UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR/A
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)
2050 M Street NW, Washington, DC 20036
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(202) 238-2200
(Registrant’s Telephone Number)
September 30
Date of Fiscal Year End
September 30, 2023
Date of Reporting Period
Explanatory Note:
This Form N-CSR/A amends Form N-CSR of the registrant for the annual reporting period ended September 30, 2023, originally filed with the Securities and Exchange Commission on November 27, 2023 (Accession No. 0001193125-23-283203). The purpose of the amendment is to include the annual report for Calvert International Equity Fund that was omitted in error and to remove the duplicate inclusion of the annual report for Calvert International Opportunities Fund. Other than the aforementioned revision, this Form N-CSR/A does not reflect events occurring after the filing of the original Form N-CSR, nor modify or update the disclosures therein in any way.
Item 1. Reports to Stockholders
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715img506a78db1.gif)
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% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 10/31/1994 | 10/31/1994 | 10.07% | 3.21% | 5.38% |
Class A with 5.25% Maximum Sales Charge | — | — | 4.29 | 2.10 | 4.81 |
Class C at NAV | 10/31/1994 | 10/31/1994 | 9.26 | 2.44 | 4.74 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 8.26 | 2.44 | 4.74 |
Class I at NAV | 06/03/2003 | 10/31/1994 | 10.35 | 3.47 | 5.76 |
Russell Midcap® Index | — | — | 13.45% | 6.38% | 8.98% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 1.23% | 1.98% | 0.98% |
Net | 1.18 | 1.93 | 0.93 |
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715img147987663.jpg)
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 09/30/2013 | $15,889 | N.A. |
Class I, at minimum investment | $1,000,000 | 09/30/2013 | $1,751,828 | N.A. |
Sector Allocation (% of net assets)1 |
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715img7d14f92f4.jpg)
Top 10 Holdings (% of net assets)1 | |
Cooper Cos., Inc. (The) | 2.9% |
VeriSign, Inc. | 2.9 |
Rentokil Initial PLC ADR | 2.8 |
Tyler Technologies, Inc. | 2.8 |
AptarGroup, Inc. | 2.8 |
Wyndham Hotels & Resorts, Inc. | 2.8 |
Sysco Corp. | 2.6 |
Alliant Energy Corp. | 2.6 |
O'Reilly Automotive, Inc. | 2.5 |
Equity LifeStyle Properties, Inc. | 2.5 |
Total | 27.2% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
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 1/31/24. 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. |
Additional Information | |
S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Dow Jones Industrial Average® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. |
Beginning Account Value (4/1/23) | Ending Account Value (9/30/23) | Expenses Paid During Period* (4/1/23 – 9/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 956.40 | $5.79 ** | 1.18% |
Class C | $1,000.00 | $ 952.90 | $9.45 ** | 1.93% |
Class I | $1,000.00 | $ 957.90 | $4.56 ** | 0.93% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.15 | $5.97 ** | 1.18% |
Class C | $1,000.00 | $1,015.39 | $9.75 ** | 1.93% |
Class I | $1,000.00 | $1,020.41 | $4.71 ** | 0.93% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 100.4% |
Security | Shares | Value | |
Automobile Components — 4.1% | |||
Aptiv PLC(1) | 43,298 | $ 4,268,750 | |
Dorman Products, Inc.(1) | 66,224 | 5,017,130 | |
$ 9,285,880 | |||
Automobiles — 0.6% | |||
Harley-Davidson, Inc. | 44,225 | $ 1,462,078 | |
$ 1,462,078 | |||
Banks — 1.0% | |||
Commerce Bancshares, Inc. | 48,105 | $ 2,308,078 | |
$ 2,308,078 | |||
Building Products — 2.0% | |||
