UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File number: 811-06563
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)
Deidre E. Walsh
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, 2022
Date of Reporting Period
Item 1. Report to Stockholders.
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908imgc7eee6ea1.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908img7b4f8d032.gif)
% 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 | (1.22)% | 1.93% | 10.10% | 9.19% |
Class A with 4.75% Maximum Sales Charge | — | — | (5.90) | (2.91) | 9.03 | 8.66 |
Class C at NAV | 10/31/1994 | 10/31/1994 | (1.53) | 1.22 | 9.28 | 8.52 |
Class C with 1% Maximum Sales Charge | — | — | (2.35) | 0.39 | 9.28 | 8.52 |
Class I at NAV | 06/03/2003 | 10/31/1994 | (1.08) | 2.21 | 10.43 | 9.65 |
Russell Midcap® Index | — | — | 0.39% | 6.92% | 12.61% | 12.85% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 1.22% | 1.98% | 0.97% |
Net | 1.18 | 1.93 | 0.93 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908imgd13342b03.jpg)
Top 10 Holdings (% of net assets)* | |
Baker Hughes Co. | 3.7% |
Xcel Energy, Inc. | 2.5 |
Assurant, Inc. | 2.3 |
Lamar Advertising Co., Class A | 2.3 |
Mid-America Apartment Communities, Inc. | 2.3 |
Healthpeak Properties, Inc. | 2.2 |
Tradeweb Markets, Inc., Class A | 2.2 |
WEX, Inc. | 2.1 |
Verisk Analytics, Inc. | 2.1 |
Travelers Cos., Inc. (The) | 2.1 |
Total | 23.8% |
* | Excludes cash and cash equivalents. |
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.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.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 1/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.Fund profile subject to change due to active management. |
Beginning Account Value (10/1/21) | Ending Account Value (3/31/22) | Expenses Paid During Period* (10/1/21 – 3/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 987.80 | $5.85 ** | 1.18% |
Class C | $1,000.00 | $ 984.70 | $9.55 ** | 1.93% |
Class I | $1,000.00 | $ 989.20 | $4.61 ** | 0.93% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.05 | $5.94 ** | 1.18% |
Class C | $1,000.00 | $1,015.31 | $9.70 ** | 1.93% |
Class I | $1,000.00 | $1,020.29 | $4.68 ** | 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 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Common Stocks — 99.0% |
Security | Shares | Value | |
Auto Components — 1.6% | |||
Aptiv PLC(1) | 41,138 | $ 4,924,630 | |
$ 4,924,630 | |||
Banks — 3.1% | |||
Commerce Bancshares, Inc. | 68,281 | $ 4,888,237 | |
KeyCorp | 222,948 | 4,989,576 | |
$ 9,877,813 | |||
Beverages — 1.1% | |||
Coca-Cola Europacific Partners PLC | 69,460 | $ 3,376,451 | |
$ 3,376,451 | |||
Biotechnology — 0.8% | |||
Neurocrine Biosciences, Inc.(1) | 27,576 | $ 2,585,250 | |
$ 2,585,250 | |||
Building Products — 0.8% | |||
AZEK Co., Inc. (The)(1) | 102,725 | $ 2,551,689 | |
$ 2,551,689 | |||
Capital Markets — 5.4% | |||
Morningstar, Inc. | 23,398 | $ 6,391,632 | |
Raymond James Financial, Inc. | 35,607 | 3,913,565 | |
Tradeweb Markets, Inc., Class A | 77,563 | 6,815,461 | |
$ 17,120,658 | |||
Chemicals — 1.2% | |||
FMC Corp. | 30,099 | $ 3,960,125 | |
$ 3,960,125 | |||
Commercial Services & Supplies — 2.7% | |||
GFL Environmental, Inc. | 121,279 | $ 3,944,490 | |
Tetra Tech, Inc. | 28,300 | 4,667,802 | |
$ 8,612,292 | |||
Communications Equipment — 2.6% | |||
F5, Inc.(1) | 16,694 | $ 3,488,211 | |
Motorola Solutions, Inc. | 19,315 | 4,678,093 | |
$ 8,166,304 | |||
Containers & Packaging — 2.4% | |||
AptarGroup, Inc. | 27,323 | $ 3,210,452 | |
Packaging Corp. of America | 28,336 | 4,423,533 | |
$ 7,633,985 |
Security | Shares | Value | |
Diversified Consumer Services — 2.4% | |||
Bright Horizons Family Solutions, Inc.(1) | 27,077 | $ 3,592,847 | |
Terminix Global Holdings, Inc.(1) | 90,804 | 4,143,387 | |
$ 7,736,234 | |||
Electric Utilities — 2.5% | |||
Xcel Energy, Inc. | 108,930 | $ 7,861,478 | |
$ 7,861,478 | |||
Electrical Equipment — 1.8% | |||
AMETEK, Inc. | 42,339 | $ 5,638,708 | |
$ 5,638,708 | |||
Electronic Equipment, Instruments & Components — 1.3% | |||
TE Connectivity, Ltd. | 30,686 | $ 4,019,252 | |
$ 4,019,252 | |||
Energy Equipment & Services — 3.7% | |||
Baker Hughes Co. | 320,090 | $ 11,654,477 | |
$ 11,654,477 | |||
Entertainment — 1.9% | |||
Electronic Arts, Inc. | 46,424 | $ 5,873,100 | |
$ 5,873,100 | |||
Equity Real Estate Investment Trusts (REITs) — 8.8% | |||
EastGroup Properties, Inc. | 31,353 | $ 6,373,438 | |
Healthpeak Properties, Inc. | 206,317 | 7,082,862 | |
Lamar Advertising Co., Class A | 61,750 | 7,174,115 | |
Mid-America Apartment Communities, Inc. | 34,086 | 7,139,313 | |
$ 27,769,728 | |||
Food & Staples Retailing — 2.8% | |||
BJ's Wholesale Club Holdings, Inc.(1) | 67,757 | $ 4,581,051 | |
Performance Food Group Co.(1) | 82,401 | 4,195,035 | |
$ 8,776,086 | |||
Food Products — 1.6% | |||
Hershey Co. (The) | 22,831 | $ 4,945,880 | |
$ 4,945,880 | |||
Health Care Equipment & Supplies — 3.1% | |||
Envista Holdings Corp.(1) | 94,046 | $ 4,580,981 | |
Teleflex, Inc. | 14,875 | 5,278,096 | |
$ 9,859,077 |
Security | Shares | Value | |
Health Care Providers & Services — 3.3% | |||
LHC Group, Inc.(1) | 21,798 | $ 3,675,143 | |
R1 RCM, Inc.(1) | 246,933 | 6,607,927 | |
$ 10,283,070 | |||
Hotels, Restaurants & Leisure — 1.1% | |||
Wyndham Hotels & Resorts, Inc. | 39,356 | $ 3,333,060 | |
$ 3,333,060 | |||
Independent Power and Renewable Electricity Producers — 1.8% | |||
NextEra Energy Partners, L.P. | 69,633 | $ 5,804,607 | |
$ 5,804,607 | |||
Insurance — 5.4% | |||
Allstate Corp. (The) | 23,963 | $ 3,319,115 | |
Assurant, Inc. | 39,750 | 7,227,743 | |
Travelers Cos., Inc. (The) | 36,370 | 6,645,890 | |
$ 17,192,748 | |||
Interactive Media & Services — 1.5% | |||
CarGurus, Inc.(1) | 115,619 | $ 4,909,183 | |
$ 4,909,183 | |||
IT Services — 5.0% | |||
Broadridge Financial Solutions, Inc. | 36,237 | $ 5,642,463 | |
Euronet Worldwide, Inc.(1) | 25,980 | 3,381,297 | |
WEX, Inc.(1) | 37,519 | 6,695,266 | |
$ 15,719,026 | |||
Life Sciences Tools & Services — 5.2% | |||
Agilent Technologies, Inc. | 37,576 | $ 4,972,432 | |
Avantor, Inc.(1) | 103,725 | 3,507,980 | |
PerkinElmer, Inc. | 21,255 | 3,708,147 | |
Waters Corp.(1) | 13,503 | 4,191,196 | |
$ 16,379,755 | |||
Machinery — 4.2% | |||
Colfax Corp.(1) | 97,207 | $ 3,867,867 | |
Stanley Black & Decker, Inc. | 20,250 | 2,830,747 | |
Westinghouse Air Brake Technologies Corp. | 68,597 | 6,596,973 | |
$ 13,295,587 | |||
Metals & Mining — 1.4% | |||
Steel Dynamics, Inc. | 51,524 | $ 4,298,647 | |
$ 4,298,647 |
Security | Shares | Value | |
Multi-Utilities — 1.8% | |||
Sempra Energy | 34,624 | $ 5,820,987 | |
$ 5,820,987 | |||
Professional Services — 3.4% | |||
Booz Allen Hamilton Holding Corp. | 46,150 | $ 4,053,816 | |
Verisk Analytics, Inc. | 31,137 | 6,682,934 | |
$ 10,736,750 | |||
Semiconductors & Semiconductor Equipment — 3.0% | |||
Entegris, Inc. | 22,008 | $ 2,888,770 | |
ON Semiconductor Corp.(1) | 37,727 | 2,362,087 | |
Teradyne, Inc. | 35,390 | 4,184,160 | |
$ 9,435,017 | |||
Software — 5.8% | |||
ANSYS, Inc.(1) | 13,907 | $ 4,417,559 | |
Bill.com Holdings, Inc.(1) | 18,152 | 4,116,692 | |
Black Knight, Inc.(1) | 67,756 | 3,929,170 | |
Fair Isaac Corp.(1) | 12,282 | 5,729,062 | |
$ 18,192,483 | |||
Specialty Retail — 4.5% | |||
Bath & Body Works, Inc. | 92,776 | $ 4,434,693 | |
Ross Stores, Inc. | 64,872 | 5,868,321 | |
Ulta Beauty, Inc.(1) | 10,002 | 3,982,996 | |
$ 14,286,010 | |||
Total Common Stocks (identified cost $263,035,570) | $312,630,147 |
High Social Impact Investments — 0.1% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(2)(3) | $ | 360 | $ 342,695 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 0.00%, 11/3/22(3)(4) | 31 | 29,596 | |
Total High Social Impact Investments (identified cost $390,923) | $ 372,291 |
Short-Term Investments — 0.9% | |||
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.14%(5) | 2,757,099 | $ 2,756,824 | |
Total Short-Term Investments (identified cost $2,756,927) | $ 2,756,824 | ||
Total Investments — 100.0% (identified cost $266,183,420) | $315,759,262 | ||
Other Assets, Less Liabilities — 0.0%(6) | $ 7,316 | ||
Net Assets — 100.0% | $315,766,578 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | May be deemed to be an affiliated company (see Note 7). |
(3) | Restricted security. Total market value of restricted securities amounts to $372,291, which represents 0.1% of the net assets of the Fund as of March 31, 2022. |
(4) | 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, 2022. |
(5) | Affiliated investment company, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2022. |
(6) | Amount is less than 0.05%. |
Description | Acquisition Dates | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $360,000 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 0.00%, 11/3/22 | 11/13/15 | 30,923 |
March 31, 2022 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $263,066,493) | $ 312,659,743 |
Investments in securities of affiliated issuers, at value (identified cost $3,116,927) | 3,099,519 |
Receivable for capital shares sold | 281,884 |
Dividends and interest receivable | 237,250 |
Dividends and interest receivable - affiliated | 1,837 |
Securities lending income receivable | 197 |
Receivable from affiliate | 13,240 |
Directors' deferred compensation plan | 188,050 |
Total assets | $316,481,720 |
Liabilities | |
Payable for capital shares redeemed | $ 156,934 |
Payable to affiliates: | |
Investment advisory fee | 170,474 |
Administrative fee | 31,472 |
Distribution and service fees | 42,804 |
Sub-transfer agency fee | 21,035 |
Directors' deferred compensation plan | 188,050 |
Accrued expenses | 104,373 |
Total liabilities | $ 715,142 |
Net Assets | $315,766,578 |
Sources of Net Assets | |
Paid-in capital | $ 265,998,794 |
Distributable earnings | 49,767,784 |
Net Assets | $315,766,578 |
Class A Shares | |
Net Assets | $ 180,029,742 |
Shares Outstanding | 4,946,921 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 36.39 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 38.20 |
Class C Shares | |
Net Assets | $ 6,567,529 |
Shares Outstanding | 293,253 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 22.40 |
Class I Shares | |
Net Assets | $ 129,169,307 |
Shares Outstanding | 2,887,373 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 44.74 |
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. |
Six Months Ended | |
March 31, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $443) | $ 1,885,041 |
Dividend income - affiliated issuers | 840 |
Interest income | 61 |
Interest income - affiliated issuers | 2,700 |
Securities lending income, net | 4,121 |
Total investment income | $ 1,892,763 |
Expenses | |
Investment advisory fee | $ 1,048,194 |
Administrative fee | 193,513 |
Distribution and service fees: | |
Class A | 229,809 |
Class C | 35,167 |
Directors' fees and expenses | 6,364 |
Custodian fees | 4,160 |
Transfer agency fees and expenses | 192,207 |
Accounting fees | 36,050 |
Professional fees | 15,796 |
Registration fees | 35,884 |
Reports to shareholders | 10,360 |
Miscellaneous | 8,389 |
Total expenses | $ 1,815,893 |
Waiver and/or reimbursement of expenses by affiliate | $ (50,452) |
Net expenses | $ 1,765,441 |
Net investment income | $ 127,322 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ 5,699,568 |
Investment securities - affiliated issuers | (932) |
Foreign currency transactions | 850 |
Net realized gain | $ 5,699,486 |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ (9,877,481) |
Investment securities - affiliated issuers | (11,785) |
Net change in unrealized appreciation (depreciation) | $(9,889,266) |
Net realized and unrealized loss | $(4,189,780) |
Net decrease in net assets from operations | $(4,062,458) |
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income (loss) | $ 127,322 | $ (688,234) |
Net realized gain | 5,699,486 | 40,068,200 |
Net change in unrealized appreciation (depreciation) | (9,889,266) | 18,161,340 |
Net increase (decrease) in net assets from operations | $ (4,062,458) | $ 57,541,306 |
Distributions to shareholders: | ||
Class A | $ (22,683,315) | $ (1,449,640) |
Class C | (1,286,727) | (106,024) |
Class I | (14,188,530) | (801,809) |
Total distributions to shareholders | $ (38,158,572) | $ (2,357,473) |
Capital share transactions: | ||
Class A | $ 20,900,560 | $ 352,323 |
Class C | 482,385 | (3,016,708) |
Class I | 22,754,036 | 27,105,326 |
Net increase in net assets from capital share transactions | $ 44,136,981 | $ 24,440,941 |
Net increase in net assets | $ 1,915,951 | $ 79,624,774 |
Net Assets | ||
At beginning of period | $ 313,850,627 | $ 234,225,853 |
At end of period | $315,766,578 | $313,850,627 |
Class A | ||||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 41.79 | $ 33.96 | $ 34.69 | $ 34.84 | $ 33.40 | $ 29.68 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ (0.00)(2) | $ (0.12) | $ 0.05 | $ 0.09 | $ 0.07 | $ 0.20 |
Net realized and unrealized gain (loss) | (0.24) | 8.28 | 1.07 | 1.85 | 4.59 | 3.68 |
Total income (loss) from operations | $ (0.24) | $ 8.16 | $ 1.12 | $ 1.94 | $ 4.66 | $ 3.88 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.00)(2) | $ (0.03) | $ (0.08) | $ (0.04) | $ (0.15) |
From net realized gain | (5.16) | (0.33) | (1.82) | (2.01) | (3.18) | (0.01) |
Total distributions | $ (5.16) | $ (0.33) | $ (1.85) | $ (2.09) | $ (3.22) | $ (0.16) |
Net asset value — End of period | $ 36.39 | $ 41.79 | $ 33.96 | $ 34.69 | $ 34.84 | $ 33.40 |
Total Return(3) | (1.22)% (4) | 24.13% | 3.20% | 6.56% | 15.04% | 13.11% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $180,030 | $183,991 | $149,112 | $158,005 | $157,046 | $159,951 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.21% (6) | 1.22% | 1.26% | 1.30% | 1.28% | 1.34% |
Net expenses | 1.18% (6) | 1.18% | 1.18% | 1.19% | 1.21% | 1.21% |
Net investment income (loss) | (0.01)% (6) | (0.30)% | 0.15% | 0.27% | 0.22% | 0.64% |
Portfolio Turnover | 37% (4) | 79% | 70% | 83% | 62% | 162% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $(0.005). |
(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. |
Class C | ||||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 27.53 | $ 22.64 | $ 23.83 | $ 24.65 | $ 24.55 | $ 21.87 |
Income (Loss) From Operations | ||||||
Net investment loss(1) | $ (0.09) | $ (0.28) | $ (0.14) | $ (0.11) | $ (0.12) | $ (0.03) |
Net realized and unrealized gain (loss) | (0.07) | 5.50 | 0.73 | 1.23 | 3.27 | 2.72 |
Total income (loss) from operations | $ (0.16) | $ 5.22 | $ 0.59 | $ 1.12 | $ 3.15 | $ 2.69 |
Less Distributions | ||||||
From net realized gain | $ (4.97) | $ (0.33) | $ (1.78) | $ (1.94) | $ (3.05) | $ (0.01) |
Total distributions | $ (4.97) | $ (0.33) | $ (1.78) | $ (1.94) | $ (3.05) | $ (0.01) |
Net asset value — End of period | $22.40 | $27.53 | $22.64 | $ 23.83 | $ 24.65 | $ 24.55 |
Total Return(2) | (1.53)% (3) | 23.20% | 2.40% | 5.77% | 14.20% | 12.29% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 6,568 | $ 7,469 | $ 8,787 | $14,535 | $17,043 | $18,146 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.96% (5) | 1.98% | 2.01% | 2.05% | 2.03% | 2.18% |
Net expenses | 1.93% (5) | 1.93% | 1.93% | 1.94% | 1.96% | 1.96% |
Net investment loss | (0.77)% (5) | (1.05)% | (0.62)% | (0.49)% | (0.53)% | (0.12)% |
Portfolio Turnover | 37% (3) | 79% | 70% | 83% | 62% | 162% |
(1) | Computed using average shares outstanding. |
(2) | 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. |
(3) | Not annualized. |
(4) | 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. |
(5) | Annualized. |
