Eaton Vance NextShares Trust (EVSTC) N-CSRS Certified semi-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

April 30, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Global Income Builder NextShares (EVGBC)

Listing Exchange:  The NASDAQ Stock Market LLC

Semiannual Report

April 30, 2020

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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. 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. The adviser is also registered as 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.

Semiannual ReportApril 30, 2020

Eaton Vance

Global Income Builder NextShares

Table of Contents

Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Board of Trustees’ Contract Approval	39
Officers and Trustees	43
Important Notices	44

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Performance^1,2,3

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

% Average Annual Total Returns	Fund Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years			Since Fund Inception
Fund at NAV		03/30/2016		11/30/2005		–8.39	%		–5.18	%		3.39	%		6.04	%		4.66	%
Fund at Market Price		03/30/2016		03/30/2016		–8.39			–5.23			—			—			4.66
MSCI World Index		—		—		–7.29	%		–4.00	%		4.92	%		7.67	%		7.50	%
ICE BofA Developed Markets High Yield		—		—		–8.06			–5.91			2.76			5.17			4.53
Ex-Subordinated Financial Index
Blended Index		—		—		–7.46			–4.52			4.25			6.89			6.54
% Total Annual Operating Expense Ratios4
Gross																		2.53	%
Net																		0.85

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 recent month-end, including historical trading premiums/discounts relative to NAV, please refer to eatonvance.com

2

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Fund Profile⁵

Country Allocation (% of net assets)

Asset Allocation (% of net assets)⁷

Top 10 Holdings (% of net assets)⁶

Amazon.com, Inc.	2.1	%
Alphabet, Inc., Class C	2.0
Microsoft Corp.	1.9
Apple, Inc.	1.3
Sanofi	1.0
Nestle S.A.	0.9
Facebook, Inc., Class A	0.8
Keyence Corp.	0.8
Visa, Inc., Class A	0.7
E.ON SE	0.7
Total	12.2	%

See Endnotes and Additional Disclosures in this report.

3

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Endnotes and Additional Disclosures

¹  MSCI World Index is an unmanaged index of equity securities in the developed markets. 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. ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index is an unmanaged index of global developed market below investment grade corporate bonds. ICE^® BofA^® 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. BofA^® 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 BofA Developed Markets High Yield Ex-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.

²  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 when in-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 (versus end- 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.

³  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 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.

⁴  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 2/28/21. 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.

⁵  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.

⁶  Excludes cash and cash equivalents.

⁷  Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective January 1, 2020, the ICE BofAML indices were rebranded as ICE BofA indices.

4

Eaton Vance

Global Income Builder NextShares

April 30, 2020

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 (November 1, 2019 – April 30, 2020).

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 (11/1/19)		Ending Account Value (4/30/20)		Expenses Paid During Period* (11/1/19 – 4/30/20)			Annualized Expense Ratio
Actual
	$	1,000.00	$	916.10	$	4.05	**		0.85	%
Hypothetical
(5% return per year before expenses)
	$	1,000.00	$	1,020.60	$	4.27	**		0.85	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 October 31, 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.

5

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Investment in Global Income Builder Portfolio, at value (identified cost, $5,412,882)	$	5,459,265
Receivable from affiliates		2,230
Total assets	$	5,461,495
Liabilities
Payable to affiliates:
Administration fee	$	650
Operations agreement fee		217
Trustees’ fees		42
Accrued expenses		127,092
Total liabilities	$	128,001
Net Assets	$	5,333,494
Sources of Net Assets
Paid-in capital	$	7,943,821
Accumulated loss		(2,610,327	)
Total	$	5,333,494
Net Asset Value Per Share
($5,333,494 ÷ 600,000 shares issued and outstanding)	$	8.89

6 See Notes to Financial Statements.

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest allocated from Portfolio (net of foreign taxes, $23)	$	72,244
Dividends allocated from Portfolio (net of foreign taxes, $9,169)		71,402
Expenses allocated from Portfolio		(20,376	)
Total investment income from Portfolio	$	123,270
Expenses
Administration fee	$	4,510
Operations agreement fee		1,503
Trustees’ fees and expenses		250
Custodian fee		28,418
Transfer and dividend disbursing agent fees		6,806
Legal and accounting services		13,189
Printing and postage		4,680
Listing fee		3,580
Intraday pricing fee		5,967
Miscellaneous		3,193
Total expenses	$	72,096
Deduct —
Allocation of expenses to affiliates	$	66,848
Total expense reductions	$	66,848
Net expenses	$	5,248
Net investment income	$	118,022
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(210,482	)
Financial futures contracts		36,789
Foreign currency transactions		(2,142	)
Net realized loss	$	(175,835	)
Change in unrealized appreciation (depreciation) —
Investments	$	(477,082	)
Financial futures contracts		9,407
Foreign currency		(337	)
Forward foreign currency exchange contracts		19
Net change in unrealized appreciation (depreciation)	$	(467,993	)
Net realized and unrealized loss	$	(643,828	)
Net decrease in net assets from operations	$	(525,806	)

7 See Notes to Financial Statements.

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	118,022		$	293,030
Net realized loss		(175,835	)		(134,796	)
Net change in unrealized appreciation (depreciation)		(467,993	)		470,971
Net increase (decrease) in net assets from operations	$	(525,806	)	$	629,205
Distributions to shareholders	$	(109,688	)	$	(610,582	)
Tax return of capital to shareholders	$	—		$	(81,231	)
Transactions in Fund shares —
Cost of shares redeemed	$	(215,826	)	$	—
Transaction fees		971			—
Net increase (decrease) in net assets from Fund share transactions	$	(214,855	)	$	—
Other capital —
Portfolio transaction fee contributed to Portfolio	$	(877	)	$	(2,621	)
Portfolio transaction fee allocated from Portfolio		2,302			4,247
Net increase in net assets from other capital	$	1,425		$	1,626
Net decrease in net assets	$	(848,924	)	$	(60,982	)
Net Assets
At beginning of period	$	6,182,418		$	6,243,400
At end of period	$	5,333,494		$	6,182,418
Changes in shares outstanding
Shares outstanding, beginning of period		625,000			625,000
Shares redeemed		(25,000	)		—
Shares outstanding, end of period		600,000			625,000

8 See Notes to Financial Statements.

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,									Period Ended October 31,  2016(1)(2)
				2019			2018			2017(1)
Net asset value — Beginning of period	$	9.890		$	9.990		$	11.200		$	10.140		$	10.000
Income (Loss) From Operations
Net investment income(3)	$	0.189		$	0.469		$	0.358		$	0.502		$	0.193
Net realized and unrealized gain (loss)		(1.015	)		0.535			(0.435	)		1.073			0.091
Total income (loss) from operations	$	(0.826	)	$	1.004		$	(0.077	)	$	1.575		$	0.284
Less Distributions
From net investment income	$	(0.176	)	$	(0.369	)	$	(1.083	)	$	(0.519	)	$	(0.150	)
From net realized gain		—			(0.608	)		(0.051	)		—			—
Tax return of capital		—			(0.130	)		—			—			—
Total distributions	$	(0.176	)	$	(1.107	)	$	(1.134	)	$	(0.519	)	$	(0.150	)
Portfolio transaction fee, net(3)	$	0.002		$	0.003		$	0.001		$	0.004		$	0.006
Net asset value — End of period	$	8.890		$	9.890		$	9.990		$	11.200		$	10.140
Total Return on Net Asset Value(4)(6)		(8.39	)%(5)		11.48	%		(1.10	)%		15.89	%		2.90	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,333		$	6,182		$	6,243		$	6,720		$	14,700
Ratios (as a percentage of average daily net assets):(7)
Expenses(6)		0.85	%(8)		0.88	%		0.91	%(9)		0.91	%(9)		0.90	%(8)
Net investment income		3.93	%(8)		4.91	%		3.32	%		4.71	%		3.22	%(8)
Portfolio Turnover of the Portfolio		56	%(5)		86	%		102	%		143	%		66	%(5)(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⁾ Not annualized.

  ⁽⁶⁾ The administrator and sub-adviser reimbursed certain operating expenses (equal to 2.22%, 1.70%, 1.57%, 0.57% and 2.08% of average daily net assets for the six months ended April 30, 2020, 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.

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

  ⁽⁸⁾ Annualized.

  ⁽⁹⁾ 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.

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

9 See Notes to Financial Statements.

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Notes to Financial Statements (Unaudited)

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 April 30, 2020). 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 April 30, 2020, 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.

H  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

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.

10

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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 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 Fee, 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. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Trust on behalf of the Fund and EVM, the fee is computed at an annual rate of 0.55% 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 is payable monthly. On Direct Assets of $500 million and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the 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. For the six months ended April 30, 2020, the Fund incurred no investment adviser fee on Direct Assets.

Pursuant to an investment sub-advisory agreement and subsequent fee reduction agreement, EVM pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Fund. 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 six months ended April 30, 2020, the administration fee amounted to $4,510.

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 six months ended April 30, 2020, the operations agreement fee amounted to $1,503 or 0.05% (annualized) 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% of the Fund’s average daily net assets through February 28, 2021. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM and EVAIL were allocated $66,848 in total of the Fund’s operating expenses for the six months ended April 30, 2020.

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.

4  Investment Transactions

For the six months ended April 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $153,849 and $463,148, 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 1L 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 April 30, 2020, EVM owned approximately 97% of the outstanding shares of the Fund.

