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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-23145

Global Income Builder Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

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

April 30, 2022

Date of Reporting Period

Item 1. Reports to Stockholders

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited)

Common Stocks — 59.4%
Security	Shares		Value
Aerospace & Defense — 0.4%
Safran S.A.		9,735	$	1,045,524
			$	1,045,524
Air Freight & Logistics — 0.2%
GXO Logistics, Inc.(1)		8,861	$	524,483
			$	524,483
Automobiles — 1.5%
Bayerische Motoren Werke AG		10,892	$	889,503
Mercedes-Benz Group AG		28,985		2,023,187
Stellantis NV		61,872		830,672
			$	3,743,362
Banks — 3.3%
Banco Santander S.A.		168,388	$	492,088
Bank of New York Mellon Corp. (The)		12,231		514,436
Citigroup, Inc.		19,891		958,945
Credit Agricole S.A.		35,704		385,534
DNB Bank ASA		74,308		1,439,889
HDFC Bank, Ltd.		60,961		1,090,846
ING Groep NV		58,193		551,333
M&T Bank Corp.		4,236		705,887
Svenska Handelsbanken AB, Class A		127,502		1,286,026
Swedbank AB, Class A		72,645		1,149,189
			$	8,574,173
Beverages — 1.9%
Coca-Cola Co. (The)		43,169	$	2,789,149
Diageo PLC		42,058		2,098,226
			$	4,887,375
Biotechnology — 0.3%
CSL, Ltd.		4,413	$	842,222
			$	842,222
Building Products — 0.7%
Assa Abloy AB, Class B		41,989	$	1,061,151
Kingspan Group PLC		7,071		658,219
			$	1,719,370

Security	Shares		Value
Capital Markets — 0.2%
State Street Corp.		6,685	$	447,694
			$	447,694
Chemicals — 1.7%
BASF SE		35,218	$	1,854,685
Covestro AG(2)		34,676		1,492,993
Sika AG		3,725		1,137,831
			$	4,485,509
Construction & Engineering — 0.9%
Bouygues S.A.		44,583	$	1,532,908
Skanska AB, Class B		41,105		785,196
			$	2,318,104
Construction Materials — 0.4%
Holcim AG		22,052	$	1,078,244
			$	1,078,244
Consumer Finance — 0.0%(3)
Capital One Financial Corp.		4	$	498
			$	498
Diversified Financial Services — 1.1%
Berkshire Hathaway, Inc., Class B(1)		8,653	$	2,793,448
			$	2,793,448
Diversified Telecommunication Services — 1.2%
Elisa Oyj		12,129	$	711,019
Swisscom AG(1)		1,462		864,482
Telefonica Deutschland Holding AG(2)		337,918		1,016,298
Telenor ASA		43,737		616,843
			$	3,208,642
Electric Utilities — 0.8%
Iberdrola S.A.		99,714	$	1,145,794
NextEra Energy, Inc.		13,920		988,598
			$	2,134,392
Electrical Equipment — 1.2%
AMETEK, Inc.		12,139	$	1,532,670
Schneider Electric SE		11,379		1,632,535
			$	3,165,205
Electronic Equipment, Instruments & Components — 1.5%
CDW Corp.		8,380	$	1,367,449

17 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Halma PLC		37,153	$	1,140,431
Keyence Corp.		1,457		585,720
TE Connectivity, Ltd.		6,822		851,249
Zebra Technologies Corp., Class A(1)		8		2,957
			$	3,947,806
Entertainment — 0.7%
Walt Disney Co. (The)(1)		17,220	$	1,922,269
			$	1,922,269
Equity Real Estate Investment Trusts (REITs) — 0.6%
American Tower Corp.		2,955	$	712,214
Equity Residential		4,393		358,030
Healthpeak Properties, Inc.		14,331		470,200
			$	1,540,444
Food Products — 2.0%
Danone S.A.		12,694	$	767,622
Mondelez International, Inc., Class A		30,952		1,995,785
Nestle S.A.		18,730		2,417,932
			$	5,181,339
Health Care Equipment & Supplies — 2.0%
Alcon, Inc.		9,732	$	694,873
Boston Scientific Corp.(1)		49,310		2,076,444
Intuitive Surgical, Inc.(1)		5,640		1,349,652
Straumann Holding AG		7,920		933,701
			$	5,054,670
Health Care Providers & Services — 0.8%
Anthem, Inc.		4,192	$	2,104,091
			$	2,104,091
Hotels, Restaurants & Leisure — 0.7%
Compass Group PLC		68,426	$	1,443,915
InterContinental Hotels Group PLC		7,205		459,965
			$	1,903,880
Insurance — 4.5%
AIA Group, Ltd.		55,923	$	549,374
Allianz SE		7,180		1,620,053
Allstate Corp. (The)		3,512		444,408
Aviva PLC		44,970		241,270
AXA S.A.		40,255		1,064,947
Gjensidige Forsikring ASA		19,175		409,950

Security	Shares		Value
Insurance (continued)
Muenchener Rueckversicherungs-Gesellschaft AG		5,603	$	1,334,302
Sampo Oyj, Class A		19,013		923,222
SCOR SE		36,286		1,025,944
Storebrand ASA		71,409		620,272
Swiss Life Holding AG		1,597		933,790
Swiss Re AG		21,406		1,755,438
Zurich Insurance Group AG(1)		1,781		810,835
			$	11,733,805
Interactive Media & Services — 2.9%
Alphabet, Inc., Class C(1)(4)		3,250	$	7,472,822
			$	7,472,822
Internet & Direct Marketing Retail — 1.3%
Amazon.com, Inc.(1)		1,365	$	3,392,885
			$	3,392,885
IT Services — 1.7%
Amadeus IT Group S.A.(1)		15,592	$	977,040
Fidelity National Information Services, Inc.		12,602		1,249,488
Global Payments, Inc.		2,707		370,805
Visa, Inc., Class A		7,892		1,682,022
			$	4,279,355
Leisure Products — 0.2%
Yamaha Corp.		11,084	$	423,486
			$	423,486
Life Sciences Tools & Services — 0.5%
Danaher Corp.		2,894	$	726,770
Lonza Group AG(1)		1,051		619,705
			$	1,346,475
Machinery — 1.8%
Graco, Inc.		7,630	$	473,212
Ingersoll Rand, Inc.		24,552		1,079,306
Kone Oyj, Class B		7,379		354,765
Sandvik AB		5,607		106,131
SKF AB, Class B		30,506		498,245
SMC Corp.		1,248		604,307
Valmet Oyj		11,807		316,201
Volvo AB, Class B		73,276		1,169,003
			$	4,601,170

18 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Metals & Mining — 0.6%
Rio Tinto, Ltd.		19,125	$	1,512,862
			$	1,512,862
Multi-Utilities — 0.6%
CMS Energy Corp.		8,069	$	554,260
E.ON SE		87,941		915,198
			$	1,469,458
Oil, Gas & Consumable Fuels — 2.5%
Chevron Corp.		13,558	$	2,124,132
EOG Resources, Inc.		30,347		3,543,315
Phillips 66		2,171		188,356
Pioneer Natural Resources Co.		2,523		586,522
			$	6,442,325
Paper & Forest Products — 0.4%
Stora Enso Oyj		17,758	$	349,468
UPM-Kymmene Oyj		20,630		713,639
			$	1,063,107
Pharmaceuticals — 5.4%
AstraZeneca PLC		14,455	$	1,928,894
Eli Lilly & Co.		10,732		3,135,139
Novo Nordisk A/S, Class B		24,134		2,756,736
Roche Holding AG PC(1)		5,541		2,054,679
Sanofi		18,821		1,989,283
Zoetis, Inc.		11,272		1,997,962
			$	13,862,693
Professional Services — 1.4%
Recruit Holdings Co., Ltd.		15,984	$	579,925
RELX PLC		56,905		1,695,228
SGS S.A.(1)		108		277,508
Verisk Analytics, Inc.		4,623		943,323
			$	3,495,984
Semiconductors & Semiconductor Equipment — 2.8%
ASML Holding NV		5,128	$	2,910,337
Infineon Technologies AG		37,394		1,061,362
Micron Technology, Inc.		24,254		1,653,880
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		16,006		1,487,438
			$	7,113,017
Software — 3.9%
Adobe, Inc.(1)		1,912	$	757,056