Class I | ||||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 50.28 | $ 40.77 | $ 41.25 | $ 40.97 | $ 38.70 | $ 34.38 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ 0.06 | $ (0.03) | $ 0.16 | $ 0.21 | $ 0.23 | $ 0.41 |
Net realized and unrealized gain (loss) | (0.34) | 9.95 | 1.27 | 2.24 | 5.37 | 4.22 |
Total income (loss) from operations | $ (0.28) | $ 9.92 | $ 1.43 | $ 2.45 | $ 5.60 | $ 4.63 |
Less Distributions | ||||||
From net investment income | $ (0.08) | $ (0.08) | $ (0.09) | $ (0.16) | $ (0.15) | $ (0.30) |
From net realized gain | (5.18) | (0.33) | (1.82) | (2.01) | (3.18) | (0.01) |
Total distributions | $ (5.26) | $ (0.41) | $ (1.91) | $ (2.17) | $ (3.33) | $ (0.31) |
Net asset value — End of period | $ 44.74 | $ 50.28 | $ 40.77 | $ 41.25 | $ 40.97 | $ 38.70 |
Total Return(2) | (1.08)% (3) | 24.45% | 3.45% | 6.85% | 15.48% | 13.53% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $129,169 | $122,391 | $76,327 | $46,533 | $93,198 | $68,748 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 0.96% (5) | 0.97% | 1.01% | 1.05% | 1.03% | 0.88% |
Net expenses | 0.93% (5) | 0.93% | 0.93% | 0.91% | 0.86% | 0.86% |
Net investment income (loss) | 0.25% (5) | (0.06)% | 0.40% | 0.54% | 0.59% | 1.14% |
Portfolio Turnover | 37% (3) | 79% | 70% | 83% | 62% | 162% |
(1) | Computed using average shares outstanding. |
(2) | 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. |
(3) | Not annualized. |
(4) | 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. |
(5) | Annualized. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 312,630,147(1) | $ — | $ — | $ 312,630,147 |
High Social Impact Investments | — | 372,291 | — | 372,291 |
Short-Term Investments | — | 2,756,824 | — | 2,756,824 |
Total Investments | $312,630,147 | $3,129,115 | $ — | $315,759,262 |
(1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
Aggregate cost | $267,021,432 |
Gross unrealized appreciation | $ 53,079,262 |
Gross unrealized depreciation | (4,341,432) |
Net unrealized appreciation | $ 48,737,830 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | $ 353,819 | $ — | $ — | $ — | $ (11,124) | $ 342,695 | $ 2,700 | $ 360,000 |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | 5,583,915 | 22,919,544 | (25,745,042) | (932) | (661) | 2,756,824 | 840 | 2,757,099 |
Totals | $(932) | $(11,785) | $3,099,519 | $3,540 |
(1) | Restricted security. |
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, 2021 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 208,979 | $ 8,106,666 | 375,750 | $ 15,160,623 | |
Reinvestment of distributions | 569,409 | 21,853,905 | 36,990 | 1,395,999 | |
Shares redeemed | (246,115) | (9,538,193) | (465,944) | (18,704,612) | |
Converted from Class C | 12,068 | 478,182 | 65,033 | 2,500,313 | |
Net increase | 544,341 | $ 20,900,560 | 11,829 | $ 352,323 | |
Class C | |||||
Shares sold | 12,023 | $ 295,731 | 39,443 | $ 1,049,807 | |
Reinvestment of distributions | 53,032 | 1,255,259 | 4,145 | 103,674 | |
Shares redeemed | (24,076) | (590,423) | (62,534) | (1,669,876) | |
Converted to Class A | (18,992) | (478,182) | (97,920) | (2,500,313) | |
Net increase (decrease) | 21,987 | $ 482,385 | (116,866) | $ (3,016,708) | |
Class I | |||||
Shares sold | 642,037 | $ 31,513,431 | 1,050,276 | $ 50,894,880 | |
Reinvestment of distributions | 296,205 | 13,963,127 | 17,429 | 789,688 | |
Shares redeemed | (485,078) | (22,722,522) | (505,501) | (24,579,242) | |
Net increase | 453,164 | $ 22,754,036 | 562,204 | $ 27,105,326 |
Officers |
Hope L. Brown Chief Compliance Officer |
Deidre E. Walsh 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 |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908img6bb15ce61.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908img5f412dc02.gif)
% 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 | (13.06)% | (5.47)% | 8.18% | 8.07% |
Class A with 4.75% Maximum Sales Charge | — | — | (17.18) | (9.94) | 7.13 | 7.55 |
Class C at NAV | 07/31/2007 | 05/31/2007 | (13.37) | (6.16) | 7.39 | 7.36 |
Class C with 1% Maximum Sales Charge | — | — | (14.18) | (7.04) | 7.39 | 7.36 |
Class I at NAV | 05/31/2007 | 05/31/2007 | (12.94) | (5.21) | 8.49 | 8.46 |
Class R6 at NAV | 02/01/2019 | 05/31/2007 | (12.89) | (5.15) | 8.53 | 8.48 |
MSCI EAFE Small/Mid Cap Index | — | — | (8.02)% | (3.96)% | 6.76% | 7.52% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
1.31% | 2.06% | 1.06% | 0.98% |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908imgf7d0edcc3.jpg)
Top 10 Holdings (% of net assets)* | |
WiseTech Global, Ltd. | 1.8% |
RWS Holdings PLC | 1.5 |
ATS Automation Tooling Systems, Inc. | 1.5 |
Sdiptech AB, Class B | 1.4 |
VGP NV | 1.4 |
Volution Group PLC | 1.4 |
Vanguard MSCI Australian Small Companies Index ETF | 1.4 |
Ashtead Group PLC | 1.4 |
Diploma PLC | 1.3 |
Aalberts NV | 1.3 |
Total | 14.4% |
* | Excludes cash and cash equivalents. |
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.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.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. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Beginning Account Value (10/1/21) | Ending Account Value (3/31/22) | Expenses Paid During Period* (10/1/21 – 3/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 869.40 | $ 6.06 | 1.30% |
Class C | $1,000.00 | $ 866.30 | $ 9.54 | 2.05% |
Class I | $1,000.00 | $ 870.60 | $ 4.90 | 1.05% |
Class R6 | $1,000.00 | $ 871.10 | $ 4.52 | 0.97% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.45 | $ 6.54 | 1.30% |
Class C | $1,000.00 | $1,014.71 | $10.30 | 2.05% |
Class I | $1,000.00 | $1,019.70 | $ 5.29 | 1.05% |
Class R6 | $1,000.00 | $1,020.09 | $ 4.89 | 0.97% |
* | 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 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021. |
Common Stocks — 96.4% |
Security | Shares | Value | |
Australia — 5.8% | |||
Bapcor, Ltd. | 676,173 | $ 3,223,055 | |
BlueScope Steel, Ltd. | 89,851 | 1,397,192 | |
carsales.com, Ltd. | 322,420 | 4,991,482 | |
Dexus | 473,292 | 3,863,326 | |
Steadfast Group, Ltd. | 1,284,706 | 4,575,050 | |
WiseTech Global, Ltd. | 210,124 | 7,908,811 | |
$ 25,958,916 | |||
Austria — 2.0% | |||
ams-OSRAM AG(1) | 302,961 | $ 4,637,423 | |
BAWAG Group AG(2) | 87,873 | 4,433,990 | |
$ 9,071,413 | |||
Belgium — 3.8% | |||
Azelis Group NV(1) | 225,046 | $ 5,428,765 | |
KBC Group NV | 28,666 | 2,056,761 | |
VGP NV | 25,062 | 6,414,499 | |
Xior Student Housing NV | 58,956 | 3,293,003 | |
$ 17,193,028 | |||
Canada — 3.1% | |||
Agnico Eagle Mines, Ltd. | 30,932 | $ 1,892,811 | |
ATS Automation Tooling Systems, Inc.(1) | 187,304 | 6,757,118 | |
CAE, Inc.(1) | 103,759 | 2,700,730 | |
TMX Group, Ltd. | 24,037 | 2,472,245 | |
$ 13,822,904 | |||
France — 0.6% | |||
Rubis SCA | 89,601 | $ 2,633,630 | |
$ 2,633,630 | |||
Germany — 1.3% | |||
Jenoptik AG | 100,464 | $ 3,022,644 | |
Norma Group SE | 95,015 | 2,728,268 | |
$ 5,750,912 | |||
Ireland — 1.4% | |||
Irish Residential Properties REIT PLC | 1,972,872 | $ 3,171,194 | |
Kerry Group PLC, Class A | 29,005 | 3,240,661 | |
$ 6,411,855 | |||
Italy — 7.3% | |||
Amplifon SpA | 101,465 | $ 4,515,682 | |
BFF Bank SpA(2) | 688,071 | 5,107,594 | |
DiaSorin SpA | 32,419 | 5,063,623 | |
FinecoBank Banca Fineco SpA | 369,009 | 5,597,897 |
Security | Shares | Value | |
Italy (continued) | |||
Interpump Group SpA(3) | 55,199 | $ 2,766,003 | |
MARR SpA | 299,958 | 4,955,836 | |
Moncler SpA | 89,881 | 4,986,763 | |
$ 32,993,398 | |||
Japan — 24.7% | |||
As One Corp. | 88,600 | $ 5,228,047 | |
Asahi Intecc Co., Ltd. | 244,400 | 4,767,912 | |
Chiba Bank, Ltd. (The) | 450,882 | 2,651,059 | |
Cosmos Pharmaceutical Corp. | 32,200 | 3,902,596 | |
Dip Corp. | 93,200 | 2,541,912 | |
Fukuoka Financial Group, Inc. | 142,808 | 2,755,611 | |
Goldwin, Inc. | 54,400 | 2,751,254 | |
JMDC, Inc.(1) | 91,600 | 4,993,193 | |
Kewpie Corp. | 105,033 | 2,012,503 | |
Kose Corp. | 27,661 | 2,894,047 | |
K's Holdings Corp. | 419,405 | 4,322,894 | |
Kuraray Co., Ltd. | 509,340 | 4,384,392 | |
Kyoritsu Maintenance Co., Ltd. | 131,078 | 4,928,173 | |
LaSalle Logiport REIT | 2,128 | 3,060,802 | |
Lion Corp.(3) | 356,506 | 3,973,317 | |
Makita Corp. | 97,485 | 3,119,187 | |
Mitsubishi Research Institute, Inc. | 176,800 | 5,777,302 | |
Mitsui Fudosan Logistics Park, Inc. | 723 | 3,409,413 | |
Miura Co., Ltd. | 216,386 | 5,331,636 | |
Nohmi Bosai, Ltd. | 315,380 | 5,020,560 | |
Nomura Co., Ltd.(3) | 594,684 | 4,457,404 | |
Sakata Seed Corp. | 114,337 | 3,466,001 | |
Sankyu, Inc. | 115,032 | 3,749,377 | |
Sanwa Holdings Corp. | 549,500 | 5,561,346 | |
Ship Healthcare Holdings, Inc. | 101,976 | 1,652,064 | |
SUMCO Corp. | 271,828 | 4,448,448 | |
Tosei Corp. | 504,000 | 4,805,179 | |
Yamaha Corp. | 119,262 | 5,182,658 | |
$111,148,287 | |||
Luxembourg — 0.3% | |||
APERAM S.A. | 30,888 | $ 1,365,153 | |
$ 1,365,153 | |||
Netherlands — 4.9% | |||
Aalberts NV | 111,507 | $ 5,778,991 | |
BE Semiconductor Industries NV | 42,229 | 3,599,739 | |
Euronext NV(2) | 44,917 | 4,080,603 | |
IMCD NV | 31,731 | 5,413,066 | |
NN Group NV | 62,213 | 3,152,876 | |
$ 22,025,275 |
Security | Shares | Value | |
New Zealand — 0.6% | |||
Fisher & Paykel Healthcare Corp., Ltd. | 161,863 | $ 2,716,091 | |
$ 2,716,091 | |||
Norway — 1.6% | |||
Norsk Hydro ASA | 138,149 | $ 1,342,238 | |
SmartCraft ASA(1) | 2,011,401 | 4,070,853 | |
SpareBank 1 SR-Bank ASA | 124,429 | 1,894,117 | |
$ 7,307,208 | |||
Portugal — 0.6% | |||
NOS SGPS S.A. | 605,195 | $ 2,549,993 | |
$ 2,549,993 | |||
Singapore — 2.3% | |||
Daiwa House Logistics Trust(1) | 7,715,880 | $ 4,806,008 | |
Frasers Logistics & Commercial Trust | 2,602,100 | 2,790,849 | |
XP Power, Ltd. | 61,836 | 2,809,492 | |
$ 10,406,349 | |||
Spain — 1.8% | |||
Acciona S.A. | 18,615 | $ 3,557,980 | |
Inmobiliaria Colonial Socimi S.A. | 495,790 | 4,519,558 | |
$ 8,077,538 | |||
Sweden — 7.2% | |||
AddTech AB, Class B | 131,281 | $ 2,520,373 | |
Autoliv, Inc. | 46,937 | 3,587,864 | |
Boliden AB | 63,602 | 3,208,415 | |
Bravida Holding AB(2) | 420,252 | 4,832,317 | |
Bufab AB | 105,384 | 3,745,036 | |
Indutrade AB | 178,197 | 4,481,505 | |
Lagercrantz Group AB, Class B | 327,490 | 3,705,706 | |
Sdiptech AB, Class B(1) | 168,912 | 6,477,340 | |
$ 32,558,556 | |||
Switzerland — 4.3% | |||
Galenica AG(2) | 37,992 | $ 2,924,861 | |
Logitech International S.A. | 50,733 | 3,771,092 | |
PolyPeptide Group AG(1)(2) | 43,913 | 3,474,096 | |
Straumann Holding AG | 3,119 | 4,980,065 | |
VZ Holding AG | 41,998 | 3,972,724 | |
$ 19,122,838 | |||
United Kingdom — 22.8% | |||
Abcam PLC(1) | 256,384 | $ 4,634,160 | |
Ashtead Group PLC | 96,056 | 6,048,108 | |
Bellway PLC | 72,728 | 2,311,893 | |
Bodycote PLC | 260,860 | 2,153,985 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Capital & Counties Properties PLC | 1,623,679 | $ 3,705,148 | |
Compass Group PLC | 115,620 | 2,488,153 | |
Cranswick PLC | 111,542 | 5,148,610 | |
Dechra Pharmaceuticals PLC | 78,436 | 4,164,328 | |
Diploma PLC | 173,553 | 5,958,209 | |
Dr. Martens PLC | 895,225 | 2,783,307 | |
Games Workshop Group PLC | 53,422 | 5,079,980 | |
Greggs PLC | 127,780 | 4,103,985 | |
Halma PLC | 114,025 | 3,730,567 | |
Howden Joinery Group PLC | 479,275 | 4,804,745 | |
InterContinental Hotels Group PLC | 74,279 | 5,023,827 | |
JTC PLC(2)(3) | 344,651 | 3,811,028 | |
Judges Scientific PLC | 54,512 | 4,898,625 | |
Nomad Foods, Ltd.(1) | 105,820 | 2,389,416 | |
RWS Holdings PLC | 1,407,439 | 6,830,784 | |
St. James's Place PLC | 246,891 | 4,654,730 | |
Volution Group PLC | 1,163,187 | 6,349,321 | |
Watches of Switzerland Group PLC(1)(2) | 281,170 | 4,178,357 | |
Weir Group PLC (The) | 138,224 | 2,949,682 | |
Wise PLC(1) | 665,731 | 4,304,340 | |
$102,505,288 | |||
Total Common Stocks (identified cost $414,242,553) | $433,618,632 |
Exchange-Traded Funds — 2.6% |
Security | Shares | Value | |
Equity Funds — 2.6% | |||
iShares MSCI Hong Kong ETF(3) | 158,386 | $ 3,574,772 | |
iShares MSCI Singapore ETF(3) | 85,912 | 1,790,406 | |
Vanguard MSCI Australian Small Companies Index ETF | 116,383 | 6,239,391 | |
Total Exchange-Traded Funds (identified cost $11,283,058) | $ 11,604,569 |
High Social Impact Investments — 0.1% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(4)(5) | $ | 560 | $ 533,081 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 0.00%, 11/3/22(5)(6) | 11 | 10,631 | |
Total High Social Impact Investments (identified cost $571,108) | $ 543,712 |
Short-Term Investments — 2.1% |
Affiliated Fund — 1.2% | |||
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.14%(7) | 5,684,558 | $ 5,683,990 | |
Total Affiliated Fund (identified cost $5,683,554) | $ 5,683,990 |
Securities Lending Collateral — 0.9% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.29%(8) | 3,899,985 | $ 3,899,985 | |
Total Securities Lending Collateral (identified cost $3,899,985) | $ 3,899,985 | ||
Total Short-Term Investments (identified cost $9,583,539) | $ 9,583,975 |
Total Investments — 101.2% (identified cost $435,680,258) | $ 455,350,888 | |
Other Assets, Less Liabilities — (1.2)% | $ (5,514,171) | |
Net Assets — 100.0% | $ 449,836,717 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2022, the aggregate value of these securities is $32,842,846 or 7.3% of the Fund's net assets. |
(3) | All or a portion of this security was on loan at March 31, 2022. The aggregate market value of securities on loan at March 31, 2022 was $6,032,457. |
(4) | May be deemed to be an affiliated company (see Note 7). |
(5) | Restricted security. Total market value of restricted securities amounts to $543,712, which represents 0.1% of the net assets of the Fund as of March 31, 2022. |
(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, 2022. |
(7) | Affiliated investment company, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2022. |
(8) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Industrials | 26.4% |
Consumer Discretionary | 12.2 |
Information Technology | 12.0 |
Financials | 11.4 |
Health Care | 10.9 |
Real Estate | 9.8 |
Consumer Staples | 7.1 |
Materials | 3.0 |
Exchange-Traded Funds | 2.6 |
Communication Services | 2.2 |
Utilities | 1.4 |
High Social Impact Investments | 0.1 |
Total | 99.1% |
Description | Acquisition Dates | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $560,000 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 0.00%, 11/3/22 | 11/13/15 | 11,108 |
March 31, 2022 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $429,436,704) - including $6,032,457 of securities on loan | $ 449,133,817 |
Investments in securities of affiliated issuers, at value (identified cost $6,243,554) | 6,217,071 |
Cash denominated in foreign currency, at value (cost $10,657) | 10,625 |
Receivable for investments sold | 2,015,893 |
Receivable for capital shares sold | 997,933 |
Dividends and interest receivable | 1,242,504 |
Dividends and interest receivable - affiliated | 2,829 |
Securities lending income receivable | 7,975 |
Tax reclaims receivable | 510,708 |
Directors' deferred compensation plan | 207,404 |
Total assets | $460,346,759 |
Liabilities | |
Payable for investments purchased | $ 5,443,359 |
Payable for capital shares redeemed | 411,804 |
Deposits for securities loaned | 3,899,985 |
Payable to affiliates: | |
Investment advisory fee | 285,773 |
Administrative fee | 45,724 |
Distribution and service fees | 21,989 |
Sub-transfer agency fee | 8,756 |
Directors' deferred compensation plan | 207,404 |
Other | 11,386 |
Accrued expenses | 173,862 |
Total liabilities | $ 10,510,042 |
Net Assets | $449,836,717 |
Sources of Net Assets | |
Paid-in capital | $ 426,225,412 |
Distributable earnings | 23,611,305 |
Net Assets | $449,836,717 |
Class A Shares | |
Net Assets | $ 83,147,040 |
Shares Outstanding | 4,560,949 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 18.23 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 19.14 |
