Eaton Vance NextShares Trust (EVSTC) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:811-22982

Eaton Vance NextShares Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617)482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

October 31, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Global Income Builder NextShares (EVGBC)

Listing Exchange:  The NASDAQ Stock Market LLC

Annual Report

October 31, 2019

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/nextsharesdocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a financial advisor, broker-dealer or bank).

You may elect to receive all future Fund shareholder reports in paper free of charge. You can contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held through your financial intermediary.

NextShares^® is a registered trademark of NextShares Solutions LLC. All rights reserved.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing in NextShares, investors should consider carefully the investment objectives, risks, charges and expenses. This and other important information is contained in the prospectus and summary prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Annual ReportOctober 31, 2019

Eaton Vance

Global Income Builder NextShares

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	14 and 38
Federal Tax Information	15
Management and Organization	39
Important Notices	42

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Boosted by a strong late-period rally, global stocks delivered solid returns during the12-month period ended October 31, 2019.

U.S. stocks opened the period on the downside as investors worried that President Trump’s imposition of broad import tariffs might provoke a wider trade dispute with China, the world’s second-largest economy behind the U.S.

With U.S. economic data largely positive throughout 2018, the U.S. Federal Reserve Board (the Fed) raised its benchmark federal funds rate four times — from a low range of1.50%-1.75% to2.25%-2.50% — with the last quarter-point increase on December 19, 2018.

U.S. stocks turned higher in early 2019 as trade fears eased and interest rates remained stable after the Fed signaled a slower pace for future rate hikes. However, around the same time, U.S. economic indicators began sending mixed signals. While the U.S. job market was robust during the period with the unemployment rate dipping below 4%, retail sales fell, raising concerns about consumer spending. Factory output also declined, dragged down by a large drop in automobile production.

The U.S. equity market fluctuated through the spring of 2019. Heightened trade-conflict rhetoric drove stocks lower in May before easing tensions helped equities recover in June. Key economic indicators continued to be mixed, with job creation decelerating sharply in May.

After holding interest rates steady through the first half of 2019, the Fed cut its benchmark interest rate to2.00%-2.25% on July 31 — its first reduction in over a decade — followed by two more quarter-point interest rate drops in September and October to a range of1.50%-1.75%. Lower rates are intended to help stimulate economic activity by making borrowing costs relatively more affordable.

Like U.S. stocks, global equity markets were volatile during the period. In addition to concerns about U.S.-China trade tensions, investors confronted widespread evidence of a global economic slowdown from Germany to China to India. In Europe, markets faced the added uncertainties of Brexit. Both U.S. and global markets rallied in the final month of the period amid optimism about the U.S.-China trade war, the Fed’s interest rate cuts and better-than expected corporate earnings.

During the period, the MSCI World Index,² a proxy for global equities, returned 12.69%. In the U.S., the blue-chip Dow Jones Industrial Average^® returned 10.32%; while the broader U.S. equity market represented by the S&P 500^® Index returned 14.33%. The MSCI

EAFE Index of developed-market international equities returned 11.04%; and the MSCI Emerging Markets Index returned 11.86% during the period.

Fund Performance

For the12-month period ended October 31, 2019, Eaton Vance Global Income Builder NextShares (the Fund) returned 11.48% at net asset value (NAV), underperforming its primary benchmark, the MSCI World Index (the Index), which returned 12.69%; but outperforming its Blended Index consisting of 65% the Index and 35% the ICE BofAML Developed Markets High YieldEx-Subordinated Financial Index (the ICE BofAML Index), which returned 10.97%.

While the Fund’s common stock and preferred allocations outperformed the Index during the period, the Fund’s high yield allocation detracted from relative performance versus the Index.

The Fund’s allocation to high yield securities outperformed the broad high yield market as measured by the ICE BofAML Index, but underperformed the Index. The outperformance of the high yield allocation relative to the broad high yield market was driven largely by security selection in the energy sector and inCCC-rated⁹ corporate bonds, plus security selection and an overweight exposure toBBB-rated bonds, relative to the ICE BofAML Index. As ofperiod-end, the Fund had 38.14% of its total investments in high yield income securities rated below investment grade.

Within the Fund’s common stock allocation, returns relative to the Index were hurt by stock selections in the consumer discretionary, financials, energy, and communication services sectors.

In consumer discretionary, the Fund’s overweight position, relative to the Index, in jewelry retailer Tiffany & Co. (Tiffany) detracted from Fund performance. Tiffany’s stock declined in price on concerns about its growth prospects and lack of progress in repositioning the Tiffany brand. Byperiod-end, Tiffany was sold from the Fund.

In contrast, stock selections in the industrials, health care, and utilities sectors helped returns relative to the Index. Within industrials, the Fund’s overweight position in London-based Melrose Industries PLC (Melrose), an investment company that specializes in industrial turnarounds, contributed to returns relative to the Index. Melrose’s stock price rose after the company reported its turnaround of GKN PLC, an automotive and aerospace firm acquired in early 2018, was proceeding well.

The Fund’s preferred securities allocation (i.e., preferred stocks, exchange-traded funds investing primarily in preferred stocks, and corporate bonds and notes with preferred characteristics) added to Fund performance versus the Index as well. The preferred securities allocation outperformed both the Index and the overall preferred market, as measured by the ICE BofAML Fixed Rate Preferred Securities Index.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than indicated. The Fund’s performance at market price will differ from its results at net asset value (NAV). The market price used to calculate the Market Price return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. If you trade your shares at another time during the day, your return may differ. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested at NAV or closing market price (as applicable) on the payment date of the distribution, and are net of management fees and other expenses. Returns are before taxes unless otherwise noted. Performance less than or equal to one year is cumulative. For performance as of the most recentmonth-end, including historical trading premiums/discounts relative to NAV, please refer to eatonvance.com

2

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Performance^2,3,4

Portfolio Managers Christopher M. Dyer, CFA and Jeffrey D. Mueller, of Eaton Vance Advisers International Ltd.; Michael A. Allison, CFA and JohnH. Croft, CFA, of Eaton Vance and Boston Management and Research

% Average Annual Total Returns	Fund Inception Date		Performance Inception Date		One Year			Five Years			Ten Years			Since Fund Inception
Fund at NAV		03/30/2016		11/30/2005		11.48	%		6.01	%		7.78	%		7.92	%
Fund at Market Price		03/30/2016		03/30/2016		11.42			—			—			7.92
MSCI World Index		—		—		12.69	%		7.58	%		9.47	%		10.90	%
ICE BofAML Developed Markets High YieldEx-Subordinated Financial Index		—		—		7.47			4.47			7.00			7.67
Blended Index		—		—		10.97			6.56			8.69			9.83
% Total Annual Operating Expense Ratios5
Gross															2.38	%
Net															0.86

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Global Income Builder NextShares for the period indicated. For comparison, the same investment is shown in the indicated index.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than indicated. The Fund’s performance at market price will differ from its results at net asset value (NAV). The market price used to calculate the Market Price return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. If you trade your shares at another time during the day, your return may differ. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested at NAV or closing market price (as applicable) on the payment date of the distribution, and are net of management fees and other expenses. Returns are before taxes unless otherwise noted. Performance less than or equal to one year is cumulative. For performance as of the most recentmonth-end, including historical trading premiums/discounts relative to NAV, please refer to eatonvance.com

3

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Fund Profile⁶

Country Allocation (% of net assets)

Top 10 Holdings (% of net assets)⁷

Alphabet, Inc., Class C	2.4	%
Microsoft Corp.	1.9
Amazon.com, Inc.	1.8
Apple, Inc.	1.3
Melrose Industries PLC	1.1
Walt Disney Co. (The)	1.1
Amadeus IT Group SA	1.1
NextEra Energy, Inc.	1.0
Facebook, Inc., Class A	0.9
ORIX Corp.	0.9
Total	13.5	%

Asset Allocation (% of net assets)⁸

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Endnotes and Additional Disclosures

¹ The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

² MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500^® Index is an unmanaged index oflarge-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. ICE BofAML Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. ICE BofAML Developed Markets High YieldEx-Subordinated Financial Index is an unmanaged index of global developed market below investment grade corporate bonds. ICE^® BofAML^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofAML^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 65% MSCI World Index and 35% ICE BofAML Developed Markets High YieldEx-Subordinated Financial Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³ Shares of NextShares funds are normally bought and sold in the secondary market through a broker, and may not be individually purchased or redeemed from the fund. In the secondary market, buyers and sellers transact with each other, rather than with the fund. NextShares funds issue and redeem shares only in specified creation unit quantities in transactions by or through Authorized Participants. In such transactions, a fund issues and redeems shares in exchange for the basket of securities, other instruments and/or cash that the fund specifies each business day. By transacting in kind, a NextShares fund can lower its trading costs and enhance fund tax efficiency by avoiding forced sales of securities to meet redemptions. Redemptions may be effected partially or entirely in cash whenin-kind delivery is not practicable or deemed not in the best interests of shareholders. A fund’s basket is not intended to be representative of the fund’s current portfolio positions and may vary significantly from current positions. As exchange-traded securities, NextShares can operate with low transfer agency expenses by utilizing the same highly efficient share processing system as used for exchange-listed stocks and ETFs.

Market trading prices of NextShares are linked to the fund’s next-computed net asset value (NAV) and will vary from NAV by a market-determined premium or discount, which may be zero. Buyers and sellers of NextShares will not know the value of their purchases and sales until after the fund’s NAV is determined at the end of the trading day. Market trading prices may vary significantly from anticipated levels. NextShares do not offer investors the

opportunity to buy and sell intraday based on current (versusend-of-day) determinations of fund value. NextShares trade execution prices will fluctuate based on changes in NAV. Although limit orders may be used to control trading costs, they cannot be used to control or limit trade execution prices. As a new type of fund, NextShares have a limited operating history and may initially be available through a limited number of brokers. There can be no guarantee that an active trading market for NextShares will develop or be maintained, or that their listing will continue unchanged. Buying and selling NextShares may require payment of brokerage commissions and expose transacting shareholders to other trading costs. Frequent trading may detract from realized investment returns. The return on a shareholder’s NextShares investment will be reduced if the shareholder sells shares at a greater discount or narrower premium to NAV than he or she acquired the shares.

⁴ The Fund pursues its investment objective by investing in a separate investment fund (the Portfolio). The returns at NAV for periods before the date the Fund commenced operations are for a mutual fund that invests in the Portfolio (the Portfolio Investor). The performance during such period does not represent the performance of the Fund. The prior investment performance of the Portfolio Investor (rather than the Portfolio itself) is shown because it reflects the expenses typically borne by a retail fund investing in the Portfolio. The Portfolio Investor returns are not adjusted to reflect differences between the total net operating expenses of the Fund and the Portfolio Investor during the periods shown. If such an adjustment were made, the performance presented would be higher, because the Fund’s total net operating expenses are lower than those of the Portfolio Investor. Performance is for a share class of the Portfolio Investor offered at net asset value. Performance presented in the Financial Highlights included in the financial statements is not linked.

