Summary Prospectus dated March 1, 2021
Eaton Vance Global Income Builder NextShares
Ticker EVGBC
Listing Exchange: The NASDAQ Stock Market LLC
This Summary Prospectus is designed
to provide investors with key fund information in a clear and concise format. Before you invest, you may want to review the Fund’s
Prospectus and Statement of Additional Information, which contain more information about the Fund and its risks. The Fund’s
Prospectus and Statement of Additional Information, both dated March 1, 2021, as may be amended or supplemented, are incorporated
by reference into this Summary Prospectus. For free paper or electronic copies of the Fund’s Prospectus, Statement of Additional
Information, annual and semi-annual shareholder reports, and other information about the Fund, go to http://www.eatonvance.com/nextsharesdocuments,
email a request to contact@eatonvance.com or call 1-800-262-1122. Unless otherwise noted, page number references refer to the current
Prospectus for this Fund.
Investment Objective
The Fund's investment objective is to achieve total return for
its investors.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if
you buy, hold and sell shares of the Fund.
Investor Fees (fees paid directly from your investment): None
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Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) (1)
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Management Fees
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0.70%
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Distribution and Service (12b-1) Fees
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None
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Other Expenses
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2.23%
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Total Annual Fund Operating Expenses
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2.93%
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Expense Reimbursement (2)
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(2.08)%
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Total Annual Fund Operating Expenses After Expense Reimbursement
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0.85%
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(1)
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Expenses in the table above and the Example below reflect the expenses of the Fund and Global Income Builder Portfolio (the
“Portfolio”), the Fund’s master Portfolio.
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(2)
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The investment adviser and administrator and sub-adviser have agreed to reimburse the Fund’s expenses to the extent that
Total Annual Fund Operating Expenses exceed 0.85%. This expense reimbursement will continue through February 28, 2022. Any amendment
to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary
operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated
funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may
be recouped by the investment adviser and administrator and sub-adviser during the same fiscal year to the extent actual expenses
are less than the contractual expense cap during such year.
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Example.
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example
assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those
periods. The Example also assumes that the Fund provides a return of 5% each year, that Fund operating expenses remain the same
and that any expense reimbursement arrangement remains in place for the contractual period. Investors may pay brokerage commissions
on their purchases and sales of Fund shares, which are not reflected in the example. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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$87
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$710
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$1,359
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$3,103
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Portfolio Turnover
The Fund and Portfolio in which it invests pay transaction costs,
such as commissions, when they buy and sell securities (or “turn over” the portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These
costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.
During the most recent fiscal year, the Portfolio's portfolio turnover rate was 118% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to invest in common stocks, preferred stocks and
other hybrid securities, and fixed and floating-rate securities and other debt (“income instruments”) of U.S. and foreign
issuers. Under normal market conditions, the Fund will invest (i) at least 30% of its net assets in securities or other instruments
issued by issuers located outside of the United States, which may include emerging market countries; and (ii) in issuers located
in at least five different countries (including the United States). An issuer will be considered to be located outside of the United
States if it is domiciled in, derives a significant portion of its revenue from, or its primary trading venue is outside of the
United States. Securities may trade in the form of depositary receipts. The Fund may invest 25% or more of its assets in each of
the utilities and financial services sectors.
Under normal market conditions, the Fund currently expects to
invest 50-80% of its net assets in common stocks, 0-30% of its net assets in preferred stocks and other hybrid securities (which
generally possess characteristics common to both equity and debt securities), and 10-40% of its net assets in income instruments
including cash or money market instruments. The Fund’s investments may be of any maturity or perpetual. The Fund may invest
in income instruments and preferred stocks and other hybrid securities of any rating category, or unrated, including those in default,
with interest or dividends in arrears or not currently producing any income. The Fund’s investments in income instruments
and preferred stocks and other hybrid securities are expected to be primarily rated below investment grade (i.e., rated below BBB-
by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or below Baa- by Moody’s Investors
Service, Inc. (“Moody’s”) or, if unrated, determined to be of comparable quality by the investment adviser or
sub-adviser). Securities and other instruments rated below investment grade are also known as “high yield” or “junk.”