Class C Shares | |
Net Assets | $ 5,267,166 |
Shares Outstanding | 297,134 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 17.73 |
March 31, 2022 | |
Class I Shares | |
Net Assets | $ 304,713,273 |
Shares Outstanding | 17,110,825 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 17.81 |
Class R6 Shares | |
Net Assets | $ 56,709,238 |
Shares Outstanding | 3,185,944 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 17.80 |
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. |
Six Months Ended | |
March 31, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $363,124) | $ 4,380,748 |
Dividend income - affiliated issuers | 2,610 |
Interest income | 553 |
Interest income - affiliated issuers | 4,200 |
Securities lending income, net | 44,467 |
Total investment income | $ 4,432,578 |
Expenses | |
Investment advisory fee | $ 1,871,789 |
Administrative fee | 299,486 |
Distribution and service fees: | |
Class A | 113,491 |
Class C | 29,653 |
Directors' fees and expenses | 9,467 |
Custodian fees | 29,468 |
Transfer agency fees and expenses | 207,042 |
Accounting fees | 63,164 |
Professional fees | 17,888 |
Registration fees | 46,056 |
Reports to shareholders | 17,240 |
Miscellaneous | 29,856 |
Total expenses | $ 2,734,600 |
Net investment income | $ 1,697,978 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ 8,351,547 |
Investment securities - affiliated issuers | (685) |
Foreign currency transactions | 25,556 |
Net realized gain | $ 8,376,418 |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ (77,317,819) |
Investment securities - affiliated issuers | (17,775) |
Foreign currency | (18,324) |
Net change in unrealized appreciation (depreciation) | $(77,353,918) |
Net realized and unrealized loss | $(68,977,500) |
Net decrease in net assets from operations | $(67,279,522) |
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 1,697,978 | $ 2,644,080 |
Net realized gain | 8,376,418 | 65,782,386 |
Net change in unrealized appreciation (depreciation) | (77,353,918) | 31,295,662 |
Net increase (decrease) in net assets from operations | $ (67,279,522) | $ 99,722,128 |
Distributions to shareholders: | ||
Class A | $ (6,524,091) | $ (413,572) |
Class C | (390,242) | — |
Class I | (26,006,670) | (2,243,218) |
Class R6 | (4,768,045) | (497,493) |
Total distributions to shareholders | $ (37,689,048) | $ (3,154,283) |
Capital share transactions: | ||
Class A | $ 9,857,555 | $ 5,722,020 |
Class C | 207,419 | (555,571) |
Class I | 28,067,469 | 29,139,228 |
Class R6 | 1,641,416 | 6,866,062 |
Net increase in net assets from capital share transactions | $ 39,773,859 | $ 41,171,739 |
Net increase (decrease) in net assets | $ (65,194,711) | $137,739,584 |
Net Assets | ||
At beginning of period | $ 515,031,428 | $ 377,291,844 |
At end of period | $449,836,717 | $515,031,428 |
Class A | ||||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 22.54 | $ 18.01 | $ 16.18 | $ 18.86 | $ 18.70 | $ 14.78 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.05 | $ 0.08 | $ 0.07 | $ 0.18 | $ 0.17 | $ 0.03 |
Net realized and unrealized gain (loss) | (2.80) | 4.56 | 1.95 | (1.51) | 1.20 | 4.04 |
Total income (loss) from operations | $ (2.75) | $ 4.64 | $ 2.02 | $ (1.33) | $ 1.37 | $ 4.07 |
Less Distributions | ||||||
From net investment income | $ (0.27) | $ (0.11) | $ (0.19) | $ (0.23) | $ (0.24) | $ (0.15) |
From net realized gain | (1.29) | — | — | (1.12) | (0.97) | — |
Total distributions | $ (1.56) | $ (0.11) | $ (0.19) | $ (1.35) | $ (1.21) | $ (0.15) |
Net asset value — End of period | $ 18.23 | $ 22.54 | $ 18.01 | $ 16.18 | $ 18.86 | $ 18.70 |
Total Return(2) | (13.06)% (3) | 25.83% | 12.57% | (6.77)% | 7.62% | 27.89% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $83,147 | $92,236 | $68,940 | $64,070 | $65,994 | $50,552 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.30% (5) | 1.30% | 1.32% | 1.37% | 1.38% | 1.48% |
Net expenses | 1.30% (5) | 1.30% | 1.32% | 1.35% | 1.38% | 1.48% |
Net investment income | 0.48% (5) | 0.36% | 0.42% | 1.15% | 0.91% | 0.18% |
Portfolio Turnover | 21% (3) | 54% | 62% | 60% | 60% | 158% |
(1) | Computed using average shares outstanding. |
(2) | 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. |
(3) | Not annualized. |
(4) | 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. |
(5) | Annualized. |
Class C | ||||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 21.87 | $ 17.51 | $ 15.74 | $ 18.37 | $ 18.29 | $ 14.43 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ (0.03) | $ (0.08) | $ (0.06) | $ 0.06 | $ 0.03 | $ (0.04) |
Net realized and unrealized gain (loss) | (2.72) | 4.44 | 1.90 | (1.47) | 1.18 | 3.91 |
Total income (loss) from operations | $ (2.75) | $ 4.36 | $ 1.84 | $ (1.41) | $ 1.21 | $ 3.87 |
Less Distributions | ||||||
From net investment income | $ (0.10) | $ — | $ (0.07) | $ (0.10) | $ (0.16) | $ (0.01) |
From net realized gain | (1.29) | — | — | (1.12) | (0.97) | — |
Total distributions | $ (1.39) | $ — | $ (0.07) | $ (1.22) | $ (1.13) | $ (0.01) |
Net asset value — End of period | $ 17.73 | $21.87 | $17.51 | $15.74 | $18.37 | $18.29 |
Total Return(2) | (13.37)% (3) | 24.90% | 11.68% | (7.49)% | 6.92% | 26.83% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 5,267 | $ 6,260 | $ 5,527 | $ 6,532 | $ 7,603 | $ 5,850 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 2.05% (5) | 2.05% | 2.08% | 2.12% | 2.13% | 2.61% |
Net expenses | 2.05% (5) | 2.05% | 2.08% | 2.10% | 2.13% | 2.30% |
Net investment income (loss) | (0.27)% (5) | (0.40)% | (0.37)% | 0.38% | 0.18% | (0.24)% |
Portfolio Turnover | 21% (3) | 54% | 62% | 60% | 60% | 158% |
(1) | Computed using average shares outstanding. |
(2) | 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. |
(3) | Not annualized. |
(4) | 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. |
(5) | Annualized. |
Class I | ||||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 22.08 | $ 17.64 | $ 15.86 | $ 18.52 | $ 18.42 | $ 14.56 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.07 | $ 0.13 | $ 0.11 | $ 0.22 | $ 0.23 | $ 0.17 |
Net realized and unrealized gain (loss) | (2.73) | 4.47 | 1.90 | (1.49) | 1.17 | 3.90 |
Total income (loss) from operations | $ (2.66) | $ 4.60 | $ 2.01 | $ (1.27) | $ 1.40 | $ 4.07 |
Less Distributions | ||||||
From net investment income | $ (0.32) | $ (0.16) | $ (0.23) | $ (0.27) | $ (0.33) | $ (0.21) |
From net realized gain | (1.29) | — | — | (1.12) | (0.97) | — |
Total distributions | $ (1.61) | $ (0.16) | $ (0.23) | $ (1.39) | $ (1.30) | $ (0.21) |
Net asset value — End of period | $ 17.81 | $ 22.08 | $ 17.64 | $ 15.86 | $ 18.52 | $ 18.42 |
Total Return(2) | (12.94)% (3) | 26.17% | 12.77% | (6.50)% | 7.95% | 28.44% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $304,713 | $348,044 | $254,350 | $222,546 | $230,748 | $115,698 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.05% (5) | 1.05% | 1.07% | 1.12% | 1.13% | 1.07% |
Net expenses | 1.05% (5) | 1.05% | 1.07% | 1.10% | 1.13% | 1.07% |
Net investment income | 0.73% (5) | 0.62% | 0.67% | 1.41% | 1.23% | 1.06% |
Portfolio Turnover | 21% (3) | 54% | 62% | 60% | 60% | 158% |
(1) | Computed using average shares outstanding. |
(2) | 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. |
(3) | Not annualized. |
(4) | 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. |
(5) | Annualized. |
Class R6 | ||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | Period Ended September 30, | ||
2021 | 2020 | 2019 (1) | ||
Net asset value — Beginning of period | $ 22.07 | $ 17.64 | $ 15.86 | $ 15.14 |
Income (Loss) From Operations | ||||
Net investment income(2) | $ 0.08 | $ 0.14 | $ 0.12 | $ 0.16 |
Net realized and unrealized gain (loss) | (2.72) | 4.46 | 1.91 | 0.56 |
Total income (loss) from operations | $ (2.64) | $ 4.60 | $ 2.03 | $ 0.72 |
Less Distributions | ||||
From net investment income | $ (0.34) | $ (0.17) | $ (0.25) | $ — |
From net realized gain | (1.29) | — | — | — |
Total distributions | $ (1.63) | $ (0.17) | $ (0.25) | $ — |
Net asset value — End of period | $ 17.80 | $ 22.07 | $ 17.64 | $ 15.86 |
Total Return(3) | (12.89)% (4) | 26.21% | 12.87% | 4.76% (4) |
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted) | $56,709 | $68,492 | $48,475 | $43,489 |
Ratios (as a percentage of average daily net assets):(5) | ||||
Total expenses | 0.97% (6) | 0.97% | 1.00% | 1.08% (6) |
Net expenses | 0.97% (6) | 0.97% | 1.00% | 1.05% (6) |
Net investment income | 0.81% (6) | 0.69% | 0.74% | 1.53% (6) |
Portfolio Turnover | 21% (4) | 54% | 62% | 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. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Australia | $ — | $ 25,958,916 | $ — | $ 25,958,916 |
Austria | — | 9,071,413 | — | 9,071,413 |
Belgium | — | 17,193,028 | — | 17,193,028 |
Canada | 13,822,904 | — | — | 13,822,904 |
France | — | 2,633,630 | — | 2,633,630 |
Germany | — | 5,750,912 | — | 5,750,912 |
Ireland | — | 6,411,855 | — | 6,411,855 |
Italy | — | 32,993,398 | — | 32,993,398 |
Japan | — | 111,148,287 | — | 111,148,287 |
Luxembourg | — | 1,365,153 | — | 1,365,153 |
Netherlands | — | 22,025,275 | — | 22,025,275 |
New Zealand | — | 2,716,091 | — | 2,716,091 |
Norway | — | 7,307,208 | — | 7,307,208 |
Portugal | — | 2,549,993 | — | 2,549,993 |
Singapore | — | 10,406,349 | — | 10,406,349 |
Spain | — | 8,077,538 | — | 8,077,538 |
Sweden | 3,587,864 | 28,970,692 | — | 32,558,556 |
Switzerland | — | 19,122,838 | — | 19,122,838 |
United Kingdom | 2,389,416 | 100,115,872 | — | 102,505,288 |
Total Common Stocks | $19,800,184 | $413,818,448 (1) | $ — | $433,618,632 |
Exchange-Traded Funds | $ 5,365,178 | $ 6,239,391 | $ — | $ 11,604,569 |
High Social Impact Investments | — | 543,712 | — | 543,712 |
Short-Term Investments: | ||||
Affiliated Fund | — | 5,683,990 | — | 5,683,990 |
Securities Lending Collateral | 3,899,985 | — | — | 3,899,985 |
Total Investments | $29,065,347 | $426,285,541 | $ — | $455,350,888 |
(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. |
Aggregate cost | $440,248,831 |
Gross unrealized appreciation | $ 53,060,226 |
Gross unrealized depreciation | (37,958,169) |
Net unrealized appreciation | $ 15,102,057 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $ 43,760 | $ — | $ — | $ — | $ 43,760 |
Exchange-Traded Funds | 3,856,225 | — | — | — | 3,856,225 |
Total | $3,899,985 | $ — | $ — | $ — | $3,899,985 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | $ 550,385 | $ — | $ — | $ — | $ (17,304) | $ 533,081 | $ 4,200 | $ 560,000 |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | 9,284,016 | 53,705,807 | (57,304,677) | (685) | (471) | 5,683,990 | 2,610 | 5,684,558 |
Totals | $(685) | $(17,775) | $6,217,071 | $6,810 |
(1) | Restricted security. |
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, 2021 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 450,900 | $ 9,337,748 | 760,083 | $ 16,175,778 | |
Reinvestment of distributions | 304,379 | 6,349,351 | 19,781 | 396,014 | |
Shares redeemed | (294,622) | (5,984,666) | (541,451) | (11,369,638) | |
Converted from Class C | 7,594 | 155,122 | 26,177 | 519,866 | |
Net increase | 468,251 | $ 9,857,555 | 264,590 | $ 5,722,020 | |
Class C | |||||
Shares sold | 12,579 | $ 253,024 | 34,930 | $ 722,561 | |
Reinvestment of distributions | 16,712 | 339,750 | — | — | |
Shares redeemed | (10,611) | (230,233) | (37,361) | (758,266) | |
Converted to Class A | (7,820) | (155,122) | (26,938) | (519,866) | |
Net increase (decrease) | 10,860 | $ 207,419 | (29,369) | $ (555,571) | |
Class I | |||||
Shares sold | 2,468,005 | $ 49,750,183 | 5,018,088 | $103,872,491 | |
Reinvestment of distributions | 1,144,540 | 23,314,281 | 101,329 | 1,984,025 | |
Shares redeemed | (2,266,378) | (44,996,995) | (3,771,380) | (76,717,288) | |
Net increase | 1,346,167 | $ 28,067,469 | 1,348,037 | $ 29,139,228 |
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, 2021 | ||||
Shares | Amount | Shares | Amount | ||
Class R6 | |||||
Shares sold | 314,025 | $ 6,447,180 | 564,906 | $ 11,061,998 | |
Reinvestment of distributions | 234,302 | 4,768,045 | 25,434 | 497,493 | |
Shares redeemed | (465,287) | (9,573,809) | (235,237) | (4,693,429) | |
Net increase | 83,040 | $ 1,641,416 | 355,103 | $ 6,866,062 |
Officers |
Hope L. Brown Chief Compliance Officer |
Deidre E. Walsh 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 |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908imge3bb94751.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908imgefade4b72.gif)
% 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 | (5.85)% | (0.41)% | 9.46% | 6.61% |
Class A with 4.75% Maximum Sales Charge | — | — | (10.33) | (5.14) | 8.40 | 6.09 |
Class C at NAV | 03/01/1994 | 07/02/1992 | (6.27) | (1.21) | 8.64 | 5.91 |
Class C with 1% Maximum Sales Charge | — | — | (7.14) | (2.13) | 8.64 | 5.91 |
Class I at NAV | 02/26/1999 | 07/02/1992 | (5.78) | (0.20) | 9.79 | 7.07 |
Class R6 at NAV | 03/07/2019 | 07/02/1992 | (5.75) | (0.13) | 9.82 | 7.09 |
MSCI EAFE Index | — | — | (3.38)% | 1.16% | 6.71% | 6.27% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.20% | 1.95% | 0.95% | 0.91% |
Net | 1.14 | 1.89 | 0.89 | 0.85 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908imgc1ab39df3.jpg)
Top 10 Holdings (% of net assets)* | |
Nestle S.A. | 5.6% |
AstraZeneca PLC | 3.8 |
Iberdrola S.A. | 3.8 |
Sanofi | 3.5 |
RELX PLC | 3.3 |
ASML Holding NV | 3.1 |
Compass Group PLC | 3.0 |
adidas AG | 3.0 |
AIA Group, Ltd. | 3.0 |
Reckitt Benckiser Group PLC | 3.0 |
Total | 35.1% |
* | Excludes cash and cash equivalents. |
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.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.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 1/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. |
Beginning Account Value (10/1/21) | Ending Account Value (3/31/22) | Expenses Paid During Period* (10/1/21 – 3/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 941.50 | $5.52 ** | 1.14% |
Class C | $1,000.00 | $ 937.30 | $9.13 ** | 1.89% |
Class I | $1,000.00 | $ 942.20 | $4.31 ** | 0.89% |
Class R6 | $1,000.00 | $ 942.50 | $4.12 ** | 0.85% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.25 | $5.74 ** | 1.14% |
Class C | $1,000.00 | $1,015.51 | $9.50 ** | 1.89% |
Class I | $1,000.00 | $1,020.49 | $4.48 ** | 0.89% |
Class R6 | $1,000.00 | $1,020.69 | $4.28 ** | 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 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021. |
** | Absent a waiver and/or reimbursement of expenses by affiliates, expenses would be higher. |
Common Stocks — 98.9% |
Security | Shares | Value | |
Australia — 2.7% | |||
CSL, Ltd. | 117,030 | $ 23,364,172 | |
$ 23,364,172 | |||
Belgium — 2.3% | |||
KBC Group NV | 274,407 | $ 19,688,470 | |
$ 19,688,470 | |||
Denmark — 2.5% | |||
Novo Nordisk A/S, Class B | 194,247 | $ 21,545,115 | |
$ 21,545,115 | |||
France — 10.8% | |||
LVMH Moet Hennessy Louis Vuitton SE | 29,620 | $ 21,142,717 | |
Safran S.A. | 174,672 | 20,565,088 | |
Sanofi | 298,777 | 30,546,837 | |
Schneider Electric SE | 132,022 | 22,165,216 | |
$ 94,419,858 | |||
Germany — 7.2% | |||
adidas AG | 113,318 | $ 26,406,027 | |
Infineon Technologies AG | 391,314 | 13,238,154 | |
Siemens AG | 168,375 | 23,314,424 | |
$ 62,958,605 | |||
Hong Kong — 3.0% | |||
AIA Group, Ltd. | 2,493,705 | $ 26,038,962 | |
$ 26,038,962 | |||
India — 1.9% | |||
HDFC Bank, Ltd. | 864,614 | $ 16,648,337 | |
$ 16,648,337 | |||
Ireland — 1.8% | |||
Kingspan Group PLC | 159,349 | $ 15,575,847 | |
$ 15,575,847 | |||
Japan — 9.8% | |||
Keyence Corp. | 25,567 | $ 11,855,480 | |
Kose Corp. | 108,400 | 11,341,407 | |
Olympus Corp. | 831,200 | 15,753,390 | |