Security		Shares		Value
Software (continued)
Dassault Systemes SE			25,680	$	1,135,681
Intuit, Inc.			3,022		1,265,463
Microsoft Corp.			24,412		6,774,818
Riverbed Technology, Inc.(1)(5)			3,977		9,446
				$	9,942,464
Specialty Retail — 1.2%
Lowe’s Cos., Inc.			9,071	$	1,793,609
TJX Cos., Inc. (The)			22,450		1,375,736
				$	3,169,345
Technology Hardware, Storage & Peripherals — 1.7%
Apple, Inc.			28,022	$	4,417,668
				$	4,417,668
Textiles, Apparel & Luxury Goods — 1.0%
adidas AG			5,396	$	1,088,153
LVMH Moet Hennessy Louis Vuitton SE			2,261		1,463,172
				$	2,551,325
Trading Companies & Distributors — 0.2%
Ashtead Group PLC			12,256	$	633,724
				$	633,724
Wireless Telecommunication Services — 0.7%
Tele2 AB, Class B			143,359	$	1,900,121
				$	1,900,121
Total Common Stocks (identified cost $112,795,106)				$	153,446,835
Convertible Bonds — 0.1%
Security	Principal Amount (000’s omitted)			Value
Leisure Products — 0.1%
Peloton Interactive, Inc., 0.00%, 2/15/26		$	310	$	253,814
				$	253,814

19 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)				Value
Software — 0.0%(3)
1Life Healthcare, Inc., 3.00%, 6/15/25			$	148	$	124,986
					$	124,986
Total Convertible Bonds (identified cost $397,559)					$	378,800
Convertible Preferred Stocks — 0.1%
Security			Shares		Value
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co., Series B, 6.00%				3,268	$	167,027
					$	167,027
Software — 0.0%(3)
Riverbed Technology, Inc., Series A, 6.50%, (1.50% cash, 5.00% PIK)(1)(5)				2,480	$	23,558
					$	23,558
Total Convertible Preferred Stocks (identified cost $244,405)					$	190,585
Corporate Bonds — 35.2%
Security			Principal Amount (000’s omitted)*		Value
Aerospace & Defense — 0.7%
Moog, Inc., 4.25%, 12/15/27(2)				170	$	158,507
Rolls-Royce PLC, 5.75%, 10/15/27(2)				492		475,107
TransDigm UK Holdings PLC, 6.875%, 5/15/26				200		199,267
TransDigm, Inc.:
4.625%, 1/15/29				185		161,198
5.50%, 11/15/27				106		97,337
6.25%, 3/15/26(2)				419		417,372
7.50%, 3/15/27				327		329,897
					$	1,838,685
Airlines — 0.4%
Air Canada, 3.875%, 8/15/26(2)				101	$	93,503
Air France-KLM, 1.875%, 1/16/25(6)		EUR		400		373,601
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:
5.50%, 4/20/26(2)				314		311,618
5.75%, 4/20/29(2)				144		138,989

Security		Principal Amount (000’s omitted)*		Value
Airlines (continued)
United Airlines, Inc., 4.625%, 4/15/29(2)			193	$	177,357
				$	1,095,068
Auto Components — 0.6%
Clarios Global, L.P./Clarios US Finance Co.:
4.375%, 5/15/26(6)	EUR		581	$	588,608
8.50%, 5/15/27(2)			273		273,175
IHO Verwaltungs GmbH, 6.375%, (6.375% cash or 7.125% PIK), 5/15/29(2)(7)			200		190,609
Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(2)			54		43,862
TI Automotive Finance PLC, 3.75%, 4/15/29(6)	EUR		200		179,026
Wheel Pros, Inc., 6.50%, 5/15/29(2)			213		162,159
				$	1,437,439
Automobiles — 0.7%
Allison Transmission, Inc., 3.75%, 1/30/31(2)			42	$	36,399
Ford Motor Co.:
3.25%, 2/12/32			364		296,418
4.75%, 1/15/43			197		158,966
9.625%, 4/22/30			26		31,819
Ford Motor Credit Co., LLC:
3.087%, 1/9/23			231		231,488
3.37%, 11/17/23			200		196,750
4.125%, 8/17/27			555		515,151
5.125%, 6/16/25			200		199,730
Jaguar Land Rover Automotive PLC, 6.875%, 11/15/26(6)	EUR		100		103,545
				$	1,770,266
Automotives — 0.2%
Goodyear Tire & Rubber Co. (The):
5.00%, 7/15/29			336	$	299,999
5.25%, 7/15/31			270		233,256
				$	533,255
Banks — 1.7%
Banco Mercantil del Norte S.A./Grand Cayman, 7.625% to 1/10/28(2)(8)(9)			200	$	198,367
Bank of America Corp., Series RR, 4.375% to 1/27/27(8)(9)			110		97,625
Citigroup, Inc., Series M, 6.30% to 5/15/24(8)(9)			200		198,500
Comerica, Inc., 5.625% to 7/1/25(8)(9)			100		102,340
Credit Suisse Group AG, 7.50% to 7/17/23(2)(8)(9)			208		206,503
Deutsche Bank AG, 7.125% to 4/30/26(6)(8)(9)	GBP		100		122,886
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(2)(8)(9)			220		233,200

20 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)*		Value
Banks (continued)
HSBC Holdings PLC, 4.60% to 12/17/30(8)(9)			200	$	170,000
Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30(8)(9)			125		125,246
JPMorgan Chase & Co.:
Series KK, 3.65% to 6/1/26(8)(9)			251		225,900
Series S, 6.75% to 2/1/24(8)(9)			215		218,915
Series X, 6.10% to 10/1/24(8)(9)			165		165,450
Lloyds Banking Group PLC, 7.50% to 9/27/25(8)(9)			200		206,020
Natwest Group PLC, 4.60% to 6/28/31(8)(9)			200		168,045
Societe Generale S.A., 5.375% to 11/18/30(2)(8)(9)			200		176,100
Standard Chartered PLC, 4.75% to 1/14/31(2)(8)(9)			229		196,511
SVB Financial Group, 4.10% to 2/15/31(8)(9)			281		229,015
SVB Financial Group., Series C, 4.00% to 5/15/26(8)(9)			58		50,515
Truist Financial Corp., Series Q, 5.10% to 3/1/30(8)(9)			77		77,096
UniCredit SpA, 7.296% to 4/2/29, 4/2/34(2)(9)			200		202,264
Vivion Investments S.a.r.l., 3.00%, 8/8/24(6)	EUR		800		776,546
Wells Fargo & Co., Series BB, 3.90% to 3/15/26(8)(9)			55		50,219
Zions Bancorp NA, 5.80% to 6/15/23(8)(9)			268		264,050
				$	4,461,313
Biotechnology — 0.4%
Grifols Escrow Issuer S.A.:
3.875%, 10/15/28(6)	EUR		925	$	878,089
4.75%, 10/15/28(2)			231		211,074
				$	1,089,163
Building Products — 1.3%
Builders FirstSource, Inc.:
4.25%, 2/1/32(2)			204	$	174,472
5.00%, 3/1/30(2)			90		83,372
Empire Communities Corp., 7.00%, 12/15/25(2)			255		241,934
HT Troplast GmbH, 9.25%, 7/15/25(6)	EUR		650		679,034
Masonite International Corp., 5.375%, 2/1/28(2)			105		100,729
Oscar AcquisitionCo, LLC/Oscar Finance, Inc., 9.50%, 4/15/30(2)			85		77,660
Standard Industries, Inc.:
2.25%, 11/21/26(6)	EUR		400		374,151
4.375%, 7/15/30(2)			275		229,625
5.00%, 2/15/27(2)			78		73,997
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(2)			196		191,819
Victoria PLC, 3.625%, 8/24/26(6)	EUR		806		791,811
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(2)			346		336,926
				$	3,355,530

Security		Principal Amount (000’s omitted)*		Value
Capital Markets — 0.2%
AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(9)			150	$	140,844
Charles Schwab Corp. (The), Series I, 4.00% to 6/1/26(8)(9)			259		235,172
UBS Group AG, 4.375% to 2/10/31(2)(8)(9)			200		167,440
				$	543,456
Casino & Gaming — 0.3%
Cinemark USA, Inc.:
5.875%, 3/15/26(2)			67	$	62,562
8.75%, 5/1/25(2)			48		50,075
Peninsula Pacific Entertainment, LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(2)			393		431,329
Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(2)			250		239,006
				$	782,972
Chemicals — 0.5%
ASP Unifrax Holdings, Inc., 5.25%, 9/30/28(2)			88	$	77,725
Herens Holdco S.a.r.l., 4.75%, 5/15/28(2)			201		176,629
Herens Midco S.a.r.l., 5.25%, 5/15/29(6)	EUR		271		236,961
NOVA Chemicals Corp., 4.25%, 5/15/29(2)			203		175,957
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30(2)			172		162,791
SGL Carbon SE, 4.625%, 9/30/24(6)	EUR		200		208,265
Valvoline, Inc.:
3.625%, 6/15/31(2)			128		104,237
4.25%, 2/15/30(2)			140		121,706
				$	1,264,271
Commercial Services & Supplies — 1.6%
Adtalem Global Education, Inc., 5.50%, 3/1/28(2)			182	$	167,326
Clean Harbors, Inc.:
4.875%, 7/15/27(2)			101		99,108
5.125%, 7/15/29(2)			61		60,246
EC Finance PLC, 3.00%, 10/15/26(6)	EUR		274		279,639
Gartner, Inc.:
3.75%, 10/1/30(2)			107		95,586
4.50%, 7/1/28(2)			151		144,930
GFL Environmental, Inc.:
3.50%, 9/1/28(2)			265		236,226
3.75%, 8/1/25(2)			130		123,336
4.75%, 6/15/29(2)			343		311,727
HealthEquity, Inc., 4.50%, 10/1/29(2)			186		170,190
Hertz Corp. (The):
4.625%, 12/1/26(2)			29		26,473

