Global Income Builder Portfolio

Futures
Contracts — Long

Futures
Contracts — Short

$9,587,000


Common Stocks — 57.1%
Security	Shares		Value

Aerospace & Defense — 0.4%
CAE, Inc.		77,198	$	1,361,645
			$	1,361,645

Auto Components — 0.5%
Continental AG		10,012	$	1,649,837
			$	1,649,837

Banks — 4.4%
Banco Santander SA		269,855	$	1,283,957
Canadian Imperial Bank of Commerce		25,055		2,163,586
Citigroup, Inc.		33,948		2,222,236
ING Groep NV		117,497		1,390,106
KeyCorp		113,746		2,065,627
Nordea Bank AB		93,827		815,439
Societe Generale SA		33,387		1,223,892
UniCredit SpA		78,796		1,007,419
Wells Fargo & Co.		36,617		1,949,123
			$	14,121,385

Beverages — 1.8%
Anheuser-Busch InBev SA/NV		16,949	$	1,253,570
Coca-Cola Co. (The)		52,783		2,527,250
Diageo PLC		58,066		2,007,430
			$	5,788,250

Building Products — 0.7%
Assa Abloy AB, Class B		113,322	$	2,254,060
			$	2,254,060

Chemicals — 1.8%
BASF SE		24,453	$	1,876,487
Ecolab, Inc.		16,739		2,563,578
Sika AG		10,852		1,391,470
			$	5,831,535

Construction & Engineering — 0.0%⁽¹⁾
Abengoa SA, Class A⁽²⁾		36,194	$	684
Abengoa SA, Class B⁽²⁾		374,261		1,521
			$	2,205


Security	Shares		Value

Consumer Finance — 1.1%
Discover Financial Services		20,733	$	1,444,468
Navient Corp.		89,832		1,040,255
OneMain Holdings, Inc.⁽²⁾		36,874		1,051,646
			$	3,536,369

Diversified Financial Services — 0.9%
ORIX Corp.		178,334	$	2,905,238
			$	2,905,238

Electric Utilities — 1.5%
Iberdrola SA		282,835	$	2,001,289
NextEra Energy, Inc.		16,912		2,917,320
			$	4,918,609

Electrical Equipment — 1.5%
Legrand SA		29,973	$	1,957,265
Melrose Industries PLC		1,371,972		2,953,302
			$	4,910,567

Electronic Equipment, Instruments & Components — 1.4%
CDW Corp.		25,805	$	2,322,708
Keyence Corp.		4,532		2,213,970
			$	4,536,678

Energy Equipment & Services — 0.3%
Halliburton Co.		32,634	$	1,131,747
			$	1,131,747

Entertainment — 1.9%
Activision Blizzard, Inc.		38,925	$	2,687,771
Walt Disney Co. (The)		30,436		3,494,966
			$	6,182,737

Equity Real Estate Investment Trusts (REITs) — 1.6%
American Tower Corp.		23,828	$	3,712,641
Equity Residential		21,413		1,390,988
			$	5,103,629

Food Products — 0.4%
Mondelez International, Inc., Class A		30,518	$	1,281,146
			$	1,281,146


Security	Shares		Value

Health Care Equipment & Supplies — 1.8%
Baxter International, Inc.		23,224	$	1,451,732
Boston Scientific Corp.⁽²⁾		72,330		2,614,006
Danaher Corp.		18,171		1,806,198
			$	5,871,936

Health Care Providers & Services — 0.9%
Anthem, Inc.		6,630	$	1,827,029
UnitedHealth Group, Inc.		4,447		1,162,224
			$	2,989,253

Hotels, Restaurants & Leisure — 0.5%
Compass Group PLC		91,313	$	1,796,016
			$	1,796,016

Household Products — 0.5%
Reckitt Benckiser Group PLC		18,292	$	1,479,166
			$	1,479,166

Insurance — 2.1%
AIA Group, Ltd.		172,923	$	1,315,432
Aviva PLC		373,655		2,041,982
Chubb, Ltd.		14,158		1,768,476
Prudential PLC		84,678		1,695,561
			$	6,821,451

Interactive Media & Services — 2.9%
Alphabet, Inc., Class C⁽²⁾		6,259	$	6,739,503
Facebook, Inc., Class A⁽²⁾		17,540		2,662,397
			$	9,401,900

Internet & Direct Marketing Retail — 1.8%
Amazon.com, Inc.⁽²⁾		3,136	$	5,011,360
ZOZO, Inc.		28,885		693,067
			$	5,704,427

IT Services — 0.5%
Visa, Inc., Class A		12,409	$	1,710,581
			$	1,710,581

Leisure Products — 0.6%
Yamaha Corp.		41,011	$	1,802,203
			$	1,802,203


Security	Shares		Value

Life Sciences Tools & Services — 0.7%
Lonza Group AG		7,627	$	2,398,229
			$	2,398,229

Machinery — 3.8%
Atlas Copco AB, Class A		39,551	$	977,770
Fortive Corp.		20,508		1,522,719
ITT, Inc.		37,571		1,897,335
Komatsu, Ltd.		66,466		1,730,937
MISUMI Group, Inc.		45,126		904,361
Parker-Hannifin Corp.		11,687		1,772,100
Stanley Black & Decker, Inc.		12,049		1,403,949
Xylem, Inc.		29,858		1,958,088
			$	12,167,259

Metals & Mining — 0.8%
Rio Tinto, Ltd.		44,903	$	2,443,275
			$	2,443,275

Multi-Utilities — 0.8%
CMS Energy Corp.		49,446	$	2,448,566
			$	2,448,566

Oil, Gas & Consumable Fuels — 3.7%
BP PLC		438,795	$	3,169,732
ConocoPhillips		31,668		2,213,593
Exxon Mobil Corp.		46,681		3,719,542
Phillips 66		19,828		2,038,715
Seven Generations Energy, Ltd., Class A⁽²⁾		75,800		812,441
			$	11,954,023

Personal Products — 0.7%
Unilever PLC		40,668	$	2,154,169
			$	2,154,169

Pharmaceuticals — 4.0%
Bayer AG		11,705	$	897,217
Eli Lilly & Co.		19,674		2,133,449
GlaxoSmithKline PLC		122,797		2,378,302
Johnson & Johnson		26,465		3,704,836
Novo Nordisk A/S, Class B		32,169		1,389,268
Zoetis, Inc.		26,142		2,356,701
			$	12,859,773


Security	Shares		Value

Professional Services — 0.7%
Verisk Analytics, Inc.⁽²⁾		19,950	$	2,390,808
			$	2,390,808

Semiconductors & Semiconductor Equipment — 1.5%
ASML Holding NV		18,659	$	3,213,901
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		46,654		1,777,518
			$	4,991,419

Software — 1.7%
Avaya Holdings Corp.⁽²⁾		14	$	230
Microsoft Corp.		51,122		5,460,341
			$	5,460,571

Specialty Retail — 1.9%
Industria de Diseno Textil SA		90,973	$	2,564,047
TJX Cos., Inc. (The)		21,960		2,412,965
Ulta Beauty, Inc.⁽²⁾		3,932		1,079,413
			$	6,056,425

Technology Hardware, Storage & Peripherals — 2.3%
Apple, Inc.		20,661	$	4,521,866
HP, Inc.		125,014		3,017,838
			$	7,539,704

Textiles, Apparel & Luxury Goods — 1.4%
adidas AG		8,052	$	1,893,540
LVMH Moet Hennessy Louis Vuitton SE		5,582		1,693,609
Samsonite International SA⁽³⁾		276,268		796,751
			$	4,383,900

Thrifts & Mortgage Finance — 0.3%
MGIC Investment Corp.⁽²⁾		84,470	$	1,031,379
			$	1,031,379

Tobacco — 0.4%
British American Tobacco PLC		33,682	$	1,460,124
			$	1,460,124

Wireless Telecommunication Services — 0.6%
Tele2 AB, Class B		162,519	$	1,845,442
			$	1,845,442

Total Common Stocks (identified cost $180,801,460)			$	184,677,636


Preferred Stocks — 1.3%
Security	Shares		Value

Banks — 0.2%
Farm Credit Bank of Texas, 6.75% to 9/15/23⁽³⁾⁽⁴⁾		1,115	$	118,747
IBERIABANK Corp., Series C, 6.60% to 5/1/26⁽⁴⁾		13,000		342,030
Wells Fargo & Co., Series Y, 5.625%		4,650		115,553
			$	576,330

