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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File number:811-06563
Calvert World Values Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Service)
(202)238-2200
(Registrant’s telephone number)
September 30
Date of Fiscal Year End
March 31, 2020
Date of Reporting Period
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Item 1. | Report to Stockholders. |
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% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 10/31/1994 | 10/31/1994 | (18.95)% | (12.98)% | 0.14% | 7.87% |
Class A with 4.75% Maximum Sales Charge | — | — | (22.80) | (17.11) | (0.83) | 7.35 |
Class C at NAV | 10/31/1994 | 10/31/1994 | (19.31) | (13.66) | (0.63) | 7.04 |
Class C with 1% Maximum Sales Charge | — | — | (20.06) | (14.46) | (0.63) | 7.04 |
Class I at NAV | 06/03/2003 | 10/31/1994 | (18.85) | (12.76) | 0.52 | 8.44 |
·· | ||||||
Russell Midcap® Index | — | — | (21.92)% | (18.31)% | 1.85% | 8.76% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 1.30% | 2.05% | 1.05% |
Net | 1.18 | 1.93 | 0.93 |
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Top 10 Holdings (% of net assets)* | |
Centene Corp. | 2.6% |
Xcel Energy, Inc. | 2.6 |
Dollar General Corp. | 2.3 |
CMS Energy Corp. | 2.3 |
Electronic Arts, Inc. | 2.2 |
Sempra Energy | 2.2 |
Black Knight, Inc. | 2.2 |
Extra Space Storage, Inc. | 2.2 |
Agilent Technologies, Inc. | 1.9 |
Cognizant Technology Solutions Corp., Class A | 1.9 |
Total | 22.4% |
* | Excludes cash and cash equivalents. |
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1 | Russell Midcap® Index is an unmanaged index of U.S. mid-cap stocks. 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. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.Fund profile subject to change due to active management. |
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Beginning Account Value (10/1/19) | Ending Account Value (3/31/20) | Expenses Paid During Period* (10/1/19 – 3/31/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $810.50 | $5.34** | 1.18% |
Class C | $1,000.00 | $806.90 | $8.72** | 1.93% |
Class I | $1,000.00 | $811.50 | $4.21** | 0.93% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.10 | $5.96** | 1.18% |
Class C | $1,000.00 | $1,015.35 | $9.72** | 1.93% |
Class I | $1,000.00 | $1,020.35 | $4.70** | 0.93% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2019. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
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Common Stocks — 97.7% |
Security | Shares | Value |
Aerospace & Defense — 1.2% | ||
Hexcel Corp. | 57,714 | $ 2,146,384 |
$ 2,146,384 | ||
Auto Components — 0.7% | ||
Aptiv PLC | 23,676 | $ 1,165,806 |
$ 1,165,806 | ||
Banks — 1.1% | ||
First Republic Bank | 14,360 | $ 1,181,541 |
Zions Bancorp NA | 26,363 | 705,474 |
$1,887,015 | ||
Beverages — 1.5% | ||
Coca-Cola European Partners PLC | 71,729 | $2,691,989 |
$2,691,989 | ||
Biotechnology — 1.5% | ||
Emergent BioSolutions, Inc.(1) | 45,695 | $2,643,913 |
$2,643,913 | ||
Building Products — 2.0% | ||
Fortune Brands Home & Security, Inc. | 44,458 | $1,922,809 |
Trex Co., Inc.(1)(2) | 21,158 | 1,695,602 |
$3,618,411 | ||
Capital Markets — 3.7% | ||
Cboe Global Markets, Inc. | 25,049 | $2,235,623 |
Northern Trust Corp. | 29,369 | 2,216,185 |
Tradeweb Markets, Inc., Class A | 49,505 | 2,081,190 |
$6,532,998 | ||
Commercial Services & Supplies — 2.2% | ||
Republic Services, Inc. | 27,676 | $2,077,361 |
Tetra Tech, Inc. | 25,989 | 1,835,343 |
$3,912,704 | ||
Communications Equipment — 1.6% | ||
Motorola Solutions, Inc. | 21,765 | $2,893,004 |
$2,893,004 | ||
Consumer Finance — 0.3% | ||
Discover Financial Services | 15,939 | $568,544 |
$568,544 |
Security | Shares | Value |
Containers & Packaging — 4.4% | ||
AptarGroup, Inc. | 24,817 | $ 2,470,284 |
Ball Corp. | 48,824 | 3,156,960 |
Packaging Corp. of America | 25,534 | 2,217,117 |
$ 7,844,361 | ||
Diversified Consumer Services — 2.4% | ||
Service Corp. International | 46,591 | $ 1,822,174 |
ServiceMaster Global Holdings, Inc.(1) | 93,291 | 2,518,857 |
$ 4,341,031 | ||
Electric Utilities — 2.6% | ||
Xcel Energy, Inc. | 77,818 | $4,692,425 |
$4,692,425 | ||
Electrical Equipment — 1.7% | ||
AMETEK, Inc. | 42,453 | $3,057,465 |
$3,057,465 | ||
Electronic Equipment, Instruments & Components — 2.2% | ||
CDW Corp. | 22,429 | $2,091,953 |
Zebra Technologies Corp., Class A(1) | 10,514 | 1,930,370 |
$4,022,323 | ||
Entertainment — 2.2% | ||
Electronic Arts, Inc.(1) | 39,579 | $3,964,628 |
$3,964,628 | ||
Equity Real Estate Investment Trusts (REITs) — 8.3% | ||
AvalonBay Communities, Inc. | 21,488 | $3,162,389 |
Extra Space Storage, Inc. | 40,709 | 3,898,294 |
Lamar Advertising Co., Class A | 39,933 | 2,047,764 |
Mid-America Apartment Communities, Inc. | 31,502 | 3,245,651 |
National Retail Properties, Inc. | 79,924 | 2,572,754 |
$14,926,852 | ||
Food & Staples Retailing — 0.7% | ||
Performance Food Group Co.(1) | 48,762 | $1,205,397 |
$1,205,397 | ||
Food Products — 2.0% | ||
Lamb Weston Holdings, Inc. | 27,560 | $1,573,676 |
Nomad Foods, Ltd.(1) | 111,421 | 2,067,974 |
$3,641,650 | ||
Health Care Equipment & Supplies — 3.3% | ||
Cooper Cos., Inc. (The) | 7,379 | $2,034,169 |
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Security | Shares | Value |
Health Care Equipment & Supplies (continued) | ||
Haemonetics Corp.(1) | 11,312 | $ 1,127,354 |
Teleflex, Inc. | 9,168 | 2,684,940 |
$ 5,846,463 | ||
Health Care Providers & Services — 5.8% | ||
Amedisys, Inc.(1) | 8,945 | $ 1,641,765 |
Centene Corp.(1) | 79,453 | 4,720,303 |
Chemed Corp. | 5,365 | 2,324,118 |
LHC Group, Inc.(1) | 12,063 | 1,691,233 |
$10,377,419 | ||
Independent Power and Renewable Electricity Producers — 0.8% | ||
NextEra Energy Partners, L.P. | 35,267 | $1,516,481 |
$1,516,481 | ||
Insurance — 7.0% | ||
Alleghany Corp. | 3,329 | $1,838,773 |
Allstate Corp. (The) | 23,210 | 2,129,054 |
American Financial Group, Inc. | 25,312 | 1,773,865 |
Assurant, Inc. | 29,498 | 3,070,447 |
First American Financial Corp. | 36,971 | 1,567,940 |
RLI Corp. | 24,382 | 2,143,909 |
$12,523,988 | ||
Interactive Media & Services — 0.8% | ||
IAC/InterActiveCorp.(1) | 7,590 | $1,360,356 |
$1,360,356 | ||
IT Services — 8.9% | ||
Amdocs, Ltd. | 43,015 | $2,364,535 |
Black Knight, Inc.(1) | 67,350 | 3,910,341 |
Broadridge Financial Solutions, Inc. | 30,922 | 2,932,333 |
Cognizant Technology Solutions Corp., Class A | 71,487 | 3,322,001 |
CSG Systems International, Inc. | 53,638 | 2,244,750 |
WEX, Inc.(1) | 10,480 | 1,095,684 |
$15,869,644 | ||
Life Sciences Tools & Services — 1.9% | ||
Agilent Technologies, Inc. | 47,366 | $3,392,353 |
$3,392,353 | ||
Machinery — 3.8% | ||
Fortive Corp. | 40,439 | $2,231,829 |
Stanley Black & Decker, Inc. | 26,101 | 2,610,100 |
Xylem, Inc. | 31,402 | 2,045,212 |
$6,887,141 |
Security | Shares | Value |
Metals & Mining — 0.6% | ||
Steel Dynamics, Inc. | 50,662 | $ 1,141,921 |
$ 1,141,921 | ||
Multiline Retail — 2.3% | ||
Dollar General Corp. | 27,436 | $ 4,143,110 |
$ 4,143,110 | ||
Multi-Utilities — 4.5% | ||
CMS Energy Corp. | 69,733 | $ 4,096,814 |
Sempra Energy | 34,864 | 3,939,283 |
$8,036,097 | ||
Pharmaceuticals — 1.1% | ||
Jazz Pharmaceuticals PLC(1) | 19,045 | $1,899,548 |
$1,899,548 | ||
Professional Services — 2.7% | ||
IHS Markit, Ltd. | 50,236 | $3,014,160 |
Verisk Analytics, Inc. | 13,581 | 1,892,920 |
$4,907,080 | ||
Semiconductors & Semiconductor Equipment — 3.4% | ||
Analog Devices, Inc. | 22,834 | $2,047,068 |
NXP Semiconductors NV | 20,678 | 1,714,826 |
Skyworks Solutions, Inc. | 26,597 | 2,377,240 |
$6,139,134 | ||
Software — 5.1% | ||
ACI Worldwide, Inc.(1) | 70,740 | $1,708,371 |
ANSYS, Inc.(1) | 10,457 | 2,430,939 |
Bill.com Holdings, Inc.(1) | 22,031 | 753,460 |
CDK Global, Inc. | 60,269 | 1,979,837 |
Everbridge, Inc.(1)(2) | 9,634 | 1,024,672 |
RealPage, Inc.(1) | 21,577 | 1,142,070 |
$9,039,349 | ||
Specialty Retail — 3.4% | ||
Best Buy Co., Inc. | 38,640 | $2,202,480 |
National Vision Holdings, Inc.(1) | 105,513 | 2,049,063 |
Ross Stores, Inc. | 20,924 | 1,819,760 |
$6,071,303 | ||
Total Common Stocks (identified cost $188,133,108) | $174,908,287 |
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High Social Impact Investments — 0.7% |
Security | Principal Amount (000's omitted) | Value |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(3)(4) | $ 697 | $ 671,675 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20(4)(5) | 309 | 302,820 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20(4)(5) | 398 | 386,956 |
Total High Social Impact Investments (identified cost $1,403,903) | $ 1,361,451 | |
Total Investments — 98.4% (identified cost $189,537,011) | $176,269,738 | |
Other Assets, Less Liabilities — 1.6% | $ 2,781,272 | |
Net Assets — 100.0% | $179,051,010 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | Non-income producing security. | |
(2) | All or a portion of this security was on loan at March 31, 2020. The aggregate market value of securities on loan at March 31, 2020 was $1,970,571. | |
(3) | Affiliated company (see Note 7). | |
(4) | Restricted security. Total market value of restricted securities amounts to $1,361,451, which represents 0.7% of the net assets of the Fund as of March 31, 2020. | |
(5) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at March 31, 2020. |
Description | Acquisition Dates | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | $696,903 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20 | 11/13/15 | 309,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20 | 11/13/15 | 398,000 |
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March 31, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $188,840,108) - including $1,970,571 of securities on loan | $175,598,063 |
Investments in securities of affiliated issuers, at value (identified cost $696,903) | 671,675 |
Cash | 2,833,581 |
Receivable for capital shares sold | 508,269 |
Dividends and interest receivable | 262,316 |
Interest receivable - affiliated | 3,049 |
Securities lending income receivable | 99 |
Receivable from affiliate | 26,635 |
Directors' deferred compensation plan | 150,367 |
Total assets | $180,054,054 |
Liabilities | |
Payable for investments purchased | $220,418 |
Payable for capital shares redeemed | 334,799 |
Payable to affiliates: | |
Investment advisory fee | 102,786 |
Administrative fee | 18,976 |
Distribution and service fees | 34,558 |
Sub-transfer agency fee | 5,440 |
Directors' deferred compensation plan | 150,367 |
Accrued expenses | 135,700 |
Total liabilities | $1,003,044 |
Net Assets | $179,051,010 |
Sources of Net Assets | |
Paid-in capital | $189,567,414 |
Accumulated loss | (10,516,404) |
Total | $179,051,010 |
Class A Shares | |
Net Assets | $121,294,455 |
Shares Outstanding | 4,548,742 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $26.67 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $28.00 |
Class C Shares | |
Net Assets | $7,711,174 |
Shares Outstanding | 432,163 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $17.84 |
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March 31, 2020 | |
Class I Shares | |
Net Assets | $50,045,381 |
Shares Outstanding | 1,565,126 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $31.98 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
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Six Months Ended | |
March 31, 2020 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $5,547) | $1,507,177 |
Interest income | 8,879 |
Interest income - affiliated issuers | 10,689 |
Securities lending income, net | 1,728 |
Total investment income | $1,528,473 |
Expenses | |
Investment advisory fee | $715,398 |
Administrative fee | 132,074 |
Distribution and service fees: | |
Class A | 194,773 |
Class C | 66,240 |
Directors' fees and expenses | 5,981 |
Custodian fees | 284 |
Transfer agency fees and expenses | 156,455 |
Accounting fees | 23,098 |
Professional fees | 20,663 |
Registration fees | 40,808 |
Reports to shareholders | 17,020 |
Miscellaneous | 16,931 |
Total expenses | $1,389,725 |
Waiver and/or reimbursement of expenses by affiliate | $(101,385) |
Reimbursement of expenses - other | (3,135) |
Net expenses | $1,285,205 |
Net investment income | $243,268 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities - unaffiliated issuers | $4,522,564 |
Foreign currency transactions | (565) |
Net realized gain | $4,521,999 |
Change in unrealized appreciation (depreciation): | |
Investment securities - unaffiliated issuers | $(45,456,437) |
Investment securities - affiliated issuers | (11,371) |
Foreign currency | 4 |
Net change in unrealized appreciation (depreciation) | $(45,467,804) |
Net realized and unrealized loss | $(40,945,805) |
Net decrease in net assets from operations | $(40,702,537) |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $243,268 | $707,838 |
Net realized gain | 4,521,999 | 12,080,437 |
Net change in unrealized appreciation (depreciation) | (45,467,804) | (1,504,174) |
Net increase (decrease) in net assets from operations | $(40,702,537) | $11,284,101 |
Distributions to shareholders: | ||
Class A | $(8,276,383) | $(9,307,133) |
Class C | (1,104,384) | (1,293,432) |
Class I | (2,242,939) | (4,175,285) |
Total distributions to shareholders | $(11,623,706) | $(14,775,850) |
Capital share transactions: | ||
Class A | $153,166 | $882,077 |
Class C | (4,151,519) | (2,030,602) |
Class I | 16,302,195 | (43,573,385) |
Net increase (decrease) in net assets from capital share transactions | $12,303,842 | $(44,721,910) |
Net decrease in net assets | $(40,022,401) | $(48,213,659) |
Net Assets | ||
At beginning of period | $219,073,411 | $267,287,070 |
At end of period | $179,051,010 | $219,073,411 |
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Class A | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $34.69 | $34.84 | $33.40 | $29.68 | $33.41 | $36.99 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $0.04 | $0.09 | $0.07 | $0.20 | $0.02(2) | $(0.16) |
Net realized and unrealized gain (loss) | (6.21) | 1.85 | 4.59 | 3.68 | (0.67) | 1.91 |
Total income (loss) from operations | $(6.17) | $1.94 | $4.66 | $3.88 | $(0.65) | $1.75 |
Less Distributions | ||||||
From net investment income | $(0.03) | $(0.08) | $(0.04) | $(0.15) | $— | $— |
From net realized gain | (1.82) | (2.01) | (3.18) | (0.01) | (3.08) | (5.33) |
Total distributions | $(1.85) | $(2.09) | $(3.22) | $(0.16) | $(3.08) | $(5.33) |
Net asset value — End of period | $26.67 | $34.69 | $34.84 | $33.40 | $29.68 | $33.41 |
Total Return(3) | (18.95)%(4) | 6.56% | 15.04% | 13.11% | (2.08)% | 4.90% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $121,294 | $158,005 | $157,046 | $159,951 | $192,402 | $223,328 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.28%(6) | 1.30% | 1.28% | 1.34% | 1.37% | 1.41% |
Net expenses | 1.18%(6) | 1.19% | 1.21% | 1.21% | 1.31% | 1.41% |
Net investment income (loss) | 0.21%(6) | 0.27% | 0.22% | 0.64% | 0.07%(2) | (0.43)% |
Portfolio Turnover | 41%(4) | 83% | 62% | 162% | 199% | 74% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.001 per share and 0% of average net assets. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
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Class C | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $23.83 | $24.65 | $24.55 | $21.87 | $25.62 | $29.76 |
Income (Loss) From Operations | ||||||
Net investment loss(1) | $(0.07) | $(0.11) | $(0.12) | $(0.03) | $(0.16)(2) | $(0.34) |
Net realized and unrealized gain (loss) | (4.14) | 1.23 | 3.27 | 2.72 | (0.51) | 1.53 |
Total income (loss) from operations | $(4.21) | $1.12 | $3.15 | $2.69 | $(0.67) | $1.19 |
Less Distributions | ||||||
From net realized gain | $(1.78) | $(1.94) | $(3.05) | $(0.01) | $(3.08) | $(5.33) |
Total distributions | $(1.78) | $(1.94) | $(3.05) | $(0.01) | $(3.08) | $(5.33) |
Net asset value — End of period | $17.84 | $23.83 | $24.65 | $24.55 | $21.87 | $25.62 |
Total Return(3) | (19.31)%(4) | 5.77% | 14.20% | 12.29% | (2.87)% | 4.09% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $7,711 | $14,535 | $17,043 | $18,146 | $22,885 | $29,837 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 2.03%(6) | 2.05% | 2.03% | 2.18% | 2.16% | 2.21% |