21 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)*		Value
Commercial Services & Supplies (continued)
Hertz Corp. (The): (continued) 5.00%, 12/1/29(2)			230	$	201,547
Korn Ferry, 4.625%, 12/15/27(2)			233		221,044
Madison IAQ, LLC, 5.875%, 6/30/29(2)			290		236,715
MoneyGram International, Inc., 5.375%, 8/1/26(2)			249		254,299
NESCO Holdings II, Inc., 5.50%, 4/15/29(2)			206		194,381
Paprec Holding S.A., 3.50%, 7/1/28(6)	EUR		352		345,731
PROG Holdings, Inc., 6.00%, 11/15/29(2)			139		123,011
Team Health Holdings, Inc., 6.375%, 2/1/25(2)			235		200,631
Terminix Co., LLC (The), 7.45%, 8/15/27			536		600,108
Tervita Corp., 11.00%, 12/1/25(2)			123		137,299
				$	4,229,553
Construction & Engineering — 0.1%
TopBuild Corp., 4.125%, 2/15/32(2)			263	$	226,988
				$	226,988
Construction Materials — 0.2%
SRM Escrow Issuer, LLC, 6.00%, 11/1/28(2)			644	$	619,306
				$	619,306
Consumer Finance — 0.3%
CPUK Finance, Ltd., 4.875%, 8/28/25(6)	GBP		278	$	336,667
PRA Group, Inc.:
5.00%, 10/1/29(2)			115		106,593
7.375%, 9/1/25(2)			261		270,379
				$	713,639
Containers & Packaging — 0.4%
Ardagh Metal Packaging Finance USA, LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 9/1/29(2)			205	$	175,940
Canpack S.A./Canpack US, LLC, 3.875%, 11/15/29(2)			312		268,353
Kleopatra Finco S.a.r.l., 4.25%, 3/1/26(6)	EUR		479		435,839
Verallia S.A., 1.875%, 11/10/31(6)	EUR		100		90,586
				$	970,718
Cosmetics/Personal Care — 0.1%
Edgewell Personal Care Co.:
4.125%, 4/1/29(2)			74	$	65,775
5.50%, 6/1/28(2)			180		174,411
				$	240,186

Security		Principal Amount (000’s omitted)*		Value
Distributors — 0.5%
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(2)			475	$	445,778
Parts Europe S.A., 4.00%, (3 mo. EURIBOR + 4.00%, Floor 4.00%), 7/20/27(6)(10)	EUR		350		367,386
Performance Food Group, Inc.:
4.25%, 8/1/29(2)			315		280,418
5.50%, 10/15/27(2)			169		164,214
Ritchie Bros. Holdings, Inc., 4.75%, 12/15/31(2)			110		110,169
				$	1,367,965
Diversified Consumer Services — 0.3%
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(6)			750	$	749,141
				$	749,141
Diversified Financial Services — 1.7%
Allied Universal Holdco, LLC/Allied Universal Finance Corp.:
6.625%, 7/15/26(2)			485	$	469,286
9.75%, 7/15/27(2)			203		197,302
Ally Financial, Inc., 4.70% to 5/15/26(8)(9)			237		205,390
Alpha Holding S.A. de CV, 9.00%, 2/10/25(2)(11)			200		12,500
American AgCredit Corp., Series QIB, 5.25% to 6/15/26(2)(8)(9)			250		228,438
Bread Financial Holdings, Inc., 4.75%, 12/15/24(2)			194		188,445
Coinbase Global, Inc.:
3.375%, 10/1/28(2)			113		87,938
3.625%, 10/1/31(2)			151		111,833
Encore Capital Group, Inc.:
4.25%, (3 mo. EURIBOR + 4.25%, Floor 4.25%), 1/15/28(6)(10)	EUR		479		501,870
5.375%, 2/15/26(6)	GBP		180		223,268
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp.:
6.25%, 5/15/26			99		98,328
6.375%, 12/15/25			120		119,342
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29(2)			305		282,855
Jefferson Capital Holdings, LLC, 6.00%, 8/15/26(2)			343		320,355
Louvre Bidco S.A.S., 6.50%, 9/30/24(6)	EUR		310		327,277
Oxford Finance, LLC/Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/27(2)			160		162,135
Rocket Mortgage, LLC/Rocket Mortgage Co.-Issuer, Inc.:
2.875%, 10/15/26(2)			156		138,234
3.625%, 3/1/29(2)			133		113,891
Sherwood Financing PLC, 6.00%, 11/15/26(6)	GBP		420		489,294
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.375%, 2/1/30(2)			256		223,703
				$	4,501,684

22 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)*		Value
Diversified Telecommunication Services — 0.4%
Level 3 Financing, Inc.:
4.25%, 7/1/28(2)			324	$	274,318
5.25%, 3/15/26			90		87,639
Lorca Telecom Bondco S.A., 4.00%, 9/18/27(6)	EUR		650		630,126
				$	992,083
Electric Utilities — 1.3%
Dominion Energy, Inc., Series C, 4.35% to 1/15/27(8)(9)			93	$	85,402
Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(2)			353		360,097
FirstEnergy Corp.:
2.65%, 3/1/30			53		45,031
Series B, 4.40%, 7/15/27			257		249,636
Series C, 7.375%, 11/15/31			47		53,975
Imola Merger Corp., 4.75%, 5/15/29(2)			370		344,572
NextEra Energy Operating Partners, L.P.:
4.25%, 9/15/24(2)			9		8,875
4.50%, 9/15/27(2)			205		194,443
NRG Energy, Inc.:
3.375%, 2/15/29(2)			106		89,980
3.625%, 2/15/31(2)			177		147,635
3.875%, 2/15/32(2)			195		163,069
5.25%, 6/15/29(2)			122		115,081
Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(2)			199		186,327
Sempra Energy, 4.125% to 1/1/27, 4/1/52(9)			167		147,072
Southern California Edison Co., Series E, 5.485%, (3 mo. USD LIBOR + 4.199%), 6/6/22(10)			101		99,990
Southern Co. (The):
Series 21-A, 3.75% to 6/15/26, 9/15/51(9)			120		108,300
Series B, 4.00% to 10/15/25, 1/15/51(9)			56		53,349
Series B, 4.456%, (3 mo. USD LIBOR + 3.63%), 3/15/57(10)			192		188,691
TerraForm Power Operating, LLC:
4.25%, 1/31/23(2)			95		95,239
5.00%, 1/31/28(2)			237		221,789
Vistra Operations Co., LLC:
4.375%, 5/1/29(2)			173		157,212
5.00%, 7/31/27(2)			232		221,258
				$	3,337,023
Electronic Equipment, Instruments & Components — 0.1%
II-VI, Inc., 5.00%, 12/15/29(2)			138	$	129,561
WESCO Distribution, Inc., 7.25%, 6/15/28(2)			153		158,125
				$	287,686

Security		Principal Amount (000’s omitted)*		Value
Entertainment — 1.0%
Caesars Entertainment, Inc.:
6.25%, 7/1/25(2)			417	$	422,067
8.125%, 7/1/27(2)			56		58,587
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(2)			233		224,911
Cinemark USA, Inc., 5.25%, 7/15/28(2)			206		183,310
Gamma Bidco SpA, 6.25%, 7/15/25(6)	EUR		200		208,089
Jacobs Entertainment, Inc., 6.75%, 2/15/29(2)			248		243,284
LHMC Finco 2 S.a.r.l., 7.25%, (7.25% cash or 8.00%
PIK), 10/2/25(6)(7)	EUR		714		719,282
Powdr Corp., 6.00%, 8/1/25(2)			227		230,948
Scientific Games International, Inc., 7.00%, 5/15/28(2)			216		221,359
				$	2,511,837
Equity Real Estate Investment Trusts (REITs) — 0.2%(3)
Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 4.50%, 4/1/27(2)			371	$	336,593
HAT Holdings I, LLC/HAT Holdings II, LLC, 3.375%,
6/15/26(2)			200		183,935
				$	520,528
Food Products — 0.6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons,
L.P./Albertsons, LLC:
4.875%, 2/15/30(2)			138	$	125,149
5.875%, 2/15/28(2)			181		176,124
Kraft Heinz Foods Co.:
3.875%, 5/15/27			166		162,555
4.375%, 6/1/46			44		38,614
4.625%, 10/1/39			56		51,767
5.50%, 6/1/50			34		34,332
Land O’ Lakes, Inc., 8.00%(2)(8)			235		247,637
Nomad Foods Bondco PLC, 2.50%, 6/24/28(6)	EUR		571		540,549
Pilgrim’s Pride Corp., 3.50%, 3/1/32(2)			316		267,496
				$	1,644,223
Gas Utilities — 0.1%
NiSource, Inc., 5.65% to 6/15/23(8)(9)			280	$	271,600
				$	271,600
Health Care Equipment & Supplies — 1.4%
Centene Corp.:
2.50%, 3/1/31			311	$	258,993
3.00%, 10/15/30			377		328,561
3.375%, 2/15/30			308		275,615
4.625%, 12/15/29			319		309,430