Electric Utilities — 0.1%
SCE Trust VI, 5.00%		15,350	$	324,192
			$	324,192

Equity Real Estate Investment Trusts (REITs) — 0.4%
CBL & Associates Properties, Inc., Series D, 7.375%		18,075	$	277,451
SITE Centers Corp., Series A, 6.375%		10,450		245,888
SITE Centers Corp., Series K, 6.25%		1,950		42,452
Spirit Realty Capital, Inc., Series A, 6.00%		6,730		150,012
Vornado Realty Trust, Series K, 5.70%		21,500		508,045
			$	1,223,848

Food Products — 0.2%
Dairy Farmers of America, Inc., 7.875%⁽³⁾		4,700	$	473,525
Ocean Spray Cranberries, Inc., 6.25%⁽³⁾		540		48,870
			$	522,395

Independent Power and Renewable Electricity Producers — 0.1%
Algonquin Power & Utilities Corp., 6.875% to 10/17/23⁽⁴⁾		14,767	$	376,854
			$	376,854

Machinery — 0.1%
Stanley Black & Decker, Inc., 5.75%		17,150	$	428,064
			$	428,064

Multi-Utilities — 0.1%
DTE Energy Co., Series C, 5.25%		9,407	$	221,064
			$	221,064

Oil, Gas & Consumable Fuels — 0.1%
NuStar Energy, L.P., Series B, 7.625% to 6/15/22⁽⁴⁾		23,750	$	497,800
			$	497,800

Total Preferred Stocks (identified cost $4,530,377)			$	4,170,547


Corporate Bonds & Notes — 36.3%
Security	Principal Amount* (000’s omitted)		Value

Aerospace & Defense — 0.3%
BWX Technologies, Inc., 5.375%, 7/15/26⁽³⁾		215	$	216,075
TransDigm UK Holdings PLC, 6.875%, 5/15/26⁽³⁾		200		200,000
TransDigm, Inc., 6.00%, 7/15/22		500		503,750
TransDigm, Inc., 6.375%, 6/15/26		110		108,075
TransDigm, Inc., 6.50%, 5/15/25		30		29,962
			$	1,057,862

Auto Components — 0.1%
Deck Chassis Acquisition, Inc., 10.00%, 6/15/23⁽³⁾		205	$	213,200
Wabash National Corp., 5.50%, 10/1/25⁽³⁾		145		130,863
			$	344,063

Banks — 2.3%
Australia and New Zealand Banking Group, Ltd., 6.75% to 6/15/26^(3)(4)(5)		200	$	205,750
Banco Bilbao Vizcaya Argentaria SA, 6.125% to 11/16/27⁽⁴⁾⁽⁵⁾		400		345,500
Banco do Brasil SA, 6.25% to 4/15/24^(3)(4)(5)		859		744,044
Banco Mercantil del Norte SA/Grand Cayman, 7.625% to 1/10/28^(3)(4)(5)		200		196,502
Bank of America Corp., Series AA, 6.10% to 3/17/25⁽⁴⁾⁽⁵⁾		333		342,158
Bank of America Corp., Series FF, 5.875% to 3/15/28⁽⁴⁾⁽⁵⁾		220		213,675
Barclays PLC, 7.75% to 9/15/23⁽⁴⁾⁽⁵⁾		295		295,059
CIT Group, Inc., 5.375%, 5/15/20		33		33,970
CIT Group, Inc., 6.125%, 3/9/28		105		109,200
Citigroup, Inc., Series M, 6.30% to 5/15/24⁽⁴⁾⁽⁵⁾		195		194,074
Citigroup, Inc., Series T, 6.25% to 8/15/26⁽⁴⁾⁽⁵⁾		355		362,988
Credit Agricole SA, 7.875% to 1/23/24^(3)(4)(5)		327		338,888
Credit Suisse Group AG, 7.50% to 7/17/23^(3)(4)(5)		208		212,160
Danske Bank A/S, 7.00% to 6/26/25^(4)(5)(6)		200		185,425
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28^(3)(4)(5)		220		220,550
Fifth Third Bancorp, Series H, 5.10% to 6/30/23⁽⁴⁾⁽⁵⁾		460		439,300
JPMorgan Chase & Co., Series S, 6.75% to 2/1/24⁽⁴⁾⁽⁵⁾		215		229,566
JPMorgan Chase & Co., Series X, 6.10% to 10/1/24⁽⁴⁾⁽⁵⁾		993		1,010,675
Lloyds Banking Group PLC, 7.50% to 9/27/25⁽⁴⁾⁽⁵⁾		400		403,000
Royal Bank of Scotland Group PLC, 8.00% to 8/10/25⁽⁴⁾⁽⁵⁾		389		402,372
Societe Generale SA, 6.75% to 4/6/28^(3)(4)(5)		535		472,806
UniCredit SpA, 8.00% to 6/3/24^(4)(5)(6)		610		549,860
Zions Bancorporation, Series I, 5.80% to 6/15/23⁽⁴⁾⁽⁵⁾		88		86,460
			$	7,593,982


Security		Principal Amount* (000’s omitted)		Value

Biotechnology — 0.4%
Grifols SA, 3.20%, 5/1/25⁽⁶⁾	EUR		1,075	$	1,226,153
				$	1,226,153

Building Products — 0.6%
Builders FirstSource, Inc., 5.625%, 9/1/24⁽³⁾			105	$	98,306
Reliance Intermediate Holdings, L.P., 6.50%, 4/1/23⁽³⁾			1,000		1,037,500
Standard Industries, Inc., 5.50%, 2/15/23⁽³⁾			85		83,513
Standard Industries, Inc., 6.00%, 10/15/25⁽³⁾			525		518,437
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/24			176		165,220
				$	1,902,976

Capital Markets — 0.7%
Charles Schwab Corp. (The), Series F, 5.00% to 12/1/27⁽⁴⁾⁽⁵⁾			450	$	428,062
UBS Group AG, 6.875% to 8/7/25^(4)(5)(6)			833		824,670
Vantiv, LLC/Vanity Issuer Corp., 3.875%, 11/15/25⁽⁶⁾	GBP		950		1,188,487
				$	2,441,219

Casino & Gaming — 0.3%
Cinemark USA, Inc., 4.875%, 6/1/23			430	$	421,937
GLP Capital, L.P./GLP Financing II, Inc., 4.375%, 4/15/21			30		30,055
GLP Capital, L.P./GLP Financing II, Inc., 5.375%, 4/15/26			110		109,588
Stars Group Holdings B.V./Stars Group US Co-Borrower, LLC, 7.00%, 7/15/26⁽³⁾			375		381,563
				$	943,143

Chemicals — 1.3%
Chemours Co. (The), 4.00%, 5/15/26	EUR		850	$	924,633
Chemours Co. (The), 7.00%, 5/15/25			130		134,550
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26⁽³⁾			195		183,056
OCI N.V., 5.00%, 4/15/23⁽⁶⁾	EUR		785		936,366
SPCM SA, 4.875%, 9/15/25⁽³⁾			65		60,288
Starfruit Finco B.V./Starfruit US Holdco, LLC, 6.50%, 10/1/26⁽⁶⁾	EUR		755		838,903
Tronox Finance PLC, 5.75%, 10/1/25⁽³⁾			220		193,600
Tronox, Inc., 6.50%, 4/15/26⁽³⁾			103		94,502
Valvoline, Inc., 5.50%, 7/15/24			45		44,831
Venator Finance S.a.r.l./Venator Materials, LLC, 5.75%, 7/15/25⁽³⁾			115		98,612
W.R. Grace & Co., 5.125%, 10/1/21⁽³⁾			750		757,500
				$	4,266,841


Security		Principal Amount* (000’s omitted)		Value

Commercial Services & Supplies — 2.6%
Advanced Disposal Services, Inc., 5.625%, 11/15/24⁽³⁾			170	$	166,175
Algeco Global Finance PLC, 6.50%, 2/15/23⁽⁶⁾	EUR		675		793,270
Clean Harbors, Inc., 5.125%, 6/1/21			400		401,000
Covanta Holding Corp., 5.875%, 3/1/24			500		500,000
Covanta Holding Corp., 5.875%, 7/1/25			95		92,388
Covanta Holding Corp., 6.375%, 10/1/22			35		35,755
Flexi-Van Leasing, Inc., 10.00%, 2/15/23⁽³⁾			157		131,095
GFL Environmental, Inc., 5.375%, 3/1/23⁽³⁾			270		248,400
Inter Media and Communication SpA, 4.875%, 12/31/22⁽⁶⁾	EUR		230		262,506
IPD 3 B.V., 4.50%, 7/15/22⁽⁶⁾	EUR		950		1,102,875
KAR Auction Services, Inc., 5.125%, 6/1/25⁽³⁾			260		247,000
La Financiere Atalian SA, 5.125%, 5/15/25⁽⁶⁾	EUR		1,485		1,552,557
Prime Security Services Borrower, LLC/Prime Finance, Inc., 9.25%, 5/15/23⁽³⁾			572		605,862
Refinitiv US Holdings, Inc., 6.875%, 11/15/26⁽⁶⁾	EUR		200		225,851
ServiceMaster Co., LLC (The), 7.45%, 8/15/27			550		577,500
Team Health Holdings, Inc., 6.375%, 2/1/25⁽³⁾			240		207,600
Tervita Escrow Corp., 7.625%, 12/1/21⁽³⁾			380		387,600
TMS International Corp., 7.25%, 8/15/25⁽³⁾			210		209,475
Waste Pro USA, Inc., 5.50%, 2/15/26⁽³⁾			105		99,750
Wrangler Buyer Corp., 6.00%, 10/1/25⁽³⁾			510		548,250
				$	8,394,909