Prior to December 7, 2015, the Portfolio Investor invested at least 80% of net assets in dividend-paying common and preferred stocks. Effective December 7, 2015, the Portfolio Investor changed its name and its principal investment strategies to invest in common stocks, preferred stocks and other hybrid securities and income instruments of U.S. and foreign issuers. As of such date, the Portfolio Investor was no longer required to invest at least 80% of its net assets in dividend-paying common and preferred stocks.

⁵ Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 2/29/20. Without the reimbursement, performance would have been lower. The expense ratio for the current reporting period can be found in the Financial Highlights section of this report.

⁶ Fund primarily invests in an affiliated investment company (Portfolio) with substantially the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio.

⁷ Excludes cash and cash equivalents.

⁸ Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

⁹ Credit ratings are categorized using S&P Global Ratings (“S&P”). If S&P does not publish a rating, then the Moody’s Investors Service, Inc. (“Moody’s”) rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

Fund profile subject to change due to active management.

5

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2019 – October 31, 2019).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions on purchases and sales of Fund shares. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (5/1/19)		Ending Account Value (10/31/19)		Expenses Paid During Period* (5/1/19 – 10/31/19)			Annualized Expense Ratio
Actual
	$	1,000.00	$	1,035.00	$	4.36	**		0.85	%
Hypothetical
(5% return per year before expenses)
	$	1,000.00	$	1,020.90	$	4.33	**		0.85	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on April 30, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

** Absent an allocation of certain expenses to affiliates, expenses would be higher.

6

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Statement of Assets and Liabilities

Assets	October 31, 2019
Investment in Global Income Builder Portfolio, at value (identified cost, $5,773,322)	$	6,287,698
Receivable from affiliates		9,801
Total assets	$	6,297,499
Liabilities
Payable to affiliates:
Administration fee	$	775
Operations agreement fee		258
Trustees’ fees		42
Accrued expenses		114,006
Total liabilities	$	115,081
Net Assets	$	6,182,418
Sources of Net Assets
Paid-in capital	$	8,157,251
Accumulated loss		(1,974,833	)
Total	$	6,182,418
Net Asset Value Per Share
($6,182,418 ÷ 625,000 shares issued and outstanding)	$	9.89

7 See Notes to Financial Statements.

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Statement of Operations

Investment Income	Year Ended October 31, 2019
Dividends allocated from Portfolio (net of foreign taxes, $19,806)	$	197,554
Interest allocated from Portfolio (net of foreign taxes, $477)		147,849
Expenses allocated from Portfolio		(42,163	)
Total investment income from Portfolio	$	303,240
Expenses
Administration fee	$	8,959
Operations agreement fee		2,986
Trustees’ fees and expenses		500
Custodian fee		28,943
Transfer and dividend disbursing agent fees		13,800
Legal and accounting services		26,223
Printing and postage		7,969
Listing fee		7,200
Intraday pricing fee		12,000
Miscellaneous		2,970
Total expenses	$	111,550
Deduct —
Allocation of expenses to affiliates	$	101,340
Total expense reductions	$	101,340
Net expenses	$	10,210
Net investment income	$	293,030
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(125,607	)
Financial futures contracts		(7,492	)
Foreign currency transactions		(1,697	)
Net realized loss	$	(134,796	)
Change in unrealized appreciation (depreciation) —
Investments	$	470,568
Foreign currency		403
Net change in unrealized appreciation (depreciation)	$	470,971
Net realized and unrealized gain	$	336,175
Net increase in net assets from operations	$	629,205

8 See Notes to Financial Statements.

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	293,030		$	215,125
Net realized gain (loss)		(134,796	)		164,560	(1)
Net change in unrealized appreciation (depreciation)		470,971			(449,277	)
Net increase (decrease) in net assets from operations	$	629,205		$	(69,592	)
Distributions to shareholders	$	(610,582	)	$	(682,300	)
Tax return of capital to shareholders	$	(81,231	)	$	—
Transactions in Fund shares —
Proceeds from sale of shares	$	—		$	3,058,108
Cost of shares redeemed		—			(2,784,443	)
Transaction fees		—			984
Net increase in net assets from Fund share transactions	$	—		$	274,649
Other capital —
Portfolio transaction fee contributed to Portfolio	$	(2,621	)	$	(2,754	)
Portfolio transaction fee allocated from Portfolio		4,247			3,648
Net increase in net assets from other capital	$	1,626		$	894
Net decrease in net assets	$	(60,982	)	$	(476,349	)
Net Assets
At beginning of year	$	6,243,400		$	6,719,749
At end of year	$	6,182,418		$	6,243,400
Changes in shares outstanding
Shares outstanding, beginning of year		625,000			600,000
Shares sold		—			275,000
Shares redeemed		—			(250,000	)
Shares outstanding, end of year		625,000			625,000

⁽¹⁾   Includes $7,081 of net realized gains from redemptions in-kind.

9 See Notes to Financial Statements.

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Financial Highlights

	Year Ended October 31,									Period Ended October 31,  2016(1)(2)
	2019			2018			2017(1)
Net asset value — Beginning of period	$	9.990		$	11.200		$	10.140		$	10.000
Income (Loss) From Operations
Net investment income(3)	$	0.469		$	0.358		$	0.502		$	0.193
Net realized and unrealized gain (loss)		0.535			(0.435	)		1.073			0.091
Total income (loss) from operations	$	1.004		$	(0.077	)	$	1.575		$	0.284
Less Distributions
From net investment income	$	(0.369	)	$	(1.083	)	$	(0.519	)	$	(0.150	)
From net realized gain		(0.608	)		(0.051	)		—			—
Tax return of capital		(0.130	)		—			—			—
Total distributions	$	(1.107	)	$	(1.134	)	$	(0.519	)	$	(0.150	)
Portfolio transaction fee, net(3)	$	0.003		$	0.001		$	0.004		$	0.006
Net asset value — End of period	$	9.890		$	9.990		$	11.200		$	10.140
Total Return on Net Asset Value(4)(5)		11.48	%		(1.10	)%		15.89	%		2.90	%(6)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	6,182		$	6,243		$	6,720		$	14,700
Ratios (as a percentage of average daily net assets):(7)
Expenses(5)		0.88	%		0.91	%(8)		0.91	%(8)		0.90	%(9)
Net investment income		4.91	%		3.32	%		4.71	%		3.22	%(9)
Portfolio Turnover of the Portfolio		86	%		102	%		143	%		66	%(6)(10)

  ⁽¹⁾ Per share data reflect a 2-for-1 share split effective March 9, 2018.

  ⁽²⁾ For the period from the start of business, March 30, 2016, to October 31, 2016.

  ⁽³⁾ Computed using average shares outstanding.

  ⁽⁴⁾ Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of a market-determined premium or discount. Investment returns assume that all distributions have been reinvested at net asset value.

  ⁽⁵⁾ The administrator and sub-adviser reimbursed certain operating expenses (equal to 1.70%, 1.57%, 0.57% and 2.08% of average daily net assets for the years ended October 31, 2019, 2018 and 2017 and the period ended October 31, 2016, respectively). Absent this reimbursement, total return would be lower.

  ⁽⁶⁾ Not annualized.

  ⁽⁷⁾ Includes the Fund’s share of the Portfolio’s allocated expenses.

  ⁽⁸⁾ Includes interest expense, including allocated from the Portfolio, of 0.01% and 0.01% for the years ended October 31, 2018 and October 31, 2017, respectively.

  ⁽⁹⁾ Annualized.

⁽¹⁰⁾  For the period from the Portfolio’s start of business, March 28, 2016, to October 31, 2016.

10 See Notes to Financial Statements.

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance Global Income Builder NextShares (the Fund) is a diversified series of Eaton Vance NextShares Trust (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an exchange-traded managed fund operating pursuant to an order issued by the SEC granting an exemption from certain provisions of the 1940 Act. Individual shares of the Fund may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer that offers NextShares, and may not be directly purchased or redeemed from the Fund. Market trading prices for the Fund are directly linked to the Fund’s next-computed net asset value per share (NAV) and will vary from NAV by a market-determined premium or discount, which may be zero. The Fund invests all of its investable assets in interests in Global Income Builder Portfolio (the Portfolio), a Massachusetts business trust having substantially the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (2.1% at October 31, 2019). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund 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 — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

B  Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2019, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund 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.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  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.

F  Indemnifications — Under the Trust’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 Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Other — Investment transactions are accounted for on a trade date basis.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make monthly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions are paid in cash and cannot be automatically reinvested in additional shares of the Fund. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

11

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended October 31, 2019 and October 31, 2018 was as follows:

	Year Ended October 31,
	2019		2018
Ordinary income	$	230,479	$	650,397
Long-term capital gains	$	380,103	$	31,903
Tax return of capital	$	81,231	$	—

During the year ended October 31, 2019, accumulated loss was increased by $37,580 and paid-in capital was increased by $37,580 due to differences between book and tax accounting for the Fund’s investment in the Portfolio. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Deferred capital losses	$	(69,765	)
Net unrealized depreciation	$	(1,905,068	)

At October 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $69,765 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year, can be carried forward for an unlimited period and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2019, $69,765 are short-term.

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to the Fund. Prior to May 1, 2019, the fee was computed at an annual rate of 0.65% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee (“Direct Assets”) up to $500 million and was payable monthly. On Direct Assets of $500 million and over, the annual fee was reduced. Effective May 1, 2019, pursuant to a fee reduction agreement between the Trust on behalf of the Fund and EVM, the annual investment adviser fee rate on Direct Assets up to $500 million was reduced to 0.55%. The annual fee rate was also reduced on Direct Assets of $500 million and over. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of the holders of interest in the Fund.

Pursuant to an investment sub-advisory agreement, EVM pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp. (EVC), a portion of its investment adviser fee for sub-advisory services provided to the Fund. For the year ended October 31, 2019, the Fund incurred no investment adviser fee on Direct Assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund. The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended October 31, 2019, the administration fee amounted to $8,959.

The Trust, on behalf of the Fund, has entered into an operations agreement with EVM pursuant to which EVM provides the Fund with services required for it to operate as a NextShares exchange-traded managed fund in accordance with the exemptive order obtained by EVM and the Trust. Pursuant to the agreement, the Fund pays EVM a monthly fee at an annual rate of 0.05% of the Fund’s average daily net assets provided the average net assets of NextShares funds sponsored by EVM (“Covered Assets”) are less than $10 billion. The annual rate is reduced if Covered Assets are $10 billion and above. For the year ended October 31, 2019, the operations agreement fee amounted to $2,986 or 0.05% of the Fund’s average daily net assets.

EVM and EVAIL have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses) exceed 0.85% (0.90% prior to May 1, 2019) of the Fund’s average daily net assets through February 29, 2020. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM and EVAIL were allocated $101,340 in total of the Fund’s operating expenses for the year ended October 31, 2019.

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

12

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Notes to Financial Statements — continued

4  Investment Transactions

For the year ended October 31, 2019, increases and decreases in the Fund’s investment in the Portfolio aggregated $99,570 and $785,690, respectively. In addition, a Portfolio transaction fee is imposed by the Portfolio on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1J of the Portfolio’s financial statements included herein. Such fee is allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets.