Net expenses | 1.93%(6) | 1.94% | 1.96% | 1.96% | 2.09% | 2.21% |
Net investment loss | (0.58)%(6) | (0.49)% | (0.53)% | (0.12)% | (0.72)%(2) | (1.23)% |
Portfolio Turnover | 41%(4) | 83% | 62% | 162% | 199% | 74% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.001 per share and 0% of average net assets. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
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Class I | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $41.25 | $40.97 | $38.70 | $34.38 | $38.05 | $41.19 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.09 | $0.21 | $0.23 | $0.41 | $0.19(2) | $0.06 |
Net realized and unrealized gain (loss) | (7.45) | 2.24 | 5.37 | 4.22 | (0.78) | 2.13 |
Total income (loss) from operations | $(7.36) | $2.45 | $5.60 | $4.63 | $(0.59) | $2.19 |
Less Distributions | ||||||
From net investment income | $(0.09) | $(0.16) | $(0.15) | $(0.30) | $— | $— |
From net realized gain | (1.82) | (2.01) | (3.18) | (0.01) | (3.08) | (5.33) |
Total distributions | $(1.91) | $(2.17) | $(3.33) | $(0.31) | $(3.08) | $(5.33) |
Net asset value — End of period | $31.98 | $41.25 | $40.97 | $38.70 | $34.38 | $38.05 |
Total Return(3) | (18.85)%(4) | 6.85% | 15.48% | 13.53% | (1.64)% | 5.53% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $50,045 | $46,533 | $93,198 | $68,748 | $166,759 | $236,228 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.03%(6) | 1.05% | 1.03% | 0.88% | 0.86% | 0.83% |
Net expenses | 0.93%(6) | 0.91% | 0.86% | 0.86% | 0.84% | 0.83% |
Net investment income | 0.46%(6) | 0.54% | 0.59% | 1.14% | 0.55%(2) | 0.14% |
Portfolio Turnover | 41%(4) | 83% | 62% | 162% | 199% | 74% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.001 per share and 0% of average net assets. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
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Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $174,908,287(1) | $ — | $— | $174,908,287 |
High Social Impact Investments | — | 1,361,451 | — | 1,361,451 |
Total Investments | $174,908,287 | $1,361,451 | $ — | $176,269,738 |
(1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
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Aggregate cost | $190,361,991 |
Gross unrealized appreciation | $8,698,842 |
Gross unrealized depreciation | (22,791,095) |
Net unrealized depreciation | $(14,092,253) |
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Name of issuer | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest income | Capital gain distributions received | Principal amount, end of period |
High Social Impact Investments | |||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $2,605,631 | $ — | $(2,619,488) | $ — | $13,857 | $ — | $7,640 | $ — | $— |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | — | 696,903 | — | — | (25,228) | 671,675 | 3,049 | — | 696,903 |
Totals | $ — | $(11,371) | $671,675 | $10,689 | $ — |
(1) | Restricted security. |
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 167,622 | $5,622,609 | 336,722 | $10,998,087 | |
Reinvestment of distributions | 233,552 | 7,959,447 | 299,488 | 8,942,725 | |
Shares redeemed | (414,513) | (13,680,822) | (742,143) | (23,719,620) | |
Converted from Class C | 7,867 | 251,932 | 152,429 | 4,660,885 | |
Net increase (decrease) | (5,472) | $153,166 | 46,496 | $882,077 | |
Class C | |||||
Shares sold | 60,854 | $1,406,221 | 220,887 | $4,577,767 | |
Reinvestment of distributions | 30,825 | 704,666 | 59,723 | 1,232,088 | |
Shares redeemed | (257,889) | (6,010,474) | (141,161) | (3,179,572) | |
Converted to Class A | (11,662) | (251,932) | (220,894) | (4,660,885) | |
Net decrease | (177,872) | $(4,151,519) | (81,445) | $(2,030,602) | |
Class I | |||||
Shares sold | 673,112 | $25,086,790 | 1,227,687 | $47,437,976 | |
Reinvestment of distributions | 51,752 | 2,113,537 | 96,198 | 3,408,286 | |
Shares redeemed | (287,767) | (10,898,132) | (2,470,818) | (94,419,647) | |
Net increase (decrease) | 437,097 | $16,302,195 | (1,146,933) | $(43,573,385) |
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Officers |
Hope L. Brown Chief Compliance Officer |
Maureen A. Gemma Vice President, Secretary and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Richard L. Baird, Jr. |
Cari M. Dominguez |
John G. Guffey, Jr. |
Miles D. Harper, III |
Joy V. Jones |
John H. Streur* |
Anthony A. Williams |
*Interested Director and President |
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• | At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements. |
• | On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates. |
• | We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information. |
• | We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
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% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Since Inception |
Class A at NAV | 10/29/2012 | 10/29/2012 | (15.17)% | (15.96)% | 1.50% | 3.43% |
Class A with 4.75% Maximum Sales Charge | — | — | (19.20) | (19.96) | 0.51 | 2.75 |
Class C at NAV | 10/29/2012 | 10/29/2012 | (15.56) | (16.57) | 0.72 | 2.57 |
Class C with 1% Maximum Sales Charge | — | — | (16.40) | (17.41) | 0.72 | 2.57 |
Class I at NAV | 10/29/2012 | 10/29/2012 | (15.11) | (15.73) | 1.81 | 3.77 |
Class R6 at NAV | 02/01/2018 | 10/29/2012 | (15.07) | (15.69) | 1.81 | 3.77 |
·· | ||||||
MSCI Emerging Markets Index | — | — | (14.55)% | (17.69)% | (0.37)% | 0.28% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.37% | 2.12% | 1.12% | 1.05% |
Net | 1.24 | 1.99 | 0.99 | 0.92 |
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Top 10 Holdings (% of net assets)* | |
Alibaba Group Holding, Ltd. ADR | 9.3% |
Samsung Electronics Co., Ltd. | 7.6 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 5.8 |
Prosus NV | 5.0 |
Tencent Holdings, Ltd. | 5.0 |
NARI Technology Co., Ltd., Class A | 3.8 |
AIA Group, Ltd. | 3.0 |
Delta Electronics, Inc. | 3.0 |
Techtronic Industries Co., Ltd. | 2.9 |
Yandex NV, Class A | 2.5 |
Total | 47.9% |
* | Excludes cash and cash equivalents. |
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1 | MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. 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. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
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Beginning Account Value (10/1/19) | Ending Account Value (3/31/20) | Expenses Paid During Period* (10/1/19 – 3/31/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $848.30 | $5.73** | 1.24% |
Class C | $1,000.00 | $844.40 | $9.18** | 1.99% |
Class I | $1,000.00 | $848.90 | $4.58** | 0.99% |
Class R6 | $1,000.00 | $849.30 | $4.25** | 0.92% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.80 | $6.26** | 1.24% |
Class C | $1,000.00 | $1,015.05 | $10.02** | 1.99% |
Class I | $1,000.00 | $1,020.05 | $5.00** | 0.99% |
Class R6 | $1,000.00 | $1,020.40 | $4.65** | 0.92% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2019. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
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Common Stocks — 97.7% |
Security | Shares | Value |
Brazil — 4.9% | ||
BB Seguridade Participacoes SA | 5,594,967 | $ 26,757,555 |
Duratex SA | 7,531,441 | 13,552,274 |
Hapvida Participacoes e Investimentos SA(1) | 2,523,231 | 20,589,480 |
Itau Unibanco Holding SA, PFC Shares | 5,565,971 | 24,733,602 |
Notre Dame Intermedica Participacoes SA | 2,056,276 | 17,792,223 |
$ 103,425,134 | ||
China — 30.1% | ||
Aier Eye Hospital Group Co., Ltd., Class A | 5,224,259 | $ 28,667,572 |
Alibaba Group Holding, Ltd. ADR(2) | 1,011,274 | 196,672,568 |
Autohome, Inc. ADR(2)(3) | 375,061 | 26,636,832 |
Baozun, Inc. ADR(2)(3) | 1,509,209 | 42,167,299 |
China Communications Services Corp., Ltd., Class H | 56,120,000 | 40,353,253 |
China Mengniu Dairy Co., Ltd.(2) | 14,186,310 | 48,924,569 |
Gree Electric Appliances, Inc. of Zhuhai, Class A | 3,979,786 | 28,984,725 |
NARI Technology Co., Ltd., Class A | 29,235,024 | 80,247,443 |
Shenzhen International Holdings, Ltd. | 21,211,373 | 38,469,019 |
Tencent Holdings, Ltd. | 2,160,596 | 106,793,062 |
$637,916,342 | ||
Egypt — 1.4% | ||
Commercial International Bank Egypt SAE | 7,806,374 | $28,817,712 |
$28,817,712 | ||
Hong Kong — 6.9% | ||
AIA Group, Ltd. | 7,184,034 | $64,330,392 |
Samsonite International SA(1) | 21,423,226 | 20,059,202 |
Techtronic Industries Co., Ltd. | 9,710,290 | 61,659,403 |
$146,048,997 | ||
Hungary — 1.6% | ||
Richter Gedeon Nyrt | 1,850,443 | $34,897,593 |
$34,897,593 | ||
India — 9.4% | ||
Bharat Forge, Ltd. | 4,514,504 | $13,965,663 |
Container Corp. of India, Ltd. | 3,400,134 | 14,796,409 |
HCL Technologies, Ltd. | 3,849,553 | 22,032,570 |
HDFC Bank, Ltd. ADR | 1,006,618 | 38,714,528 |
Hero MotoCorp, Ltd. | 1,064,796 | 22,226,138 |
ICICI Bank, Ltd. | 5,701,779 | 24,554,438 |
Motherson Sumi Systems, Ltd. | 16,901,669 | 13,506,400 |
Power Grid Corp. of India, Ltd. | 3,961,772 | 8,306,583 |
SBI Life Insurance Co., Ltd.(1) | 2,267,103 | 19,543,336 |
Security | Shares | Value |
India (continued) | ||
Tech Mahindra, Ltd. | 2,930,258 | $ 21,692,254 |
$ 199,338,319 | ||
Indonesia — 2.1% | ||
Bank Rakyat Indonesia Persero Tbk PT | 239,723,796 | $ 43,966,567 |
$ 43,966,567 | ||
Mexico — 1.2% | ||
Wal-Mart de Mexico SAB de CV | 10,677,884 | $ 25,157,000 |
$ 25,157,000 | ||
Peru — 1.6% | ||
Credicorp, Ltd. | 234,761 | $33,587,256 |
$33,587,256 | ||
Russia — 3.6% | ||
Mail.ru Group, Ltd. GDR(2) | 1,470,759 | $23,639,992 |
Yandex NV, Class A(2) | 1,571,595 | 53,512,810 |
$77,152,802 | ||
South Africa — 6.5% | ||
Prosus NV(2) | 1,539,053 | $106,900,131 |
Shoprite Holdings, Ltd. | 4,297,707 | 30,158,799 |
$137,058,930 | ||
South Korea — 13.3% | ||
KB Financial Group, Inc. | 1,499,412 | $42,169,486 |
LG Household & Health Care, Ltd. | 28,615 | 26,210,987 |
NCSoft Corp. | 99,802 | 53,264,759 |
Samsung Electronics Co., Ltd. | 4,153,138 | 161,480,182 |
$283,125,414 | ||
Taiwan — 14.0% | ||
Accton Technology Corp. | 7,323,000 | $39,182,348 |
Advantech Co., Ltd. | 3,064,983 | 25,254,439 |
Chipbond Technology Corp. | 14,961,000 | 24,227,323 |
Delta Electronics, Inc. | 16,062,000 | 63,570,413 |
LandMark Optoelectronics Corp. | 2,621,900 | 22,297,024 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2,583,549 | 123,467,807 |
$297,999,354 | ||
Turkey — 1.1% | ||
BIM Birlesik Magazalar AS | 3,209,406 | $24,369,402 |
$24,369,402 |
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Security | Shares | Value |
United Arab Emirates — 0.0% | ||
NMC Health PLC(4) | 2,704,917 | $ — |
$ — | ||
Total Common Stocks (identified cost $2,408,955,720) | $2,072,860,822 |
High Social Impact Investments — 0.3% |
Security | Principal Amount (000's omitted) | Value |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(5)(6) | $ 7,467 | $ 7,196,569 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20(6)(7) | 43 | 42,140 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20(6)(7) | 56 | 54,446 |
Total High Social Impact Investments (identified cost $7,565,870) | $ 7,293,155 |
Short-Term Investments — 1.9% |
Security | Shares | Value |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24%(8) | 40,714,661 | $ 40,714,661 |
Total Short-Term Investments (identified cost $40,714,661) | $ 40,714,661 | |
Total Investments — 99.9% (identified cost $2,457,236,251) | $2,120,868,638 | |
Other Assets, Less Liabilities — 0.1% | $ 1,168,390 | |
Net Assets — 100.0% | $2,122,037,028 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $60,192,018, which represents 2.8% of the net assets of the Fund as of March 31, 2020. | |
(2) | Non-income producing security. |
(3) | All or a portion of this security was on loan at March 31, 2020. The aggregate market value of securities on loan at March 31, 2020 was $42,083,443. |
(4) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(5) | Affiliated company (see Note 7). |
(6) | Restricted security. Total market value of restricted securities amounts to $7,293,155, which represents 0.3% of the net assets of the Fund as of March 31, 2020. |
(7) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at March 31, 2020. |
(8) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Information Technology | 23.7% |
Consumer Discretionary | 21.0 |
Financials | 16.4 |
Communication Services | 12.4 |
Industrials | 11.1 |
Consumer Staples | 7.3 |
Health Care | 4.8 |
Materials | 0.6 |
Utilities | 0.4 |
High Social Impact Investments | 0.3 |
Total | 98.0% |
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Description | Acquisition Dates | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | $7,466,870 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20 | 11/13/15 | 43,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20 | 11/13/15 | 56,000 |
Abbreviations: | |
ADR | – American Depositary Receipt |
GDR | – Global Depositary Receipt |
PFC Shares | – Preference Shares |
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March 31, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $2,449,769,381) - including $42,083,443 of securities on loan | $2,113,672,069 |
Investments in securities of affiliated issuers, at value (identified cost $7,466,870) | 7,196,569 |
Cash | 10,426,164 |
Cash denominated in foreign currency, at value (cost $6,741,623) | 6,745,636 |
Receivable for investments sold | 15,281,733 |
Receivable for capital shares sold | 18,120,533 |
Dividends and interest receivable | 5,912,457 |
Interest receivable - affiliated | 32,668 |
Securities lending income receivable | 70,037 |
Directors' deferred compensation plan | 659,726 |
Total assets | $2,178,117,592 |
Liabilities | |
Payable for investments purchased | $4,384,230 |
Payable for capital shares redeemed | 5,999,013 |
Payable for foreign capital gain taxes | 1,174,111 |
Deposits for securities loaned | 40,714,661 |
Payable to affiliates: | |
Investment advisory fee | 1,456,898 |
Administrative fee | 233,104 |
Distribution and service fees | 52,295 |
Sub-transfer agency fee | 6,265 |
Directors' deferred compensation plan | 659,726 |
Other | 283,980 |
Accrued expenses | 1,116,281 |
Total liabilities | $56,080,564 |
Net Assets | $2,122,037,028 |
Sources of Net Assets | |
Paid-in capital | $2,553,438,216 |
Accumulated loss | (431,401,188) |
Total | $2,122,037,028 |
Class A Shares | |
Net Assets | $140,441,587 |
Shares Outstanding | 10,367,238 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $13.55 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $14.23 |
Class C Shares | |
Net Assets | $24,841,382 |
Shares Outstanding | 1,883,355 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $13.19 |
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March 31, 2020 | |
Class I Shares | |
Net Assets | $1,739,326,952 |
Shares Outstanding | 127,240,387 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $13.67 |
Class R6 Shares | |
Net Assets | $217,427,107 |
Shares Outstanding | 15,940,917 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $13.64 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
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Six Months Ended | |
March 31, 2020 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $2,513,946) | $19,653,300 |
Interest income - unaffiliated issuers | 637 |
Interest income - affiliated issuers | 38,501 |
Securities lending income, net | 1,064,700 |
Total investment income | $20,757,138 |
Expenses | |
Investment advisory fee | $9,310,190 |
Administrative fee | 1,489,630 |
Distribution and service fees: | |
Class A | 179,567 |
Class C | 154,081 |
Directors' fees and expenses | 68,843 |
Custodian fees | 9,301 |
Transfer agency fees and expenses | 898,508 |
Accounting fees | 71,578 |
Professional fees | 87,570 |
Registration fees | 178,022 |
Reports to shareholders | 147,669 |
Miscellaneous | 92,469 |
Total expenses | $12,687,428 |
Waiver and/or reimbursement of expenses by affiliate | $(114,348) |
Reimbursement of expenses - other | (35,450) |
Net expenses | $12,537,630 |
Net investment income | $8,219,508 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities - unaffiliated issuers | $(59,292,498) |
Foreign currency transactions | (1,051,380) |
Net realized loss | $(60,343,878) |