23 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)*		Value
Health Care Equipment & Supplies (continued)
Compass Minerals International, Inc., 6.75%, 12/1/27(2)		399	$	404,458
LifePoint Health, Inc., 5.375%, 1/15/29(2)		110		94,188
ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29(2)		101		88,503
Molina Healthcare, Inc.:
3.875%, 11/15/30(2)		245		221,356
3.875%, 5/15/32(2)		189		166,222
Mozart Debt Merger Sub, Inc., 5.25%, 10/1/29(2)		519		452,381
Tenet Healthcare Corp.:
4.375%, 1/15/30(2)		102		92,927
6.125%, 10/1/28(2)		261		251,006
6.875%, 11/15/31		10		10,374
US Acute Care Solutions, LLC, 6.375%, 3/1/26(2)		400		388,976
Varex Imaging Corp., 7.875%, 10/15/27(2)		219		225,840
			$	3,568,830
Health Care Providers & Services — 0.5%
HCA, Inc.:
5.375%, 9/1/26		270	$	276,656
5.625%, 9/1/28		245		253,537
Legacy LifePoint Health, LLC, 4.375%, 2/15/27(2)		173		160,240
ModivCare, Inc., 5.875%, 11/15/25(2)		182		178,580
Tenet Healthcare Corp.:
4.625%, 9/1/24(2)		49		48,635
4.875%, 1/1/26(2)		290		284,274
5.125%, 11/1/27(2)		138		134,164
			$	1,336,086
Hotels, Restaurants & Leisure — 0.5%
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc.:
3.875%, 1/15/28(2)		286	$	263,545
4.375%, 1/15/28(2)		182		166,311
5.75%, 4/15/25(2)		66		67,500
Lithia Motors, Inc., 4.625%, 12/15/27(2)		91		86,785
MGM Resorts International, 4.75%, 10/15/28		264		242,853
Viking Cruises, Ltd., 5.875%, 9/15/27(2)		480		407,316
			$	1,234,310
Household Products — 0.2%
Central Garden & Pet Co., 4.125%, 10/15/30		55	$	47,630
Tempur Sealy International, Inc., 3.875%, 10/15/31(2)		397		329,724
			$	377,354

Security		Principal Amount (000’s omitted)*		Value
Housewares — 0.2%
ProGroup AG, 3.00%, 3/31/26(6)	EUR		460	$	461,846
				$	461,846
Independent Power and Renewable Electricity Producers — 0.2%
Algonquin Power & Utilities Corp., 4.75% to 1/18/27,
1/18/82(9)			113	$	103,501
Calpine Corp.:
5.125%, 3/15/28(2)			273		248,323
5.25%, 6/1/26(2)			50		49,435
NRG Energy, Inc., 5.75%, 1/15/28			210		205,521
				$	606,780
Industrial Conglomerates — 0.1%
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%,
2/1/26(2)			162	$	151,681
Gatwick Airport Finance PLC, 4.375%, 4/7/26(6)	GBP		145		170,627
				$	322,308
Insurance — 0.6%
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(2)			458	$	433,621
Galaxy Finco, Ltd., 9.25%, 7/31/27(6)	GBP		525		656,544
Liberty Mutual Group, Inc., 4.125% to 9/15/26,
12/15/51(2)(9)			115		104,540
Prudential Financial, Inc., 5.125% to 11/28/31, 3/1/52(9)			60		58,443
QBE Insurance Group, Ltd., 5.875% to 5/12/25(2)(8)(9)			222		223,665
				$	1,476,813
Leisure Products — 0.7%
Carnival Corp.:
5.75%, 3/1/27(2)			207	$	187,790
7.625%, 3/1/26(2)			87		85,250
Dometic Group AB, 2.00%, 9/29/28(6)	EUR		100		91,078
Life Time, Inc.:
5.75%, 1/15/26(2)			199		193,359
8.00%, 4/15/26(2)			333		325,541
Lindblad Expeditions, LLC, 6.75%, 2/15/27(2)			154		151,313
NCL Corp., Ltd.:
5.875%, 3/15/26(2)			106		98,051
5.875%, 2/15/27(2)			67		63,957
7.75%, 2/15/29(2)			56		54,396
NCL Finance, Ltd., 6.125%, 3/15/28(2)			55		49,575
Sabre GLBL, Inc., 9.25%, 4/15/25(2)			259		276,765

24 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)*		Value
Leisure Products (continued)
Viking Cruises, Ltd., 7.00%, 2/15/29(2)			104	$	92,692
Viking Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29(2)			66		58,329
				$	1,728,096
Life Sciences Tools & Services — 0.1%
W.R. Grace Holdings, LLC, 4.875%, 6/15/27(2)			245	$	230,655
				$	230,655
Machinery — 0.2%
Frigoglass Finance B.V., 6.875%, 2/12/25(6)	EUR		375	$	269,756
IMA Industria Macchine Automatiche SpA, 3.75%, 1/15/28(6)	EUR		381		357,832
				$	627,588
Media — 1.9%
Altice France S.A., 8.125%, 2/1/27(2)			458	$	462,037
Audacy Capital Corp., 6.75%, 3/31/29(2)			261		226,382
Beasley Mezzanine Holdings, LLC, 8.625%, 2/1/26(2)			308		287,604
CCO Holdings, LLC/CCO Holdings Capital Corp.:
4.25%, 2/1/31(2)			338		285,509
4.50%, 8/15/30(2)			343		299,835
4.75%, 3/1/30(2)			322		288,316
4.75%, 2/1/32(2)			139		119,708
5.375%, 6/1/29(2)			110		104,370
CSC Holdings, LLC, 7.50%, 4/1/28(2)			200		184,685
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(2)			70		25,987
LCPR Senior Secured Financing DAC, 5.125%, 7/15/29(2)			205		186,960
McGraw-Hill Education, Inc.:
5.75%, 8/1/28(2)			84		75,128
8.00%, 8/1/29(2)			322		288,628
National CineMedia, LLC:
5.75%, 8/15/26			189		133,498
5.875%, 4/15/28(2)			245		210,984
Outfront Media Capital, LLC/Outfront Media Capital Corp.:
4.625%, 3/15/30(2)			54		48,390
6.25%, 6/15/25(2)			137		138,893
Sirius XM Radio, Inc.:
3.125%, 9/1/26(2)			125		115,298
3.875%, 9/1/31(2)			126		106,597
5.00%, 8/1/27(2)			218		210,628
Summer (BC) Holdco A S.a.r.l., 9.25%, 10/31/27(6)	EUR		129		135,442
Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26(6)	EUR		400		417,733
Terrier Media Buyer, Inc., 8.875%, 12/15/27(2)			178		174,208