5  Capital Share Transactions

The Trust may issue an unlimited number of shares of capital stock (no par value per share) in one or more series (such as the Fund). The Fund issues and redeems shares only in blocks of 25,000 shares or multiples thereof (“Creation Units”). The Fund issues and redeems Creation Units in return for the securities, other instruments and/or cash (the “Basket”) that the Fund specifies each business day. Creation Units may be purchased or redeemed only by or through Authorized Participants, which are broker-dealers or institutional investors that have entered into agreements with the Fund’s distributor for this purpose. The Fund imposes a transaction fee on Creation Units issued and redeemed to offset the estimated cost to the Fund of processing the transaction, which is paid by the Authorized Participants directly to a third-party administrator. In addition, Authorized Participants pay the Fund a variable charge for converting the Basket to or from the desired portfolio composition. Such variable charges are reflected as Transaction fees on the Statements of Changes in Net Assets.

At October 31, 2019, EVM owned approximately 93% of the outstanding shares of the Fund.

13

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance NextShares Trust and Shareholders of Eaton Vance Global Income Builder NextShares:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Global Income Builder NextShares (the “Fund”) (one of the funds constituting Eaton Vance NextShares Trust), as of October 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the period from the start of business, March 30, 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 Fund as of October 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and the period from the start of business, March 30, 2016, to October 31, 2016, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’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 Fund 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 Fund 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 Fund’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. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2019

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

14

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified business income, qualified dividend income for individuals and the dividends received deduction for corporations.

Qualified Business Income.  For the fiscal year ended October 31, 2019, the Fund designates $3,758, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

Qualified Dividend Income.  For the fiscal year ended October 31, 2019, the Fund designates approximately $211,824, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction.  Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2019 ordinary income dividends, 15.83% qualifies for the corporate dividends received deduction.

15

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments

Common Stocks — 56.3%
Security	Shares		Value
Aerospace & Defense— 1.1%
Airbus SE		14,552	$	2,087,604
CAE, Inc.		51,400		1,289,000
			$	3,376,604
Banks— 4.0%
Banco Santander SA		369,140	$	1,482,207
Bank of America Corp.		37,700		1,178,879
Canadian Imperial Bank of Commerce		20,021		1,707,204
Citigroup, Inc.		31,192		2,241,457
ING Groep NV		95,160		1,077,543
KBC Group NV		14,000		984,400
KeyCorp		84,054		1,510,450
UniCredit SpA		62,042		787,129
Wells Fargo & Co.		19,013		981,641
			$	11,950,910
Beverages— 1.9%
Anheuser-Busch InBev SA/NV		17,261	$	1,393,263
Coca-Cola Co. (The)		46,276		2,518,803
Diageo PLC		41,038		1,679,725
			$	5,591,791
Biotechnology— 0.5%
CSL, Ltd.		7,750	$	1,366,761
			$	1,366,761
Building Products— 0.6%
Assa Abloy AB, Class B		77,427	$	1,838,765
			$	1,838,765
Capital Markets— 0.6%
Morgan Stanley		39,336	$	1,811,423
			$	1,811,423
Chemicals— 1.4%
BASF SE		19,477	$	1,480,626
Chr. Hansen Holding A/S		15,354		1,178,814
Sika AG		9,076		1,560,223
			$	4,219,663
Construction & Engineering— 0.0%(1)
Abengoa SA, Class A(2)		36,194	$	814

Security	Shares		Value
Construction & Engineering(continued)
Abengoa SA, Class B(2)		374,261	$	4,063
			$	4,877
Consumer Finance— 0.9%
Capital One Financial Corp.		20,102	$	1,874,512
OneMain Holdings, Inc.		21,418		856,720
			$	2,731,232
Diversified Financial Services— 1.6%
Berkshire Hathaway, Inc., Class B(2)		9,963	$	2,117,934
ORIX Corp.		163,587		2,570,752
			$	4,688,686
Electric Utilities— 1.4%
Iberdrola SA		145,878	$	1,499,479
NextEra Energy, Inc.		12,094		2,882,484
			$	4,381,963
Electrical Equipment— 1.1%
Melrose Industries PLC		1,172,892	$	3,241,506
			$	3,241,506
Electronic Equipment, Instruments & Components— 1.1%
CDW Corp.		8,423	$	1,077,386
Keyence Corp.		3,419		2,161,821
			$	3,239,207
Energy Equipment & Services— 0.3%
Schlumberger, Ltd.		32,153	$	1,051,082
			$	1,051,082
Entertainment— 1.4%
Nintendo Co., Ltd.		2,882	$	1,057,081
Walt Disney Co. (The)		24,723		3,212,012
			$	4,269,093
Equity Real Estate Investment Trusts (REITs)— 1.1%
American Tower Corp.		9,927	$	2,164,880
Equity Residential		13,291		1,178,380
			$	3,343,260

16 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Food & Staples Retailing— 0.3%
BJ’s Wholesale Club Holdings, Inc.(2)		33,544	$	895,625
			$	895,625
Food Products— 1.3%
Mondelez International, Inc., Class A		35,099	$	1,840,942
Nestle SA		18,107		1,937,111
			$	3,778,053
Health Care Equipment & Supplies— 2.4%
Baxter International, Inc.		19,392	$	1,487,367
Boston Scientific Corp.(2)		44,336		1,848,811
Danaher Corp.		10,539		1,452,485
Intuitive Surgical, Inc.(2)		2,933		1,621,802
Straumann Holding AG		841		751,418
			$	7,161,883
Health Care Providers & Services— 0.5%
Anthem, Inc.		6,028	$	1,622,014
			$	1,622,014
Hotels, Restaurants & Leisure— 0.5%
Compass Group PLC		53,645	$	1,428,249
			$	1,428,249
Household Products— 0.7%
Kimberly-Clark Corp.		7,501	$	996,733
Reckitt Benckiser Group PLC		14,923		1,154,766
			$	2,151,499
Industrial Conglomerates— 0.5%
DCC PLC		15,801	$	1,481,809
			$	1,481,809
Insurance— 2.0%
AIA Group, Ltd.		130,935	$	1,303,879
Aviva PLC		257,540		1,388,152
Chubb, Ltd.		6,561		1,000,028
Progressive Corp. (The)		17,349		1,209,225
Prudential PLC		68,448		1,195,570
			$	6,096,854
Interactive Media & Services— 3.5%
Alphabet, Inc., Class C(2)		5,641	$	7,108,281

Security	Shares		Value
Interactive Media & Services(continued)
Facebook, Inc., Class A(2)		14,490	$	2,777,008
Tencent Holdings, Ltd.		20,674		838,598
			$	10,723,887
Internet & Direct Marketing Retail— 1.8%
Amazon.com, Inc.(2)		3,059	$	5,434,803
			$	5,434,803
IT Services— 1.7%
Amadeus IT Group SA		43,033	$	3,183,506
Visa, Inc., Class A		10,167		1,818,470
			$	5,001,976
Leisure Products— 0.8%
Yamaha Corp.		50,035	$	2,330,093
			$	2,330,093
Life Sciences Tools & Services— 0.5%
Lonza Group AG		4,321	$	1,557,428
			$	1,557,428
Machinery— 3.7%
Gardner Denver Holdings, Inc.(2)		61,984	$	1,972,951
ITT, Inc.		37,914		2,253,987
Sandvik AB		81,455		1,439,092
SMC Corp.		3,289		1,420,982
Stanley Black & Decker, Inc.		15,727		2,379,967
Xylem, Inc.		23,831		1,827,599
			$	11,294,578
Media— 0.0%(1)
Clear Channel Outdoor Holdings, Inc.(2)		3,400	$	7,922
iHeartMedia, Inc., Class A(2)		375		5,378
			$	13,300
Metals & Mining— 0.7%
Rio Tinto, Ltd.		31,702	$	1,982,420
			$	1,982,420
Multi-Utilities— 0.5%
CMS Energy Corp.		22,963	$	1,467,795
			$	1,467,795

17 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Oil, Gas & Consumable Fuels— 2.4%
ConocoPhillips		34,536	$	1,906,387
EOG Resources, Inc.		20,735		1,437,143
Exxon Mobil Corp.		26,385		1,782,835
Phillips 66		19,427		2,269,462
			$	7,395,827
Personal Products— 0.6%
Unilever PLC		29,044	$	1,739,124
			$	1,739,124
Pharmaceuticals— 3.4%
Eli Lilly & Co.		14,727	$	1,678,142
GlaxoSmithKline PLC		84,089		1,926,053
Novo Nordisk A/S, Class B		31,118		1,711,138
Sanofi		27,456		2,531,088
Zoetis, Inc.		18,714		2,393,895
			$	10,240,316
Professional Services— 1.2%
Recruit Holdings Co., Ltd.		71,209	$	2,366,563
Verisk Analytics, Inc.		8,454		1,223,294
			$	3,589,857
Semiconductors & Semiconductor Equipment— 1.8%
ASML Holding NV		9,089	$	2,382,357
Infineon Technologies AG		53,151		1,029,470
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		42,137		2,175,533
			$	5,587,360
Software— 1.9%
Microsoft Corp.		40,728	$	5,839,173
			$	5,839,173
Specialty Retail— 1.7%
Industria de Diseno Textil SA		52,268	$	1,628,713
Lowe’s Cos., Inc.		22,270		2,485,555
TJX Cos., Inc. (The)		19,787		1,140,721
			$	5,254,989
Technology Hardware, Storage & Peripherals— 1.3%
Apple, Inc.		16,393	$	4,077,923
			$	4,077,923

Security	Shares		Value
Textiles, Apparel & Luxury Goods— 1.0%
adidas AG		4,121	$	1,273,911
LVMH Moet Hennessy Louis Vuitton SE		3,937		1,681,318
			$	2,955,229
Wireless Telecommunication Services— 0.6%
Tele2 AB, Class B		134,316	$	1,922,754
			$	1,922,754
Total Common Stocks (identified cost $145,699,284)			$	170,131,641
Preferred Stocks— 0.9%
Security	Shares		Value
Banks— 0.1%
Farm Credit Bank of Texas, 6.75% to 9/15/23(3)(4)		1,115	$	120,978
IBERIABANK Corp., Series C, 6.60% to 5/1/26(4)		6,206		171,410
Wells Fargo & Co., Series Q, 5.85% to 9/15/23(4)		4,680		126,032
			$	418,420
Equity Real Estate Investment Trusts (REITs)— 0.2%
CBL & Associates Properties, Inc., Series D, 7.375%		19,100	$	174,001
SITE Centers Corp., Series A, 6.375%		10,450		282,150
SITE Centers Corp., Series K, 6.25%		1,950		50,056
			$	506,207
Food Products— 0.2%
Dairy Farmers of America, Inc., 7.875%(3)		4,700	$	472,350
Ocean Spray Cranberries, Inc., Series A, 6.25%(3)		540		46,980
			$	519,330
Independent Power and Renewable Electricity Producers— 0.0%(1)
Algonquin Power & Utilities Corp., Series 19-A, 6.20% to 7/1/24(4)		3,175	$	88,114
			$	88,114
Multi-Utilities— 0.1%
DTE Energy Co., Series C, 5.25%		9,407	$	239,314
			$	239,314
Oil, Gas & Consumable Fuels— 0.2%
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(4)		23,750	$	536,987
			$	536,987