Communications Equipment — 0.4%
CommScope Technologies, LLC, 6.00%, 6/15/25⁽³⁾			124	$	121,210
Riverbed Technology, Inc., 8.875%, 3/1/23⁽³⁾			630		580,387
Sprint Communications, Inc., 6.00%, 11/15/22			75		75,891
Western Digital Corp., 4.75%, 2/15/26			466		431,050
				$	1,208,538

Construction & Engineering — 0.1%
Abengoa Abenewco 2 SAU, 1.50%, (1.50% Cash or 0.25% Cash and 1.25% PIK), 3/31/23⁽³⁾			156	$	2,919
ABG Orphan Holdco S.a.r.l., 14.00%, (5.00% Cash, 9.00% PIK), 2/28/21⁽³⁾			349		368,920
				$	371,839

Consumer Finance — 0.4%
Ally Financial, Inc., 8.00%, 12/31/18			160	$	161,100
CPUK Finance, Ltd., 4.875%, 2/28/47⁽⁶⁾	GBP		895		1,145,266
				$	1,306,366


Security		Principal Amount* (000’s omitted)		Value

Containers & Packaging — 0.4%
Berry Global, Inc., 4.50%, 2/15/26⁽³⁾			211	$	197,812
BWAY Holding Co., 4.75%, 4/15/24⁽⁶⁾	EUR		150		171,613
BWAY Holding Co., 7.25%, 4/15/25⁽³⁾			199		189,050
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 5.125%, 7/15/23⁽³⁾			120		117,600
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 5.75%, 10/15/20			485		485,160
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 7.00%, 7/15/24⁽³⁾			140		140,612
				$	1,301,847

Distributors — 0.3%
Autodis SA, 4.375%, (3 mo. EURIBOR + 4.375%), 5/1/22⁽⁶⁾⁽⁸⁾	EUR		770	$	881,865
				$	881,865

Diversified Consumer Services — 0.3%
Carriage Services, Inc., 6.625%, 6/1/26⁽³⁾			170	$	171,275
frontdoor, Inc., 6.75%, 8/15/26⁽³⁾			185		189,163
Laureate Education, Inc., 8.25%, 5/1/25⁽³⁾			745		802,737
				$	1,163,175

Diversified Financial Services — 1.0%
Avolon Holdings Funding, Ltd., 5.125%, 10/1/23⁽³⁾			350	$	344,312
Cadence Financial Corp., 4.875%, 6/28/19⁽³⁾			508		508,421
DAE Funding, LLC, 4.50%, 8/1/22⁽³⁾			155		151,513
DAE Funding, LLC, 5.00%, 8/1/24⁽³⁾			255		249,262
Hulk Finance Corp., 7.00%, 6/1/26⁽³⁾			115		106,088
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 2/1/22			115		116,387
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.375%, 12/15/25			120		119,550
Park Aerospace Holdings, Ltd., 5.25%, 8/15/22⁽³⁾			340		338,725
SASU Newco SAB 20 SAS, 4.25%, 9/30/24⁽⁶⁾	EUR		615		678,838
Unifin Financiera SAB de CV, 8.875% to 1/29/25^(3)(4)(5)			210		193,307
West Corp., 8.50%, 10/15/25⁽³⁾			480		435,600
				$	3,242,003

Diversified Telecommunication Services — 0.1%
CenturyLink, Inc., 7.50%, 4/1/24			55	$	57,887
Frontier Communications Corp., 10.50%, 9/15/22			20		16,750
Level 3 Financing, Inc., 5.25%, 3/15/26			90		86,625
Level 3 Financing, Inc., 5.375%, 1/15/24			35		34,738
Level 3 Parent, LLC, 5.75%, 12/1/22			50		49,990
				$	245,990


Security		Principal Amount* (000’s omitted)		Value

Electric Utilities — 1.3%
AES Corp. (The), 5.50%, 4/15/25			14	$	14,105
AES Corp. (The), 6.00%, 5/15/26			45		46,238
ContourGlobal Power Holdings SA, 3.375%, 8/1/23⁽⁶⁾	EUR		960		1,072,127
Electricite de France SA, 6.00% to 1/29/26, 12/29/49⁽⁴⁾⁽⁶⁾	GBP		800		1,024,933
Guala Closures SpA, 3.50%, (3 mo. EURIBOR + 3.50%), 4/15/24⁽⁸⁾	EUR		265		303,541
NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24⁽³⁾			95		90,606
NRG Yield Operating, LLC, 5.375%, 8/15/24			225		223,734
Pattern Energy Group, Inc., 5.875%, 2/1/24⁽³⁾			60		59,700
Resideo Funding, Inc., 6.125%, 11/1/26⁽³⁾			107		107,827
Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57⁽⁴⁾			262		261,976
TerraForm Power Operating, LLC, 4.25%, 1/31/23⁽³⁾			95		90,250
TerraForm Power Operating, LLC, 5.00%, 1/31/28⁽³⁾			145		130,137
TerraForm Power Operating, LLC, 6.625%, 6/15/25⁽³⁾			90		94,162
Vistra Energy Corp., 7.375%, 11/1/22			450		468,000
Vistra Energy Corp., 7.625%, 11/1/24			45		47,813
Vistra Energy Corp., 8.125%, 1/30/26⁽³⁾			190		206,150
				$	4,241,299

Electronic Equipment, Instruments & Components — 0.3%
Energizer Gamma Acquisition B.V., 4.625%, 7/15/26⁽⁶⁾	EUR		630	$	732,836
Energizer Gamma Acquisition, Inc., 6.375%, 7/15/26⁽³⁾			165		165,413
				$	898,249

Energy Equipment & Services — 0.1%
Oceaneering International, Inc., 6.00%, 2/1/28			230	$	224,639
				$	224,639

Entertainment — 0.4%
EIG Investors Corp., 10.875%, 2/1/24			480	$	520,800
Netflix, Inc., 5.875%, 11/15/28⁽³⁾			300		296,250
Zayo Group, LLC/Zayo Capital, Inc., 6.375%, 5/15/25			465		477,206
				$	1,294,256

Equity Real Estate Investment Trusts (REITs) — 0.4%
Equinix, Inc., 5.375%, 5/15/27			115	$	114,137
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 4.50%, 9/1/26			100		91,000
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 5.625%, 5/1/24			200		201,000
SBA Communications Corp., 4.00%, 10/1/22			150		144,375


Security	Principal Amount* (000’s omitted)		Value

Equity Real Estate Investment Trusts (REITs) (continued)
SBA Communications Corp., 4.875%, 9/1/24		55	$	53,281
VICI Properties 1, LLC/VICI FC, Inc., 8.00%, 10/15/23		780		860,226
			$	1,464,019

Food Products — 0.4%
Dole Food Co., Inc., 7.25%, 6/15/25⁽³⁾		225	$	217,125
Pilgrim’s Pride Corp., 5.875%, 9/30/27⁽³⁾		74		67,525
Post Holdings, Inc., 5.00%, 8/15/26⁽³⁾		85		78,731
Post Holdings, Inc., 5.50%, 3/1/25⁽³⁾		190		184,419
Post Holdings, Inc., 5.625%, 1/15/28⁽³⁾		195		183,846
US Foods, Inc., 5.875%, 6/15/24⁽³⁾		510		507,450
			$	1,239,096

Gas Utilities — 0.1%
NiSource, Inc., 5.65% to 6/15/23^(3)(4)(5)		230	$	225,734
			$	225,734

