Playa Resorts Holding B.V., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 4/29/24		306		299,341
			$	361,655

Borrower/Description	Principal Amount (000’s omitted)		Value
Retailers (Except Food and Drug) — 0.1%
PetSmart, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/11/28	$	386	$	387,032
			$	387,032
Total Senior Floating-Rate Loans (identified cost $5,932,958)			$	5,726,502
Miscellaneous — 0.0%(3)
Security	Principal Amount		Value
Surface Transport — 0.0%(3)
Hertz Corp., Escrow Certificates(1)	$	110,000	$	3,575
Hertz Corp., Escrow Certificates(1)		58,000		4,060
Hertz Corp., Escrow Certificates(1)		167,000		5,010
			$	12,645
Total Miscellaneous (identified cost $0)			$	12,645
Short-Term Investments — 0.5%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.09%(14)		1,432,849	$	1,432,849
Total Short-Term Investments (identified cost $1,432,849)			$	1,432,849
Total Investments — 98.9% (identified cost $230,213,266)			$	303,148,419
Other Assets, Less Liabilities — 1.1%			$	3,396,780
Net Assets — 100.0%			$	306,545,199

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⁾  Represents an investment in an issuer that may be deemed to be an affiliate effective March 1, 2021 (see Note7).

⁽³⁾  Amount is less than 0.05%.

⁽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, 2021, the aggregate value of these securities is $58,763,790 or 19.2% of the Portfolio’s net assets.

33 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Portfolio of Investments — continued

⁽⁵⁾  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, 2021, the aggregate value of these securities is $22,308,872 or 7.3% of the Portfolio’s net assets.

⁽⁶⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁷⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁸⁾  Variable rate security. The stated interest rate represents the rate in effect at October 31, 2021.

⁽⁹⁾  When-issued security.

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

⁽¹¹⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

⁽¹²⁾  This Senior Loan will settle after October 31, 2021, at which time the interest rate will be determined.

⁽¹³⁾  Issuer is in default with respect to interest and/or principal payments.

⁽¹⁴⁾  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, 2021.

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		61.6	%	$	186,658,881
United Kingdom		7.1			21,519,655
France		5.3			15,910,697
Switzerland		4.6			14,046,418
Japan		3.9			11,823,480
Netherlands		2.4			7,421,178
Germany		2.2			6,536,427
Spain		1.9			5,736,819
Sweden		1.8			5,316,096
Australia		1.6			4,992,317
Luxembourg		1.5			4,580,853
Canada		1.4			4,360,249
Ireland		1.1			3,367,172
Denmark		1.0			3,127,905
Taiwan		0.7			2,258,878
Italy		0.5			1,358,884
India		0.4			1,227,822
United Arab Emirates		0.3			1,040,349
China		0.2			496,189
Peru		0.1			332,899
Mexico		0.1			248,226
Hong Kong		0.1			215,377
Turkey		0.1			178,913
Brazil		0.0	(1)		11,850
Exchange-Traded Funds		0.1			380,885
Total Investments		100.0	%	$	303,148,419

⁽¹⁾  Amount is less than 0.05%.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	150,234	GBP	109,117	State Street Bank and Trust Company		11/30/21	$	899	$	—
USD	76,121	CAD	94,000	State Street Bank and Trust Company		1/31/22		160		—
							$	1,059	$	—

Abbreviations:

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

Currency Abbreviations:

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

34 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Statement of Assets and Liabilities

Assets	October 31, 2021
Unaffiliated investments, at value (identified cost, $227,508,112)	$	300,244,431
Affiliated investments, at value (identified cost, $2,705,154)		2,903,988
Cash		27,315
Foreign currency, at value (identified cost, $575,809)		573,547
Interest and dividends receivable		1,478,554
Dividends receivable from affiliated investments		27,529
Receivable for investments sold		1,792,650
Receivable for open forward foreign currency exchange contracts		1,059
Tax reclaims receivable		1,546,134
Total assets	$	308,595,207
Liabilities
Payable for investments purchased	$	302,891
Payable for when-issued securities		1,422,222
Payable to affiliates:
Investment adviser fee		142,716
Trustees’ fees		1,262
Accrued expenses		180,917
Total liabilities	$	2,050,008
Net Assets applicable to investors’ interest in Portfolio	$	306,545,199

35 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Statement of Operations

Investment Income	Year Ended October 31, 2021
Interest (net of foreign taxes, $8,708)	$	6,068,967
Dividends (net of foreign taxes, $430,915)		4,906,712
Dividends from affiliated investments (net of foreign taxes, $9,613)		55,746
Total investment income	$	11,031,425
Expenses
Investment adviser fee	$	1,657,937
Trustees’ fees and expenses		15,023
Custodian fee		159,880
Legal and accounting services		64,567
Miscellaneous		56,166
Total expenses	$	1,953,573
Net investment income	$	9,077,852
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $3,277)	$	14,765,848	(1)
Investment transactions — affiliated investments		30
Financial futures contracts		314,187
Foreign currency transactions		(138,553	)
Forward foreign currency exchange contracts		23,658
Net realized gain	$	14,965,170
Change in unrealized appreciation (depreciation) —
Investments	$	51,363,789
Investments — affiliated investments		60,042
Financial futures contracts		(176,165	)
Foreign currency		71,721
Forward foreign currency exchange contracts		13,986
Net change in unrealized appreciation (depreciation)	$	51,333,373
Net realized and unrealized gain	$	66,298,543
Net increase in net assets from operations	$	75,376,395

⁽¹⁾ Includes $2,723,051 of net realized gains from redemptions in-kind.