18 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued

Security		Shares		Value
Pipelines— 0.0%(1)
Energy Transfer Operating, L.P., Series E, 7.60% to 5/15/24(4)			2,970	$	75,082
				$	75,082
Real Estate Management & Development— 0.1%
Brookfield Property Partners, L.P., Series A2, 6.375%			9,125	$	250,299
				$	250,299
Total Preferred Stocks (identified cost $2,876,361)				$	2,633,753
Corporate Bonds & Notes — 38.6%
Security		Principal Amount* (000’s omitted)		Value
Aerospace & Defense — 0.6%
BWX Technologies, Inc., 5.375%, 7/15/26(3)			215	$	228,771
F-BrasileSpA/F-Brasile US LLC, 7.375%, 8/15/26(3)			200		210,000
TransDigm UK Holdings PLC, 6.875%, 5/15/26			200		214,000
TransDigm, Inc., 5.50%, 11/15/27(3)(5)			370		369,700
TransDigm, Inc., 6.25%, 3/15/26(3)			419		449,901
TransDigm, Inc., 6.50%, 5/15/25			30		31,238
TransDigm, Inc., 7.50%, 3/15/27			327		353,977
				$	1,857,587
Auto Components — 0.7%
Garrett LX I S.a.r.l./Garrett Borrowing, LLC, 5.125%, 10/15/26(6)	EUR		275	$	286,897
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 4.375%, 5/15/26(6)	EUR		881		993,928
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 8.50%, 5/15/27(3)			824		830,180
				$	2,111,005
Automobiles — 0.1%
General Motors Co., 5.00%, 4/1/35			45	$	45,961
General Motors Financial Co., Inc., Series A, 5.75% to 9/30/27(4)(7)			317		306,628
				$	352,589
Banks — 2.4%
Banco Bilbao Vizcaya Argentaria SA, 6.125% to 11/16/27(4)(7)			400	$	393,860
Bank of America Corp., Series FF, 5.875% to 3/15/28(4)(7)			220		242,077
Barclays PLC, 7.75% to 9/15/23(4)(7)			495		527,529

Security		Principal Amount* (000’s omitted)		Value
Banks (continued)
CIT Group, Inc., 6.125%, 3/9/28			105	$	124,163
Citigroup, Inc., 5.95% to 1/30/23(4)(7)			125		132,411
Citigroup, Inc., Series M, 6.30% to 5/15/24(4)(7)			195		209,862
Citigroup, Inc., Series T, 6.25% to 8/15/26(4)(7)			196		221,158
Credit Suisse Group AG, 7.50% to 7/17/23(3)(4)(7)			208		224,456
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(3)(4)(7)			220		229,477
Fifth Third Bancorp, Series H, 5.10% to 6/30/23(4)(7)			460		467,309
JPMorgan Chase & Co., Series S, 6.75% to 2/1/24(4)(7)			215		240,969
JPMorgan Chase & Co., Series X, 6.10% to 10/1/24(4)(7)			598		656,924
Lloyds Banking Group PLC, 7.50% to 9/27/25(4)(7)			400		440,418
Royal Bank of Scotland Group PLC, 8.00% to 8/10/25(4)(7)			389		445,891
Societe Generale SA, 6.75% to 4/6/28(3)(4)(7)			210		221,739
Societe Generale SA, 7.375% to 10/4/23(3)(4)(7)			200		213,893
Vivion Investments S.a.r.l., 3.00%, 8/8/24(6)	EUR		2,000		2,227,253
Zions Bancorp NA, 5.80% to 6/15/23(4)(7)			88		90,483
				$	7,309,872
Biotechnology — 0.4%
Grifols S.A., 3.20%, 5/1/25(6)	EUR		1,075	$	1,228,459
				$	1,228,459
Building Products — 0.8%
Builders FirstSource, Inc., 5.625%, 9/1/24(3)			133	$	138,653
Builders FirstSource, Inc., 6.75%, 6/1/27(3)			76		82,840
Masonite International Corp., 5.375%, 2/1/28(3)			105		111,431
Reliance Intermediate Holdings, L.P., 6.50%, 4/1/23(3)			1,000		1,030,000
Standard Industries, Inc., 5.50%, 2/15/23(3)			111		113,742
Standard Industries, Inc., 6.00%, 10/15/25(3)			525		553,875
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(3)			196		217,315
Taylor Morrison Communities, Inc., 5.875%, 6/15/27(3)			146		163,768
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/24			74		79,920
				$	2,491,544
Capital Markets — 0.2%
AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(4)			150	$	156,750
Charles Schwab Corp. (The), Series F, 5.00% to 12/1/27(4)(7)			450		461,934
				$	618,684
Casino & Gaming — 0.3%
Cinemark USA, Inc., 4.875%, 6/1/23			430	$	437,525
GLP Capital, L.P./GLP Financing II, Inc., 4.375%, 4/15/21			30		30,682

19 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued

Security			Principal Amount* (000’s omitted)		Value
Casino & Gaming (continued)
GLP Capital, L.P./GLP Financing II, Inc., 5.375%, 4/15/26				110	$	121,236
Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(3)				156		156,047
Stars Group Holdings B.V./Stars Group USCo-Borrower, LLC, 7.00%, 7/15/26(3)				287		310,319
					$	1,055,809
Chemicals — 0.5%
Hexion, Inc., 7.875%, 7/15/27(3)				89	$	86,107
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26(3)				220		222,200
SPCM SA., 4.875%, 9/15/25(3)				200		207,500
Valvoline, Inc., 5.50%, 7/15/24				45		46,927
Venator Finance S.a.r.l./Venator Materials, LLC, 5.75%, 7/15/25(3)				58		46,426
W.R. Grace & Co., 5.125%, 10/1/21(3)				750		781,875
					$	1,391,035
Commercial Services & Supplies — 2.0%
Advanced Disposal Services, Inc., 5.625%, 11/15/24(3)	��			170	$	177,863
Arena Luxembourg Finance S.a.r.l., 2.75%, (3 mo. EURIBOR + 2.75%), 11/1/23(6)(8)		EUR		400		449,954
Ashtead Capital, Inc., 4.00%, 5/1/28(3)(5)				200		201,250
Clean Harbors, Inc., 4.875%, 7/15/27(3)				101		105,539
Clean Harbors, Inc., 5.125%, 7/15/29(3)				61		65,118
Covanta Holding Corp., 5.875%, 3/1/24				500		515,000
Covanta Holding Corp., 5.875%, 7/1/25				95		98,919
GFL Environmental, Inc., 5.375%, 3/1/23(3)				270		279,112
GFL Environmental, Inc., 8.50%, 5/1/27(3)				521		574,402
GWB-CR Security Corp., 9.50%, 11/1/27(3)				193		198,790
Harsco Corp., 5.75%, 7/31/27(3)				54		56,229
IPD 3 B.V., 4.50%, 7/15/22(6)		EUR		125		142,710
KAR Auction Services, Inc., 5.125%, 6/1/25(3)				231		242,261
Loxam SAS, 2.875%, 4/15/26(6)		EUR		475		521,821
Loxam SAS, 5.75%, 7/15/27(6)		EUR		450		486,633
Prime Security Services Borrower, LLC/Prime Finance, Inc., 9.25%, 5/15/23(3)				158		166,512
ServiceMaster Co., LLC (The), 7.45%, 8/15/27				550		619,437
Team Health Holdings, Inc., 6.375%, 2/1/25(3)				84		54,600
Tervita Escrow Corp., 7.625%, 12/1/21(3)				326		322,740
TMS International Holding Corp., 7.25%, 8/15/25(3)				133		110,390
Verisure Holding AB, 3.50%, 5/15/23(6)		EUR		540		622,937
					$	6,012,217

Security		Principal Amount* (000’s omitted)		Value
Communications Equipment — 0.8%
CommScope Technologies, LLC, 5.00%, 3/15/27(3)			341	$	280,472
CommScope Technologies, LLC, 6.00%, 6/15/25(3)			124		111,631
Crystal Almond S.a.r.l, 4.25%, 10/15/24(6)	EUR		469		525,691
Matterhorn Telecom SA, 3.125%, 9/15/26(6)	EUR		980		1,099,552
Riverbed Technology, Inc., 8.875%, 3/1/23(3)			535		248,775
Sprint Communications, Inc., 6.00%, 11/15/22			75		79,500
				$	2,345,621
Consumer Finance — 0.4%
CPUK Finance, Ltd., 4.875%, 2/28/47(6)	GBP		895	$	1,199,924
William Carter Co. (The), 5.625%, 3/15/27(3)			144		154,080
				$	1,354,004
Containers & Packaging — 0.5%
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 5.125%, 7/15/23(3)			120	$	123,414
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 7.00%, 7/15/24(3)			140		145,162
Trivium Packaging Finance B.V., 3.75%, 8/15/26(6)	EUR		780		906,297
Trivium Packaging Finance B.V., 5.50%, 8/15/26(3)			200		210,250
				$	1,385,123
Distributors — 0.5%
Core & Main Holdings, L.P., 8.625%, (8.625% Cash or 9.375% PIK), 9/15/24(3)(9)			214	$	213,732
IAA, Inc., 5.50%, 6/15/27(3)			97		104,168
Parts Europe SA, 4.375%, (3 mo. EURIBOR + 4.375%), 5/1/22(6)(8)	EUR		662		737,363
Parts Europe SA, 5.50%, (3 mo. EURIBOR + 5.50%), 5/1/22(6)(8)	EUR		340		379,202
Performance Food Group, Inc., 5.50%, 10/15/27(3)			169		179,563
				$	1,614,028
Diversified Consumer Services — 0.7%
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(6)			1,050	$	1,092,000
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(3)			267		277,680
Laureate Education, Inc., 8.25%, 5/1/25(3)			745		812,050
				$	2,181,730
Diversified Financial Services — 0.9%
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26(3)			107	$	114,490

20 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Diversified Financial Services (continued)
Avolon Holdings Funding, Ltd., 5.125%, 10/1/23(3)			350	$	378,525
Credito Real SAB de CV, 9.50%, 2/7/26(3)			200		230,500
DAE Funding, LLC, 4.50%, 8/1/22(3)			155		158,205
DAE Funding, LLC, 5.00%, 8/1/24(3)			255		266,807
GFL Environmental, Inc., 7.00%, 6/1/26(3)			245		260,313
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 2/1/22			115		118,019
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 5/15/26			291		309,187
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.375%, 12/15/25			120		126,300
Louvre Bidco SAS, 4.25%, 9/30/24(6)	EUR		215		245,371
Park Aerospace Holdings, Ltd., 5.25%, 8/15/22(3)			340		362,933
West Corp., 8.50%, 10/15/25(3)			186		141,360
				$	2,712,010
Diversified Telecommunication Services — 0.0%(1)
CenturyLink, Inc., 7.50%, 4/1/24			6	$	6,825
Level 3 Financing, Inc., 5.25%, 3/15/26			90		94,162
Level 3 Financing, Inc., 5.375%, 1/15/24			35		35,744
				$	136,731
Electric Utilities — 1.0%
AES Corp. (The), 5.50%, 4/15/25			14	$	14,573
AES Corp. (The), 6.00%, 5/15/26			45		48,220
Drax Finco PLC, 6.625%, 11/1/25(3)			1,000		1,063,750
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, 5/1/79(4)			155		171,045
NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24(3)			95		99,156
NextEra Energy Operating Partners, L.P., 4.50%, 9/15/27(3)			150		153,563
NRG Energy, Inc., 5.25%, 6/15/29(3)			122		131,303
Pattern Energy Group, Inc., 5.875%, 2/1/24(3)			60		61,800
Southern California Edison Co., Series E, 6.25% to 2/1/22(4)(7)			273		266,965
Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57(4)			192		200,918
TerraForm Power Operating, LLC, 4.25%, 1/31/23(3)			95		98,325
TerraForm Power Operating, LLC, 5.00%, 1/31/28(3)			145		153,656
Vistra Energy Corp., 8.125%, 1/30/26(3)			190		204,250
Vistra Operations Co., LLC, 5.00%, 7/31/27(3)			406		421,225
				$	3,088,749