Health Care Equipment & Supplies — 1.4%
Centene Corp., 4.75%, 1/15/25		300	$	297,063
Centene Corp., 5.375%, 6/1/26⁽³⁾		445		452,787
Centene Corp., 5.625%, 2/15/21		90		91,463
Centene Corp., 6.125%, 2/15/24		340		356,150
Envision Healthcare Corp., 8.75%, 10/15/26⁽³⁾		549		533,902
Hologic, Inc., 4.375%, 10/15/25⁽³⁾		70		65,975
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, 6.375%, 8/1/23⁽³⁾		415		415,913
Kinetic Concepts, Inc./KCI USA, Inc., 7.875%, 2/15/21⁽³⁾		320		327,600
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/1/21⁽³⁾		390		423,150
MPH Acquisition Holdings, LLC, 7.125%, 6/1/24⁽³⁾		1,230		1,252,534
Polaris Intermediate Corp., 8.50%, (8.50% Cash or 9.25% PIK), 12/1/22⁽³⁾⁽⁷⁾		440		452,650
			$	4,669,187

Health Care Providers & Services — 0.9%
CHS/Community Health Systems, Inc., 6.25%, 3/31/23		325	$	300,122
Eagle Holding Co. II, LLC, 7.625%, (7.625% Cash or 8.375% PIK), 5/15/22⁽³⁾⁽⁷⁾		150		151,125
HCA, Inc., 5.00%, 3/15/24		110		111,581
HCA, Inc., 5.375%, 9/1/26		270		268,650
HCA, Inc., 5.625%, 9/1/28		330		327,525
HCA, Inc., 5.875%, 2/15/26		750		768,750
Tenet Healthcare Corp., 6.00%, 10/1/20		135		138,584
Tenet Healthcare Corp., 6.75%, 6/15/23		260		260,247


Security	Principal Amount* (000’s omitted)		Value

Health Care Providers & Services (continued)
Tenet Healthcare Corp., 7.50%, 1/1/22⁽³⁾		85	$	88,878
WellCare Health Plans, Inc., 5.25%, 4/1/25		375		375,000
WellCare Health Plans, Inc., 5.375%, 8/15/26⁽³⁾		205		205,000
			$	2,995,462

Hotels, Restaurants & Leisure — 1.4%
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24⁽³⁾		325	$	305,500
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.00%, 10/15/25⁽³⁾		504		473,760
Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25⁽³⁾		224		209,020
Eldorado Resorts, Inc., 6.00%, 4/1/25		220		218,350
Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24⁽³⁾		490		515,725
Golden Nugget, Inc., 6.75%, 10/15/24⁽³⁾		430		430,000
Golden Nugget, Inc., 8.75%, 10/1/25⁽³⁾		295		303,850
Jack Ohio Finance, LLC/Jack Ohio Finance 1 Corp., 10.25%, 11/15/22⁽³⁾		342		373,207
Merlin Entertainments PLC, 5.75%, 6/15/26⁽³⁾		200		200,500
MGM Resorts International, 5.75%, 6/15/25		240		235,200
NCL Corp., Ltd., 4.75%, 12/15/21⁽³⁾		121		121,303
Scientific Games International, Inc., 10.00%, 12/1/22		420		440,475
Viking Cruises, Ltd., 5.875%, 9/15/27⁽³⁾		730		697,150
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27⁽³⁾		55		49,844
			$	4,573,884

Household Products — 0.1%
Central Garden & Pet Co., 6.125%, 11/15/23		235	$	240,287
Spectrum Brands, Inc., 5.75%, 7/15/25		120		117,000
			$	357,287

Independent Power and Renewable Electricity Producers — 0.4%
Calpine Corp., 5.25%, 6/1/26⁽³⁾		150	$	138,375
Calpine Corp., 5.50%, 2/1/24		45		41,006
Calpine Corp., 5.75%, 1/15/25		450		403,785
NRG Energy, Inc., 5.75%, 1/15/28		210		210,000
NRG Energy, Inc., 7.25%, 5/15/26		350		373,625
			$	1,166,791

Industrial Conglomerates — 0.0%⁽¹⁾
Hillman Group, Inc. (The), 6.375%, 7/15/22⁽³⁾		30	$	26,550
			$	26,550


Security		Principal Amount* (000’s omitted)		Value

Insurance — 0.8%
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 8.25%, 8/1/23⁽³⁾			560	$	580,233
Ardonagh Midco 3 PLC, 8.375%, 7/15/23⁽⁶⁾	GBP		910		1,092,661
Hub International, Ltd., 7.00%, 5/1/26⁽³⁾			395		386,507
Prudential Financial, Inc., 5.70% to 9/15/28, 9/15/48⁽⁴⁾			220		213,510
Voya Financial, Inc., Series A, 6.125% to 9/15/23⁽⁴⁾⁽⁵⁾			210		208,950
				$	2,481,861

Internet & Direct Marketing Retail — 0.2%
eDreams ODIGEO SA, 5.50%, 9/1/23⁽⁶⁾	EUR		705	$	802,910
				$	802,910

Machinery — 0.3%
Cloud Crane, LLC, 10.125%, 8/1/24⁽³⁾			190	$	205,200
Navistar International Corp., 6.625%, 11/1/25⁽³⁾			445		456,125
Titan Acquisition, Ltd./Titan Co-Borrower, LLC, 7.75%, 4/15/26⁽³⁾			310		258,850
				$	920,175

Media — 2.3%
Altice France SA, 7.375%, 5/1/26⁽³⁾			455	$	438,506
Altice Luxembourg SA, 7.25%, 5/15/22⁽⁶⁾	EUR		446		495,741
Altice US Finance I Corp., 5.50%, 5/15/26⁽³⁾			200		195,312
AMC Entertainment Holdings, Inc., 6.375%, 11/15/24	GBP		345		441,969
Cablevision Systems Corp., 5.875%, 9/15/22			50		50,375
Cablevision Systems Corp., 8.00%, 4/15/20			70		73,231
CBS Radio, Inc., 7.25%, 11/1/24⁽³⁾			85		80,431
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.875%, 4/1/24⁽³⁾			1,130		1,142,712
CSC Holdings, LLC, 6.75%, 11/15/21			500		524,825
CSC Holdings, LLC, 10.875%, 10/15/25⁽³⁾			422		487,938
DISH DBS Corp., 7.75%, 7/1/26			95		85,381
McGraw-Hill Global Education Holdings, LLC/McGraw-Hill Global Education Finance, 7.875%, 5/15/24⁽³⁾			160		136,800
MDC Partners, Inc., 6.50%, 5/1/24⁽³⁾			243		200,475
Salem Media Group, Inc., 6.75%, 6/1/24⁽³⁾			295		265,500
Sirius XM Radio, Inc., 5.00%, 8/1/27⁽³⁾			218		205,942
Sirius XM Radio, Inc., 6.00%, 7/15/24⁽³⁾			500		512,400
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 4.00%, 1/15/25⁽⁶⁾	EUR		850		1,011,511
UPC Holding B.V., 3.875%, 6/15/29⁽⁶⁾	EUR		545		593,819
UPC Holding B.V., 5.50%, 1/15/28⁽³⁾			260		241,150
Ziggo B.V., 5.50%, 1/15/27⁽³⁾			150		138,000
				$	7,322,018