Securities and other instruments rated BBB and Baa have speculative characteristics, while lower rated securities are predominantly
speculative. The Fund expects to invest principally in income instruments that are issued by corporations or sovereign nations,
convertible bonds and senior floating-rate loans (“Senior Loans”) and subordinated floating-rate loans (“Junior
Loans”) (collectively “loans”). Some of the Fund’s investments may be subject to restrictions on resale,
including “Rule 144A” or “Regulation S” securities. The Fund may invest in publicly traded real estate
investment trusts (“REITs”). The Fund may invest in exchange-traded funds (“ETFs”), a type of pooled investment
vehicle, in order to manage cash positions or to seek exposure to certain markets or market sectors. The Fund may also lend its
securities.
The Fund may engage in derivative transactions to seek return,
to hedge against fluctuations in securities prices, interest rates or currency exchange rates, or as a substitute for the purchase
or sale of securities or currencies. The Fund expects to use derivatives principally when seeking to hedge against fluctuations
in currency exchange rates through the use of forward foreign currency exchange contracts and to seek to gain or limit exposure
to certain markets through the use of futures contracts on securities indices, particularly in connection with engaging in the
dividend capture trading strategy (as described below). Permitted derivatives include: the purchase or sale of forward or futures
contracts; options on futures contracts; exchange-traded and over-the-counter options; equity collars; equity swap agreements;
interest rate swaps; and credit derivatives including credit default swaps, total return swaps and credit options. The Fund may
also engage in covered short sales (on individual securities held or on an index or basket of securities whose constituents are
held in whole or in part or for which liquid assets have been segregated). There is no stated limit on the Fund’s use of
derivatives and the Fund’s use of derivatives may be extensive. To the extent the Fund holds cash as collateral for derivatives,
the investment ranges described above may be exceeded.
To determine the percentage of the Fund’s assets that will
be invested from time to time in each asset class, the portfolio managers meet periodically and, taking market and other factors
into consideration, agree upon an allocation. The portfolio managers have broad discretion to allocate the Fund’s investments
between common stocks, preferred stocks and other hybrid securities and income instruments within the ranges identified above.
In selecting securities, the Fund seeks common stocks, preferred
stocks and other hybrid securities and income instruments of U.S. and foreign issuers that the portfolio managers believe may produce
attractive levels of income. For its investments in common stocks, the Fund also seeks to invest in securities that the portfolio
managers believe have the potential for growth of income and/or capital appreciation over time. For its investments in preferred
stocks and other hybrid securities and income instruments, the Fund will also take into consideration the interest rate sensitivity
of the investments. The Fund may seek to enhance the level of dividend income it receives by engaging in dividend capture trading.
In a typical dividend capture trade, the Fund would buy a stock prior to its ex-dividend date and sell the stock at a point either
on or after the ex-dividend date. The Fund may enter into a series of these trades to augment the amount of dividend income it
receives over time. Investment decisions are made primarily on the basis of fundamental research. The portfolio managers utilize
information provided by, and the expertise of, the investment adviser’s research staff in making investment decisions. In
selecting stocks, the portfolio managers consider (among other factors) a company’s earnings or cash flow capabilities, dividend
prospects, financial strength, growth potential, the strength of the company’s
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business franchises and management team, sustainability of a
company’s competitiveness, and estimates of the company’s net value. The portfolio managers may sell a security when
the investment adviser’s or sub-adviser’s price objective for the security is reached, the fundamentals of the company
deteriorate, a security’s price falls below acquisition cost or to pursue more attractive investment options. In
addition, the buy and sell decisions for preferred stocks and other hybrid securities and income instruments are also affected
to a larger degree by the structure and features of the securities, the current and expected interest rate environment and regulatory
actions relating to any specific security or class of security. The portfolio managers seek to manage investment risk by maintaining
broad issuer and industry diversification among the Fund’s holdings, and by conducting an analysis of the risk and return
characteristics of securities (as described above) in which the Fund invests. The portfolio managers may also consider financially
material environmental, social and governance factors in evaluating an issuer. These considerations may be taken into account alongside
other fundamental research in the securities selection process.
The Fund currently invests its assets in the Portfolio, a separate
registered investment company with substantially the same investment objective and policies as the Fund, but may also invest directly
in securities and other instruments.
About NextShares®
NextShares are a new type of actively managed exchange-traded
product operating pursuant to an order issued by the SEC granting an exemption from certain provisions of the Investment Company
Act of 1940, as amended (the “1940 Act”). NextShares funds began trading in February 2016 and have a limited operating
history. There can be no guarantee that an active trading market for NextShares will develop or be maintained, or that their listing
will continue unchanged.