Security		Principal Amount* (000’s omitted)		Value
Electrical Equipment — 0.0%(1)
Sensata Technologies, Inc., 4.375%, 2/15/30(3)			112	$	113,050
				$	113,050
Electronic Equipment, Instruments & Components — 0.2%
Energizer Gamma Acquisition B.V., 4.625%, 7/15/26(6)	EUR		630	$	742,939
				$	742,939
Entertainment — 1.0%
Cedar Fair, L.P., 5.25%, 7/15/29(3)			58	$	62,495
EIG Investors Corp., 10.875%, 2/1/24			480		487,200
Entertainment One, Ltd., 4.625%, 7/15/26(6)	GBP		545		767,911
Go Daddy Operating Co., LLC/GD Finance Co., Inc., 5.25%, 12/1/27(3)			226		240,407
Golden Entertainment, Inc., 7.625%, 4/15/26(3)			100		105,375
Netflix, Inc., 4.875%, 6/15/30(3)			234		237,159
Netflix, Inc., 5.875%, 11/15/28			300		331,125
Pinewood Finance Co., Ltd., 3.25%, 9/30/25(6)	GBP		300		398,281
Zayo Group, LLC/Zayo Capital, Inc., 6.375%, 5/15/25			369		380,716
				$	3,010,669
Equity Real Estate Investment Trusts (REITs) — 0.3%
Equinix, Inc., 5.375%, 5/15/27			115	$	125,063
MGM Growth Properties Operating Partnership, L.P./MGP FinanceCo-Issuer, Inc., 4.50%, 9/1/26			100		106,750
MGM Growth Properties Operating Partnership, L.P./MGP FinanceCo-Issuer, Inc., 5.625%, 5/1/24			200		221,000
MGM Growth Properties Operating Partnership, L.P./MGP FinanceCo-Issuer, Inc., 5.75%, 2/1/27(3)			101		114,256
SBA Communications Corp., 4.00%, 10/1/22			150		153,772
SBA Communications Corp., 4.875%, 9/1/24			55		57,338
				$	778,179
Food Products — 0.6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28(3)			181	$	194,801
Dole Food Co., Inc., 7.25%, 6/15/25(3)			107		102,453
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(3)			291		314,280
Post Holdings, Inc., 5.00%, 8/15/26(3)			85		88,727
Post Holdings, Inc., 5.50%, 3/1/25(3)			190		199,757
Post Holdings, Inc., 5.50%, 12/15/29(3)			98		103,557
Post Holdings, Inc., 5.625%, 1/15/28(3)			175		187,906
US Foods, Inc., 5.875%, 6/15/24(3)			510		527,212
				$	1,718,693

21 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Principal Amount* (000’s omitted)		Value
Gas Utilities — 0.1%
NiSource, Inc., 5.65% to 6/15/23(4)(7)		280	$	284,400
			$	284,400
Health Care Equipment & Supplies — 1.3%
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(3)		121	$	126,748
Centene Corp., 4.75%, 1/15/25		300		311,103
Centene Corp., 5.375%, 6/1/26(3)		445		472,145
Centene Corp., 6.125%, 2/15/24		340		353,920
Hill-Rom Holdings, Inc., 4.375%, 9/15/27(3)		56		57,820
Hologic, Inc., 4.375%, 10/15/25(3)		70		72,067
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, 6.375%, 8/1/23(3)		437		453,387
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/1/21(3)		326		342,691
MPH Acquisition Holdings, LLC, 7.125%, 6/1/24(3)		1,174		1,100,625
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26(3)		429		471,900
Select Medical Corp., 6.25%, 8/15/26(3)		96		102,480
			$	3,864,886
Health Care Providers & Services — 1.4%
Charles River Laboratories International, Inc., 4.25%, 5/1/28(3)		90	$	91,922
Eagle Holding Co. II, LLC, 7.625%, (7.625% Cash or 8.375% PIK), 5/15/22(3)(9)		185		187,081
Eagle Holding Co. II, LLC, 7.75%, (7.75% Cash or 8.50% PIK), 5/15/22(3)(9)		411		418,192
Encompass Health Corp., 4.50%, 2/1/28		90		92,250
Encompass Health Corp., 4.75%, 2/1/30		110		113,713
HCA, Inc., 5.00%, 3/15/24		110		120,111
HCA, Inc., 5.375%, 9/1/26		270		294,975
HCA, Inc., 5.625%, 9/1/28		330		371,662
HCA, Inc., 5.875%, 2/15/26		750		845,625
HCA, Inc., 5.875%, 2/1/29		190		215,650
Tenet Healthcare Corp., 4.625%, 9/1/24(3)		49		50,316
Tenet Healthcare Corp., 4.875%, 1/1/26(3)		290		300,331
Tenet Healthcare Corp., 5.125%, 11/1/27(3)		290		302,682
Tenet Healthcare Corp., 6.75%, 6/15/23		260		276,575
WellCare Health Plans, Inc., 5.25%, 4/1/25		318		333,999
WellCare Health Plans, Inc., 5.375%, 8/15/26(3)		261		278,291
			$	4,293,375
Hotels, Restaurants & Leisure — 1.8%
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 3.875%, 1/15/28(3)		119	$	119,928

Security		Principal Amount* (000’s omitted)		Value
Hotels, Restaurants & Leisure (continued)
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24(3)			325	$	334,344
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.00%, 10/15/25(3)			504		520,380
Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25(3)			232		238,090
Eldorado Resorts, Inc., 6.00%, 4/1/25			141		148,931
Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24(3)			490		505,925
Golden Nugget, Inc., 6.75%, 10/15/24(3)			266		274,672
Golden Nugget, Inc., 8.75%, 10/1/25(3)			155		163,525
Jack Ohio Finance, LLC/Jack Ohio Finance 1 Corp., 10.25%, 11/15/22(3)			342		363,375
Melco Resorts Finance, Ltd., 5.625%, 7/17/27(3)			200		209,094
Merlin Entertainments PLC, 5.75%, 6/15/26(3)			200		213,750
MGM Resorts International, 5.75%, 6/15/25			240		267,600
Motion Bondco DAC, 4.50%, 11/15/27(5)(6)	EUR		210		238,934
NCL Corp., Ltd., 4.75%, 12/15/21(3)			121		122,966
Scientific Games International, Inc., 10.00%, 12/1/22			229		236,156
Viking Cruises, Ltd., 5.875%, 9/15/27(3)			730		777,450
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(3)			213		222,319
Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp., 5.125%, 10/1/29(3)			219		229,266
Yum! Brands, Inc., 4.75%, 1/15/30(3)			138		145,072
				$	5,331,777
Household Products — 0.2%
Central Garden & Pet Co., 5.125%, 2/1/28			50	$	51,615
Central Garden & Pet Co., 6.125%, 11/15/23			235		244,106
Energizer Holdings, Inc., 6.375%, 7/15/26(3)			64		68,403
Spectrum Brands, Inc., 5.00%, 10/1/29(3)			73		74,825
Spectrum Brands, Inc., 5.75%, 7/15/25			120		125,700
				$	564,649
Independent Power and Renewable Electricity Producers — 0.4%
Calpine Corp., 5.25%, 6/1/26(3)			150	$	156,563
Calpine Corp., 5.50%, 2/1/24			45		45,281
Calpine Corp., 5.75%, 1/15/25			295		303,481
NRG Energy, Inc., 5.75%, 1/15/28			210		228,112
NRG Energy, Inc., 7.25%, 5/15/26			350		384,573
				$	1,118,010
Industrial Conglomerates — 0.1%
Advanced Drainage Systems, Inc., 5.00%, 9/30/27(3)			46	$	47,150

22 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Industrial Conglomerates (continued)
Hillman Group, Inc. (The), 6.375%, 7/15/22(3)			139	$	128,575
				$	175,725
Insurance — 0.8%
Alliant Holdings Intermediate, LLC/Alliant HoldingsCo-Issuer, 6.75%, 10/15/27(3)			401	$	418,087
Ardonagh Midco 3 PLC, 8.375%, 7/15/23(6)	GBP		250		304,263
Galaxy Bidco, Ltd., 6.50%, 7/31/26(6)	GBP		650		856,186
Galaxy Finco, Ltd., 9.25%, 7/31/27(6)	GBP		175		220,452
GTCR AP Finance, Inc., 8.00%, 5/15/27(3)			100		102,500
Hub International, Ltd., 7.00%, 5/1/26(3)			415		428,487
USI, Inc., 6.875%, 5/1/25(3)			169		172,380
				$	2,502,355
Machinery — 0.3%
Cloud Crane, LLC, 10.125%, 8/1/24(3)			190	$	201,162
Colfax Corp., 6.00%, 2/15/24(3)			83		88,499
Colfax Corp., 6.375%, 2/15/26(3)			136		147,560
Granite Holdings US Acquisition Co., 11.00%, 10/1/27(3)			93		86,723
Navistar International Corp., 6.625%, 11/1/25(3)			430		440,750
				$	964,694
Media — 4.3%
Altice Finco S.A., 4.75%, 1/15/28(6)	EUR		1,050	$	1,142,301
Altice France S.A., 3.375%, 1/15/28(6)	EUR		439		491,593
Altice France S.A., 5.50%, 1/15/28(3)			281		286,971
Altice France S.A., 7.375%, 5/1/26(3)			455		488,372
Altice France S.A., 8.125%, 2/1/27(3)			750		833,437
Altice Luxembourg SA, 8.00%, 5/15/27(6)	EUR		505		619,234
Altice Luxembourg SA, 10.50%, 5/15/27(3)			253		286,839
AMC Entertainment Holdings, Inc., 6.375%, 11/15/24	GBP		345		430,281
Cablevision Systems Corp., 5.875%, 9/15/22			50		54,063
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30(3)			322		328,842
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.375%, 6/1/29(3)			110		117,700
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.875%, 4/1/24(3)			1,130		1,180,850
Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/27(3)			230		239,989
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24(3)			42		46,279
CSC Holdings, LLC, 5.50%, 5/15/26(3)			200		211,250
CSC Holdings, LLC, 5.75%, 1/15/30(3)			519		546,896