Security		Principal Amount (000’s omitted)*		Value
Media (continued)
Townsquare Media, Inc., 6.875%, 2/1/26(2)			141	$	140,559
UPCB Finance VII, Ltd., 3.625%, 6/15/29(6)	EUR		116		113,808
Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28(6)	GBP		100		114,664
				$	4,895,851
Metals & Mining — 1.8%
Allegheny Ludlum, LLC, 6.95%, 12/15/25			598	$	632,481
Arconic Corp., 6.125%, 2/15/28(2)			101		98,033
BWX Technologies, Inc.:
4.125%, 6/30/28(2)			159		147,700
4.125%, 4/15/29(2)			118		109,313
Centennial Resource Production, LLC, 5.375%, 1/15/26(2)			225		220,192
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(2)			460		482,712
Eldorado Gold Corp., 6.25%, 9/1/29(2)			176		170,510
Freeport-McMoRan, Inc., 5.45%, 3/15/43			267		267,311
Hudbay Minerals, Inc.:
4.50%, 4/1/26(2)			174		161,084
6.125%, 4/1/29(2)			96		90,961
Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24(2)			1,024		1,037,655
New Gold, Inc.:
6.375%, 5/15/25(2)			38		38,680
7.50%, 7/15/27(2)			491		494,668
Novelis Corp., 3.25%, 11/15/26(2)			89		81,314
Novelis Sheet Ingot GmbH, 3.375%, 4/15/29(6)	EUR		200		190,785
Roller Bearing Co. of America, Inc., 4.375%, 10/15/29(2)			253		228,016
TMS International Corp., 6.25%, 4/15/29(2)			157		136,774
				$	4,588,189
Multi-Utilities — 0.1%
Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23(8)(9)			345	$	332,182
				$	332,182
Oil, Gas & Consumable Fuels — 2.9%
Aethon United BR, L.P./Aethon United Finance Corp., 8.25%, 2/15/26(2)			555	$	572,693
Callon Petroleum Co., 8.00%, 8/1/28(2)			204		211,275
Colgate Energy Partners III, LLC:
5.875%, 7/1/29(2)			260		259,059
7.75%, 2/15/26(2)			190		199,272
CrownRock, L.P./CrownRock Finance, Inc., 5.00%, 5/1/29(2)			173		169,535
CVR Energy, Inc., 5.75%, 2/15/28(2)			439		412,063

25 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)*		Value
Oil, Gas & Consumable Fuels (continued)
DCP Midstream, L.P., Series A, 7.375% to 12/15/22(8)(9)		295	$	280,987
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(8)(9)		193		143,187
EQT Corp.:
5.00%, 1/15/29		53		52,902
6.625%, 2/1/25		69		71,903
7.50%, 2/1/30		102		113,132
Great Western Petroleum, LLC/Great Western Finance Corp., 12.00%, 9/1/25(2)		248		276,675
Hilcorp Energy I, L.P./Hilcorp Finance Co., 6.00%, 4/15/30(2)		47		46,709
Laredo Petroleum, Inc.:
9.50%, 1/15/25		74		75,955
10.125%, 1/15/28		112		118,020
Nabors Industries, Inc., 9.00%, 2/1/25(2)		151		156,711
Nabors Industries, Ltd.:
7.25%, 1/15/26(2)		110		107,651
7.50%, 1/15/28(2)		118		113,143
Neptune Energy Bondco PLC, 6.625%, 5/15/25(2)		200		198,503
Occidental Petroleum Corp.:
4.20%, 3/15/48		156		129,526
4.40%, 8/15/49		125		106,235
4.625%, 6/15/45		84		72,582
6.20%, 3/15/40		81		83,974
6.375%, 9/1/28		93		97,747
6.45%, 9/15/36		93		101,053
6.625%, 9/1/30		254		275,631
Odebrecht Oil & Gas Finance, Ltd., 0.00%(2)(8)		862		3,663
Parkland Corp.:
4.50%, 10/1/29(2)		110		96,475
4.625%, 5/1/30(2)		202		177,110
PBF Holding Co., LLC/PBF B.V. Finance Corp., 9.25%, 5/15/25(2)		205		212,906
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(8)(9)		435		366,487
Precision Drilling Corp.:
6.875%, 1/15/29(2)		152		147,655
7.125%, 1/15/26(2)		99		99,424
Shelf Drilling Holdings, Ltd.:
8.25%, 2/15/25(2)		245		204,332
8.875%, 11/15/24(2)		71		72,523
Southwestern Energy Co., 4.75%, 2/1/32		194		183,772
Sunoco, L.P./Sunoco Finance Corp.:
4.50%, 5/15/29		209		188,218
4.50%, 4/30/30(2)		226		204,232
Tap Rock Resources, LLC, 7.00%, 10/1/26(2)		292		295,354

Security		Principal Amount (000’s omitted)*		Value
Oil, Gas & Consumable Fuels (continued)
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp.:
4.00%, 1/15/32			169	$	153,523
4.875%, 2/1/31			37		35,621
5.50%, 3/1/30			36		35,736
Transocean Poseidon, Ltd., 6.875%, 2/1/27(2)			170		163,512
Wintershall Dea Finance 2 B.V., 2.499% to 4/20/26(6)(8)(9)	EUR		500		436,381
				$	7,523,047
Packaging&Containers — 0.2%
LABL, Inc., 5.875%, 11/1/28(2)			66	$	60,469
Schoeller Packaging B.V., 6.375%, 11/1/24(6)	EUR		450		465,200
				$	525,669
Paper and Forest Products — 0.0%(3)
Glatfelter Corp., 4.75%, 11/15/29(2)			31	$	24,839
				$	24,839
Pharmaceuticals — 1.0%
AdaptHealth, LLC:
4.625%, 8/1/29(2)			65	$	55,171
5.125%, 3/1/30(2)			133		114,540
6.125%, 8/1/28(2)			310		293,367
Bausch Health Cos., Inc.:
5.25%, 1/30/30(2)			71		49,365
9.00%, 12/15/25(2)			184		184,920
BellRing Brands, Inc., 7.00%, 3/15/30(2)			336		328,853
Endo DAC/Endo Finance, LLC/Endo Finco, Inc., 5.875%, 10/15/24(2)			200		184,793
Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.125%, 4/1/29(2)			247		215,150
Herbalife Nutrition, Ltd./HLF Financing, Inc., 7.875%, 9/1/25(2)			420		413,944
HLF Financing S.a.r.l., LLC/Herbalife International, Inc., 4.875%, 6/1/29(2)			133		107,226
Nidda Healthcare Holding GmbH, 3.50%, 9/30/24(6)	EUR		625		612,940
Option Care Health, Inc., 4.375%, 10/31/29(2)			97		87,311
				$	2,647,580
Pipelines — 1.0%
Antero Midstream Partners, L.P./Antero Midstream Finance Corp.:
5.75%, 3/1/27(2)			102	$	99,521
7.875%, 5/15/26(2)			109		114,129
Cheniere Energy Partners, L.P., 4.00%, 3/1/31			519		470,557
Cheniere Energy, Inc., 4.625%, 10/15/28			239		231,536

26 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)*		Value
Pipelines (continued)
DT Midstream, Inc., 4.125%, 6/15/29(2)			172	$	156,745
Energy Transfer, L.P., Series B, 6.625% to 2/15/28(8)(9)			147		127,706
EQM Midstream Partners, L.P.:
4.50%, 1/15/29(2)			364		328,266
6.00%, 7/1/25(2)			116		115,102
6.50%, 7/1/27(2)			116		117,298
New Fortress Energy, Inc., 6.50%, 9/30/26(2)			382		370,124
Venture Global Calcasieu Pass, LLC, 3.875%, 8/15/29(2)			146		133,416
Western Midstream Operating, L.P.:
4.50%, 3/1/28			27		25,786
4.55%, 2/1/30			207		190,454
4.75%, 8/15/28			24		23,404
				$	2,504,044
Real Estate Investment Trusts (REITs) — 0.8%
ADLER Group S.A., 2.75%, 11/13/26(6)	EUR		200	$	146,426
Aedas Homes Opco SLU, 4.00%, 8/15/26(6)	EUR		287		287,581
HAT Holdings I, LLC/HAT Holdings II, LLC:
3.75%, 9/15/30(2)			151		130,468
6.00%, 4/15/25(2)			127		129,069
Heimstaden Bostad AB, 3.00% to 10/29/27(6)(8)(9)	EUR		415		356,631
Signa Development Finance SCS, 5.50%, 7/23/26(6)	EUR		200		187,481
VICI Properties, L.P./VICI Note Co., Inc.:
3.75%, 2/15/27(2)			27		24,927
4.125%, 8/15/30(2)			198		178,175
4.25%, 12/1/26(2)			300		284,631
4.50%, 9/1/26(2)			100		99,000
4.625%, 12/1/29(2)			66		62,071
5.625%, 5/1/24(2)			200		203,250
				$	2,089,710
Semiconductors & Semiconductor Equipment — 0.1%
ON Semiconductor Corp., 3.875%, 9/1/28(2)			258	$	239,725
				$	239,725
Software — 0.5%
Black Knight InfoServ, LLC, 3.625%, 9/1/28(2)			216	$	200,605
Fair Isaac Corp., 4.00%, 6/15/28(2)			165		150,978
Minerva Merger Sub, Inc., 6.50%, 2/15/30(2)			361		332,683
Playtika Holding Corp., 4.25%, 3/15/29(2)			248		223,775
SS&C Technologies, Inc., 5.50%, 9/30/27(2)			296		290,456
				$	1,198,497