Individual shares of a NextShares fund may be purchased and sold
only on a national securities exchange or alternative trading system through a broker-dealer that offers NextShares (“Broker”),
and may not be directly purchased or redeemed from the fund. As a new type of fund, NextShares initially may be offered by a limited
number of Brokers. Trading prices of NextShares are directly linked to the fund’s next-computed net asset value per share
(“NAV”), which is normally determined as of the close of regular market trading each business day. Buyers and sellers
of NextShares will not know the value of their purchases and sales until NAV is determined at the end of the trading day.
Trading prices of NextShares will vary from NAV by a market-determined
trading cost (i.e., a premium or discount to NAV), which may be zero. The premium or discount to NAV at which NextShares trades
are executed is locked in at the time of trade execution, and will depend on market factors, including the balance of supply and
demand for shares among investors, transaction fees and other costs associated with creating and redeeming Creation Units (as defined
below) of shares, competition among market makers, the share inventory positions and inventory strategies of market makers, and
the volume of share trading. Reflecting these and other market factors, prices of shares in the secondary market may be above,
at or below NAV. See “Purchases and Sales of Fund Shares” below for important information about how to buy and sell
shares.
How
NextShares Compare to Mutual Funds. Mutual fund shares may be purchased and redeemed directly from the issuing fund
for cash at the fund’s next determined NAV. Shares of NextShares funds, by contrast, are purchased and sold primarily in
the secondary market. Because trading prices of NextShares may vary from NAV and commissions may apply, NextShares may be more
expensive to buy and sell than mutual funds. Like mutual funds, NextShares may be bought or sold in specified share or dollar quantities,
although not all Brokers may accept dollar-based orders.
Relative to investing in mutual funds, the NextShares structure
offers certain potential advantages that may translate into improved performance and higher tax efficiency. These potential advantages
include: (a) a single class of shares with no sales loads or distribution and service (12b-1) fees; (b) lower fund transfer agency
expenses; (c) reduced fund trading costs and cash drag (the impact of uninvested cash on performance) in connection with investor
inflows and outflows; and (d) lower fund capital gains distributions. Because NextShares do not pay sales loads or distribution
and service (12b-1) fees, their appeal to financial intermediaries may be limited to distribution arrangements that do not rely
upon such payments.
How
NextShares Compare to ETFs. Similar to ETFs, NextShares are issued and redeemed only in specified large aggregations
(“Creation Units”) and trade throughout the day on an exchange. Unlike ETFs, trading prices of NextShares are directly
linked to the fund’s next end-of-day NAV rather than determined at the time of trade execution. Different from ETFs, NextShares
do not offer opportunities to transact intraday at currently (versus end-of-day) determined prices.
Unlike actively managed ETFs, NextShares are not required to
disclose their full holdings on a daily basis, thereby protecting fund investors against the potentially dilutive effects of other
market participants front-running the fund’s trades. Because the mechanism that underlies efficient trading of NextShares
does not involve portfolio instruments not used in creations and redemptions, the need for full portfolio holdings disclosure to
achieve tight markets in NextShares is eliminated. The NAV-based trading employed for NextShares provides investors with built-in
trade execution cost transparency and the ability to control their trading costs using limit orders. This feature of NextShares
distinguishes them from ETFs, for which the variance between market prices and underlying portfolio values is not always known
by individual investors and cannot be controlled by them. For more
information, see “Additional Information about NextShares” in the Fund's Prospectus.
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Principal Risks
Market
Trading Risk. Individual Fund shares may be purchased and sold only on a national securities exchange or alternative
trading system through a Broker, and may not be directly purchased or redeemed from the Fund. There can be no guarantee that an
active trading market for shares will develop or be maintained, or that their listing will continue unchanged. Buying and selling
shares may require you to pay brokerage commissions and expose you to other trading costs. Due to brokerage commissions and other
transaction costs that may apply, frequent trading may detract from realized investment returns. Trading prices of shares may be
above, at or below the Fund’s NAV, will fluctuate in relation to NAV based on supply and demand in the market for shares
and other factors, and may vary significantly from NAV during periods of market volatility. The return on your investment will
be reduced if you sell shares at a greater discount or narrower premium to NAV than you acquired shares.