Security		Principal Amount* (000’s omitted)		Value

Metals & Mining — 2.1%
Alcoa Nederland Holding B.V., 6.125%, 5/15/28⁽³⁾			250	$	250,000
Alcoa Nederland Holding B.V., 7.00%, 9/30/26⁽³⁾			770		816,200
Allegheny Ludlum, LLC, 6.95%, 12/15/25			450		452,718
Allegheny Technologies, Inc., 5.95%, 1/15/21			50		50,375
Allegheny Technologies, Inc., 7.875%, 8/15/23			205		217,044
BHP Billiton Finance USA, Ltd., 6.75% to 10/20/25, 10/19/75⁽³⁾⁽⁴⁾			270		292,950
Big River Steel, LLC/BRS Finance Corp., 7.25%, 9/1/25⁽³⁾			25		26,313
Bombardier, Inc., 6.00%, 10/15/22⁽³⁾			560		552,300
Bombardier, Inc., 6.125%, 1/15/23⁽³⁾			20		19,850
Bombardier, Inc., 7.50%, 12/1/24⁽³⁾			170		173,187
Bombardier, Inc., 7.50%, 3/15/25⁽³⁾			55		55,259
Centennial Resource Production, LLC, 5.375%, 1/15/26⁽³⁾			320		313,600
Constellium N.V., 4.25%, 2/15/26⁽⁶⁾	EUR		715		793,952
Eldorado Gold Corp., 6.125%, 12/15/20⁽³⁾			375		350,625
First Quantum Minerals, Ltd., 6.875%, 3/1/26⁽³⁾			200		173,500
First Quantum Minerals, Ltd., 7.00%, 2/15/21⁽³⁾			75		73,500
First Quantum Minerals, Ltd., 7.25%, 4/1/23⁽³⁾			415		384,912
First Quantum Minerals, Ltd., 7.50%, 4/1/25⁽³⁾			445		398,831
Freeport-McMoRan, Inc., 4.55%, 11/14/24			75		69,656
Freeport-McMoRan, Inc., 5.45%, 3/15/43			156		132,990
Hudbay Minerals, Inc., 7.25%, 1/15/23⁽³⁾			115		115,000
Hudbay Minerals, Inc., 7.625%, 1/15/25⁽³⁾			200		201,500
New Gold, Inc., 6.25%, 11/15/22⁽³⁾			71		62,125
New Gold, Inc., 6.375%, 5/15/25⁽³⁾			85		68,531
Novelis Corp., 5.875%, 9/30/26⁽³⁾			180		170,100
Novelis Corp., 6.25%, 8/15/24⁽³⁾			125		124,063
SunCoke Energy Partners, L.P./SunCoke Energy Partners Finance Corp., 7.50%, 6/15/25⁽³⁾			185		188,700
Teck Resources, Ltd., 8.50%, 6/1/24⁽³⁾			130		141,375
				$	6,669,156

Multi-Utilities — 0.5%
Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23⁽⁴⁾⁽⁵⁾			425	$	429,781
Thames Water Kemble Finance PLC, 5.875%, 7/15/22⁽⁶⁾	GBP		900		1,212,896
				$	1,642,677

Oil, Gas & Consumable Fuels — 5.2%
Aker BP ASA, 5.875%, 3/31/25⁽³⁾			1,150	$	1,164,375
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.50%, 5/20/25			105		98,700
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.625%, 5/20/24			24		23,160
Antero Resources Corp., 5.375%, 11/1/21			1,000		1,002,500


Security	Principal Amount* (000’s omitted)		Value

Oil, Gas & Consumable Fuels (continued)
Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 7.00%, 11/1/26⁽³⁾		342	$	332,595
Berry Petroleum Co., LLC, 7.00%, 2/15/26⁽³⁾		220		219,164
Canbriam Energy, Inc., 9.75%, 11/15/19⁽³⁾		305		301,187
Cheniere Energy Partners, L.P., 5.25%, 10/1/25		235		231,181
Chesapeake Energy Corp., 7.00%, 10/1/24		91		89,066
Chesapeake Energy Corp., 8.00%, 12/15/22⁽³⁾		31		32,395
Crown Americas, LLC/Crown Americas Capital Corp., V, 4.25%, 9/30/26		110		100,100
Crown Americas, LLC/Crown Americas Capital Corp., VI, 4.75%, 2/1/26⁽³⁾		120		113,550
CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25⁽³⁾		720		686,700
CVR Refining, LLC/Coffeyville Finance, Inc., 6.50%, 11/1/22		256		258,880
Denbury Resources, Inc., 9.00%, 5/15/21⁽³⁾		24		25,170
Diamondback Energy, Inc., 4.75%, 11/1/24		60		58,500
Diamondback Energy, Inc., 5.375%, 5/31/25		140		139,650
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.50%, 1/30/26⁽³⁾		155		160,037
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.75%, 1/30/28⁽³⁾		205		212,687
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22⁽⁴⁾⁽⁵⁾		392		342,582
Enterprise Products Operating, LLC, Series E, 5.25% to 8/16/27, 8/16/77⁽⁴⁾		455		408,637
EP Energy, LLC/Everest Acquisition Finance, Inc., 7.75%, 5/15/26⁽³⁾		105		104,836
EP Energy, LLC/Everest Acquisition Finance, Inc., 8.00%, 11/29/24⁽³⁾		110		106,700
Extraction Oil & Gas, Inc., 5.625%, 2/1/26⁽³⁾		385		327,250
Extraction Oil & Gas, Inc., 7.375%, 5/15/24⁽³⁾		195		183,787
Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21⁽³⁾		360		343,800
Gulfport Energy Corp., 6.00%, 10/15/24		49		46,183
Gulfport Energy Corp., 6.625%, 5/1/23		350		351,750
Hilcorp Energy I, L.P./Hilcorp Finance Co., 6.25%, 11/1/28⁽³⁾		213		205,281
Jagged Peak Energy, LLC, 5.875%, 5/1/26⁽³⁾		47		45,943
Matador Resources Co., 5.875%, 9/15/26⁽³⁾		370		362,600
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26⁽³⁾		275		265,980
Murphy Oil USA, Inc., 5.625%, 5/1/27		65		63,619
Murphy Oil USA, Inc., 6.00%, 8/15/23		500		512,500
Nabors Industries, Inc., 4.625%, 9/15/21		40		38,697
Nabors Industries, Inc., 5.75%, 2/1/25		260		240,626
Neptune Energy Bondco PLC, 6.625%, 5/15/25⁽⁶⁾		1,225		1,195,906
Newfield Exploration Co., 5.625%, 7/1/24		65		67,113


Security	Principal Amount* (000’s omitted)		Value

Oil, Gas & Consumable Fuels (continued)
Nine Energy Service, Inc., 8.75%, 11/1/23⁽³⁾		110	$	112,063
Oasis Petroleum, Inc., 6.875%, 3/15/22		43		43,323
Oasis Petroleum, Inc., 6.875%, 1/15/23		235		237,350
Odebrecht Oil & Gas Finance, Ltd., 0.00%⁽³⁾⁽⁵⁾		862		18,840
Parsley Energy, LLC/Parsley Finance Corp., 5.25%, 8/15/25⁽³⁾		75		72,844
Parsley Energy, LLC/Parsley Finance Corp., 5.375%, 1/15/25⁽³⁾		140		137,550
Parsley Energy, LLC/Parsley Finance Corp., 5.625%, 10/15/27⁽³⁾		137		135,393
Parsley Energy, LLC/Parsley Finance Corp., 6.25%, 6/1/24⁽³⁾		150		154,500
PBF Holding Co., LLC/PBF Finance Corp., 7.00%, 11/15/23		100		103,750
PBF Holding Co., LLC/PBF Finance Corp., 7.25%, 6/15/25		588		607,110
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22⁽⁴⁾⁽⁵⁾		710		669,175
Precision Drilling Corp., 6.50%, 12/15/21		14		13,751
Precision Drilling Corp., 7.125%, 1/15/26⁽³⁾		75		74,625
Precision Drilling Corp., 7.75%, 12/15/23		10		10,450
QEP Resources, Inc., 5.625%, 3/1/26		123		116,235
Resolute Energy Corp., 8.50%, 5/1/20		65		65,081
SESI, LLC, 7.75%, 9/15/24		35		34,519
Seven Generations Energy, Ltd., 5.375%, 9/30/25⁽³⁾		255		238,744
Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25⁽³⁾		440		442,750
SM Energy Co., 5.625%, 6/1/25		85		82,238
SM Energy Co., 6.125%, 11/15/22		326		331,705
SM Energy Co., 6.625%, 1/15/27		155		156,550
SM Energy Co., 6.75%, 9/15/26		147		148,103
Sunoco, L.P./Sunoco Finance Corp., 4.875%, 1/15/23⁽³⁾		145		140,106
Sunoco, L.P./Sunoco Finance Corp., 5.50%, 2/15/26⁽³⁾		64		61,120
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 5.875%, 4/15/26⁽³⁾		155		156,647
Teleflex, Inc., 4.625%, 11/15/27		160		149,800
Transocean Guardian, Ltd., 5.875%, 1/15/24⁽³⁾		175		173,906
Transocean Pontus, Ltd., 6.125%, 8/1/25⁽³⁾		120		119,550
Transocean, Inc., 7.25%, 11/1/25⁽³⁾		228		222,300
Transocean, Inc., 7.50%, 1/15/26⁽³⁾		105		103,425
Trinidad Drilling, Ltd., 6.625%, 2/15/25⁽³⁾		171		171,855
Weatherford International, Ltd., 8.25%, 6/15/23		40		30,800
Weatherford International, Ltd., 9.875%, 2/15/24		95		74,100
Whiting Petroleum Corp., 5.75%, 3/15/21		135		136,350
Whiting Petroleum Corp., 6.625%, 1/15/26		315		316,575
WildHorse Resource Development Corp., 6.875%, 2/1/25		502		502,000
			$	16,828,570