Recruit Holdings Co., Ltd. | 350,507 | 15,228,483 | |
SMC Corp. | 20,900 | 11,682,973 | |
Yamaha Corp. | 454,500 | 19,750,785 | |
$ 85,612,518 |
Security | Shares | Value | |
Netherlands — 3.1% | |||
ASML Holding NV | 40,124 | $ 26,811,718 | |
$ 26,811,718 | |||
New Zealand — 1.6% | |||
Fisher & Paykel Healthcare Corp., Ltd. | 832,942 | $ 13,976,922 | |
$ 13,976,922 | |||
Singapore — 2.5% | |||
DBS Group Holdings, Ltd. | 847,028 | $ 22,193,999 | |
$ 22,193,999 | |||
South Africa — 1.3% | |||
Vodacom Group, Ltd. | 1,050,329 | $ 11,477,182 | |
$ 11,477,182 | |||
Spain — 5.6% | |||
Amadeus IT Group S.A.(1) | 246,013 | $ 15,995,281 | |
Iberdrola S.A. | 3,024,350 | 33,056,051 | |
$ 49,051,332 | |||
Sweden — 5.7% | |||
Assa Abloy AB, Class B | 576,667 | $ 15,500,568 | |
Indutrade AB | 609,729 | 15,334,173 | |
Svenska Handelsbanken AB, Class A(2) | 2,038,754 | 18,747,229 | |
$ 49,581,970 | |||
Switzerland — 9.5% | |||
Lonza Group AG | 30,917 | $ 22,402,560 | |
Nestle S.A. | 377,828 | 49,124,692 | |
Straumann Holding AG | 6,741 | 10,763,264 | |
$ 82,290,516 | |||
Taiwan — 1.2% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 97,593 | $ 10,175,046 | |
$ 10,175,046 | |||
United Kingdom — 26.4% | |||
Abcam PLC(1) | 776,390 | $ 14,033,308 | |
Ashtead Group PLC | 179,379 | 11,294,490 | |
AstraZeneca PLC | 251,949 | 33,411,688 | |
Compass Group PLC | 1,229,164 | 26,451,718 | |
Halma PLC | 466,645 | 15,267,271 | |
InterContinental Hotels Group PLC | 300,919 | 20,352,522 | |
London Stock Exchange Group PLC | 200,639 | 20,922,742 | |
Reckitt Benckiser Group PLC | 339,096 | 25,868,246 | |
RELX PLC | 913,457 | 28,424,706 | |
Vodafone Group PLC | 12,859,399 | 21,086,639 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Weir Group PLC (The) | 593,715 | $ 12,669,799 | |
$229,783,129 | |||
Total Common Stocks (identified cost $776,756,541) | $861,193,698 |
High Social Impact Investments — 0.1% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(3)(4) | $ | 880 | $ 837,698 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 0.00%, 11/3/22(4)(5) | 22 | 21,072 | |
Total High Social Impact Investments (identified cost $902,017) | $ 858,770 |
Preferred Stocks — 0.0%(6) |
Security | Shares | Value | |
Venture Capital — 0.0%(6) | |||
Bioceptive, Inc.: | |||
Series A(1)(4)(7) | 582,574 | $ 0 | |
Series B(1)(4)(7) | 40,523 | 0 | |
FINAE, Series D(1)(4)(7) | 2,597,442 | 130,590 | |
Total Preferred Stocks (identified cost $491,304) | $ 130,590 |
Venture Capital Limited Partnership Interests — 0.2% |
Security | Value | ||
Africa Renewable Energy Fund L.P.(1)(4)(7) | $ 1,195,190 | ||
Emerald Sustainability Fund I L.P.(1)(4)(7) | 54,112 | ||
gNet Defta Development Holding LLC(1)(3)(4)(7) | 224,649 | ||
SEAF India International Growth Fund L.P.(1)(4)(7) | 937 | ||
Total Venture Capital Limited Partnership Interests (identified cost $1,980,867) | $ 1,474,888 |
Short-Term Investments — 0.0%(6) |
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.14%(8) | 551,434 | $ 551,379 | |
Total Short-Term Investments (identified cost $551,379) | $ 551,379 |
Total Investments — 99.2% (identified cost $780,682,108) | $864,209,325 | |
Other Assets, Less Liabilities — 0.8% | $ 6,651,162 | |
Net Assets — 100.0% | $870,860,487 |
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, 2022. The aggregate market value of securities on loan at March 31, 2022 was $2,067,640. |
(3) | May be deemed to be an affiliated company (see Note 7). |
(4) | Restricted security. Total market value of restricted securities amounts to $2,464,248, which represents 0.3% of the net assets of the Fund as of March 31, 2022. |
(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, 2022. |
(6) | Amount is less than 0.05%. |
(7) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(8) | Affiliated investment company, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2022. |
Economic Sectors | % of Net Assets |
Industrials | 22.0% |
Health Care | 21.3 |
Financials | 14.3 |
Consumer Discretionary | 13.1 |
Information Technology | 10.7 |
Consumer Staples | 9.9 |
Utilities | 3.8 |
Communication Services | 3.8 |
Venture Capital | 0.2 |
High Social Impact Investments | 0.1 |
Total | 99.2% |
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 |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | 880,000 |
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, 0.00%, 11/3/22 | 11/13/15 | 22,017 |
SEAF India International Growth Fund L.P. | 3/22/05-5/24/10 | 200,375 |
Abbreviations: | |
ADR | – American Depositary Receipt |
March 31, 2022 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $778,850,729) - including $2,067,640 of securities on loan | $ 862,595,599 |
Investments in securities of affiliated issuers, at value (identified cost $1,831,379) | 1,613,726 |
Cash denominated in foreign currency, at value (cost $990,001) | 975,391 |
Receivable for investments sold | 8,190,120 |
Receivable for capital shares sold | 1,400,045 |
Dividends and interest receivable | 1,077,254 |
Dividends and interest receivable - affiliated | 4,531 |
Securities lending income receivable | 9,325 |
Tax reclaims receivable | 961,297 |
Receivable from affiliates | 42,206 |
Directors' deferred compensation plan | 142,705 |
Other assets | 1,077 |
Total assets | $877,013,276 |
Liabilities | |
Payable for investments purchased | $ 4,250,803 |
Payable for capital shares redeemed | 604,638 |
Payable for foreign capital gains taxes | 289,164 |
Payable to affiliates: | |
Investment advisory fee | 480,492 |
Administrative fee | 86,942 |
Distribution and service fees | 43,515 |
Sub-transfer agency fee | 24,093 |
Directors' deferred compensation plan | 142,705 |
Accrued expenses | 230,437 |
Total liabilities | $ 6,152,789 |
Commitments and contingent liabilities (Note 10) | |
Net Assets | $870,860,487 |
Sources of Net Assets | |
Paid-in capital | $ 776,895,288 |
Distributable earnings | 93,965,199 |
Net Assets | $870,860,487 |
Class A Shares | |
Net Assets | $ 204,439,193 |
Shares Outstanding | 9,252,438 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 22.10 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 23.20 |
Class C Shares | |
Net Assets | $ 6,316,984 |
Shares Outstanding | 339,770 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 18.59 |
March 31, 2022 | |
Class I Shares | |
Net Assets | $ 498,482,741 |
Shares Outstanding | 21,007,204 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 23.73 |
Class R6 Shares | |
Net Assets | $ 161,621,569 |
Shares Outstanding | 6,823,002 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 23.69 |
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. |
Six Months Ended | |
March 31, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $998,950) | $ 6,782,911 |
Dividend income - affiliated issuers | 1,953 |
Non-cash dividend income | 522,647 |
Interest income | 43 |
Interest income - affiliated issuers | 6,600 |
Securities lending income, net | 117,876 |
Total investment income | $ 7,432,030 |
Expenses | |
Investment advisory fee | $ 2,983,907 |
Administrative fee | 540,519 |
Distribution and service fees: | |
Class A | 235,367 |
Class C | 35,752 |
Directors' fees and expenses | 17,422 |
Custodian fees | 48,969 |
Transfer agency fees and expenses | 380,048 |
Accounting fees | 104,069 |
Professional fees | 24,128 |
Registration fees | 63,045 |
Reports to shareholders | 17,746 |
Miscellaneous | 29,876 |
Total expenses | $ 4,480,848 |
Waiver and/or reimbursement of expenses by affiliates | $ (228,519) |
Net expenses | $ 4,252,329 |
Net investment income | $ 3,179,701 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities (net of foreign capital gains taxes of $6,577) | $ 20,408,712 |
Investment securities - affiliated issuers | 1,249 |
Foreign currency transactions | (11,668) |
Net realized gain | $ 20,398,293 |
Change in unrealized appreciation (depreciation): | |
Investment securities (including net increase in payable for foreign capital gains taxes of $289,164) | $ (77,239,636) |
Investment securities - affiliated issuers | (34,711) |
Foreign currency | (27,422) |
Net change in unrealized appreciation (depreciation) | $(77,301,769) |
Net realized and unrealized loss | $(56,903,476) |
Net decrease in net assets from operations | $(53,723,775) |
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 3,179,701 | $ 4,502,444 |
Net realized gain | 20,398,293 | 56,441,711 |
Net change in unrealized appreciation (depreciation) | (77,301,769) | 86,903,672 |
Net increase (decrease) in net assets from operations | $ (53,723,775) | $147,847,827 |
Distributions to shareholders: | ||
Class A | $ (11,969,862) | $ (313,091) |
Class C | (506,133) | — |
Class I | (34,004,747) | (1,619,435) |
Class R6 | (10,457,460) | (712,823) |
Total distributions to shareholders | $ (56,938,202) | $ (2,645,349) |
Capital share transactions: | ||
Class A | $ 36,533,943 | $ 18,954,832 |
Class C | (237,572) | 5,633 |
Class I | 39,900,047 | 164,196,275 |
Class R6 | 22,159,242 | 8,652,717 |
Net increase in net assets from capital share transactions | $ 98,355,660 | $191,809,457 |
Net increase (decrease) in net assets | $ (12,306,317) | $337,011,935 |
Net Assets | ||
At beginning of period | $ 883,166,804 | $ 546,154,869 |
At end of period | $870,860,487 | $883,166,804 |
Class A | ||||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 25.06 | $ 20.35 | $ 18.18 | $ 17.53 | $ 17.10 | $ 15.49 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.06 | $ 0.08 | $ 0.06 | $ 0.22 | $ 0.19 | $ 0.17 |
Net realized and unrealized gain (loss) | (1.42) | 4.67 | 2.30 | 0.61 | 0.50 | 1.84 |
Total income (loss) from operations | $ (1.36) | $ 4.75 | $ 2.36 | $ 0.83 | $ 0.69 | $ 2.01 |
Less Distributions | ||||||
From net investment income | $ (0.23) | $ (0.04) | $ (0.19) | $ (0.18) | $ (0.26) | $ (0.40) |
From net realized gain | (1.37) | — | — | — | — | — |
Total distributions | $ (1.60) | $ (0.04) | $ (0.19) | $ (0.18) | $ (0.26) | $ (0.40) |
Net asset value — End of period | $ 22.10 | $ 25.06 | $ 20.35 | $ 18.18 | $ 17.53 | $ 17.10 |
Total Return(2) | (5.85)% (3) | 23.38% | 13.02% | 4.93% | 4.02% | 13.43% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $204,439 | $190,998 | $138,810 | $112,923 | $114,915 | $126,669 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.19% (5) | 1.20% | 1.27% | 1.46% | 1.47% | 1.58% |
Net expenses | 1.14% (5) | 1.14% | 1.14% | 1.27% | 1.32% | 1.35% |
Net investment income | 0.53% (5) | 0.34% | 0.33% | 1.26% | 1.09% | 1.08% |
Portfolio Turnover | 24% (3) | 38% | 47% | 51% | 48% | 138% |
(1) | Computed using average shares outstanding. |
(2) | 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. |
(3) | Not annualized. |
(4) | 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. |
(5) | Annualized. |
Class C | ||||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 21.28 | $ 17.37 | $ 15.54 | $ 15.00 | $ 14.68 | $ 13.31 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ (0.03) | $ (0.09) | $ (0.07) | $ 0.03 | $ 0.06 | $ 0.05 |
Net realized and unrealized gain (loss) | (1.20) | 4.00 | 1.96 | 0.58 | 0.42 | 1.59 |
Total income (loss) from operations | $ (1.23) | $ 3.91 | $ 1.89 | $ 0.61 | $ 0.48 | $ 1.64 |
Less Distributions | ||||||
From net investment income | $ (0.09) | $ — | $ (0.06) | $ (0.07) | $ (0.16) | $ (0.27) |
From net realized gain | (1.37) | — | — | — | — | — |
Total distributions | $ (1.46) | $ — | $ (0.06) | $ (0.07) | $ (0.16) | $ (0.27) |
Net asset value — End of period | $18.59 | $21.28 | $17.37 | $15.54 | $ 15.00 | $ 14.68 |
Total Return(2) | (6.27)% (3) | 22.51% | 12.17% | 4.15% | 3.23% | 12.60% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 6,317 | $ 7,485 | $ 6,157 | $ 6,122 | $11,149 | $12,013 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.95% (5) | 1.95% | 2.02% | 2.21% | 2.22% | 2.54% |
Net expenses | 1.89% (5) | 1.89% | 1.89% | 2.03% | 2.07% | 2.10% |
Net investment income (loss) | (0.26)% (5) | (0.42)% | (0.43)% | 0.23% | 0.39% | 0.35% |
Portfolio Turnover | 24% (3) | 38% | 47% | 51% | 48% | 138% |
(1) | Computed using average shares outstanding. |
(2) | 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. |
(3) | Not annualized. |
(4) | 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. |
(5) | Annualized. |
Class I | ||||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 26.83 | $ 21.77 | $ 19.43 | $ 18.72 | $ 18.24 | $ 16.53 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.10 | $ 0.16 | $ 0.13 | $ 0.28 | $ 0.27 | $ 0.21 |
Net realized and unrealized gain (loss) | (1.54) | 5.00 | 2.45 | 0.66 | 0.53 | 2.01 |
Total income (loss) from operations | $ (1.44) | $ 5.16 | $ 2.58 | $ 0.94 | $ 0.80 | $ 2.22 |
Less Distributions | ||||||
From net investment income | $ (0.29) | $ (0.10) | $ (0.24) | $ (0.23) | $ (0.32) | $ (0.51) |
From net realized gain | (1.37) | — | — | — | — | — |
Total distributions | $ (1.66) | $ (0.10) | $ (0.24) | $ (0.23) | $ (0.32) | $ (0.51) |
Net asset value — End of period | $ 23.73 | $ 26.83 | $ 21.77 | $ 19.43 | $ 18.72 | $ 18.24 |
Total Return(2) | (5.78)% (3) | 23.75% | 13.31% | 5.25% | 4.37% | 13.89% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $498,483 | $524,521 | $279,039 | $82,261 | $64,739 | $72,503 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 0.94% (5) | 0.95% | 1.02% | 1.20% | 1.22% | 1.06% |
Net expenses | 0.89% (5) | 0.89% | 0.89% | 0.98% | 0.95% | 0.96% |
Net investment income | 0.75% (5) | 0.63% | 0.61% | 1.52% | 1.44% | 1.28% |
Portfolio Turnover | 24% (3) | 38% | 47% | 51% | 48% | 138% |
(1) | Computed using average shares outstanding. |
(2) | 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. |
(3) | Not annualized. |
(4) | 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. |
(5) | Annualized. |
Class R6 | ||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | Period Ended September 30, | ||
2021 | 2020 | 2019 (1) | ||
Net asset value — Beginning of period | $ 26.80 | $ 21.76 | $ 19.44 | $ 17.79 |
Income (Loss) From Operations | ||||
Net investment income(2) | $ 0.10 | $ 0.16 | $ 0.13 | $ 0.28 |
Net realized and unrealized gain (loss) | (1.53) | 5.00 | 2.46 | 1.37 |
Total income (loss) from operations | $ (1.43) | $ 5.16 | $ 2.59 | $ 1.65 |
Less Distributions | ||||
From net investment income | $ (0.31) | $ (0.12) | $ (0.27) | $ — |
From net realized gain | (1.37) | — | — | — |
Total distributions | $ (1.68) | $ (0.12) | $ (0.27) | $ — |
Net asset value — End of period | $ 23.69 | $ 26.80 | $ 21.76 | $ 19.44 |
Total Return(3) | (5.75)% (4) | 23.79% | 13.34% | 9.27% (4) |
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted) | $161,622 | $160,163 | $122,150 | $49,332 |
Ratios (as a percentage of average daily net assets):(5) | ||||
Total expenses | 0.90% (6) | 0.91% | 0.98% | 1.14% (6) |
Net expenses | 0.85% (6) | 0.85% | 0.85% | 0.96% (6) |
Net investment income | 0.80% (6) | 0.63% | 0.64% | 2.62% (6) |
Portfolio Turnover | 24% (4) | 38% | 47% | 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. |
Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Common Stocks: | ||||
Australia | $ — | $ 23,364,172 | $ — | $ 23,364,172 |
Belgium | — | 19,688,470 | — | 19,688,470 |
Denmark | — | 21,545,115 | — | 21,545,115 |
France | — | 94,419,858 | — | 94,419,858 |
Germany | — | 62,958,605 | — | 62,958,605 |
Hong Kong | — | 26,038,962 | — | 26,038,962 |
India | — | 16,648,337 | — | 16,648,337 |
Ireland | — | 15,575,847 | — | 15,575,847 |
Japan | — | 85,612,518 | — | 85,612,518 |
Netherlands | — | 26,811,718 | — | 26,811,718 |
New Zealand | — | 13,976,922 | — | 13,976,922 |
Singapore | — | 22,193,999 | — | 22,193,999 |
South Africa | — | 11,477,182 | — | 11,477,182 |
Spain | — | 49,051,332 | — | 49,051,332 |
Sweden | — | 49,581,970 | — | 49,581,970 |