Change in unrealized appreciation (depreciation): | |
Investment securities - unaffiliated issuers (including net increase in payable for foreign capital gains taxes of $177,189) | $(367,513,164) |
Investment securities - affiliated issuers | (259,721) |
Foreign currency | (567,286) |
Net change in unrealized appreciation (depreciation) | $(368,340,171) |
Net realized and unrealized loss | $(428,684,049) |
Net decrease in net assets from operations | $(420,464,541) |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $8,219,508 | $22,716,547 |
Net realized loss | (60,343,878) | (24,321,645) |
Net change in unrealized appreciation (depreciation) | (368,340,171) | 84,061,839 |
Net increase (decrease) in net assets from operations | $(420,464,541) | $82,456,741 |
Distributions to shareholders: | ||
Class A | $(673,897) | $(830,950) |
Class C | — | (100,965) |
Class I | (14,521,439) | (12,937,246) |
Class R6 | (1,960,798) | (549,482) |
Total distributions to shareholders | $(17,156,134) | $(14,418,643) |
Capital share transactions: | ||
Class A | $33,434,954 | $(24,807,970) |
Class C | 915,581 | 3,743,762 |
Class I | 288,411,838 | 742,127,821 |
Class R6 | 39,956,132 | 205,025,396 |
Net increase in net assets from capital share transactions | $362,718,505 | $926,089,009 |
Net increase (decrease) in net assets | $(74,902,170) | $994,127,107 |
Net Assets | ||
At beginning of period | $2,196,939,198 | $1,202,812,091 |
At end of period | $2,122,037,028 | $2,196,939,198 |
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Class A | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $16.05 | $15.55 | $16.33 | $12.94 | $10.90 | $13.15 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.03 | $0.17 | $0.19 | $0.10 | $0.08(2) | $0.11 |
Net realized and unrealized gain (loss) | (2.45) | 0.45 | (0.94) | 3.36 | 2.06 | (1.92) |
Total income (loss) from operations | $(2.42) | $0.62 | $(0.75) | $3.46 | $2.14 | $(1.81) |
Less Distributions | ||||||
From net investment income | $(0.08) | $(0.12) | $(0.03) | $(0.07) | $(0.10) | $(0.03) |
From net realized gain | — | — | — | — | — | (0.41) |
Total distributions | $(0.08) | $(0.12) | $(0.03) | $(0.07) | $(0.10) | $(0.44) |
Net asset value — End of period | $13.55 | $16.05 | $15.55 | $16.33 | $12.94 | $10.90 |
Total Return(3) | (15.17)%(4) | 4.02% | (4.62)% | 26.89% | 19.75% | (14.18)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $140,442 | $132,066 | $155,735 | $62,432 | $39,343 | $23,569 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.25%(6) | 1.41% | 1.56% | 1.80% | 1.95% | 2.18% |
Net expenses | 1.24%(6) | 1.25% | 1.27% | 1.27% | 1.47% | 1.75% |
Net investment income | 0.40%(6) | 1.06% | 1.15% | 0.73% | 0.66%(2) | 0.84% |
Portfolio Turnover | 18%(4) | 32% | 27% | 36% | 32% | 66% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.003 per share and 0.003% of average net assets. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
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Class C | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $15.62 | $15.18 | $16.04 | $12.76 | $10.74 | $13.05 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $(0.03) | $0.05 | $0.10 | $0.01 | $—(2) | $(0.03) |
Net realized and unrealized gain (loss) | (2.40) | 0.45 | (0.96) | 3.29 | 2.03 | (1.87) |
Total income (loss) from operations | $(2.43) | $0.50 | $(0.86) | $3.30 | $2.03 | $(1.90) |
Less Distributions | ||||||
From net investment income | $— | $(0.06) | $— | $(0.02) | $(0.01) | $— |
From net realized gain | — | — | — | — | — | (0.41) |
Total distributions | $— | $(0.06) | $— | $(0.02) | $(0.01) | $(0.41) |
Net asset value — End of period | $13.19 | $15.62 | $15.18 | $16.04 | $12.76 | $10.74 |
Total Return(3) | (15.56)%(4) | 3.33% | (5.36)% | 25.88% | 18.94% | (14.98)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $24,841 | $28,794 | $24,286 | $4,627 | $994 | $566 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 2.00%(6) | 2.16% | 2.31% | 3.69% | 4.44% | 5.00% |
Net expenses | 1.99%(6) | 2.00% | 2.02% | 2.02% | 2.21% | 2.70% |
Net investment income (loss) | (0.34)%(6) | 0.35% | 0.60% | 0.08% | 0.02%(2) | (0.23)% |
Portfolio Turnover | 18%(4) | 32% | 27% | 36% | 32% | 66% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.003 per share and 0.003% of average net assets. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
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Class I | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $16.22 | $15.73 | $16.48 | $13.06 | $10.99 | $13.26 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.06 | $0.22 | $0.29 | $0.17 | $0.12(2) | $0.14 |
Net realized and unrealized gain (loss) | (2.49) | 0.45 | (0.99) | 3.35 | 2.09 | (1.93) |
Total income (loss) from operations | $(2.43) | $0.67 | $(0.70) | $3.52 | $2.21 | $(1.79) |
Less Distributions | ||||||
From net investment income | $(0.12) | $(0.18) | $(0.05) | $(0.10) | $(0.14) | $(0.07) |
From net realized gain | — | — | — | — | — | (0.41) |
Total distributions | $(0.12) | $(0.18) | $— | $(0.10) | $(0.14) | $(0.48) |
Net asset value — End of period | $13.67 | $16.22 | $15.73 | $16.48 | $13.06 | $10.99 |
Total Return(3) | (15.11)%(4) | 4.36% | (4.30)% | 27.27% | 20.31% | (13.92)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $1,739,327 | $1,817,479 | $1,012,574 | $126,398 | $58,259 | $39,101 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.00%(6) | 1.15% | 1.32% | 1.32% | 1.41% | 1.48% |
Net expenses | 0.99%(6) | 0.97% | 0.92% | 0.92% | 1.12% | 1.40% |
Net investment income | 0.69%(6) | 1.41% | 1.71% | 1.20% | 1.06%(2) | 1.12% |
Portfolio Turnover | 18%(4) | 32% | 27% | 36% | 32% | 66% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.003 per share and 0.003% of average net assets. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
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Class R6 | |||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Period Ended September 30, 2018(1) | |
Net asset value — Beginning of period | $16.19 | $15.72 | $18.65 |
Income (Loss) From Operations | |||
Net investment income(2) | $0.06 | $0.27 | $0.26 |
Net realized and unrealized gain (loss) | (2.47) | 0.40 | (3.19) |
Total income (loss) from operations | $(2.41) | $0.67 | $(2.93) |
Less Distributions | |||
From net investment income | $(0.14) | $(0.20) | $— |
Total distributions | $(0.14) | $(0.20) | $— |
Net asset value — End of period | $13.64 | $16.19 | $15.72 |
Total Return(3) | (15.07)%(4) | 4.35% | (15.71)%(4) |
Ratios/Supplemental Data | |||
Net assets, end of period (000’s omitted) | $217,427 | $218,601 | $10,217 |
Ratios (as a percentage of average daily net assets):(5) | |||
Total expenses | 0.93%(6) | 1.06% | 1.24%(6) |
Net expenses | 0.92%(6) | 0.92% | 0.92%(6) |
Net investment income | 0.74%(6) | 1.67% | 2.48%(6) |
Portfolio Turnover | 18%(4) | 32% | 27%(7) |
(1) | From February 1, 2018 inception. |
(2) | Computed using average shares outstanding. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | For the year ended September 30, 2018. |
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Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Common Stocks | ||||
Brazil | $103,425,134 | $— | $— | $103,425,134 |
China | 265,476,699 | 372,439,643 | — | 637,916,342 |
Egypt | — | 28,817,712 | — | 28,817,712 |
Hong Kong | — | 146,048,997 | — | 146,048,997 |
Hungary | — | 34,897,593 | — | 34,897,593 |
India | 38,714,528 | 160,623,791 | — | 199,338,319 |
Indonesia | — | 43,966,567 | — | 43,966,567 |
Mexico | 25,157,000 | — | — | 25,157,000 |
Peru | 33,587,256 | — | — | 33,587,256 |
Russia | 53,512,810 | 23,639,992 | — | 77,152,802 |
South Africa | — | 137,058,930 | — | 137,058,930 |
South Korea | — | 283,125,414 | — | 283,125,414 |
Taiwan | 123,467,807 | 174,531,547 | — | 297,999,354 |
Turkey | — | 24,369,402 | — | 24,369,402 |
United Arab Emirates | — | — | — | — |
Total Common Stocks | $643,341,234 | $1,429,519,588(2) | $— | $2,072,860,822 |
High Social Impact Investments | $— | $7,293,155 | $— | $7,293,155 |
Short-Term Investments | 40,714,661 | — | — | 40,714,661 |
Total Investments | $684,055,895 | $1,436,812,743 | $ — | $2,120,868,638 |
(1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
(2) | 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. |
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Aggregate cost | $2,475,205,214 |
Gross unrealized appreciation | $93,423,643 |
Gross unrealized depreciation | (447,760,219) |
Net unrealized depreciation | $(354,336,576) |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $40,714,661 | $ — | $ — | $ — | $40,714,661 |
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Name of issuer | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest income | Capital gain distributions received | Principal amount, end of period |
High Social Impact Investments | |||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $1,989,420 | $ — | $(2,000,000) | $ — | $10,580 | $ — | $5,833 | $ — | $— |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | — | 7,466,870 | — | — | (270,301) | 7,196,569 | 32,668 | — | 7,466,870 |
Totals | $ — | $(259,721) | $7,196,569 | $38,501 | $ — |
(1) | Restricted security. |
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 3,525,520 | $55,743,033 | 5,131,302 | $80,055,643 | |
Reinvestment of distributions | 36,614 | 607,428 | 49,242 | 739,118 | |
Shares redeemed | (1,422,423) | (22,941,123) | (6,985,125) | (105,845,381) | |
Converted from Class C | 1,524 | 25,616 | 15,904 | 242,650 | |
Net increase (decrease) | 2,141,235 | $33,434,954 | (1,788,677) | $(24,807,970) |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||
Shares | Amount | Shares | Amount | ||
Class C | |||||
Shares sold | 261,165 | $4,299,716 | 684,007 | $10,374,888 | |
Reinvestment of distributions | — | — | 6,731 | 98,943 | |
Shares redeemed | (220,138) | (3,358,519) | (429,880) | (6,487,419) | |
Converted to Class A | (1,568) | (25,616) | (16,277) | (242,650) | |
Net increase | 39,459 | $915,581 | 244,581 | $3,743,762 | |
Class I | |||||
Shares sold | 42,919,240 | $710,181,159 | 91,075,131 | $1,420,261,887 | |
Reinvestment of distributions | 822,269 | 13,756,564 | 817,003 | 12,369,427 | |
Shares redeemed | (28,552,744) | (435,525,885) | (44,204,094) | (690,503,493) | |
Net increase | 15,188,765 | $288,411,838 | 47,688,040 | $742,127,821 | |
Class R6 | |||||
Shares sold | 4,714,959 | $78,265,826 | 16,658,520 | $266,753,381 | |
Reinvestment of distributions | 110,978 | 1,852,220 | 36,389 | 549,482 | |
Shares redeemed | (2,386,059) | (40,161,914) | (3,843,934) | (62,277,467) | |
Net increase | 2,439,878 | $39,956,132 | 12,850,975 | $205,025,396 |
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Officers |
Hope L. Brown Chief Compliance Officer |
Maureen A. Gemma Vice President, Secretary and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Richard L. Baird, Jr. |
Cari M. Dominguez |
John G. Guffey, Jr. |
Miles D. Harper, III |
Joy V. Jones |
John H. Streur* |
Anthony A. Williams |
*Interested Director and President |
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• | At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements. |
• | On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates. |
• | We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information. |
• | We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
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% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 07/02/1992 | 07/02/1992 | (9.36)% | (4.20)% | 1.03% | 2.85% |
Class A with 4.75% Maximum Sales Charge | — | — | (13.68) | (8.76) | 0.05 | 2.35 |
Class C at NAV | 03/01/1994 | 07/02/1992 | (9.73) | (4.95) | 0.26 | 2.00 |
Class C with 1% Maximum Sales Charge | — | — | (10.63) | (5.90) | 0.26 | 2.00 |
Class I at NAV | 02/26/1999 | 07/02/1992 | (9.28) | (3.99) | 1.38 | 3.39 |
Class R6 at NAV | 03/07/2019 | 07/02/1992 | (9.26) | (3.93) | 1.40 | 3.40 |
·· | ||||||
MSCI EAFE Index | — | — | (16.52)% | (14.38)% | (0.62)% | 2.71% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.40% | 2.15% | 1.14% | 1.10% |
Net | 1.15 | 1.90 | 0.90 | 0.86 |
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Top 10 Holdings (% of net assets) | |
Nestle SA | 4.9% |
AIA Group, Ltd. | 3.5 |
Sanofi | 3.0 |
Novo Nordisk A/S, Class B | 3.0 |
Kao Corp. | 3.0 |
Unilever PLC | 2.9 |
CSL, Ltd. | 2.6 |
DCC PLC | 2.6 |
Lonza Group AG | 2.6 |
Pan Pacific International Holdings Corp. | 2.6 |
Total | 30.7% |
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1 | MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. 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. 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. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
Fund profile subject to change due to active management. |
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Beginning Account Value (10/1/19) | Ending Account Value (3/31/20) | Expenses Paid During Period* (10/1/19 – 3/31/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $906.40 | $5.43** | 1.14% |
Class C | $1,000.00 | $902.70 | $8.99** | 1.89% |
Class I | $1,000.00 | $907.20 | $4.24** | 0.89% |
Class R6 | $1,000.00 | $907.40 | $4.05** | 0.85% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.30 | $5.76** | 1.14% |
Class C | $1,000.00 | $1,015.55 | $9.52** | 1.89% |
Class I | $1,000.00 | $1,020.55 | $4.50** | 0.89% |
Class R6 | $1,000.00 | $1,020.75 | $4.29** | 0.85% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2019. |
** | Absent a waiver and/or reimbursement of expenses by affiliates, expenses would be higher. |
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Common Stocks — 97.4% |
Security | Shares | Value |
Australia — 2.6% | ||
CSL, Ltd. | 46,070 | $ 8,351,181 |
$ 8,351,181 | ||
Belgium — 1.1% | ||
KBC Groep NV | 77,220 | $ 3,503,869 |
$ 3,503,869 | ||
Canada — 1.1% | ||
CAE, Inc. | 273,268 | $ 3,454,443 |
$ 3,454,443 | ||
Denmark — 6.5% | ||
Chr. Hansen Holding A/S | 72,525 | $5,351,817 |
Coloplast A/S, Class B | 38,395 | 5,568,285 |
Novo Nordisk A/S, Class B | 159,330 | 9,514,557 |
$20,434,659 | ||
France — 8.6% | ||
Dassault Systemes SE | 34,040 | $4,969,534 |
LVMH Moet Hennessy Louis Vuitton SE | 19,852 | 7,280,742 |
Sanofi | 110,783 | 9,591,015 |
Schneider Electric SE | 60,993 | 5,155,302 |
$26,996,593 | ||
Germany — 2.9% | ||
adidas AG | 26,347 | $5,849,752 |
Infineon Technologies AG | 220,034 | 3,176,355 |
$9,026,107 | ||
Hong Kong — 3.5% | ||
AIA Group, Ltd. | 1,214,441 | $10,874,874 |
$10,874,874 | ||
India — 1.4% | ||
HDFC Bank, Ltd. | 379,246 | $4,302,132 |
$4,302,132 | ||
Ireland — 4.4% | ||
DCC PLC | 132,149 | $8,252,854 |
Kerry Group PLC, Class A | 47,772 | 5,576,248 |
$13,829,102 | ||
Japan — 16.2% | ||
Kao Corp. | 114,441 | $9,323,306 |
Security | Shares | Value |
Japan (continued) | ||
Keyence Corp. | 21,077 | $ 6,776,517 |
ORIX Corp. | 466,200 | 5,562,075 |
Pan Pacific International Holdings Corp. | 429,600 | 8,135,470 |
Recruit Holdings Co., Ltd. | 185,507 | 4,791,881 |
Santen Pharmaceutical Co., Ltd. | 386,692 | 6,636,312 |
SMC Corp. | 13,800 | 5,785,562 |
Yamaha Corp. | 105,400 | 4,084,821 |
$ 51,095,944 | ||
Netherlands — 2.4% | ||
ASML Holding NV | 28,915 | $7,622,415 |
$7,622,415 | ||
New Zealand — 1.3% | ||
Fisher & Paykel Healthcare Corp., Ltd. | 233,520 | $4,245,036 |
$4,245,036 | ||
Singapore — 1.9% | ||
DBS Group Holdings, Ltd. | 464,528 | $6,061,231 |
$6,061,231 | ||
South Africa — 1.7% | ||
Naspers, Ltd., Class N | 37,942 | $5,392,104 |
$5,392,104 | ||
Spain — 7.7% | ||
Amadeus IT Group SA | 151,011 | $7,107,913 |
Banco Santander SA | 1,966,783 | 4,678,622 |
Iberdrola SA | 651,252 | 6,369,899 |
Industria de Diseno Textil SA | 233,005 | 6,038,000 |
$24,194,434 | ||
Sweden — 7.7% | ||
Assa Abloy AB, Class B | 292,031 | $5,451,839 |
Indutrade AB | 220,156 | 5,956,259 |
Sandvik AB | 423,406 | 5,955,920 |
Tele2 AB, Class B | 522,329 | 6,959,008 |
$24,323,026 | ||
Switzerland — 10.9% | ||
Lonza Group AG | 20,055 | $8,249,098 |
Nestle SA | 150,022 | 15,357,420 |
Sika AG | 28,522 | 4,683,676 |
Straumann Holding AG | 8,206 | 5,999,438 |
$34,289,632 |
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Security | Shares | Value |