11

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited)

Common Stocks — 56.4%
Security	Shares		Value
Auto Components — 0.1%
Nokian Renkaat Oyj		11,952	$	253,924
			$	253,924
Banks — 2.7%
Banco Bilbao Vizcaya Argentaria S.A.		459,954	$	1,503,488
Banco Santander S.A.		314,157		701,948
CaixaBank S.A.		683,638		1,229,950
Canadian Imperial Bank of Commerce		15,993		947,665
Citigroup, Inc.		26,421		1,283,004
ING Groep NV		102,837		576,174
KeyCorp		60,260		702,029
			$	6,944,258
Beverages — 0.8%
Coca-Cola Co. (The)		23,618	$	1,083,830
Diageo PLC		29,345		1,010,344
			$	2,094,174
Biotechnology — 0.4%
CSL, Ltd.		5,482	$	1,092,712
			$	1,092,712
Building Products — 0.6%
Assa Abloy AB, Class B		55,642	$	996,099
Geberit AG		1,148		513,389
			$	1,509,488
Capital Markets — 2.1%
Bank of New York Mellon Corp. (The)		27,163	$	1,019,699
Credit Suisse Group AG		68,614		626,490
Morgan Stanley		29,471		1,162,042
St. James’s Place PLC		101,926		1,085,326
Standard Life Aberdeen PLC		46,712		129,376
UBS Group AG		124,557		1,333,693
			$	5,356,626
Chemicals — 1.7%
Akzo Nobel NV		9,426	$	715,337
BASF SE		35,418		1,812,568
Chr. Hansen Holding A/S		11,127		959,411
Sika AG		4,988		825,061
			$	4,312,377

Security	Shares		Value
Construction & Engineering — 0.0%(1)
Abengoa S.A., Class A(2)		36,194	$	575
Abengoa S.A., Class B(2)		374,261		2,780
			$	3,355
Construction Materials — 0.3%
CRH PLC		29,759	$	902,846
			$	902,846
Consumer Finance — 0.7%
Capital One Financial Corp.		10,222	$	661,977
Cembra Money Bank AG		7,388		702,361
OneMain Holdings, Inc.		23,577		570,799
			$	1,935,137
Diversified Financial Services — 1.0%
Berkshire Hathaway, Inc., Class B(2)		8,161	$	1,529,045
ORIX Corp.		98,303		1,156,779
			$	2,685,824
Diversified Telecommunication Services — 1.7%
Elisa Oyj		4,387	$	266,590
Koninklijke KPN NV		708,856		1,632,737
Proximus SADP		38,383		819,225
Sunrise Communications Group AG(3)		7,955		637,208
Swisscom AG		1,942		1,009,047
Telia Co. AB		36,089		125,480
			$	4,490,287
Electric Utilities — 1.1%
Fortum Oyj		48,233	$	799,228
Iberdrola S.A.		90,409		899,368
NextEra Energy, Inc.		4,658		1,076,557
			$	2,775,153
Electrical Equipment — 1.0%
ABB, Ltd.		10,950	$	207,856
Melrose Industries PLC		725,909		907,315
Schneider Electric SE		16,160		1,493,384
			$	2,608,555
Electronic Equipment, Instruments & Components — 1.5%
CDW Corp.		6,227	$	689,952
Halma PLC		22,132		581,859

12 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Keyence Corp.		5,524	$	1,972,134
Murata Manufacturing Co., Ltd.		12,242		689,799
			$	3,933,744
Entertainment — 1.6%
Nintendo Co., Ltd.		2,061	$	851,036
Vivendi S.A.		78,883		1,704,910
Walt Disney Co. (The)		14,591		1,578,017
			$	4,133,963
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp.		4,616	$	1,098,608
Equity Residential		7,955		517,552
Simon Property Group, Inc.		5,359		357,821
			$	1,973,981
Food & Staples Retailing — 0.8%
Kesko Oyj, Class B		35,564	$	579,483
Koninklijke Ahold Delhaize NV		55,962		1,358,776
			$	1,938,259
Food Products — 2.1%
Mondelez International, Inc., Class A		30,584	$	1,573,241
Nestle S.A.		21,186		2,243,810
Orkla ASA		188,463		1,702,363
			$	5,519,414
Health Care Equipment & Supplies — 1.5%
Boston Scientific Corp.(2)		37,578	$	1,408,424
Intuitive Surgical, Inc.(2)		3,009		1,537,238
Straumann Holding AG		1,237		941,143
			$	3,886,805
Health Care Providers & Services — 0.5%
Anthem, Inc.		4,245	$	1,191,699
			$	1,191,699
Hotels, Restaurants & Leisure — 0.5%
Compass Group PLC		72,871	$	1,226,230
			$	1,226,230
Industrial Conglomerates — 0.7%
DCC PLC		24,853	$	1,767,268
			$	1,767,268

Security	Shares		Value
Insurance — 3.6%
AIA Group, Ltd.(3)		140,924	$	1,293,367
American International Group, Inc.		15,332		389,893
Aviva PLC		211,399		639,297
Baloise Holding AG		6,294		941,692
Helvetia Holding AG		9,972		909,003
Muenchener Rueckversicherungs-Gesellschaft AG		4,701		1,029,633
Progressive Corp. (The)		9,274		716,880
Swiss Life Holding AG		2,975		1,055,004
Swiss Re AG		23,348		1,696,613
Topdanmark A/S		4,816		194,409
Zurich Insurance Group AG		1,174		372,222
			$	9,238,013
Interactive Media & Services — 3.3%
Alphabet, Inc., Class C(2)(4)		3,791	$	5,112,770
Facebook, Inc., Class A(2)		10,387		2,126,323
Tencent Holdings, Ltd.		23,003		1,209,254
			$	8,448,347
Internet & Direct Marketing Retail — 2.1%
Amazon.com, Inc.(2)(4)		2,184	$	5,403,216
			$	5,403,216
IT Services — 1.4%
Amadeus IT Group S.A.		36,312	$	1,733,260
Visa, Inc., Class A		10,758		1,922,670
			$	3,655,930
Leisure Products — 0.4%
Yamaha Corp.		24,360	$	983,298
			$	983,298
Life Sciences Tools & Services — 0.3%
Lonza Group AG		2,061	$	899,968
			$	899,968
Machinery — 1.7%
Ingersoll Rand, Inc.(2)		33,922	$	986,452
Sandvik AB(2)		75,385		1,159,679
SMC Corp.		2,803		1,267,018
Stanley Black & Decker, Inc.		8,089		891,408
			$	4,304,557

13 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Media — 0.0%(1)
Clear Channel Outdoor Holdings, Inc.(2)		3,408	$	3,288
iHeartMedia, Inc., Class A(2)		715		5,019
			$	8,307
Metals & Mining — 0.9%
Boliden AB		35,054	$	706,598
Rio Tinto, Ltd.		26,586		1,498,417
			$	2,205,015
Multi-Utilities — 1.0%
CMS Energy Corp.		12,572	$	717,736
E.ON SE		189,054		1,893,804
			$	2,611,540
Oil, Gas & Consumable Fuels — 2.4%
Chevron Corp.		16,652	$	1,531,984
ConocoPhillips		34,334		1,445,461
EOG Resources, Inc.		18,795		892,951
Koninklijke Vopak NV		12,180		700,677
Phillips 66		23,247		1,700,983
			$	6,272,056
Paper & Forest Products — 0.1%
UPM-Kymmene Oyj		8,545	$	234,348
			$	234,348
Personal Products — 0.6%
Unilever PLC		31,737	$	1,634,207
			$	1,634,207
Pharmaceuticals — 4.3%
Bayer AG		2,371	$	155,939
Eli Lilly & Co.		9,027		1,395,935
Novartis AG		17,023		1,452,716
Novo Nordisk A/S, Class B		21,968		1,401,339
Orion Oyj, Class B		12,606		640,616
Roche Holding AG		4,617		1,598,855
Sanofi		26,751		2,612,870
Zoetis, Inc.		14,550		1,881,461
			$	11,139,731

Security	Shares		Value
Professional Services — 1.4%
Adecco Group AG		34,423	$	1,506,375
Recruit Holdings Co., Ltd.		41,589		1,213,200
Verisk Analytics, Inc.		6,059		925,997
			$	3,645,572
Semiconductors & Semiconductor Equipment — 1.7%
ASML Holding NV		5,688	$	1,661,381
Infineon Technologies AG		64,340		1,196,140
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		26,833		1,425,637
			$	4,283,158
Software — 2.6%
Dassault Systemes SE		6,348	$	929,793
Intuit, Inc.		2,968		800,796
Microsoft Corp.		27,204		4,875,229
			$	6,605,818
Specialty Retail — 1.3%
Industria de Diseno Textil S.A.		32,067	$	821,313
Lowe’s Cos., Inc.		15,787		1,653,688
TJX Cos., Inc. (The)		19,867		974,476
			$	3,449,477
Technology Hardware, Storage & Peripherals — 1.3%
Apple, Inc.(4)		11,746	$	3,450,975
			$	3,450,975
Textiles, Apparel & Luxury Goods — 1.1%
adidas AG		5,358	$	1,226,620
LVMH Moet Hennessy Louis Vuitton SE		4,040		1,561,834
			$	2,788,454
Tobacco — 0.2%
Swedish Match AB		8,854	$	547,146
			$	547,146
Wireless Telecommunication Services — 0.5%
Tele2 AB, Class B		93,767	$	1,209,089
			$	1,209,089
Total Common Stocks (identified cost $132,090,714)			$	145,554,301