Security		Principal Amount (000’s omitted)*		Value
Specialty Retail — 2.3%
Arko Corp., 5.125%, 11/15/29(2)			326	$	288,940
Asbury Automotive Group, Inc.:
4.625%, 11/15/29(2)			27		24,345
4.75%, 3/1/30			228		204,630
5.00%, 2/15/32(2)			28		24,889
Bath & Body Works, Inc.:
6.625%, 10/1/30(2)			144		143,496
6.75%, 7/1/36			80		77,759
6.875%, 11/1/35			233		228,120
6.95%, 3/1/33			168		159,915
7.60%, 7/15/37			75		71,094
9.375%, 7/1/25(2)			31		34,912
Dave & Buster’s, Inc., 7.625%, 11/1/25(2)			363		377,074
Dufry One B.V., 3.375%, 4/15/28(6)	EUR		479		451,937
eG Global Finance PLC, 6.25%, 10/30/25(6)	EUR		450		465,610
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(2)			100		90,903
Gap, Inc. (The):
3.625%, 10/1/29(2)			110		89,650
3.875%, 10/1/31(2)			65		51,935
Group 1 Automotive, Inc., 4.00%, 8/15/28(2)			203		182,926
IRB Holding Corp., 7.00%, 6/15/25(2)			98		100,974
Ken Garff Automotive, LLC, 4.875%, 9/15/28(2)			155		141,256
LCM Investments Holdings II, LLC, 4.875%, 5/1/29(2)			257		225,524
Lithia Motors, Inc., 3.875%, 6/1/29(2)			86		77,770
Midco GB SASU, 7.75%, (7.75% cash or 8.50% PIK), 11/1/27(6)(7)	EUR		285		304,945
PetSmart, Inc./PetSmart Finance Corp.:
4.75%, 2/15/28(2)			250		232,851
7.75%, 2/15/29(2)			264		262,974
Punch Finance PLC, 6.125%, 6/30/26(6)	GBP		340		411,603
Sonic Automotive, Inc.:
4.625%, 11/15/29(2)			172		148,226
4.875%, 11/15/31(2)			143		122,257
SRS Distribution, Inc., 6.00%, 12/1/29(2)			141		123,895
Suburban Propane Partners, L.P./Suburban Energy
Finance Corp., 5.00%, 6/1/31(2)			135		122,962
Superior Plus, L.P./Superior General Partner, Inc., 4.50%, 3/15/29(2)			254		232,406
Victoria’s Secret & Co., 4.625%, 7/15/29(2)			261		214,435
Yum! Brands, Inc., 3.625%, 3/15/31			182		156,674
				$	5,846,887
Technology Hardware, Storage & Peripherals — 0.5%
Almaviva-The Italian Innovation Co. SpA, 4.875%, 10/30/26(6)	EUR		305		308,914

27 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount (000’s omitted)*		Value
Technology Hardware, Storage & Peripherals (continued)
Booz Allen Hamilton, Inc.:
3.875%, 9/1/28(2)			410	$	378,207
4.00%, 7/1/29(2)			97		89,598
Presidio Holdings, Inc., 8.25%, 2/1/28(2)			158		153,649
Science Applications International Corp., 4.875%, 4/1/28(2)			260		248,969
Seagate HDD Cayman, 3.125%, 7/15/29			139		117,606
				$	1,296,943
Telecommunications — 1.1%
Altice France Holding S.A., 10.50%, 5/15/27(2)			200	$	202,992
Ciena Corp., 4.00%, 1/31/30(2)			117		106,852
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(2)			421		409,913
Sprint Capital Corp., 6.875%, 11/15/28			250		274,779
Sprint Corp., 7.875%, 9/15/23			375		394,236
Telecom Italia Finance S.A., 7.75%, 1/24/33	EUR		120		143,704
Telecom Italia SpA/Milano, 2.75%, 4/15/25(6)	EUR		140		140,808
T-Mobile USA, Inc.:
2.25%, 2/15/26			132		121,583
2.625%, 2/15/29			165		142,844
2.875%, 2/15/31			99		84,188
4.75%, 2/1/28			170		167,981
Viasat, Inc., 5.625%, 4/15/27(2)			61		56,688
Vodafone Group PLC:
2.625% to 5/27/26, 8/27/80(6)(9)	EUR		220		217,372
4.875% to 7/3/25, 10/3/78(6)(9)	GBP		215		268,012
Wp/ap Telecom Holdings III B.V., 5.50%, 1/15/30(6)	EUR		159		148,663
				$	2,880,615
Transportation — 0.2%
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(2)			249	$	234,385
Seaspan Corp., 5.50%, 8/1/29(2)			213		188,345
				$	422,730
Wireless Telecommunication Services — 0.2%
Altice France S.A., 5.50%, 10/15/29(2)			200	$	170,227
Iliad Holding S.A.S., 6.50%, 10/15/26(2)			258		248,284
Sprint Corp., 7.625%, 3/1/26			157		170,687
				$	589,198
Total Corporate Bonds (identified cost $99,519,805)				$	90,931,950

Exchange-Traded Funds — 0.2%
Security	Shares		Value
Equity Funds — 0.2%
Global X U.S. Preferred ETF		11,735	$	255,001
iShares Preferred & Income Securities ETF		7,802		264,878
Total Exchange-Traded Funds (identified cost $594,207)			$	519,879
Preferred Stocks — 1.1%
Security	Shares		Value
Banks — 0.1%
Farm Credit Bank of Texas, 6.75% to 9/15/23(2)(9)		1,115	$	115,681
First Republic Bank, Series M, 4.00%		4,600		80,500
JPMorgan Chase & Co., Series LL, 4.625%		2,350		45,543
Wells Fargo & Co., Series L, 7.50% (Convertible)		103		124,784
			$	366,508
Capital Markets — 0.1%
Affiliated Managers Group, Inc., 4.75%		2,250	$	44,325
Stifel Financial Corp., Series D, 4.50%		4,600		86,802
			$	131,127
Electric Utilities — 0.1%
Brookfield BRP Holdings Canada, Inc., 4.625%		7,000	$	123,060
SCE Trust III, Series H, 5.75% to 3/15/24(9)		5,331		124,959
SCE Trust IV, Series J, 5.375% to 9/15/25(9)		1,911		41,660
SCE Trust V, Series K, 5.45% to 3/15/26(9)		3,551		84,762
			$	374,441
Equity Real Estate Investment Trusts (REITs) — 0.1%
SITE Centers Corp., Series A, 6.375%		4,730	$	116,594
			$	116,594
Food Products — 0.0%(3)
Ocean Spray Cranberries, Inc., Series A, 6.25%(2)		540	$	47,520
			$	47,520
Insurance — 0.2%
American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(9)		5,345	$	138,382
Arch Capital Group, Ltd., Series G, 4.55%		7,000		135,030
Athene Holding, Ltd., Series C, 6.375% to 6/30/25(9)		3,984		105,098
			$	378,510

28 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Oil, Gas & Consumable Fuels — 0.1%
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(9)		15,478	$	332,158
			$	332,158
Pipelines — 0.1%
Energy Transfer, L.P.:
Series C, 7.375% to 5/15/23(9)		3,000	$	71,310
Series E, 7.60% to 5/15/24(9)		4,970		120,274
			$	191,584
Real Estate Management & Development — 0.1%
Brookfield Property Partners, L.P.:
Series A, 5.75%		6,545	$	129,264
Series A2, 6.375%		8,191		172,748
			$	302,012
Telecommunications — 0.1%
United States Cellular Corp., 5.50%		11,460	$	230,117
			$	230,117
Trading Companies & Distributors — 0.1%
WESCO International, Inc., Series A, 10.625%		12,788	$	365,097
			$	365,097
Total Preferred Stocks (identified cost $3,242,140)			$	2,835,668
Senior Floating-Rate Loans — 1.9%(12)
Borrower/Description	Principal Amount (000’s omitted)		Value
Airlines — 0.3%
Air Canada, Term Loan, 4.25%, (6 mo. USD LIBOR + 3.50%, Floor 0.75%), 8/11/28	$	204	$	202,419
Mileage Plus Holdings, LLC, Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), 6/21/27		426		442,822
			$	645,241
Entertainment — 0.1%
Playtika Holding Corp., Term Loan, 3.514%, (1 mo. USD LIBOR + 2.75%), 3/13/28	$	313	$	310,343
			$	310,343