36 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2021			2020
From operations —
Net investment income	$	9,077,852		$	11,579,367
Net realized gain (loss)		14,965,170	(1)		(2,169,739	)
Net change in unrealized appreciation (depreciation)		51,333,373			(4,171,298	)
Net increase in net assets from operations	$	75,376,395		$	5,238,330
Capital transactions —
Contributions	$	13,442,582		$	9,268,119
Withdrawals		(45,523,591	)		(53,647,355	)
Portfolio transaction fee		154,785			216,038
Net decrease in net assets from capital transactions	$	(31,926,224	)	$	(44,163,198	)
Net increase (decrease) in net assets	$	43,450,171		$	(38,924,868	)
Net Assets
At beginning of year	$	263,095,028		$	302,019,896
At end of year	$	306,545,199		$	263,095,028

⁽¹⁾ Includes $2,723,051 of net realized gains from redemptions in-kind.

37 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

Financial Highlights

	Year Ended October 31,
Ratios/Supplemental Data	2021			2020			2019			2018			2017
Ratios (as a percentage of average daily net assets):
Expenses		0.65	%		0.66	%		0.70	%		0.75	%		0.75	%
Net investment income		3.01	%		4.12	%		4.72	%		3.47	%		4.56	%
Portfolio Turnover		60	%		118	%		86	%		102	%		143	%
Total Return		29.74	%		2.64	%		11.57	%		(1.00	)%		15.99	%
Net assets, end of period (000’s omitted)	$	306,545		$	263,095		$	302,020		$	323,437		$	364,476

38 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2021

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, 2021, Eaton Vance Global Income Builder Fund and Eaton Vance Global Income Builder NextShares held an interest of 99.6% and 0.4%, 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 National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices 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.

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.

39

Global Income Builder Portfolio

October 31, 2021

Notes to Financial Statements — continued

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, 2021, 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, if any, are disclosed in the accompanying Portfolio of Investments.

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.

K  When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase 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

40

Global Income Builder Portfolio

October 31, 2021

Notes to Financial Statements — continued

earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise 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) as compensation for investment advisory services rendered to the Portfolio. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and BMR became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Portfolio entered into a new investment advisory agreement (the “New Agreement”) with BMR, which took effect on March 1, 2021. The Portfolio’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Portfolio’s investment advisory agreement and related fee reduction agreement with BMR in effect prior to March 1, 2021), the fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $500 million		0.550	%
$500 million but less than $1 billion		0.525	%
$1 billion but less than $2.5 billion		0.500	%
$2.5 billion and over		0.475	%

For the year ended October 31, 2021, the Portfolio’s investment adviser fee amounted to $1,657,937 or 0.55% of the Portfolio’s average daily net assets.

Pursuant to an investment sub-advisory agreement, BMR has delegated a portion of the investment management of the Portfolio to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of BMR and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, BMR entered into a new sub-advisory agreement with EVAIL, which took effect on March 1, 2021. BMR pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio may invest 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, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, and including maturities and principal repayments on Senior Loans, aggregated $174,993,789 and $191,341,831, respectively, for the year ended October 31, 2021. In-kind contributions and withdrawals for the year ended October 31, 2021 aggregated none and $5,695,643, respectively.

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, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	232,932,097
Gross unrealized appreciation	$	73,203,025
Gross unrealized depreciation		(2,982,054	)
Net unrealized appreciation	$	70,220,971

41

Global Income Builder Portfolio

October 31, 2021

Notes to Financial Statements — continued

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, 2021 is included in the Portfolio of Investments. At October 31, 2021, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objectives, 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, 2021, the Portfolio had no open derivatives with credit-related contingent features in a net liability position.

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) and whose primary underlying risk exposure is foreign exchange risk at October 31, 2021 was as follows:

	Fair Value
Derivative	Asset Derivative			Liability Derivative
Forward foreign currency exchange contracts	$	1,059	(1)		—

⁽¹⁾ Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.

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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 table presents the Portfolio’s derivative assets 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 as of October 31, 2021.

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)
State Street Bank and Trust Company	$	1,059	$	—	$	—	$	—	$	1,059

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

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

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, 2021 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	$	314,187	$	(176,165	)
Foreign Exchange	Forward foreign currency exchange contracts		23,658		13,986
Total		$	337,845	$	(162,179	)

⁽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, 2021, 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*
	$3,807,000		$3,856,000	$	427,000

* 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.

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 25, 2022. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2021.