Trex Co., Inc.(1) | 72,747 | $ 4,483,398 | |
$ 4,483,398 | |||
Capital Markets — 5.7% | |||
LPL Financial Holdings, Inc. | 18,634 | $ 4,428,370 | |
MarketAxess Holdings, Inc. | 16,503 | 3,525,701 | |
Tradeweb Markets, Inc., Class A | 62,756 | 5,033,031 | |
$ 12,987,102 | |||
Chemicals — 1.8% | |||
Quaker Chemical Corp. | 26,384 | $ 4,221,440 | |
$ 4,221,440 | |||
Commercial Services & Supplies — 5.2% | |||
Copart, Inc.(1) | 126,082 | $ 5,432,873 | |
Rentokil Initial PLC ADR(2) | 175,852 | 6,515,317 | |
$ 11,948,190 | |||
Communications Equipment — 2.1% | |||
Motorola Solutions, Inc. | 18,099 | $ 4,927,272 | |
$ 4,927,272 | |||
Consumer Staples Distribution & Retail — 3.9% | |||
Casey's General Stores, Inc. | 10,817 | $ 2,937,032 | |
Sysco Corp. | 89,112 | 5,885,847 | |
$ 8,822,879 | |||
Containers & Packaging — 2.8% | |||
AptarGroup, Inc. | 51,392 | $ 6,426,056 | |
$ 6,426,056 | |||
Electric Utilities — 4.0% | |||
Alliant Energy Corp. | 121,200 | $ 5,872,140 | |
Xcel Energy, Inc. | 59,507 | 3,404,991 | |
$ 9,277,131 |
Security | Shares | Value | |
Electrical Equipment — 2.9% | |||
AMETEK, Inc. | 34,813 | $ 5,143,969 | |
Generac Holdings, Inc.(1) | 14,324 | 1,560,743 | |
$ 6,704,712 | |||
Electronic Equipment, Instruments & Components — 1.6% | |||
TE Connectivity, Ltd. | 29,319 | $ 3,621,776 | |
$ 3,621,776 | |||
Financial Services — 1.1% | |||
Euronet Worldwide, Inc.(1) | 32,271 | $ 2,561,672 | |
$ 2,561,672 | |||
Ground Transportation — 0.9% | |||
Landstar System, Inc. | 11,572 | $ 2,047,550 | |
$ 2,047,550 | |||
Health Care Equipment & Supplies — 7.9% | |||
Cooper Cos., Inc. (The) | 20,603 | $ 6,551,960 | |
Envista Holdings Corp.(1) | 103,215 | 2,877,634 | |
IDEXX Laboratories, Inc.(1) | 7,377 | 3,225,741 | |
Teleflex, Inc. | 28,115 | 5,522,067 | |
$ 18,177,402 | |||
Health Care Providers & Services — 1.0% | |||
R1 RCM, Inc.(1) | 153,901 | $ 2,319,288 | |
$ 2,319,288 | |||
Hotels, Restaurants & Leisure — 4.9% | |||
Domino's Pizza, Inc. | 13,130 | $ 4,973,513 | |
Wyndham Hotels & Resorts, Inc. | 90,985 | 6,327,097 | |
$ 11,300,610 | |||
Industrial REITs — 2.3% | |||
Rexford Industrial Realty, Inc. | 105,204 | $ 5,191,817 | |
$ 5,191,817 | |||
Insurance — 7.4% | |||
RLI Corp. | 32,377 | $ 4,399,710 | |
Ryan Specialty Holdings, Inc.(1) | 73,908 | 3,577,147 | |
W.R. Berkley Corp. | 67,706 | 4,298,654 | |
White Mountains Insurance Group, Ltd. | 3,078 | 4,603,734 | |
$ 16,879,245 | |||
IT Services — 2.9% | |||
VeriSign, Inc.(1) | 32,281 | $ 6,537,871 | |
$ 6,537,871 | |||
Machinery — 5.8% | |||
Graco, Inc. | 65,316 | $ 4,760,230 | |
Middleby Corp. (The)(1) | 26,556 | 3,399,168 |
Security | Shares | Value | |
Machinery (continued) | |||
Nordson Corp. | 22,743 | $ 5,075,555 | |
$ 13,234,953 | |||
Multi-Utilities — 2.5% | |||
CMS Energy Corp. | 105,996 | $ 5,629,448 | |
$ 5,629,448 | |||
Pharmaceuticals — 2.9% | |||
Jazz Pharmaceuticals PLC(1) | 22,160 | $ 2,868,391 | |
Royalty Pharma PLC, Class A | 136,338 | 3,700,213 | |
$ 6,568,604 | |||
Professional Services — 1.2% | |||
Ceridian HCM Holding, Inc.(1) | 39,313 | $ 2,667,387 | |
$ 2,667,387 | |||
Residential REITs — 4.5% | |||
Equity LifeStyle Properties, Inc. | 90,898 | $ 5,791,112 | |
Mid-America Apartment Communities, Inc. | 34,497 | 4,438,039 | |
$ 10,229,151 | |||
Semiconductors & Semiconductor Equipment — 2.4% | |||
Microchip Technology, Inc. | 71,642 | $ 5,591,658 | |
$ 5,591,658 | |||
Software — 6.9% | |||
Fair Isaac Corp.(1) | 4,376 | $ 3,800,687 | |
Synopsys, Inc.(1) | 11,946 | 5,482,856 | |
Tyler Technologies, Inc.(1) | 16,743 | 6,465,142 | |
$ 15,748,685 | |||
Specialized REITs — 2.1% | |||
Lamar Advertising Co., Class A | 58,368 | $ 4,871,977 | |