Taiwan — 1.6% | ||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 108,783 | $ 5,198,739 |
$ 5,198,739 | ||
United Kingdom — 10.8% | ||
Abcam PLC | 377,805 | $ 5,329,367 |
Compass Group PLC | 369,600 | 5,758,406 |
Halma PLC | 172,713 | 4,056,348 |
London Stock Exchange Group PLC | 63,698 | 5,698,156 |
Melrose Industries PLC | 3,676,339 | 4,085,272 |
Unilever PLC | 179,554 | 9,054,943 |
$33,982,492 | ||
United States — 3.1% | ||
Visa, Inc., Class A | 29,927 | $4,821,838 |
Xylem, Inc. | 75,842 | 4,939,590 |
$9,761,428 | ||
Total Common Stocks (identified cost $313,717,178) | $306,939,441 |
High Social Impact Investments — 0.4% |
Security | Principal Amount (000's omitted) | Value |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1)(2) | $ 880 | $ 848,483 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20(2)(3) | 220 | 215,600 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20(2)(3) | 283 | 275,147 |
Total High Social Impact Investments (identified cost $1,383,352) | $ 1,339,230 |
Preferred Stocks — 0.0%(4) |
Security | Shares | Value |
Venture Capital — 0.0%(4) | ||
Bioceptive, Inc.: | ||
Series A(2)(5)(6) | 582,574 | $ — |
Series B(2)(5)(6) | 40,523 | — |
FINAE, Series D(2)(5)(6) | 2,597,442 | 100,733 |
Total Preferred Stocks (identified cost $491,304) | $ 100,733 |
Venture Capital Debt Obligations — 0.0% |
Security | Principal Amount (000's omitted) | Value |
Windhorse International-Spring Health Water, Ltd., 1.00%, 4/15/20(2)(7) | $ 70 | $ — |
Total Venture Capital Debt Obligations (identified cost $70,000) | $ — |
Venture Capital Limited Partnership Interests — 0.4% |
Security | Value | |
Africa Renewable Energy Fund L.P.(2)(5)(6) | $ 891,264 | |
Blackstone Clean Technology Partners L.P.(2)(5)(6) | 4,165 | |
Emerald Sustainability Fund I L.P.(2)(5)(6) | 43,132 | |
gNet Defta Development Holding LLC(1)(2)(5)(6) | 195,700 | |
SEAF India International Growth Fund L.P.(2)(5)(6) | 550 | |
Total Venture Capital Limited Partnership Interests (identified cost $2,067,964) | $ 1,134,811 | |
Total Investments — 98.2% (identified cost $317,729,798) | $309,514,215 | |
Other Assets, Less Liabilities — 1.8% | $ 5,649,500 | |
Net Assets — 100.0% | $315,163,715 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | Affiliated company (see Note 7). | |
(2) | Restricted security. Total market value of restricted securities amounts to $2,574,774, which represents 0.8% of the net assets of the Fund as of March 31, 2020. | |
(3) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at March 31, 2020. | |
(4) | Amount is less than 0.05%. | |
(5) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). | |
(6) | Non-income producing security. | |
(7) | Security defaulted as to principal and interest in March 2013. It was restructured at a 9% rate maturing on April 15, 2020 with 1% to be paid annually and the remaining interest due at maturity. As of March 31, 2020, security is in default with respect to its annual 1% interest payment. |
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Economic Sectors | % of Net Assets |
Health Care | 20.1% |
Industrials | 17.1 |
Information Technology | 13.9 |
Consumer Discretionary | 13.5 |
Financials | 12.9 |
Consumer Staples | 12.5 |
Materials | 3.2 |
Communication Services | 2.2 |
Utilities | 2.0 |
High Social Impact Investments | 0.4 |
Venture Capital | 0.4 |
Total | 98.2% |
Description | Acquisition Dates | Cost |
Africa Renewable Energy Fund L.P. | 4/17/14-5/13/19 | $986,557 |
Bioceptive, Inc., Series A | 10/26/12-12/18/13 | 252,445 |
Bioceptive, Inc., Series B | 1/7/16 | 16,250 |
Blackstone Clean Technology Partners L.P. | 7/29/10-6/25/15 | 77,081 |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | 880,352 |
Emerald Sustainability Fund I L.P. | 7/19/01-5/17/11 | 393,935 |
FINAE, Series D | 2/28/11-11/16/15 | 222,609 |
gNet Defta Development Holding LLC | 8/30/05 | 400,000 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20 | 11/13/15 | 220,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20 | 11/13/15 | 283,000 |
SEAF India International Growth Fund L.P. | 3/22/05-5/24/10 | 210,391 |
Windhorse International-Spring Health Water, Ltd., 1.00%, 4/15/20 | 2/12/14 | 70,000 |
Abbreviations: | |
ADR | – American Depositary Receipt |
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March 31, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $316,449,446) | $308,470,032 |
Investments in securities of affiliated issuers, at value (identified cost $1,280,352) | 1,044,183 |
Cash | 19,054,624 |
Cash denominated in foreign currency, at value (cost $103,898) | 104,081 |
Receivable for capital shares sold | 2,600,068 |
Dividends and interest receivable | 366,050 |
Interest receivable - affiliated | 3,852 |
Securities lending income receivable | 238 |
Tax reclaims receivable | 400,175 |
Receivable from affiliates | 61,215 |
Directors' deferred compensation plan | 109,547 |
Total assets | $332,214,065 |
Liabilities | |
Payable for investments purchased | $16,160,065 |
Payable for capital shares redeemed | 387,133 |
Payable to affiliates: | |
Investment advisory fee | 168,682 |
Administrative fee | 29,866 |
Distribution and service fees | 27,104 |
Sub-transfer agency fee | 5,451 |
Directors' fees and expenses | 425 |
Directors' deferred compensation plan | 109,547 |
Accrued expenses | 162,077 |
Total liabilities | $17,050,350 |
Commitments and contingent liabilities (Note 10) | |
Net Assets | $315,163,715 |
Sources of Net Assets | |
Paid-in capital | $341,108,871 |
Accumulated loss | (25,945,156) |
Total | $315,163,715 |
Class A Shares | |
Net Assets | $104,408,586 |
Shares Outstanding | 6,408,667 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $16.29 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $17.10 |
Class C Shares | |
Net Assets | $5,164,017 |
Shares Outstanding | 369,959 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $13.96 |
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March 31, 2020 | |
Class I Shares | |
Net Assets | $133,174,686 |
Shares Outstanding | 7,649,970 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $17.41 |
Class R6 Shares | |
Net Assets | $72,416,426 |
Shares Outstanding | 4,163,212 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $17.39 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
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Six Months Ended | |
March 31, 2020 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $163,452) | $1,605,538 |
Non-cash dividend income | 104,336 |
Interest income - unaffiliated issuers | 16,877 |
Interest income - affiliated issuers | 17,516 |
Securities lending income, net | 105,363 |
Total investment income | $1,849,630 |
Expenses | |
Investment advisory fee | $991,871 |
Administrative fee | 175,603 |
Distribution and service fees: | |
Class A | 150,106 |
Class C | 31,524 |
Directors' fees and expenses | 8,640 |
Custodian fees | 19,816 |
Transfer agency fees and expenses | 177,818 |
Accounting fees | 40,015 |
Professional fees | 31,554 |
Registration fees | 45,154 |
Reports to shareholders | 18,643 |
Miscellaneous | 29,154 |
Total expenses | $1,719,898 |
Waiver and/or reimbursement of expenses by affiliates | $(239,449) |
Reimbursement of expenses - other | (4,073) |
Net expenses | $1,476,376 |
Net investment income | $373,254 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities - unaffiliated issuers | $1,150,618 |
Foreign currency transactions | 10,518 |
Net realized gain | $1,161,136 |
Change in unrealized appreciation (depreciation): | |
Investment securities - unaffiliated issuers | $(35,097,736) |
Investment securities - affiliated issuers | 80,220 |
Foreign currency | (10,033) |
Net change in unrealized appreciation (depreciation) | $(35,027,549) |
Net realized and unrealized loss | $(33,866,413) |
Net decrease in net assets from operations | $(33,493,159) |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $373,254 | $2,926,338 |
Net realized gain | 1,161,136 | 2,969,458 |
Net change in unrealized appreciation (depreciation) | (35,027,549) | 6,697,143 |
Net increase (decrease) in net assets from operations | $(33,493,159) | $12,592,939 |
Distributions to shareholders: | ||
Class A | $(1,227,749) | $(1,141,071) |
Class C | (23,398) | (50,893) |
Class I | (1,178,120) | (912,793) |
Class R6 | (769,016) | — |
Total distributions to shareholders | $(3,198,283) | $(2,104,757) |
Capital share transactions: | ||
Class A | $3,763,427 | $(6,044,601) |
Class C | (350,094) | (4,981,623) |
Class I | 64,041,625 | 13,082,906 |
Class R6 | 33,761,540 | 47,291,005(1) |
Net increase in net assets from capital share transactions | $101,216,498 | $49,347,687 |
Net increase in net assets | $64,525,056 | $59,835,869 |
Net Assets | ||
At beginning of period | $250,638,659 | $190,802,790 |
At end of period | $315,163,715 | $250,638,659 |
(1) | For the period from the commencement of operations, March 7, 2019, to September 30, 2019. |
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Class A | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $18.18 | $17.53 | $17.10 | $15.49 | $15.62 | $16.51 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.01 | $0.22 | $0.19 | $0.17 | $0.34(2) | $0.18 |
Net realized and unrealized gain (loss) | (1.71) | 0.61 | 0.50 | 1.84 | (0.33) | (0.97) |
Total income (loss) from operations | $(1.70) | $0.83 | $0.69 | $2.01 | $0.01 | $(0.79) |
Less Distributions | ||||||
From net investment income | $(0.19) | $(0.18) | $(0.26) | $(0.40) | $(0.14) | $(0.10) |
Total distributions | $(0.19) | $(0.18) | $(0.26) | $(0.40) | $(0.14) | $(0.10) |
Net asset value — End of period | $16.29 | $18.18 | $17.53 | $17.10 | $15.49 | $15.62 |
Total Return(3) | (9.36)%(4) | 4.93% | 4.02% | 13.43% | 0.04% | (4.78)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $104,409 | $112,923 | $114,915 | $126,669 | $156,757 | $167,225 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.31%(6) | 1.46% | 1.47% | 1.58% | 1.62% | 1.67% |
Net expenses | 1.14%(6) | 1.27% | 1.32% | 1.35% | 1.38% | 1.54% |
Net investment income | 0.10%(6) | 1.26% | 1.09% | 1.08% | 2.20%(2) | 1.08% |
Portfolio Turnover | 35%(4) | 51% | 48% | 138% | 94% | 97% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.013 per share and 0.08% of average net assets. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
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Class C | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $15.54 | $15.00 | $14.68 | $13.31 | $13.47 | $14.27 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $(0.05) | $0.03 | $0.06 | $0.05 | $0.19(2) | $0.04 |
Net realized and unrealized gain (loss) | (1.47) | 0.58 | 0.42 | 1.59 | (0.28) | (0.84) |
Total income (loss) from operations | $(1.52) | $0.61 | $0.48 | $1.64 | $(0.09) | $(0.80) |
Less Distributions | ||||||
From net investment income | $(0.06) | $(0.07) | $(0.16) | $(0.27) | $(0.07) | $— |
Total distributions | $(0.06) | $(0.07) | $(0.16) | $(0.27) | $(0.07) | $— |
Net asset value — End of period | $13.96 | $15.54 | $15.00 | $14.68 | $13.31 | $13.47 |
Total Return(3) | (9.73)%(4) | 4.15% | 3.23% | 12.60% | (0.68)% | (5.61)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $5,164 | $6,122 | $11,149 | $12,013 | $13,613 | $15,997 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 2.06%(6) | 2.21% | 2.22% | 2.54% | 2.55% | 2.58% |
Net expenses | 1.89%(6) | 2.03% | 2.07% | 2.10% | 2.14% | 2.37% |
Net investment income (loss) | (0.65)%(6) | 0.23% | 0.39% | 0.35% | 1.42%(2) | 0.31% |
Portfolio Turnover | 35%(4) | 51% | 48% | 138% | 94% | 97% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.011 per share and 0.08% of average net assets. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
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Class I | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $19.43 | $18.72 | $18.24 | $16.53 | $16.73 | $17.68 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.04 | $0.28 | $0.27 | $0.21 | $0.44(2) | $0.30 |
Net realized and unrealized gain (loss) | (1.82) | 0.66 | 0.53 | 2.01 | (0.36) | (1.05) |
Total income (loss) from operations | $(1.78) | $0.94 | $0.80 | $2.22 | $0.08 | $(0.75) |
Less Distributions | ||||||
From net investment income | $(0.24) | $(0.23) | $(0.32) | $(0.51) | $(0.28) | $(0.20) |
Total distributions | $(0.24) | $(0.23) | $(0.32) | $(0.51) | $(0.28) | $(0.20) |
Net asset value — End of period | $17.41 | $19.43 | $18.72 | $18.24 | $16.53 | $16.73 |
Total Return(3) | (9.28)%(4) | 5.25% | 4.37% | 13.89% | 0.41% | (4.27)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $133,175 | $82,261 | $64,739 | $72,503 | $140,129 | $147,614 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.06%(6) | 1.20% | 1.22% | 1.06% | 1.04% | 1.03% |
Net expenses | 0.89%(6) | 0.98% | 0.95% | 0.96% | 0.95% | 0.98% |
Net investment income | 0.41%(6) | 1.52% | 1.44% | 1.28% | 2.67%(2) | 1.68% |
Portfolio Turnover | 35%(4) | 51% | 48% | 138% | 94% | 97% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.014 per share and 0.09% of average net assets. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
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Class R6 | ||
Six Months Ended March 31, 2020 (Unaudited) | Period Ended September 30, 2019(1) | |
Net asset value — Beginning of period | $19.44 | $17.79 |
Income (Loss) From Operations | ||
Net investment income(2) | $0.04 | $0.28 |
Net realized and unrealized gain (loss) | (1.82) | 1.37 |
Total income (loss) from operations | $(1.78) | $1.65 |
Less Distributions | ||
From net investment income | $(0.27) | $— |
Total distributions | $(0.27) | $— |
Net asset value — End of period | $17.39 | $19.44 |
Total Return(3) | (9.26)%(4) | 9.27%(4) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $72,416 | $49,332 |
Ratios (as a percentage of average daily net assets):(5) | ||
Total expenses | 1.02%(6) | 1.14%(6) |
Net expenses | 0.85%(6) | 0.96%(6) |
Net investment income | 0.38%(6) | 2.62%(6) |
Portfolio Turnover | 35%(4) | 51%(7) |
(1) | For the period from the commencement of operations, March 7, 2019, to September 30, 2019. |
(2) | Computed using average shares outstanding. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | For the year ended September 30, 2019. |
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Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Common Stocks | ||||
Australia | $— | $8,351,181 | $— | $8,351,181 |
Belgium | — | 3,503,869 | — | 3,503,869 |
Canada | 3,454,443 | — | — | 3,454,443 |
Denmark | — | 20,434,659 | — | 20,434,659 |
France | — | 26,996,593 | — | 26,996,593 |
Germany | — | 9,026,107 | — | 9,026,107 |
Hong Kong | — | 10,874,874 | — | 10,874,874 |
India | — | 4,302,132 | — | 4,302,132 |
Ireland | — | 13,829,102 | — | 13,829,102 |
Japan | — | 51,095,944 | — | 51,095,944 |
Netherlands | — | 7,622,415 | — | 7,622,415 |
New Zealand | — | 4,245,036 | — | 4,245,036 |
Singapore | — | 6,061,231 | — | 6,061,231 |
South Africa | — | 5,392,104 | — | 5,392,104 |
Spain | — | 24,194,434 | — | 24,194,434 |
Sweden | — | 24,323,026 | — | 24,323,026 |
Switzerland | — | 34,289,632 | — | 34,289,632 |
Taiwan | 5,198,739 | — | — | 5,198,739 |
United Kingdom | — | 33,982,492 | — | 33,982,492 |
United States | 9,761,428 | — | — | 9,761,428 |
Total Common Stocks | $18,414,610 | $288,524,831(2) | $— | $306,939,441 |
High Social Impact Investments | $— | $1,339,230 | $— | $1,339,230 |
Preferred Stocks - Venture Capital | — | — | 100,733 | 100,733 |
Venture Capital Debt Obligations | — | — | — | — |
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Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Venture Capital Limited Partnership Interests | $— | $— | $1,134,811 | $1,134,811 |
Total Investments | $18,414,610 | $289,864,061 | $1,235,544 | $309,514,215 |
(1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
(2) | 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. |
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Aggregate cost | $317,936,525 |
Gross unrealized appreciation | $27,818,555 |
Gross unrealized depreciation | (36,240,865) |
Net unrealized depreciation | $(8,422,310) |
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Name of issuer | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest income | Capital gain distributions received | Principal amount, end of period |
