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

Form N-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, 2021

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, 2021

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

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report April 30, 2021

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
Joint Special Meeting of Shareholders	42
Board of Trustees’ Contract Approval	43
Officers and Trustees	49
Privacy Notice	50
Important Notices	52

Eaton Vance

Global Income Builder NextShares

April 30, 2021

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 Eaton Vance Management and 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		22.76	%		37.44	%		10.35	%		7.98	%		10.42	%
Fund at Market Price		03/30/2016		03/30/2016		22.76			37.45			10.33			—			10.42
MSCI World Index		—		—		29.10	%		45.33	%		14.02	%		9.92	%		14.06	%
ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index		—		—		8.89			21.56			6.96			5.81			7.68
Blended Index		—		—		21.75			36.73			11.62			8.56			11.90
% Total Annual Operating Expense Ratios4
Gross																		2.93	%
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, Fund performance may be lower or higher than the quoted return. 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. Performance for periods 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, 2021

Fund Profile⁵

Country Allocation (% of net assets)

Asset Allocation (% of net assets)⁷

Top 10 Holdings (% of net assets)⁶

Alphabet, Inc., Class C	2.6	%
Microsoft Corp.	2.1
Amazon.com, Inc.	2.1
Apple, Inc.	1.2
ASML Holding NV	1.1
Facebook, Inc., Class A	1.1
Berkshire Hathaway, Inc., Class B	1.0
Bank of New York Mellon Corp. (The)	0.9
Boston Scientific Corp.	0.9
AMETEK, Inc.	0.9
Total	13.9	%

See Endnotes and Additional Disclosures in this report.

3

Eaton Vance

Global Income Builder NextShares

April 30, 2021

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 name and 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 2/28/22. 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 July 1, 2021, the portfolio managers of the Fund will be Christopher M. Dyer, Jeffrey D. Mueller, John H. Croft and Derek J.V. DiGregorio.

4

Eaton Vance

Global Income Builder NextShares

April 30, 2021

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, 2020 – April 30, 2021).

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 (11/1/20)		Ending Account Value (4/30/21)		Expenses Paid During Period* (11/1/20 – 4/30/21)			Annualized Expense Ratio
Actual
	$	1,000.00	$	1,227.60	$	4.69	**		0.85	%
Hypothetical
(5% return per year before expenses)
	$	1,000.00	$	1,020.60	$	4.26	**		0.85	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on October 31, 2020. 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, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2021
Investment in Global Income Builder Portfolio, at value (identified cost, $5,814,678)	$	7,214,533
Receivable from affiliates		9,570
Total assets	$	7,224,103
Liabilities
Payable to affiliates:
Administration fee	$	863
Operations agreement fee		288
Trustees’ fees		42
Accrued expenses		138,542
Total liabilities	$	139,735
Net Assets	$	7,084,368
Sources of Net Assets
Paid-in capital	$	7,946,767
Accumulated loss		(862,399	)
Total	$	7,084,368
Net Asset Value Per Share
($7,084,368 ÷ 600,000 shares issued and outstanding)	$	11.81

6 See Notes to Financial Statements.

Eaton Vance

Global Income Builder NextShares

April 30, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2021
Interest allocated from Portfolio (net of foreign taxes, $193)	$	71,569
Dividends allocated from Portfolio (net of foreign taxes, $5,109)		64,995
Expenses allocated from Portfolio		(21,829	)
Total investment income from Portfolio	$	114,735
Expenses
Administration fee	$	4,977
Operations agreement fee		1,659
Trustees’ fees and expenses		250
Custodian fee		18,781
Transfer and dividend disbursing agent fees		6,778
Legal and accounting services		8,889
Printing and postage		3,556
Listing fee		3,570
Intraday pricing fee		5,951
Miscellaneous		3,729
Total expenses	$	58,140
Deduct —
Allocation of expenses to affiliates	$	51,599
Total expense reductions	$	51,599
Net expenses	$	6,541
Net investment income	$	108,194
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $76)	$	258,415
Financial futures contracts		1,734
Foreign currency transactions		(3,416	)
Forward foreign currency exchange contracts		220
Net realized gain	$	256,953
Change in unrealized appreciation (depreciation) —
Investments	$	953,198
Financial futures contracts		5,302
Foreign currency		3,058
Forward foreign currency exchange contracts		333
Net change in unrealized appreciation (depreciation)	$	961,891
Net realized and unrealized gain	$	1,218,844
Net increase in net assets from operations	$	1,327,038

7 See Notes to Financial Statements.

Eaton Vance

Global Income Builder NextShares

April 30, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
From operations —
Net investment income	$	108,194		$	238,867
Net realized gain (loss)		256,953			(48,415	)
Net change in unrealized appreciation (depreciation)		961,891			(76,412	)
Net increase in net assets from operations	$	1,327,038		$	114,040
Distributions to shareholders	$	(116,040	)	$	(212,708	)
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	$	(438	)	$	(1,994	)
Portfolio transaction fee allocated from Portfolio		2,242			4,665
Net increase in net assets from other capital	$	1,804		$	2,671
Net increase (decrease) in net assets	$	1,212,802		$	(310,852	)
Net Assets
At beginning of period	$	5,871,566		$	6,182,418
At end of period	$	7,084,368		$	5,871,566
Changes in shares outstanding
Shares outstanding, beginning of period		600,000			625,000
Shares redeemed		—			(25,000	)
Shares outstanding, end of period		600,000			600,000

8 See Notes to Financial Statements.

Eaton Vance

Global Income Builder NextShares

April 30, 2021

Financial Highlights

	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2016(1)(2)
				2020			2019			2018			2017(1)
Net asset value — Beginning of period	$	9.790		$	9.890		$	9.990		$	11.200		$	10.140		$	10.000
Income (Loss) From Operations
Net investment income(3)	$	0.180		$	0.390		$	0.469		$	0.358		$	0.502		$	0.193
Net realized and unrealized gain (loss)		2.030			(0.147	)		0.535			(0.435	)		1.073			0.091
Total income (loss) from operations	$	2.210		$	0.243		$	1.004		$	(0.077	)	$	1.575		$	0.284
Less Distributions
From net investment income	$	(0.193	)	$	(0.347	)	$	(0.369	)	$	(1.083	)	$	(0.519	)	$	(0.150	)
From net realized gain		—			—			(0.608	)		(0.051	)		—			—
Tax return of capital		—			—			(0.130	)		—			—			—
Total distributions	$	(0.193	)	$	(0.347	)	$	(1.107	)	$	(1.134	)	$	(0.519	)	$	(0.150	)
Portfolio transaction fee, net(3)	$	0.003		$	0.004		$	0.003		$	0.001		$	0.004		$	0.006
Net asset value — End of period	$	11.810		$	9.790		$	9.890		$	9.990		$	11.200		$	10.140
Total Return on Net Asset Value(4)(5)		22.76	%(6)		2.57	%		11.48	%		(1.10	)%		15.89	%		2.90	%(6)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,084		$	5,872		$	6,182		$	6,243		$	6,720		$	14,700
Ratios (as a percentage of average daily net assets):(7)
Expenses(5)		0.85	%(8)		0.85	%		0.88	%		0.91	%(9)		0.91	%(9)		0.90	%(8)
Net investment income		3.26	%(8)		4.02	%		4.91	%		3.32	%		4.71	%		3.22	%(8)
Portfolio Turnover of the Portfolio		41	%(6)		118	%		86	%		102	%		143	%		66	%(6)(10)

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

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

  ⁽³⁾ Computed using average shares outstanding.

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

  ⁽⁵⁾ The administrator and sub-adviser reimbursed certain operating expenses (equal to 1.55%, 2.08%, 1.70%, 1.57%, 0.57% and 2.08% of average daily net assets for the six months ended April 30, 2021, the years ended October 31, 2020, 2019, 2018 and 2017 and the period ended October 31, 2016, respectively). Absent this reimbursement, total return would be lower.

  ⁽⁶⁾ Not annualized.

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

  ⁽⁸⁾ 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, 2021

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 (2.4% at April 30, 2021). 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, 2021, 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, 2021 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, 2021

Notes to Financial Statements (Unaudited) — continued

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $110,579 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, 2020, $110,579 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. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory and administrative agreement (the “New Agreement”) with EVM, which took effect on March 1, 2021. The Fund’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Fund’s investment advisory and administrative agreement with EVM in effect prior to March 1, 2021), the investment advisory fee is computed at an annual rate of 0.550% 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, 0.525% of $500 million but less than $1 billion, 0.500% of $1 billion but less than $2.5 billion and 0.475% on Direct Assets of $2.5 billion and over, and is payable monthly. For the six months ended April 30, 2021, the Fund incurred no investment adviser fee on Direct Assets.

Pursuant to an investment sub-advisory agreement, EVM has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of EVM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new sub-advisory agreement with EVAIL, which took effect on March 1, 2021. EVM pays EVAIL 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. The administration fee is earned by EVM for administering the business affairs of the Fund. Pursuant to the New Agreement (and the Fund’s investment advisory and administrative agreement in effect prior to March 1, 2021), the administration 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, 2021, the administration fee amounted to $4,977.

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, 2021, the operations agreement fee amounted to $1,659 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, 2022. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM and EVAIL were allocated $51,599 in total of the Fund’s operating expenses for the six months ended April 30, 2021.

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, 2021, increases and decreases in the Fund’s investment in the Portfolio aggregated $139,031 and $161,662, 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

11

Eaton Vance

Global Income Builder NextShares

April 30, 2021

Notes to Financial Statements (Unaudited) — continued

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, 2021, EVM owned approximately 97% of the outstanding shares of the Fund.

12

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited)

Common Stocks— 60.1%
Security	Shares		Value
Aerospace & Defense — 0.4%
Safran S.A.(1)		9,060	$	1,352,736
			$	1,352,736
Air Freight & Logistics — 0.5%
PostNL NV		301,543	$	1,575,088
			$	1,575,088
Banks — 4.6%
Bank of New York Mellon Corp. (The)		55,322	$	2,759,461
Citigroup, Inc.		31,658		2,255,316
Credit Agricole S.A.(1)		106,447		1,646,544
HDFC Bank, Ltd.(1)		57,776		1,098,209
ING Groep NV		136,623		1,745,356
Mitsubishi UFJ Financial Group, Inc.(2)		268,285		1,427,302
Svenska Handelsbanken AB, Class A		117,230		1,357,555
Wells Fargo & Co.		37,767		1,701,403
			$	13,991,146
Beverages — 1.1%
Coca-Cola Co. (The)		28,233	$	1,524,017
Diageo PLC(1)		42,058		1,888,041
			$	3,412,058
Biotechnology — 0.6%
CSL, Ltd.		8,140	$	1,700,401
			$	1,700,401
Building Products — 0.7%
Assa Abloy AB, Class B		52,807	$	1,505,505
Kingspan Group PLC		8,798		782,538
			$	2,288,043
Capital Markets — 0.3%
Azimut Holding SpA		43,175	$	1,032,982
			$	1,032,982
Chemicals — 0.4%
Sika AG(1)		4,143	$	1,237,359
			$	1,237,359

Security	Shares		Value
Construction & Engineering — 0.5%
Abengoa S.A., Class A(1)(3)		36,194	$	0
Abengoa S.A., Class B(1)(3)		374,261		0
Bouygues S.A.		34,234		1,467,112
			$	1,467,112
Construction Materials — 0.6%
CRH PLC(1)		37,741	$	1,780,779
			$	1,780,779
Consumer Finance — 0.4%
Capital One Financial Corp.		8,204	$	1,223,052
			$	1,223,052
Diversified Financial Services — 1.3%
Berkshire Hathaway, Inc., Class B(1)		10,704	$	2,943,065
ORIX Corp.		71,345		1,151,784
			$	4,094,849
Diversified Telecommunication Services — 0.6%
Swisscom AG(1)		680	$	369,205
Telefonica Deutschland Holding AG		527,971		1,534,374
			$	1,903,579
Electric Utilities — 1.3%
Fortum Oyj		47,740	$	1,254,550
Iberdrola S.A.		92,097		1,244,594
NextEra Energy, Inc.		18,310		1,419,208
			$	3,918,352
Electrical Equipment — 1.7%
AMETEK, Inc.		19,923	$	2,688,210
Schneider Electric SE		13,399		2,137,888
Signify NV(1)(4)		8,424		478,391
			$	5,304,489
Electronic Equipment, Instruments & Components — 2.6%
CDW Corp.		8,380	$	1,494,405
Halma PLC		31,661		1,131,330
Keyence Corp.		2,633		1,263,979
Murata Manufacturing Co., Ltd.		12,079		960,370
TE Connectivity, Ltd.		13,020		1,750,799
Zebra Technologies Corp., Class A(1)		3,088		1,506,141
			$	8,107,024