Security		Principal Amount* (000’s omitted)		Value
Media (continued)
CSC Holdings, LLC, 6.75%, 11/15/21			500	$	540,000
CSC Holdings, LLC, 7.50%, 4/1/28(3)			200		226,000
CSC Holdings, LLC, 10.875%, 10/15/25(3)			422		477,001
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(3)			369		386,066
Diamond Sports Group, LLC/Diamond Sports Finance Co., 6.625%, 8/15/27(3)			369		380,992
DISH DBS Corp., 7.75%, 7/1/26			119		120,351
iHeartCommunications, Inc., 6.375%, 5/1/26			8		8,840
iHeartCommunications, Inc., 8.375%, 5/1/27			110		118,330
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(3)			200		205,250
Live Nation Entertainment, Inc., 4.75%, 10/15/27(3)			185		193,344
MDC Partners, Inc., 6.50%, 5/1/24(3)			139		133,614
Nexstar Escrow, Inc., 5.625%, 7/15/27(3)			146		154,351
Scripps Escrow, Inc., 5.875%, 7/15/27(3)			190		195,168
Sirius XM Radio, Inc., 4.625%, 7/15/24(3)			291		304,822
Sirius XM Radio, Inc., 5.00%, 8/1/27(3)			218		229,990
Summer BC Holdco B S.a.r.l, 5.75%, 10/31/26(6)	EUR		520		582,131
TEGNA, Inc., 5.00%, 9/15/29(3)			181		183,715
Ziggo B.V., 4.25%, 1/15/27(6)	EUR		870		1,047,756
Ziggo B.V., 4.875%, 1/15/30(3)			200		204,314
				$	12,996,932
Metals & Mining — 2.1%
Alcoa Nederland Holding B.V., 6.125%, 5/15/28(3)			200	$	215,000
Alcoa Nederland Holding B.V., 7.00%, 9/30/26(3)			770		840,262
Allegheny Ludlum, LLC, 6.95%, 12/15/25			1,050		1,094,625
Allegheny Technologies, Inc., 5.95%, 1/15/21			50		51,750
Allegheny Technologies, Inc., 7.875%, 8/15/23			330		360,624
BHP Billiton Finance USA, Ltd., 6.75% to 10/20/25, 10/19/75(3)(4)			270		316,972
Bombardier, Inc., 6.00%, 10/15/22(3)			637		624,260
Bombardier, Inc., 6.125%, 1/15/23(3)			168		164,640
Bombardier, Inc., 7.875%, 4/15/27(3)			232		219,820
Centennial Resource Production, LLC, 5.375%, 1/15/26(3)			320		301,600
Eldorado Gold Corp., 9.50%, 6/1/24(3)			97		105,245
First Quantum Minerals, Ltd., 6.875%, 3/1/26(3)			200		196,750
First Quantum Minerals, Ltd., 7.25%, 4/1/23(3)			365		367,966
Freeport-McMoRan, Inc., 4.55%, 11/14/24			75		78,188
Freeport-McMoRan, Inc., 5.45%, 3/15/43			222		207,570
Hecla Mining Co., 6.875%, 5/1/21			131		129,690
Hudbay Minerals, Inc., 7.25%, 1/15/23(3)			115		119,301
Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24(3)			179		182,870
Novelis Corp., 5.875%, 9/30/26(3)			180		189,468

23 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Metals & Mining (continued)
Novelis Corp., 6.25%, 8/15/24(3)			625	$	656,250
				$	6,422,851
Multi-Utilities — 0.3%
Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23(4)(7)			425	$	451,866
Thames Water Kemble Finance PLC, 5.875%, 7/15/22(6)	GBP		375		499,728
				$	951,594
Oil, Gas & Consumable Fuels — 4.8%
Aker BP ASA, 4.75%, 6/15/24(3)			150	$	156,375
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.50%, 5/20/25			105		113,148
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.625%, 5/20/24			24		25,980
Antero Resources Corp., 5.375%, 11/1/21			1,000		897,500
Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 7.00%, 11/1/26(3)			342		263,340
Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 10.00%, 4/1/22(3)			505		480,406
Berry Petroleum Co., LLC, 7.00%, 2/15/26(3)			115		107,525
Brazos Valley Longhorn, LLC/Brazos Valley Longhorn Finance Corp., 6.875%, 2/1/25			145		114,550
Centennial Resource Production, LLC, 6.875%, 4/1/27(3)			284		279,740
Cheniere Energy Partners, L.P., 5.25%, 10/1/25			235		244,106
Citgo Holding, Inc., 9.25%, 8/1/24(3)			229		239,591
Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26			110		115,225
Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26			120		126,300
CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25(3)			635		623,106
CVR Refining, LLC/Coffeyville Finance, Inc., 6.50%, 11/1/22			256		259,200
DCP Midstream, L.P., Series A, 7.375% to 12/15/22(4)(7)			160		154,243
Diamondback Energy, Inc., 4.75%, 11/1/24			60		62,175
Diamondback Energy, Inc., 5.375%, 5/31/25			140		146,650
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.50%, 1/30/26(3)			155		160,428
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.75%, 1/30/28(3)			205		216,792
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(4)(7)			392		271,186
Enterprise Products Operating, LLC, Series E, 5.25% to 8/16/27, 8/16/77(4)			455		468,095
EP Energy, LLC/Everest Acquisition Finance, Inc., 7.75%, 5/15/26(3)(10)			80		56,000

Security	Principal Amount* (000’s omitted)		Value
Oil, Gas & Consumable Fuels (continued)
Extraction Oil & Gas, Inc., 5.625%, 2/1/26(3)		269	$	115,670
Extraction Oil & Gas, Inc., 7.375%, 5/15/24(3)		195		80,925
Gran Tierra Energy, Inc., 7.75%, 5/23/27(3)		250		240,000
Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21(3)		757		618,847
Hilcorp Energy I, L.P./Hilcorp Finance Co., 5.75%, 10/1/25(3)		3		2,693
Hilcorp Energy I, L.P./Hilcorp Finance Co., 6.25%, 11/1/28(3)		401		340,850
Jagged Peak Energy, LLC, 5.875%, 5/1/26		86		87,290
Matador Resources Co., 5.875%, 9/15/26		370		357,050
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(3)		275		187,000
Murphy Oil USA, Inc., 4.75%, 9/15/29		131		137,059
Murphy Oil USA, Inc., 5.625%, 5/1/27		65		70,084
Neptune Energy Bondco PLC, 6.625%, 5/15/25(6)		1,225		1,225,000
Neptune Energy Bondco PLC, 6.625%, 5/15/25(3)		300		300,000
Newfield Exploration Co., 5.625%, 7/1/24		65		71,315
Nine Energy Service, Inc., 8.75%, 11/1/23(3)		110		83,600
Odebrecht Oil & Gas Finance, Ltd., 0.0%(3)(7)		862		9,911
Parsley Energy, LLC/Parsley Finance Corp., 5.25%, 8/15/25(3)		75		77,252
Parsley Energy, LLC/Parsley Finance Corp., 5.375%, 1/15/25(3)		140		144,827
Parsley Energy, LLC/Parsley Finance Corp., 5.625%, 10/15/27(3)		137		142,138
Parsley Energy, LLC/Parsley Finance Corp., 6.25%, 6/1/24(3)		150		156,563
PBF Holding Co., LLC/PBF Finance Corp., 7.00%, 11/15/23		100		103,500
PBF Holding Co., LLC/PBF Finance Corp., 7.25%, 6/15/25		588		616,665
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(4)(7)		710		663,154
Precision Drilling Corp., 6.50%, 12/15/21		8		8,007
Precision Drilling Corp., 7.125%, 1/15/26(3)		75		65,250
Precision Drilling Corp., 7.75%, 12/15/23		10		9,500
Seven Generations Energy, Ltd., 5.375%, 9/30/25(3)		255		249,581
Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25(3)		440		371,800
SM Energy Co., 5.625%, 6/1/25		85		72,464
SM Energy Co., 6.125%, 11/15/22		326		312,145
SM Energy Co., 6.625%, 1/15/27		155		130,975
SM Energy Co., 6.75%, 9/15/26		196		169,050
Sunoco, L.P./Sunoco Finance Corp., 4.875%, 1/15/23		145		149,169
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 5.875%, 4/15/26		155		162,378
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 6.50%, 7/15/27(3)		102		109,397

24 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued

Security	Principal Amount* (000’s omitted)		Value
Oil, Gas & Consumable Fuels (continued)
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 6.875%, 1/15/29(3)		203	$	220,001
Teleflex, Inc., 4.625%, 11/15/27		160		168,200
Transocean Guardian, Ltd., 5.875%, 1/15/24(3)		156		156,529
Transocean Pontus, Ltd., 6.125%, 8/1/25(3)		107		107,067
Transocean Poseidon, Ltd., 6.875%, 2/1/27(3)		51		51,677
Transocean, Inc., 7.25%, 11/1/25(3)		228		202,350
Transocean, Inc., 7.50%, 1/15/26(3)		84		75,180
Whiting Petroleum Corp., 5.75%, 3/15/21		113		106,785
WPX Energy, Inc., 5.25%, 10/15/27		67		65,325
			$	14,375,884
Pharmaceuticals — 0.8%
Bausch Health Americas, Inc., 8.50%, 1/31/27(3)		448	$	505,120
Bausch Health Americas, Inc., 9.25%, 4/1/26(3)		105		119,046
Bausch Health Cos., Inc., 5.50%, 3/1/23(3)		47		47,588
Bausch Health Cos., Inc., 5.50%, 11/1/25(3)		129		135,290
Bausch Health Cos., Inc., 5.75%, 8/15/27(3)		72		78,367
Bausch Health Cos., Inc., 5.875%, 5/15/23(3)		24		24,438
Bausch Health Cos., Inc., 6.125%, 4/15/25(3)		60		62,438
Bausch Health Cos., Inc., 6.50%, 3/15/22(3)		155		159,875
Bausch Health Cos., Inc., 7.00%, 3/15/24(3)		281		294,678
Bausch Health Cos., Inc., 7.00%, 1/15/28(3)		94		101,637
Bausch Health Cos., Inc., 7.25%, 5/30/29(3)		98		108,167
Bausch Health Cos., Inc., 9.00%, 12/15/25(3)		245		276,801
Catalent Pharma Solutions, Inc., 4.875%, 1/15/26(3)		270		280,125
Vizient, Inc., 6.25%, 5/15/27(3)		67		72,422
			$	2,265,992
Pipelines — 0.9%
Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.375%, 9/15/24		57	$	46,455
Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.75%, 3/1/27(3)		242		181,500
Cheniere Corpus Christi Holdings, LLC, 5.875%, 3/31/25		193		214,489
Cheniere Corpus Christi Holdings, LLC, 7.00%, 6/30/24		122		140,615
Cheniere Energy Partners, L.P., 4.50%, 10/1/29(3)		371		379,811
Cheniere Energy Partners, L.P., 5.625%, 10/1/26		215		228,169
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.625%, 5/1/27(3)		190		191,904
Energy Transfer Operating, L.P., 5.875%, 1/15/24		15		16,668
Energy Transfer Operating, L.P., Series A, 6.25% to 2/15/23(4)(7)		504		469,486
EnLink Midstream, LLC, 5.375%, 6/1/29		166		147,740