Switzerland | — | 82,290,516 | — | 82,290,516 |
Taiwan | 10,175,046 | — | — | 10,175,046 |
United Kingdom | — | 229,783,129 | — | 229,783,129 |
Total Common Stocks | $10,175,046 | $851,018,652 (2) | $ — | $861,193,698 |
High Social Impact Investments | $ — | $ 858,770 | $ — | $ 858,770 |
Preferred Stocks - Venture Capital | — | — | 130,590 | 130,590 |
Asset Description (continued) | Level 1 | Level 2 | Level 3(1) | Total |
Venture Capital Limited Partnership Interests | $ — | $ — | $ 1,474,888 | $ 1,474,888 |
Short-Term Investments | — | 551,379 | — | 551,379 |
Total Investments | $10,175,046 | $852,428,801 | $1,605,478 | $864,209,325 |
(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. |
Average Daily Net Assets | Annual Fee Rate |
Up to and including $250 million | 0.68% |
Over $250 million up to and including $500 million | 0.665% |
Over $500 million | 0.65% |
Aggregate cost | $780,753,917 |
Gross unrealized appreciation | $ 117,400,636 |
Gross unrealized depreciation | (33,945,228) |
Net unrealized appreciation | $ 83,455,408 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | $ 864,890 | $ — | $ — | $ — | $ (27,192) | $ 837,698 | $ 6,600 | $880,000 |
Venture Capital Limited Partnership Interests | ||||||||
gNet Defta Development Holding LLC(1)(2)(3) | 231,604 | — | — | — | (6,955) | 224,649 | — | — |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | 5,635,556 | 149,605,470 | (154,690,332) | 1,249 | (564) | 551,379 | 1,953 | 551,434 |
Totals | $1,249 | $(34,711) | $1,613,726 | $8,553 |
(1) | Restricted security. |
(2) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(3) | Non-income producing security. |
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, 2021 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 1,882,254 | $ 42,795,569 | 1,643,681 | $ 39,373,904 | |
Reinvestment of distributions | 484,064 | 11,496,510 | 12,947 | 297,262 | |
Shares redeemed | (750,747) | (18,143,606) | (907,802) | (21,869,874) | |
Converted from Class C | 16,140 | 385,470 | 50,240 | 1,153,540 | |
Net increase | 1,631,711 | $ 36,533,943 | 799,066 | $ 18,954,832 | |
Class C | |||||
Shares sold | 20,575 | $ 433,651 | 111,587 | $ 2,286,086 | |
Reinvestment of distributions | 24,796 | 496,666 | — | — | |
Shares redeemed | (38,294) | (782,419) | (55,316) | (1,126,913) | |
Converted to Class A | (19,105) | (385,470) | (58,945) | (1,153,540) | |
Net increase (decrease) | (12,028) | $ (237,572) | (2,674) | $ 5,633 | |
Class I | |||||
Shares sold | 4,628,560 | $ 117,975,648 | 12,693,224 | $ 319,563,633 | |
Reinvestment of distributions | 1,290,290 | 32,889,495 | 63,273 | 1,552,097 | |
Shares redeemed | (4,463,967) | (110,965,096) | (6,021,538) | (156,919,455) | |
Net increase | 1,454,883 | $ 39,900,047 | 6,734,959 | $ 164,196,275 | |
Class R6 | |||||
Shares sold | 1,856,677 | $ 47,328,344 | 1,815,279 | $ 45,216,469 | |
Reinvestment of distributions | 365,740 | 9,304,424 | 25,420 | 622,531 | |
Shares redeemed | (1,376,195) | (34,473,526) | (1,477,180) | (37,186,283) | |
Net increase | 846,222 | $ 22,159,242 | 363,519 | $ 8,652,717 |
Name of Investment | Unfunded Commitment |
Africa Renewable Energy Fund L.P. | $ 10,449 |
SEAF India International Growth Fund L.P. | 17,500 |
Total | $27,949 |
Officers |
Hope L. Brown Chief Compliance Officer |
Deidre E. Walsh 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 |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908imgdd2cd43f1.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908img7cef55912.gif)
% 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 | (11.94)% | (18.14)% | 6.69% | 6.16% |
Class A with 4.75% Maximum Sales Charge | — | — | (16.13) | (22.04) | 5.66 | 5.61 |
Class C at NAV | 10/29/2012 | 10/29/2012 | (12.25) | (18.75) | 5.89 | 5.41 |
Class C with 1% Maximum Sales Charge | — | — | (13.12) | (19.56) | 5.89 | 5.41 |
Class I at NAV | 10/29/2012 | 10/29/2012 | (11.78) | (17.93) | 6.99 | 6.49 |
Class R6 at NAV | 02/01/2018 | 10/29/2012 | (11.78) | (17.87) | 7.01 | 6.51 |
MSCI Emerging Markets Index | — | — | (8.20)% | (11.37)% | 5.97% | 3.90% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.27% | 2.02% | 1.02% | 0.94% |
Net | 1.24 | 1.99 | 0.99 | 0.92 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908img0f4752bb3.jpg)
Top 10 Holdings (% of net assets)* | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 8.0% |
Samsung Electronics Co., Ltd. | 7.4 |
Tencent Holdings, Ltd. | 5.4 |
Alibaba Group Holding, Ltd. | 4.4 |
JD.com, Inc., Class A | 2.9 |
China Merchants Bank Co., Ltd., Class H | 2.7 |
NARI Technology Co., Ltd., Class A | 2.6 |
Bank Rakyat Indonesia Persero Tbk PT | 2.5 |
Techtronic Industries Co., Ltd. | 2.4 |
AIA Group, Ltd. | 2.3 |
Total | 40.6% |
* | Excludes cash and cash equivalents. |
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.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.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 1/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. |
Beginning Account Value (10/1/21) | Ending Account Value (3/31/22) | Expenses Paid During Period* (10/1/21 – 3/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 880.60 | $ 5.81** | 1.24% |
Class C | $1,000.00 | $ 877.50 | $ 9.31** | 1.99% |
Class I | $1,000.00 | $ 882.20 | $ 4.65** | 0.99% |
Class R6 | $1,000.00 | $ 882.20 | $ 4.32** | 0.92% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.75 | $ 6.24** | 1.24% |
Class C | $1,000.00 | $1,015.01 | $10.00 ** | 1.99% |
Class I | $1,000.00 | $1,020.00 | $ 4.99** | 0.99% |
Class R6 | $1,000.00 | $1,020.34 | $ 4.63** | 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 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Common Stocks — 96.5% |
Security | Shares | Value | |
Brazil — 5.7% | |||
Hapvida Participacoes e Investimentos S.A.(1) | 27,177,145 | $ 67,585,385 | |
Magazine Luiza S.A. | 18,390,300 | 26,343,316 | |
Natura & Co. Holding S.A.(2) | 9,524,304 | 52,112,059 | |
WEG S.A. | 7,651,600 | 56,040,431 | |
$ 202,081,191 | |||
Chile — 1.8% | |||
Banco de Chile | 582,124,818 | $ 62,351,366 | |
$ 62,351,366 | |||
China — 25.3% | |||
Alibaba Group Holding, Ltd.(2) | 11,412,613 | $ 155,744,635 | |
Autohome, Inc. ADR | 470,342 | 14,303,100 | |
China Communications Services Corp., Ltd., Class H | 57,453,563 | 25,906,369 | |
China Merchants Bank Co., Ltd., Class H | 12,411,500 | 96,616,346 | |
Hangzhou Tigermed Consulting Co., Ltd., Class A | 2,827,719 | 47,686,589 | |
Hundsun Technologies, Inc., Class A | 6,214,172 | 43,391,240 | |
JD.com, Inc., Class A(2) | 3,634,387 | 103,270,636 | |
Midea Group Co., Ltd. | 2,472,489 | 22,052,791 | |
NARI Technology Co., Ltd., Class A | 18,744,580 | 92,370,043 | |
Shenzhen International Holdings, Ltd. | 2,990,326 | 3,145,294 | |
Silergy Corp. | 263,000 | 30,836,954 | |
Tencent Holdings, Ltd. | 4,125,796 | 190,175,857 | |
Wuxi Biologics Cayman, Inc.(1)(2) | 3,046,000 | 24,187,055 | |
Zhongji Innolight Co., Ltd., Class A | 8,717,231 | 43,215,837 | |
$ 892,902,746 | |||
Hong Kong — 6.0% | |||
AIA Group, Ltd. | 7,650,928 | $ 79,890,051 | |
Samsonite International S.A.(1)(2) | 16,689,896 | 37,341,721 | |
SITC International Holdings Co., Ltd. | 3,511,482 | 12,278,621 | |
Techtronic Industries Co., Ltd. | 5,226,290 | 83,732,812 | |
$ 213,243,205 | |||
Hungary — 1.0% | |||
Richter Gedeon Nyrt | 1,756,063 | $ 37,067,904 | |
$ 37,067,904 | |||
India — 12.3% | |||
Bajaj Finserv, Ltd. | 203,689 | $ 45,366,097 | |
Bharat Forge, Ltd. | 3,307,451 | 30,338,699 | |
Container Corp. of India, Ltd. | 3,262,856 | 28,719,475 | |
Dabur India, Ltd. | 4,963,802 | 35,063,369 | |
Hero MotoCorp, Ltd. | 1,032,450 | 31,023,705 | |
ICICI Bank, Ltd. | 7,708,423 | 73,563,003 | |
Motherson Sumi Systems, Ltd. | 17,438,594 | 31,894,424 |
Security | Shares | Value | |
India (continued) | |||
Motherson Sumi Wiring India, Ltd.(2) | 13,809,415 | $ 11,772,857 | |
SBI Life Insurance Co., Ltd.(1) | 2,947,453 | 43,330,099 | |
State Bank of India | 8,038,383 | 51,908,437 | |
Tech Mahindra, Ltd. | 2,688,718 | 52,919,878 | |
$ 435,900,043 | |||
Indonesia — 4.0% | |||
Bank Central Asia Tbk PT | 94,239,100 | $ 52,383,288 | |
Bank Rakyat Indonesia Persero Tbk PT | 270,603,707 | 87,400,841 | |
$ 139,784,129 | |||
Malaysia — 1.7% | |||
Press Metal Aluminium Holdings Bhd | 39,954,000 | $ 58,817,229 | |
$ 58,817,229 | |||
Mexico — 5.1% | |||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,395,063 | $ 38,608,801 | |
Grupo Financiero Banorte SAB de CV, Class O | 10,244,426 | 77,165,405 | |
Wal-Mart de Mexico SAB de CV | 15,347,677 | 62,895,382 | |
$ 178,669,588 | |||
Peru — 2.1% | |||
Credicorp, Ltd. | 423,624 | $ 72,808,257 | |
$ 72,808,257 | |||
South Africa — 3.0% | |||
Clicks Group, Ltd. | 1,750,076 | $ 37,048,117 | |
Prosus NV | 656,728 | 35,285,379 | |
Shoprite Holdings, Ltd. | 2,178,644 | 35,164,605 | |
$ 107,498,101 | |||
South Korea — 10.6% | |||
KB Financial Group, Inc. | 1,152,187 | $ 57,740,548 | |
LG Chem, Ltd. | 125,808 | 54,973,872 | |
Samsung Electronics Co., Ltd. | 4,590,306 | 262,670,924 | |
$ 375,385,344 | |||
Sweden — 1.5% | |||
Epiroc AB, Class A | 2,554,887 | $ 54,646,089 | |
$ 54,646,089 | |||
Taiwan — 14.9% | |||
Accton Technology Corp. | 7,833,000 | $ 60,228,024 | |
Delta Electronics, Inc. | 8,453,000 | 78,373,882 | |
LandMark Optoelectronics Corp. | 4,284,900 | 27,296,728 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 13,866,000 | 284,440,372 | |
Win Semiconductors Corp. | 1,868,000 | 17,190,436 |
Security | Shares | Value | |
Taiwan (continued) | |||
Wiwynn Corp. | 1,694,000 | $ 59,758,179 | |
$ 527,287,621 | |||
United States — 1.5% | |||
Micron Technology, Inc. | 687,948 | $ 53,584,270 | |
$ 53,584,270 | |||
Total Common Stocks (identified cost $3,211,141,803) | $3,412,027,083 |
High Social Impact Investments — 0.1% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(3)(4) | $ | 5,170 | $ 4,921,478 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 0.00%, 11/3/22(4)(5) | 4 | 4,119 | |
Total High Social Impact Investments (identified cost $5,174,303) | $ 4,925,597 |
Short-Term Investments — 2.3% |
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.14%(6) | 79,961,856 | $ 79,953,859 | |
Total Short-Term Investments (identified cost $79,949,359) | $ 79,953,859 |
Total Investments — 98.9% (identified cost $3,296,265,465) | $3,496,906,539 | |
Other Assets, Less Liabilities — 1.1% | $ 38,644,638 | |
Net Assets — 100.0% | $3,535,551,177 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2022, the aggregate value of these securities is $172,444,260 or 4.9% of the Fund's net assets. |
(2) | Non-income producing security. |
(3) | May be deemed to be an affiliated company (see Note 7). |
(4) | Restricted security. Total market value of restricted securities amounts to $4,925,597, which represents 0.1% of the net assets of the Fund as of March 31, 2022. |
(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, 2022. |
(6) | Affiliated investment company, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2022. |
Economic Sectors | % of Net Assets |
Information Technology | 28.7% |
Financials | 22.6 |
Consumer Discretionary | 13.7 |
Industrials | 11.2 |
Consumer Staples | 6.3 |
Communication Services | 5.8 |
Health Care | 5.0 |
Materials | 3.2 |
High Social Impact Investments | 0.1 |
Total | 96.6% |
Description | Acquisition Dates | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $5,170,000 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 0.00%, 11/3/22 | 11/13/15 | 4,303 |
Abbreviations: | |
ADR | – American Depositary Receipt |
March 31, 2022 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $3,211,146,106) | $ 3,412,031,202 |
Investments in securities of affiliated issuers, at value (identified cost $85,119,359) | 84,875,337 |
Cash denominated in foreign currency, at value (cost $28,598,471) | 28,549,068 |
Receivable for investments sold | 13,906,005 |
Receivable for capital shares sold | 20,147,122 |
Dividends and interest receivable | 12,123,733 |
Dividends and interest receivable - affiliated | 27,739 |
Securities lending income receivable | 679 |
Directors' deferred compensation plan | 853,551 |
Other assets | 239,207 |
Total assets | $3,572,753,643 |
Liabilities | |
Payable for investments purchased | $ 11,368,212 |
Payable for capital shares redeemed | 11,071,989 |
Payable for foreign capital gain taxes | 9,980,079 |
Payable to affiliates: | |
Investment advisory fee | 2,183,098 |
Administrative fee | 349,296 |
Distribution and service fees | 80,974 |
Sub-transfer agency fee | 70,712 |
Directors' deferred compensation plan | 853,551 |
Other | 87,521 |
Accrued expenses | 1,157,034 |
Total liabilities | $ 37,202,466 |
Net Assets | $3,535,551,177 |
Sources of Net Assets | |
Paid-in capital | $ 3,256,801,716 |
Distributable earnings | 278,749,461 |
Net Assets | $3,535,551,177 |
Class A Shares | |
Net Assets | $ 381,869,299 |
Shares Outstanding | 20,739,173 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 18.41 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 19.33 |
Class C Shares | |
Net Assets | $ 26,938,117 |
Shares Outstanding | 1,515,925 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 17.77 |
March 31, 2022 | |
Class I Shares | |
Net Assets | $ 2,725,829,901 |
Shares Outstanding | 146,808,186 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 18.57 |
Class R6 Shares | |
Net Assets | $ 400,913,860 |
Shares Outstanding | 21,646,259 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 18.52 |
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. |
Six Months Ended | |
March 31, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $5,120,773) | $ 31,079,627 |
Dividend income - affiliated issuers | 9,619 |
Interest income (net of foreign taxes withheld of $1) | 17 |
Interest income - affiliated issuers | 38,775 |
Securities lending income, net | 12,137 |
Total investment income | $ 31,140,175 |
Expenses | |
Investment advisory fee | $ 14,436,315 |
Administrative fee | 2,309,810 |
Distribution and service fees: | |
Class A | 282,937 |
Class C | 155,525 |
Directors' fees and expenses | 72,192 |
Custodian fees | 439,526 |
Transfer agency fees and expenses | 1,601,745 |
Accounting fees | 258,742 |
Professional fees | 94,006 |
Registration fees | 153,408 |
Reports to shareholders | 112,915 |
Miscellaneous | 70,198 |
Total expenses | $ 19,987,319 |
Waiver and/or reimbursement of expenses by affiliate | $ (636,946) |
Net expenses | $ 19,350,373 |
Net investment income | $ 11,789,802 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities (net of foreign capital gains taxes of $11,339,281) | $ 109,786,169 |
Investment securities - affiliated issuers | (8,694) |
Foreign currency transactions | (3,436,992) |
Net realized gain | $ 106,340,483 |
Change in unrealized appreciation (depreciation): | |
Investment securities (including net decrease in payable for foreign capital gains taxes of $16,485,366) | $ (567,021,609) |
Investment securities - affiliated issuers | (155,254) |
Foreign currency | (87,579) |
Net change in unrealized appreciation (depreciation) | $(567,264,442) |
Net realized and unrealized loss | $(460,923,959) |
Net decrease in net assets from operations | $(449,134,157) |
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 11,789,802 | $ 29,727,866 |
Net realized gain | 106,340,483 | 99,843,177 |
Net change in unrealized appreciation (depreciation) | (567,264,442) | 314,373,812 |
Net increase (decrease) in net assets from operations | $ (449,134,157) | $ 443,944,855 |
Distributions to shareholders: | ||
Class A | $ (725,054) | $ (716,932) |
Class I | (23,624,539) | (13,667,112) |
Class R6 | (4,343,502) | (1,855,013) |
Total distributions to shareholders | $ (28,693,095) | $ (16,239,057) |