Contingent
Pricing Risk. Trading prices of Fund shares are directly linked to the Fund’s next-computed NAV, which is normally
determined as of the close of regular market trading each business day. Buyers and sellers of shares will not know the value of
their purchases and sales until the Fund’s NAV is determined at the end of the trading day. Like mutual funds, the Fund does
not offer opportunities to transact intraday at currently (versus end-of-day) determined prices. Trade prices are contingent upon
the determination of NAV and may vary significantly from anticipated levels (including estimates based on intraday indicative values
disseminated by the Fund) during periods of market volatility. Although limit orders can be used to control differences in trade
prices versus NAV, they cannot be used to control or limit trade execution prices.
Market
Risk. The value of investments held by the Fund may increase or decrease in response to economic, political, financial,
public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S.
and global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments
held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing
market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy
may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held
by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event
of the need to liquidate such assets.
Equity
Securities Risk. The value of equity securities and related instruments may decline in response to adverse changes in
the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations;
adverse geopolitical, social or environmental developments; issuer and sector-specific considerations; or other factors. Market
conditions may affect certain types of stocks to a greater extent than other types of stocks. If the stock market declines in value,
the value of the Fund’s equity securities will also likely decline. Although prices can rebound, there is no assurance that
values will return to previous levels.
Foreign
Investment Risk. 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 and, as a result, Fund share values may be more volatile. Trading in foreign markets typically involves
higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a
foreign country. Depositary receipts are subject to many of the risks associated with investing directly in foreign instruments.
Economic data as reported by sovereign entities may be delayed,
inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows
to be attached. Furthermore, the willingness or ability of a sovereign entity to restructure defaulted debt may be limited. Therefore,
losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S. debt issuer.
Emerging
Markets Investment Risk. Investment markets within emerging market countries are typically smaller, less liquid, less
developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic
sectors. Emerging market securities often involve greater risks than developed market securities. The information available about
an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets.
Currency
Risk. Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably
by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities
markets and currency transactions are subject to settlement, custodial and other operational risks.
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Income
Risk. The Fund’s ability to distribute income to investors will depend on the yield available on the common and
preferred stocks and other hybrid securities and income instruments held by the Fund. Changes in the dividend policies of companies
held by the Fund could make it difficult for the Fund to provide a predictable level of income.
Dividend
Capture Trading Risk. The use of dividend capture strategies will expose the Fund to higher portfolio turnover, increased
trading costs and potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks
subject to dividend capture trading.
Sector
Risk. Because the Fund may invest a significant portion of its assets in the utilities and financial services sectors,
the value of Fund shares may be affected by events that adversely affect those sectors and may fluctuate more than that of a fund
that invests more broadly.
Credit
Risk. Investments in income instruments, including loans, and hybrid securities (referred to below as “debt instruments”)
are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances
may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults.
Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also
may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit
ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such
instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations
with respect to its ability to realize the benefits of any collateral securing the instrument. In order to enforce its rights in
the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may
increase the Fund’s operating expenses and adversely affect net asset value.
Interest
Rate Risk. In general, the value of income securities will fluctuate based on changes in interest rates. The value of
these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted
expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures.
Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with
shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or
maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities.
In a rising interest rate environment, the duration of income securities that have the ability to be prepaid or called by the issuer
may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested
at a lower interest rate. Certain instruments held by the Fund pay an interest rate based on the London Interbank Offered Rate
(“LIBOR”), which is the average offered rate for various maturities of short-term loans between certain major international
banks. It is expected that LIBOR will be phased out beginning at the end of 2021. The phase-out of LIBOR may result in, among other
things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.
Convertible
and Other Hybrid Securities Risk. Convertible and other hybrid securities (including preferred and convertible instruments)
generally possess certain characteristics of both equity and debt securities. In addition to risks associated with investing in
income securities, such as interest rate and credit risks, hybrid securities may be subject to issuer-specific and market risks
generally applicable to equity securities. Convertible securities may also react to changes in the value of the common stock into
which they convert, and are thus subject to equity investing and market risks. A convertible security may be converted at an inopportune
time, which may decrease the Fund’s return.
Preferred
Stock Risk. Although preferred stocks represent an ownership interest in an issuer, preferred stocks generally do not
have voting rights or have limited voting rights and have economic characteristics similar to fixed-income securities. Preferred
stocks are subject to issuer-specific risks generally applicable to equity securities and credit and interest rate risks generally
applicable to fixed-income securities. The value of preferred stock generally declines when interest rates rise and may react more
significantly than bonds and other debt instruments to actual or perceived changes in the company’s financial condition or
prospects.