13 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Entertainment — 1.2%
Nintendo Co., Ltd.		1,756	$	1,007,334
Walt Disney Co. (The)(1)		14,274		2,655,250
			$	3,662,584
Equity Real Estate Investment Trusts (REITs) — 0.7%
American Tower Corp.		3,987	$	1,015,768
Equity Residential		13,430		996,909
			$	2,012,677
Food Products — 1.5%
Mondelez International, Inc., Class A		40,179	$	2,443,285
Nestle S.A.(1)		18,762		2,238,882
			$	4,682,167
Health Care Equipment & Supplies — 2.5%
Alcon, Inc.		23,498	$	1,764,952
Boston Scientific Corp.(1)		62,337		2,717,893
Intuitive Surgical, Inc.(1)		2,180		1,885,700
Straumann Holding AG		971		1,387,726
			$	7,756,271
Health Care Providers & Services — 0.5%
Anthem, Inc.(1)		4,192	$	1,590,403
			$	1,590,403
Hotels, Restaurants & Leisure — 0.5%
Compass Group PLC(1)		65,010	$	1,414,245
			$	1,414,245
Industrial Conglomerates — 0.6%
DCC PLC		19,473	$	1,689,653
			$	1,689,653
Insurance — 2.8%
Allianz SE		5,155	$	1,338,325
Allstate Corp. (The)		12,375		1,569,150
Assicurazioni Generali SpA(1)		78,196		1,565,205
Aviva PLC		156,886		867,351
AXA S.A.		51,955		1,467,470
Swiss Re AG(1)		17,383		1,613,857
			$	8,421,358

Security	Shares		Value
Interactive Media & Services — 4.0%
Alphabet, Inc., Class C(1)		3,250	$	7,832,890
Facebook, Inc., Class A(1)		10,056		3,269,005
Tencent Holdings, Ltd.		13,937		1,111,782
			$	12,213,677
Internet & Direct Marketing Retail — 2.1%
Amazon.com, Inc.(1)(5)		1,861	$	6,452,869
			$	6,452,869
IT Services — 2.2%
Amadeus IT Group S.A.(1)		23,996	$	1,634,080
Fidelity National Information Services, Inc.		10,166		1,554,382
Global Payments, Inc.		4,813		1,033,014
Visa, Inc., Class A		10,446		2,439,768
			$	6,661,244
Leisure Products — 0.6%
Yamaha Corp.		31,555	$	1,722,131
			$	1,722,131
Life Sciences Tools & Services — 0.3%
Lonza Group AG(1)		1,508	$	958,657
			$	958,657
Machinery — 2.3%
Alstom S.A.(1)		25,422	$	1,388,336
Ingersoll Rand, Inc.(1)		24,552		1,213,114
Sandvik AB(1)		57,663		1,425,974
SMC Corp.		2,204		1,280,694
Stanley Black & Decker, Inc.		8,085		1,671,735
			$	6,979,853
Media — 0.0%(6)
Clear Channel Outdoor Holdings, Inc.(1)		3,408	$	8,554
iHeartMedia, Inc., Class A(1)		715		13,685
			$	22,239
Metals & Mining — 0.8%
Rio Tinto, Ltd.		25,959	$	2,412,757
			$	2,412,757

14 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AGNC Investment Corp.		48,311	$	866,216
			$	866,216
Multi-Utilities — 1.1%
A2A SpA		685,426	$	1,340,674
CMS Energy Corp.		10,882		700,692
E.ON SE		116,350		1,402,928
			$	3,444,294
Oil, Gas & Consumable Fuels — 1.7%
Chevron Corp.		14,063	$	1,449,473
EOG Resources, Inc.		30,347		2,234,753
Extraction Oil & Gas, Inc.(1)		8,474		354,044
Extraction Oil & Gas, Inc.(1)(3)(7)		425		17,698
Phillips 66(1)		15,200		1,229,832
			$	5,285,800
Personal Products — 0.7%
Unilever PLC		35,072	$	2,054,415
			$	2,054,415
Pharmaceuticals — 3.7%
AstraZeneca PLC		8,232	$	876,246
Eli Lilly & Co.		10,732		1,961,488
Novo Nordisk A/S, Class B		24,134		1,780,303
Orion Oyj, Class B		12,497		553,184
Roche Holding AG PC(1)		5,171		1,686,551
Sanofi		22,125		2,319,635
Zoetis, Inc.(1)		12,775		2,210,458
			$	11,387,865
Professional Services — 1.5%
Recruit Holdings Co., Ltd.		36,171	$	1,630,859
RELX PLC		83,641		2,170,104
Verisk Analytics, Inc.		4,453		838,055
			$	4,639,018
Semiconductors & Semiconductor Equipment — 3.3%
ASML Holding NV		5,128	$	3,328,797
Infineon Technologies AG		51,652		2,071,273
Micron Technology, Inc.(1)		26,684		2,296,692
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		19,867		2,319,274
			$	10,016,036

Security	Shares		Value
Software — 3.0%
Dassault Systemes SE		6,315	$	1,464,906
Intuit, Inc.		3,022		1,245,548
Microsoft Corp.		25,735		6,489,852
			$	9,200,306
Specialty Retail — 1.4%
Lowe’s Cos., Inc.		10,022	$	1,966,817
TJX Cos., Inc. (The)		31,461		2,233,731
			$	4,200,548
Technology Hardware, Storage & Peripherals — 1.2%
Apple, Inc.		28,477	$	3,743,586
			$	3,743,586
Textiles, Apparel & Luxury Goods — 2.0%
adidas AG(1)		8,039	$	2,482,932
LVMH Moet Hennessy Louis Vuitton SE		3,511		2,645,013
VF Corp.		10,505		920,868
			$	6,048,813
Total Common Stocks (identified cost $124,567,336)			$	183,928,731
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	$	137	$	146,247
			$	146,247
Leisure — 0.0%(6)
Royal Caribbean Cruises, Ltd., 4.25%, 6/15/23(4)	$	29	$	40,847
			$	40,847
Total Convertible Bonds (identified cost $154,891)			$	187,094

15 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Corporate Bonds — 35.2%
Security		Principal Amount* (000’s omitted)		Value
Aerospace & Defense — 0.8%
BWX Technologies, Inc., 5.375%, 7/15/26(4)			215	$	221,945
Moog, Inc., 4.25%, 12/15/27(4)			170		175,102
Rolls-Royce PLC:
5.75%, 10/15/27(4)			492		528,595
5.75%, 10/15/27(8)	GBP		161		242,235
TransDigm UK Holdings PLC, 6.875%, 5/15/26			200		210,875
TransDigm, Inc.:
4.625%, 1/15/29(4)			185		182,619
5.50%, 11/15/27			106		110,451
6.25%, 3/15/26(4)			419		444,140
6.50%, 5/15/25			30		30,460
7.50%, 3/15/27			327		350,730
				$	2,497,152
Airlines — 0.4%
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:
5.50%, 4/20/26(4)			314	$	330,093
5.75%, 4/20/29(4)			314		336,843
Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28(4)			110		120,882
Mileage Plus Holdings, LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27(4)			151		165,608
United Airlines, Inc.:
4.375%, 4/15/26(4)			136		141,300
4.625%, 4/15/29(4)			136		141,501
				$	1,236,227
Auto Components — 0.6%
Clarios Global, L.P., 6.75%, 5/15/25(4)			81	$	87,101
Clarios Global, L.P./Clarios US Finance Co.:
4.375%, 5/15/26(8)	EUR		181		225,224
8.50%, 5/15/27(4)			765		827,156
Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(4)			234		242,429
TI Automotive Finance PLC, 3.75%, 4/15/29(8)	EUR		400		485,746
Wheel Pros, Inc., 6.50%, 5/15/29(4)(9)			90		90,347
				$	1,958,003
Automobiles — 0.9%
Ford Motor Co.:
4.75%, 1/15/43			197	$	198,955
8.50%, 4/21/23			202		226,493
9.625%, 4/22/30			208		291,981

Security		Principal Amount* (000’s omitted)		Value
Automobiles (continued)
Ford Motor Credit Co., LLC:
3.087%, 1/9/23			231	$	235,667
3.37%, 11/17/23			253		260,906
3.815%, 11/2/27			327		335,656
4.00%, 11/13/30			200		204,518
4.125%, 8/17/27			555		580,730
5.125%, 6/16/25			200		218,730
General Motors Financial Co., Inc., Series C, 5.70% to 9/30/30(10)(11)			85		95,200
Jaguar Land Rover Automotive PLC, 6.875%, 11/15/26(8)	EUR		100		137,417
				$	2,786,253
Banks — 1.7%
Banco Mercantil del Norte S.A./Grand Cayman, 7.625% to 1/10/28(4)(10)(11)			200	$	222,143
Citigroup, Inc.:
5.95% to 1/30/23(10)(11)			125		132,266
Series M, 6.30% to 5/15/24(10)(11)			200		215,679
Comerica, Inc., 5.625% to 7/1/25(10)(11)			125		139,590
Credit Suisse Group AG, 7.50% to 7/17/23(4)(10)(11)			208		223,038
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(4)(10)(11)			220		237,325
HSBC Holdings PLC, 4.60% to 12/17/30(10)(11)			200		203,500
Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30(10)(11)			125		145,969
JPMorgan Chase & Co.:
Series HH, 4.60% to 2/1/25(10)(11)			298		307,685
Series S, 6.75%, to 2/1/24(10)(11)			215		239,053
Series X, 6.10% to 10/1/24(10)(11)			329		358,404
Lloyds Banking Group PLC, 7.50% to 9/27/25(10)(11)			200		231,750
Regions Financial Corp., Series D, 5.75% to 6/15/25(10)(11)			63		70,403
Societe Generale S.A., 5.375% to 11/18/30(4)(10)(11)			200		208,500
Standard Chartered PLC, 4.75% to 1/14/31(4)(10)(11)			229		232,624
SVB Financial Group, 4.10% to 2/15/31(10)(11)			58		58,471
Truist Financial Corp.:
Series P, 4.95% to 9/1/25(10)(11)			62		68,355
Series Q, 5.10% to 3/1/30(10)(11)			77		85,860
Vivion Investments S.a.r.l., 3.00%, 8/8/24(8)	EUR		1,200		1,414,078
Zions Bancorp NA, 5.80% to 6/15/23(10)(11)			268		277,380
				$	5,072,073

16 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Biotechnology — 0.1%
Emergent BioSolutions, Inc., 3.875%, 8/15/28(4)			185	$	173,677
				$	173,677
Building Products — 1.3%
Boise Cascade Co., 4.875%, 7/1/30(4)			116	$	123,178
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp.:
4.875%, 2/15/30(4)			121		121,000
6.25%, 9/15/27(4)			63		66,959
Builders FirstSource, Inc.:
5.00%, 3/1/30(4)			90		95,753
6.75%, 6/1/27(4)			134		144,271
Empire Communities Corp., 7.00%, 12/15/25(4)			247		264,957
HT Troplast GmbH, 9.25%, 7/15/25(8)	EUR		360		475,507
M/I Homes, Inc., 4.95%, 2/1/28			82		86,381
Masonite International Corp., 5.375%, 2/1/28(4)			105		110,908
Patrick Industries, Inc., 4.75%, 5/1/29(4)			200		200,825
PCF GmbH, 4.75%, 4/15/26(8)	EUR		175		211,840
Shea Homes, L.P./Shea Homes Funding Corp.:
4.75%, 2/15/28(4)			253		257,902
4.75%, 4/1/29(4)			72		72,992
Standard Industries, Inc.:
4.375%, 7/15/30(4)			192		192,720
5.00%, 2/15/27(4)			78		80,535
Taylor Morrison Communities, Inc.:
5.125%, 8/1/30(4)			112		123,511
5.75%, 1/15/28(4)			196		221,847
5.875%, 6/15/27(4)			146		166,043
TRI Pointe Group, Inc., 5.70%, 6/15/28			261		290,527
Victoria PLC, 3.625%, 8/24/26(8)	EUR		514		628,167
				$	3,935,823
Capital Markets — 0.2%
AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(10)			150	$	156,795
Charles Schwab Corp. (The), Series I, 4.00% to 6/1/26(10)(11)			259		266,786
UBS Group AG, 4.375% to 2/10/31(4)(10)(11)			200		199,752
				$	623,333
Casino & Gaming — 0.4%
Cinemark USA, Inc.:
4.875%, 6/1/23			270	$	269,986
5.875%, 3/15/26(4)			67		69,513
8.75%, 5/1/25(4)			48		52,320