Security	Principal Amount* (000’s omitted)		Value
Pipelines (continued)
Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25(3)		123	$	116,563
Holly Energy Partners, L.P./Holly Energy Finance Corp., 6.00%, 8/1/24(3)		60		62,775
MPLX, L.P., 6.375%, 5/1/24(3)		105		110,378
NGPL PipeCo, LLC, 4.375%, 8/15/22(3)		50		51,944
Tallgrass Energy Partners, L.P./Tallgrass Energy Finance Corp., 5.50%, 1/15/28(3)		143		134,777
Williams Cos., Inc. (The), 5.75%, 6/24/44		85		98,163
			$	2,591,437
Real Estate Investment Trusts (REITs) — 0.3%
Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26(3)		287	$	300,274
ESH Hospitality, Inc., 4.625%, 10/1/27(3)		225		226,147
ESH Hospitality, Inc., 5.25%, 5/1/25(3)		160		165,400
Greystar Real Estate Partners, LLC, 5.75%, 12/1/25(3)		274		286,330
RHP Hotel Properties, L.P./RHP Finance Corp., 5.00%, 4/15/23		67		68,675
			$	1,046,826
Real Estate Management & Development — 0.4%
AT Securities B.V., 5.25% to 7/21/23(4)(6)(7)		1,250	$	1,268,714
			$	1,268,714
Software — 0.2%
CDK Global, Inc., 5.25%, 5/15/29(3)		96	$	102,060
j2 Cloud Services, LLC/j2 GlobalCo-Obligor, Inc., 6.00%, 7/15/25(3)		255		271,894
SS&C Technologies, Inc., 5.50%, 9/30/27(3)		95		101,531
			$	475,485
Specialty Retail — 0.1%
Entegris, Inc., 4.625%, 2/10/26(3)		77	$	79,659
Party City Holdings, Inc., 6.125%, 8/15/23(3)		101		101,757
Party City Holdings, Inc., 6.625%, 8/1/26(3)		58		56,260
			$	237,676
Technology Hardware, Storage & Peripherals — 0.2%
Dell International, LLC/EMC Corp., 5.45%, 6/15/23(3)		135	$	146,856
Dell International, LLC/EMC Corp., 5.875%, 6/15/21(3)		136		138,262
Dell International, LLC/EMC Corp., 6.02%, 6/15/26(3)		315		359,757
MTS Systems Corp., 5.75%, 8/15/27(3)		77		80,850
			$	725,725

25 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued

Security		Principal Amount* (000’s omitted)		Value
Telecommunications — 2.1%
CommScope, Inc., 8.25%, 3/1/27(3)			354	$	336,647
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(3)			447		463,763
eircom Finance DAC, 3.50%, 5/15/26(6)	EUR		510		597,426
Hughes Satellite Systems Corp., 5.25%, 8/1/26			145		155,875
Hughes Satellite Systems Corp., 6.625%, 8/1/26			95		103,075
Intelsat Jackson Holdings S.A., 5.50%, 8/1/23			30		28,200
Intelsat Jackson Holdings S.A., 8.00%, 2/15/24(3)			200		206,800
Intelsat Jackson Holdings S.A., 8.50%, 10/15/24(3)			216		218,093
Sable International Finance, Ltd., 5.75%, 9/7/27(3)			200		208,750
Sprint Capital Corp., 6.875%, 11/15/28			556		604,650
Sprint Corp., 7.875%, 9/15/23			1,858		2,055,412
T-Mobile USA, Inc., 4.50%, 2/1/26			155		160,425
T-Mobile USA, Inc., 4.75%, 2/1/28			170		179,775
Telecom Italia SpA, 3.00%, 9/30/25(6)	EUR		520		624,427
Telecom Italia SpA, 5.303%, 5/30/24(3)			337		361,854
ViaSat, Inc., 5.625%, 4/15/27(3)			143		151,001
				$	6,456,173
Toys, Games & Hobbies — 0.2%
Mattel, Inc., 6.75%, 12/31/25(3)			478	$	501,302
				$	501,302
Transportation — 0.3%
CMA CGM S.A., 5.25%, 1/15/25(6)	EUR		127	$	96,494
Watco Cos., LLC/Watco Finance Corp., 6.375%, 4/1/23(3)			260		265,850
XPO Logistics, Inc., 6.125%, 9/1/23(3)			80		82,600
XPO Logistics, Inc., 6.50%, 6/15/22(3)			375		382,969
				$	827,913
Water Utilities — 0.2%
Anglian Water Osprey Financing PLC, 4.00%, 3/8/26(6)	GBP		475	$	577,651
				$	577,651
Wireless Telecommunication Services — 0.1%
Sprint Corp., 7.625%, 3/1/26			157	$	174,074
				$	174,074
Total Corporate Bonds & Notes (identified cost $114,919,990)				$	116,606,427

Senior Floating-Rate Loans — 2.0%(11)
Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Aerospace and Defense — 0.0%(1)
TransDigm, Inc., Term Loan, 4.29%, (1 mo. USD LIBOR + 2.50%), Maturing 5/30/25	$	131	$	130,390
			$	130,390
Business Equipment and Services — 0.1%
EIG Investors Corp., Term Loan, 5.88%, (3 mo. USD LIBOR + 3.75%), Maturing 2/9/23	$	421	$	400,207
			$	400,207
Cable and Satellite Television — 0.1%
CSC Holdings, LLC, Term Loan, 4.33%, (3 mo. USD LIBOR + 2.50%), Maturing 4/15/27	$	152	$	151,619
			$	151,619
Electronics/Electrical — 0.3%
Applied Systems, Inc., Term Loan, 5.10%, (3 mo. USD LIBOR + 3.00%), Maturing 9/19/24	$	347	$	345,634
Cortes NP Acquisition Corporation, Term Loan, 5.93%, (3 mo. USD LIBOR + 4.00%), Maturing 11/30/23		314		297,461
SS&C Technologies Holdings Europe S.a.r.l., Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing 4/16/25		52		52,191
SS&C Technologies, Inc., Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing 4/16/25		79		78,983
SS&C Technologies, Inc., Term Loan, 4.04%, (1 mo. USD LIBOR + 2.25%), Maturing 4/16/25		290		291,466
			$	1,065,735
Financial Intermediaries — 0.1%
Navistar International Corporation, Term Loan, 5.42%, (1 mo. USD LIBOR + 3.50%), Maturing 11/6/24	$	282	$	279,164
			$	279,164
Food Products — 0.1%
HLF Financing S.a.r.l., Term Loan, 5.04%, (1 mo. USD LIBOR + 3.25%), Maturing 8/18/25	$	292	$	293,302
			$	293,302
Health Care — 0.2%
Envision Healthcare Corporation, Term Loan, Maturing 10/10/25(12)	$	189	$	153,368
National Mentor Holdings, Inc., Term Loan, 6.04%, (1 mo. USD LIBOR + 4.25%), Maturing 3/9/26		307		307,579
National Mentor Holdings, Inc., Term Loan, 6.04%, (1 mo. USD LIBOR + 4.25%), Maturing 3/9/26		19		19,038
			$	479,985

26 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Home Furnishings — 0.0%(1)
Hillman Group, Inc. (The), Term Loan, 5.79%, (1 mo. USD LIBOR + 4.00%), Maturing 5/31/25	$	115	$	109,404
			$	109,404
Insurance — 0.4%
Asurion, LLC, Term Loan - Second Lien, 8.29%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25	$	1,221	$	1,229,286
			$	1,229,286
Lodging and Casinos — 0.1%
Stars Group Holdings B.V. (The), Term Loan, 5.60%, (3 mo. USD LIBOR + 3.50%), Maturing 7/10/25	$	183	$	183,867
			$	183,867
Radio and Television — 0.1%
iHeartCommunications, Inc., Term Loan, 6.03%, (1 mo. USD LIBOR + 4.00%), Maturing 5/1/26	$	28	$	28,332
iHeartCommunications, Inc., Term Loan, Maturing 5/1/26(12)		272		179,067
			$	207,399
Steel — 0.3%
Big River Steel, LLC, Term Loan, 7.10%, (3 mo. USD LIBOR + 5.00%), Maturing 8/23/23	$	172	$	170,911
GrafTech Finance, Inc., Term Loan, 5.29%, (1 mo. USD LIBOR + 3.50%), Maturing 2/12/25		694		667,054
			$	837,965
Telecommunications — 0.1%
CenturyLink, Inc., Term Loan, 4.54%, (1 mo. USD LIBOR + 2.75%), Maturing 1/31/25	$	311	$	308,799
Intelsat Jackson Holdings S.A., Term Loan, 6.63%, Maturing 1/2/24(13)		110		112,860
			$	421,659
Utilities — 0.1%
TEX Operations Co., LLC, Term Loan, 3.79%, (1 mo. USD LIBOR + 2.00%), Maturing 8/4/23	$	335	$	336,748
			$	336,748
Total Senior Floating-Rate Loans (identified cost $6,194,709)			$	6,126,730

Exchange-Traded Funds— 0.5%
Security	Shares		Value
Equity Funds— 0.5%
First Trust Preferred Securities and Income ETF		70,885	$	1,409,194
Total Exchange-Traded Funds (identified cost $1,369,444)			$	1,409,194
Miscellaneous — 0.0%
Security	Principal Amount		Value
Telecommunications — 0.0%
Avaya, Inc., Escrow Certificates(2)(14)	$	200,000	$	0
Total Miscellaneous (identified cost $0)			$	0
Warrants— 0.0%(1)
Security	Shares		Value
Media— 0.0%(1)
iHeartMedia, Inc., Class A, Exp. 5/1/39(2)		1,071	$	14,860
Total Warrants (identified cost $19,546)			$	14,860
Short-Term Investments— 0.5%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.97%(15)		1,345,311	$	1,345,311
Total Short-Term Investments (identified cost $1,345,310)			$	1,345,311
Total Investments — 98.8% (identified cost $272,424,644)			$	298,267,916
Other Assets, Less Liabilities — 1.2%			$	3,751,980
Net Assets — 100.0%			$	302,019,896

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾  Amount is less than 0.05%.

⁽²⁾  Non-income producing security.

27 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Portfolio of Investments — continued

⁽³⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2019, the aggregate value of these securities is $60,105,577 or 19.9% of the Portfolio’s net assets.

⁽⁴⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁵⁾  When-issued security.

⁽⁶⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2019, the aggregate value of these securities is $25,447,413 or 8.4% of the Portfolio’s net assets.

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

⁽⁸⁾  Variable rate security. The stated interest rate represents the rate in effect at October 31, 2019.

⁽⁹⁾  Represents apayment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

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

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

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

⁽¹³⁾  Fixed-rate loan.

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

⁽¹⁵⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualizedseven-day yield as of October 31, 2019.

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		59.4	%	$	177,312,683
United Kingdom		8.8			26,155,210
Japan		4.0			11,907,292
France		3.9			11,510,399
Canada		3.6			10,684,780
Spain		3.1			9,421,101
Luxembourg		2.5			7,498,908
Switzerland		2.1			6,317,533
Netherlands		2.0			5,971,227
Sweden		1.9			5,823,548
Germany		1.7			5,052,721
Denmark		1.0			2,889,952
Belgium		0.8			2,377,663
Taiwan		0.7			2,175,533
United Arab Emirates		0.7			2,166,492
Australia		0.7			2,088,803
Italy		0.7			1,983,410
Ireland		0.6			1,939,818
Hong Kong		0.5			1,512,973
China		0.3			838,598
Zambia		0.2			564,716
New Zealand		0.1			268,576
Mexico		0.1			230,500
Norway		0.1			156,375
Brazil		0.0	(1)		9,911
Exchange-Traded Funds		0.5			1,409,194
Total Investments		100.0	%	$	298,267,916

⁽¹⁾   Amount is less than 0.05%.