14 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Preferred Stocks — 1.0%
Security	Shares		Value
Banks — 0.1%
Farm Credit Bank of Texas, 6.75% to 9/15/23(3)(5)		1,115	$	112,615
Wells Fargo & Co., Series Q, 5.85% to 9/15/23(5)		4,680		118,357
			$	230,972
Electric Utilities — 0.1%
SCE Trust III, Series H, 5.75% to 3/15/24(5)		15,000	$	360,000
			$	360,000
Equity Real Estate Investment Trusts (REITs) — 0.1%
SITE Centers Corp., Series A, 6.375%		10,450	$	208,268
SITE Centers Corp., Series K, 6.25%		1,950		39,137
			$	247,405
Food Products — 0.2%
Dairy Farmers of America, Inc., 7.875%(3)		4,700	$	404,200
Ocean Spray Cranberries, Inc., 6.25%(3)		540		43,740
			$	447,940
Independent Power and Renewable Electricity Producers — 0.0%(1)
Algonquin Power & Utilities Corp., Series 19-A, 6.20% to 7/1/24(5)		3,175	$	86,781
			$	86,781
Insurance — 0.1%
American Equity Investment Life Holding Co., Series A, 5.95% to 12/1/24(5)		5,600	$	130,088
			$	130,088
Multi-Utilities — 0.1%
DTE Energy Co., Series C, 5.25%		9,407	$	236,492
			$	236,492
Oil, Gas & Consumable Fuels — 0.1%
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(5)		23,750	$	382,375
			$	382,375
Pipelines — 0.1%
Energy Transfer Operating, L.P., Series C, 7.375% to 5/15/23(5)		3,000	$	62,880
Energy Transfer Operating, L.P., Series E, 7.60% to 5/15/24(5)		2,970		62,815
			$	125,695

Security		Shares		Value
Real Estate Management & Development — 0.1%
Brookfield Property Partners, L.P., Series A, 5.75%			6,545	$	130,900
Brookfield Property Partners, L.P., Series A2, 6.375%			8,191		175,861
				$	306,761
Total Preferred Stocks (identified cost $3,003,745)				$	2,554,509
Corporate Bonds & Notes — 36.5%
Security		Principal Amount* (000’s omitted)		Value
Aerospace & Defense — 0.9%
Boeing Co. (The), 5.805%, 5/1/50			132	$	132,000
Boeing Co. (The), 5.93%, 5/1/60			132		132,000
BWX Technologies, Inc., 5.375%, 7/15/26(3)			215		221,095
F-Brasile SpA/F-Brasile US LLC, 7.375%, 8/15/26(3)			200		138,000
Howmet Aerospace, Inc., 6.875%, 5/1/25			294		300,960
Moog, Inc., 4.25%, 12/15/27(3)			170		160,437
Spirit AeroSystems, Inc., 7.50%, 4/15/25(3)			131		129,690
TransDigm UK Holdings PLC, 6.875%, 5/15/26			200		172,920
TransDigm, Inc., 5.50%, 11/15/27(3)			221		187,773
TransDigm, Inc., 6.25%, 3/15/26(3)			419		412,066
TransDigm, Inc., 6.50%, 5/15/25			30		27,006
TransDigm, Inc., 7.50%, 3/15/27			327		299,189
				$	2,313,136
Airlines — 0.1%
Southwest Airlines Co., 4.75%, 5/4/23			101	$	100,363
Southwest Airlines Co., 5.25%, 5/4/25			84		83,764
				$	184,127
Auto Components — 0.7%
Garrett LX I S.a.r.l./Garrett Borrowing, LLC, 5.125%, 10/15/26(6)	EUR		275	$	201,157
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 4.375%, 5/15/26(6)	EUR		881		900,276
Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 8.50%, 5/15/27(3)	EUR		765		651,895
				$	1,753,328
Automobiles — 0.5%
Ford Motor Co., 8.50%, 4/21/23			202	$	200,738
Ford Motor Co., 9.625%, 4/22/30			208		204,879
Ford Motor Credit Co., LLC, 3.087%, 1/9/23			231		207,611

15 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Automobiles (continued)
Ford Motor Credit Co., LLC, 3.813%, 10/12/21			254	$	240,347
Ford Motor Credit Co., LLC, 3.815%, 11/2/27			200		158,250
General Motors Financial Co., Inc., Series A, 5.75% to 9/30/27(5)(7)			97		77,224
Jaguar Land Rover Automotive PLC, 6.875%, 11/15/26(6)	EUR		100		82,684
Navistar International Corp., 9.50%, 5/1/25(3)			167		175,768
				$	1,347,501
Banks — 2.5%
Banco Bilbao Vizcaya Argentaria S.A., 6.125% to 11/16/27(5)(7)			200	$	175,663
Banco Bilbao Vizcaya Argentaria S.A., 8.875% to 4/14/21(5)(6)(7)	EUR		200		223,260
Banco Mercantil del Norte S.A./Grand Cayman, 7.625% to 1/10/28(3)(5)(7)			200		161,890
Barclays PLC, 7.875% to 3/15/22(5)(6)(7)			242		240,578
CIT Group, Inc., 6.125%, 3/9/28			105		108,371
Citigroup, Inc., 5.95% to 1/30/23(5)(7)			125		124,477
Citigroup, Inc., Series M, 6.30% to 5/15/24(5)(7)			400		395,278
Credit Suisse Group AG, 7.50% to 7/17/23(3)(5)(7)			208		210,225
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(3)(5)(7)			220		199,554
Fifth Third Bancorp, Series H, 5.10% to 6/30/23(5)(7)			460		409,720
JPMorgan Chase & Co., 4.60% to 2/1/25(5)(7)			298		267,678
JPMorgan Chase & Co., Series S, 6.75% to 2/1/24(5)(7)			215		230,969
JPMorgan Chase & Co., Series X, 6.10% to 10/1/24(5)(7)			598		613,366
Lloyds Banking Group PLC, 7.50% to 9/27/25(5)(7)			400		396,278
Royal Bank of Scotland Group PLC, 8.00% to 8/10/25(5)(7)			389		406,388
Societe Generale S.A., 6.75% to 4/6/28(3)(5)(7)			210		197,178
Vivion Investments S.a.r.l., 3.00%, 8/8/24(6)	EUR		1,900		1,856,455
Zions Bancorp NA, 5.80% to 6/15/23(5)(7)			268		235,971
				$	6,453,299
Building Products — 0.6%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 4.875%, 2/15/30(3)			90	$	74,191
Builders FirstSource, Inc., 5.00%, 3/1/30(3)			90		77,652
Builders FirstSource, Inc., 6.75%, 6/1/27(3)			150		155,565
M/I Homes, Inc., 4.95%, 2/1/28(3)			82		72,262
Masonite International Corp., 5.375%, 2/1/28(3)			105		100,501
Shea Homes, L.P./Shea Homes Funding Corp., 4.75%, 2/15/28(3)			253		219,718
Standard Industries, Inc., 2.25%, 11/21/26(6)	EUR		500		471,962
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(3)			196		178,772

Security		Principal Amount* (000’s omitted)		Value
Building Products (continued)
Taylor Morrison Communities, Inc., 5.875%, 6/15/27(3)			146	$	135,167
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/24			27		26,390
				$	1,512,180
Capital Markets — 0.2%
AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(5)			150	$	100,792
Charles Schwab Corp. (The), Series F, 5.00% to 12/1/27(5)(7)			306		298,508
Charles Schwab Corp. (The), Series G, 5.375% to 6/1/25(5)(7)			139		144,560
				$	543,860
Casino & Gaming — 0.3%
Cinemark USA, Inc., 4.875%, 6/1/23			430	$	363,887
Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(3)			156		130,455
Stars Group Holdings B.V./Stars GroupUS Co-Borrower, LLC, 7.00%, 7/15/26(3)			287		296,371
				$	790,713
Chemicals — 0.6%
Hexion, Inc., 7.875%, 7/15/27(3)			89	$	81,106
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26(3)			285		269,923
SPCM S.A., 4.875%, 9/15/25(3)			200		203,250
Valvoline, Inc., 4.25%, 2/15/30(3)			140		136,808
Venator Finance S.a.r.l./Venator Materials, LLC, 5.75%, 7/15/25(3)			58		40,383
W.R. Grace & Co., 5.125%, 10/1/21(3)			750		757,987
				$	1,489,457
Commercial Services & Supplies — 1.3%
Advanced Disposal Services, Inc., 5.625%, 11/15/24(3)			170	$	177,191
Autostrade per l’Italia SpA, 5.875%, 6/9/24	EUR		300		354,990
Clean Harbors, Inc., 4.875%, 7/15/27(3)			101		105,138
Clean Harbors, Inc., 5.125%, 7/15/29(3)			61		62,501
Covanta Holding Corp., 5.875%, 3/1/24			500		494,900
Covanta Holding Corp., 5.875%, 7/1/25			95		92,606
GFL Environmental, Inc., 8.50%, 5/1/27(3)			313		342,998
IPD 3 B.V., 4.50%, 7/15/22(6)	EUR		125		133,617
KAR Auction Services, Inc., 5.125%, 6/1/25(3)			139		120,612
Korn Ferry, 4.625%, 12/15/27(3)			64		60,448
ServiceMaster Co., LLC (The), 7.45%, 8/15/27			550		593,532