Additional
Risks of Loans. Loans are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally
subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may impede the
Fund’s ability to buy or sell loans (thus affecting their liquidity) and may negatively impact the transaction price. See
also “Market Risk” above. It also may take longer than seven days for transactions in loans to settle. Due to the possibility
of an extended loan settlement process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders
to meet short-term liquidity needs, such as to satisfy redemption requests from Fund investors. The types of covenants included
in loan agreements generally vary depending on market conditions, the creditworthiness of the issuer, the nature of the collateral
securing the loan and possibly other factors. Loans with fewer covenants that restrict activities of the borrower may provide the
borrower with more flexibility to take actions that may be detrimental to the loan holders and provide fewer investor protections
in the event of such actions or if covenants are breached. The Fund may experience relatively greater realized or unrealized losses
or delays and expense in enforcing its rights with
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respect to loans with fewer restrictive covenants. Loans
to entities located outside of the U.S. may have substantially different lender protections and covenants as compared to loans
to U.S. entities and may involve greater risks. The Fund may have difficulties and incur expense enforcing its rights with respect
to non-U.S. loans and such loans could be subject to bankruptcy laws that are materially different than in the U.S. Loans may be
structured such that they are not securities under securities law, and in the event of fraud or misrepresentation by a borrower,
lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also subject to risks
associated with other types of income investments, including credit risk and risks of lower rated investments.
Lower
Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred
to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in
economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments
to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads
to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments
typically are subject to greater price volatility and illiquidity than higher rated investments.
Restricted
Securities Risk. Unless registered for sale to the public under applicable federal securities law, restricted securities
can be sold only in private transactions to qualified purchasers pursuant to an exemption from registration. The sale price realized
from a private transaction could be less than the Fund’s purchase price for the restricted security. It may be difficult
to identify a qualified purchaser for a restricted security held by the Fund and such security could be deemed illiquid. It may
also be more difficult to value such securities.
Liquidity
Risk. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position
size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous
market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the
position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect
on the Fund’s performance. These effects may be exacerbated during times of financial or political stress.
Real
Estate Risk. Real estate investments are subject to risks associated with owning real estate, including declines in
real estate values, increases in property taxes, fluctuations in interest rates, limited availability of mortgage financing, decreases
in revenues from underlying real estate assets, declines in occupancy rates, changes in government regulations affecting zoning,
land use, and rents, environmental liabilities, and risks related to the management skill and creditworthiness of the issuer. Companies
in the real estate industry may also be subject to liabilities under environmental and hazardous waste laws, among others. REITs
must satisfy specific requirements for favorable tax treatment and can involve unique risks in addition to the risks generally
affecting the real estate industry. Changes in underlying real estate values may have an exaggerated effect to the extent that
investments are concentrated in particular geographic regions or property types.
ETF
Risk. ETFs are subject to the risks of investing in the underlying securities or other investments. ETF shares may trade
at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear
a pro rata portion of the operating expenses of an ETF in which it invests. Other pooled investment vehicles generally are subject
to risks similar to those of ETFs.
Derivatives
Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated
with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements
in the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative
(“reference instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may
create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase
both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return
or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of
derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part
because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not
correlate perfectly with the underlying reference instrument. Derivative instruments traded in over-the-counter markets may be
difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying
reference instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline
and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative
transactions may substantially exceed the initial investment, particularly when there is no stated limit on the Fund’s use
of derivatives. A derivative investment also involves the risks relating to the reference instrument underlying the investment.
Short
Sale Risk. The Fund will incur a loss as a result of a short sale if the price of the security sold short
increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the
borrowed security. Short sale risks include, among others, the potential
loss of more money than the actual cost of the investment, and the risk that the third party to the short sale may fail to honor
its contract terms, causing a loss to the Fund.
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Money
Market Instrument Risk. Money market instruments may be adversely affected by market and economic events, such as a
sharp rise in prevailing short-term interest rates; adverse developments in the banking industry, which issues or guarantees many
money market instruments; adverse economic, political or other developments affecting issuers of money market instruments; changes
in the credit quality of issuers; and default by a counterparty.
Securities
Lending Risk. Securities lending involves a possible delay in recovery of the loaned securities or a possible loss of
rights in the collateral if the borrower fails financially. The Fund could also lose money if the value of the collateral decreases.