Capital share transactions: | ||
Class A | $ 108,795,811 | $ 92,770,986 |
Class C | (2,406,056) | (1,983,892) |
Class I | (238,231,596) | 467,857,670 |
Class R6 | (58,858,262) | 169,097,679 |
Net increase (decrease) in net assets from capital share transactions | $ (190,700,103) | $ 727,742,443 |
Net increase (decrease) in net assets | $ (668,527,355) | $1,155,448,241 |
Net Assets | ||
At beginning of period | $ 4,204,078,532 | $ 3,048,630,291 |
At end of period | $3,535,551,177 | $4,204,078,532 |
Class A | ||||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 20.98 | $ 18.33 | $ 16.05 | $ 15.55 | $ 16.33 | $ 12.94 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.05 | $ 0.12 | $ 0.09 | $ 0.17 | $ 0.19 | $ 0.10 |
Net realized and unrealized gain (loss) | (2.55) | 2.59 | 2.27 | 0.45 | (0.94) | 3.36 |
Total income (loss) from operations | $ (2.50) | $ 2.71 | $ 2.36 | $ 0.62 | $ (0.75) | $ 3.46 |
Less Distributions | ||||||
From net investment income | $ (0.07) | $ (0.06) | $ (0.08) | $ (0.12) | $ (0.03) | $ (0.07) |
Total distributions | $ (0.07) | $ (0.06) | $ (0.08) | $ (0.12) | $ (0.03) | $ (0.07) |
Net asset value — End of period | $ 18.41 | $ 20.98 | $ 18.33 | $ 16.05 | $ 15.55 | $ 16.33 |
Total Return(2) | (11.94)% (3) | 14.70% | 14.82% | 4.02% | (4.62)% | 26.89% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $381,869 | $290,117 | $173,728 | $132,066 | $155,735 | $62,432 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.27% (5) | 1.27% | 1.27% | 1.41% | 1.56% | 1.80% |
Net expenses | 1.24% (5) | 1.24% | 1.24% | 1.25% | 1.27% | 1.27% |
Net investment income | 0.47% (5) | 0.54% | 0.54% | 1.06% | 1.15% | 0.73% |
Portfolio Turnover | 35% (3) | 36% | 38% | 32% | 27% | 36% |
(1) | Computed using average shares outstanding. |
(2) | 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. |
(3) | Not annualized. |
(4) | 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. |
(5) | Annualized. |
Class C | ||||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 20.25 | $ 17.78 | $ 15.62 | $ 15.18 | $ 16.04 | $ 12.76 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ (0.04) | $ (0.07) | $ (0.04) | $ 0.05 | $ 0.10 | $ 0.01 |
Net realized and unrealized gain (loss) | (2.44) | 2.54 | 2.20 | 0.45 | (0.96) | 3.29 |
Total income (loss) from operations | $ (2.48) | $ 2.47 | $ 2.16 | $ 0.50 | $ (0.86) | $ 3.30 |
Less Distributions | ||||||
From net investment income | $ — | $ — | $ — | $ (0.06) | $ — | $ (0.02) |
Total distributions | $ — | $ — | $ — | $ (0.06) | $ — | $ (0.02) |
Net asset value — End of period | $ 17.77 | $ 20.25 | $ 17.78 | $ 15.62 | $ 15.18 | $16.04 |
Total Return(2) | (12.25)% (3) | 13.83% | 13.89% | 3.33% | (5.36)% | 25.88% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $26,938 | $33,249 | $30,938 | $28,794 | $24,286 | $ 4,627 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 2.03% (5) | 2.02% | 2.02% | 2.16% | 2.31% | 3.69% |
Net expenses | 1.99% (5) | 1.99% | 1.99% | 2.00% | 2.02% | 2.02% |
Net investment income (loss) | (0.38)% (5) | (0.32)% | (0.22)% | 0.35% | 0.60% | 0.08% |
Portfolio Turnover | 35% (3) | 36% | 38% | 32% | 27% | 36% |
(1) | Computed using average shares outstanding. |
(2) | 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. |
(3) | Not annualized. |
(4) | 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. |
(5) | Annualized. |
Class I | ||||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 21.21 | $ 18.52 | $ 16.22 | $ 15.73 | $ 16.48 | $ 13.06 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.06 | $ 0.16 | $ 0.13 | $ 0.22 | $ 0.29 | $ 0.17 |
Net realized and unrealized gain (loss) | (2.54) | 2.62 | 2.29 | 0.45 | (0.99) | 3.35 |
Total income (loss) from operations | $ (2.48) | $ 2.78 | $ 2.42 | $ 0.67 | $ (0.70) | $ 3.52 |
Less Distributions | ||||||
From net investment income | $ (0.16) | $ (0.09) | $ (0.12) | $ (0.18) | $ (0.05) | $ (0.10) |
Total distributions | $ (0.16) | $ (0.09) | $ (0.12) | $ (0.18) | $ (0.05) | $ (0.10) |
Net asset value — End of period | $ 18.57 | $ 21.21 | $ 18.52 | $ 16.22 | $ 15.73 | $ 16.48 |
Total Return(2) | (11.78)% (3) | 14.94% | 15.07% | 4.36% | (4.30)% | 27.27% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $2,725,830 | $3,357,833 | $2,530,135 | $1,817,479 | $1,012,574 | $126,398 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.03% (5) | 1.02% | 1.02% | 1.15% | 1.32% | 1.32% |
Net expenses | 0.99% (5) | 0.99% | 0.99% | 0.97% | 0.92% | 0.92% |
Net investment income | 0.62% (5) | 0.71% | 0.79% | 1.41% | 1.71% | 1.20% |
Portfolio Turnover | 35% (3) | 36% | 38% | 32% | 27% | 36% |
(1) | Computed using average shares outstanding. |
(2) | 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. |
(3) | Not annualized. |
(4) | 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. |
(5) | Annualized. |
Class R6 | |||||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | Period Ended September 30, | |||
2021 | 2020 | 2019 | 2018 (1) | ||
Net asset value — Beginning of period | $ 21.18 | $ 18.49 | $ 16.19 | $ 15.72 | $ 18.65 |
Income (Loss) From Operations | |||||
Net investment income(2) | $ 0.07 | $ 0.17 | $ 0.14 | $ 0.27 | $ 0.26 |
Net realized and unrealized gain (loss) | (2.55) | 2.62 | 2.30 | 0.40 | (3.19) |
Total income (loss) from operations | $ (2.48) | $ 2.79 | $ 2.44 | $ 0.67 | $ (2.93) |
Less Distributions | |||||
From net investment income | $ (0.18) | $ (0.10) | $ (0.14) | $ (0.20) | $ — |
Total distributions | $ (0.18) | $ (0.10) | $ (0.14) | $ (0.20) | $ — |
Net asset value — End of period | $ 18.52 | $ 21.18 | $ 18.49 | $ 16.19 | $ 15.72 |
Total Return(3) | (11.78)% (4) | 15.09% | 15.13% | 4.35% | (15.71)% (4) |
Ratios/Supplemental Data | |||||
Net assets, end of period (000’s omitted) | $400,914 | $522,879 | $313,830 | $218,601 | $10,217 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Total expenses | 0.95% (6) | 0.94% | 0.95% | 1.06% | 1.24% (6) |
Net expenses | 0.92% (6) | 0.92% | 0.92% | 0.92% | 0.92% (6) |
Net investment income | 0.68% (6) | 0.78% | 0.84% | 1.67% | 2.48% (6) |
Portfolio Turnover | 35% (4) | 36% | 38% | 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. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Brazil | $ 202,081,191 | $ — | $ — | $ 202,081,191 |
Chile | — | 62,351,366 | — | 62,351,366 |
China | 14,303,100 | 878,599,646 | — | 892,902,746 |
Hong Kong | — | 213,243,205 | — | 213,243,205 |
Hungary | — | 37,067,904 | — | 37,067,904 |
India | 11,772,857 | 424,127,186 | — | 435,900,043 |
Indonesia | — | 139,784,129 | — | 139,784,129 |
Malaysia | — | 58,817,229 | — | 58,817,229 |
Mexico | 178,669,588 | — | — | 178,669,588 |
Peru | 72,808,257 | — | — | 72,808,257 |
South Africa | — | 107,498,101 | — | 107,498,101 |
South Korea | — | 375,385,344 | — | 375,385,344 |
Sweden | — | 54,646,089 | — | 54,646,089 |
Taiwan | — | 527,287,621 | — | 527,287,621 |
United States | 53,584,270 | — | — | 53,584,270 |
Total Common Stocks | $533,219,263 | $2,878,807,820 (1) | $ — | $3,412,027,083 |
High Social Impact Investments | $ — | $ 4,925,597 | $ — | $ 4,925,597 |
Short-Term Investments | — | 79,953,859 | — | 79,953,859 |
Total Investments | $533,219,263 | $2,963,687,276 | $ — | $3,496,906,539 |
(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. |
Aggregate cost | $3,324,089,368 |
Gross unrealized appreciation | $ 546,306,130 |
Gross unrealized depreciation | (373,488,959) |
Net unrealized appreciation | $ 172,817,171 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | $5,081,231 | $ — | $ — | $ — | $ (159,753) | $ 4,921,478 | $ 38,775 | $ 5,170,000 |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | 6,784,347 | 602,785,414 | (529,611,707) | (8,694) | 4,499 | 79,953,859 | 9,619 | 79,961,856 |
Totals | $(8,694) | $ (155,254) | $84,875,337 | $48,394 |
(1) | Restricted security. |
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, 2021 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 15,895,388 | $ 291,705,097 | 15,904,646 | $ 347,555,284 | |
Reinvestment of distributions | 27,819 | 559,156 | 31,266 | 677,539 | |
Shares redeemed | (9,016,300) | (183,490,279) | (11,585,367) | (255,550,144) | |
Converted from Class C | 1,119 | 21,837 | 4,116 | 88,307 | |
Net increase | 6,908,026 | $ 108,795,811 | 4,354,661 | $ 92,770,986 | |
Class C | |||||
Shares sold | 55,392 | $ 1,069,783 | 382,860 | $ 8,383,949 | |
Shares redeemed | (180,363) | (3,454,002) | (476,281) | (10,279,534) | |
Converted to Class A | (1,159) | (21,837) | (4,252) | (88,307) | |
Net decrease | (126,130) | $ (2,406,056) | (97,673) | $ (1,983,892) | |
Class I | |||||
Shares sold | 28,775,748 | $ 576,879,764 | 73,886,174 | $ 1,643,627,034 | |
Reinvestment of distributions | 1,114,340 | 22,565,377 | 587,397 | 12,852,247 | |
Shares redeemed | (41,371,372) | (837,676,737) | (52,783,871) | (1,188,621,611) | |
Net increase (decrease) | (11,481,284) | $(238,231,596) | 21,689,700 | $ 467,857,670 | |
Class R6 | |||||
Shares sold | 2,639,375 | $ 53,372,072 | 13,330,886 | $ 293,926,149 | |
Reinvestment of distributions | 164,920 | 3,331,380 | 77,754 | 1,697,360 | |
Shares redeemed | (5,846,583) | (115,561,714) | (5,694,908) | (126,525,830) | |
Net increase (decrease) | (3,042,288) | $ (58,858,262) | 7,713,732 | $ 169,097,679 |
Officers |
Hope L. Brown Chief Compliance Officer |
Deidre E. Walsh 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 |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908img44ffa9aa1.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908imgc771b37e2.gif)
% Average Annual 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 | (1.06)% | (5.04)% | —% | 8.75% |
Class A with 4.75% Maximum Sales Charge | — | — | (5.77) | (9.53) | — | 6.65 |
Class I at NAV | 10/01/2019 | 10/01/2019 | (0.97) | (4.80) | — | 8.98 |
MSCI Emerging Markets Index | — | — | (8.20)% | (11.37)% | 5.97% | 7.66% |
Calvert Emerging Markets Index | — | — | (8.22) | (11.98) | — | 7.97 |
% Total Annual Operating Expense Ratios3 | Class A | Class I |
Gross | 1.41% | 1.16% |
Net | 1.20 | 0.95 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-160775/g312908img8ab6fed73.jpg)
Top 10 Holdings (% of net assets)* | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 6.1% |
Samsung Electronics Co., Ltd. | 5.1 |
Hellenic Telecommunications Organization S.A. | 4.4 |
Commercial International Bank Egypt SAE | 4.4 |
Tencent Holdings, Ltd. | 3.9 |
First Abu Dhabi Bank PJSC | 3.4 |
Eurobank Ergasias S.A. | 2.8 |
International Holdings Co. PJSC | 2.1 |
Bank Central Asia Tbk PT | 2.0 |
National Bank of Greece S.A. | 1.9 |
Total | 36.1% |
* | Excludes cash and cash equivalents. |
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 | 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 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 1/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. |
Beginning Account Value (10/1/21) | Ending Account Value (3/31/22) | Expenses Paid During Period* (10/1/21 – 3/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 989.40 | $6.15 ** | 1.24% |
Class I | $1,000.00 | $ 990.30 | $4.91 ** | 0.99% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.75 | $6.24 ** | 1.24% |
Class I | $1,000.00 | $1,020.00 | $4.99 ** | 0.99% |
* | 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 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Common Stocks — 96.7% |
Security | Shares | Value | |
Brazil — 9.2% | |||
Alpargatas S.A., PFC Shares | 3,051 | $ 16,706 | |
Americanas S.A. | 26,196 | 179,645 | |
Americanas S.A. | 560 | 3,778 | |
Atacadao S.A. | 22,481 | 106,336 | |
Azul S.A., PFC Shares(1) | 15,659 | 78,672 | |
B3 S.A. - Brasil Bolsa Balcao | 201,229 | 663,994 | |
Banco Bradesco S.A., PFC Shares | 101,135 | 472,001 | |
Banco do Brasil S.A. | 22,259 | 162,230 | |
BB Seguridade Participacoes S.A. | 26,572 | 142,653 | |
Bradespar S.A., PFC Shares | 10,076 | 70,009 | |
BRF S.A.(1) | 26,068 | 101,785 | |
Cia de Saneamento Basico do Estado de Sao Paulo | 16,521 | 165,555 | |
Cia de Transmissao de Energia Eletrica Paulista | 10,041 | 55,762 | |
Cia Energetica de Minas Gerais, PFC Shares | 58,892 | 188,141 | |
Cia Paranaense de Energia, Class B, PFC Shares | 24,786 | 39,357 | |
Dexco S.A. | 3,454 | 10,650 | |
Engie Brasil Energia S.A. | 13,744 | 124,823 | |
Equatorial Energia S.A. | 47,907 | 273,795 | |
Hapvida Participacoes e Investimentos S.A.(2) | 146,135 | 363,416 | |
Hypera S.A. | 13,685 | 111,267 | |
Itau Unibanco Holding S.A., PFC Shares | 100,582 | 580,543 | |
Itausa - Investimentos Itau S.A., PFC Shares | 129,920 | 293,347 | |
Klabin S.A. | 271,306 | 265,548 | |
Localiza Rent a Car S.A. | 30,348 | 389,465 | |
Locaweb Servicos de Internet S.A.(1)(2) | 5,095 | 10,808 | |
Lojas Renner S.A. | 31,149 | 179,918 | |
Magazine Luiza S.A. | 99,911 | 143,118 | |
Metalurgica Gerdau S.A., PFC Shares | 42,819 | 110,262 | |
Multiplan Empreendimentos Imobiliarios S.A. | 14,416 | 74,123 | |
Natura & Co. Holding S.A.(1) | 29,056 | 158,979 | |
Neoenergia S.A. | 5,834 | 21,101 | |
Pagseguro Digital, Ltd., Class A(1) | 6,278 | 125,874 | |
Porto Seguro S.A. | 3,200 | 14,188 | |
Raia Drogasil S.A. | 38,187 | 192,016 | |
StoneCo, Ltd., Class A(1) | 7,516 | 87,937 | |
Sul America S.A. | 5,771 | 41,673 | |
Telefonica Brasil S.A. | 13,935 | 157,144 | |
TIM S.A. | 28,940 | 83,822 | |
TOTVS S.A. | 17,679 | 135,088 | |
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, PFC Shares | 26,355 | 77,332 | |
Via S.A.(1) | 22,847 | 20,011 | |
WEG S.A. | 57,029 | 417,681 | |
XP, Inc., Class A(1) | 4,595 | 138,310 |
Security | Shares | Value | |
Brazil (continued) | |||
XP, Inc. BDR(1) | 1,629 | $ 49,099 | |
$ 7,097,962 | |||
Canada — 0.0%(3) | |||
Atlas Corp.(4) | 1,170 | $ 17,176 | |
$ 17,176 | |||
China — 20.7% | |||
360 DigiTech, Inc. | 3,702 | $ 56,974 | |
3SBio, Inc.(1)(2) | 6,000 | 4,879 | |
Airtac International Group | 4,139 | 133,072 | |
Akeso, Inc.(1)(2)(4) | 2,000 | 4,187 | |
A-Living Smart City Services Co., Ltd., Class H(2)(4) | 2,750 | 3,807 | |
ANTA Sports Products, Ltd. | 19,000 | 235,695 | |
Autohome, Inc. ADR | 1,827 | 55,559 | |
Bank of Communications Co., Ltd., Class H | 453,000 | 324,310 | |
Baozun, Inc. ADR(1) | 810 | 6,950 | |
BeiGene, Ltd.(1)(4) | 15,000 | 220,014 | |
Beijing Enterprises Water Group, Ltd. | 106,000 | 32,430 | |
Bilibili, Inc. ADR(1)(4) | 4,601 | 117,694 | |
BYD Co., Ltd., Class H | 12,000 | 333,783 | |
BYD Electronic International Co., Ltd.(4) | 16,000 | 31,706 | |
CanSino Biologics, Inc., Class H(1)(2) | 200 | 3,183 | |
China CITIC Bank Corp, Ltd., Class H | 279,000 | 140,790 | |
China Communications Services Corp., Ltd., Class H | 16,000 | 7,215 | |
China Conch Environment Protection Holdings, Ltd.(1) | 24,500 | 30,651 | |
China Conch Venture Holdings, Ltd. | 47,000 | 137,014 | |
China Everbright Bank Co., Ltd., Class H | 20,000 | 7,546 | |
China Everbright Environment Group, Ltd. | 88,000 | 52,818 | |
China International Capital Corp., Ltd., Class H(2) | 47,200 | 104,346 | |
China International Marine Containers Group Co., Ltd. | 3,200 | 5,208 | |
China Lesso Group Holdings, Ltd. | 35,000 | 42,009 | |
China Literature, Ltd.(1)(2) | 7,200 | 29,487 | |
China Longyuan Power Group Corp., Ltd., Class H | 67,000 | 150,599 | |
China Medical System Holdings, Ltd. | 4,000 | 6,238 | |
China Meidong Auto Holdings, Ltd. | 24,000 | 91,212 | |
China Mengniu Dairy Co., Ltd. | 53,000 | 284,154 | |
China Merchants Bank Co., Ltd., Class H | 60,000 | 467,065 | |
China Minsheng Banking Corp., Ltd., Class H | 226,000 | 84,773 | |
China National Building Material Co., Ltd., Class H | 128,000 | 157,445 | |
China Resources Land, Ltd. | 60,000 | 277,809 | |
China Ruyi Holdings, Ltd.(1)(4) | 16,000 | 4,289 | |