Security		Principal Amount* (000’s omitted)		Value

Paper & Forest Products — 0.0%⁽¹⁾
Mercer International, Inc., 5.50%, 1/15/26			70	$	68,054
				$	68,054

Pharmaceuticals — 1.1%
Bausch Health Cos, Inc., 5.50%, 3/1/23⁽³⁾			113	$	107,491
Bausch Health Cos, Inc., 5.50%, 11/1/25⁽³⁾			95		93,456
Bausch Health Cos, Inc., 5.625%, 12/1/21⁽³⁾			105		103,819
Bausch Health Cos, Inc., 5.875%, 5/15/23⁽³⁾			110		105,600
Bausch Health Cos, Inc., 6.125%, 4/15/25⁽³⁾			60		55,332
Bausch Health Cos, Inc., 6.50%, 3/15/22⁽³⁾			155		160,813
Bausch Health Cos, Inc., 7.00%, 3/15/24⁽³⁾			315		330,653
Bausch Health Cos, Inc., 7.50%, 7/15/21⁽³⁾			120		122,100
Bausch Health Cos, Inc., 8.50%, 1/31/27⁽³⁾			277		282,540
Bausch Health Cos, Inc., 9.00%, 12/15/25⁽³⁾			245		256,331
Bausch Health Cos, Inc., 9.25%, 4/1/26⁽³⁾			105		110,381
Catalent Pharma Solutions, Inc., 4.875%, 1/15/26⁽³⁾			270		254,475
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/1/24⁽³⁾			198		209,385
Rossini S.a.r.l., 6.25%, (3 mo. EURIBOR + 6.25%), 10/30/25⁽⁶⁾⁽⁸⁾	EUR		385		441,521
Rossini S.a.r.l., 6.75%, 10/30/25⁽⁶⁾	EUR		330		381,534
Teva Pharmaceutical Finance Netherlands III B.V., 3.15%, 10/1/26			55		44,884
Teva Pharmaceutical Finance Netherlands III B.V., 6.75%, 3/1/28			225		230,473
Vizient, Inc., 10.375%, 3/1/24⁽³⁾			125		136,875
				$	3,427,663

Pipelines — 1.0%
Andeavor Logistics, L.P./Tesoro Logistics Finance Corp., 6.375%, 5/1/24			105	$	111,248
Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.375%, 9/15/24			70		68,600
Cheniere Corpus Christi Holdings, LLC, 5.875%, 3/31/25			230		236,900
Cheniere Corpus Christi Holdings, LLC, 7.00%, 6/30/24			170		184,238
Cheniere Energy Partners, L.P., 5.625%, 10/1/26⁽³⁾			215		212,312
Enbridge Energy Partners, L.P., 6.194%, (3 mo. USD LIBOR + 3.798%), 10/1/77⁽⁸⁾			432		429,885
Energy Transfer Equity, L.P., 5.875%, 1/15/24			15		15,788
Energy Transfer Partners, L.P., Series A, 6.25% to 2/15/23⁽⁴⁾⁽⁵⁾			434		406,604
Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25⁽³⁾			580		576,056
Holly Energy Partners, L.P./Holly Energy Finance Corp., 6.00%, 8/1/24⁽³⁾			60		60,450


Security		Principal Amount* (000’s omitted)		Value

Pipelines (continued)
NGPL PipeCo, LLC, 4.375%, 8/15/22⁽³⁾			50	$	49,625
Tallgrass Energy Partners, L.P./Tallgrass Energy Finance Corp., 5.50%, 1/15/28⁽³⁾			490		485,619
Williams Cos., Inc. (The), 3.70%, 1/15/23			230		226,012
Williams Cos., Inc. (The), 4.55%, 6/24/24			125		125,977
Williams Cos., Inc. (The), 5.75%, 6/24/44			85		85,589
				$	3,274,903

Real Estate Investment Trusts — 0.0%⁽¹⁾
RHP Hotel Properties, L.P./RHP Finance Corp., 5.00%, 4/15/23			67	$	66,665
				$	66,665

Real Estate Investment Trusts (REITs) — 0.2%
ESH Hospitality, Inc., 5.25%, 5/1/25⁽³⁾			160	$	151,800
Greystar Real Estate Partners, LLC, 5.75%, 12/1/25⁽³⁾			465		452,213
IRB Holding Corp., 6.75%, 2/15/26⁽³⁾			62		59,520
Mattamy Group Corp., 6.875%, 12/15/23⁽³⁾			51		49,916
				$	713,449

Real Estate Management & Development — 0.3%
AT Securities B.V., 5.25% to 7/21/23^(4)(5)(6)			1,250	$	1,160,937
				$	1,160,937

Semiconductors & Semiconductor Equipment — 0.1%
NXP B.V./NXP Funding, LLC, 4.125%, 6/1/21⁽³⁾			200	$	199,750
				$	199,750

Software — 0.4%
Camelot Finance SA, 7.875%, 10/15/24⁽³⁾			400	$	397,000
InterXion Holding N.V., 4.75%, 6/15/25⁽⁶⁾	EUR		115		136,116
j2 Cloud Services, LLC/j2 Global Co-Obligor, Inc., 6.00%, 7/15/25⁽³⁾			255		253,725
Symantec Corp., 5.00%, 4/15/25⁽³⁾			74		69,803
Veritas US, Inc./Veritas Bermuda, Ltd., 7.50%, 2/1/23⁽³⁾			200		190,000
Veritas US, Inc./Veritas Bermuda, Ltd., 10.50%, 2/1/24⁽³⁾			260		224,900
				$	1,271,544

Specialty Retail — 0.1%
Entegris, Inc., 4.625%, 2/10/26⁽³⁾			145	$	135,439
Party City Holdings, Inc., 6.125%, 8/15/23⁽³⁾			110		110,275
Party City Holdings, Inc., 6.625%, 8/1/26⁽³⁾			105		102,375
				$	348,089


Security		Principal Amount* (000’s omitted)		Value

Technology Hardware, Storage & Peripherals — 0.3%
Dell International, LLC/EMC Corp., 5.45%, 6/15/23⁽³⁾			135	$	139,960
Dell International, LLC/EMC Corp., 5.875%, 6/15/21⁽³⁾			205		208,340
Dell International, LLC/EMC Corp., 6.02%, 6/15/26⁽³⁾			315		327,118
Dell International, LLC/EMC Corp., 7.125%, 6/15/24⁽³⁾			210		222,423
Seagate HDD Cayman, 4.75%, 1/1/25			105		96,217
				$	994,058

Telecommunications — 1.9%
CenturyLink, Inc., 6.75%, 12/1/23			706	$	721,885
DKT Finance ApS, 7.00%, 6/17/23⁽⁶⁾	EUR		1,175		1,431,038
Hughes Satellite Systems Corp., 5.25%, 8/1/26			145		138,294
Hughes Satellite Systems Corp., 6.625%, 8/1/26			95		90,725
Intelsat Jackson Holdings SA, 5.50%, 8/1/23			30		26,925
Intelsat Jackson Holdings SA, 8.00%, 2/15/24⁽³⁾			200		209,750
Intelsat Jackson Holdings SA, 8.50%, 10/15/24⁽³⁾			216		212,490
Sprint Capital Corp., 6.875%, 11/15/28			655		645,175
Sprint Corp., 7.875%, 9/15/23			1,858		1,988,060
T-Mobile USA, Inc., 4.50%, 2/1/26			155		145,264
T-Mobile USA, Inc., 4.75%, 2/1/28			170		157,675
Wind Tre SpA, 5.00%, 1/20/26⁽³⁾			425		363,843
				$	6,131,124

Toys, Games & Hobbies — 0.1%
Mattel, Inc., 6.75%, 12/31/25⁽³⁾			300	$	287,157
				$	287,157

Transportation — 0.5%
CMA CGM SA, 5.25%, 1/15/25⁽⁶⁾	EUR		127	$	122,237
CMA CGM SA, 6.50%, 7/15/22⁽⁶⁾	EUR		650		698,631
Watco Cos., LLC/Watco Finance Corp., 6.375%, 4/1/23⁽³⁾			260		264,550
XPO Logistics, Inc., 6.125%, 9/1/23⁽³⁾			80		82,236
XPO Logistics, Inc., 6.50%, 6/15/22⁽³⁾			375		385,782
				$	1,553,436

Wireless Telecommunication Services — 0.1%
Sprint Corp., 7.625%, 3/1/26			157	$	162,986
				$	162,986

Total Corporate Bonds & Notes (identified cost $120,465,573)				$	117,596,406


Senior Floating-Rate Loans — 2.9%⁽⁹⁾
Borrower/Tranche Description	Principal Amount (000’s omitted)		Value