$ 4,871,977 | |||
Specialty Retail — 2.9% | |||
O'Reilly Automotive, Inc.(1) | 6,383 | $ 5,801,253 | |
RH (1)(2) | 2,925 | 773,253 | |
$ 6,574,506 | |||
Trading Companies & Distributors — 3.1% | |||
Core & Main, Inc., Class A(1) | 175,364 | $ 5,059,251 | |
United Rentals, Inc. | 4,501 | 2,001,010 | |
$ 7,060,261 | |||
Total Common Stocks (identified cost $219,486,403) | $229,668,077 |
High Social Impact Investments — 0.2% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(3)(4) | $ | 360 | $ 355,064 |
Total High Social Impact Investments (identified cost $360,000) | $ 355,064 |
Short-Term Investments — 0.0%(5) | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(6) | 6,229 | $ 6,229 | |
Total Short-Term Investments (identified cost $6,229) | $ 6,229 | ||
Total Investments — 100.6% (identified cost $219,852,632) | $230,029,370 | ||
Other Assets, Less Liabilities — (0.6)% | $ (1,380,706) | ||
Net Assets — 100.0% | $ 228,648,664 |
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 September 30, 2023. The aggregate market value of securities on loan at September 30, 2023 was $2,844,865. |
(3) | May be deemed to be an affiliated company (see Note 7). |
(4) | Restricted security. Total market value of restricted securities amounts to $355,064, which represents 0.2% of the net assets of the Fund as of September 30, 2023. |
(5) | Amount is less than 0.05%. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
Description | Acquisition Date | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $360,000 |
Abbreviations: | |
ADR | – American Depositary Receipt |
REITs | – Real Estate Investment Trusts |
September 30, 2023 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $219,486,403) - including $2,844,865 of securities on loan | $ 229,668,077 |
Investments in securities of affiliated issuers, at value (identified cost $366,229) | 361,293 |
Receivable for capital shares sold | 85,179 |
Dividends receivable | 170,888 |
Dividends and interest receivable - affiliated | 6,498 |
Securities lending income receivable | 386 |
Receivable from affiliates | 29,797 |
Directors' deferred compensation plan | 158,000 |
Total assets | $230,480,118 |
Liabilities | |
Payable for capital shares redeemed | $ 1,095,446 |
Payable to affiliates: | |
Investment advisory fee | 130,814 |
Administrative fee | 24,163 |
Distribution and service fees | 33,177 |
Sub-transfer agency fee | 17,410 |
Directors' deferred compensation plan | 158,000 |
Accrued expenses | 122,444 |
Demand note payable | 250,000 |
Total liabilities | $ 1,831,454 |
Net Assets | $228,648,664 |
Sources of Net Assets | |
Paid-in capital | $ 219,653,423 |
Distributable earnings | 8,995,241 |
Net Assets | $228,648,664 |
Class A Shares | |
Net Assets | $ 140,598,020 |
Shares Outstanding | 4,450,544 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 31.59 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 33.34 |
Class C Shares | |
Net Assets | $ 3,654,420 |
Shares Outstanding | 190,046 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 19.23 |
September 30, 2023 | |
Class I Shares | |
Net Assets | $ 84,396,224 |
Shares Outstanding | 2,169,279 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 38.91 |
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. |
Year Ended | |
September 30, 2023 | |
Investment Income | |
Dividend income | $ 3,125,593 |
Dividend income - affiliated issuers | 123,309 |
Interest income - affiliated issuers | 5,400 |
Securities lending income, net | 9,645 |
Total investment income | $ 3,263,947 |
Expenses | |
Investment advisory fee | $ 1,668,174 |
Administrative fee | 307,970 |
Distribution and service fees: | |