16 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Commercial Services & Supplies (continued)
Team Health Holdings, Inc., 6.375%, 2/1/25(3)			84	$	46,796
TMS International Holding Corp., 7.25%, 8/15/25(3)			80		60,284
Verisure Holding AB, 3.50%, 5/15/23(6)	EUR		540		589,658
				$	3,235,271
Communications Equipment — 0.3%
Crystal Almond S.a.r.l., 4.25%, 10/15/24(6)	EUR		323	$	336,155
Riverbed Technology, Inc., 8.875%, 3/1/23(3)			398		244,770
Sprint Communications, Inc., 6.00%, 11/15/22			75		79,655
				$	660,580
Consumer Finance — 0.2%
CPUK Finance, Ltd., 4.875%, 2/28/47(6)	GBP		445	$	492,595
William Carter Co. (The), 5.625%, 3/15/27(3)			144		146,817
				$	639,412
Containers & Packaging — 0.9%
ARD Finance S.A., 5.00%, (5.00% cash or 5.75% PIK), 6/30/27(6)(8)	EUR		596	$	593,597
Silgan Holdings, Inc., 2.25%, 6/1/28(6)	EUR		565		602,128
Trivium Packaging Finance B.V., 3.75%, 8/15/26(6)	EUR		780		843,961
Trivium Packaging Finance B.V., 5.50%, 8/15/26(3)			200		205,940
				$	2,245,626
Distributors — 0.6%
Core & Main Holdings, L.P., 8.625%, (8.625% cash or 9.375% PIK), 9/15/24(3)(8)			214	$	204,862
Parts Europe S.A., 4.375%, (3 mo. EURIBOR + 4.375%), 5/1/22(6)(9)	EUR		662		596,615
Parts Europe S.A., 5.50%, (3 mo. EURIBOR + 5.50%), 5/1/22(6)(9)	EUR		340		309,249
Performance Food Group, Inc., 5.50%, 10/15/27(3)			169		161,618
Performance Food Group, Inc., 6.875%, 5/1/25(3)			99		101,227
Univar Solutions USA, Inc., 5.125%, 12/1/27(3)			65		64,815
				$	1,438,386
Diversified Consumer Services — 0.5%
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(3)			267	$	256,320
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(6)			1,050		1,008,000
				$	1,264,320

Security		Principal Amount* (000’s omitted)		Value
Diversified Financial Services — 1.2%
AG Issuer, LLC, 6.25%, 3/1/28(3)			199	$	176,995
Alliance Data Systems Corp., 4.75%, 12/15/24(3)			194		144,773
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26(3)			171		176,609
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 9.75%, 7/15/27(3)			198		201,128
Alpha Holding S.A. de CV, 9.00%, 2/10/25(3)			200		137,250
Avolon Holdings Funding, Ltd., 5.125%, 10/1/23(3)			350		313,703
Cabot Financial Luxembourg S.A., 7.50%, 10/1/23(6)	GBP		160		189,493
DAE Funding, LLC, 4.50%, 8/1/22(3)			155		138,919
DAE Funding, LLC, 5.00%, 8/1/24(3)			255		227,269
GFL Environmental, Inc., 7.00%, 6/1/26(3)			147		154,085
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 5.25%, 5/15/27			292		279,228
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 5/15/26			291		287,310
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.375%, 12/15/25			120		120,024
Louvre Bidco SAS, 4.25%, 9/30/24(6)	EUR		215		214,409
Park Aerospace Holdings, Ltd., 5.25%, 8/15/22(3)			340		313,904
				$	3,075,099
Diversified Telecommunication Services — 0.0%(1)
Level 3 Financing, Inc., 5.25%, 3/15/26			90	$	92,669
				$	92,669
Electric Utilities — 0.8%
AES Corp. (The), 6.00%, 5/15/26			45	$	47,266
Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(3)			277		291,889
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, 5/1/79(5)			155		158,959
NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24(3)			95		96,919
NextEra Energy Operating Partners, L.P., 4.50%, 9/15/27(3)			150		154,807
NRG Energy, Inc., 5.25%, 6/15/29(3)			122		131,260
Pattern Energy Group, Inc., 5.875%, 2/1/24(3)			60		61,038
Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57(5)			192		193,340
TerraForm Power Operating, LLC, 4.25%, 1/31/23(3)			95		97,921
TerraForm Power Operating, LLC, 5.00%, 1/31/28(3)			237		249,725
Vistra Energy Corp., 8.125%, 1/30/26(3)			190		200,212
Vistra Operations Co., LLC, 4.30%, 7/15/29(3)			36		35,849
Vistra Operations Co., LLC, 5.00%, 7/31/27(3)			232		237,696
				$	1,956,881

17 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Electronic Equipment, Instruments & Components — 0.0%(1)
Energizer Holdings, Inc., 6.375%, 7/15/26(3)			42	$	43,403
				$	43,403
Entertainment — 0.7%
AMC Entertainment Holdings, Inc., 10.50%, 4/15/25(3)			219	$	194,910
EIG Investors Corp., 10.875%, 2/1/24			480		416,304
Go Daddy Operating Co., LLC/GD Finance Co., Inc., 5.25%, 12/1/27(3)			226		233,266
Netflix, Inc., 4.875%, 6/15/30(3)			234		251,679
Netflix, Inc., 5.875%, 11/15/28			300		340,650
Pinewood Finance Co., Ltd., 3.25%, 9/30/25(6)	GBP		300		376,963
Vail Resorts, Inc., 6.25%, 5/15/25(3)			33		34,237
				$	1,848,009
Equity Real Estate Investment Trusts (REITs) — 0.2%
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 4.50%, 9/1/26			100	$	97,330
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 5.625%, 5/1/24			200		204,082
SBA Communications Corp., 4.00%, 10/1/22			150		151,732
				$	453,144
Food Products — 0.6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 4.875%, 2/15/30(3)			185	$	188,700
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28(3)			181		189,932
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(3)			291		295,991
Kraft Heinz Foods Co., 4.375%, 6/1/46			540		515,232
Land O’ Lakes, Inc., 8.00%(3)(7)			415		390,100
Post Holdings, Inc., 5.00%, 8/15/26(3)			85		85,076
				$	1,665,031
Gas Utilities — 0.1%
NiSource, Inc., 5.65% to 6/15/23(5)(7)			280	$	257,737
				$	257,737
Health Care Equipment & Supplies — 1.6%
Catalent Pharma Solutions, Inc., 2.375%, 3/1/28(6)	EUR		795	$	815,156
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(3)			121		123,983
Centene Corp., 3.375%, 2/15/30(3)			272		275,223
Centene Corp., 4.25%, 12/15/27(3)			182		191,264
Centene Corp., 4.625%, 12/15/29(3)			319		350,788

Security	Principal Amount* (000’s omitted)		Value
Health Care Equipment & Supplies (continued)
Centene Corp., 4.75%, 1/15/25		300	$	308,565
Centene Corp., 5.25%, 4/1/25(3)		318		333,105
Centene Corp., 5.375%, 6/1/26(3)		445		473,573
Centene Corp., 5.375%, 8/15/26(3)		261		280,445
Compass Minerals International, Inc., 6.75%, 12/1/27(3)		182		181,026
Hologic, Inc., 4.375%, 10/15/25(3)		70		70,686
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26(3)		429		461,733
Select Medical Corp., 6.25%, 8/15/26(3)		180		172,728
			$	4,038,275
Health Care Providers & Services — 1.3%
Encompass Health Corp., 4.75%, 2/1/30		110	$	110,526
HCA, Inc., 3.50%, 9/1/30		274		261,833
HCA, Inc., 5.00%, 3/15/24		110		120,285
HCA, Inc., 5.375%, 9/1/26		270		293,976
HCA, Inc., 5.625%, 9/1/28		330		367,184
HCA, Inc., 5.875%, 2/15/26		750		836,250
HCA, Inc., 5.875%, 2/1/29		190		218,301
LifePoint Health, Inc., 4.375%, 2/15/27(3)		248		234,670
LifePoint Health, Inc., 6.75%, 4/15/25(3)		130		134,277
Tenet Healthcare Corp., 4.625%, 9/1/24(3)		49		48,265
Tenet Healthcare Corp., 4.875%, 1/1/26(3)		290		288,100
Tenet Healthcare Corp., 5.125%, 11/1/27(3)		290		287,289
Tenet Healthcare Corp., 6.75%, 6/15/23		260		261,092
			$	3,462,048
Hotels, Restaurants & Leisure — 1.3%
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 3.875%, 1/15/28(3)		119	$	115,973
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24(3)		325		326,589
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.375%, 1/15/28(3)		182		176,831
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.00%, 10/15/25(3)		504		509,141
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.75%, 4/15/25(3)		66		69,795
Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25(3)		232		183,640
Eldorado Resorts, Inc., 6.00%, 4/1/25		115		110,998
Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24(3)		490		415,177
Golden Nugget, Inc., 6.75%, 10/15/24(3)		266		209,142
Golden Nugget, Inc., 8.75%, 10/1/25(3)		87		49,264
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(3)		127		129,222

18 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Hotels, Restaurants & Leisure (continued)
Lithia Motors, Inc., 4.625%, 12/15/27(3)			91	$	86,564
Merlin Entertainments PLC, 5.75%, 6/15/26(3)			200		190,420
Viking Cruises, Ltd., 5.875%, 9/15/27(3)			977		669,567
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(3)			186		159,500
				$	3,401,823
Household Products — 0.2%
Central Garden & Pet Co., 5.125%, 2/1/28			50	$	50,855
Central Garden & Pet Co., 6.125%, 11/15/23			235		239,066
Prestige Brands, Inc., 5.125%, 1/15/28(3)			64		65,136
Spectrum Brands, Inc., 5.00%, 10/1/29(3)			73		70,233
Spectrum Brands, Inc., 5.75%, 7/15/25			120		120,450
				$	545,740
Independent Power and Renewable Electricity Producers — 0.6%
Calpine Corp., 4.50%, 2/15/28(3)			195	$	189,686
Calpine Corp., 5.125%, 3/15/28(3)			273		267,881
Calpine Corp., 5.25%, 6/1/26(3)			150		153,447
Calpine Corp., 5.50%, 2/1/24			45		44,888
Calpine Corp., 5.75%, 1/15/25			295		295,357
NRG Energy, Inc., 5.75%, 1/15/28			210		226,727
NRG Energy, Inc., 7.25%, 5/15/26			271		292,585
				$	1,470,571
Industrial Conglomerates — 0.4%
Ellaktor Value PLC, 6.375%, 12/15/24(6)	EUR		1,310	$	934,250
Hillman Group, Inc. (The), 6.375%, 7/15/22(3)			139		105,925
				$	1,040,175
Insurance — 1.0%
Alliant Holdings Intermediate, LLC/Alliant HoldingsCo-Issuer, 6.75%, 10/15/27(3)			553	$	554,244
AmWINS Group, Inc., 7.75%, 7/1/26(3)			236		244,756
Galaxy Finco, Ltd., 9.25%, 7/31/27(6)	GBP		825		961,156
GTCR AP Finance, Inc., 8.00%, 5/15/27(3)			195		183,709
Hub International, Ltd., 7.00%, 5/1/26(3)			440		436,810
USI, Inc., 6.875%, 5/1/25(3)			169		170,479
				$	2,551,154
Internet & Direct Marketing Retail — 0.1%
Expedia Group, Inc., 6.25%, 5/1/25(3)			84	$	85,796
Expedia Group, Inc., 7.00%, 5/1/25(3)			42		42,825
				$	128,621