High Social Impact Investments | |||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $4,408,140 | $ — | $(4,431,583) | $ — | $23,443 | $ — | $13,664 | $ — | $— |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | — | 880,352 | — | — | (31,869) | 848,483 | 3,852 | — | 880,352 |
Venture Capital Limited Partnership Interests | |||||||||
gNet Defta Development Holding LLC(1)(2)(3) | 249,584 | — | — | — | (53,884) | 195,700 | — | — | — |
SEAF Central and Eastern European Growth Fund LLC | 3,570 | — | (146,100) | — | 142,530 | — | — | — | — |
Totals | $ — | $80,220 | $1,044,183 | $17,516 | $ — |
(1) | Restricted security. |
(2) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(3) | Non-income producing security. |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 804,940 | $15,166,083 | 463,021 | $7,932,556 | |
Reinvestment of distributions | 58,651 | 1,173,605 | 70,194 | 1,067,653 | |
Shares redeemed | (678,404) | (12,804,819) | (1,095,095) | (18,554,534) | |
Converted from Class C | 12,551 | 228,558 | 217,447 | 3,509,724 | |
Net increase (decrease) | 197,738 | $3,763,427 | (344,433) | $(6,044,601) | |
Class C | |||||
Shares sold | 29,413 | $446,780 | 45,413 | $643,966 | |
Reinvestment of distributions | 1,299 | 22,301 | 3,763 | 49,178 | |
Shares redeemed | (40,064) | (590,617) | (145,293) | (2,165,043) | |
Converted to Class A | (14,661) | (228,558) | (253,136) | (3,509,724) | |
Net decrease | (24,013) | $(350,094) | (349,253) | $(4,981,623) | |
Class I | |||||
Shares sold | 4,191,994 | $78,695,534 | 3,206,610 | $57,269,370 | |
Reinvestment of distributions | 51,969 | 1,110,065 | 52,583 | 852,895 | |
Shares redeemed | (826,877) | (15,763,974) | (2,484,203) | (45,039,359) | |
Net increase | 3,417,086 | $64,041,625 | 774,990 | $13,082,906 | |
Class R6 | |||||
Shares sold | 1,690,742 | $34,968,030 | 2,547,114 | $47,468,909 | |
Reinvestment of distributions | 35,319 | 753,700 | — | — | |
Shares redeemed | (100,680) | (1,960,190) | (9,283) | (177,904) | |
Net increase | 1,625,381 | $33,761,540 | 2,537,831 | $47,291,005 |
(1) | For Class R6, for the period from the commencement of operations, March 7, 2019, to September 30, 2019. |
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Name of Investment | Unfunded Commitment |
Africa Renewable Energy Fund L.P. | $8,462 |
Blackstone Clean Technology Partners L.P. | 508 |
SEAF India International Growth Fund L.P. | 17,500 |
Total | $26,470 |
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Officers |
Hope L. Brown Chief Compliance Officer |
Maureen A. Gemma Vice President, Secretary and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Richard L. Baird, Jr. |
Cari M. Dominguez |
John G. Guffey, Jr. |
Miles D. Harper, III |
Joy V. Jones |
John H. Streur* |
Anthony A. Williams |
*Interested Director and President |
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% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 05/31/2007 | 05/31/2007 | (16.18)% | (15.34)% | 1.22% | 4.39% |
Class A with 4.75% Maximum Sales Charge | — | — | (20.18) | (19.37) | 0.23 | 3.88 |
Class C at NAV | 07/31/2007 | 05/31/2007 | (16.51) | (15.98) | 0.41 | 3.53 |
Class C with 1% Maximum Sales Charge | — | — | (17.34) | (16.81) | 0.41 | 3.53 |
Class I at NAV | 05/31/2007 | 05/31/2007 | (16.13) | (15.11) | 1.55 | 4.80 |
Class R6 at NAV | 02/01/2019 | 05/31/2007 | (16.05) | (15.03) | 1.57 | 4.81 |
·· | ||||||
MSCI EAFE Small/Mid Cap Index | — | — | (18.67)% | (17.12)% | 0.35% | 4.19% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.37% | 2.12% | 1.12% | 1.08% |
Net | 1.34 | 2.09 | 1.09 | 1.05 |
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Top 10 Holdings (% of net assets)* | |
Sika AG | 1.8% |
Partners Group Holding AG | 1.6 |
Itochu Techno-Solutions Corp. | 1.5 |
IMCD Group NV | 1.5 |
Ship Healthcare Holdings, Inc. | 1.4 |
Mitsui Fudosan Logistics Park, Inc. | 1.4 |
Nohmi Bosai, Ltd. | 1.4 |
CA Immobilien Anlagen AG | 1.4 |
Halma PLC | 1.4 |
Yamaha Corp. | 1.3 |
Total | 14.7% |
* | Excludes cash and cash equivalents. |
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1 | MSCI EAFE Small/Mid Cap Index is an unmanaged index of small & mid-capitalization equities in the developed markets, excluding the U.S. and Canada. 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. 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. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
Fund profile subject to change due to active management. |
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Beginning Account Value (10/1/19) | Ending Account Value (3/31/20) | Expenses Paid During Period* (10/1/19 – 3/31/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $838.20 | $6.11 | 1.33% |
Class C | $1,000.00 | $834.90 | $9.54 | 2.08% |
Class I | $1,000.00 | $838.70 | $4.96 | 1.08% |
Class R6 | $1,000.00 | $839.50 | $4.60 | 1.00% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.35 | $6.71 | 1.33% |
Class C | $1,000.00 | $1,014.60 | $10.48 | 2.08% |
Class I | $1,000.00 | $1,019.60 | $5.45 | 1.08% |
Class R6 | $1,000.00 | $1,020.00 | $5.05 | 1.00% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2019. |
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Common Stocks — 97.8% |
Security | Shares | Value |
Australia — 3.7% | ||
Bapcor, Ltd. | 786,425 | $ 1,960,639 |
BlueScope Steel, Ltd. | 75,622 | 395,920 |
Bravura Solutions, Ltd. | 688,365 | 1,602,503 |
carsales.com, Ltd. | 206,894 | 1,486,616 |
GDI Property Group | 2,145,604 | 1,239,228 |
Magellan Financial Group, Ltd. | 37,970 | 1,007,030 |
Steadfast Group, Ltd. | 630,203 | 949,948 |
WiseTech Global, Ltd.(1) | 184,075 | 1,913,638 |
$10,555,522 | ||
Austria — 2.3% | ||
BAWAG Group AG(2) | 88,572 | $2,470,736 |
CA Immobilien Anlagen AG | 118,441 | 4,038,993 |
$6,509,729 | ||
Belgium — 0.4% | ||
Barco NV | 8,258 | $1,261,756 |
$1,261,756 | ||
Canada — 1.6% | ||
CAE, Inc. | 181,552 | $2,295,040 |
TMX Group, Ltd. | 31,917 | 2,376,142 |
$4,671,182 | ||
China — 0.9% | ||
China Meidong Auto Holdings, Ltd. | 1,718,872 | $2,664,558 |
$2,664,558 | ||
Denmark — 0.5% | ||
Topdanmark A/S(1) | 33,990 | $1,363,903 |
$1,363,903 | ||
France — 1.7% | ||
Nexity SA | 47,698 | $1,468,155 |
Rubis SCA | 83,511 | 3,443,590 |
$4,911,745 | ||
Germany — 4.3% | ||
AIXTRON SE(3) | 192,394 | $1,655,755 |
Carl Zeiss Meditec AG | 20,894 | 1,989,537 |
GRENKE AG | 21,967 | 1,265,881 |
LEG Immobilien AG | 31,040 | 3,480,740 |
Norma Group SE | 76,155 | 1,415,541 |
Rational AG | 4,615 | 2,440,659 |
Security | Shares | Value |
Germany (continued) | ||
Salzgitter AG | 14,582 | $ 171,556 |
$ 12,419,669 | ||
Hong Kong — 0.7% | ||
CITIC Telecom International Holdings, Ltd. | 5,848,813 | $ 1,929,882 |
$ 1,929,882 | ||
Ireland — 2.6% | ||
Irish Residential Properties REIT PLC | 1,839,157 | $ 2,490,285 |
Kerry Group PLC, Class A | 27,030 | 3,155,111 |
UDG Healthcare PLC | 252,530 | 1,964,826 |
$7,610,222 | ||
Italy — 6.2% | ||
Amplifon SpA | 74,327 | $1,509,822 |
Banca Farmafactoring SpA(2) | 398,389 | 2,047,562 |
DiaSorin SpA | 17,998 | 2,372,389 |
FinecoBank Banca Fineco SpA | 361,385 | 3,251,409 |
Interpump Group SpA | 130,572 | 3,136,955 |
MARR SpA | 188,589 | 2,673,889 |
Moncler SpA | 83,775 | 3,044,272 |
$18,036,298 | ||
Japan — 29.4% | ||
Asahi Co., Ltd. | 128,571 | $1,336,598 |
Chiba Bank, Ltd. (The) | 449,682 | 1,957,536 |
Daiichikosho Co., Ltd. | 48,155 | 1,288,730 |
FP Corp. | 48,766 | 3,243,748 |
Fukuoka Financial Group, Inc. | 122,908 | 1,621,337 |
Invesco Office J-REIT, Inc. | 17,753 | 2,351,616 |
Itochu Techno-Solutions Corp. | 154,156 | 4,390,417 |
J. Front Retailing Co., Ltd. | 188,383 | 1,554,792 |
Japan Lifeline Co., Ltd.(1) | 159,790 | 2,002,216 |
Kenedix, Inc. | 662,848 | 2,515,675 |
Kewpie Corp. | 163,422 | 3,270,860 |
Kose Corp. | 18,554 | 2,295,901 |
K's Holdings Corp. | 224,577 | 2,122,216 |
Kuraray Co., Ltd. | 355,005 | 3,571,855 |
Kyoritsu Maintenance Co., Ltd. | 84,969 | 1,869,684 |
Lion Corp. | 171,352 | 3,654,301 |
Makita Corp. | 86,954 | 2,652,422 |
Mitsui Fudosan Logistics Park, Inc. | 962 | 4,069,530 |
Miura Co., Ltd. | 93,400 | 3,302,800 |
Morinaga & Co., Ltd. | 76,487 | 3,131,116 |
Nabtesco Corp. | 136,663 | 3,126,130 |
Nohmi Bosai, Ltd. | 219,884 | 4,056,634 |
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Security | Shares | Value |
Japan (continued) | ||
Nomura Co., Ltd. | 312,150 | $ 2,362,713 |
OSG Corp. | 162,266 | 2,151,684 |
Penta-Ocean Construction Co., Ltd. | 549,317 | 2,876,149 |
Sakata Seed Corp.(1) | 74,064 | 2,247,029 |
Sankyu, Inc. | 85,079 | 3,170,052 |
Ship Healthcare Holdings, Inc. | 101,882 | 4,158,480 |
Sumco Corp. | 188,173 | 2,391,084 |
Tokyo Century Corp.(1) | 25,946 | 811,874 |
Tosei Reit Investment Corp. | 1,656 | 1,484,115 |
Yamaha Corp. | 97,985 | 3,797,450 |
$84,836,744 | ||
Luxembourg — 0.2% | ||
APERAM SA | 24,061 | $508,864 |
$508,864 | ||
Netherlands — 2.6% | ||
Aalberts NV | 129,207 | $3,095,490 |
Core Laboratories NV | 16,668 | 172,347 |
IMCD Group NV | 59,249 | 4,251,561 |
$7,519,398 | ||
New Zealand — 1.3% | ||
Fisher & Paykel Healthcare Corp., Ltd. | 203,891 | $3,706,426 |
$3,706,426 | ||
Norway — 1.9% | ||
Entra ASA(2) | 283,263 | $3,383,554 |
SpareBank 1 SR-Bank ASA | 306,212 | 1,735,690 |
TGS NOPEC Geophysical Co. ASA | 42,479 | 471,761 |
$5,591,005 | ||
Portugal — 0.6% | ||
NOS SGPS SA | 564,097 | $1,883,890 |
$1,883,890 | ||
Singapore — 0.6% | ||
Frasers Logistics & Industrial Trust | 2,802,100 | $1,732,263 |
$1,732,263 | ||
Spain — 0.6% | ||
Acciona SA | 17,347 | $1,834,795 |
$1,834,795 | ||
Sweden — 6.5% | ||
AddTech AB, Class B | 120,471 | $2,940,017 |
Security | Shares | Value |
Sweden (continued) | ||
Assa Abloy AB, Class B | 199,897 | $ 3,731,817 |
Autoliv, Inc. | 23,420 | 1,077,554 |
Boliden AB | 75,881 | 1,361,294 |
Hexagon AB, Class B | 54,234 | 2,293,294 |
Husqvarna AB, Class B | 288,333 | 1,434,370 |
Indutrade AB | 137,205 | 3,712,043 |
Thule Group AB(2) | 135,772 | 2,342,626 |
$ 18,893,015 | ||
Switzerland — 8.8% | ||
Belimo Holding AG | 340 | $2,166,842 |
Bossard Holding AG, Class A | 12,513 | 1,437,455 |
Cembra Money Bank AG | 23,573 | 2,149,450 |
Galenica AG(2) | 36,689 | 2,503,386 |
Logitech International SA | 83,582 | 3,579,602 |
Partners Group Holding AG | 6,532 | 4,472,237 |
Sika AG | 32,023 | 5,258,584 |
Straumann Holding AG | 3,002 | 2,194,774 |
VZ Holding AG | 4,592 | 1,537,460 |
$25,299,790 | ||
United Kingdom — 20.4% | ||
Abcam PLC | 226,244 | $3,191,427 |
Avast PLC(2) | 738,196 | 3,568,952 |
Bellway PLC | 67,771 | 1,795,387 |
Bodycote PLC | 346,862 | 2,428,297 |
Cranswick PLC | 79,253 | 3,628,079 |
Dechra Pharmaceuticals PLC | 110,268 | 3,179,845 |
Diploma PLC | 172,753 | 3,458,877 |
DS Smith PLC | 756,854 | 2,565,298 |
First Derivatives PLC | 87,533 | 2,476,559 |
Games Workshop Group PLC | 65,150 | 3,460,874 |
Grainger PLC | 637,203 | 2,027,793 |
Halma PLC | 168,250 | 3,951,530 |
Howden Joinery Group PLC | 571,085 | 3,592,516 |
Inchcape PLC | 249,868 | 1,333,505 |
InterContinental Hotels Group PLC | 56,232 | 2,392,292 |
Judges Scientific PLC | 53,960 | 2,786,264 |
Melrose Industries PLC | 2,877,715 | 3,197,814 |
Nomad Foods, Ltd.(3) | 163,643 | 3,037,214 |
Spirax-Sarco Engineering PLC | 23,307 | 2,339,859 |
St. James's Place PLC | 299,565 | 2,797,316 |
WH Smith PLC | 121,473 | 1,706,200 |
$58,915,898 | ||
Total Common Stocks (identified cost $314,603,432) | $282,656,554 |
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Exchange-Traded Funds — 0.8% |
Security | Shares | Value |
Equity Exchange-Traded Fund — 0.8% | ||
Vanguard MSCI Australian Small Companies Index ETF | 84,564 | $ 2,215,585 |
Total Exchange-Traded Funds (identified cost $3,422,301) | $ 2,215,585 |
High Social Impact Investments — 0.5% |
Security | Principal Amount (000's omitted) | Value |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(4)(5) | $ 1,159 | $ 1,117,222 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20(5)(6) | 111 | 108,780 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20(5)(6) | 142 | 138,059 |
Total High Social Impact Investments (identified cost $1,412,184) | $ 1,364,061 |
Short-Term Investments — 0.4% |
Security | Shares | Value |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24%(7) | 1,039,904 | $ 1,039,904 |
Total Short-Term Investments (identified cost $1,039,904) | $ 1,039,904 | |
Total Investments — 99.5% (identified cost $320,477,821) | $287,276,104 | |
Other Assets, Less Liabilities — 0.5% | $ 1,560,098 | |
Net Assets — 100.0% | $288,836,202 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | All or a portion of this security was on loan at March 31, 2020. The aggregate market value of securities on loan at March 31, 2020 was $1,630,892. | |
(2) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $16,316,816, which represents 5.6% of the net assets of the Fund as of March 31, 2020. |
(3) | Non-income producing security. |
(4) | Affiliated company (see Note 7). |
(5) | Restricted security. Total market value of restricted securities amounts to $1,364,061, which represents 0.5% of the net assets of the Fund as of March 31, 2020. |
(6) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at March 31, 2020. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Industrials | 23.6% |
Consumer Discretionary | 11.7 |
Information Technology | 11.5 |
Financials | 11.0 |
Real Estate | 10.5 |
Health Care | 9.9 |
Consumer Staples | 9.4 |
Materials | 5.9 |
Communication Services | 2.3 |
Utilities | 1.8 |
Exchange-Traded Funds | 0.8 |
High Social Impact Investments | 0.5 |
Energy | 0.2 |
Total | 99.1% |
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Description | Acquisition Dates | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | $1,159,184 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20 | 11/13/15 | 111,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20 | 11/13/15 | 142,000 |
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March 31, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $319,318,637) - including $1,630,892 of securities on loan | $286,158,882 |
Investments in securities of affiliated issuers, at value (identified cost $1,159,184) | 1,117,222 |
Cash | 4,878 |
Cash denominated in foreign currency, at value (cost $1,934,629) | 1,937,747 |
Receivable for investments sold | 6,829,016 |
Receivable for capital shares sold | 1,100,075 |
Dividends and interest receivable | 844,135 |
Interest receivable - affiliated | 5,071 |
Securities lending income receivable | 1,140 |
Tax reclaims receivable | 309,139 |
Directors' deferred compensation plan | 164,586 |
Total assets | $298,471,891 |
Liabilities | |
Payable for investments purchased | $5,248,882 |
Payable for capital shares redeemed | 222,393 |
Deposits for securities loaned | 1,039,904 |
Payable to affiliates: | |
Investment advisory fee | 192,147 |
Administrative fee | 30,744 |
Distribution and service fees | 16,610 |
Sub-transfer agency fee | 2,734 |
Directors' deferred compensation plan | 164,586 |
Accrued expenses | 217,689 |
Demand note payable | 2,500,000 |
Total liabilities | $9,635,689 |
Net Assets | $288,836,202 |
Sources of Net Assets | |
Paid-in capital | $350,286,847 |
Accumulated loss | (61,450,645) |
Total | $288,836,202 |
Class A Shares | |
Net Assets | $55,253,594 |
Shares Outstanding | 4,119,117 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $13.41 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $14.08 |
Class C Shares | |
Net Assets | $4,891,927 |
Shares Outstanding | 373,596 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $13.09 |
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March 31, 2020 | |
Class I Shares | |
Net Assets | $192,893,256 |
Shares Outstanding | 14,696,954 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $13.12 |
Class R6 Shares | |
Net Assets | $35,797,425 |
Shares Outstanding | 2,728,673 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $13.12 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
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Six Months Ended | |
March 31, 2020 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $186,962) | $2,392,233 |
Interest income - unaffiliated issuers | 16,109 |