Security		Principal Amount* (000’s omitted)		Value
Casino & Gaming (continued)
Peninsula Pacific Entertainment, LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(4)			337	$	358,821
Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(4)			215		214,731
Stars Group Holdings B.V./Stars Group US Co-Borrower, LLC, 7.00%, 7/15/26(4)			287		300,805
				$	1,266,176
Chemicals — 1.2%
Herens Holdco S.a.r.l., 4.75%, 5/15/28(4)(9)			201	$	201,000
Herens Midco S.a.r.l., 5.25%, 5/15/29(8)(9)	EUR		1,240		1,490,790
INEOS Quattro Finance 2 PLC, 2.50%, 1/15/26(8)	EUR		232		280,269
K+S AG, 3.00%, 6/20/22(8)	EUR		400		486,559
NOVA Chemicals Corp., 4.25%, 5/15/29(4)(9)			133		132,002
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26(4)			310		319,343
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(4)			151		148,735
SPCM S.A., 4.875%, 9/15/25(4)			200		205,316
Valvoline, Inc.:
3.625%, 6/15/31(4)			128		125,280
4.25%, 2/15/30(4)			140		143,674
W.R. Grace & Co., 4.875%, 6/15/27(4)			245		255,719
				$	3,788,687
Commercial Services & Supplies — 1.4%
Adtalem Global Education, Inc., 5.50%, 3/1/28(4)			263	$	263,986
Avis Budget Car Rental, LLC/Avis Budget Finance, Inc.:
5.25%, 3/15/25(4)			65		66,097
5.375%, 3/1/29(4)			127		132,397
5.75%, 7/15/27(4)			89		94,343
5.75%, 7/15/27(4)			110		116,256
Clean Harbors, Inc.:
4.875%, 7/15/27(4)			101		105,293
5.125%, 7/15/29(4)			61		65,930
Covanta Holding Corp., 5.875%, 7/1/25			95		99,408
Gartner, Inc.:
3.75%, 10/1/30(4)			107		107,451
4.50%, 7/1/28(4)			151		158,931
GFL Environmental, Inc.:
3.50%, 9/1/28(4)			240		231,630
3.75%, 8/1/25(4)			130		132,523
8.50%, 5/1/27(4)			313		343,322

17 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Commercial Services & Supplies (continued)
Hertz Corp. (The):
5.50%, 10/15/24(4)(12)			110	$	114,697
6.00%, 1/15/28(4)(12)			58		63,161
6.25%, 10/15/22(12)			167		175,559
MPH Acquisition Holdings, LLC, 5.75%, 11/1/28(4)			601		593,439
NESCO Holdings II, Inc., 5.50%, 4/15/29(4)			206		212,437
ServiceMaster Co., LLC (The), 7.45%, 8/15/27			550		645,458
Team Health Holdings, Inc., 6.375%, 2/1/25(4)			413		366,537
Tervita Corp., 11.00%, 12/1/25(4)			171		194,116
				$	4,282,971
Construction Materials — 0.1%
SRM Escrow Issuer, LLC, 6.00%, 11/1/28(4)			275	$	291,822
				$	291,822
Consumer Finance — 0.3%
CPUK Finance, Ltd., 4.875%, 2/28/47(8)	GBP		278	$	390,103
PRA Group, Inc., 7.375%, 9/1/25(4)			261		280,086
William Carter Co. (The), 5.625%, 3/15/27(4)			144		151,560
				$	821,749
Containers & Packaging — 0.5%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
2.125%, 8/15/26(8)	EUR		410	$	493,956
4.125%, 8/15/26(4)			253		260,590
Kleopatra Finco S.a.r.l., 4.25%, 3/1/26(8)	EUR		343		406,445
Trivium Packaging Finance B.V., 3.75%, 8/15/26(8)	EUR		230		284,225
				$	1,445,216
Cosmetics/Personal Care — 0.1%
Edgewell Personal Care Co., 5.50%, 6/1/28(4)			180	$	191,475
				$	191,475
Distributors — 0.4%
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(4)			416	$	414,461
Parts Europe S.A., 4.375%, (3 mo. EURIBOR + 4.375%), 5/1/22(8)(13)	EUR		455		546,837
Performance Food Group, Inc., 5.50%, 10/15/27(4)			169		178,408
				$	1,139,706

Security		Principal Amount* (000’s omitted)		Value
Diversified Consumer Services — 0.3%
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(8)			750	$	792,079
				$	792,079
Diversified Financial Services — 0.9%
Alliance Data Systems Corp., 4.75%, 12/15/24(4)			194	$	199,515
Allied Universal Holdco, LLC, 6.625%, 7/15/26(4)			226		239,284
Allied Universal Holdco, LLC/Allied Universal Finance Corp., 9.75%, 7/15/27(4)			203		223,242
Ally Financial, Inc., Series B, 4.70% to 5/15/26(10)(11)			237		240,839
Alpha Holding S.A. de CV, 9.00%, 2/10/25(4)			200		50,500
Cabot Financial Luxembourg S.A., 7.50%, 10/1/23(8)	GBP		71		99,624
Discover Financial Services, Series D, 6.125% to 6/23/25(10)(11)			101		114,256
Encore Capital Group, Inc.:
4.25%, (3 mo. EURIBOR + 4.25%), 1/15/28(8)(13)	EUR		479		590,036
5.375%, 2/15/26(8)	GBP		180		260,277
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp.:
6.25%, 5/15/26			291		307,238
6.375%, 12/15/25			120		124,138
Louvre Bidco S.A.S., 6.50%, 9/30/24(8)	EUR		310		386,348
				$	2,835,297
Diversified Telecommunication Services — 0.1%
Level 3 Financing, Inc.:
4.25%, 7/1/28(4)			264	$	266,339
5.25%, 3/15/26			90		92,899
				$	359,238
Electric Utilities — 1.1%
Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(4)			353	$	370,650
FirstEnergy Corp., Series B, 4.40%, 7/15/27			257		281,709
Imola Merger Corp., 4.75%, 5/15/29(4)			452		470,057
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, 5/1/79(10)			155		180,587
NextEra Energy Operating Partners, L.P.:
4.25%, 9/15/24(4)			9		9,518
4.50%, 9/15/27(4)			150		162,339
NRG Energy, Inc.:
3.375%, 2/15/29(4)			106		104,005
3.625%, 2/15/31(4)			177		173,637
5.25%, 6/15/29(4)			122		130,981

18 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Electric Utilities (continued)
Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(4)			173	$	175,595
Sempra Energy, 4.875% to 10/15/25(10)(11)			235		257,663
Southern California Edison Co., Series E, 6.25% to 2/1/22(10)(11)			101		103,045
Southern Co. (The), Series B:
4.00% to 10/15/25, 1/15/51(10)			56		59,920
5.50% to 3/15/22, 3/15/57(10)			192		197,275
TerraForm Power Operating, LLC:
4.25%, 1/31/23(4)			95		97,672
5.00%, 1/31/28(4)			237		254,627
Vistra Operations Co., LLC, 5.00%, 7/31/27(4)			232		240,649
				$	3,269,929
Electronic Equipment, Instruments & Components — 0.1%
WESCO Distribution, Inc., 7.25%, 6/15/28(4)			153	$	170,021
				$	170,021
Entertainment — 1.1%
AMC Entertainment Holdings, Inc., 10.50%, 4/15/25(4)			202	$	216,437
Banijay Group S.A.S., 6.50%, 3/1/26(8)	EUR		449		555,330
Caesars Entertainment, Inc.:
6.25%, 7/1/25(4)			417		443,876
8.125%, 7/1/27(4)			271		301,478
Gamma Bidco SpA, 6.25%, 7/15/25(8)	EUR		200		252,185
Live Nation Entertainment, Inc., 3.75%, 1/15/28(4)			69		68,835
Netflix, Inc.:
3.00%, 6/15/25(8)	EUR		370		485,452
4.875%, 6/15/30(4)			300		348,421
5.875%, 11/15/28			300		365,400
Powdr Corp., 6.00%, 8/1/25(4)			253		267,231
				$	3,304,645
Equity Real Estate Investment Trusts (REITs) — 0.1%
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc.:
4.50%, 9/1/26			100	$	105,875
5.625%, 5/1/24			200		215,894
				$	321,769
Food Products — 0.9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28(4)			181	$	193,005

Security		Principal Amount* (000’s omitted)		Value
Food Products (continued)
Casino Guichard Perrachon S.A., 5.25%, 4/15/27(8)	EUR		125	$	152,622
Chobani, LLC/Chobani Finance Corp., Inc., 4.625%, 11/15/28(4)			70		72,275
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(4)			386		425,086
Kraft Heinz Foods Co.:
3.875%, 5/15/27			203		221,245
4.25%, 3/1/31			203		224,087
4.375%, 6/1/46			540		579,937
4.625%, 10/1/39			68		76,055
4.875%, 10/1/49			100		114,971
5.50%, 6/1/50			203		252,717
Land O’ Lakes, Inc., 8.00%(4)(11)			330		351,450
US Foods, Inc., 4.75%, 2/15/29(4)			228		230,280
				$	2,893,730
Gas Utilities — 0.1%
NiSource, Inc., 5.65% to 6/15/23(10)(11)			280	$	292,950
				$	292,950
Health Care Equipment & Supplies — 1.1%
Centene Corp.:
2.50%, 3/1/31			311	$	297,782
3.00%, 10/15/30			377		374,644
3.375%, 2/15/30			308		309,542
4.625%, 12/15/29			319		345,747
CHS/Community Health Systems, Inc.:
4.75%, 2/15/31(4)			134		133,172
6.875%, 4/15/29(4)			256		267,892
8.125%, 6/30/24(4)			57		59,636
Compass Minerals International, Inc., 6.75%, 12/1/27(4)			182		196,413
LifePoint Health, Inc., 5.375%, 1/15/29(4)			400		400,580
Molina Healthcare, Inc., 3.875%, 11/15/30(4)			245		252,656
US Acute Care Solutions, LLC, 6.375%, 3/1/26(4)			274		286,399
Varex Imaging Corp., 7.875%, 10/15/27(4)			271		303,368
				$	3,227,831
Health Care Providers & Services — 1.0%
Encompass Health Corp.:
4.50%, 2/1/28			81	$	84,138
4.625%, 4/1/31			127		134,782
4.75%, 2/1/30			191		200,789

19 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Health Care Providers & Services (continued)
HCA, Inc.:
5.375%, 9/1/26			270	$	306,885
5.625%, 9/1/28			330		385,275
Legacy LifePoint Health, LLC:
4.375%, 2/15/27(4)			248		248,317
6.75%, 4/15/25(4)			130		138,450
ModivCare, Inc., 5.875%, 11/15/25(4)			182		193,806
Molina Healthcare, Inc., 4.375%, 6/15/28(4)			103		105,961
Synlab Bondco PLC, 4.75%, (3 mo. EURIBOR + 4.75%), 7/1/25(8)(13)	EUR		230		279,663
Tenet Healthcare Corp.:
4.625%, 9/1/24(4)			49		50,531
4.875%, 1/1/26(4)			290		301,675
5.125%, 11/1/27(4)			290		304,515
6.125%, 10/1/28(4)			152		160,588
6.75%, 6/15/23			71		77,621
				$	2,972,996
Home Builders — 0.1%
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(4)			201	$	209,040
				$	209,040
Hotels, Restaurants & Leisure — 0.8%
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc.:
3.875%, 1/15/28(4)			119	$	120,750
4.375%, 1/15/28(4)			182		184,721
5.75%, 4/15/25(4)			66		70,098
Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25(4)			232		234,178
Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24(4)			583		561,138
Lithia Motors, Inc.:
4.375%, 1/15/31(4)			131		138,152
4.625%, 12/15/27(4)			91		95,664
MGM Resorts International, 4.75%, 10/15/28			264		278,834
Viking Cruises, Ltd., 5.875%, 9/15/27(4)			639		627,009
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(4)			266		281,473
				$	2,592,017
Household Durables — 0.0%(6)
MDC Holdings, Inc., 6.00%, 1/15/43			115	$	149,026
				$	149,026