Portfolio
Turnover Risk. The annual portfolio turnover rate of the Fund may exceed 100%. A fund with a high turnover rate (100%
or more) may generate more capital gains and may involve greater expenses (which may reduce return) than a fund with a lower rate.
Capital gains distributions will be made to investors if offsetting capital loss carry forwards do not exist.
Risks
Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s
successful application of analytical skills and investment judgment. Active management involves subjective decisions.
General
Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve
its investment objective. It is possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment
vehicle and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able
to tolerate potentially sharp declines in value. Purchase and redemption activities by Fund investors may impact the management
of the Fund and its ability to achieve its investment objective(s). In addition, the redemption by one or more large investors
or groups of investors of their holdings in the Fund could have an adverse impact on the remaining investors in the Fund. The Fund
relies on various service providers, including the investment adviser, in its operations and is susceptible to operational, information
security and related events (such as public health crises, cyber or hacking attacks) that may affect the service providers or the
services that they provide to the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other government agency.
Performance
The returns in the bar chart and table for the period from March
28, 2016 (commencement of operations) to December 31, 2020 are for the Fund and for periods before the date the Fund commenced
operations are for a mutual fund that invests in the Portfolio (the “Portfolio Investor”). The bar chart and
table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year
to year and how the Portfolio Investor/Fund’s average annual returns at NAV over time compare with those of two broad-based
securities market indices and a blended index. The performance prior to March 28, 2016 does not represent the performance of the
Fund. The 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 adjustment
was made, the performance presented prior to March 28, 2016 would be higher, because the Fund’s total net operating expenses
are lower than those of the Portfolio Investor. Past performance (both before and after taxes) is not necessarily an indication
of how the Fund will perform in the future. The Fund’s performance reflects the effects of expense reductions. Absent these
reductions, performance would have been lower. Current Fund performance information can be obtained by visiting www.eatonvance.com.
For the ten years ended December 31, 2020, the highest
quarterly total return for the Portfolio Investor or the Fund was 16.08% for the quarter ended June 30, 2020, and the lowest quarterly
return was -19.83% for the quarter ended March 31, 2020.
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Eaton Vance Global Income Builder NextShares
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7
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Summary Prospectus dated March 1, 2021
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Average Annual Total Return as of December 31, 2020
|
One Year
|
Five Years
|
Ten Years
|
|
Return Before Taxes
|
11.00%
|
8.92%
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8.01%
|
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Return After Taxes on Distributions
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9.95%
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6.98%
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6.46%
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Return After Taxes on Distributions and Sale of Fund Shares
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6.90%
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6.57%
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6.13%
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MSCI World Index (reflects net dividends, which reflect the deduction of withholding taxes)
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15.90%
|
12.18%
|
9.86%
|
|
ICE BofAML Developed Markets High Yield Ex-Subordinated Financial Index (reflects gross returns)
|
7.16%
|
8.20%
|
6.32%
|
|
Blended Index*
|
13.01%
|
10.89%
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8.70%
|
*The
blended index consists of 65% MSCI World Index and 35% ICE BofAML Developed Markets High Yield Ex-Subordinated Financial Index,
rebalanced monthly. The MSCI World Index reflects net dividends which includes the deduction of withholding taxes. The ICE BofAML
Developed Markets High Yield Ex-Subordinated Financial Index reflects gross returns.
Prior to December 7, 2015, the Portfolio Investor
invested at least 80% of net assets in dividend-paying common and preferred stocks. Effective December 7, 2015, the Portfolio Investor
changed its principal investment strategies to invest in common stocks, preferred stocks and other hybrid securities and income
instruments of U.S. and foreign issuers. As of such date, the Portfolio Investor is no longer required to invest at least 80% of
its net assets in dividend-paying common and preferred stocks. The net asset values used in the performance calculation may be
rounded to the nearest cent prior to calculation. (Source for MSCI World Index: MSCI) MSCI data may not be reproduced or used for
any other purpose. MSCI provides no warranties, has not prepared or approved this data, and has no liability hereunder. ICE®
BofAML® indices are not for redistribution
or other uses; provided “as is,” without warranties, and with no liability. Eaton Vance has prepared this report and
ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofAML®
is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Investors cannot invest
directly in an Index.
After-tax returns are calculated using the highest
historical individual federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns
depend on an investor’s tax situation and the actual characterization of distributions, and may differ from those shown.
After-tax returns are not relevant to investors who hold shares in tax-deferred accounts or to shares held by non-taxable entities.
Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions
were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than
or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the
sale of Fund shares.
Management
Investment
Adviser. Eaton Vance Management (“Eaton Vance”) serves as investment adviser to the Fund. Boston Management
and Research (“BMR”) serves as investment adviser to the Portfolio(s).
Investment
Sub-Adviser. Eaton Vance Advisers International Ltd. (“EVAIL”).
Portfolio Managers
Christopher
Dyer (lead portfolio manager), Director and Vice President of EVAIL and Director of Global Equity for the Eaton Vance
organization, has managed the Fund and the Portfolio since their inception in March 2016.
Michael
A. Allison, Vice President of Eaton Vance and BMR, has managed the Fund and the Portfolio since their inception in March
2016.
John
H. Croft, Vice President of Eaton Vance and BMR, has managed the Fund and the Portfolio since their inception in March
2016.
Jeffrey
D. Mueller, Vice President of EVAIL, has managed the Fund and the Portfolio since their inception in March 2016.
Purchases and Sales of Fund Shares
Buying
and Selling Shares in the Secondary Market. Shares of the Fund are listed and available for trading on The NASDAQ Stock
Market LLC (the “Listing Exchange”) during the Listing Exchange’s core trading session (generally 9:30 am to
4:00 pm Eastern Time). Shares may also be bought and sold on other national securities exchanges and alternative trading systems
that have obtained appropriate licenses, adopted applicable rules and developed systems to support trading in Fund shares. Fund
shares may be purchased and sold in the secondary market only through a Broker. When buying or selling shares, you may incur trading
commissions or other charges determined by your Broker. The Fund does not impose any minimum investment for shares of the Fund
purchased in the secondary market.
Buying and selling Fund shares is similar in most respects to
buying and selling ETFs and listed stocks. Throughout each trading day, market makers post on an exchange bids to buy shares and
offers to sell shares. Buyers and sellers submit trade orders through their Brokers. The executing trading venue matches orders
received from Brokers against market maker quotes and other orders to execute trades, and reports the results of completed trades
to the parties to the trade, member firms and market data services. Completed trades in Fund shares clear and settle just like
ETF trades and listed stock trades, with settlement normally occurring on the second following business day (T+2). Orders to buy
and sell Fund shares that are not executed on the day the order is submitted
are automatically cancelled as of the close of trading that day.
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Eaton Vance Global Income Builder NextShares
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8
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Summary Prospectus dated March 1, 2021
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Trading in Fund shares differs from buying and selling ETFs and
listed stocks in four respects:
|
|
·
|
how intraday prices of executed trades and bids and offers posted by market makers are expressed;
|
|
|
·
|
how to determine the number of shares to buy or sell if you seek to transact in an approximate dollar amount;
|
|
|
·
|
what limit orders mean and how limit prices are expressed; and
|
|
|
·
|
how and when the final price of executed trades is determined.
|
Intraday
Prices and Quote Display Format. The intraday price of executed trades and bids and offers quoted for Fund shares are
all expressed relative to the Fund’s next determined NAV, rather than as an absolute dollar price. As noted above, the Fund’s
NAV is normally determined as of the close of regular market trading each business day. As an illustration, shares of the Fund
may be quoted intraday at a best bid of “NAV -$0.01” and a best offer of “NAV +$0.02.” A buy order executed
at the quoted offer price would, in this example, be priced at two cents over the Fund’s NAV on the trade date. If the last
trade in Fund shares was priced at two cents over NAV (the current best offer), it would be displayed as “NAV +$0.02.”
Bid and offer quotes and prices of Fund shares in NAV-based format
can be accessed intraday on certain Broker terminals using the Fund’s ticker symbol. Market data services may display bid
and offer quotes and trade prices in NAV-based format or in “proxy price” format, in which NAV is represented as 100.00
and premiums/discounts to NAV are represented by the same difference from 100.00 (to illustrate, NAV-$0.01 would be shown as 99.99
and NAV+$0.02 as 100.02). Historical information about the Fund’s trading costs and trading spreads is provided on its webpage
on eatonvance.com.