Borrower/Description	Principal Amount (000’s omitted)			Value
Health Care Providers & Services — 0.1%
Radnet Management, Inc., Term Loan, 4/21/28(13)	$	311		$	308,534
				$	308,534
Health Care Technology — 0.1%
Verscend Holding Corp., Term Loan, 4.764%, (1 mo. USD LIBOR + 4.00%), 8/27/25	$	248		$	247,436
				$	247,436
Hotels, Restaurants & Leisure — 0.3%
Gateway Casinos & Entertainment Limited, Term Loan, 12/1/23(13)	$	62		$	62,236
IRB Holding Corp., Term Loan, 3.75%, (SOFR + 3.00%, Floor 0.75%), 12/15/27		523			517,042
Spectacle Gary Holdings, LLC, Term Loan, 5.014%, (1 mo. USD LIBOR + 4.25%), 11/19/28		223			222,303
				$	801,581
IT Services — 0.2%
Asurion, LLC:
Term Loan - Second Lien, 6.014%, (1 mo. USD LIBOR + 5.25%), 1/31/28	$	171		$	166,476
Term Loan - Second Lien, 6.014%, (1 mo. USD LIBOR + 5.25%), 1/20/29		75			72,844
Travelport Finance (Luxembourg) S.a.r.l., Term Loan, 9.75%, (3 mo. USD LIBOR + 8.75%, Floor 1.00%), 2.50% cash, 7.25% PIK, 2/28/25		219			224,584
				$	463,904
Media — 0.1%
Diamond Sports Group, LLC, Term Loan, 9.00%, (SOFR + 8.00%, Floor 1.00%), 5/26/26	$	57		$	58,405
DIRECTV Financing, LLC, Term Loan, 5.76%, (1 mo. USD LIBOR + 5.00%), 8/2/27		126			125,732
				$	184,137
Pharmaceuticals — 0.2%
Jazz Financing Lux S.a.r.l., Term Loan, 4.264%, (1 mo. USD LIBOR + 3.50%), 5/5/28	$	566		$	565,489
				$	565,489
Software — 0.2%
GoTo Group, Inc., Term Loan, 5.304%, (1 mo. USD LIBOR + 4.75%), 8/31/27	$	0	(14)	$	94
RealPage, Inc.:
Term Loan, 4.014%, (1 mo. USD LIBOR + 3.25%), 4/24/28		262			258,152

29 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Software (continued)
RealPage, Inc.: (continued)
Term Loan, 4.489%, (3 mo. USD LIBOR + 3.25%), 4/22/28	$	259	$	255,208
Riverbed Technology, Inc., Term Loan, 9.00%, (3 mo. USD LIBOR + 8.00%, Floor 1.00%), 7.00% cash, 2.00% PIK, 12/8/26		134		106,076
			$	619,530
Specialty Retail — 0.2%
PetSmart, Inc., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/11/28	$	384	$	381,409
			$	381,409
Trading Companies & Distributors — 0.1%
Spin Holdco, Inc., Term Loan, 4.75%, (3 mo. USD LIBOR + 4.00%, Floor 0.75%), 3/4/28	$	297	$	296,471
			$	296,471
Total Senior Floating-Rate Loans (identified cost $4,855,312)			$	4,824,075
Miscellaneous — 0.0%(3)
Security	Principal Amount		Value
Transportation — 0.0%(3)
Hertz Corp., Escrow Certificates(1)	$	58,000	$	3,480
Hertz Corp., Escrow Certificates(1)		167,000		2,505
Hertz Corp., Escrow Certificates(1)		110,000		1,650
Total Miscellaneous (identified cost $135,414)			$	7,635

Short-Term Investments — 1.0%
Security	Shares		Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 0.30%(15)		2,505,538	$	2,505,538
Total Short-Term Investments (identified cost $2,505,538)			$	2,505,538
Total Investments — 99.0% (identified cost $224,289,486)			$	255,640,965
Other Assets, Less Liabilities — 1.0%			$	2,711,401
Net Assets — 100.0%			$	258,352,366

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾  Non-income producing security.

⁽²⁾  Security exempt from registration 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 April 30, 2022, the aggregate value of these securities is $55,471,187 or 21.5% of the Portfolio’s net assets.

⁽³⁾  Amount is less than 0.05%.

⁽⁴⁾  Security (or a portion thereof) has been pledged to cover margin requirements on open futures contracts.

⁽⁵⁾  Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽⁶⁾  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 April 30, 2022, the aggregate value of these securities is $19,747,886 or 7.6% of the Portfolio’s net assets.

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

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

⁽⁹⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽¹⁰⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2022.

⁽¹¹⁾  Issuer is in default with respect to interest and/or principal payments.

30 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

^{(12) Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) or the Secured Overnight Financing Rate (“SOFR”) 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. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.}

⁽¹³⁾  This Senior Loan will settle after April 30, 2022, at which time the interest rate will be determined.

⁽¹⁴⁾  Principal amount is less than $500.

⁽¹⁵⁾  May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of April 30, 2022.

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		58.0	%	$	148,359,037
United Kingdom		6.4			16,311,689
Germany		6.1			15,717,740
Switzerland		5.4			13,724,412
France		5.2			13,276,789
Sweden		3.3			8,402,771
Netherlands		1.8			4,625,722
Spain		1.8			4,621,792
Canada		1.5			3,957,186
Australia		1.5			3,779,195
Luxembourg		1.4			3,513,489
Finland		1.3			3,368,314
Norway		1.2			3,086,954
Denmark		1.1			2,756,736
Japan		0.9			2,193,438
Taiwan		0.6			1,487,438
Italy		0.5			1,361,611
India		0.4			1,090,846
United Arab Emirates		0.4			1,025,996
Ireland		0.3			799,063
Hong Kong		0.3			737,719
Greece		0.1			269,756
Poland		0.1			268,353
Mexico		0.1			210,867
Turkey		0.1			170,510
Brazil		0.0	(1)		3,663
Exchange-Traded Funds		0.2			519,879
Total Investments		100.0	%	$	255,640,965

⁽¹⁾  Amount is less than 0.05%.

Forward Foreign Currency Exchange Contracts (OTC)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	145,920	GBP	109,117	State Street Bank and Trust Company		5/31/22	$	8,714	$	—
							$	8,714	$	—

31 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Equity Futures
E-Mini S&P 500 Index		75			Long		6/17/22	$	15,478,125		$	(255,600	)
STOXX Europe 600 Index		(300	)		Short		6/17/22		(7,054,452	)		(281,000	)
STOXX Europe 600 Insurance Index		(526	)		Short		6/17/22		(8,559,392	)		(218,618	)
											$	(755,218	)

Abbreviations:

ADR	–	American Depositary Receipt
EURIBOR	–	Euro Interbank Offered Rate
LIBOR	–	London Interbank Offered Rate
OTC	–	Over-the-counter
PC	–	Participation Certificate
PIK	–	Payment In Kind
SOFR	–	Secured Overnight Financing Rate

Currency Abbreviations:

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

32 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2022
Unaffiliated investments, at value (identified cost $221,783,948)	$	253,135,427
Affiliated investment, at value (identified cost $2,505,538)		2,505,538
Cash		77,302
Foreign currency, at value (identified cost $116,554)		116,153
Dividends and interest receivable		2,229,567
Dividends receivable from affiliated investment		102
Receivable for investments sold		815,212
Receivable for open forward foreign currency exchange contracts		8,714
Tax reclaims receivable		1,305,734
Total assets	$	260,193,749
Liabilities
Payable for investments purchased	$	908,840
Payable for variation margin on open futures contracts		674,567
Payable to affiliate:
Investment adviser fee		123,001
Trustees’ fees		1,297
Accrued foreign capital gains taxes		24,342
Accrued expenses		109,336
Total liabilities	$	1,841,383
Net Assets applicable to investors’ interest in Portfolio	$	258,352,366

33 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2022
Dividend income (net of foreign taxes withheld of $434,271)	$	3,312,093
Dividend income from affiliated investments		1,509
Interest income (net of foreign taxes withheld of $6,195)		2,928,199
Other income		369,115
Total investment income	$	6,610,916
Expenses
Investment adviser fee	$	793,670
Trustees’ fees and expenses		7,816
Custodian fee		63,572
Legal and accounting services		36,837
Miscellaneous		23,391
Total expenses	$	925,286
Deduct:
Waiver and/or reimbursement of expenses by affiliate	$	27
Total expense reductions	$	27
Net expenses	$	925,259
Net investment income	$	5,685,657
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions (net of foreign capital gains taxes of $3,123)	$	4,005,436
Investment transactions - affiliated investments		315,268
Futures contracts		(466,150	)
Foreign currency transactions		(51,172	)
Forward foreign currency exchange contracts		(1,871	)
Net realized gain	$	3,801,511
Change in unrealized appreciation (depreciation):
Investments (including net increase in accrued foreign capital gains taxes of $24,342)	$	(41,409,182	)
Investments - affiliated investments		(198,834	)
Futures contracts		(755,218	)
Foreign currency		(141,671	)
Forward foreign currency exchange contracts		7,655
Net change in unrealized appreciation (depreciation)	$	(42,497,250	)
Net realized and unrealized loss	$	(38,695,739	)
Net decrease in net assets from operations	$	(33,010,082	)