Aerospace and Defense — 0.0%⁽¹⁾
TransDigm, Inc., Term Loan, 4.80%, (1 mo. USD LIBOR + 2.50%), Maturing 5/30/25	$	132	$	131,953
			$	131,953

Business Equipment and Services — 0.4%
EIG Investors Corp., Term Loan, 6.06%, (3 mo. USD LIBOR + 3.75%), Maturing 2/9/23	$	451	$	452,843
Solera, LLC, Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing 3/3/23		679		679,377
			$	1,132,220

Containers and Glass Products — 0.4%
BWAY Holding Company, Term Loan, 5.66%, (3 mo. USD LIBOR + 3.25%), Maturing 4/3/24	$	1,150	$	1,144,703
			$	1,144,703

Electronics / Electrical — 0.7%
Applied Systems, Inc., Term Loan, 5.39%, (3 mo. USD LIBOR + 3.00%), Maturing 9/19/24	$	350	$	351,566
Cortes NP Acquisition Corporation, Term Loan, 6.31%, (3 mo. USD LIBOR + 4.00%), Maturing 11/30/23		494		489,004
Infor (US), Inc., Term Loan, Maturing 2/1/22⁽¹⁰⁾		260		259,431
Riverbed Technology, Inc., Term Loan, 5.56%, (1 mo. USD LIBOR + 3.25%), Maturing 4/24/22		496		494,158
SS&C Technologies Holdings Europe S.a.r.l., Term Loan, 4.55%, (1 mo. USD LIBOR + 2.25%), Maturing 4/16/25		62		62,041
SS&C Technologies, Inc., Term Loan, 4.55%, (1 mo. USD LIBOR + 2.25%), Maturing 4/16/25		159		158,125
SS&C Technologies, Inc., Term Loan, Maturing 4/16/25⁽¹⁰⁾		140		139,703
Verifone Systems, Inc., Term Loan, 6.32%, (3 mo. USD LIBOR + 4.00%), Maturing 8/20/25		305		305,610
			$	2,259,638

Financial Intermediaries — 0.1%
Navistar International Corporation, Term Loan, 5.78%, (1 mo. USD LIBOR + 3.50%), Maturing 11/6/24	$	392	$	393,017
			$	393,017


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

Food Products — 0.1%
HLF Financing S.a.r.l., Term Loan, 5.55%, (1 mo. USD LIBOR + 3.25%), Maturing 8/18/25	$	295	$	296,475
			$	296,475

Health Care — 0.3%
Envision Healthcare Corporation, Term Loan, 6.05%, (1 mo. USD LIBOR + 3.75%), Maturing 10/10/25	$	267	$	262,012
MPH Acquisition Holdings, LLC, Term Loan, 5.14%, (3 mo. USD LIBOR + 2.75%), Maturing 6/7/23		373		373,059
Press Ganey Holdings, Inc., Term Loan, 5.05%, (1 mo. USD LIBOR + 2.75%), Maturing 10/23/23		114		114,506
Press Ganey Holdings, Inc., Term Loan - Second Lien, 8.80%, (1 mo. USD LIBOR + 6.50%), Maturing 10/21/24		285		288,249
			$	1,037,826

Insurance — 0.3%
Asurion, LLC, Term Loan - Second Lien, 8.80%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25	$	1,035	$	1,064,109
			$	1,064,109

Oil and Gas — 0.0%⁽¹⁾
Drillship Hydra Owners, Inc., Term Loan, 8.00%, Maturing 9/20/24⁽¹¹⁾	$	47	$	49,117
			$	49,117

Publishing — 0.2%
McGraw-Hill Global Education Holdings, LLC, Term Loan, 6.30%, (1 mo. USD LIBOR + 4.00%), Maturing 5/4/22	$	512	$	491,137
			$	491,137

Steel — 0.3%
Big River Steel, LLC, Term Loan, 7.39%, (3 mo. USD LIBOR + 5.00%), Maturing 8/23/23	$	173	$	175,632
GrafTech Finance, Inc., Term Loan, 5.80%, (1 mo. USD LIBOR + 3.50%), Maturing 2/12/25		810		814,811
			$	990,443

Surface Transport — 0.1%
Direct ChassisLink, Inc., Term Loan - Second Lien, 8.53%, (3 mo. USD LIBOR + 6.00%), Maturing 6/15/23	$	145	$	146,269
			$	146,269


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

Telecommunications — 0.0%⁽¹⁾
Intelsat Jackson Holdings SA, Term Loan, 6.63%, Maturing 1/2/24⁽¹¹⁾	$	110	$	113,135
			$	113,135

Total Senior Floating-Rate Loans (identified cost $9,245,730)			$	9,250,042

Exchange-Traded Funds — 0.5%
Security	Shares		Value

Equity Funds — 0.5%
First Trust Preferred Securities and Income ETF		80,000	$	1,499,200

Total Exchange-Traded Funds (identified cost $1,530,856)			$	1,499,200

Miscellaneous — 0.0%
Security	Principal Amount		Value

Telecommunications — 0.0%
Avaya, Inc., Escrow Certificates^(2)(12)	$	200,000	$	0
			$	0

Total Miscellaneous (identified cost $0)			$	0

Rights — 0.0%⁽¹⁾
Security	Shares		Value

Equities — 0.0%⁽¹⁾
Banco Santander SA, Exp. 11/1/18⁽²⁾		269,855	$	10,484

Total Rights (identified cost $10,868)			$	10,484

Short-Term Investments— 0.8%

Description

Units

Value

Eaton Vance Cash Reserves Fund, LLC,
2.28%⁽¹³⁾

2,715,186

2,714,915

Total Short-Term Investments
(identified cost $2,715,133)

2,714,915

Total Investments — 98.9%
(identified cost $319,299,997)

319,919,230

Other Assets, Less Liabilities — 1.1%

3,517,937

Net Assets — 100.0%

323,437,167

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

In U.S. dollars unless otherwise indicated.

⁽¹⁾

Amount is less than 0.05%.

⁽²⁾

Non-income producing security.

⁽³⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2018, the aggregate value of these securities is $54,503,786 or 16.9% of the Portfolio’s net assets.

⁽⁴⁾

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

⁽⁵⁾

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

⁽⁶⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2018, the aggregate value of these securities is $26,965,811 or 8.3% of the Portfolio’s net assets.

⁽⁷⁾

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

⁽⁸⁾

Variable rate security. The stated interest rate represents the rate in effect at October 31, 2018.

⁽⁹⁾

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

⁽¹⁰⁾	This Senior Loan will settle after October 31, 2018, at which time the interest rate will be determined.

⁽¹¹⁾	Fixed-rate loan.

⁽¹²⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽¹³⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of October 31, 2018.


Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		62.1	%	$	198,816,310
United Kingdom		9.5			30,319,989
France		3.5			11,144,315
Canada		3.5			11,135,437
Japan		3.2			10,249,776
Netherlands		2.9			9,172,549
Spain		2.8			8,877,601
Germany		2.6			8,489,529
Sweden		1.6			5,077,272
Switzerland		1.5			4,826,529
Denmark		0.9			3,005,731
Italy		0.9			2,868,703
Luxembourg		0.8			2,699,472
Taiwan		0.6			1,777,518
Hong Kong		0.4			1,315,432
Belgium		0.4			1,253,570
Norway		0.4			1,164,375
Zambia		0.3			1,030,743
United Arab Emirates		0.3			843,525
Finland		0.3			815,439
Brazil		0.2			762,884
New Zealand		0.2			743,372
Ireland		0.2			683,037
Australia		0.2			681,756
Mexico		0.1			389,809
Israel		0.1			275,357
Exchange-Traded Funds		0.5			1,499,200
Total Investments		100.0	%	$	319,919,230

Abbreviations:


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

Currency Abbreviations:


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

Global Income Builder Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2018, Eaton Vance Global Income Builder Fund and Eaton Vance Global Income Builder NextShares held an interest of 98.0% and 2.0%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

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

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

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

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

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

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that fairly reflects the security’s value, or the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

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

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

As of October 31, 2018, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

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

J When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will

be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

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

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.65% of the Portfolio’s average daily net assets up to $500 million, and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the year ended October 31, 2018, the Portfolio’s investment adviser fee amounted to $2,305,678 or 0.65% of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of EVC, a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

During the year ended October 31, 2018, BMR reimbursed the Portfolio $183,877 for a net realized loss due to a trading error. The amount of the reimbursement had an impact on total return of approximately 0.10%.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2018, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

Purchases and sales of investments, other than short-term obligations and in-kind transactions, and including maturities and principal repayments on Senior Loans, aggregated $353,074,937 and $374,305,599, respectively, for the year ended October 31, 2018. In-kind contributions and withdrawals for the year ended October 31, 2018 aggregated $2,910,579 and $2,650,645, respectively.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at October 31, 2018, as determined on a federal income tax basis, were as follows:

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At October 31, 2018, there were no obligations outstanding under these financial instruments.