Security		Principal Amount* (000’s omitted)		Value
Household Products — 0.0%(6)
Spectrum Brands, Inc., 5.00%, 10/1/29(4)			73	$	77,380
				$	77,380
Independent Power and Renewable Electricity Producers — 0.3%
Calpine Corp.:
5.125%, 3/15/28(4)			273	$	277,806
5.25%, 6/1/26(4)			101		103,892
NRG Energy, Inc.:
5.75%, 1/15/28			210		223,388
7.25%, 5/15/26			271		280,951
				$	886,037
Industrial Conglomerates — 0.4%
Abertis Infraestructuras Finance B.V., 3.248% to 11/24/25(8)(10)(11)	EUR		400	$	494,326
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(4)			165		173,851
Dycom Industries, Inc., 4.50%, 4/15/29(4)			224		227,640
Gatwick Airport Finance PLC, 4.375%, 4/7/26(8)	GBP		145		203,101
VM Consolidated, Inc., 5.50%, 4/15/29(4)			272		276,949
				$	1,375,867
Insurance — 0.8%
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(4)			501	$	527,052
AmWINS Group, Inc., 7.75%, 7/1/26(4)			272		289,628
BroadStreet Partners, Inc., 5.875%, 4/15/29(4)			226		229,718
Galaxy Finco, Ltd., 9.25%, 7/31/27(8)	GBP		525		771,775
Hub International, Ltd., 7.00%, 5/1/26(4)			400		414,964
QBE Insurance Group, Ltd., 5.875% to 5/12/25(4)(10)(11)			222		241,147
				$	2,474,284
Internet — 0.1%
Endure Digital, Inc., 6.00%, 2/15/29(4)			208	$	199,652
United Group B.V., 4.00%, 11/15/27(8)	EUR		125		149,172
				$	348,824
Internet & Direct Marketing Retail — 0.1%
Cars.com, Inc., 6.375%, 11/1/28(4)			185	$	193,532
				$	193,532

20 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Leisure Products — 1.1%
Carnival Corp.:
5.75%, 3/1/27(4)			207	$	218,515
7.625%, 3/1/26(4)			87		95,375
7.625%, 3/1/26(8)	EUR		390		520,986
Carnival PLC, 1.00%, 10/28/29	EUR		350		347,876
Explorer II AS, 3.375%, 2/24/25	EUR		465		526,901
Life Time, Inc.:
5.75%, 1/15/26(4)			165		170,597
8.00%, 4/15/26(4)			208		218,955
NCL Corp, Ltd.:
3.625%, 12/15/24(4)			189		181,667
5.875%, 3/15/26(4)			106		110,928
10.25%, 2/1/26(4)			155		182,705
NCL Finance, Ltd., 6.125%, 3/15/28(4)			55		58,008
Royal Caribbean Cruises, Ltd.:
3.70%, 3/15/28			111		105,576
5.50%, 4/1/28(4)			285		299,236
Sabre GLBL, Inc., 9.25%, 4/15/25(4)			86		102,878
Viking Cruises, Ltd., 7.00%, 2/15/29(4)			104		108,030
Viking Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29(4)			66		67,277
				$	3,315,510
Machinery — 0.3%
Frigoglass Finance B.V., 6.875%, 2/12/25(8)	EUR		475	$	519,807
Sofima Holding SpA, 3.75%, 1/15/28(8)	EUR		381		460,988
				$	980,795
Media — 2.9%
Altice France S.A.:
5.125%, 7/15/29(4)			203	$	203,508
7.375%, 5/1/26(4)			202		209,686
8.125%, 2/1/27(4)			458		502,655
Beasley Mezzanine Holdings, LLC, 8.625%, 2/1/26(4)			308		313,579
CCO Holdings, LLC/CCO Holdings Capital Corp.:
4.25%, 2/1/31(4)			286		286,357
4.50%, 8/15/30(4)			290		295,406
4.50%, 5/1/32(4)			136		137,530
4.75%, 3/1/30(4)			322		336,490
5.375%, 6/1/29(4)			110		119,571
Clear Channel Outdoor Holdings, Inc., 7.75%, 4/15/28(4)			240		247,447
Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24			194		202,873
CSC Holdings, LLC:
3.375%, 2/15/31(4)			200		187,800
5.75%, 1/15/30(4)			616		655,655

Security		Principal Amount* (000’s omitted)		Value
Media (continued)
CSC Holdings, LLC: (continued)
7.50%, 4/1/28(4)			200	$	220,744
Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(4)			369		269,831
Entercom Media Corp., 6.75%, 3/31/29(4)			261		269,691
iHeartCommunications, Inc., 8.375%, 5/1/27			140		149,861
LCPR Senior Secured Financing DAC, 5.125%, 7/15/29(4)			205		210,574
National CineMedia, LLC:
5.75%, 8/15/26			189		165,103
5.875%, 4/15/28(4)			245		234,812
Outfront Media Capital, LLC/Outfront Media Capital Corp., 6.25%, 6/15/25(4)			137		145,648
Sirius XM Radio, Inc.:
4.625%, 7/15/24(4)			291		299,002
5.00%, 8/1/27(4)			218		228,562
Summer (BC) Holdco A S.a.r.l., 9.25%, 10/31/27(8)	EUR		496		632,303
Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26(8)	EUR		400		500,924
TEGNA, Inc.:
4.75%, 3/15/26(4)			72		76,662
5.00%, 9/15/29			137		142,374
Terrier Media Buyer, Inc., 8.875%, 12/15/27(4)			237		257,737
Townsquare Media, Inc., 6.875%, 2/1/26(4)			275		287,031
UPCB Finance VII, Ltd., 3.625%, 6/15/29(8)	EUR		116		143,503
Urban One, Inc., 7.375%, 2/1/28(4)			306		317,146
Virgin Media Secured Finance PLC, 5.50%, 8/15/26(4)			210		218,161
Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28(8)	GBP		350		497,264
				$	8,965,490
Metals & Mining — 1.6%
Allegheny Ludlum, LLC, 6.95%, 12/15/25			559	$	608,553
Arconic Corp., 6.125%, 2/15/28(4)			101		107,439
Big River Steel, LLC/BRS Finance Corp., 6.625%, 1/31/29(4)			233		252,077
Bombardier, Inc.:
7.50%, 12/1/24(4)			53		53,861
7.875%, 4/15/27(4)			269		268,664
BWX Technologies, Inc.:
4.125%, 6/30/28(4)			159		162,233
4.125%, 4/15/29(4)			118		121,393
Centennial Resource Production, LLC, 5.375%, 1/15/26(4)			320		300,200
Cleveland-Cliffs, Inc.:
6.75%, 3/15/26(4)			360		391,050
9.875%, 10/17/25(4)			52		61,100
Freeport-McMoRan, Inc., 5.45%, 3/15/43			297		363,082

21 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Metals & Mining (continued)
Hudbay Minerals, Inc.:
4.50%, 4/1/26(4)		174	$	176,861
6.125%, 4/1/29(4)		151		160,749
Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24(4)		709		719,635
Joseph T. Ryerson & Son, Inc., 8.50%, 8/1/28(4)		191		211,404
New Gold, Inc.:
6.375%, 5/15/25(4)		38		39,164
7.50%, 7/15/27(4)		491		533,398
Novelis Corp., 5.875%, 9/30/26(4)		180		187,999
TMS International Corp., 6.25%, 4/15/29(4)		101		105,166
			$	4,824,028
Multi-Utilities — 0.1%
Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23(10)(11)		345	$	368,072
			$	368,072
Oil and Gas — 0.0%(6)
TechnipFMC PLC, 6.50%, 2/1/26(4)		134	$	143,093
			$	143,093
Oil, Gas & Consumable Fuels — 2.8%
Aethon United BR, L.P./Aethon United Finance Corp., 8.25%, 2/15/26(4)		130	$	138,369
Archrock Partners, L.P./Archrock Partners Finance Corp., 6.25%, 4/1/28(4)		135		141,317
CNX Resources Corp., 6.00%, 1/15/29(4)		210		224,659
Colgate Energy Partners III, LLC, 7.75%, 2/15/26(4)		215		217,897
Continental Resources, Inc.:
4.375%, 1/15/28		206		224,498
4.90%, 6/1/44		8		8,407
5.75%, 1/15/31(4)		233		270,579
CrownRock, L.P./CrownRock Finance, Inc.:
5.00%, 5/1/29(4)		194		198,905
5.625%, 10/15/25(4)		259		268,389
CVR Energy, Inc., 5.75%, 2/15/28(4)		439		445,585
DCP Midstream, L.P., Series A, 7.375% to 12/15/22(10)(11)		160		146,800
Endeavor Energy Resources, L.P./EER Finance, Inc.:
5.50%, 1/30/26(4)		155		160,916
5.75%, 1/30/28(4)		40		42,750
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(10)(11)		432		300,240

Security	Principal Amount* (000’s omitted)		Value
Oil, Gas & Consumable Fuels (continued)
EQT Corp.:
5.00%, 1/15/29		53	$	58,020
7.625%, 2/1/25		69		79,523
8.50%, 2/1/30		102		130,560
Gran Tierra Energy, Inc., 7.75%, 5/23/27(4)		250		212,000
Great Western Petroleum, LLC/Great Western Finance Corp., 12.00%, 9/1/25(4)		248		215,760
Hilcorp Energy I, L.P./Hilcorp Finance Co.:
5.75%, 2/1/29(4)		109		111,164
6.00%, 2/1/31(4)		87		89,830
Laredo Petroleum, Inc.:
9.50%, 1/15/25		74		76,324
10.125%, 1/15/28		112		115,496
Matador Resources Co., 5.875%, 9/15/26		270		269,662
MEG Energy Corp.:
5.875%, 2/1/29(4)		111		113,919
7.125%, 2/1/27(4)		262		280,086
Murphy Oil USA, Inc.:
4.75%, 9/15/29		131		137,714
5.625%, 5/1/27		65		68,344
Nabors Industries, Ltd.:
7.25%, 1/15/26(4)		110		97,006
7.50%, 1/15/28(4)		118		103,029
Nine Energy Service, Inc., 8.75%, 11/1/23(4)		92		38,353
Occidental Petroleum Corp.:
2.90%, 8/15/24		16		15,980
3.40%, 4/15/26		76		75,254
3.45%, 7/15/24		42		42,105
3.50%, 8/15/29		101		96,581
4.20%, 3/15/48		156		131,658
4.40%, 8/15/49		125		108,359
4.625%, 6/15/45		84		76,296
6.125%, 1/1/31		193		214,954
6.20%, 3/15/40		81		86,265
6.375%, 9/1/28		93		104,280
6.45%, 9/15/36		93		105,789
6.625%, 9/1/30		254		289,894
Odebrecht Oil & Gas Finance, Ltd., 0.0%(4)(11)		862		11,420
Ovintiv, Inc.:
6.50%, 8/15/34		8		10,220
6.50%, 2/1/38		261		330,517
6.625%, 8/15/37		18		22,771
8.125%, 9/15/30		40		53,866
PBF Holding Co., LLC/PBF Finance Corp., 9.25%, 5/15/25(4)		405		424,744