Class A | 376,479 |
Class C | 46,096 |
Directors' fees and expenses | 17,147 |
Custodian fees | 4,333 |
Transfer agency fees and expenses | 353,485 |
Accounting fees | 60,772 |
Professional fees | 44,824 |
Registration fees | 54,310 |
Reports to shareholders | 41,875 |
Miscellaneous | 29,824 |
Total expenses | $ 3,005,289 |
Waiver and/or reimbursement of expenses by affiliates | $ (197,985) |
Net expenses | $ 2,807,304 |
Net investment income | $ 456,643 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ 1,773,755 |
Net realized gain | $ 1,773,755 |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 23,221,025 |
Investment securities - affiliated issuers | 20,710 |
Net change in unrealized appreciation (depreciation) | $23,241,735 |
Net realized and unrealized gain | $25,015,490 |
Net increase in net assets from operations | $25,472,133 |
Year Ended September 30, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 456,643 | $ 75,248 |
Net realized gain | 1,773,755 | 2,434,746 |
Net change in unrealized appreciation (depreciation) | 23,241,735 | (72,530,105) |
Net increase (decrease) in net assets from operations | $ 25,472,133 | $ (70,020,111) |
Distributions to shareholders: | ||
Class A | $ (50,586) | $ (22,683,407) |
Class C | — | (1,286,728) |
Class I | (233,247) | (14,188,529) |
Total distributions to shareholders | $ (283,833) | $ (38,158,664) |
Capital share transactions: | ||
Class A | $ (12,339,154) | $ 17,137,117 |
Class C | (1,442,515) | (149,927) |
Class I | (23,056,768) | 17,639,759 |
Net increase (decrease) in net assets from capital share transactions | $ (36,838,437) | $ 34,626,949 |
Net decrease in net assets | $ (11,650,137) | $ (73,551,826) |
Net Assets | ||
At beginning of year | $ 240,298,801 | $ 313,850,627 |
At end of year | $228,648,664 | $240,298,801 |
Class A | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 28.71 | $ 41.79 | $ 33.96 | $ 34.69 | $ 34.84 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ 0.03 | $ (0.02) | $ (0.12) | $ 0.05 | $ 0.09 |
Net realized and unrealized gain (loss) | 2.86 | (7.90) | 8.28 | 1.07 | 1.85 |
Total income (loss) from operations | $ 2.89 | $ (7.92) | $ 8.16 | $ 1.12 | $ 1.94 |
Less Distributions | |||||
From net investment income | $ (0.01) | $ — | $ (0.00)(2) | $ (0.03) | $ (0.08) |
From net realized gain | — | (5.16) | (0.33) | (1.82) | (2.01) |
Total distributions | $ (0.01) | $ (5.16) | $ (0.33) | $ (1.85) | $ (2.09) |
Net asset value — End of year | $ 31.59 | $ 28.71 | $ 41.79 | $ 33.96 | $ 34.69 |
Total Return(3) | 10.07% | (22.06)% | 24.13% | 3.20% | 6.56% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $140,598 | $138,646 | $183,991 | $149,112 | $158,005 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.26% | 1.23% | 1.22% | 1.26% | 1.30% |
Net expenses | 1.18% (5) | 1.18% (5) | 1.18% | 1.18% | 1.19% |
Net investment income (loss) | 0.09% | (0.07)% | (0.30)% | 0.15% | 0.27% |
Portfolio Turnover | 27% | 109% | 79% | 70% | 83% |
(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) | 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) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class C | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 17.60 | $ 27.53 | $ 22.64 | $ 23.83 | $ 24.65 |
Income (Loss) From Operations | |||||
Net investment loss(1) | $ (0.13) | $ (0.18) | $ (0.28) | $ (0.14) | $ (0.11) |
Net realized and unrealized gain (loss) | 1.76 | (4.78) | 5.50 | 0.73 | 1.23 |
Total income (loss) from operations | $ 1.63 | $ (4.96) | $ 5.22 | $ 0.59 | $ 1.12 |
Less Distributions | |||||
From net realized gain | $ — | $ (4.97) | $ (0.33) | $ (1.78) | $ (1.94) |
Total distributions | $ — | $ (4.97) | $ (0.33) | $ (1.78) | $ (1.94) |