Abbreviations:

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

Currency Abbreviations:

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

28 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Statement of Assets and Liabilities

Assets	October 31, 2019
Unaffiliated investments, at value (identified cost, $271,079,334)	$	296,922,605
Affiliated investment, at value (identified cost, $1,345,310)		1,345,311
Cash		24,025
Foreign currency, at value (identified cost, $748,292)		750,312
Interest and dividends receivable		2,079,849
Dividends receivable from affiliated investment		687
Receivable for investments sold		1,053,872
Tax reclaims receivable		2,143,622
Total assets	$	304,320,283
Liabilities
Payable for investments purchased	$	1,215,519
Payable for when-issued securities		802,585
Payable to affiliates:
Investment adviser fee		139,659
Trustees’ fees		1,426
Accrued expenses		141,198
Total liabilities	$	2,300,387
Net Assets applicable to investors’ interest in Portfolio	$	302,019,896

29 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Statement of Operations

Investment Income	Year Ended October 31, 2019
Dividends (net of foreign taxes, $1,007,901)	$	9,027,735
Interest (net of foreign taxes, $23,922)		7,467,706
Dividends from affiliated investment		87,117
Total investment income	$	16,582,558
Expenses
Investment adviser fee	$	1,839,059
Trustees’ fees and expenses		16,565
Custodian fee		172,568
Legal and accounting services		59,201
Miscellaneous		44,971
Total expenses	$	2,132,364
Net investment income	$	14,450,194
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(6,492,579	)
Investment transactions — affiliated investment		82
Financial futures contracts		(390,797	)
Foreign currency transactions		(87,387	)
Net realized loss	$	(6,970,681	)
Change in unrealized appreciation (depreciation) —
Investments	$	25,223,820
Investments — affiliated investment		219
Foreign currency		27,678
Net change in unrealized appreciation (depreciation)	$	25,251,717
Net realized and unrealized gain	$	18,281,036
Net increase in net assets from operations	$	32,731,230

30 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Statements of Changes in Net Assets

	Year Ended October 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	14,450,194		$	12,297,508
Net realized gain (loss)		(6,970,681	)		9,137,041	(1)
Net change in unrealized appreciation (depreciation)		25,251,717			(23,312,588	)
Net increase (decrease) in net assets from operations	$	32,731,230		$	(1,878,039	)
Capital transactions —
Contributions	$	4,524,358		$	11,555,928
Withdrawals		(58,888,266	)		(50,914,402	)
Portfolio transaction fee		215,407			197,464
Net decrease in net assets from capital transactions	$	(54,148,501	)	$	(39,161,010	)
Net decrease in net assets	$	(21,417,271	)	$	(41,039,049	)
Net Assets
At beginning of year	$	323,437,167		$	364,476,216
At end of year	$	302,019,896		$	323,437,167

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

31 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Financial Highlights

	Year Ended October 31,									Period Ended October 31,  2016(1)
Ratios/Supplemental Data	2019			2018			2017
Ratios (as a percentage of average daily net assets):
Expenses		0.70	%		0.75	%		0.75	%		0.80	%(2)
Net investment income		4.72	%		3.47	%		4.56	%		3.75	%(2)
Portfolio Turnover		86	%		102	%		143	%		66	%(3)
Total Return		11.57	%		(1.00	)%		15.99	%		3.65	%(3)
Net assets, end of period (000’s omitted)	$	302,020		$	323,437		$	364,476		$	376,698

⁽¹⁾   For the period from the start of business, March 28, 2016, to October 31, 2016.

⁽²⁾  Annualized.

⁽³⁾  Not annualized.

32 See Notes to Financial Statements.

Global Income Builder Portfolio

October 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Global Income Builder Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified,open-end management investment company. The Portfolio’s investment objective is to achieve total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At October 31, 2019, Eaton Vance Global Income Builder Fund and Eaton Vance Global Income Builder NextShares held an interest of 97.9% and 2.1%, respectively, in the Portfolio.

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

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

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

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

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

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below.

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

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

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

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

33

Global Income Builder Portfolio

October 31, 2019

Notes to Financial Statements — continued

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

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

As of October 31, 2019, the Portfolio had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

I  When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis aremarked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

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

34

Global Income Builder Portfolio

October 31, 2019

Notes to Financial Statements — continued

maximum Portfolio transaction fee is 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets.

2  Investment Adviser Fee and Other Transactions with Affiliates

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

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $257,133,064 and $295,982,344, respectively, for the year ended October 31, 2019.

4  Federal Income Tax Basis of Investments

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

Aggregate cost	$	272,861,167
Gross unrealized appreciation	$	32,729,294
Gross unrealized depreciation		(7,322,545	)
Net unrealized appreciation	$	25,406,749

5  Financial Instruments

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

The Portfolio is subject to equity price risk in the normal course of pursuing its investment objective. During the year ended October 31, 2019, the Portfolio entered into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.

35

Global Income Builder Portfolio

October 31, 2019

Notes to Financial Statements — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended October 31, 2019 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income
Futures contracts	$	(390,797	)	$	—

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

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

Futures Contracts — Long		Futures Contracts — Short
	$8,079,000	$	7,969,000

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended October 31, 2019.

7  Risks Associated with Foreign Investments

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

8  Investments in Affiliated Funds

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

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC, 1.97%	$	2,714,915	$	106,154,621	$	(107,524,526	)	$	82	$	219	$	1,345,311	$	87,117		1,345,311

36

Global Income Builder Portfolio

October 31, 2019

Notes to Financial Statements — continued

9  Fair Value Measurements

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

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

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

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

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

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

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Communication Services	$	13,110,601	$	3,818,433		$	—	$	16,929,034
Consumer Discretionary		9,061,079		8,342,284			—		17,403,363
Consumer Staples		6,252,103		7,903,989			—		14,156,092
Energy		8,446,909		—			—		8,446,909
Financials		16,489,473		10,789,632			—		27,279,105
Health Care		12,104,516		9,843,886			—		21,948,402
Industrials		10,946,798		13,881,198			—		24,827,996
Information Technology		14,988,485		8,757,154			—		23,745,639
Materials		—		6,202,083			—		6,202,083
Real Estate		3,343,260		—			—		3,343,260
Utilities		4,350,279		1,499,479			—		5,849,758
Total Common Stocks	$	99,093,503	$	71,038,138	**	$	—	$	170,131,641
Preferred Stocks
Consumer Staples	$	—	$	519,330		$	—	$	519,330
Energy		612,069		—			—		612,069
Financials		297,442		120,978			—		418,420
Real Estate		756,506		—			—		756,506
Utilities		239,314		88,114			—		327,428
Total Preferred Stocks	$	1,905,331	$	728,422		$	—	$	2,633,753
Corporate Bonds & Notes	$	—	$	116,606,427		$	—	$	116,606,427
Senior Floating-Rate Loans		—		6,126,730			—		6,126,730
Exchange-Traded Funds		1,409,194		—			—		1,409,194
Miscellaneous		—		—			0		0
Warrants		—		14,860			—		14,860
Short-Term Investments		—		1,345,311			—		1,345,311
Total Investments	$	102,408,028	$	195,859,888		$	0	$	298,267,916

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

** Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended October 31, 2019 is not presented.

37

Global Income Builder Portfolio

October 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Global Income Builder Portfolio:

Opinion on the Financial Statements and Financial Highlights

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

Basis for Opinion

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

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

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

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 19, 2019

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

38

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Management and Organization

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

Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 159 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm)(1991-2000). Other Directorships in the Last Five Years. None.
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

39

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Management and Organization — continued

Name and Year of Birth	Trust/Portfolio Position(s)	Trustee Since(1)	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) and 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Other Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015). Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None.

Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Edward J. Perkin 1972	President	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 Calvert Research and Management (“CRM”) since 2016.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM since 2016.

40

Eaton Vance

Global Income Builder NextShares

October 31, 2019

Management and Organization — continued

Name and Year of Birth	Trust/Portfolio Position(s)	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM since 2016.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

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

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

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

41

Eaton Vance Funds

IMPORTANT NOTICES

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

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

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

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

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits delivery of only one copy of fund 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. Your broker may household the mailing of your documents indefinitely unless you instruct your broker otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact your broker. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by your broker.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT 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.

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.

42

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Investment Adviser of Global Income Builder Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Sub-Adviser of Eaton Vance Global Income Builder NextShares and Global Income Builder Portfolio

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Investment Adviser and Administrator of Eaton Vance Global Income Builder NextShares

Eaton Vance Management

Two International Place

Boston, MA 02110

Distributor*

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer and Dividend Disbursing Agent

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

23214    10.31.19

Item 2. Code of Ethics

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

Item 3. Audit Committee Financial Expert

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

Item 4. Principal Accountant Fees and Services

Eaton Vance Global Income Builder NextShares (the “Fund”) is a series of Eaton Vance NextShares Trust (the “Trust”), a Massachusetts business trust, which, including the Fund, contains a total of 2 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as anopen-end management investment company. This FormN-CSR relates to the Fund’s annual report.

(a)-(d)

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

Eaton Vance Global Income Builder NextShares

Fiscal Years Ended	10/31/18		10/31/19
Audit Fees	$	14,000	$	14,150
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	11,450	$	11,502
All Other Fees(3)	$	0	$	0
Total	$	25,450	$	25,652

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

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

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

The various Series comprising the Trust have differing fiscal year ends (October 31 and December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal periods of each Series.

Fiscal Years Ended	12/31/17		10/31/18		12/31/18		10/31/19
Audit Fees	$	12,000	$	14,000	$	12,000	$	14,150
Audit-Related Fees(1)	$	0	$	0	$	0	$	0
Tax Fees(2)	$	8,439	$	11,450	$	9,739	$	11,502
All Other Fees(3)	$	0	$	0	$	0	$	0
Total	$	20,439	$	25,450	$	21,739	$	25,652

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

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

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

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

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

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

(f) Not applicable.

(g) The following table presents (i) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Fund (the only series of the Trust) by D&T for the last two fiscal years of the Fund; and

(ii) the aggregatenon-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the last two fiscal years of each Series.

Fiscal Years Ended	12/31/17		10/31/18		12/31/18		10/31/19
Registrant(1)	$	8,439	$	11,450	$	9,739	$	11,502
Eaton Vance(2)	$	148,018	$	126,485	$	126,485	$	59,903

⁽¹⁾ Includes all of the Series of the Trust. During the fiscal years reported above, certain of the Funds were “feeder” funds in a “master-feeder” fund structure or funds of funds.

⁽²⁾ Various subsidiaries of Eaton Vance Corp. act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable).

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Eaton Vance NextShares Trust

By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	December 23, 2019

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	December 23, 2019
By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	December 23, 2019