22 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Oil, Gas & Consumable Fuels (continued)
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(10)(11)			747	$	621,877
Precision Drilling Corp.:
5.25%, 11/15/24			50		48,156
7.125%, 1/15/26(4)			99		98,196
7.75%, 12/15/23			33		33,268
Shelf Drilling Holdings, Ltd.:
8.25%, 2/15/25(4)			245		186,659
8.875%, 11/15/24(4)			71		73,176
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp.:
4.00%, 1/15/32(4)			121		119,034
5.50%, 3/1/30			36		39,019
5.875%, 4/15/26			155		162,649
Transocean Pontus, Ltd., 6.125%, 8/1/25(4)			87		84,988
Transocean Poseidon, Ltd., 6.875%, 2/1/27(4)			65		61,872
				$	8,715,948
Pharmaceuticals — 0.8%
AdaptHealth, LLC:
4.625%, 8/1/29(4)			103	$	102,645
6.125%, 8/1/28(4)			310		326,275
Bausch Health Americas, Inc.:
8.50%, 1/31/27(4)			448		499,520
9.25%, 4/1/26(4)			105		116,485
Bausch Health Companies, Inc.:
5.50%, 11/1/25(4)			129		133,193
7.25%, 5/30/29(4)			98		108,719
9.00%, 12/15/25(4)			245		266,180
Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.125%, 4/1/29(4)			170		168,513
Gruenenthal GmbH, 4.125%, 5/15/28(8)(9)	EUR		145		178,038
Herbalife Nutrition, Ltd./HLF Financing, Inc., 7.875%, 9/1/25(4)			198		215,773
Jazz Securities DAC, 4.375%, 1/15/29(4)			224		229,320
Owens & Minor, Inc., 4.50%, 3/31/29(4)			180		181,991
				$	2,526,652
Pipelines — 1.0%
Antero Midstream Partners, L.P./Antero Midstream Finance Corp.:
5.75%, 3/1/27(4)			327	$	331,087
7.875%, 5/15/26(4)			139		151,684
Cheniere Energy Partners, L.P.:
4.00%, 3/1/31(4)			519		528,731

Security		Principal Amount* (000’s omitted)		Value
Pipelines (continued)
Cheniere Energy Partners, L.P.: (continued)
4.50%, 10/1/29			199	$	208,060
Cheniere Energy, Inc., 4.625%, 10/15/28(4)			183		191,034
Energy Transfer, L.P., Series B, 6.625% to 2/15/28(10)(11)			188		177,660
EQM Midstream Partners, L.P.:
4.50%, 1/15/29(4)			137		136,320
4.75%, 1/15/31(4)			137		135,794
6.00%, 7/1/25(4)			116		126,875
6.50%, 7/1/27(4)			116		128,236
Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25(4)			123		130,303
Genesis Energy, L.P./Genesis Energy Finance Corp., 8.00%, 1/15/27			173		178,449
New Fortress Energy, Inc., 6.50%, 9/30/26(4)			382		390,318
Western Midstream Operating, L.P.:
4.50%, 3/1/28			27		28,823
4.75%, 8/15/28			24		25,860
5.30%, 2/1/30			207		226,147
				$	3,095,381
Real Estate Investment Trusts (REITs) — 0.8%
ADLER Group S.A., 3.25%, 8/5/25(8)	EUR		500	$	627,845
Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26(4)			287		299,642
Diversified Healthcare Trust, 4.375%, 3/1/31			173		167,530
HAT Holdings I, LLC/HAT Holdings II, LLC:
3.75%, 9/15/30(4)			151		145,526
6.00%, 4/15/25(4)			127		134,620
IRB Holding Corp., 6.75%, 2/15/26(4)			70		72,608
Service Properties Trust:
3.95%, 1/15/28			253		234,499
4.95%, 10/1/29			23		22,267
5.50%, 12/15/27			49		51,640
7.50%, 9/15/25			167		189,415
VICI Properties, L.P./VICI Note Co., Inc.:
3.75%, 2/15/27(4)			27		27,251
4.125%, 8/15/30(4)			198		201,342
4.25%, 12/1/26(4)			300		309,750
4.625%, 12/1/29(4)			66		68,647
				$	2,552,582
Real Estate Management & Development — 0.1%
AT Securities B.V., 5.25% to 7/21/23(8)(10)(11)			250	$	264,470
				$	264,470

23 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security		Principal Amount* (000’s omitted)		Value
Semiconductors & Semiconductor Equipment — 0.1%
ON Semiconductor Corp., 3.875%, 9/1/28(4)			258	$	265,915
				$	265,915
Software — 0.2%
Black Knight InfoServ, LLC, 3.625%, 9/1/28(4)			216	$	211,596
CDK Global, Inc., 5.25%, 5/15/29(4)			96		103,080
Playtika Holding Corp., 4.25%, 3/15/29(4)			222		220,890
SS&C Technologies, Inc., 5.50%, 9/30/27(4)			95		101,044
				$	636,610
Specialty Retail — 1.4%
Asbury Automotive Group, Inc.:
4.50%, 3/1/28			53	$	54,660
4.75%, 3/1/30			70		73,237
Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25(4)			177		188,284
Dave & Buster’s, Inc., 7.625%, 11/1/25(4)			371		401,280
Dufry One B.V., 3.375%, 4/15/28(8)	EUR		379		449,113
eG Global Finance PLC, 6.25%, 10/30/25(8)	EUR		350		429,609
Entegris, Inc.:
4.375%, 4/15/28(4)			125		131,566
4.625%, 2/10/26(4)			77		79,671
Group 1 Automotive, Inc., 4.00%, 8/15/28(4)			145		145,000
IRB Holding Corp., 7.00%, 6/15/25(4)			77		82,964
Ken Garff Automotive, LLC, 4.875%, 9/15/28(4)			155		156,647
L Brands, Inc.:
6.625%, 10/1/30(4)			144		166,137
6.75%, 7/1/36			80		96,572
6.875%, 11/1/35			289		350,798
6.95%, 3/1/33			67		78,725
7.60%, 7/15/37			45		54,000
9.375%, 7/1/25(4)			53		67,310
LCM Investments Holdings II, LLC, 4.875%, 5/1/29(4)			200		204,834
Murphy Oil USA, Inc., 3.75%, 2/15/31(4)			51		50,299
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 2/15/29(4)			250		271,215
Superior Plus, L.P./Superior General Partner, Inc., 4.50%, 3/15/29(4)			171		174,659
White Cap Buyer, LLC, 6.875%, 10/15/28(4)			174		184,877
White Cap Parent, LLC, 8.25%, (8.25% cash or 9.00% PIK), 3/15/26(4)(14)			108		112,372
Yum! Brands, Inc., 3.625%, 3/15/31			182		179,896
				$	4,183,725

Security		Principal Amount* (000’s omitted)		Value
Technology Hardware, Storage & Peripherals — 0.3%
Booz Allen Hamilton, Inc., 3.875%, 9/1/28(4)			223	$	222,961
Dell International, LLC/EMC Corp., 6.02%, 6/15/26(4)			315		376,030
Science Applications International Corp., 4.875%, 4/1/28(4)			160		165,484
Seagate HDD Cayman, 3.125%, 7/15/29(4)			139		133,915
				$	898,390
Telecommunications — 1.4%
Altice France Holding S.A., 10.50%, 5/15/27(4)			200	$	225,553
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(4)			281		293,912
Hughes Satellite Systems Corp.:
5.25%, 8/1/26			145		159,935
6.625%, 8/1/26			95		105,293
Level 3 Financing, Inc., 3.75%, 7/15/29(4)			67		65,409
LogMeIn, Inc., 5.50%, 9/1/27(4)			431		449,805
Sprint Corp., 7.875%, 9/15/23			659		752,084
T-Mobile USA, Inc.:
2.25%, 2/15/26			132		133,001
2.625%, 2/15/29			165		160,939
2.875%, 2/15/31			99		96,772
4.50%, 2/1/26			155		159,162
4.75%, 2/1/28			170		181,900
Telecom Italia Capital S.A., 6.00%, 9/30/34			337		379,850
Telecom Italia Finance S.A., 7.75%, 1/24/33	EUR		26		46,414
Telecom Italia SpA, 2.75%, 4/15/25(8)	EUR		140		177,657
ViaSat, Inc., 5.625%, 4/15/27(4)			143		150,100
Vmed O2 UK Financing I PLC, 3.25%, 1/31/31(8)	EUR		100		121,803
Vodafone Group PLC:
2.625% to 5/27/26, 8/27/80(8)(10)	EUR		220		273,432
4.875% to 7/3/25, 10/3/78(8)(10)	GBP		215		323,270
				$	4,256,291
Transportation — 0.2%
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(4)			247	$	253,234
CMA CGM S.A., 5.25%, 1/15/25(8)	EUR		127		156,213
XPO Logistics, Inc., 6.125%, 9/1/23(4)			80		81,210
				$	490,657
Water Utilities — 0.2%
Anglian Water Osprey Financing PLC, 4.00%, 3/8/26(8)	GBP		475	$	667,889
				$	667,889

24 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount* (000’s omitted)		Value
Wireless Telecommunication Services — 0.1%
Sprint Corp., 7.625%, 3/1/26		157	$	192,718
			$	192,718
Total Corporate Bonds (identified cost $103,633,003)			$	107,601,051
Exchange-Traded Funds— 0.1%
Security	Shares		Value
Equity Funds — 0.1%
Global X U.S. Preferred ETF		8,835	$	227,413
iShares Preferred & Income Securities ETF		5,952		230,342
Total Exchange-Traded Funds (identified cost $428,952)			$	457,755
Preferred Stocks— 1.3%
Security	Shares		Value
Banks — 0.2%
Farm Credit Bank of Texas, 6.75% to 9/15/23(4)(10)		1,115	$	122,650
Huntington Bancshares, Inc., Series D, 6.25%		3,450		87,458
Signature Bank, Series A, 5.00%		5,000		128,250
Wells Fargo & Co.:
Series L, 7.50%		103		147,683
Series Z, 4.75%		4,762		122,526
			$	608,567
Capital Markets — 0.1%
Affiliated Managers Group, Inc., 4.75%		2,250	$	57,667
KKR Group Finance Co. IX, LLC, 4.625%		7,000		180,075
			$	237,742
Electric Utilities — 0.2%
Brookfield BRP Holdings Canada, Inc., 4.625%		7,000	$	172,200
SCE Trust III, Series H, 5.75% to 3/15/24(10)		5,331		135,408
SCE Trust IV, Series J, 5.375% to 9/15/25(10)		1,911		47,966
SCE Trust V, Series K, 5.45% to 3/15/26(10)		3,551		90,586
			$	446,160

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 0.1%
SITE Centers Corp., Series A, 6.375%(1)		10,450	$	276,507
			$	276,507
Food Products — 0.1%
Dairy Farmers of America, Inc., 7.875%(4)		2,550	$	256,275
Ocean Spray Cranberries, Inc., Series A, 6.25%(4)		540		50,287
			$	306,562
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co., Series B, 6.00%		3,268	$	180,492
			$	180,492
Independent Power and Renewable Electricity Producers — 0.0%(6)
Algonquin Power & Utilities Corp., Series 19-A, 6.20% to 7/1/24(10)		3,175	$	88,178
			$	88,178
Insurance — 0.1%
American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(10)		7,517	$	210,927
Athene Holding, Ltd., Series C, 6.375% to 6/30/25(10)		5,920		166,707
			$	377,634
Oil, Gas & Consumable Fuels — 0.2%
Energy Transfer, L.P.:
Series C, 7.375% to 5/15/23(10)		3,000	$	72,090
Series E, 7.60% to 5/15/24(10)		2,970		72,112
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(10)		17,350		360,880
			$	505,082
Real Estate Management & Development — 0.1%
Brookfield Property Partners, L.P.:
Series A, 5.75%		6,545	$	155,116
Series A2, 6.375%		8,191		206,905
			$	362,021
Trading Companies & Distributors — 0.1%
WESCO International, Inc., Series A, 10.625%(10)		12,788	$	405,891
			$	405,891