Interest income - affiliated issuers | 7,988 |
Securities lending income, net | 32,578 |
Total investment income | $2,448,908 |
Expenses | |
Investment advisory fee | $1,360,959 |
Administrative fee | 217,754 |
Distribution and service fees: | |
Class A | 85,213 |
Class C | 32,892 |
Directors' fees and expenses | 9,847 |
Custodian fees | 12,852 |
Transfer agency fees and expenses | 177,157 |
Accounting fees | 49,467 |
Professional fees | 29,027 |
Registration fees | 48,871 |
Reports to shareholders | 17,552 |
Miscellaneous | 21,841 |
Total expenses | $2,063,432 |
Reimbursement of expenses - other | (5,268) |
Net expenses | $2,058,164 |
Net investment income | $390,744 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities - unaffiliated issuers | $(11,650,380) |
Foreign currency transactions | 5,883 |
Net realized loss | $(11,644,497) |
Change in unrealized appreciation (depreciation): | |
Investment securities - unaffiliated issuers | $(45,422,273) |
Investment securities - affiliated issuers | (36,672) |
Foreign currency | 26,672 |
Net change in unrealized appreciation (depreciation) | $(45,432,273) |
Net realized and unrealized loss | $(57,076,770) |
Net decrease in net assets from operations | $(56,686,026) |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $390,744 | $4,182,082 |
Net realized loss | (11,644,497) | (11,713,037) |
Net change in unrealized appreciation (depreciation) | (45,432,273) | (11,553,508) |
Net decrease in net assets from operations | $(56,686,026) | $(19,084,463) |
Distributions to shareholders: | ||
Class A | $(779,888) | $(4,792,065) |
Class C | (27,023) | (508,198) |
Class I | (3,424,730) | (18,400,110) |
Class R6 | (698,083) | — |
Total distributions to shareholders | $(4,929,724) | $(23,700,373) |
Capital share transactions: | ||
Class A | $2,953,750 | $7,425,573 |
Class C | (637,201) | (31,653) |
Class I | 12,064,052 | 23,484,318 |
Class R6 | (565,601) | 44,198,523(1) |
Net increase in net assets from capital share transactions | $13,815,000 | $75,076,761 |
Net increase (decrease) in net assets | $(47,800,750) | $32,291,925 |
Net Assets | ||
At beginning of period | $336,636,952 | $304,345,027 |
At end of period | $288,836,202 | $336,636,952 |
(1) | For the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
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Class A | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $16.18 | $18.86 | $18.70 | $14.78 | $14.58 | $16.42 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $—(2) | $0.18 | $0.17 | $0.03 | $0.15(3) | $0.14 |
Net realized and unrealized gain (loss) | (2.58) | (1.51) | 1.20 | 4.04 | 0.63 | (0.83) |
Total income (loss) from operations | $(2.58) | $(1.33) | $1.37 | $4.07 | $0.78 | $(0.69) |
Less Distributions | ||||||
From net investment income | $(0.19) | $(0.23) | $(0.24) | $(0.15) | $(0.11) | $(0.18) |
From net realized gain | — | (1.12) | (0.97) | — | (0.47) | (0.97) |
Total distributions | $(0.19) | $(1.35) | $(1.21) | $(0.15) | $(0.58) | $(1.15) |
Net asset value — End of period | $13.41 | $16.18 | $18.86 | $18.70 | $14.78 | $14.58 |
Total Return(4) | (16.18)%(5) | (6.77)% | 7.62% | 27.89% | 5.49% | (4.32)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $55,254 | $64,070 | $65,994 | $50,552 | $107,429 | $99,908 |
Ratios (as a percentage of average daily net assets):(6) | ||||||
Total expenses | 1.33%(7) | 1.37% | 1.38% | 1.48% | 1.49% | 1.69% |
Net expenses | 1.33%(7) | 1.35% | 1.38% | 1.48% | 1.46% | 1.66% |
Net investment income | 0.03%(7) | 1.15% | 0.91% | 0.18% | 1.07%(3) | 0.88% |
Portfolio Turnover | 39%(5) | 60% | 60% | 158% | 52% | 51% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $0.005. |
(3) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.006 per share and 0.04% of average net assets. |
(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 sales charges, if any. |
(5) | Not annualized. |
(6) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(7) | Annualized. |
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Class C | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $15.74 | $18.37 | $18.29 | $14.43 | $14.28 | $16.08 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $(0.06) | $0.06 | $0.03 | $(0.04) | $0.01(2) | $(0.03) |
Net realized and unrealized gain (loss) | (2.52) | (1.47) | 1.18 | 3.91 | 0.61 | (0.76) |
Total income (loss) from operations | $(2.58) | $(1.41) | $1.21 | $3.87 | $0.62 | $(0.79) |
Less Distributions | ||||||
From net investment income | $(0.07)(2) | $(0.10) | $(0.16) | $(0.01) | $— | $(0.04) |
From net realized gain | — | (1.12) | (0.97) | — | (0.47) | (0.97) |
Total distributions | $(0.07) | $(1.22) | $(1.13) | $(0.01) | $(0.47) | $(1.01) |
Net asset value — End of period | $13.09 | $15.74 | $18.37 | $18.29 | $14.43 | $14.28 |
Total Return(3) | (16.51)%(4) | (7.49)% | 6.92% | 26.83% | 4.46% | (5.09)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $4,892 | $6,532 | $7,603 | $5,850 | $5,037 | $5,030 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 2.08%(6) | 2.12% | 2.13% | 2.61% | 2.67% | 2.72% |
Net expenses | 2.08%(6) | 2.10% | 2.13% | 2.30% | 2.44% | 2.50% |
Net investment income (loss) | (0.74)%(6) | 0.38% | 0.18% | (0.24)% | 0.04%(2) | (0.18)% |
Portfolio Turnover | 39%(4) | 60% | 60% | 158% | 52% | 51% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.006 per share and 0.04% of average net assets. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
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Class I | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $15.86 | $18.52 | $18.42 | $14.56 | $14.38 | $16.19 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.02 | $0.22 | $0.23 | $0.17 | $0.19(2) | $0.19 |
Net realized and unrealized gain (loss) | (2.53) | (1.49) | 1.17 | 3.90 | 0.63 | (0.80) |
Total income (loss) from operations | $(2.51) | $(1.27) | $1.40 | $4.07 | $0.82 | $(0.61) |
Less Distributions | ||||||
From net investment income | $(0.23) | $(0.27) | $(0.33) | $(0.21) | $(0.17) | $(0.23) |
From net realized gain | — | (1.12) | (0.97) | — | (0.47) | (0.97) |
Total distributions | $(0.23) | $(1.39) | $(1.30) | $(0.21) | $(0.64) | $(1.20) |
Net asset value — End of period | $13.12 | $15.86 | $18.52 | $18.42 | $14.56 | $14.38 |
Total Return(3) | (16.13)%(4) | (6.50)% | 7.95% | 28.44% | 5.84% | (3.86)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $192,893 | $222,546 | $230,748 | $115,698 | $69,319 | $40,833 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.08%(6) | 1.12% | 1.13% | 1.07% | 1.17% | 1.15% |
Net expenses | 1.08%(6) | 1.10% | 1.13% | 1.07% | 1.16% | 1.15% |
Net investment income | 0.27%(6) | 1.41% | 1.23% | 1.06% | 1.35%(2) | 1.22% |
Portfolio Turnover | 39%(4) | 60% | 60% | 158% | 52% | 51% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.008 per share and 0.06% of average net assets. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
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Class R6 | ||
Six Months Ended March 31, 2020 (Unaudited) | Period Ended September 30, 2019(1) | |
Net asset value — Beginning of period | $15.86 | $15.14 |
Income (Loss) From Operations | ||
Net investment income(2) | $0.03 | $0.16 |
Net realized and unrealized gain (loss) | (2.52) | 0.56 |
Total income (loss) from operations | $(2.49) | $0.72 |
Less Distributions | ||
From net investment income | $(0.25) | $— |
Total distributions | $(0.25) | $— |
Net asset value — End of period | $13.12 | $15.86 |
Total Return(3)(4) | (16.05)% | 4.76% |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $35,797 | $43,489 |
Ratios (as a percentage of average daily net assets):(5) | ||
Total expenses(6) | 1.00% | 1.08% |
Net expenses(6) | 1.00% | 1.05% |
Net investment income(6) | 0.35% | 1.53% |
Portfolio Turnover | 39%(4) | 60%(7) |
(1) | For the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
(2) | Computed using average shares outstanding. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | For the year ended September 30, 2019. |
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Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $— | $10,555,522 | $— | $10,555,522 |
Austria | — | 6,509,729 | — | 6,509,729 |
Belgium | — | 1,261,756 | — | 1,261,756 |
Canada | 4,671,182 | — | — | 4,671,182 |
China | — | 2,664,558 | — | 2,664,558 |
Denmark | — | 1,363,903 | — | 1,363,903 |
France | — | 4,911,745 | — | 4,911,745 |
Germany | — | 12,419,669 | — | 12,419,669 |
Hong Kong | — | 1,929,882 | — | 1,929,882 |
Ireland | — | 7,610,222 | — | 7,610,222 |
Italy | — | 18,036,298 | — | 18,036,298 |
Japan | — | 84,836,744 | — | 84,836,744 |
Luxembourg | — | 508,864 | — | 508,864 |
Netherlands | 172,347 | 7,347,051 | — | 7,519,398 |
New Zealand | — | 3,706,426 | — | 3,706,426 |
Norway | — | 5,591,005 | — | 5,591,005 |
Portugal | — | 1,883,890 | — | 1,883,890 |
Singapore | — | 1,732,263 | — | 1,732,263 |
Spain | — | 1,834,795 | — | 1,834,795 |
Sweden | 1,077,554 | 17,815,461 | — | 18,893,015 |
Switzerland | — | 25,299,790 | — | 25,299,790 |
United Kingdom | 3,037,214 | 55,878,684 | — | 58,915,898 |
Total Common Stocks | $8,958,297 | $273,698,257(1) | $— | $282,656,554 |
Exchange-Traded Funds | $— | $2,215,585 | $— | $2,215,585 |
High Social Impact Investments | — | 1,364,061 | — | 1,364,061 |
Short-Term Investments | 1,039,904 | — | — | 1,039,904 |
Total Investments | $9,998,201 | $277,277,903 | $ — | $287,276,104 |
(1) | 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. |
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Aggregate cost | $328,330,686 |
Gross unrealized appreciation | $10,476,038 |
Gross unrealized depreciation | (51,530,620) |
Net unrealized depreciation | $(41,054,582) |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $1,039,904 | $ — | $ — | $ — | $1,039,904 |
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Name of issuer | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest income | Capital gain distributions received | Principal amount, end of period |
High Social Impact Investments | |||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $994,710 | $ — | $(1,000,000) | $ — | $5,290 | $ — | $2,917 | $ — | $— |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | — | 1,159,184 | — | — | (41,962) | 1,117,222 | 5,071 | — | 1,159,184 |
Totals | $ — | $(36,672) | $1,117,222 | $7,988 | $ — |
(1) | Restricted security. |
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 525,639 | $8,735,741 | 1,168,879 | $18,769,355 | |
Reinvestment of distributions | 43,505 | 747,852 | 294,011 | 4,571,864 | |
Shares redeemed | (420,865) | (6,740,110) | (1,049,073) | (16,633,747) | |
Converted from Class C | 12,001 | 210,267 | 46,183 | 718,101 | |
Net increase | 160,280 | $2,953,750 | 460,000 | $7,425,573 |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class C | |||||
Shares sold | 29,233 | $484,074 | 116,602 | $1,761,633 | |
Reinvestment of distributions | 1,462 | 24,586 | 30,690 | 467,100 | |
Shares redeemed | (59,778) | (935,594) | (98,857) | (1,542,285) | |
Converted to Class A | (12,286) | (210,267) | (47,247) | (718,101) | |
Net increase (decrease) | (41,369) | $(637,201) | 1,188 | $(31,653) | |
Class I | |||||
Shares sold | 3,703,800 | $58,589,774 | 8,454,598 | $130,605,151 | |
Reinvestment of distributions | 174,421 | 2,932,018 | 1,020,569 | 15,512,650 | |
Shares redeemed | (3,216,536) | (49,457,740) | (7,900,717) | (122,633,483) | |
Net increase | 661,685 | $12,064,052 | 1,574,450 | $23,484,318 | |
Class R6 | |||||
Shares sold | 193,821 | $3,052,355 | 2,803,060 | $45,144,095 | |
Reinvestment of distributions | 41,577 | 698,083 | — | — | |
Shares redeemed | (249,348) | (4,316,039) | (60,437) | (945,572) | |
Net increase (decrease) | (13,950) | $(565,601) | 2,742,623 | $44,198,523 |
(1) | For Class R6, for the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
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Officers |
Hope L. Brown Chief Compliance Officer |
Maureen A. Gemma Vice President, Secretary and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Richard L. Baird, Jr. |
Cari M. Dominguez |
John G. Guffey, Jr. |
Miles D. Harper, III |
Joy V. Jones |
John H. Streur* |
Anthony A. Williams |
*Interested Director and President |
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• | At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements. |
• | On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates. |
• | We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information. |
• | We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
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% Cumulative Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Since Inception |
Class A at NAV | 10/01/2019 | 10/01/2019 | (15.07)% | —% | —% | (15.07)% |
Class A with 4.75% Maximum Sales Charge | — | — | (19.11) | — | — | (19.11) |
Class I at NAV | 10/01/2019 | 10/01/2019 | (14.97) | — | — | (14.97) |
·· | ||||||
MSCI Emerging Markets Index | — | — | (14.55)% | (17.69)% | (0.37)% | (14.34)% |
Calvert Emerging Markets Index | — | — | (14.71) | — | — | (14.58) |
% Total Annual Operating Expense Ratios3 | Class A | Class I |
Gross | 1.35% | 1.10% |
Net | 1.20 | 0.95 |
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Top 10 Holdings (% of net assets)* | |
Alibaba Group Holding, Ltd. ADR | 6.2% |
Tencent Holdings, Ltd. | 5.6 |
Samsung Electronics Co., Ltd. | 5.5 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 5.1 |
China Construction Bank Corp., Class H | 1.7 |
Hellenic Telecommunications Organization SA | 1.6 |
Ping An Insurance (Group) Co. of China, Ltd., Class H | 1.2 |
Industrial & Commercial Bank of China, Ltd., Class H | 1.1 |
First Abu Dhabi Bank PJSC | 1.0 |
JD.com, Inc. ADR | 1.0 |
Total | 30.0% |
* | Excludes cash and cash equivalents. |
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1 | MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. The Calvert Emerging Markets Index (the Index) is composed of equity securities of companies that are located in or tied economically to countries that Calvert Research and Management has classified as emerging market countries and that meet certain environmental, social and governance criteria. The Index is reconstituted annually and rebalanced quarterly. 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. |
2 | Cumulative Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Cumulative Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund's or oldest share class' inception, as applicable. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.Fund profile subject to change due to active management.Important Notice to ShareholdersEffective May 14, 2020, Marshall Stocker became the sole portfolio manager of the Fund. |
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Beginning Account Value (10/1/19) | Ending Account Value (3/31/20) | Expenses Paid During Period* (10/1/19 – 3/31/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $849.30 | $5.59** | 1.21% |
Class I | $1,000.00 | $850.30 | $4.44** | 0.96% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.95 | $6.11** | 1.21% |
Class I | $1,000.00 | $1,020.20 | $4.85** | 0.96% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the opening of business on October 1, 2019. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
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Common Stocks — 82.8% |
Security | Shares | Value |
Brazil — 7.4% | ||
Alpargatas SA, PFC Shares | 2,400 | $ 10,697 |
Atacadao SA(1) | 7,600 | 30,174 |
Azul SA, PFC Shares(1) | 2,700 | 9,119 |
B2W Cia Digital(1) | 1,900 | 17,552 |
B3 SA - Brasil Bolsa Balcao | 17,500 | 120,908 |
Banco Bradesco SA, PFC Shares | 34,500 | 137,904 |
Banco do Brasil SA | 7,300 | 39,183 |
BB Seguridade Participacoes SA | 5,700 | 27,260 |
BR Malls Participacoes SA | 9,600 | 18,438 |
Bradespar SA, PFC Shares | 2,700 | 15,152 |
CCR SA | 10,000 | 22,575 |
Cia Brasileira de Distribuicao | 3,200 | 40,855 |
Cia de Saneamento Basico do Estado de Sao Paulo | 3,100 | 23,333 |
Cia de Saneamento do Parana, PFC Shares | 15,000 | 13,885 |
Cia Energetica de Minas Gerais, PFC Shares | 8,800 | 15,090 |
Cia Energetica de Sao Paulo, Class B, PFC Shares | 2,100 | 10,864 |
Cia Paranaense de Energia, Class B, PFC Shares | 1,100 | 11,326 |