34 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31, 2021
From operations:
Net investment income	$	5,685,657		$	9,077,852
Net realized gain		3,801,511			14,965,170	(1)
Net change in unrealized appreciation (depreciation)		(42,497,250	)		51,333,373
Net increase (decrease) in net assets from operations	$	(33,010,082	)	$	75,376,395
Capital transactions:
Contributions	$	3,650,381		$	13,442,582
Withdrawals		(18,889,364	)		(45,523,591	)
Portfolio transaction fee		56,232			154,785
Net decrease in net assets from capital transactions	$	(15,182,751	)	$	(31,926,224	)
Net increase (decrease) in net assets	$	(48,192,833	)	$	43,450,171
Net Assets
At beginning of period	$	306,545,199		$	263,095,028
At end of period	$	258,352,366		$	306,545,199

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

35 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2022

Financial Highlights

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2021			2020			2019			2018			2017
Ratios (as a percentage of average daily net assets):
Expenses		0.64	%(1)(2)		0.65	%		0.66	%		0.70	%		0.75	%		0.75	%
Net investment income		3.95	%(1)		3.01	%		4.12	%		4.72	%		3.47	%		4.56	%
Portfolio Turnover		35	%(3)		60	%		118	%		86	%		102	%		143	%
Total Return		(11.20	)%(3)		29.74	%		2.64	%		11.57	%		(1.00	)%		15.99	%
Net assets, end of period (000’s omitted)	$	258,352		$	306,545		$	263,095		$	302,020		$	323,437		$	364,476

⁽¹⁾  Annualized.

⁽²⁾  The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended April 30, 2022).

⁽³⁾  Not annualized.

36

Global Income Builder Portfolio

April 30, 2022

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Global Income Builder Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2022, 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. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

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

Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.

Fair Valuation. 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.

37

Global Income Builder Portfolio

April 30, 2022

Notes to Financial Statements (Unaudited) — 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. During the six months ended April 30, 2022, the Portfolio received approximately $369,000 from Finland for previously withheld foreign taxes and interest thereon. Such amount is included in other income on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. 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 and Other Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.

As of April 30, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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.

38

Global Income Builder Portfolio

April 30, 2022

Notes to Financial Statements (Unaudited) — continued

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 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 Eaton Vance Management (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.

M  Interim Financial Statements — The interim financial statements relating to April 30, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. 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 six months ended April 30, 2022, the Portfolio’s investment adviser fee amounted to $793,670 or 0.55% (annualized) 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 an indirect, wholly-owned subsidiary of Morgan Stanley. BMR pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. Effective April 26, 2022, the Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the six months ended April 30, 2022, the investment adviser fee paid was reduced by $27 relating to the Portfolio’s investment in the Liquidity Fund. Prior to April 26, 2022, the Portfolio may have invested its cash in Eaton Vance Cash Reserves Fund (Cash Reserves Fund), an affiliated investment company managed by EVM. EVM did not receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $98,490,754 and $109,892,093, respectively, for the six months ended April 30, 2022.

39

Global Income Builder Portfolio

April 30, 2022

Notes to Financial Statements (Unaudited) — continued

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2022, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	226,976,176
Gross unrealized appreciation	$	42,731,143
Gross unrealized depreciation		(14,812,858	)
Net unrealized appreciation	$	27,918,285

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 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 April 30, 2022 is included in the Portfolio of Investments. At April 30, 2022, 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 April 30, 2022, 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.

40

Global Income Builder Portfolio

April 30, 2022

Notes to Financial Statements (Unaudited) — continued

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2022 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Equity Price	Futures contracts	$	—		$	(755,218	)(1)
Foreign Exchange	Forward foreign currency exchange contracts		8,714	(2)		—
Total		$	8,714		$	(755,218	)
Derivatives not subject to master netting or similar agreements		$	—		$	(755,218	)
Total Derivatives subject to master netting or similar agreements		$	8,714		$	—

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

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

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 April 30, 2022.

Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
State Street Bank and Trust Company	$	8,714	$	—	$	—	$	—	$	8,714

^(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 six months ended April 30, 2022 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	$	(466,150	)	$	(755,218	)
Foreign Exchange	Forward foreign currency exchange contracts		(1,871	)		7,655
Total		$	(468,021	)	$	(747,563	)

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

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

41

Global Income Builder Portfolio

April 30, 2022

Notes to Financial Statements (Unaudited) — continued

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2022, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Long	Futures Contracts — Short	Forward Foreign Currency Exchange Contracts*
$7,400,000	$7,365,000	$179,000

* 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 six months ended April 30, 2022.

7  Investments in Affiliated Issuers and Funds

The Portfolio invested in issuers that may be deemed to be affiliated with Morgan Stanley. At April 30, 2022, the value of the Portfolio’s investment in affiliated issuers and funds was $2,505,538, which represents 1.0% of the Portfolio’s net assets. Transactions in affiliated issuers and funds by the Portfolio for the six months ended April 30, 2022 were as follows:

Name	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units/Shares, end of period
Common Stocks
Mitsubishi UFJ Financial Group, Inc.	$	1,471,139	$	—	$	(1,587,520	)	$	315,215	$	(198,834	)	$	—	$	—		—
Short-Term Investments
Cash Reserves Fund		1,432,849		37,244,468		(38,677,370	)		53		—			—		1,407		—
Liquidity Fund		—		3,750,864		(1,245,326	)		—		—			2,505,538		102		2,505,538
Total								$	315,268	$	(198,834	)	$	2,505,538	$	1,509

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.

42

Global Income Builder Portfolio

April 30, 2022

Notes to Financial Statements (Unaudited) — continued

At April 30, 2022, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Common Stocks:
Communication Services	$	9,395,091		$	5,108,763		$	—	$	14,503,854
Consumer Discretionary		6,562,230			8,622,053			—		15,184,283
Consumer Staples		4,784,934			5,283,780			—		10,068,714
Energy		6,442,325			—			—		6,442,325
Financials		5,865,316			17,684,302			—		23,549,618
Health Care		11,390,058			11,820,093			—		23,210,151
Industrials		4,552,994			12,950,570			—		17,503,564
Information Technology		21,880,293			7,820,017			—		29,700,310
Materials		—			8,139,722			—		8,139,722
Real Estate		1,540,444			—			—		1,540,444
Utilities		1,542,858			2,060,992			—		3,603,850
Total Common Stocks	$	73,956,543		$	79,490,292	*	$	—	$	153,446,835
Convertible Bonds	$	—		$	378,800		$	—	$	378,800
Convertible Preferred Stocks		167,027			23,558			—		190,585
Corporate Bonds		—			90,931,950			—		90,931,950
Exchange-Traded Funds		519,879			—			—		519,879
Preferred Stocks:
Communication Services		230,117			—			—		230,117
Consumer Staples		—			47,520			—		47,520
Energy		523,742			—			—		523,742
Financials		760,464			115,681			—		876,145
Industrials		365,097			—			—		365,097
Real Estate		418,606			—			—		418,606
Utilities		374,441			—			—		374,441
Total Preferred Stocks	$	2,672,467		$	163,201		$	—	$	2,835,668
Senior Floating-Rate Loans	$	—		$	4,824,075		$	—	$	4,824,075
Miscellaneous		—			7,635			—		7,635
Short-Term Investments		2,505,538			—			—		2,505,538
Total Investments	$	79,821,454		$	175,819,511		$	—	$	255,640,965
Forward Foreign Currency Exchange Contracts	$	—		$	8,714		$	—	$	8,714
Total	$	79,821,454		$	175,828,225		$	—	$	255,649,679
Liability Description
Futures Contracts	$	(755,218	)	$	—		$	—	$	(755,218	)
Total	$	(755,218	)	$	—		$	—	$	(755,218	)

* 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.

43

Global Income Builder Portfolio

April 30, 2022

Notes to Financial Statements (Unaudited) — continued

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 of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

44

Eaton Vance

Global Income Builder Fund

April 30, 2022

Officers and Trustees

Officers of Eaton Vance Global Income Builder Fund

Eric A. Stein

President

Deidre E. Walsh

Vice President and Chief Legal Officer

James F. Kirchner

Treasurer

Jill R. Damon

Secretary

Richard F. Froio

Chief Compliance Officer

Officers of Global Income Builder Portfolio

Edward J. Perkin

President

Deidre E. Walsh

Vice President and Chief Legal Officer

James F. Kirchner

Treasurer

Jill R. Damon

Secretary

Richard F. Froio

Chief Compliance Officer

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

George J. Gorman

Chairperson

Alan C. Bowser^**

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

Valerie A. Mosley

William H. Park

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

Nancy A. Wiser^**

* Interested Trustee

** Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022.

45

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

46

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.

47

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.

48

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

Fund Offices

Two International Place

Boston, MA 02110

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

7747    4.30.22

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Global Income Builder Portfolio

By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	June 23, 2022

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

Global Income Builder Portfolio

By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	June 23, 2022

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	June 23, 2022