Sizing
Buy and Sell Orders. NextShares may be purchased and sold in specified share or dollar quantities, although not all
Brokers may accept dollar-based orders. In share-based orders, you specify the number of fund shares to buy or sell. Like share-based
ETF and listed stock orders, determining the number of Fund shares to buy or sell if you seek to transact in an approximate dollar
amount requires dividing the intended purchase or sale amount by the estimated price per share. To assist buyers and sellers in
estimating transaction prices, the Fund makes available at intervals of not more than 15 minutes during the Listing Exchange’s
regular trading session an indicative estimate of the Fund’s current portfolio value (“Intraday Indicative Value”
or “IIV”). IIVs can be accessed on the Fund’s webpage at eatonvance.com and may also be available from Brokers
and market data services.
The price of a transaction in Fund shares can be estimated as
the sum of the most recent IIV and the current bid (for sales) or offer (for purchases). If, for example, you seek to buy approximately
$15,000 of Fund shares when the current IIV is $19.98 and the current offer is NAV +$0.02, you should place an order to buy 750
shares (= $15,000 ÷ $20.00). And if you seek to sell approximately $15,000 of Fund shares when the current IIV is $19.98
and the current bid is NAV -$0.01, you should sell 751 shares (≈ $15,000 ÷ $19.97).
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Eaton Vance Global Income Builder NextShares
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9
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Summary Prospectus dated March 1, 2021
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Because IIVs are estimates and will generally differ from NAV,
they cannot be used to calculate with precision the dollar value of a prescribed number of shares to be bought or sold. Investors
should understand that share transaction prices are based on the Fund’s next determined NAV, and that NAVs may vary significantly
from IIVs during periods of intraday market volatility.
Limit
Orders. A “limit order” is an order placed with a Broker to buy or sell a prescribed number of shares at
a specified price or better. In entering limit orders to buy or sell Fund shares, limit prices are expressed relative to NAV (i.e.,
NAV +$0.02, NAV -$0.01), rather than as an absolute dollar price. By using limit orders, buyers and sellers of NextShares can control
their trading costs in a manner not available for ETFs.
Although limit orders can be used to control differences in trade
price versus NAV, they cannot be used to control or limit absolute trade execution prices.
Final
Prices of Executed Trades. The premium or discount to NAV at which Fund shares trade is locked in at the time of trade
execution, with the final price contingent upon the determination of NAV at the end of the trading day. If, for example, an order
to buy or sell shares executes at NAV +$0.02 and the Fund’s NAV on the day of the trade is $20.00, the final trade price
is $20.02.
The premium or discount to NAV at which Fund shares trade depends
on market factors, including the balance of supply and demand for shares among investors, transaction fees and other costs associated
with creating and redeeming Creation Units, competition among market makers, the share inventory positions and inventory strategies
of market makers, and the volume of share trading. NextShares do not offer investors the opportunity to buy and sell intraday at
currently (versus end-of-day) determined prices. Buyers and sellers of shares will not know the final trade price of executed trades
until the Fund’s NAV is determined at the end of the trading day. Trading prices of shares may be above, at or below NAV,
and may vary significantly from NAV during periods of market volatility.
Transactions
Directly with the Fund. The Fund issues and redeems shares only in Creation Unit blocks of 25,000 shares or multiples
thereof. 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 issues
and redeems Creation Units in return for the securities, other instruments and/or cash (the “Basket”) that the Fund
specifies each business day. The Fund’s Basket is not intended to be representative of current holdings and may vary significantly
from current portfolio positions. The Fund imposes transaction fees on Creation Units issued and redeemed to offset the estimated
cost to the Fund of processing the transaction and converting the Basket to or from the desired portfolio composition. For more
information, see “Buying and Selling Shares.”
Tax Information
If your shares are held in a taxable account, the Fund’s
distributions will be taxed to you as ordinary income and/or capital gains, unless you are exempt from taxation. If your shares
are held in a tax-advantaged account, you will generally be taxed only upon withdrawals from the account.
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Eaton Vance Global Income Builder NextShares
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10
|
Summary Prospectus dated March 1, 2021
|
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund’s shares through a broker-dealer
or other financial intermediary (such as a bank) (collectively, “financial intermediaries”), you should be aware that
the Fund’s investment adviser (or one of its affiliates) may pay the financial intermediary for the sale of Fund shares and
related services. These payments may create a conflict of interest by influencing the financial intermediary and your salesperson
to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more
information.
|
21523 3.1.21
|
NextShares® is a registered trademark of NextShares Solutions LLC. All rights reserved.
|
|
|
© 2021 Eaton Vance Management
|
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Eaton Vance Global Income Builder NextShares
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11
|
Summary Prospectus dated March 1, 2021
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