Cielo SA | 12,500 | 10,681 |
Cogna Educacao | 12,900 | 9,930 |
Cosan SA | 3,000 | 31,039 |
Cosan, Ltd., Class A(1) | 1,100 | 13,530 |
CPFL Energia SA | 2,200 | 11,377 |
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 2,800 | 7,614 |
Duratex SA | 3,400 | 6,118 |
EDP - Energias do Brasil SA | 3,800 | 11,906 |
Eneva SA(1) | 2,800 | 18,726 |
Engie Brasil Energia SA | 2,300 | 17,228 |
Equatorial Energia SA | 8,200 | 27,775 |
Fleury SA | 2,100 | 8,180 |
Hapvida Participacoes e Investimentos SA(2) | 1,800 | 14,688 |
Hypera SA | 3,300 | 18,157 |
Iguatemi Empresa de Shopping Centers SA | 1,100 | 6,616 |
IRB Brasil Resseguros SA | 7,600 | 14,158 |
Itau Unibanco Holding SA, PFC Shares | 42,200 | 187,525 |
Itausa - Investimentos Itau SA, PFC Shares | 40,400 | 68,187 |
Linx SA | 2,200 | 7,049 |
Localiza Rent a Car SA | 4,960 | 25,105 |
Lojas Americanas SA, PFC Shares | 7,400 | 25,635 |
Lojas Renner SA | 7,900 | 51,024 |
M Dias Branco SA(1) | 3,200 | 17,921 |
Magazine Luiza SA | 6,300 | 47,273 |
Metalurgica Gerdau SA, PFC Shares | 17,700 | 15,840 |
Multiplan Empreendimentos Imobiliarios SA(1) | 3,100 | 11,383 |
Natura & Co. Holding SA | 4,200 | 20,806 |
Notre Dame Intermedica Participacoes SA | 2,800 | 24,227 |
Security | Shares | Value |
Brazil (continued) | ||
Pagseguro Digital, Ltd., Class A(1)(3) | 1,400 | $ 27,062 |
Porto Seguro SA | 900 | 7,780 |
Qualicorp Consultoria e Corretora de Seguros SA | 2,700 | 12,263 |
Raia Drogasil SA | 1,900 | 37,242 |
Rumo SA(1) | 8,800 | 33,279 |
StoneCo, Ltd., Class A(1)(3) | 900 | 19,593 |
Sul America SA | 3,200 | 20,816 |
Suzano SA | 5,300 | 36,506 |
Telefonica Brasil SA, PFC Shares | 3,700 | 35,212 |
TIM Participacoes SA | 8,800 | 21,068 |
TOTVS SA | 1,600 | 14,374 |
Transmissora Alianca de Energia Eletrica SA | 4,100 | 20,381 |
Ultrapar Participacoes SA | 15,400 | 37,136 |
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, PFC Shares | 14,500 | 13,729 |
Via Varejo SA(1) | 10,300 | 10,466 |
WEG SA | 11,200 | 72,359 |
YDUQS Part | 2,200 | 9,387 |
$1,722,666 | ||
China — 31.2% | ||
3SBio, Inc.(1)(2) | 6,000 | $6,172 |
58.com, Inc. ADR(1) | 600 | 29,232 |
AAC Technologies Holdings, Inc.(3) | 3,000 | 15,299 |
Agile Group Holdings, Ltd. | 10,000 | 10,708 |
Alibaba Group Holding, Ltd. ADR(1) | 7,500 | 1,458,600 |
Anhui Conch Cement Co., Ltd., Class H | 8,500 | 58,392 |
ANTA Sports Products, Ltd. | 5,000 | 36,283 |
Autohome, Inc. ADR(1) | 700 | 49,714 |
Bank of China, Ltd., Class H | 421,000 | 160,259 |
Bank of Communications Co., Ltd., Class H | 96,000 | 58,470 |
Baozun, Inc. ADR(1)(3) | 300 | 8,382 |
BeiGene, Ltd.(1) | 3,200 | 30,875 |
Beijing Capital International Airport Co., Ltd., Class H | 14,000 | 8,885 |
Beijing Enterprises Water Group, Ltd. | 30,000 | 11,631 |
Brilliance China Automotive Holdings, Ltd. | 16,000 | 13,029 |
BYD Co., Ltd., Class H(3) | 3,500 | 18,673 |
China CITIC Bank Corp, Ltd., Class H | 54,000 | 26,555 |
China Conch Venture Holdings, Ltd. | 8,000 | 35,480 |
China Construction Bank Corp., Class H | 495,000 | 402,359 |
China Eastern Airlines Corp., Ltd., Class H(1)(3) | 36,000 | 12,327 |
China Everbright International, Ltd. | 19,000 | 10,804 |
China Evergrande Group(3) | 9,000 | 14,752 |
China Galaxy Securities Co., Ltd., Class H | 21,500 | 10,318 |
China Hongqiao Group, Ltd. | 18,500 | 7,818 |
China International Capital Corp., Ltd., Class H(2) | 6,800 | 10,883 |
China Jinmao Holdings Group, Ltd. | 22,000 | 14,025 |
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Security | Shares | Value |
China (continued) | ||
China Lesso Group Holdings, Ltd. | 11,000 | $ 14,241 |
China Life Insurance Co., Ltd., Class H | 38,000 | 73,380 |
China Longyuan Power Group Corp., Ltd., Class H | 22,000 | 12,008 |
China Medical System Holdings, Ltd. | 8,000 | 8,558 |
China Mengniu Dairy Co., Ltd. | 15,000 | 51,731 |
China Merchants Bank Co., Ltd., Class H | 19,000 | 85,002 |
China Minsheng Banking Corp., Ltd., Class H | 32,500 | 24,038 |
China Mobile, Ltd. | 29,500 | 221,081 |
China National Building Material Co., Ltd., Class H | 28,000 | 30,081 |
China Oilfield Services, Ltd., Class H | 22,000 | 16,795 |
China Resources Cement Holdings, Ltd. | 18,000 | 21,147 |
China Resources Land, Ltd. | 14,000 | 57,141 |
China Telecom Corp, Ltd., Class H | 66,000 | 19,997 |
China Tower Corp, Ltd., Class H(2) | 192,000 | 42,663 |
China Unicom (Hong Kong), Ltd. | 30,000 | 17,497 |
China Vanke Co., Ltd., Class H | 7,300 | 23,775 |
CIFI Holdings Group Co., Ltd. | 14,000 | 9,925 |
CNOOC, Ltd. | 96,000 | 99,761 |
Country Garden Holdings Co., Ltd.(3) | 34,000 | 40,648 |
Country Garden Services Holdings Co., Ltd. | 7,000 | 28,167 |
CRRC Corp., Ltd., Class H | 24,000 | 12,094 |
CSPC Pharmaceutical Group, Ltd. | 22,000 | 43,276 |
ENN Energy Holdings, Ltd. | 3,500 | 33,905 |
Far East Horizon, Ltd. | 16,000 | 12,806 |
GDS Holdings, Ltd. ADR(1) | 700 | 40,579 |
Geely Automobile Holdings, Ltd. | 22,000 | 31,927 |
Genscript Biotech Corp.(1)(3) | 4,000 | 6,402 |
Great Wall Motor Co., Ltd., Class H | 15,000 | 9,512 |
Guangdong Investment, Ltd. | 14,000 | 26,867 |
Guangzhou Automobile Group Co., Ltd., Class H | 12,000 | 11,936 |
Guangzhou R&F Properties Co., Ltd., Class H | 7,200 | 9,261 |
Haidilao International Holding, Ltd.(2)(3) | 5,000 | 19,279 |
Haitong Securities Co., Ltd., Class H | 12,000 | 10,900 |
Hengan International Group Co., Ltd. | 3,000 | 22,408 |
Huaneng Power International, Inc., Class H | 22,000 | 8,204 |
Huatai Securities Co., Ltd., Class H(2) | 8,000 | 11,800 |
Huazhu Group, Ltd. ADR | 1,200 | 34,476 |
Industrial & Commercial Bank of China, Ltd., Class H | 374,000 | 255,135 |
Innovent Biologics, Inc.(1)(2) | 4,500 | 18,777 |
iQIYI, Inc. ADR(1)(3) | 1,400 | 24,920 |
JD.com, Inc. ADR(1) | 5,700 | 230,850 |
Jiangsu Expressway Co., Ltd., Class H | 10,000 | 11,115 |
JOYY, Inc. ADR(1) | 300 | 15,978 |
Kingdee International Software Group Co., Ltd. | 10,000 | 13,153 |
Kingsoft Corp., Ltd.(1) | 5,000 | 16,072 |
Kunlun Energy Co., Ltd. | 20,000 | 11,558 |
Li Ning Co., Ltd. | 8,500 | 24,453 |
Security | Shares | Value |
China (continued) | ||
Logan Property Holdings Co., Ltd. | 8,000 | $ 12,169 |
Longfor Group Holdings, Ltd.(2) | 7,500 | 36,097 |
Meituan Dianping, Class B(1) | 14,100 | 168,090 |
Minth Group, Ltd. | 4,000 | 8,505 |
Momo, Inc. ADR | 1,100 | 23,859 |
NetEase, Inc. ADR | 400 | 128,384 |
New China Life Insurance Co., Ltd., Class H | 4,000 | 12,317 |
New Oriental Education & Technology Group, Inc. ADR(1) | 800 | 86,592 |
NIO, Inc. ADR(1)(3) | 3,300 | 9,174 |
People's Insurance Co. Group of China Ltd. (The), Class H | 40,000 | 13,102 |
PICC Property & Casualty Co., Ltd., Class H | 44,000 | 42,133 |
Pinduoduo, Inc. ADR(1) | 1,500 | 54,045 |
Ping An Healthcare and Technology Co., Ltd.(1)(2)(3) | 1,900 | 17,495 |
Ping An Insurance (Group) Co. of China, Ltd., Class H | 28,000 | 273,455 |
Postal Savings Bank of China Co., Ltd., Class H(2) | 41,000 | 24,962 |
Semiconductor Manufacturing International Corp.(1)(3) | 13,500 | 21,204 |
Shenzhen International Holdings, Ltd. | 6,500 | 11,788 |
Shimao Property Holdings, Ltd. | 5,000 | 17,328 |
Sinopharm Group Co., Ltd., Class H | 7,200 | 15,953 |
Sunac China Holdings, Ltd. | 11,000 | 50,168 |
Sunny Optical Technology Group Co., Ltd. | 3,100 | 41,006 |
TAL Education Group ADR(1) | 1,600 | 85,216 |
Tencent Holdings, Ltd. | 26,300 | 1,299,946 |
Tingyi (Cayman Islands) Holding Corp. | 10,000 | 16,258 |
TravelSky Technology, Ltd., Class H | 5,000 | 8,751 |
Trip.com Group, Ltd. ADR(1) | 1,800 | 42,210 |
United Energy Group, Ltd. | 88,000 | 16,941 |
Vipshop Holdings, Ltd. ADR(1) | 1,800 | 28,044 |
Weibo Corp. ADR(1)(3) | 500 | 16,555 |
Weichai Power Co., Ltd., Class H | 11,000 | 17,522 |
Wuxi Biologics Cayman, Inc.(1)(2) | 2,500 | 31,917 |
Xiaomi Corp., Class B(1)(2)(3) | 66,800 | 88,696 |
Xinyi Solar Holdings, Ltd. | 22,000 | 12,206 |
Yihai International Holding Ltd.(1) | 2,000 | 15,065 |
Yum China Holdings, Inc. | 2,200 | 93,786 |
Zhaojin Mining Industry Co., Ltd., Class H | 13,500 | 13,567 |
ZTO Express Cayman, Inc. ADR | 1,900 | 50,312 |
$7,290,022 | ||
Colombia — 3.5% | ||
Banco Davivienda SA, PFC Shares | 6,400 | $48,055 |
Bancolombia SA | 18,200 | 107,981 |
Cementos Argos SA | 77,800 | 78,336 |
Empresa de Energia de Bogota SA ESP(1) | 177,800 | 98,486 |
Grupo Aval Acciones y Valores SA, PFC Shares | 268,700 | 59,336 |
Grupo de Inversiones Suramericana SA | 16,800 | 82,801 |
Grupo Nutresa SA | 13,400 | 63,009 |
Table of Contents
Security | Shares | Value |
Colombia (continued) | ||
Interconexion Electrica SA ESP | 28,000 | $ 106,706 |
Millicom International Cellular SA SDR | 6,600 | 183,371 |
$ 828,081 | ||
Cyprus — 0.5% | ||
Polymetal International PLC | 6,700 | $ 114,130 |
$ 114,130 | ||
Greece — 5.1% | ||
Alpha Bank AE(1) | 187,126 | $ 138,514 |
Eurobank Ergasias SA(1) | 339,395 | 142,003 |
Hellenic Telecommunications Organization SA | 30,587 | 369,751 |
JUMBO SA | 14,206 | 190,703 |
Motor Oil (Hellas) Corinth Refineries SA | 8,100 | 98,865 |
Mytilineos SA | 14,300 | 95,575 |
National Bank of Greece SA(1) | 74,200 | 97,897 |
Piraeus Bank SA(1) | 43,700 | 62,429 |
$1,195,737 | ||
Hong Kong — 1.0% | ||
Alibaba Health Information Technology, Ltd.(1) | 14,000 | $23,007 |
Alibaba Pictures Group, Ltd.(1) | 80,000 | 10,216 |
China Gas Holdings, Ltd. | 12,600 | 43,570 |
China Overseas Land & Investment, Ltd. | 18,000 | 55,187 |
China Resources Gas Group, Ltd. | 4,000 | 20,073 |
China Taiping Insurance Holdings Co., Ltd. | 7,200 | 11,653 |
Haier Electronics Group Co., Ltd. | 6,000 | 15,839 |
Sino Biopharmaceutical, Ltd. | 29,000 | 37,847 |
Sun Art Retail Group, Ltd. | 16,000 | 23,538 |
$240,930 | ||
Russia — 4.3% | ||
Magnit PJSC | 1,200 | $48,117 |
Mail.Ru Group, Ltd. GDR(1)(4) | 1,800 | 29,232 |
Mobile TeleSystems PJSC | 15,800 | 59,115 |
Moscow Exchange MICEX-RTS PJSC | 36,800 | 44,967 |
Novatek PJSC | 10,800 | 123,084 |
PhosAgro PJSC | 400 | 12,363 |
Polyus PJSC | 800 | 108,831 |
Rostelecom PJSC | 13,000 | 12,019 |
Surgutneftegas PJSC | 194,523 | 80,965 |
Tatneft PJSC | 22,000 | 151,601 |
Transneft PJSC | 41 | 75,721 |
VEON, Ltd. ADR | 8,000 | 12,080 |
VTB Bank PJSC | 136,270,400 | 55,398 |
X5 Retail Group NV GDR(4) | 1,800 | 48,600 |
Security | Shares | Value |
Russia (continued) | ||
Yandex NV, Class A(1) | 4,400 | $ 149,820 |
$ 1,011,913 | ||
South Korea — 13.4% | ||
AMOREPACIFIC Corp. | 144 | $ 19,748 |
AMOREPACIFIC Group | 251 | 11,330 |
BGF retail Co., Ltd. | 79 | 8,557 |
Celltrion Healthcare Co., Ltd.(1) | 690 | 50,338 |
Celltrion, Inc.(1) | 761 | 141,547 |
Cheil Worldwide, Inc. | 607 | 7,866 |
CJ CheilJedang Corp. | 117 | 20,666 |
Coway Co., Ltd.(1) | 308 | 14,570 |
DB Insurance Co., Ltd. | 408 | 11,561 |
Doosan Bobcat, Inc. | 551 | 8,079 |
Douzone Bizon Co., Ltd. | 175 | 11,549 |
E-MART, Inc. | 237 | 20,560 |
Fila Holdings Corp. | 443 | 10,471 |
GS Holdings Corp. | 604 | 18,209 |
GS Retail Co., Ltd. | 400 | 10,142 |
Hana Financial Group, Inc. | 1,494 | 28,107 |
Hanjin Kal Corp. | 300 | 18,155 |
Hankook Tire & Technology Co., Ltd. | 439 | 6,932 |
Hanmi Pharm Co., Ltd. | 100 | 21,300 |
Hanon Systems | 1,500 | 10,893 |
Hanwha Solutions Corp. | 900 | 9,788 |
Helixmith Co., Ltd.(1) | 228 | 12,710 |
HLB, Inc.(1) | 160 | 11,638 |
Hotel Shilla Co., Ltd. | 143 | 8,183 |
Hyundai Engineering & Construction Co., Ltd. | 1,129 | 25,178 |
Hyundai Glovis Co., Ltd. | 106 | 7,844 |
Hyundai Heavy Industries Holdings Co., Ltd. | 42 | 6,764 |
Hyundai Mobis Co., Ltd. | 406 | 56,161 |
Hyundai Motor Co. | 887 | 63,901 |
Hyundai Steel Co. | 670 | 9,796 |
Industrial Bank of Korea | 1,200 | 7,332 |
Kakao Corp. | 294 | 37,186 |
KB Financial Group, Inc. | 1,946 | 54,729 |
Korea Investment Holdings Co., Ltd. | 213 | 8,587 |
Korea Zinc Co., Ltd. | 105 | 30,557 |
KT Corp. | 1,418 | 22,950 |
LG Chem, Ltd. | 302 | 74,800 |
LG Corp. | 660 | 31,970 |
LG Display Co., Ltd.(1) | 848 | 7,620 |
LG Electronics, Inc. | 707 | 27,798 |
LG Household & Health Care, Ltd. | 49 | 44,883 |
LG Innotek Co., Ltd. | 100 | 9,203 |
LG Uplus Corp. | 1,050 | 9,225 |
Table of Contents
Security | Shares | Value |
South Korea (continued) | ||
Lotte Chemical Corp. | 65 | $ 10,204 |
Mirae Asset Daewoo Co., Ltd. | 1,777 | 7,604 |
NAVER Corp. | 817 | 113,591 |
NCSoft Corp. | 83 | 44,297 |
Netmarble Corp.(1)(2) | 155 | 11,808 |
NH Investment & Securities Co., Ltd. | 1,530 | 11,197 |
Orion Corp. of Republic of Korea | 162 | 15,306 |
S-1 Corp. | 177 | 11,681 |
Samsung C&T Corp. | 446 | 32,543 |
Samsung Electro-Mechanics Co., Ltd. | 250 | 19,810 |
Samsung Electronics Co., Ltd. | 33,138 | 1,288,455 |
Samsung Engineering Co., Ltd.(1) | 2,698 | 22,230 |
Samsung Fire & Marine Insurance Co., Ltd. | 137 | 17,327 |
Samsung Heavy Industries Co., Ltd.(1) | 1,893 | 6,009 |
Samsung Life Insurance Co., Ltd. | 382 | 13,369 |
Samsung SDI Co., Ltd. | 277 | 53,929 |
Samsung SDS Co., Ltd. | 151 | 18,457 |
Samsung Securities Co., Ltd. | 500 | 11,979 |
Shinhan Financial Group Co., Ltd. | 2,437 | 57,012 |
Shinsegae, Inc. | 60 | 10,640 |
SK Hynix, Inc. | 3,186 | 215,386 |
SK Innovation Co., Ltd. | 595 | 42,100 |
SK Telecom Co., Ltd. | 179 | 26,035 |
S-Oil Corp. | 580 | 26,944 |
Woori Financial Group, Inc. | 2,746 | 17,084 |
Yuhan Corp. | 57 | 10,665 |
$3,145,045 | ||
Taiwan — 13.0% | ||
Accton Technology Corp. | 2,000 | $10,701 |
Advantech Co., Ltd. | 1,000 | 8,240 |
Airtac International Group | 2,000 | 29,491 |
ASE Technology Holding Co., Ltd. | 19,000 | 36,803 |
Asustek Computer, Inc. | 6,000 | 40,626 |
AU Optronics Corp. | 35,000 | 7,294 |
Catcher Technology Co., Ltd. | 8,000 | 51,175 |
Cathay Financial Holding Co., Ltd. | 46,000 | 53,537 |
Chailease Holding Co., Ltd. | 5,000 | 15,060 |
Chang Hwa Commercial Bank, Ltd. | 38,000 | 23,990 |
Cheng Shin Rubber Industry Co., Ltd. | 7,000 | 7,107 |
China Development Financial Holding Corp. | 46,000 | 11,271 |
China Life Insurance Co., Ltd.(1) | 12,000 | 6,637 |
China Steel Corp. | 69,000 | 43,222 |
Chroma ATE, Inc. | 4,000 | 16,306 |
Chunghwa Telecom Co., Ltd. | 21,000 | 74,451 |
Compal Electronics, Inc. | 17,000 | 9,704 |
CTBC Financial Holding Co., Ltd. | 97,000 | 57,117 |
Security | Shares | Value |
Taiwan (continued) | ||
Delta Electronics, Inc. | 8,000 | $ 31,663 |
E.Sun Financial Holding Co., Ltd. | 57,000 | 45,501 |
Eclat Textile Co., Ltd. | 1,000 | 7,916 |
Elite Material Co., Ltd. | 4,000 | 13,911 |
Far Eastern New Century Corp. | 11,000 | 8,180 |
Far EasTone Telecommunications Co., Ltd. | 6,000 | 12,529 |
Feng TAY Enterprise Co., Ltd. | 2,000 | 8,566 |
First Financial Holding Co., Ltd. | 46,000 | 29,725 |
Formosa Petrochemical Corp. | 4,000 | 10,679 |
Foxconn Technology Co., Ltd. | 6,000 | 9,771 |
Fubon Financial Holding Co., Ltd. | 39,000 | 48,205 |
Giant Manufacturing Co., Ltd. | 2,000 | 8,836 |
Globalwafers Co., Ltd. | 1,000 | 11,170 |
Hiwin Technologies Corp. | 3,000 | 19,732 |
Hon Hai Precision Industry Co., Ltd. | 65,000 | 149,647 |
Hotai Motor Co., Ltd. | 2,000 | 32,295 |
Hua Nan Financial Holdings Co., Ltd. | 29,000 | 17,252 |
Innolux, Corp. | 40,000 | 6,894 |
Inventec Corp. | 15,000 | 11,502 |
Largan Precision Co., Ltd. | 1,000 | 126,269 |
Lite-On Technology Corp. | 8,000 | 10,883 |
Macronix International | 9,000 | 7,507 |
MediaTek, Inc. | 8,000 | 85,866 |
Mega Financial Holding Co., Ltd. | 55,000 | 51,645 |
Micro-Star International Co., Ltd. | 4,000 | 11,691 |
Nanya Technology Corp. | 5,000 | 8,800 |
Novatek Microelectronics Corp. | 2,000 | 11,276 |
Pegatron Corp. | 7,000 | 13,358 |
Phison Electronics Corp. | 1,000 | 8,086 |
Pou Chen Corp. | 8,000 | 6,762 |
Powertech Technology, Inc. | 3,000 | 8,496 |
President Chain Store Corp. | 2,000 | 18,698 |
Quanta Computer, Inc. | 11,000 | 21,782 |
Realtek Semiconductor Corp. | 2,000 | 14,358 |
Shanghai Commercial & Savings Bank, Ltd. (The) | 13,000 | 16,829 |
Shin Kong Financial Holding Co., Ltd. | 38,000 | 9,531 |
Sino-American Silicon Products, Inc. | 4,000 | 10,239 |
SinoPac Financial Holdings Co., Ltd. | 31,000 | 11,297 |
Synnex Technology International Corp. | 10,000 | 12,222 |
Taishin Financial Holding Co., Ltd. | 71,000 | 27,332 |
Taiwan Business Bank | 27,000 | 8,593 |
Taiwan Cement Corp. | 25,000 | 32,468 |
Taiwan Cooperative Financial Holding Co., Ltd. | 50,000 | 30,195 |