China Tower Corp, Ltd., Class H(2) | 952,000 | 106,569 | |
China Vanke Co., Ltd., Class H | 40,000 | 89,971 | |
China Yongda Automobiles Services Holdings, Ltd. | 45,500 | 49,157 | |
Chinasoft International, Ltd. | 72,000 | 59,015 | |
Chongqing Iron & Steel Co., Ltd., Class H(1) | 54,000 | 8,183 |
Security | Shares | Value | |
China (continued) | |||
CIFI Ever Sunshine Services Group, Ltd. | 14,000 | $ 18,663 | |
Country Garden Holdings Co., Ltd.(4) | 147,000 | 112,529 | |
Country Garden Services Holdings Co., Ltd. | 43,000 | 181,143 | |
CSPC Pharmaceutical Group, Ltd. | 147,600 | 169,127 | |
Dada Nexus, Ltd. ADR(1) | 716 | 6,537 | |
Dali Foods Group Co., Ltd.(2) | 17,500 | 9,130 | |
ENN Energy Holdings, Ltd. | 13,400 | 200,141 | |
Far East Horizon, Ltd. | 53,000 | 47,256 | |
Flat Glass Group Co., Ltd., Class H(4) | 14,000 | 53,450 | |
Fuyao Glass Industry Group Co., Ltd., Class H(2) | 16,400 | 66,587 | |
Gaotu Techedu, Inc.(1) | 1,010 | 1,737 | |
GDS Holdings, Ltd. ADR(1) | 3,509 | 137,728 | |
Geely Automobile Holdings, Ltd. | 99,000 | 153,353 | |
Genscript Biotech Corp.(1) | 20,000 | 62,740 | |
GOME Retail Holdings, Ltd.(1)(4) | 321,000 | 19,905 | |
Great Wall Motor Co., Ltd., Class H | 63,500 | 99,662 | |
Greentown China Holdings, Ltd. | 4,000 | 7,235 | |
Greentown Service Group Co., Ltd. | 8,000 | 7,977 | |
Guangdong Investment, Ltd. | 60,000 | 81,746 | |
Guangzhou Automobile Group Co., Ltd., Class H | 32,000 | 26,386 | |
Haidilao International Holding, Ltd.(2)(4) | 33,000 | 63,494 | |
Haitong Securities Co., Ltd., Class H | 87,200 | 66,264 | |
Hangzhou Tigermed Consulting Co., Ltd., Class H(2) | 400 | 4,824 | |
Hansoh Pharmaceutical Group Co., Ltd.(2) | 4,000 | 6,651 | |
Hengan International Group Co., Ltd. | 18,500 | 85,244 | |
Huatai Securities Co., Ltd., Class H(2) | 50,000 | 76,515 | |
Huazhu Group, Ltd. ADR | 3,179 | 104,875 | |
Hygeia Healthcare Holdings Co., Ltd.(2) | 800 | 3,069 | |
I-Mab ADR(1) | 240 | 3,898 | |
Innovent Biologics, Inc.(1)(2) | 22,000 | 74,033 | |
JD.com, Inc. ADR(1) | 13,680 | 791,662 | |
JD.com, Inc., Class A(1) | 3,273 | 93,002 | |
Jiangsu Expressway Co., Ltd., Class H | 12,000 | 12,532 | |
Jinke Smart Services Group Co., Ltd., Class H | 1,400 | 5,010 | |
Jinxin Fertility Group, Ltd.(1)(2) | 5,000 | 3,793 | |
Jiumaojiu International Holdings, Ltd.(2)(4) | 15,000 | 31,730 | |
Kingdee International Software Group Co., Ltd.(1) | 55,000 | 120,501 | |
Kingsoft Cloud Holdings, Ltd. ADR(1)(4) | 440 | 2,671 | |
Kingsoft Corp., Ltd. | 21,200 | 67,536 | |
Li Ning Co., Ltd. | 33,500 | 284,460 | |
Lifetech Scientific Corp.(1) | 12,000 | 3,965 | |
Longfor Group Holdings, Ltd.(2) | 40,000 | 204,607 | |
Meituan, Class B(1)(2) | 54,000 | 1,022,973 | |
Ming Yuan Cloud Group Holdings, Ltd.(4) | 2,000 | 2,695 | |
NetEase, Inc. ADR | 6,016 | 539,575 | |
New Oriental Education & Technology Group, Inc. ADR(1) | 22,399 | 25,759 | |
NIO, Inc. ADR(1) | 18,857 | 396,940 |
Security | Shares | Value | |
China (continued) | |||
Nongfu Spring Co., Ltd., Class H(2)(4) | 39,200 | $ 206,646 | |
OneConnect Financial Technology Co., Ltd.(1) | 3,890 | 5,485 | |
Pharmaron Beijing Co., Ltd.(2) | 400 | 4,811 | |
Pinduoduo, Inc. ADR(1) | 7,260 | 291,199 | |
Ping An Healthcare and Technology Co., Ltd.(1)(2)(4) | 1,700 | 4,394 | |
Postal Savings Bank of China Co., Ltd., Class H(2) | 291,000 | 234,327 | |
Qingdao Port International Co., Ltd., Class H(2) | 89,000 | 45,451 | |
Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 48,400 | 51,406 | |
Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H | 1,500 | 7,269 | |
Shenzhen International Holdings, Ltd. | 6,500 | 6,837 | |
Sinopharm Group Co., Ltd., Class H | 26,400 | 59,929 | |
Sunac Services Holdings, Ltd., Class H(1)(2)(4) | 8,000 | 4,881 | |
Sunny Optical Technology Group Co., Ltd. | 11,700 | 185,811 | |
TAL Education Group ADR(1)(4) | 2,999 | 9,027 | |
Tencent Holdings, Ltd. | 66,100 | 3,046,836 | |
Tencent Music Entertainment Group(1) | 14,788 | 72,018 | |
Tingyi (Cayman Islands) Holding Corp. | 46,000 | 77,135 | |
Tongcheng Travel Holdings, Ltd.(1) | 26,800 | 47,223 | |
Topsports International Holdings, Ltd.(2) | 86,000 | 71,478 | |
TravelSky Technology, Ltd., Class H | 5,000 | 7,173 | |
Trip.com Group, Ltd. ADR(1) | 11,196 | 258,851 | |
Venus MedTech Hangzhou, Inc., Class H(1)(2)(4) | 2,000 | 4,081 | |
Vipshop Holdings, Ltd. ADR(1) | 13,068 | 117,612 | |
Want Want China Holdings, Ltd. | 135,000 | 124,570 | |
Weibo Corp. ADR(1) | 1,468 | 35,981 | |
Weichai Power Co., Ltd., Class H | 60,000 | 94,044 | |
Weimob, Inc.(1)(2)(4) | 6,000 | 3,827 | |
WuXi AppTec Co., Ltd., Class H(2) | 6,480 | 101,243 | |
WuXi Biologics Cayman, Inc.(1)(2) | 46,000 | 365,267 | |
Xinyi Solar Holdings, Ltd. | 102,000 | 177,518 | |
XPENG, Inc. ADR(1) | 5,593 | 154,311 | |
Yadea Group Holdings, Ltd.(2) | 4,000 | 6,127 | |
Yeahka, Ltd.(1)(4) | 2,400 | 7,284 | |
Yihai International Holding Ltd.(4) | 10,000 | 28,402 | |
Yum China Holdings, Inc. | 7,224 | 300,085 | |
Zai Lab, Ltd. ADR(1) | 1,392 | 61,220 | |
Zhejiang Expressway Co., Ltd., Class H | 6,000 | 5,029 | |
Zhongsheng Group Holdings, Ltd. | 18,000 | 126,562 | |
Zhuzhou CRRC Times Electric Co., Ltd., Class H | 18,000 | 69,692 | |
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H(4) | 9,000 | 5,682 | |
$16,005,840 | |||
Egypt — 4.4% | |||
Commercial International Bank Egypt SAE(1) | 1,354,970 | $ 3,414,166 | |
$ 3,414,166 |
Security | Shares | Value | |
Greece — 9.1% | |||
Eurobank Ergasias S.A.(1) | 1,842,582 | $ 2,155,641 | |
Hellenic Telecommunications Organization S.A. | 189,702 | 3,430,214 | |
National Bank of Greece S.A.(1) | 389,221 | 1,433,634 | |
$ 7,019,489 | |||
Hong Kong — 1.0% | |||
Alibaba Health Information Technology, Ltd.(1) | 104,000 | $ 65,819 | |
Bosideng International Holdings, Ltd. | 56,000 | 25,947 | |
China Gas Holdings, Ltd. | 87,800 | 111,908 | |
China Overseas Land & Investment, Ltd. | 86,000 | 255,913 | |
China Resources Gas Group, Ltd. | 18,000 | 75,760 | |
China State Construction International Holdings, Ltd. | 42,000 | 55,695 | |
China Traditional Chinese Medicine Holdings Co., Ltd. | 20,000 | 10,385 | |
Jinmao Property Services Co., Ltd.(1)(4) | 302 | 191 | |
JS Global Lifestyle Co., Ltd.(2) | 14,500 | 16,854 | |
Microport Scientific Corp.(4) | 2,000 | 4,450 | |
Nine Dragons Paper Holdings, Ltd. | 59,000 | 51,233 | |
Sino Biopharmaceutical, Ltd. | 167,500 | 104,005 | |
Sun Art Retail Group, Ltd.(4) | 16,000 | 5,783 | |
$ 783,943 | |||
Indonesia — 8.7% | |||
Bank Central Asia Tbk PT | 2,826,400 | $ 1,571,069 | |
Bank Jago Tbk PT(1) | 278,500 | 283,794 | |
Bank Mandiri Persero Tbk PT | 986,400 | 541,004 | |
Bank Negara Indonesia Persero Tbk PT | 405,400 | 231,622 | |
Bank Rakyat Indonesia Persero Tbk PT | 3,439,143 | 1,110,790 | |
Elang Mahkota Teknologi Tbk PT(1) | 580,400 | 98,721 | |
Indah Kiat Pulp & Paper Tbk PT | 191,900 | 105,371 | |
Indofood CBP Sukses Makmur Tbk PT | 411,900 | 210,466 | |
Kalbe Farma Tbk PT | 1,552,200 | 174,009 | |
Merdeka Copper Gold Tbk PT(1) | 2,226,400 | 699,430 | |
Sarana Menara Nusantara Tbk PT | 1,930,200 | 143,639 | |
Telkom Indonesia Persero Tbk PT | 3,682,300 | 1,171,528 | |
Tower Bersama Infrastructure Tbk PT | 665,600 | 132,717 | |
Unilever Indonesia Tbk PT | 1,063,400 | 270,437 | |
$ 6,744,597 | |||
Malaysia — 4.9% | |||
Axiata Group Bhd | 122,300 | $ 110,176 | |
CIMB Group Holdings Bhd | 189,700 | 240,305 | |
DiGi.Com Bhd | 146,400 | 135,562 | |
Hartalega Holdings Bhd | 180,300 | 208,049 | |
Hong Leong Bank Bhd | 21,600 | 103,584 | |
Hong Leong Financial Group Bhd | 7,300 | 33,985 | |
IHH Healthcare Bhd | 143,100 | 210,347 | |
Kuala Lumpur Kepong Bhd | 43,900 | 263,159 |
Security | Shares | Value | |
Malaysia (continued) | |||
Malayan Banking Bhd | 180,300 | $ 383,176 | |
Maxis Bhd | 104,500 | 97,467 | |
Nestle Malaysia Bhd | 5,300 | 168,304 | |
Petronas Dagangan Bhd | 20,500 | 99,400 | |
Petronas Gas Bhd | 39,200 | 155,162 | |
PPB Group Bhd | 53,900 | 219,233 | |
Press Metal Aluminium Holdings Bhd | 213,400 | 314,151 | |
Public Bank Bhd | 446,200 | 494,961 | |
QL Resources Bhd | 84,200 | 100,630 | |
RHB Bank Bhd | 47,600 | 67,472 | |
Sime Darby Bhd | 188,800 | 107,535 | |
Supermax Corp. Bhd | 119,866 | 33,644 | |
Telekom Malaysia Bhd | 52,300 | 60,751 | |
Top Glove Corp. Bhd | 213,600 | 97,561 | |
Westports Holdings Bhd | 106,600 | 101,313 | |
$ 3,805,927 | |||
South Korea — 13.5% | |||
Alteogen, Inc.(1) | 748 | $ 34,549 | |
AMOREPACIFIC Corp. | 537 | 70,395 | |
AMOREPACIFIC Group | 762 | 27,433 | |
CJ CheilJedang Corp. | 280 | 84,882 | |
CJ ENM Co., Ltd. | 201 | 21,637 | |
Coway Co., Ltd. | 736 | 41,485 | |
Daewoo Engineering & Construction Co., Ltd.(1) | 6,069 | 34,786 | |
Doosan Fuel Cell Co., Ltd.(1) | 892 | 29,782 | |
Doosan Heavy Industries & Construction Co., Ltd.(1) | 8,809 | 146,627 | |
Ecopro BM Co., Ltd. | 219 | 70,774 | |
Fila Holdings Corp. | 1,197 | 30,798 | |
Green Cross Corp. | 129 | 21,404 | |
GS Engineering & Construction Corp. | 1,262 | 47,924 | |
Hana Financial Group, Inc. | 3,468 | 137,933 | |
Hanjin Kal Corp.(1) | 519 | 26,374 | |
Hanmi Pharm Co., Ltd. | 180 | 40,550 | |
Hanmi Science Co., Ltd. | 771 | 28,260 | |
Hanon Systems | 4,247 | 41,097 | |
HLB, Inc.(1) | 2,207 | 55,382 | |
HMM Co., Ltd. | 5,280 | 125,778 | |
Hotel Shilla Co., Ltd. | 489 | 32,528 | |
HYBE Co., Ltd.(1) | 368 | 93,002 | |
Hyosung TNC Corp. | 49 | 18,606 | |
Hyundai Engineering & Construction Co., Ltd. | 1,481 | 57,980 | |
Hyundai Engineering & Construction Co., Ltd., PFC Shares | 15 | 1,000 | |
Hyundai Glovis Co., Ltd. | 312 | 49,196 | |
Hyundai Mobis Co., Ltd. | 1,004 | 176,956 | |
Hyundai Motor Co. | 2,555 | 376,967 | |
Industrial Bank of Korea | 2,763 | 24,553 |
Security | Shares | Value | |
South Korea (continued) | |||
Kakao Corp. | 4,974 | $ 432,333 | |
Kakao Games Corp.(1) | 631 | 40,229 | |
KB Financial Group, Inc. | 4,895 | 245,307 | |
Kia Corp. | 4,573 | 276,978 | |
Korea Investment Holdings Co., Ltd. | 751 | 48,247 | |
KT Corp. | 1,810 | 53,016 | |
LG Chem, Ltd. | 895 | 391,085 | |
LG Display Co., Ltd. | 3,164 | 53,336 | |
LG Electronics, Inc. | 1,916 | 188,464 | |
LG Household & Health Care, Ltd. | 151 | 106,517 | |
LG Innotek Co., Ltd. | 229 | 72,305 | |
Lotte Chemical Corp. | 393 | 67,451 | |
Mirae Asset Securities Co., Ltd. | 6,175 | 43,348 | |
NAVER Corp. | 2,194 | 609,776 | |
Netmarble Corp.(2) | 324 | 29,609 | |
Orion Corp. of Republic of Korea | 748 | 54,467 | |
Samsung C&T Corp. | 1,647 | 153,781 | |
Samsung Electro-Mechanics Co., Ltd. | 918 | 123,604 | |
Samsung Electronics Co., Ltd. | 68,571 | 3,923,836 | |
Samsung Engineering Co., Ltd.(1) | 3,045 | 65,355 | |
Samsung Heavy Industries Co., Ltd.(1) | 15,383 | 71,629 | |
Samsung SDS Co., Ltd. | 543 | 61,604 | |
Samsung Securities Co., Ltd. | 993 | 34,100 | |
Shin Poong Pharmaceutical Co., Ltd.(1) | 1,153 | 36,439 | |
Shinhan Financial Group Co., Ltd. | 4,979 | 169,130 | |
SK Biopharmaceuticals Co., Ltd.(1) | 754 | 55,535 | |
SK Hynix, Inc. | 8,088 | 778,059 | |
SK Square Co., Ltd.(1) | 1,436 | 66,792 | |
SK Telecom Co., Ltd. | 1,625 | 75,982 | |
SsangYong C&E Co., Ltd. | 2,590 | 17,539 | |
Woori Financial Group, Inc. | 6,136 | 76,907 | |
Yuhan Corp. | 1,728 | 82,904 | |
$10,454,302 | |||
Taiwan — 14.8% | |||
Accton Technology Corp. | 6,000 | $ 46,134 | |
Acer, Inc. | 26,000 | 26,949 | |
Advantech Co., Ltd. | 5,299 | 67,899 | |
ASE Technology Holding Co., Ltd. | 40,000 | 142,539 | |
ASPEED Technology, Inc. | 1,000 | 112,569 | |
AU Optronics Corp. | 92,000 | 62,749 | |
Catcher Technology Co., Ltd. | 17,000 | 85,286 | |
Cathay Financial Holding Co., Ltd. | 92,000 | 205,357 | |
Chailease Holding Co., Ltd. | 15,070 | 132,184 | |
Chang Hwa Commercial Bank, Ltd. | 39,915 | 26,602 | |
China Development Financial Holding Corp, PFC Shares(1) | 14,970 | 4,802 | |
China Development Financial Holding Corp. | 182,406 | 121,066 |
Security | Shares | Value | |
Taiwan (continued) | |||
China Steel Corp. | 187,000 | $ 252,121 | |
Chroma ATE, Inc. | 9,000 | 56,124 | |
Chunghwa Telecom Co., Ltd. | 45,000 | 199,299 | |
Compal Electronics, Inc. | 46,000 | 42,850 | |
CTBC Financial Holding Co., Ltd. | 245,000 | 249,681 | |
Delta Electronics, Inc. | 24,000 | 222,521 | |
E.Sun Financial Holding Co., Ltd. | 92,799 | 106,469 | |
Eclat Textile Co., Ltd. | 2,000 | 33,109 | |
Eva Airways Corp.(1) | 27,000 | 29,845 | |
Evergreen Marine Corp. Taiwan, Ltd. | 31,000 | 144,093 | |
Far Eastern New Century Corp. | 25,000 | 26,419 | |
Far EasTone Telecommunications Co., Ltd. | 19,000 | 48,683 | |
Feng TAY Enterprise Co., Ltd. | 4,000 | 26,600 | |
First Financial Holding Co., Ltd. | 128,881 | 127,450 | |
Fubon Financial Holding Co., Ltd. | 84,458 | 224,254 | |
Fubon Financial Holding Co., Ltd., PFC Shares(1) | 1,252 | 2,626 | |
Giant Manufacturing Co., Ltd. | 3,000 | 27,155 | |
Globalwafers Co., Ltd. | 2,000 | 46,550 | |
Hiwin Technologies Corp. | 6,401 | 53,128 | |
Hotai Motor Co., Ltd. | 4,000 | 82,923 | |
Hua Nan Financial Holdings Co., Ltd. | 108,617 | 91,879 | |
Innolux Corp. | 111,000 | 64,287 | |
Inventec Corp. | 30,000 | 25,716 | |
Largan Precision Co., Ltd. | 1,000 | 65,369 | |
Lite-On Technology Corp. | 24,000 | 56,707 | |
Macronix International Co., Ltd. | 17,000 | 23,489 | |
MediaTek, Inc. | 17,000 | 529,049 | |
Mega Financial Holding Co., Ltd. | 132,000 | 197,103 | |
Merida Industry Co., Ltd. | 2,000 | 17,551 | |
Micro-Star International Co., Ltd. | 9,000 | 40,407 | |
momo.com, Inc. | 1,000 | 32,504 | |
Nan Ya Printed Circuit Board Corp. | 2,000 | 35,901 | |
Nanya Technology Corp. | 13,000 | 31,011 | |
Nien Made Enterprise Co., Ltd. | 1,000 | 11,642 | |
Novatek Microelectronics Corp. | 7,000 | 102,926 | |
Oneness Biotech Co., Ltd.(1) | 4,000 | 29,838 | |
Parade Technologies, Ltd. | 1,000 | 62,498 | |
Pou Chen Corp. | 19,000 | 20,800 | |
Powertech Technology, Inc. | 6,000 | 19,765 | |
President Chain Store Corp. | 6,000 | 55,032 | |
Quanta Computer, Inc. | 30,000 | 91,874 | |
Realtek Semiconductor Corp. | 5,000 | 74,274 | |
Ruentex Development Co., Ltd. | 11,200 | 30,703 | |
Shanghai Commercial & Savings Bank, Ltd. (The) | 49,000 | 85,395 | |
Shin Kong Financial Holding Co., Ltd. | 131,011 | 49,037 | |
Sino-American Silicon Products, Inc. | 5,000 | 30,623 | |
SinoPac Financial Holdings Co., Ltd. | 154,000 | 98,491 |
Security | Shares | Value | |
Taiwan (continued) | |||
Synnex Technology International Corp. | 15,000 | $ 39,154 | |
Ta Chen Stainless Pipe Co., Ltd. | 34,482 | 58,321 | |
Taishin Financial Holding Co., Ltd. | 150,032 | 106,729 | |
Taiwan Cooperative Financial Holding Co., Ltd. | 118,950 | 122,085 | |
Taiwan Glass Industry Corp. | 19,000 | 16,529 | |
Taiwan High Speed Rail Corp. | 22,000 | 22,102 | |
Taiwan Mobile Co., Ltd. | 19,000 | 69,527 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 229,000 | 4,697,595 | |
Unimicron Technology Corp. | 15,000 | 127,852 | |
Uni-President Enterprises Corp. | 51,000 | 116,390 | |
United Microelectronics Corp. | 158,000 | 290,155 | |
Vanguard International Semiconductor Corp. | 10,000 | 43,060 | |
Voltronic Power Technology Corp. | 2,050 | 103,454 | |
Walsin Lihwa Corp. | 61,000 | 62,033 | |
Walsin Technology Corp. | 8,000 | 39,130 | |
Wan Hai Lines, Ltd. | 15,100 | 82,693 | |
Win Semiconductors Corp. | 4,000 | 36,810 | |
Winbond Electronics Corp. | 32,000 | 34,275 | |
Wistron Corp. | 32,000 | 33,119 | |
Wiwynn Corp. | 1,000 | 35,276 | |
WPG Holdings, Ltd. | 21,000 | 40,911 | |
Yageo Corp. | 4,000 | 59,709 | |
Yang Ming Marine Transport Corp.(1) | 22,000 | 94,317 | |
Yuanta Financial Holding Co., Ltd. | 100,400 | 91,980 | |
$11,433,113 | |||
United Arab Emirates — 10.4% | |||
Abu Dhabi Commercial Bank PJSC | 297,515 | $ 847,800 | |
Aldar Properties PJSC | 606,462 | 811,845 | |