Security		Principal Amount* (000’s omitted)		Value
Leisure Products — 0.2%
Carnival Corp., 11.50%, 4/1/23(3)			279	$	292,165
NCL Corp, Ltd., 3.625%, 12/15/24(3)			189		122,614
Sabre GLBL, Inc., 9.25%, 4/15/25(3)			86		91,267
				$	506,046
Machinery — 0.2%
Colfax Corp., 6.00%, 2/15/24(3)			83	$	84,677
Colfax Corp., 6.375%, 2/15/26(3)			136		140,671
Maxim Crane Works Holdings Capital, LLC, 10.125%, 8/1/24(3)			20		18,964
Navistar International Corp., 6.625%, 11/1/25(3)			232		200,193
				$	444,505
Media — 3.5%
Altice Financing S.A., 2.25%, 1/15/25(6)	EUR		313	$	322,198
Altice Finco S.A., 4.75%, 1/15/28(6)	EUR		250		234,928
Altice France S.A., 7.375%, 5/1/26(3)			455		477,591
Altice France S.A., 8.125%, 2/1/27(3)			458		498,029
Cablevision Systems Corp., 5.875%, 9/15/22			50		52,285
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30(3)			290		292,813
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 5/1/32(3)			136		135,747
CCO Holdings, LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30(3)			322		329,937
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.375%, 6/1/29(3)			110		116,563
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.875%, 4/1/24(3)			1,130		1,168,307
Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/27(3)			230		217,178
CSC Holdings, LLC, 5.75%, 1/15/30(3)			616		642,388
CSC Holdings, LLC, 7.50%, 4/1/28(3)			200		220,947
CSC Holdings, LLC, 10.875%, 10/15/25(3)			422		458,144
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(3)			369		282,174
DISH DBS Corp., 7.75%, 7/1/26			119		117,768
iHeartCommunications, Inc., 8.375%, 5/1/27			140		117,134
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(3)			200		206,930
Live Nation Entertainment, Inc., 4.75%, 10/15/27(3)			217		186,542
Nexstar Broadcasting, Inc., 5.625%, 7/15/27(3)			238		228,397
Scripps Escrow, Inc., 5.875%, 7/15/27(3)			190		161,434
Sinclair Television Group, Inc., 5.50%, 3/1/30(3)			188		156,914
Sirius XM Radio, Inc., 4.625%, 7/15/24(3)			291		298,217
Sirius XM Radio, Inc., 5.00%, 8/1/27(3)			218		223,973
Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26(6)	EUR		520		508,384

19 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Media (continued)
TEGNA, Inc., 4.625%, 3/15/28(3)			108	$	97,303
TEGNA, Inc., 5.00%, 9/15/29(3)			181		162,373
Terrier Media Buyer, Inc., 8.875%, 12/15/27(3)			533		443,056
Virgin Media Secured Finance PLC, 5.50%, 8/15/26(3)			210		217,969
Ziggo Bond Co., B.V., 3.375%, 2/28/30(6)	EUR		500		517,789
				$	9,093,412
Metals & Mining — 1.7%
Allegheny Ludlum, LLC, 6.95%, 12/15/25			1,050	$	952,665
Allegheny Technologies, Inc., 5.875%, 12/1/27			279		232,267
Allegheny Technologies, Inc., 7.875%, 8/15/23			330		304,290
Arconic Corp., 6.125%, 2/15/28(3)			436		417,601
Bombardier, Inc., 6.00%, 10/15/22(3)			313		236,706
Bombardier, Inc., 6.125%, 1/15/23(3)			168		120,994
Bombardier, Inc., 7.875%, 4/15/27(3)			207		135,337
Centennial Resource Production, LLC, 5.375%, 1/15/26(3)			320		98,272
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(3)			321		281,581
Cleveland-Cliffs, Inc., 9.875%, 10/17/25(3)			78		77,415
Eldorado Gold Corp., 9.50%, 6/1/24(3)			97		103,528
First Quantum Minerals, Ltd., 7.25%, 4/1/23(3)			299		272,927
Freeport-McMoRan, Inc., 4.55%, 11/14/24			75		75,484
Freeport-McMoRan, Inc., 5.45%, 3/15/43			222		205,761
Hudbay Minerals, Inc., 7.25%, 1/15/23(3)			115		105,535
Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24(3)			549		470,658
New Gold, Inc., 6.375%, 5/15/25(3)			39		37,725
Novelis Corp., 4.75%, 1/30/30(3)			225		201,307
Novelis Corp., 5.875%, 9/30/26(3)			180		175,914
				$	4,505,967
Multi-Utilities — 0.3%
Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23(5)(7)			425	$	388,108
Thames Water Kemble Finance PLC, 5.875%, 7/15/22(6)	GBP		375		477,080
				$	865,188
Oil, Gas & Consumable Fuels — 2.5%
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.50%, 5/20/25			105	$	107,286
AmeriGas Partners, L.P./AmeriGas Finance Corp., 5.625%, 5/20/24			24		24,629
Apache Corp., 3.25%, 4/15/22			52		46,837
Apache Corp., 3.625%, 2/1/21			16		15,203
Apache Corp., 4.25%, 1/15/30			153		118,201
Apache Corp., 4.375%, 10/15/28			88		70,070
Apache Corp., 4.75%, 4/15/43			26		17,824

Security	Principal Amount* (000’s omitted)		Value
Oil, Gas & Consumable Fuels (continued)
Apache Corp., 5.25%, 2/1/42		22	$	15,173
Archrock Partners, L.P./Archrock Partners Finance Corp., 6.25%, 4/1/28(3)		135		101,419
Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 7.00%, 11/1/26(3)		342		200,788
Berry Petroleum Co., LLC, 7.00%, 2/15/26(3)		115		56,016
Centennial Resource Production, LLC, 6.875%, 4/1/27(3)		365		111,617
Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26		110		111,006
Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26		120		124,152
CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25(3)		370		302,053
CVR Energy, Inc., 5.75%, 2/15/28(3)		229		195,053
DCP Midstream, L.P., Series A, 7.375% to 12/15/22(5)(7)		160		61,479
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.50%, 1/30/26(3)		155		138,074
Endeavor Energy Resources, L.P./EER Finance, Inc., 5.75%, 1/30/28(3)		205		179,303
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(5)(7)		432		123,120
EP Energy, LLC/Everest Acquisition Finance, Inc., 7.75%, 5/15/26(3)(10)		149		17,880
EQT Corp., 6.125%, 2/1/25		145		139,019
Extraction Oil & Gas, Inc., 5.625%, 2/1/26(3)		287		49,393
Extraction Oil & Gas, Inc., 7.375%, 5/15/24(3)		223		36,675
Gran Tierra Energy, Inc., 7.75%, 5/23/27(3)		250		61,094
Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21(3)		418		284,240
Hilcorp Energy I, L.P./Hilcorp Finance Co., 6.25%, 11/1/28(3)		345		180,987
Laredo Petroleum, Inc., 9.50%, 1/15/25		74		31,683
Laredo Petroleum, Inc., 10.125%, 1/15/28		112		46,327
Matador Resources Co., 5.875%, 9/15/26		370		183,594
MEG Energy Corp., 7.125%, 2/1/27(3)		184		128,110
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26(3)		275		94,077
Murphy Oil USA, Inc., 4.75%, 9/15/29		131		135,500
Murphy Oil USA, Inc., 5.625%, 5/1/27		65		67,382
Nabors Industries, Ltd., 7.25%, 1/15/26(3)		110		42,487
Nabors Industries, Ltd., 7.50%, 1/15/28(3)		118		47,937
Neptune Energy Bondco PLC, 6.625%, 5/15/25(6)		725		486,656
Nine Energy Service, Inc., 8.75%, 11/1/23(3)		92		18,345
Occidental Petroleum Corp., 2.60%, 4/15/22		47		41,595
Occidental Petroleum Corp., 2.70%, 8/15/22		53		46,375
Occidental Petroleum Corp., 2.90%, 8/15/24		16		12,235
Occidental Petroleum Corp., 3.125%, 2/15/22		3		2,746