25 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Wireless Telecommunication Services — 0.0%(6)
United States Cellular Corp., 5.50%		3,760	$	96,181
			$	96,181
Total Preferred Stocks (identified cost $3,832,736)			$	3,891,017
Senior Floating-Rate Loans — 1.8%(15)
Borrower/Description	Principal Amount (000’s omitted)		Value
Air Transport — 0.1%
Mileage Plus Holdings, LLC, Term Loan, 6/21/27(16)	$	274	$	292,609
			$	292,609
Automotive — 0.1%
Truck Hero, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 1/31/28	$	236	$	235,838
Wheel Pros, LLC, Term Loan, 4/23/28(16)		198		198,124
			$	433,962
Business Equipment and Services — 0.2%
AlixPartners, LLP, Term Loan, 3.25%, (1 mo. USD LIBOR + 2.75%, Floor 0.50%), 2/4/28	$	211	$	210,282
ECL Entertainment, LLC, Term Loan, 3/31/28(16)		75		76,687
Endure Digital, Inc., Term Loan, 2/10/28(16)		196		194,805
Travelport Finance (Luxembourg) S.a.r.l., Term Loan, 2/28/25(16)		200		204,739
			$	686,513
Electronics/Electrical — 0.3%
LogMeIn, Inc., Term Loan, 4.86%, (1 mo. USD LIBOR + 4.75%), 8/31/27	$	447	$	447,365
RealPage, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 4/24/28		223		222,288
Riverbed Technology, Inc., Term Loan - Second Lien, 12.00%, (3 mo. USD LIBOR + 11.00%, Floor 1.00%), 7.50% cash, 4.50% PIK, 12/31/26		280		220,224
			$	889,877
Financial Intermediaries — 0.1%
Spectacle Gary Holdings, LLC:
Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), 12/23/25	$	162	$	177,116

Borrower/Description	Principal Amount (000’s omitted)		Value
Financial Intermediaries (continued)
Spectacle Gary Holdings, LLC: (continued)
Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), 12/23/25	$	12	$	12,834
			$	189,950
Food Products — 0.0%(6)
Post Holdings, Inc., Term Loan, 10/21/24(16)	$	91	$	91,916
			$	91,916
Food Service — 0.1%
IRB Holding Corp., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), 12/15/27	$	241	$	240,942
			$	240,942
Health Care — 0.1%
Verscend Holding Corp., Term Loan, 4.11%, (1 mo. USD LIBOR + 4.00%), 8/27/25	$	250	$	250,911
			$	250,911
Industrial Equipment — 0.0%(6)
Hillman Group, Inc. (The), Term Loan, 4.11%, (1 mo. USD LIBOR + 4.00%), 5/31/25	$	114	$	113,612
			$	113,612
Insurance — 0.2%
Asurion, LLC:
Term Loan, 3.363%, (1 mo. USD LIBOR + 3.25%), 7/31/27	$	195	$	193,802
Term Loan—Second Lien, 5.363%, (1 mo. USD LIBOR + 5.25%), 1/31/28		240		243,840
			$	437,642
Leisure Goods/Activities/Movies — 0.2%
Playtika Holding Corp., Term Loan, 2.86%, (1 mo. USD LIBOR + 2.75%), 3/13/28	$	633	$	630,375
			$	630,375
Lodging and Casinos — 0.1%
Playa Resorts Holding B.V., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 4/29/24	$	316	$	302,684
Stars Group Holdings B.V. (The), Term Loan, 3.70%, (3 mo. USD LIBOR + 3.50%), 7/10/25		86		86,308
			$	388,992

26 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Borrower/Description	Principal Amount (000’s omitted)		Value
Pharmaceuticals — 0.2%
Jazz Financing Lux S.a.r.l., Term Loan, 4/21/28(16)	$	570	$	571,995
			$	571,995
Retailers (Except Food and Drug) — 0.1%
PetSmart, Inc., Term Loan, 4.50%, (3 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/12/28	$	387	$	388,596
			$	388,596
Total Senior Floating-Rate Loans (identified cost $5,680,047)			$	5,607,892
Warrants— 0.0%(6)
Security	Shares		Value
Media — 0.0%(6)
iHeartMedia, Inc., Exp. 5/1/39(1)		3,627	$	69,421
			$	69,421
Total Warrants (identified cost $60,111)			$	69,421
Short-Term Investments— 1.1%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.10%(17)		3,454,987	$	3,454,987
Total Short-Term Investments (identified cost $3,454,987)			$	3,454,987
Total Investments — 99.7% (identified cost $241,812,063)			$	305,197,948
Other Assets, Less Liabilities — 0.3%			$	868,700
Net Assets — 100.0%			$	306,066,648

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

* In U.S. dollars unless otherwise indicated.

⁽¹⁾  Non-income producing security.

⁽²⁾  Represents an investment in an issuer that may be deemed to be an affiliate effective March 1, 2021 (see Note 8).

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

⁽⁴⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain

transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2021, the aggregate value of these securities is $60,166,355 or 19.7% of the Portfolio’s net assets.

⁽⁵⁾  Security (or a portion thereof) has been pledged to cover margin requirements on open futures contracts.

⁽⁶⁾  Amount is less than 0.05%.

⁽⁷⁾  Restricted security (see Note 5).

⁽⁸⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At April 30, 2021, the aggregate value of these securities is $20,616,502 or 6.7% of the Portfolio’s net assets.

⁽⁹⁾  When-issued security.

⁽¹⁰⁾  Security converts to variable rate after the indicated fixed-rate coupon period.

⁽¹¹⁾  Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽¹²⁾  Issuer is in default with respect to interest and/or principal payments.

⁽¹³⁾  Variable rate security. The stated interest rate represents the rate in effect at April 30, 2021.

⁽¹⁴⁾  Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽¹⁵⁾  Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

⁽¹⁶⁾  This Senior Loan will settle after April 30, 2021, at which time the interest rate will be determined.

⁽¹⁷⁾  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, 2021.

27 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Portfolio of Investments (Unaudited) — continued

Country Concentration of Portfolio
Country	Percentage of Total Investments			Value
United States		59.8	%	$	182,639,843
United Kingdom		6.3			19,288,641
France		6.2			19,016,655
Switzerland		3.8			11,679,979
Germany		3.5			10,809,621
Japan		3.4			10,444,453
Netherlands		2.9			8,937,922
Luxembourg		1.9			5,647,827
Australia		1.8			5,393,283
Italy		1.7			5,255,955
Canada		1.6			4,926,078
Sweden		1.4			4,289,034
Spain		1.1			3,373,000
Ireland		0.9			2,720,112
Taiwan		0.8			2,319,274
Finland		0.6			1,807,734
Denmark		0.6			1,780,303
China		0.4			1,111,782
India		0.4			1,098,209
United Arab Emirates		0.3			1,051,914
Norway		0.2			526,901
Peru		0.1			337,610
Mexico		0.1			272,643
Brazil		0.0	(1)		11,420
Exchange-Traded Funds		0.2			457,755
Total Investments		100.0	%	$	305,197,948

⁽¹⁾   Amount is less than 0.05%.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	145,000	USD		175,254	Citibank, N.A.		5/5/21	$	—	$	(925	)
USD	237,511	EUR	��	195,170	State Street Bank and Trust Company		5/28/21		2,758		—
								$	2,758	$	(925	)

28 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

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		53	Long	6/18/21	$	11,062,160		$	479,679
STOXX Europe 600 Index		306	Short	6/18/21		(7,990,536	)		(140,208	)
STOXX Europe 600 Insurance Index		156	Short	6/18/21		(2,794,509	)		55,126
								$	394,597

Abbreviations:

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

Currency Abbreviations:

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

29 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2021
Unaffiliated investments, at value (identified cost, $237,084,771)	$	300,315,659
Affiliated investments, at value (identified cost, $4,727,292)		4,882,289
Cash		16,628
Foreign currency, at value (identified cost, $179,867)		179,312
Interest and dividends receivable		1,964,355
Dividends receivable from affiliated investments		26,092
Receivable for investments sold		1,785,398
Receivable for open forward foreign currency exchange contracts		2,758
Tax reclaims receivable		1,860,711
Total assets	$	311,033,202
Liabilities
Payable for investments purchased	$	2,513,697
Payable for when-issued securities		2,089,316
Payable for variation margin on open financial futures contracts		54,252
Payable for open forward foreign currency exchange contracts		925
Payable to affiliates:
Investment adviser fee		136,591
Trustees’ fees		1,240
Accrued expenses		170,533
Total liabilities	$	4,966,554
Net Assets applicable to investors’ interest in Portfolio	$	306,066,648

30 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2021
Interest (net of foreign taxes, $3,787)	$	3,085,132
Dividends (net of foreign taxes, $216,830)		2,742,214
Dividends from affiliated investments (net of foreign taxes, $4,656)		26,806
Total investment income	$	5,854,152
Expenses
Investment adviser fee	$	795,865
Trustees’ fees and expenses		7,434
Custodian fee		79,964
Legal and accounting services		30,979
Miscellaneous		26,764
Total expenses	$	941,006
Net investment income	$	4,913,146
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions (net of foreign capital gains taxes of $3,277)	$	11,233,950
Financial futures contracts		80,786
Foreign currency transactions		(151,864	)
Forward foreign currency exchange contracts		9,567
Net realized gain	$	11,172,439
Change in unrealized appreciation (depreciation) —
Investments	$	41,858,358
Investments — affiliated investments		16,205
Financial futures contracts		218,432
Foreign currency		138,997
Forward foreign currency exchange contracts		14,760
Net change in unrealized appreciation (depreciation)	$	42,246,752
Net realized and unrealized gain	$	53,419,191
Net increase in net assets from operations	$	58,332,337

31 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31, 2020
From operations —
Net investment income	$	4,913,146		$	11,579,367
Net realized gain (loss)		11,172,439			(2,169,739	)
Net change in unrealized appreciation (depreciation)		42,246,752			(4,171,298	)
Net increase in net assets from operations	$	58,332,337		$	5,238,330
Capital transactions —
Contributions	$	7,263,772		$	9,268,119
Withdrawals		(22,721,403	)		(53,647,355	)
Portfolio transaction fee		96,914			216,038
Net decrease in net assets from capital transactions	$	(15,360,717	)	$	(44,163,198	)
Net increase (decrease) in net assets	$	42,971,620		$	(38,924,868	)
Net Assets
At beginning of period	$	263,095,028		$	302,019,896
At end of period	$	306,066,648		$	263,095,028

32 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

Financial Highlights

	Six Months Ended April 30, 2021 (Unaudited)			Year Ended October 31,												Period Ended October 31, 2016(1)
Ratios/Supplemental Data				2020			2019			2018			2017
Ratios (as a percentage of average daily net assets):
Expenses		0.65	%(2)		0.66	%		0.70	%		0.75	%		0.75	%		0.80	%(2)
Net investment income		3.39	%(2)		4.12	%		4.72	%		3.47	%		4.56	%		3.75	%(2)
Portfolio Turnover		41	%(3)		118	%		86	%		102	%		143	%		66	%(3)
Total Return		22.71	%(3)		2.64	%		11.57	%		(1.00	)%		15.99	%		3.65	%(3)
Net assets, end of period (000’s omitted)	$	306,067		$	263,095		$	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.

33 See Notes to Financial Statements.

Global Income Builder Portfolio

April 30, 2021

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, 2021, Eaton Vance Global Income Builder Fund and Eaton Vance Global Income Builder NextShares held an interest of 97.6% and 2.4%, respectively, in the Portfolio.

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ 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.

34

Global Income Builder Portfolio

April 30, 2021

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, 2021, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F  Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments.

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

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

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

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

K  When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the

35

Global Income Builder Portfolio

April 30, 2021

Notes to Financial Statements (Unaudited) — continued

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. Securities purchased on a delayed delivery or when-issued basis are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract.

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

M  Interim Financial Statements — The interim financial statements relating to April 30, 2021 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) as compensation for investment advisory services rendered to the Portfolio. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and BMR became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Portfolio entered into a new investment advisory agreement (the “New Agreement”) with BMR, which took effect on March 1, 2021. The Portfolio’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Portfolio’s investment advisory agreement with BMR in effect prior to March 1, 2021), the investment advisory fee is computed at an annual rate of 0.550% of the Portfolio’s average daily net assets up to $500 million, 0.525% on $500 million but less than $1 billion, 0.500% on $1 billion but less than $2.5 billion, and 0.475% on average daily net assets of $2.5 billion and over, and is payable monthly. For the six months ended April 30, 2021, the Portfolio’s investment adviser fee amounted to $795,865 or 0.55% (annualized) of the Portfolio’s average daily net assets.

Pursuant to an investment sub-advisory agreement, BMR has delegated a portion of the investment management of the Portfolio to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of BMR and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, BMR entered into a new sub-advisory agreement with EVAIL, which took effect on March 1, 2021. BMR pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. The Portfolio may invest its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and including maturities and principal repayments on Senior Loans, aggregated $115,893,112 and $124,843,175, respectively, for the six months ended April 30, 2021.