Dubai Islamic Bank PJSC | 198,475 | 332,380 | |
Emaar Development PJSC(1) | 146,134 | 176,151 | |
Emirates Integrated Telecommunications Co. PJSC | 82,803 | 146,291 | |
Emirates Telecommunications Group Co. PJSC | 138,855 | 1,398,300 | |
First Abu Dhabi Bank PJSC | 415,589 | 2,666,770 | |
International Holdings Co. PJSC(1) | 32,319 | 1,654,789 | |
$ 8,034,326 | |||
Total Common Stocks (identified cost $67,808,624) | $74,810,841 |
Short-Term Investments — 1.9% |
Affiliated Fund — 1.5% | |||
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.14%(5) | 1,145,293 | $ 1,145,179 | |
Total Affiliated Fund (identified cost $1,145,179) | $ 1,145,179 |
Securities Lending Collateral — 0.4% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.29%(6) | 329,614 | $ 329,614 | |
Total Securities Lending Collateral (identified cost $329,614) | $ 329,614 | ||
Total Short-Term Investments (identified cost $1,474,793) | $ 1,474,793 |
Total Investments — 98.6% (identified cost $69,283,417) | $76,285,634 | |
Other Assets, Less Liabilities — 1.4% | $ 1,078,333 | |
Net Assets — 100.0% | $77,363,967 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2022, the aggregate value of these securities is $3,297,084 or 4.3% of the Fund's net assets. |
(3) | Amount is less than 0.05%. |
(4) | All or a portion of this security was on loan at March 31, 2022. The aggregate market value of securities on loan at March 31, 2022 was $840,357. |
(5) | Affiliated investment company, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2022. |
(6) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Financials | 29.6% |
Information Technology | 17.9 |
Communication Services | 16.7 |
Consumer Discretionary | 9.6 |
Consumer Staples | 6.2 |
Industrials | 4.3 |
Health Care | 3.7 |
Materials | 3.5 |
Real Estate | 2.9 |
Utilities | 2.2 |
Energy | 0.1 |
Total | 96.7% |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 5,961,962 | EUR | 5,351,463 | Standard Chartered Bank | 4/8/22 | $ 41,265 | $ — |
USD | 568,407 | EUR | 512,042 | Standard Chartered Bank | 4/8/22 | 1,898 | — |
AED | 246,000 | USD | 66,939 | Standard Chartered Bank | 5/31/22 | 41 | — |
USD | 2,885,885 | AED | 10,600,000 | Standard Chartered Bank | 5/31/22 | — | (213) |
USD | 119,957 | AED | 443,000 | Standard Chartered Bank | 5/31/22 | — | (660) |
USD | 346,596 | AED | 1,275,750 | Standard Chartered Bank | 5/31/22 | — | (757) |
USD | 404,754 | AED | 1,495,000 | Standard Chartered Bank | 5/31/22 | — | (2,295) |
USD | 1,035,295 | AED | 3,825,000 | Standard Chartered Bank | 5/31/22 | — | (6,151) |
USD | 11,204,814 | CNH | 71,230,000 | Goldman Sachs International | 5/31/22 | 33,834 | — |
USD | 2,719,215 | CNH | 17,300,000 | Standard Chartered Bank | 5/31/22 | 6,061 | — |
USD | 1,792,366 | CNH | 11,500,000 | Standard Chartered Bank | 5/31/22 | — | (11,176) |
USD | 1,367,804 | CNH | 8,700,000 | UBS AG | 5/31/22 | 3,386 | — |
USD | 653,399 | AED | 2,400,000 | Standard Chartered Bank | 4/19/23 | — | (46) |
USD | 290,239 | AED | 1,067,092 | Standard Chartered Bank | 4/19/23 | — | (297) |
USD | 1,329,859 | AED | 4,888,826 | Standard Chartered Bank | 4/19/23 | — | (1,215) |
$86,485 | $(22,810) |
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) |
Equity Futures | |||||
MSCI Emerging Markets Index | 41 | Long | 6/17/22 | $2,307,275 | $ (37,528) |
$(37,528) |
Abbreviations: | |
ADR | – American Depositary Receipt |
BDR | – Brazilian Depositary Receipt |
PFC Shares | – Preference Shares |
Currency Abbreviations: | |
AED | – United Arab Emirates Dirham |
CNH | – Yuan Renminbi Offshore |
EUR | – Euro |
USD | – United States Dollar |
March 31, 2022 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $68,138,238) - including $840,357 of securities on loan | $ 75,140,455 |
Investments in securities of affiliated issuers, at value (identified cost $1,145,179) | 1,145,179 |
Receivable for open forward foreign currency exchange contracts | 86,485 |
Cash | 403,340 |
Deposits at broker for futures contracts | 150,625 |
Deposits for derivatives collateral - forward foreign currency exchange contracts | 120,000 |
Cash denominated in foreign currency, at value (cost $821,714) | 663,146 |
Receivable for capital shares sold | 509,286 |
Dividends receivable | 275,039 |
Dividends receivable - affiliated | 216 |
Securities lending income receivable | 381 |
Receivable from affiliate | 60,873 |
Directors' deferred compensation plan | 625 |
Other assets | 5,372 |
Total assets | $78,561,022 |
Liabilities | |
Cash collateral due to broker | $ 120,000 |
Payable for variation margin on open futures contracts | 32,413 |
Payable for open forward foreign currency exchange contracts | 22,810 |
Payable for investments purchased | 568,302 |
Payable for capital shares redeemed | 20,055 |
Deposits for securities loaned | 329,614 |
Payable to affiliates: | |
Investment advisory fee | 39,588 |
Administrative fee | 7,541 |
Distribution and service fees | 167 |
Sub-transfer agency fee | 717 |
Directors' deferred compensation plan | 625 |
Accrued expenses | 55,223 |
Total liabilities | $ 1,197,055 |
Net Assets | $77,363,967 |
Sources of Net Assets | |
Paid-in capital | $ 71,761,994 |
Distributable earnings | 5,601,973 |
Net Assets | $77,363,967 |
Class A Shares | |
Net Assets | $ 1,119,685 |
Shares Outstanding | 95,478 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 11.73 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 12.31 |
March 31, 2022 | |
Class I Shares | |
Net Assets | $ 76,244,282 |
Shares Outstanding | 6,470,309 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 11.78 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Six Months Ended | |
March 31, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $71,768) | $ 659,170 |
Dividend income - affiliated issuers | 1,659 |
Securities lending income, net | 2,231 |
Total investment income | $ 663,060 |
Expenses | |
Investment advisory fee | $ 202,920 |
Administrative fee | 38,651 |
Distribution and service fees: | |
Class A | 778 |
Directors' fees and expenses | 1,346 |
Custodian fees | 42,581 |
Transfer agency fees and expenses | 2,142 |
Accounting fees | 16,156 |
Professional fees | 17,378 |
Registration fees | 19,988 |
Reports to shareholders | 772 |
Miscellaneous | 11,547 |
Total expenses | $ 354,259 |
Waiver and/or reimbursement of expenses by affiliate | $ (34,293) |
Net expenses | $ 319,966 |
Net investment income | $ 343,094 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ (1,307,630) |
Investment securities - affiliated issuers | (220) |
Futures contracts | (197,808) |
Foreign currency transactions | 19,068 |
Forward foreign currency exchange contracts | 94,819 |
Payment by affiliate for loss on investment in violation of restrictions | 58,702 |
Net realized loss | $(1,333,069) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 28,302 |
Investment securities - affiliated issuers | (640) |
Futures contracts | 27,619 |
Foreign currency | (161,716) |
Forward foreign currency exchange contracts | 60,649 |
Net change in unrealized appreciation (depreciation) | $ (45,786) |
Net realized and unrealized loss | $(1,378,855) |
Net decrease in net assets from operations | $(1,035,761) |
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 343,094 | $ 353,436 |
Net realized gain (loss) | (1,333,069) | 3,653,390 |
Net change in unrealized appreciation (depreciation) | (45,786) | 2,931,529 |
Net increase (decrease) in net assets from operations | $ (1,035,761) | $ 6,938,355 |
Distributions to shareholders: | ||
Class A | $ (24,218) | $ (101) |
Class I | (2,583,124) | (63,570) |
Total distributions to shareholders | $ (2,607,342) | $ (63,671) |
Capital share transactions: | ||
Class A | $ 684,096 | $ 380,062 |
Class I | 22,073,558 | 9,111,866 |
Net increase in net assets from capital share transactions | $22,757,654 | $ 9,491,928 |
Net increase in net assets | $19,114,551 | $16,366,612 |
Net Assets | ||
At beginning of period | $ 58,249,416 | $ 41,882,804 |
At end of period | $77,363,967 | $58,249,416 |
Class A | |||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | ||
2021 | 2020 (1) | ||
Net asset value — Beginning of period | $ 12.39 | $ 10.64 | $ 10.00 |
Income (Loss) From Operations | |||
Net investment income(2) | $ 0.06 | $ 0.09 | $ 0.10 |
Net realized and unrealized gain (loss) | (0.18) | 1.67 | 0.59 |
Total income (loss) from operations | $ (0.12) | $ 1.76 | $ 0.69 |
Less Distributions | |||
From net investment income | $ (0.06) | $ (0.01) | $ — |
From net realized gain | (0.48) | — | (0.05) |
Total distributions | $ (0.54) | $ (0.01) | $ (0.05) |
Net asset value — End of period | $11.73 | $12.39 | $10.64 |
Total Return(3) | (1.06)% (4) | 16.54% | 6.94% |
Ratios/Supplemental Data | |||
Net assets, end of period (000’s omitted) | $ 1,120 | $ 477 | $ 91 |
Ratios (as a percentage of average daily net assets):(5) | |||
Total expenses | 1.35% (6)(7) | 1.41% | 1.83% |
Net expenses | 1.24% (6)(7) | 1.20% | 1.20% |
Net investment income | 0.92% (7) | 0.68% | 0.99% |
Portfolio Turnover | 21% (4) | 64% | 66% |
(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) | Includes interest expense from bank overdrafts of 0.04%. |
(7) | Annualized. |
Class I | |||
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, | ||
2021 | 2020 (1) | ||
Net asset value — Beginning of period | $ 12.44 | $ 10.66 | $ 10.00 |
Income (Loss) From Operations | |||
Net investment income(2) | $ 0.07 | $ 0.09 | $ 0.12 |
Net realized and unrealized gain (loss) | (0.18) | 1.71 | 0.59 |
Total income (loss) from operations | $ (0.11) | $ 1.80 | $ 0.71 |
Less Distributions | |||
From net investment income | $ (0.07) | $ (0.02) | $ — |
From net realized gain | (0.48) | — | (0.05) |
Total distributions | $ (0.55) | $ (0.02) | $ (0.05) |
Net asset value — End of period | $ 11.78 | $ 12.44 | $ 10.66 |
Total Return(3) | (0.97)% (4) | 16.85% | 7.14% |
Ratios/Supplemental Data | |||
Net assets, end of period (000’s omitted) | $76,244 | $57,772 | $41,792 |
Ratios (as a percentage of average daily net assets):(5) | |||
Total expenses | 1.10% (6)(7) | 1.16% | 1.58% |
Net expenses | 0.99% (6)(7) | 0.95% | 0.95% |
Net investment income | 1.07% (7) | 0.71% | 1.15% |
Portfolio Turnover | 21% (4) | 64% | 66% |
(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) | Includes interest expense from bank overdrafts of 0.04%. |
(7) | Annualized. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Brazil | $ 7,097,962 | $ — | $ — | $ 7,097,962 |
Canada | 17,176 | — | — | 17,176 |
China | 3,584,999 | 12,420,841 | — | 16,005,840 |
Egypt | — | 3,414,166 | — | 3,414,166 |
Greece | — | 7,019,489 | — | 7,019,489 |
Hong Kong | — | 783,943 | — | 783,943 |
Indonesia | — | 6,744,597 | — | 6,744,597 |
Malaysia | — | 3,805,927 | — | 3,805,927 |
South Korea | — | 10,454,302 | — | 10,454,302 |
Taiwan | 4,802 | 11,428,311 | — | 11,433,113 |
United Arab Emirates | — | 8,034,326 | — | 8,034,326 |
Total Common Stocks | $10,704,939 | $64,105,902 (1) | $ — | $74,810,841 |
Short-Term Investments: | ||||
Affiliated Fund | $ — | $ 1,145,179 | $ — | $ 1,145,179 |
Securities Lending Collateral | 329,614 | — | — | 329,614 |
Total Investments | $11,034,553 | $ 65,251,081 | $ — | $76,285,634 |
Forward Foreign Currency Exchange Contracts | $ — | $ 86,485 | $ — | $ 86,485 |
Total | $11,034,553 | $ 65,337,566 | $ — | $76,372,119 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $ (22,810) | $ — | $ (22,810) |
Futures Contracts | (37,528) | — | — | (37,528) |
Total | $ (37,528) | $ (22,810) | $ — | $ (60,338) |
(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. |
Aggregate cost | $69,468,623 |
Gross unrealized appreciation | $ 10,938,950 |
Gross unrealized depreciation | (4,095,792) |
Net unrealized appreciation | $ 6,843,158 |
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 | $ 86,485 | $ (22,810) |
Equity price | Futures contracts | Distributable earnings | — | (37,528) (1) |
Total | $86,485 | $(60,338) | ||
Derivatives not subject to master netting agreements | $ — | $(37,528) | ||
Total Derivatives subject to master netting agreements | $86,485 | $(22,810) |
(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) | Total Cash Collateral Received |
Goldman Sachs International | $ 33,834 | $ — | $ — | $ (33,834) | $ — | $ 120,000 |
Standard Chartered Bank | 49,265 | (22,810) | — | — | 26,455 | — |
UBS AG | 3,386 | — | — | — | 3,386 | — |
$86,485 | $(22,810) | $ — | $(33,834) | $29,841 | $120,000 |
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) | Total Cash Collateral Pledged |
Standard Chartered Bank | $(22,810) | $22,810 | $ — | $ — | $ — | $ — |
Total — Deposits for derivatives collateral — forward foreign currency exchange contracts | $120,000 |
(a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(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. |
Statement of Operations Caption | Equity price | Foreign exchange | Total |
Net realized gain (loss): | |||
Forward foreign currency exchange contracts | $ — | $ 94,819 | $ 94,819 |
Futures contracts | (197,808) | — | (197,808) |
Total | $(197,808) | $94,819 | $(102,989) |
Change in unrealized appreciation (depreciation): | |||
Forward foreign currency exchange contracts | $ — | $ 60,649 | $ 60,649 |
Futures contracts | 27,619 | — | 27,619 |
Total | $ 27,619 | $60,649 | $ 88,268 |
Futures Contracts — Long | Forward Foreign Currency Exchange Contracts* |
$3,373,000 | $20,169,000 |
* | 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. |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $329,614 | $ — | $ — | $ — | $329,614 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units, end of period |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | $6,412,205 | $17,571,235 | $(22,837,401) | $(220) | $(640) | $1,145,179 | $1,659 | 1,145,293 |
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, 2021 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 56,249 | $ 676,040 | 39,025 | $ 499,974 | |
Reinvestment of distributions | 2,006 | 24,218 | 8 | 101 | |
Shares redeemed | (1,284) | (16,162) | (9,108) | (120,013) | |
Net increase | 56,971 | $ 684,096 | 29,925 | $ 380,062 |
Six Months Ended March 31, 2022 (Unaudited) | Year Ended September 30, 2021 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Shares sold | 1,804,521 | $ 21,876,028 | 1,285,217 | $16,497,865 | |
Reinvestment of distributions | 213,126 | 2,583,084 | 5,118 | 63,565 | |
Shares redeemed | (190,204) | (2,385,554) | (568,417) | (7,449,564) | |
Net increase | 1,827,443 | $22,073,558 | 721,918 | $ 9,111,866 |
Officers |
Hope L. Brown Chief Compliance Officer |
Deidre E. Walsh 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 |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
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 Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
No material changes.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-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 Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-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.
(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-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 for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
(a)(1) | Registrant’s Code of Ethics- Not applicable (please see Item 2) | |
(a)(2)(i) | President’s Section 302 certification. | |
(a)(2)(ii) | Treasurer’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Calvert World Values Fund, Inc. | ||
By: | /s/ John H. Streur | |
John H. Streur | ||
President |
Date: May 24, 2022
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 24, 2022
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer |
Date: May 24, 2022