20 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp., 3.142%, (3 mo. USD LIBOR + 1.45%), 8/15/22(9)		40	$	31,226
Occidental Petroleum Corp., 3.45%, 7/15/24		42		29,610
Odebrecht Oil & Gas Finance, Ltd., 0.0%(3)(7)		862		9,480
Parsley Energy, LLC/Parsley Finance Corp., 5.25%, 8/15/25(3)		75		66,547
Parsley Energy, LLC/Parsley Finance Corp., 5.625%, 10/15/27(3)		137		117,772
PBF Holding Co., LLC/PBF Finance Corp., 6.00%, 2/15/28(3)		325		233,399
PBF Holding Co., LLC/PBF Finance Corp., 7.25%, 6/15/25		237		183,130
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(5)(7)		710		477,173
Precision Drilling Corp., 6.50%, 12/15/21		5		3,496
Precision Drilling Corp., 7.125%, 1/15/26(3)		75		30,533
Precision Drilling Corp., 7.75%, 12/15/23		33		14,761
Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25(3)		440		138,600
SM Energy Co., 5.00%, 1/15/24		11		3,550
SM Energy Co., 5.625%, 6/1/25		181		52,001
SM Energy Co., 6.125%, 11/15/22		326		132,698
Sunoco, L.P./Sunoco Finance Corp., 4.875%, 1/15/23		145		142,071
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 5.875%, 4/15/26		155		138,291
Teleflex, Inc., 4.625%, 11/15/27		160		164,744
Transocean Pontus, Ltd., 6.125%, 8/1/25(3)		100		82,665
Transocean Poseidon, Ltd., 6.875%, 2/1/27(3)		51		40,800
Transocean, Inc., 7.25%, 11/1/25(3)		228		91,770
Transocean, Inc., 7.50%, 1/15/26(3)		84		32,760
WPX Energy, Inc., 5.25%, 10/15/27		67		58,602
			$	6,549,319
Pharmaceuticals — 1.5%
Bausch Health Americas, Inc., 8.50%, 1/31/27(3)		448	$	495,958
Bausch Health Americas, Inc., 9.25%, 4/1/26(3)		105		116,025
Bausch Health Cos., Inc., 5.00%, 1/30/28(3)		190		182,837
Bausch Health Cos., Inc., 5.25%, 1/30/30(3)		376		374,120
Bausch Health Cos., Inc., 5.50%, 3/1/23(3)		35		34,825
Bausch Health Cos., Inc., 5.50%, 11/1/25(3)		129		134,741
Bausch Health Cos., Inc., 5.75%, 8/15/27(3)		72		76,262
Bausch Health Cos., Inc., 5.875%, 5/15/23(3)		3		2,982
Bausch Health Cos., Inc., 6.125%, 4/15/25(3)		60		60,950
Bausch Health Cos., Inc., 7.00%, 3/15/24(3)		281		293,052
Bausch Health Cos., Inc., 7.00%, 1/15/28(3)		94		97,962
Bausch Health Cos., Inc., 7.25%, 5/30/29(3)		98		105,034
Bausch Health Cos., Inc., 9.00%, 12/15/25(3)		245		268,397

Security		Principal Amount* (000’s omitted)		Value
Pharmaceuticals (continued)
Catalent Pharma Solutions, Inc., 4.875%, 1/15/26(3)			270	$	275,967
Cheplapharm Arzneimittel GmbH, 3.50%, 2/11/27(6)	EUR		340		367,632
Grifols S.A., 2.25%, 11/15/27(6)	EUR		600		644,360
Nidda Healthcare Holding GmbH, 3.50%, 9/30/24(6)	EUR		426		455,502
				$	3,986,606
Pipelines — 0.6%
Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.75%, 3/1/27(3)			242	$	180,605
Buckeye Partners, L.P., 4.125%, 3/1/25(3)			187		174,144
Buckeye Partners, L.P., 4.50%, 3/1/28(3)			164		148,625
Cheniere Energy Partners, L.P., 4.50%, 10/1/29(3)			199		184,503
Cheniere Energy Partners, L.P., 5.625%, 10/1/26			115		110,434
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.625%, 5/1/27(3)			190		124,697
Energy Transfer Operating, L.P., 5.875%, 1/15/24			15		15,606
Energy Transfer Operating, L.P., Series A, 6.25% to 2/15/23(5)(7)			307		215,436
EnLink Midstream, LLC, 5.375%, 6/1/29			117		73,219
Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25(3)			123		119,771
NGPL PipeCo, LLC, 4.375%, 8/15/22(3)			50		50,192
Western Midstream Operating, L.P., 4.05%, 2/1/30			147		134,872
Western Midstream Operating, L.P., 4.50%, 3/1/28			27		23,929
				$	1,556,033
Real Estate Investment Trusts (REITs) — 0.9%
Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26(3)			287	$	230,949
Consus Real Estate AG, 9.625%, 5/15/24(6)	EUR		330		334,383
ESH Hospitality, Inc., 4.625%, 10/1/27(3)			249		225,968
ESH Hospitality, Inc., 5.25%, 5/1/25(3)			160		151,232
Greystar Real Estate Partners, LLC, 5.75%, 12/1/25(3)			274		253,792
HAT Holdings I, LLC/HAT Holdings II, LLC, 6.00%, 4/15/25(3)			127		127,318
RHP Hotel Properties, L.P./RHP Finance Corp., 5.00%, 4/15/23			111		104,040
VICI Properties, L.P./VICI Note Co., Inc., 3.75%, 2/15/27(3)			198		185,071
VICI Properties, L.P./VICI Note Co., Inc., 4.125%, 8/15/30(3)			198		181,111
VICI Properties, L.P./VICI Note Co., Inc., 4.25%, 12/1/26(3)			300		281,757
VICI Properties, L.P./VICI Note Co., Inc., 4.625%, 12/1/29(3)			286		265,522
				$	2,341,143

21 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Real Estate Management & Development — 0.5%
AT Securities B.V., 5.25% to 7/21/23(5)(6)(7)		1,250	$	1,181,462
			$	1,181,462
Software — 0.4%
CDK Global, Inc., 5.25%, 5/15/29(3)		96	$	98,222
Change Healthcare Holdings, LLC/Change Healthcare Finance, Inc., 5.75%, 3/1/25(3)		89		87,569
j2 Cloud Services, LLC/j2 Global Co-Obligor, Inc., 6.00%, 7/15/25(3)		255		258,876
Open Text Corp., 3.875%, 2/15/28(3)		179		175,364
Open Text Holdings, Inc., 4.125%, 2/15/30(3)		157		153,452
PTC, Inc., 3.625%, 2/15/25(3)		89		88,177
PTC, Inc., 4.00%, 2/15/28(3)		89		87,776
SS&C Technologies, Inc., 5.50%, 9/30/27(3)		95		97,822
			$	1,047,258
Specialty Retail — 0.4%
Asbury Automotive Group, Inc., 4.50%, 3/1/28(3)		24	$	20,303
Asbury Automotive Group, Inc., 4.75%, 3/1/30(3)		34		28,699
Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25(3)		177		180,540
Entegris, Inc., 4.375%, 4/15/28(3)		166		167,038
Entegris, Inc., 4.625%, 2/10/26(3)		77		77,547
Ferrellgas, L.P./Ferrellgas Finance Corp., 10.00%, 4/15/25(3)		216		229,370
L Brands, Inc., 6.75%, 7/1/36		46		33,419
L Brands, Inc., 6.875%, 11/1/35		237		175,581
L Brands, Inc., 7.60%, 7/15/37		45		26,937
Nordstrom, Inc., 8.75%, 5/15/25(3)		70		75,176
Yum! Brands, Inc., 7.75%, 4/1/25(3)		54		59,002
			$	1,073,612
Technology Hardware, Storage & Peripherals — 0.5%
Dell International, LLC/EMC Corp., 5.45%, 6/15/23(3)		135	$	142,851
Dell International, LLC/EMC Corp., 5.85%, 7/15/25(3)		90		98,336
Dell International, LLC/EMC Corp., 6.02%, 6/15/26(3)		315		341,409
Dell International, LLC/EMC Corp., 6.10%, 7/15/27(3)		182		199,475
Dell International, LLC/EMC Corp., 6.20%, 7/15/30(3)		90		99,914
MTS Systems Corp., 5.75%, 8/15/27(3)		67		62,618
Presidio Holdings, Inc., 4.875%, 2/1/27(3)		63		61,916
Presidio Holdings, Inc., 8.25%, 2/1/28(3)		176		174,777
Science Applications International Corp., 4.875%, 4/1/28(3)		64		62,977
			$	1,244,273

Security		Principal Amount* (000’s omitted)		Value
Telecommunications — 2.5%
Altice France Holding S.A., 6.00%, 2/15/28(3)			200	$	184,000
Altice France Holding S.A., 8.00%, 5/15/27(3)	EUR		505		564,217
Altice France Holding S.A., 10.50%, 5/15/27(3)			200		216,520
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(3)			447		428,293
Hughes Satellite Systems Corp., 5.25%, 8/1/26			145		154,004
Hughes Satellite Systems Corp., 6.625%, 8/1/26			95		102,325
Intelsat Jackson Holdings S.A, 5.50%, 8/1/23			30		16,450
Intelsat Jackson Holdings S.A., 8.00%, 2/15/24(3)			200		206,400
Intelsat Jackson Holdings S.A., 8.50%, 10/15/24(3)			216		126,403
Sprint Capital Corp., 6.875%, 11/15/28			346		418,314
Sprint Corp., 7.875%, 9/15/23			1,558		1,760,540
T-Mobile USA, Inc., 4.50%, 2/1/26			155		160,417
T-Mobile USA, Inc., 4.75%, 2/1/28			170		179,294
TalkTalk Telecom Group PLC, 3.875%, 2/20/25(6)	GBP		580		716,813
Telecom Italia Capital S.A., 6.00%, 9/30/34			337		351,053
Telecom Italia SpA, 3.00%, 9/30/25(6)	EUR		520		579,216
ViaSat, Inc., 5.625%, 4/15/27(3)			143		141,520
Zayo Group Holdings, Inc., 6.125%, 3/1/28(3)			187		177,130
				$	6,482,909
Transportation — 0.2%
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(3)			127	$	119,380
CMA CGM S.A., 5.25%, 1/15/25(6)	EUR		127		87,745
Watco Cos., LLC/Watco Finance Corp., 6.375%, 4/1/23(3)			260		253,448
XPO Logistics, Inc., 6.125%, 9/1/23(3)			80		81,416
				$	541,989
Water Utilities — 0.2%
Anglian Water Osprey Financing PLC, 4.00%, 3/8/26(6)	GBP		475	$	584,706
				$	584,706
Wireless Telecommunication Services — 0.1%
Sprint Corp., 7.625%, 3/1/26			157	$	186,320
				$	186,320
Total Corporate Bonds & Notes (identified cost $104,066,186)				$	94,092,324