Taiwan Fertilizer Co., Ltd. | 7,000 | 9,616 |
Taiwan High Speed Rail Corp. | 8,000 | 7,553 |
Taiwan Mobile Co., Ltd. | 7,000 | 23,113 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 133,000 | 1,197,307 |
Table of Contents
Security | Shares | Value |
Taiwan (continued) | ||
Teco Electric and Machinery Co., Ltd. | 17,000 | $ 13,503 |
Unimicron Technology Corp. | 9,000 | 9,446 |
Uni-President Enterprises Corp. | 25,000 | 54,110 |
United Microelectronics Corp. | 45,000 | 20,176 |
Vanguard International Semiconductor Corp. | 4,000 | 7,754 |
Voltronic Power Technology Corp. | 1,000 | 20,782 |
Walsin Lihwa Corp. | 23,000 | 8,306 |
Walsin Technology Corp. | 4,000 | 21,133 |
Win Semiconductors Corp. | 1,000 | 8,582 |
Wistron Corp. | 11,000 | 8,893 |
Wiwynn Corp. | 1,000 | 22,993 |
WPG Holdings, Ltd. | 9,000 | 10,535 |
Yageo Corp. | 1,000 | 8,980 |
Yuanta Financial Holding Co., Ltd. | 53,000 | 27,059 |
Zhen Ding Technology Holding, Ltd. | 2,000 | 6,112 |
$3,036,842 | ||
United Arab Emirates — 3.4% | ||
Abu Dhabi Commercial Bank PJSC | 56,300 | $70,266 |
Abu Dhabi Islamic Bank PJSC | 17,900 | 19,201 |
Aldar Properties PJSC | 85,600 | 35,318 |
Dana Gas PJSC | 53,000 | 8,207 |
DP World PLC | 5,200 | 78,164 |
Dubai Islamic Bank PJSC | 34,700 | 33,890 |
Emaar Development PJSC | 14,300 | 8,426 |
Emaar Malls PJSC | 32,600 | 9,406 |
Emaar Properties PJSC | 77,000 | 45,731 |
Emirates NBD Bank PJSC | 60,285 | 117,014 |
Emirates Telecommunications Group Co. PJSC | 35,200 | 132,999 |
First Abu Dhabi Bank PJSC | 89,900 | 231,795 |
$790,417 | ||
Total Common Stocks (identified cost $23,964,591) | $19,375,783 |
Short-Term Investments — 2.2% |
Foreign Government Securities — 2.1% |
Security | Principal Amount (000's omitted) | Value |
Pakistan Treasury Bill, 0.00%, 1/14/21 | PKR 89,000 | $ 489,580 |
Total Foreign Government Securities (identified cost $521,894) | $ 489,580 |
Securities Lending Collateral — 0.1% |
Security | Shares | Value |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24%(5) | 23,974 | $ 23,974 |
Total Securities Lending Collateral (identified cost $23,974) | $ 23,974 | |
Total Short-Term Investments (identified cost $545,868) | $ 513,554 | |
Total Investments — 85.0% (identified cost $24,510,459) | $19,889,337 | |
Other Assets, Less Liabilities — 15.0% | $ 3,507,423 | |
Net Assets — 100.0% | $23,396,760 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | Non-income producing security. | |
(2) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $335,237, which represents 1.4% of the net assets of the Fund as of March 31, 2020. | |
(3) | All or a portion of this security was on loan at March 31, 2020. The aggregate market value of securities on loan at March 31, 2020 was $346,665. | |
(4) | Security is exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At March 31, 2020, the aggregate value of these securities is $77,832 or 0.3% of the Fund's net assets. | |
(5) | Represents investment of cash collateral received in connection with securities lending. |
Table of Contents
Economic Sectors | % of Net Assets |
Financials | 17.9% |
Information Technology | 17.9 |
Consumer Discretionary | 13.5 |
Communication Services | 13.5 |
Energy | 3.6 |
Industrials | 3.5 |
Materials | 3.2 |
Consumer Staples | 2.8 |
Utilities | 2.4 |
Health Care | 2.4 |
Real Estate | 2.1 |
Total | 82.8% |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
EUR | 1,637,885 | USD | 1,791,712 | Standard Chartered Bank | 4/2/20 | $14,710 | $ — |
USD | 1,804,111 | EUR | 1,637,885 | Standard Chartered Bank | 4/2/20 | — | (2,311) |
TWD | 28,700,000 | USD | 936,226 | Standard Chartered Bank | 4/7/20 | 13,463 | — |
USD | 623,706 | TWD | 18,717,400 | Standard Chartered Bank | 4/7/20 | 4,343 | — |
USD | 332,421 | TWD | 9,982,600 | Standard Chartered Bank | 4/7/20 | 2,095 | — |
USD | 1,794,079 | EUR | 1,637,885 | Standard Chartered Bank | 5/5/20 | — | (14,641) |
$34,611 | $(16,952) |
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) |
Equity Futures | |||||
MSCI Emerging Markets Index | 28 | Long | 6/19/20 | $1,180,060 | $15,186 |
SGX NIFTY 50 Index | 37 | Long | 4/30/20 | 630,759 | 71,428 |
$86,614 |
Abbreviations: | |
ADR | – American Depositary Receipt |
GDR | – Global Depositary Receipt |
PFC Shares | – Preference Shares |
SDR | – Swedish Depositary Receipt |
Table of Contents
Currency Abbreviations: | |
EUR | – Euro |
PKR | – Pakistani Rupee |
TWD | – New Taiwan Dollar |
USD | – United States Dollar |
Table of Contents
March 31, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $24,510,459) - including $346,665 of securities on loan | $19,889,337 |
Receivable for variation margin on open futures contracts | 27,832 |
Receivable for open forward foreign currency exchange contracts | 34,611 |
Cash | 3,050,378 |
Cash denominated in foreign currency, at value (cost $103,167) | 98,229 |
Receivable for capital shares sold | 88,966 |
Dividends receivable | 51,501 |
Securities lending income receivable | 334 |
Receivable from affiliate | 17,478 |
Deposits at broker for futures contracts | 269,600 |
Directors' deferred compensation plan | 44 |
Total assets | $23,528,310 |
Liabilities | |
Payable for open forward foreign currency exchange contracts | $16,952 |
Payable for foreign capital gain taxes | 315 |
Deposits for securities loaned | 23,974 |
Payable to affiliates: | |
Investment advisory fee | 13,073 |
Administrative fee | 2,490 |
Distribution and service fees | 3 |
Sub-transfer agency fee | 156 |
Directors' deferred compensation plan | 44 |
Accrued expenses | 74,543 |
Total liabilities | $131,550 |
Net Assets | $23,396,760 |
Sources of Net Assets | |
Paid-in capital | $28,754,039 |
Accumulated loss | (5,357,279) |
Total | $23,396,760 |
Class A Shares | |
Net Assets | $23,140 |
Shares Outstanding | 2,737 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $8.45 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $8.87 |
Class I Shares | |
Net Assets | $23,373,620 |
Shares Outstanding | 2,762,594 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $8.46 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Table of Contents
Six Months Ended | |
March 31, 2020(1) | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $15,985) | $158,421 |
Interest income | 24,126 |
Securities lending income, net | 929 |
Total investment income | $183,476 |
Expenses | |
Investment advisory fee | $70,015 |
Administrative fee | 13,336 |
Distribution and service fees: | |
Class A | 14 |
Directors' fees and expenses | 660 |
Custodian fees | 24,029 |
Transfer agency fees and expenses | 806 |
Accounting fees | 13,675 |
Professional fees | 19,752 |
Registration fees | 25,116 |
Reports to shareholders | 2,966 |
Interest expense | 1,058 |
Miscellaneous | 4,734 |
Total expenses | $176,161 |
Waiver and/or reimbursement of expenses by affiliate | $(68,258) |
Reimbursement of expenses - other | (151) |
Net expenses | $107,752 |
Net investment income | $75,724 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $(379,988) |
Futures contracts | (246,833) |
Foreign currency transactions | (66,766) |
Forward foreign currency exchange contracts | (105,911) |
Net realized loss | $(799,498) |
Change in unrealized appreciation (depreciation): | |
Investment securities (including net increase in payable for foreign capital gains taxes of $(315)) | $(4,621,437) |
Futures contracts | 86,614 |
Foreign currency | (8,384) |
Forward foreign currency exchange contracts | 17,659 |
Net change in unrealized appreciation (depreciation) | $(4,525,548) |
Net realized and unrealized loss | $(5,325,046) |
Net decrease in net assets from operations | $(5,249,322) |
(1) | The Fund commenced operations on October 1, 2019. |
Table of Contents
Six Months Ended March 31, 2020 (Unaudited)(1) | |
Increase (Decrease) in Net Assets | |
From operations: | |
Net investment income | $75,724 |
Net realized loss | (799,498) |
Net change in unrealized appreciation (depreciation) | (4,525,548) |
Net decrease in net assets from operations | $(5,249,322) |
Distributions to shareholders: | |
Class A | $(53) |
Class I | (107,904) |
Total distributions to shareholders | $(107,957) |
Capital share transactions: | |
Class A | $24,943 |
Class I | 28,729,096 |
Net increase in net assets from capital share transactions | $28,754,039 |
Net increase in net assets | $23,396,760 |
Net Assets | |
At beginning of period | $— |
At end of period | $23,396,760 |
(1) | The Fund commenced operations on October 1, 2019. |
Table of Contents
Class A | |
Six Months Ended March 31, 2020 (Unaudited)(1) | |
Net asset value — Beginning of period | $10.00 |
Income (Loss) From Operations | |
Net investment income(2) | $0.02 |
Net realized and unrealized loss | (1.52) |
Total loss from operations | $(1.50) |
Less Distributions | |
From net realized gain | $(0.05) |
Total distributions | $(0.05) |
Net asset value — End of period | $8.45 |
Total Return(3) | (15.07)%(4) |
Ratios/Supplemental Data | |
Net assets, end of period (000’s omitted) | $23 |
Ratios (as a percentage of average daily net assets):(5) | |
Total expenses | 1.81%(6)(7) |
Net expenses | 1.21%(6)(7) |
Net investment income | 0.45%(6) |
Portfolio Turnover | 51%(4) |
(1) | The Fund commenced operations on October 1, 2019. |
(2) | Computed using average shares outstanding. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes interest expense of 0.01%. |
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Class I | |
Six Months Ended March 31, 2020 (Unaudited)(1) | |
Net asset value — Beginning of period | $10.00 |
Income (Loss) From Operations | |
Net investment income(2) | $0.03 |
Net realized and unrealized loss | (1.52) |
Total loss from operations | $(1.49) |
Less Distributions | |
From net realized gain | $(0.05) |
Total distributions | $(0.05) |
Net asset value — End of period | $8.46 |
Total Return(3) | (14.97)%(4) |
Ratios/Supplemental Data | |
Net assets, end of period (000’s omitted) | $23,374 |
Ratios (as a percentage of average daily net assets):(5) | |
Total expenses | 1.57%(6)(7) |
Net expenses | 0.96%(6)(7) |
Net investment income | 0.68%(6) |
Portfolio Turnover | 51%(4) |
(1) | The Fund commenced operations on October 1, 2019. |
(2) | Computed using average shares outstanding. |
(3) | 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 sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes interest expense of 0.01%. |
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Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Brazil | $1,722,666 | $— | $— | $1,722,666 |
China | 2,510,908 | 4,779,114 | — | 7,290,022 |
Colombia | 644,710 | 183,371 | — | 828,081 |
Cyprus | — | 114,130 | — | 114,130 |
Greece | — | 1,195,737 | — | 1,195,737 |
Hong Kong | — | 240,930 | — | 240,930 |
Russia | 239,732 | 772,181 | — | 1,011,913 |
South Korea | — | 3,145,045 | — | 3,145,045 |
Taiwan | — | 3,036,842 | — | 3,036,842 |
United Arab Emirates | — | 790,417 | — | 790,417 |
Total Common Stocks | $5,118,016 | $14,257,767(1) | $— | $19,375,783 |
Short-Term Investments — | ||||
Foreign Government Securities | $— | $489,580 | $— | $489,580 |
Securities Lending Collateral | 23,974 | — | — | 23,974 |
Total Investments | $5,141,990 | $14,747,347 | $ — | $19,889,337 |
Forward Foreign Currency Exchange Contracts | $ — | $34,611 | $ — | $34,611 |
Futures Contracts | 15,186 | 71,428 | — | 86,614 |
Total | $5,157,176 | $14,853,386 | $ — | $20,010,562 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $(16,952) | $ — | $(16,952) |
Total | $ — | $(16,952) | $ — | $(16,952) |
(1) | 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. |
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Aggregate cost | $24,510,459 |
Gross unrealized appreciation | $601,610 |
Gross unrealized depreciation | (5,118,459) |
Net unrealized depreciation | $(4,516,849) |
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Risk | Derivative | Statement of Assets and Liabilities Caption | Assets | Liabilities |
Foreign exchange | Forward foreign currency exchange contracts | Receivable/Payable for open forward foreign currency exchange contracts | $34,611 | $(16,952) |
Equity price | Futures contracts | Accumulated loss | 86,614(1) | — |
Total Derivatives | $121,225 | $(16,952) | ||
Derivatives not subject to master netting agreement | $86,614 | $ — | ||
Total Derivatives subject to master netting agreement | $34,611 | $(16,952) |
(1) | Only the current day's variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
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) |
Standard Chartered Bank | $34,611 | $(16,952) | $ — | $ — | $17,659 |
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) |
Standard Chartered Bank | $(16,952) | $16,952 | $ — | $ — | $ — |
(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. |
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Statement of Operations Caption | Equity Price | Foreign Exchange | Total |
Net realized gain (loss): | |||
Investment securities(1) | $— | $(15,092) | $(15,092) |
Forward foreign currency exchange contracts | — | (105,911) | (105,911) |
Futures contracts | (246,833) | — | (246,833) |
Total | $(246,833) | $(121,003) | $(367,836) |
Change in unrealized appreciation (depreciation): | |||
Forward foreign currency exchange contracts | $— | $17,659 | $17,659 |
Futures contracts | 86,614 | — | 86,614 |
Total | $86,614 | $17,659 | $104,273 |
(1) | Relates to purchased options. |
Futures Contracts — Long | Forward Foreign Currency Exchange Contracts* |
$3,420,000 | $7,334,000 |
* | 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. |
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Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $23,974 | $ — | $ — | $ — | $23,974 |
Six Months Ended March 31, 2020(1) | ||
Shares | Amount | |
Class A | ||
Shares sold | 2,817 | $25,593 |
Reinvestment of distributions | 5 | 53 |
Shares redeemed | (85) | (703) |
Net increase | 2,737 | $24,943 |
Class I | ||
Shares sold | 2,756,282 | $28,662,588 |
Reinvestment of distributions | 10,446 | 107,904 |
Shares redeemed | (4,134) | (41,396) |
Net increase | 2,762,594 | $28,729,096 |
(1) | The Fund commenced operations on October 1, 2019. |
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Officers |
Hope L. Brown Chief Compliance Officer |
Maureen A. Gemma Vice President, Secretary and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Richard L. Baird, Jr. |
Cari M. Dominguez |
John G. Guffey, Jr. |
Miles D. Harper, III |
Joy V. Jones |
John H. Streur* |
Anthony A. Williams |
*Interested Director and President |
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• | At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements. |
• | On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates. |
• | We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information. |
• | We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
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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 Shareholders included under Item 1 of this FormN-CSR.
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
No material changes.
Item 11. | Controls and Procedures. |
(a) The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940 Act, as amended (the “1940 Act”) are effective, based on the evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), as of a date within 90 days of the filing date of this report.
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(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities forClosed-End Management Investment Companies |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Registrant’s Code of Ethics- Not applicable (please see Item 2) | |
(a)(2)(i) | President’s Section 302 certification. | |
(a)(2)(ii) | Treasurer’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
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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.
Calvert World Values Fund, Inc.
By: | /s/ John H. Streur | |
John H. Streur | ||
President |
Date: May 26, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John H. Streur | |
John H. Streur | ||
President | ||
Date: | May 26, 2020 | |
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | May 26, 2020 |