The Portfolio is subject to equity price risk in the normal course of pursuing its investment objective. During the year ended October 31, 2018, the Portfolio entered into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended October 31, 2018 was as follows:

The average notional cost of futures contracts outstanding during the year ended October 31, 2018, which is indicative of the volume of this derivative type, was approximately as follows:

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2018.

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Portfolio, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

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.

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

At October 31, 2018, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

We have audited the accompanying statement of assets and liabilities of Global Income Builder Portfolio (the “Portfolio”), including the portfolio of investments, as of October 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from the start of business, March 28, 2016, to October 31, 2016, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2018, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights each of the two years in the period then ended and the period from the start of business, March 28, 2016, to October 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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

The Fund held a Special Meeting of Shareholders on September 20, 2018 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to the Fund were as follows:

The Portfolio held a Special Meeting of Interestholders on September 20, 2018 to elect the five Trustees listed below. The other Trustees named herein continue to serve as Trustees. The results of the vote with respect to the Fund’s interest in the Portfolio were as follows:

Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Global Income Builder Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 174 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.

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

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

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

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

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

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Global Income Builder Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad St.

London, EC2N 1AR

United Kingdom

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

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

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended October 31, 2017 and October 31, 2018 by D&T for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

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

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

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

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2017 and October 31, 2018; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

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

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

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

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

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

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

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.

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.


Assets	October 31, 2018
Unaffiliated investments, at value (identified cost, $316,584,864)	$	317,204,315
Affiliated investment, at value (identified cost, $2,715,133)		2,714,915
Cash		30,278
Foreign currency, at value (identified cost, $1,648,360)		1,626,896
Interest and dividends receivable		2,135,477
Dividends receivable from affiliated investment		394
Receivable for investments sold		1,234,827
Tax reclaims receivable		536,938
Prepaid expenses		801
Total assets	$	325,484,841

Liabilities
Payable for investments purchased	$	1,717,346
Payable to affiliates:
Investment adviser fee		183,064
Trustees’ fees		1,276
Accrued expenses		145,988
Total liabilities	$	2,047,674
Net Assets applicable to investors’ interest in Portfolio	$	323,437,167


Investment Income	Year Ended October 31, 2018
Interest (net of foreign taxes, $27,554)	$	8,040,858
Dividends (net of foreign taxes, $1,951,233)		6,843,192
Dividends from affiliated investment		57,494
Total investment income	$	14,941,544

Expenses
Investment adviser fee	$	2,305,678
Trustees’ fees and expenses		15,122
Custodian fee		210,476
Legal and accounting services		62,081
Miscellaneous		50,679
Total expenses	$	2,644,036

Net investment income	$	12,297,508

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	9,810,180	⁽¹⁾
Investment transactions — affiliated investment		492
Financial futures contracts		(516,236	)
Foreign currency transactions		(157,395	)
Net realized gain	$	9,137,041
Change in unrealized appreciation (depreciation) —
Investments	$	(23,271,885	)
Investments — affiliated investment		(218	)
Foreign currency		(40,485	)
Net change in unrealized appreciation (depreciation)	$	(23,312,588	)

Net realized and unrealized loss	$	(14,175,547	)

Net decrease in net assets from operations	$	(1,878,039	)


	Year Ended October 31,
Increase (Decrease) in Net Assets	2018			2017
From operations —
Net investment income	$	12,297,508		$	17,195,805
Net realized gain		9,137,041	⁽¹⁾		21,057,640	⁽²⁾
Net change in unrealized appreciation (depreciation)		(23,312,588	)		17,720,315
Net increase (decrease) in net assets from operations	$	(1,878,039	)	$	55,973,760
Capital transactions —
Contributions	$	11,555,928		$	16,973,536
Withdrawals		(50,914,402	)		(85,428,038	)
Portfolio transaction fee		197,464			258,836
Net decrease in net assets from capital transactions	$	(39,161,010	)	$	(68,195,666	)

Net decrease in net assets	$	(41,039,049	)	$	(12,221,906	)

Net Assets
At beginning of year	$	364,476,216		$	376,698,122
At end of year	$	323,437,167		$	364,476,216


	Year Ended October 31,						Period Ended October 31, 2016⁽¹⁾
Ratios/Supplemental Data	2018			2017			Period Ended October 31, 2016⁽¹⁾
Ratios (as a percentage of average daily net assets):
Expenses		0.75	%		0.75	%		0.80	%⁽²⁾
Net investment income		3.47	%		4.56	%		3.75	%⁽²⁾
Portfolio Turnover		102	%		143	%		66	%⁽³⁾

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

Net assets, end of period (000’s omitted)	$	323,437		$	364,476		$	376,698



Aggregate cost	$	319,888,030

Gross unrealized appreciation	$	17,890,551
Gross unrealized depreciation		(17,859,351	)

Net unrealized appreciation	$	31,200


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

Futures contracts	$	(516,236	)	$	—


Asset Description	Level 1		Level 2			Level 3*		Total

Common Stocks
Communication Services	$	15,584,637	$	1,845,442		$	—	$	17,430,079
Consumer Discretionary		8,503,738		12,889,070			—		21,392,808
Consumer Staples		3,808,396		8,354,459			—		12,162,855
Energy		9,916,038		3,169,732			—		13,085,770
Financials		14,736,796		13,679,026			—		28,415,822
Health Care		17,056,175		7,063,016			—		24,119,191
Industrials		12,306,644		10,779,900			—		23,086,544
Information Technology		18,811,082		5,427,871			—		24,238,953
Materials		2,563,578		5,711,232			—		8,274,810
Real Estate		5,103,629		—			—		5,103,629
Utilities		5,365,886		2,001,289			—		7,367,175

Total Common Stocks	$	113,756,599	$	70,921,037	**	$	—	$	184,677,636

Preferred Stocks
Consumer Staples	$	—	$	522,395		$	—	$	522,395
Energy		497,800		—			—		497,800
Financials		457,583		118,747			—		576,330
Industrials		428,064		—			—		428,064
Real Estate		1,223,848		—			—		1,223,848
Utilities		922,110		—			—		922,110

Total Preferred Stocks	$	3,529,405	$	641,142		$	—	$	4,170,547

Corporate Bonds & Notes	$	—	$	117,596,406		$	—	$	117,596,406
Senior Floating-Rate Loans		—		9,250,042			—		9,250,042
Exchange-Traded Funds		1,499,200		—			—		1,499,200
Miscellaneous		—		—			0		0
Rights		10,484		—			—		10,484
Short-Term Investments		—		2,714,915			—		2,714,915

Total Investments	$	118,795,688	$	201,123,542		$	0	$	319,919,230


Nominee for Trustee	Number of Shares
Nominee for Trustee	For		Withheld

Mark R. Fetting		33,495,039		758,365
Keith Quinton		33,473,337		780,067
Marcus L. Smith		33,457,044		796,360
Susan J. Sutherland		33,519,435		733,969
Scott E. Wennerholm		33,473,337		780,067


Nominee for Trustee	Interest in the Portfolio
Nominee for Trustee	For		Withheld

Mark R. Fetting		98%		2	%
Keith Quinton		98%		2	%
Marcus L. Smith		98%		2	%
Susan J. Sutherland		98%		2	%
Scott E. Wennerholm		98%		2	%


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

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 174 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Directorships in the Last Five Years.⁽²⁾ Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

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

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

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

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.⁽²⁾ Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).


Name and Year of Birth	Position(s) with the Trust and the Portfolio	Officer Since⁽⁴⁾	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees

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

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

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

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

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


Fiscal Period Ended	10/31/17		10/31/18
Audit Fees	$	37,152	$	36,025
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	17,763	$	19,763
All Other Fees⁽³⁾	$	0	$	0

Total	$	54,915	$	55,788


Fiscal Years Ended	10/31/17		10/31/18
Registrant	$	17,763	$	19,763
Eaton Vance⁽¹⁾	$	148,018	$	126,485


(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.


		20		See Notes to Financial Statements.


		21		See Notes to Financial Statements.


		22		See Notes to Financial Statements.


		23		See Notes to Financial Statements.


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

Date:		December 21, 2018


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

Date:		December 21, 2018

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

Date:		December 21, 2018