22 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Senior Floating-Rate Loans — 2.3%(11)
Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Aerospace and Defense — 0.0%(1)
TransDigm, Inc., Term Loan, 2.65%, (1 mo. USD LIBOR + 2.25%), Maturing 5/30/25	$	130	$	114,695
			$	114,695
Business Equipment and Services — 0.2%
EIG Investors Corp., Term Loan, 5.39%, (3 mo. USD LIBOR + 3.75%), Maturing 2/9/23	$	402	$	373,024
Hillman Group, Inc. (The), Term Loan, 5.07%, (6 mo. USD LIBOR + 4.00%), Maturing 5/31/25		115		98,396
			$	471,420
Drugs — 0.1%
Elanco Animal Health, Inc., Term Loan, Maturing 2/4/27(12)	$	171	$	165,838
			$	165,838
Electronics / Electrical — 0.2%
SS&C Technologies Holdings Europe S.a.r.l., Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing 4/16/25	$	49	$	47,748
SS&C Technologies, Inc., Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing 4/16/25		68		66,097
SS&C Technologies, Inc., Term Loan, 2.15%, (1 mo. USD LIBOR + 1.75%), Maturing 4/16/25		289		279,007
			$	392,852
Farming / Agriculture — 0.0%(1)
BellRing Brands, LLC, Term Loan, 6.00%, (1 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 10/21/24	$	99	$	98,167
			$	98,167
Financial Intermediaries — 0.1%
Spectacle Gary Holdings, LLC, Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), Maturing 12/23/25	$	162	$	141,963
Spectacle Gary Holdings, LLC, Term Loan, 11.00%, Maturing 12/23/25(13)		12		10,287
			$	152,250
Food Products — 0.1%
HLF Financing S.a.r.l., Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing 8/18/25	$	291	$	274,085
			$	274,085

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Health Care — 0.1%
Envision Healthcare Corporation, Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing 10/10/25	$	244	$	171,445
National Mentor Holdings, Inc., Term Loan, 4.96%, (USD LIBOR + 4.25%), Maturing 3/9/26(14)		215		204,945
National Mentor Holdings, Inc., Term Loan, 5.71%, (3 mo. USD LIBOR + 4.25%), Maturing 3/9/26		10		9,308
			$	385,698
Industrial Equipment — 0.0%(1)
Welbilt, Inc., Term Loan, Maturing 10/23/25(12)	$	150	$	123,343
			$	123,343
Insurance — 0.5%
Asurion, LLC, Term Loan - Second Lien, 6.90%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25	$	1,221	$	1,177,896
			$	1,177,896
Leisure Goods / Activities / Movies — 0.2%
Playtika Holding Corp., Term Loan, 7.07%, (6 mo. USD LIBOR + 6.00%), Maturing 12/10/24	$	573	$	568,454
			$	568,454
Lodging and Casinos — 0.1%
Stars Group Holdings B.V. (The), Term Loan, 4.95%, (3 mo. USD LIBOR + 3.50%), Maturing 7/10/25	$	176	$	174,174
			$	174,174
Retailers (Except Food and Drug) — 0.2%
PetSmart, Inc., Term Loan, 5.00%, (6 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing 3/11/22	$	404	$	393,495
			$	393,495
Steel — 0.5%
Big River Steel, LLC, Term Loan, 6.45%, (3 mo. USD LIBOR + 5.00%), Maturing 8/23/23	$	171	$	152,994
GrafTech Finance, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing 2/12/25		1,264		1,150,668
			$	1,303,662
Telecommunications — 0.0%(1)
Intelsat Jackson Holdings S.A., Term Loan, 6.63%, Maturing 1/2/24(15)	$	110	$	110,357
			$	110,357
Total Senior Floating-Rate Loans (identified cost $5,983,459)			$	5,906,386

23 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Convertible Bonds — 0.1%
Security	Principal Amount (000’s omitted)		Value
Air Transportation — 0.1%
Air Transport Services Group, Inc., 1.125%, 10/15/24	$	169	$	153,268
			$	153,268
Total Convertible Bonds (identified cost $151,798)			$	153,268
Exchange-Traded Funds — 0.4%
Security	Shares		Value
Equity Funds — 0.4%
First Trust Preferred Securities and Income ETF		29,885	$	535,838
iShares Preferred & Income Securities ETF		15,592		540,263
Total Exchange-Traded Funds (identified cost $1,105,039)			$	1,076,101
Warrants — 0.0%(1)
Security	Shares		Value
Media — 0.0%(1)
iHeartMedia, Inc., Exp. 5/1/39(2)		3,627	$	25,462
			$	25,462
Total Warrants (identified cost $60,109)			$	25,462
Short-Term Investments — 0.6%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.47%(16)		1,670,919	$	1,670,919
Total Short-Term Investments (identified cost $1,670,741)			$	1,670,919
Total Investments — 97.3% (identified cost $248,131,791)			$	251,033,270
Less Unfunded Loan Commitments — (0.0)%(1)			$	(11,757	)
Net Investments — 97.3% (identified cost $248,120,034)			$	251,021,513
Other Assets, Less Liabilities — 2.7%			$	7,087,640
Net Assets — 100.0%			$	258,109,153

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% or (0.05)%, as applicable.

⁽²⁾  Non-income producing security.

⁽³⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2020, the aggregate value of these securities is $50,878,454 or 19.7% of the Portfolio’s net assets.

⁽⁴⁾  Security (or a portion thereof) has been pledged as collateral for open financial futures contracts.

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

⁽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 April 30, 2020, the aggregate value of these securities is $20,472,228 or 7.9% of the Portfolio’s net assets.

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

⁽⁸⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽⁹⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽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 April 30, 2020, at which time the interest rate will be determined.

⁽¹³⁾  Unfunded loan commitment. The stated interest rate represents the commitment fee in effect at April 30, 2020. See Note 1F for description. At April 30, 2020, the total value of unfunded loan commitments is $10,287.

⁽¹⁴⁾  The stated interest rate represents the weighted average interest rate at April 30, 2020 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽¹⁵⁾  Fixed-rate loan.

⁽¹⁶⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2020.

24 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		52.7	%	$	132,260,195
Switzerland		7.9			19,883,888
United Kingdom		6.7			16,727,711
France		4.3			10,886,857
Germany		3.9			9,653,683
Netherlands		3.3			8,346,389
Japan		3.3			8,133,264
Spain		3.2			7,935,965
Canada		2.1			5,360,578
Sweden		2.1			5,333,749
Luxembourg		2.1			5,276,064
Finland		1.1			2,774,189
Denmark		1.0			2,555,159
Ireland		0.7			1,838,175
Australia		0.7			1,833,293
United Arab Emirates		0.7			1,769,108
Norway		0.7			1,702,363
Taiwan		0.6			1,425,637
Italy		0.6			1,423,259
Hong Kong		0.5			1,293,367
China		0.5			1,209,254
Greece		0.4			934,250
Belgium		0.3			819,225
Mexico		0.1			299,140
Zambia		0.1			272,927
Brazil		0.0	(1)		9,480
Exchange-Traded Funds		0.4			1,076,101
Total Investments		100.0	%	$	251,033,270

⁽¹⁾   Amount is less than 0.05%.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	214,862	EUR	195,170	State Street Bank and Trust Company		5/29/20	$	888	$	—
							$	888	$	—

25 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Number of Contracts			Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Equity Futures
E-mini S&P 500 Index		147			Long		6/19/20	$	21,332,640		$	2,020,542
Nikkei 225 Index		13			Long		6/11/20		2,411,673			85,824
STOXX Europe 600 Banks Index		(686	)		Short		6/19/20		(3,364,094	)		(209,223	)
STOXX Europe 600 Index		(590	)		Short		6/19/20		(10,904,087	)		(1,160,524	)
STOXX Europe 600 Insurance Index		(714	)		Short		6/19/20		(9,095,826	)		(301,543	)
											$	435,076

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

26 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2020
Unaffiliated investments, at value (identified cost, $246,449,293)	$	249,350,594
Affiliated investment, at value (identified cost, $1,670,741)		1,670,919
Foreign currency, at value (identified cost, $1,895,629)		1,901,719
Interest and dividends receivable		2,026,597
Dividends receivable from affiliated investment		3,808
Receivable for investments sold		4,785,899
Receivable for variation margin on open financial futures contracts		413,911
Receivable for open forward foreign currency exchange contracts		888
Tax reclaims receivable		2,201,498
Total assets	$	262,355,833
Liabilities
Payable for investments purchased	$	3,843,823
Due to custodian		70,758
Payable to affiliates:
Investment adviser fee		112,113
Trustees’ fees		1,325
Accrued expenses		218,661
Total liabilities	$	4,246,680
Net Assets applicable to investors’ interest in Portfolio	$	258,109,153