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

Aggregate cost	$	244,123,811
Gross unrealized appreciation	$	63,684,096
Gross unrealized depreciation		(2,213,529	)
Net unrealized appreciation	$	61,470,567

36

Global Income Builder Portfolio

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Notes to Financial Statements (Unaudited) — continued

5  Restricted Securities

At April 30, 2021, the Portfolio owned the following securities (representing less than 0.1% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Description	Date of Acquisition		Shares		Cost		Value
Common Stocks
Extraction Oil & Gas, Inc.		1/28/21		425	$	6,287	$	17,698

6  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2021 is included in the Portfolio of Investments. At April 30, 2021, 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, 2021, the fair value of derivatives with credit-related contingent features in a net liability position was $925. At April 30, 2021, there were no assets pledged by the Portfolio for such liability.

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.

37

Global Income Builder Portfolio

April 30, 2021

Notes to Financial Statements (Unaudited) — continued

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2021 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Equity Price	Futures contracts	$	534,805	(1)	$	(140,208	)(1)
Foreign Exchange	Forward foreign currency exchange contracts		2,758	(2)		(925	)(3)
Total		$	537,563		$	(141,133	)
Derivatives not subject to master netting or similar agreements		$	534,805		$	(140,208	)
Total Derivatives subject to master netting or similar agreements		$	2,758		$	(925	)

⁽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.

⁽³⁾  Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities 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 and pledged by the Portfolio for such liabilities as of April 30, 2021.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
State Street Bank and Trust Company	$	2,758		$	—	$	—	$	—	$	2,758
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
Citibank, N.A.	$	(925	)	$	—	$	—	$	—	$	(925	)

^(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.

^(c)  Net amount represents the net amount payable to 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, 2021 was as follows:

Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income(2)
Equity Price	Futures contracts	$	80,786	$	218,432
Foreign Exchange	Forward foreign currency exchange contracts		9,567		14,760
Total		$	90,353	$	233,192

38

Global Income Builder Portfolio

April 30, 2021

Notes to Financial Statements (Unaudited) — continued

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

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

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2021, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*
	$5,650,000	$	5,668,000	$	551,000

* 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.

7  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 26, 2021. 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. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the

Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2021.

8  Investments in Affiliated Issuers and Funds

The Portfolio invested in issuers that may be deemed to be affiliated with Morgan Stanley. At April 30, 2021, the value of the Portfolio’s investment in affiliated issuers and funds was $4,882,289, which represents 1.6% of the Portfolio’s net assets. Transactions in affiliated issuers and funds by the Portfolio for the six months ended April 30, 2021 were as follows:

Name	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Shares/ Units, end of period
Common Stocks
Mitsubishi UFJ Financial Group, Inc.(1)	$	—	$	—	$	—		$	—	$	16,205	$	1,427,302	$	25,746		268,285
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC		1,027,196		36,794,803		(34,367,012	)		—		—		3,454,987		1,060		3,454,987
Totals								$	—	$	16,205	$	4,882,289	$	26,806

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

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.)

39

Global Income Builder Portfolio

April 30, 2021

Notes to Financial Statements (Unaudited) — continued

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

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

At April 30, 2021, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3*		Total
Common Stocks
Communication Services	$	13,779,384		$	4,022,695		$	—	$	17,802,079
Consumer Discretionary		11,574,285			8,264,321			—		19,838,606
Consumer Staples		3,967,302			6,181,338			—		10,148,640
Energy		5,268,102			—			17,698		5,285,800
Financials		13,317,663			16,311,940			—		29,629,603
Health Care		10,365,942			13,027,655			—		23,393,597
Industrials		6,411,114			18,884,878			0		25,295,992
Information Technology		25,873,461			11,854,735			—		37,728,196
Materials		—			5,430,895			—		5,430,895
Real Estate		2,012,677			—			—		2,012,677
Utilities		2,119,900			5,242,746			—		7,362,646
Total Common Stocks	$	94,689,830		$	89,221,203	**	$	17,698	$	183,928,731
Convertible Bonds	$	—		$	187,094		$	—	$	187,094
Corporate Bonds		—			107,601,051			—		107,601,051
Exchange-Traded Funds		457,755			—			—		457,755
Preferred Stocks
Communication Services		96,181			—			—		96,181
Consumer Staples		—			306,562			—		306,562
Energy		505,082			—			—		505,082
Financials		921,218			302,725			—		1,223,943
Health Care		180,492			—			—		180,492
Industrials		405,891			—			—		405,891
Real Estate		638,528			—			—		638,528
Utilities		446,160			88,178			—		534,338
Total Preferred Stocks	$	3,193,552		$	697,465		$	—	$	3,891,017
Senior Floating-Rate Loans	$	—		$	5,607,892		$	—	$	5,607,892
Warrants		69,421			—			—		69,421
Short-Term Investments		—			3,454,987			—		3,454,987
Total Investments	$	98,410,558		$	206,769,692		$	17,698	$	305,197,948
Forward Foreign Currency Exchange Contracts	$	—		$	2,758		$	—	$	2,758
Futures Contracts		534,805			—			—		534,805
Total	$	98,945,363		$	206,772,450		$	17,698	$	305,735,511
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(925	)	$	—	$	(925	)
Futures Contracts		(140,208	)		—			—		(140,208	)
Total	$	(140,208	)	$	(925	)	$	—	$	(141,133	)

40

Global Income Builder Portfolio

April 30, 2021

Notes to Financial Statements (Unaudited) — continued

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

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

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2021 is not presented.

10  Risks and Uncertainties

Risks Associated with Foreign Investments

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

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

41

Eaton Vance

Global Income Builder NextShares

April 30, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance Global Income Builder NextShares (the “Fund”) held a Joint Special Meeting of Shareholders on February 18, 2021 for the following purposes: (1) to approve a new investment advisory and administrative agreement with Eaton Vance Management to serve as the Fund’s investment adviser (“Proposal 1”); (2) to approve a new investment sub-advisory agreement with Eaton Vance Advisers International Ltd. to serve as the Fund’s investment sub-adviser (“Proposal 2”); (3) to provide voting instructions to the Fund, which invests pursuant to a master-feeder arrangement, with respect to the approval of a new investment advisory agreement with Boston Management and Research (“BMR”) to serve as investment adviser to Global Income Builder Portfolio (“Proposal 3”); and (4) to provide voting instructions to the Fund, which invests pursuant to a master-feeder arrangement, with respect to the approval of a new investment sub-advisory agreement with Eaton Vance Advisers International Ltd. to serve as investment sub-adviser to Global Income Builder Portfolio (“Proposal 4”). The shareholder meeting results are as follows:

	Number of Shares(1)
	For		Against		Abstain(2)		Broker Non-Votes(2)
Proposal 1		580,916.000		0		0		0
Proposal 2		580,916.000		0		0		0
Proposal 3		580,916.000		0		0		0
Proposal 4		580,916.000		0		0		0

⁽¹⁾   Fractional shares were voted proportionately.

⁽²⁾  Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on Proposal 1, Proposal 2, Proposal 3 and Proposal 4.

Interestholder Meeting

Global Income Builder Portfolio (the “Portfolio”) held a Joint Special Meeting of Interestholders on February 19, 2021 for the following purposes: (1) to approve a new investment advisory agreement with Boston Management and Research to serve as the Portfolio’s investment adviser (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Eaton Vance Advisers International Ltd. to serve as investment sub-adviser to the Portfolio (“Proposal 2”). The interestholder meeting results are as follows:

	For			Against			Abstain(1)
Proposal 1		91.772	%		2.584	%		5.644	%
Proposal 2		87.559	%		2.525	%		5.517	%

Results may not total 100% due to rounding.

⁽¹⁾  Abstentions were treated as interests that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on Proposal 1 and Proposal 2.

42

Eaton Vance

Global Income Builder NextShares

April 30, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Even though the following description of the Board’s (as defined below) consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Eaton Vance Global Income Builder NextShares and Global Income Builder Portfolio.

Fund	Investment Adviser	Investment Sub-Adviser
Eaton Vance Global Income Builder NextShares	Eaton Vance Management	Eaton Vance Advisers International Ltd.
Global Income Builder Portfolio	Boston Management and Research	Eaton Vance Advisers International Ltd.

At a meeting held on November 24, 2020 (the “November Meeting”), the Board of each Eaton Vance open-end Fund and portfolios in which each such Fund invests, as applicable (each, a “Fund” and, collectively, the “Funds”), including a majority of the Board members (the “Independent Trustees”) who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Funds, Eaton Vance Management (“EVM”) or Boston Management and Research (“BMR” and, together with EVM, the “Advisers”), voted to approve a new investment advisory agreement between each Fund and either EVM or BMR (the “New Investment Advisory Agreements”) and, for certain Funds, a new investment sub-advisory agreement between an Adviser and the applicable Sub-Adviser (the “New Investment Sub-Advisory Agreements”¹ and, together with the New Investment Advisory Agreements, the “New Agreements”), each of which is intended to go into effect upon the completion of the Transaction (as defined below), as more fully described below. In voting its approval of the New Agreements at the November Meeting, the Board relied on an order issued by the Securities and Exchange Commission in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.

In voting its approval of the New Agreements, the Board of each Fund relied upon the recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to and during meetings leading up to the November Meeting, the Contract Review Committee reviewed and discussed information furnished by the Advisers, the Sub-Advisers, and Morgan Stanley, as requested by the Independent Trustees, that the Contract Review Committee considered reasonably necessary to evaluate the terms of the New Agreements and to form its recommendation. Such information included, among other things, the terms and anticipated impacts of Morgan Stanley’s pending acquisition of Eaton Vance Corp. (the “Transaction”) on the Funds and their shareholders. In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their respective shareholders, the Board and its Contract Review Committee also considered information furnished for prior meetings of the Board and its committees, including information provided in connection with the annual contract review process for the Funds, which most recently culminated in April 2020 (the “2020 Annual Approval Process”).

The Board of each Fund, including the Independent Trustees, concluded that the applicable New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement, including the fees payable thereunder, was fair and reasonable, and it voted to approve the New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement and to recommend that shareholders do so as well.

Shortly after the announcement of the Transaction, the Board, including all of the Independent Trustees, met with senior representatives from the Advisers and Morgan Stanley at its meeting held on October 13, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders. As part of the Board’s evaluation process, counsel to the Independent Trustees, on behalf of the Contract Review Committee, requested additional information to assist the Independent Trustees in their evaluation of the New Agreements and the implications of the Transaction, as well as other contractual arrangements that may be affected by the Transaction. The Contract Review Committee considered information furnished by the Advisers and Morgan Stanley, their respective affiliates, and, as applicable, the Sub-Advisers during meetings on November 5, 2020, November 10, 2020, November 13, 2020, November 17, 2020 and November 24, 2020.