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Notes to Financial Statements — continued

7  Investments in Affiliated Issuers and Funds

The Portfolio invested in issuers that may be deemed to be affiliated with Morgan Stanley. At October 31, 2021, the value of the Portfolio’s investment in affiliated issuers and funds was $2,903,988, which represents 0.9% of the Portfolio’s net assets. Transactions in affiliated issuers and funds by the Portfolio for the year ended October 31, 2021 were as follows:

Name	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Shares/ Units, end of period
Common Stocks
Mitsubishi UFJ Financial Group, Inc.(1)	$	—	$	—	$	—		$	—	$	60,042	$	1,471,139	$	53,154		268,285
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC		1,027,196		78,153,291		(77,747,668	)		30		—		1,432,849		2,592		1,432,849
Totals								$	30	$	60,042	$	2,903,988	$	55,746

⁽¹⁾  May be deemed to be an affiliated issuer as of March 1, 2021 (see Note 2).

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, 2021, 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	$	16,088,685	$	1,230,223		$	—	$	17,318,908
Consumer Discretionary		10,679,817		11,453,053			—		22,132,870
Consumer Staples		5,405,872		6,283,457			—		11,689,329
Energy		6,024,363		—			—		6,024,363
Financials		10,869,076		9,491,870			—		20,360,946
Health Care		12,845,935		19,006,765			—		31,852,700
Industrials		9,824,499		15,570,681			—		25,395,180
Information Technology		28,577,941		13,805,937			—		42,383,878
Materials		—		4,703,261			—		4,703,261
Real Estate		1,588,182		—			—		1,588,182
Utilities		2,219,122		1,570,142			—		3,789,264
Total Common Stocks	$	104,123,492	$	83,115,389	*	$	—	$	187,238,881

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Notes to Financial Statements — continued

Asset Description	Level 1		Level 2		Level 3		Total
Convertible Bonds	$	—	$	66,937	$	—	$	66,937
Corporate Bonds		—		103,860,581		—		103,860,581
Exchange-Traded Funds		380,885		—		—		380,885
Preferred Stocks
Communication Services		304,951		—		—		304,951
Consumer Staples		—		306,765		—		306,765
Energy		553,131		—		—		553,131
Financials		1,356,924		304,902		—		1,661,826
Health Care		171,897		—		—		171,897
Industrials		401,543		—		—		401,543
Real Estate		496,542		—		—		496,542
Utilities		452,029		80,455		—		532,484
Total Preferred Stocks	$	3,737,017	$	692,122	$	—	$	4,429,139
Senior Floating-Rate Loans	$	—	$	5,726,502	$	—	$	5,726,502
Miscellaneous		—		12,645		—		12,645
Short-Term Investments		—		1,432,849		—		1,432,849
Total Investments	$	108,241,394	$	194,907,025	$	—	$	303,148,419
Forward Foreign Currency Exchange Contracts	$	—	$	1,059	$	—	$	1,059
Total	$	108,241,394	$	194,908,084	$	—	$	303,149,478

* 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, 2021 is not presented.

9  Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Pandemic Risk

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

45

Eaton Vance

Global Income Builder Portfolio

October 31, 2021

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, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities and senior loans owned as of October 31, 2021, 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 21, 2021

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

46

Eaton Vance

Global Income Builder Fund

October 31, 2021

Liquidity Risk Management Program

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

At a meeting of the Fund’s Board of Trustees/Directors on June 8, 2021, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2020 through December 31, 2020 (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.

47

Eaton Vance

Global Income Builder Fund

October 31, 2021

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 EV LLC, “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 138 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 137 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 of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Trustee and/or officer of 137 registered investment companies. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust and Portfolio, and his former position with EVC, which was an affiliate of the Trust and Portfolio prior to March 1, 2021. Other Directorships in the Last Five Years. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).
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	Chairperson of the Board and Trustee	2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. None.
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships 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).

48

Eaton Vance

Global Income Builder Fund

October 31, 2021

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	Trustee	2003	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. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
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.
Deidre E. Walsh 1971	Vice President and Chief Legal Officer	2009	Vice President of EVM and BMR. Also Vice President of CRM.

49

Eaton Vance

Global Income Builder Fund

October 31, 2021

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.
Kimberly M. Roessiger 1985	Secretary	2021	Vice President of EVM and BMR.
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.

50

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎   investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

51

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎   buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

52

Eaton Vance Funds

IMPORTANT NOTICES

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.

53

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Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Global Income Builder Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad St.

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    10.31.21

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, William H. Park and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial

expert of other mutual fund complexes. Mr. 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). Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended October 31, 2020 and October 31, 2021 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	10/31/20		10/31/21
Audit Fees	$	35,500	$	40,811
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	18,319	$	18,319
All Other Fees(3)	$	0	$	0
Total	$	53,819	$	59,130

⁽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, 2020 and October 31, 2021; 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	10/31/20		10/31/21
Registrant	$	18,319	$	18,319
Eaton Vance(1)	$	51,800	$	51,800

⁽¹⁾ Certain subsidiaries of Morgan Stanley provide ongoing services to the registrant.

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Global Income Builder Portfolio
By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President

Date: December 23, 2021

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

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

Date: December 23, 2021

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

Date: December 23, 2021