27 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2020
Interest (net of foreign taxes, $1,102)	$	3,415,894
Dividends (net of foreign taxes, $427,802)		3,333,179
Dividends from affiliated investment		16,250
Total investment income	$	6,765,323
Expenses
Investment adviser fee	$	796,375
Trustees’ fees and expenses		7,848
Custodian fee		102,995
Legal and accounting services		28,880
Miscellaneous		28,173
Total expenses	$	964,271
Net investment income	$	5,801,052
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(9,623,689	)
Investment transactions — affiliated investment		(2,010	)
Financial futures contracts		1,721,087
Foreign currency transactions		(99,015	)
Net realized loss	$	(8,003,627	)
Change in unrealized appreciation (depreciation) —
Investments	$	(22,941,970	)
Investments — affiliated investment		177
Financial futures contracts		435,076
Foreign currency		(11,056	)
Forward foreign currency exchange contracts		888
Net change in unrealized appreciation (depreciation)	$	(22,516,885	)
Net realized and unrealized loss	$	(30,520,512	)
Net decrease in net assets from operations	$	(24,719,460	)

28 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019
From operations —
Net investment income	$	5,801,052		$	14,450,194
Net realized loss		(8,003,627	)		(6,970,681	)
Net change in unrealized appreciation (depreciation)		(22,516,885	)		25,251,717
Net increase (decrease) in net assets from operations	$	(24,719,460	)	$	32,731,230
Capital transactions —
Contributions	$	7,898,868		$	4,524,358
Withdrawals		(27,198,181	)		(58,888,266	)
Portfolio transaction fee		108,030			215,407
Net decrease in net assets from capital transactions	$	(19,191,283	)	$	(54,148,501	)
Net decrease in net assets	$	(43,910,743	)	$	(21,417,271	)
Net Assets
At beginning of period	$	302,019,896		$	323,437,167
At end of period	$	258,109,153		$	302,019,896

29 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Financial Highlights

	Six Months Ended April 30, 2020 (Unaudited)			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		0.67	%(2)		0.70	%		0.75	%		0.75	%		0.80	%(2)
Net investment income		4.01	%(2)		4.72	%		3.47	%		4.56	%		3.75	%(2)
Portfolio Turnover		56	%(3)		86	%		102	%		143	%		66	%(3)
Total Return		(8.19	)%(3)		11.57	%		(1.00	)%		15.99	%		3.65	%(3)
Net assets, end of period (000’s omitted)	$	258,109		$	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.

30 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Global Income Builder Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2020, 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 the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

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

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

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

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

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

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

31

Global Income Builder Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

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

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

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

As of April 30, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover these commitments.

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

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

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

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

32

Global Income Builder Portfolio

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Notes to Financial Statements (Unaudited) — continued

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

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

M  Interim Financial Statements — The interim financial statements relating to April 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.55% of the Portfolio’s average daily net assets up to $500 million. On average daily net assets of $500 million and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the six months ended April 30, 2020, the Portfolio’s investment adviser fee amounted to $796,375 or 0.55% (annualized) of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement and subsequent fee reduction agreement, BMR pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities and principal repayments on Senior Loans, aggregated $159,172,669 and $174,093,517, respectively, for the six months ended April 30, 2020.

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	248,613,624
Gross unrealized appreciation	$	24,051,651
Gross unrealized depreciation		(21,207,798	)
Net unrealized appreciation	$	2,843,853

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has

33

Global Income Builder Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2020 is included in the Portfolio of Investments. At April 30, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

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

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

The Portfolio enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2020, the Portfolio had no open derivatives with credit-related contingent features in a net liability position.

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

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

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2020 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Equity Price	Futures contracts	$	2,106,366	(1)	$	(1,671,290	)(1)
Foreign Exchange	Forward foreign currency exchange contracts		888	(2)		—
Total		$	2,107,254		$	(1,671,290	)
Derivatives not subject to master netting or similar agreements		$	2,106,366		$	(1,671,290	)
Total Derivatives subject to master netting or similar agreements		$	888		$	—

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

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

34

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Notes to Financial Statements (Unaudited) — continued

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Portfolio’s derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets as of April 30, 2020.

Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
State Street Bank and Trust Company	$	888	$	—	$	—	$	—	$	888

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

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended April 30, 2020 was as follows:

Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income(2)
Equity Price	Futures contracts	$	1,721,087	$	435,076
Foreign Exchange	Forward foreign currency exchange contracts		—		888
Total		$	1,721,087	$	435,964

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

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

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2020, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*
	$9,535,000		$9,513,000	$	421,000

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

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 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 for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2020.

35

Global Income Builder Portfolio

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Notes to Financial Statements (Unaudited) — continued

7  Overdraft Advances

Pursuant to the custodian agreement, State Street Bank and Trust Company (SSBT) may, in its discretion, advance funds to the Portfolio to make properly authorized payments. When such payments result in an overdraft, the Portfolio is obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on the Portfolio’s assets to the extent of any overdraft. At April 30, 2020, the Portfolio had a payment due to SSBT pursuant to the foregoing arrangement of $70,758. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at April 30, 2020. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 9) at April 30, 2020. The Portfolio’s average overdraft advances during the six months ended April 30, 2020 were not significant.

8  Investments in Affiliated Funds

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $1,670,919, which represents 0.6% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	1,345,311	$	88,765,520	$	(88,438,079	)	$	(2,010	)	$	177	$	1,670,919	$	16,250		1,670,919

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.

36

Global Income Builder Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

At April 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Common Stocks
Communication Services	$	8,825,417		$	9,464,576		$	—	$	18,289,993
Consumer Discretionary		8,031,380			6,073,219			—		14,104,599
Consumer Staples		2,657,071			9,076,129			—		11,733,200
Energy		5,571,379			700,677			—		6,272,056
Financials		8,983,033			17,176,825			—		26,159,858
Health Care		7,414,757			10,796,158			—		18,210,915
Industrials		2,803,857			11,034,938			—		13,838,795
Information Technology		13,165,259			8,764,366			—		21,929,625
Materials		—			7,654,586			—		7,654,586
Real Estate		1,973,981			—			—		1,973,981
Utilities		1,794,293			3,592,400			—		5,386,693
Total Common Stocks	$	61,220,427		$	84,333,874	*	$	—	$	145,554,301
Preferred Stocks
Consumer Staples	$	—		$	447,940		$	—	$	447,940
Energy		508,070			—			—		508,070
Financials		248,445			112,615			—		361,060
Real Estate		554,166			—			—		554,166
Utilities		596,492			86,781			—		683,273
Total Preferred Stocks	$	1,907,173		$	647,336		$	—	$	2,554,509
Corporate Bonds & Notes	$	—		$	94,092,324		$	—	$	94,092,324
Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—			5,894,629			—		5,894,629
Convertible Bonds		—			153,268			—		153,268
Exchange-Traded Funds		1,076,101			—			—		1,076,101
Warrants		25,462			—			—		25,462
Short-Term Investments		—			1,670,919			—		1,670,919
Total Investments	$	64,229,163		$	186,792,350		$	—	$	251,021,513
Forward Foreign Currency Exchange Contracts	$	—		$	888		$	—	$	888
Futures Contracts		2,020,542			85,824			—		2,106,366
Total	$	66,249,705		$	186,879,062		$	—	$	253,128,767
Liability Description
Futures Contracts	$	(1,671,290	)	$	—		$	—	$	(1,671,290	)
Total	$	(1,671,290	)	$	—		$	—	$	(1,671,290	)

* 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 six months ended April 30, 2020 is not presented.

37

Global Income Builder Portfolio

April 30, 2020

Notes to Financial Statements (Unaudited) — continued

10  Risks and Uncertainties

Risks Associated with Foreign Investments

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

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

38

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

⁽¹⁾  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

39

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Global Income Builder NextShares (the “Fund”) and Eaton Vance Management (“EVM”), as well as the investment advisory agreement between Global Income Builder Portfolio (the “Portfolio”), the portfolio in which the Fund invests, and Boston Management and Research (“BMR”) (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), and the sub-advisory agreement between EVM and Eaton Vance Advisers International Ltd. (the “Sub-adviser”), an affiliate of EVM, with respect to the Fund, as well as the sub-advisory agreement between BMR and the Sub-adviser, with respect to the Portfolio, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement and sub-advisory agreement for the Fund and the investment advisory agreement and sub-advisory agreement for the Portfolio (collectively, the “investment advisory agreements”).

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the applicable Adviser and the Sub-adviser.

40

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Board of Trustees’ Contract Approval — continued

The Board considered each Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio. Regarding the Adviser, the Board considered the applicable Adviser’s responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund and the Portfolio. The Board also considered each Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in investing in equity securities, including investing in both U.S. and foreign common stocks. In particular, the Board considered the abilities and experience of each Adviser’s and the Sub-adviser’s investment professionals in analyzing factors such as special considerations relevant to investing in dividend-paying common and preferred stocks and foreign markets. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board considered the special attributes of the Fund relative to a traditional mutual fund and the benefits that are expected to be realized from an investment in the Fund, rather than a traditional mutual fund. The Board also considered the resources devoted by the applicable Adviser and its affiliates in developing and maintaining an infrastructure necessary to support the on-going operations of the Fund.

The Board noted that under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of each Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by each Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and a customized peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one- and three-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its blended benchmark index and lower than its primary benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to inquiries from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by each Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

41

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Board of Trustees’ Contract Approval — continued

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by each Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by each Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund and the Portfolio currently share in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

42

Eaton Vance

Global Income Builder NextShares

April 30, 2020

Officers and Trustees

Officers of Eaton Vance Global Income Builder NextShares

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Global Income Builder Portfolio

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

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

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

43

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits 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.

44

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

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.

21984    4.30.20

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this 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:	June 18, 2020

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	June 18, 2020
By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	June 18, 2020