During its meetings on November 10, 2020 and November 17, 2020, the Contract Review Committee further discussed the approval of the New Agreements with senior representatives of the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley. The representatives from the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley each made presentations to, and responded to questions from, the Independent Trustees. The Contract Review Committee considered the Advisers’, the Affiliated Sub-Advisers’ and Morgan Stanley’s responses related to the Transaction and specifically to the Funds,

¹  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

43

Eaton Vance

Global Income Builder NextShares

April 30, 2021

Board of Trustees’ Contract Approval — continued

as well as information received in connection with the 2020 Annual Approval Process, with respect to its evaluation of the New Agreements. Among other information, the Board considered:

Information about the Transaction and its Terms

• Information about the material terms and conditions, and expected impacts, of the Transaction that relate to the Funds, including the expected impacts on the businesses conducted by the Advisers, the Affiliated Sub-Advisers and Eaton Vance Distributors, Inc., as the distributor of Fund shares;

• Information about the advantages of the Transaction as they relate to the Funds and their shareholders;

• A commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction;

• A commitment that, for a period of three years after the Closing, at least 75% of each Fund’s Board members must not be “interested persons” (as defined in the 1940 Act) of the investment adviser (or predecessor investment adviser, if applicable) pursuant to Section 15(f)(1)(A) of the 1940 Act;

• A commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction;

• Information with respect to personnel and/or other resources of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as a result of the Transaction, as well as any expected changes to compensation, including any retention-based compensation intended to incentivize key personnel at the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• Information regarding any changes that are expected with respect to the Funds’ slate of officers as a result of the Transaction;

Information about Morgan Stanley

• Information about Morgan Stanley’s overall business, including information about the advisory, brokerage and related businesses that Morgan Stanley operates;

• Information about Morgan Stanley’s financial condition, including its access to capital and other resources required to support the investment advisory businesses related to the Funds;

• Information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy, and any changes that Morgan Stanley contemplates implementing to the Funds in the short- or long-term following the closing of the Transaction (the “Closing”);

• Information regarding risk management functions at Morgan Stanley and its affiliates, including how existing risk management protocols and procedures may impact the Funds and/or the businesses of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as they relate to the Funds;

• Information on the anticipated benefits of the Transaction to the Funds with respect to potential additional distribution capabilities and the ability to access new markets and customer segments through Morgan Stanley’s distribution network, including, in particular, its institutional client base;

• Information regarding the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;

Information about the New Agreements for Funds

• A representation that, after the Closing, all of the Funds will continue to be advised by their current Adviser and Sub-Adviser, as applicable;

• Information regarding the terms of the New Agreements, including certain changes as compared to the current investment advisory agreement between each Fund and its Adviser (collectively, the “Current Advisory Agreements”) and, as applicable, the current investment sub-advisory agreement between a Fund and a Sub-Adviser (together with the Current Advisory Agreements, the “Current Agreements”);

• Information confirming that the fee rates payable under the New Agreements are not changed as compared to the Current Agreements;

• A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about Fund Performance, Fees and Expenses

• 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 as of the 2020 Annual Approval Process, as well as performance information as of a more recent date;

• A report from an independent data provider comparing each Fund’s total expense ratio (and its components) to those of comparable funds as of the 2020 Annual Approval Process, as well as fee and expense information as of a more recent date;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the Advisers in consultation with the Portfolio Management Committee of the Board as of the 2020 Annual Approval Process, as well as corresponding performance information as of a more recent date;

• Comparative information concerning the fees charged and services provided by the Adviser and the 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;

44

Eaton Vance

Global Income Builder NextShares

April 30, 2021

Board of Trustees’ Contract Approval — continued

• Profitability analyses of the Advisers and the Affiliated Sub-Advisers, as applicable, with respect to each of the Funds as of the 2020 Annual Approval Process, as well as information regarding the impact of the Transaction on profitability;

Information about Portfolio Management and Trading

• Descriptions of the investment management services currently provided and expected to be provided to each Fund after the Transaction, 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 any changes to the policies and practices of the Advisers and, as applicable, each Fund’s Sub-Adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information regarding the impact on trading and access to capital markets associated with the Funds’ affiliations with Morgan Stanley and its affiliates, including potential restrictions with respect to the Funds’ ability to execute portfolio transactions with Morgan Stanley and its affiliates;

Information about the Advisers and the Sub-Advisers

• Information about the financial results and condition of the Advisers and the Affiliated Sub-Advisers since the culmination of the 2020 Annual Approval Process and any material changes in financial condition that are reasonably expected to occur before and after the Closing;

• Information regarding contemplated changes to 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, post-Closing;

• The Code of Ethics of the Advisers and their affiliates, including the Affiliated Sub-Advisers, 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 Advisers and their affiliates, including the Affiliated Sub-Advisers, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• A description of the Advisers’ oversight of the 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 the Advisers and their affiliates;

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

• Confirmation that the Advisers intend to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies;

• Information regarding Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;

• Confirmation that the Advisers’ current senior management teams have indicated their strong support of the Transaction; and

• Information regarding the fact that Morgan Stanley and Eaton Vance Corp. will each derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered.

As indicated above, the Board and its Contract Review Committee also considered information received at its regularly scheduled meetings throughout the year, which included information from portfolio managers and other investment professionals of the Advisers and the Sub-Advisers regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the Funds’ investment objectives. The Board 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 the Advisers and their affiliates, including the Affiliated Sub-Advisers, with respect to such matters.

The Contract Review Committee was advised throughout the evaluation 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 the New Agreements and the weight to be given to each such factor. The conclusions reached with respect to the New Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Independent Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the New Agreements.

45

Eaton Vance

Global Income Builder NextShares

April 30, 2021

Board of Trustees’ Contract Approval — continued

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements. In evaluating the nature, extent and quality of services to be provided by the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

The Board also considered the financial resources of Morgan Stanley and the Advisers and the importance of having a Fund manager with, or with access to, significant organizational and financial resources. The Board considered the benefits to the Funds of being part of a larger combined organization with greater financial resources following the Transaction, particularly during periods of market disruptions and volatility. In this regard, the Board considered information provided by Morgan Stanley regarding its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition, as well as information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy and any changes that Morgan Stanley contemplates in the short- or long-term following the Closing. The Board also noted Morgan Stanley’s and the Advisers’ commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers, and existing Morgan Stanley affiliates and their respective personnel.

The Board considered the Advisers’ and the Sub-Advisers’ management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. In particular, the Board considered the abilities and experience of the Advisers’ and, as applicable, the Sub-Advisers’ investment professionals in implementing each Fund’s investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Advisers and other factors, including the reputation and resources of the Advisers to recruit and retain highly qualified research, advisory and supervisory investment professionals. With respect to the recruitment and retention of key personnel, the Board noted information from Morgan Stanley and the Advisers regarding the benefits of joining Morgan Stanley. In addition, the Board considered the time and attention devoted to the Funds 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 Funds, including the provision of administrative services. With respect to the foregoing, the Board also considered information from the Advisers and Morgan Stanley regarding the anticipated impact of the Transaction on such matters. The Board also considered the business-related and other risks to which the Advisers or their affiliates may be subject in managing the Funds and in connection with the Transaction.

The Board considered the compliance programs of the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers. 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 the Advisers and their affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority. The Board also considered certain information relating to the compliance record of Morgan Stanley and its affiliates, including information requests in recent years from regulatory authorities. With respect to the foregoing, including the compliance programs of the Advisers and the Sub-Advisers, the Board noted information regarding the impacts of the Transaction, as well as the Advisers’ and Morgan Stanley’s commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers and existing Morgan Stanley affiliates and their respective personnel.

The Board considered other administrative services provided and to be provided or overseen by the Advisers and their 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. The Board noted information that the Transaction was not expected to have any material impact on such matters in the near-term.

In evaluating the nature, extent and quality of the services to be provided under the New Agreements, the Board also considered investment performance information provided for each Fund in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. In this regard, the Board compared each 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, for certain Funds, a custom peer group of similarly managed funds. The Board also considered, where applicable, Fund-specific performance explanations based on criteria established by the Board in connection with the 2020 Annual Approval Process and, where applicable, performance explanations as of a more recent date. In addition to the foregoing information, it was also noted that the Board has received and discussed with management information throughout the year at periodic intervals comparing each Fund’s performance against applicable benchmark indices and peer groups. In addition, the Board considered each Fund’s performance in light of overall financial market conditions. Where a Fund’s relative underperformance to its peers was significant during one or more specified periods, the Board noted the explanation from the applicable Adviser concerning the Fund’s relative performance versus its peer group.

46

Eaton Vance

Global Income Builder NextShares

April 30, 2021

Board of Trustees’ Contract Approval — continued

After consideration of the foregoing factors, among others, and based on their review of the materials provided and the assurances received from, and recommendations of, the Advisers and Morgan Stanley, the Board determined that the Transaction was not expected to adversely affect the nature, extent and quality of services provided to the Funds by the Advisers and their affiliates, including the Affiliated Sub-Advisers, and that the Transaction was not expected to have an adverse effect on the ability of the Advisers and their affiliates, including the Affiliated Sub-Advisers, to provide those services. The Board concluded that the nature, extent and quality of services expected to be provided by the Advisers and the Sub-Advisers, taken as a whole, are appropriate and expected to be consistent with the terms of the New Agreements.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”) in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. As part of its review, the Board considered each Fund’s management fees and total expense ratio over various periods, 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 factors, and, where applicable, certain Fund-specific factors, that had an impact on a Fund’s total expense ratio relative to comparable funds, as identified by the Advisers in response to inquiries from the Contract Review Committee. The Board considered that the New Agreements do not change a Fund’s management fee rate or the computation method for calculating such fees, including any separately executed permanent contractual management fee reduction currently in place for the Fund.

The Board also received and considered, where applicable, information about the services offered and the fee rates charged by the Advisers and the Sub-Advisers to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as a Fund. In this regard, the Board received information about the differences in the nature and scope of services the Advisers and the Sub-Advisers, as applicable, provide to the Funds as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Advisers and such Sub-Advisers as between each Fund and other types of accounts.

After considering the foregoing information, and in light of the nature, extent and quality of the services expected to be provided by the Advisers and the Sub-Advisers, the Board concluded that the management fees charged for advisory and related services are reasonable with respect to its approval of the New Agreements.

Profitability and “Fall-Out” Benefits

During the 2020 Annual Approval Process, the Board considered the level of profits realized by the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers, in providing investment advisory and administrative services to the Funds 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 the Advisers and their affiliates to third parties in respect of distribution or other services. In light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Advisers and their affiliates, including the Sub-Advisers, were not deemed to be excessive by the Board.

The Board noted that Morgan Stanley and the Advisers are expected to realize, over time, cost savings from the Transaction based on eliminating duplicate corporate overhead expenses. The Board considered, however, information from the Advisers and Morgan Stanley that such cost savings are not expected to be realized immediately upon the Closing and that, accordingly, there are currently no specific expected changes in the levels of profitability associated with the advisory and other services provided to the Funds that are contemplated as a result of the Transaction. The Board noted that it will continue to receive information regarding profitability during its annual contract review processes, including the extent to which cost savings and/or other efficiencies result in changes to profitability levels.

The Board also considered direct or indirect fall-out benefits received by the Advisers and their affiliates, including the Affiliated Sub-Advisers, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Advisers and their affiliates as a result of securities transactions effected for the Funds and other investment advisory clients. In evaluating the fall-out benefits to be received by the Advisers and their affiliates under the New Agreements, the Board considered whether the Transaction would have an impact on the fall-out benefits currently realized by the Advisers and their affiliates in connection with services provided pursuant to the Current Advisory Agreements.

The Board of each Fund considered that Morgan Stanley may derive reputational and other benefits from its ability to use the names of the Advisers and their affiliates in connection with operating and marketing the Funds. The Board considered that the Transaction, if completed, would significantly increase Morgan Stanley’s assets under management and expand Morgan Stanley’s investment capabilities.

Economies of Scale

The Board also considered the extent to which the Advisers and their affiliates, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds 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. As part of the 2020 Annual Approval Process, the Board reviewed data summarizing the increases and decreases in the assets of the Funds and of all Eaton Vance funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Advisers and their affiliates may have been affected by such increases or decreases.

47

Eaton Vance

Global Income Builder NextShares

April 30, 2021

Board of Trustees’ Contract Approval — continued

The Board noted that Morgan Stanley and the Advisers are expected to benefit from possible growth of the Funds resulting from enhanced distribution capabilities, including with respect to the Funds’ potential access to Morgan Stanley’s institutional client base. Based upon the foregoing, the Board concluded that the Funds currently share in the benefits from economies of scale, if any, when they are realized by the Advisers, and that the Transaction is not expected to impede a Fund from continuing to benefit from any future economies of scale realized by its Adviser.

Conclusion

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described above, the Contract Review Committee recommended to the Board approval of the New Agreements. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, unanimously voted to approve the New Agreements for the Funds and recommended that shareholders approve the New Agreements.

48

Eaton Vance

Global Income Builder NextShares

April 30, 2021

Officers and Trustees

Officers of Eaton Vance Global Income Builder NextShares

Edward J. Perkin

President

Deidre E. Walsh

Vice President

Maureen A. Gemma

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

Deidre E. Walsh

Vice President

Maureen A. Gemma

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

49

Eaton Vance Funds

Privacy Notice April 2021

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

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

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

50

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

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

51

Eaton Vance Funds

IMPORTANT NOTICES

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 to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

52

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    4.30.21

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Eaton Vance NextShares Trust
By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	June 24, 2021

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	June 24, 2021
By:	/s/ Edward J. Perkin
	Edward J. Perkin
	President
Date:	June 24, 2021