Net asset value — End of year | $19.23 | $ 17.60 | $27.53 | $22.64 | $ 23.83 |
Total Return(2) | 9.26% | (22.63)% | 23.20% | 2.40% | 5.77% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 3,654 | $ 4,612 | $ 7,469 | $ 8,787 | $14,535 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 2.01% | 1.98% | 1.98% | 2.01% | 2.05% |
Net expenses | 1.93% (4) | 1.93% (4) | 1.93% | 1.93% | 1.94% |
Net investment loss | (0.65)% | (0.82)% | (1.05)% | (0.62)% | (0.49)% |
Portfolio Turnover | 27% | 109% | 79% | 70% | 83% |
(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) | 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. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class I | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 35.34 | $ 50.28 | $ 40.77 | $ 41.25 | $ 40.97 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ 0.14 | $ 0.09 | $ (0.03) | $ 0.16 | $ 0.21 |
Net realized and unrealized gain (loss) | 3.52 | (9.77) | 9.95 | 1.27 | 2.24 |
Total income (loss) from operations | $ 3.66 | $ (9.68) | $ 9.92 | $ 1.43 | $ 2.45 |
Less Distributions | |||||
From net investment income | $ (0.09) | $ (0.08) | $ (0.08) | $ (0.09) | $ (0.16) |
From net realized gain | — | (5.18) | (0.33) | (1.82) | (2.01) |
Total distributions | $ (0.09) | $ (5.26) | $ (0.41) | $ (1.91) | $ (2.17) |
Net asset value — End of year | $ 38.91 | $ 35.34 | $ 50.28 | $ 40.77 | $ 41.25 |
Total Return(2) | 10.35% | (21.87)% | 24.45% | 3.45% | 6.85% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $84,396 | $97,041 | $122,391 | $76,327 | $46,533 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 1.01% | 0.98% | 0.97% | 1.01% | 1.05% |
Net expenses | 0.93% (4) | 0.93% (4) | 0.93% | 0.93% | 0.91% |
Net investment income (loss) | 0.34% | 0.20% | (0.06)% | 0.40% | 0.54% |
Portfolio Turnover | 27% | 109% | 79% | 70% | 83% |
(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) | 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. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 229,668,077(1) | $ — | $ — | $ 229,668,077 |
High Social Impact Investments | — | 355,064 | — | 355,064 |
Short-Term Investments | 6,229 | — | — | 6,229 |
Total Investments | $229,674,306 | $355,064 | $ — | $230,029,370 |
(1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
Year Ended September 30, | ||
2023 | 2022 | |
Ordinary income | $283,833 | $ 4,740,634 |
Long-term capital gains | $ — | $33,418,030 |
Undistributed ordinary income | $ 31,603 |
Deferred capital losses | (1,224,431) |
Net unrealized appreciation | 10,188,069 |
Distributable earnings | $ 8,995,241 |
Aggregate cost | $219,841,301 |
Gross unrealized appreciation | $ 29,520,330 |
Gross unrealized depreciation | (19,332,261) |
Net unrealized appreciation | $ 10,188,069 |
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/ Shares, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | $ 334,354 | $ — | $ — | $ — | $ 20,710 | $ 355,064 | $ 5,400 | $360,000 |
Short-Term Investments | ||||||||
Liquidity Fund | 5,423,426 | 52,667,716 | (58,084,913) | — | — | 6,229 | 123,309 | 6,229 |
Total | $ — | $20,710 | $361,293 | $128,709 |
(1) | Restricted security. |
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 212,781 | $ 6,880,015 | 368,297 | $ 13,357,278 | |
Reinvestment of distributions | 1,549 | 48,798 | 569,411 | 21,853,997 | |
Shares redeemed | (592,319) | (19,267,967) | (511,755) | (18,074,158) | |
Net increase (decrease) | (377,989) | $(12,339,154) | 425,953 | $ 17,137,117 | |
Class C | |||||
Shares sold | 14,125 | $ 277,364 | 18,402 | $ 425,732 | |
Reinvestment of distributions | — | — | 53,032 | 1,255,259 | |
Shares redeemed | (86,038) | (1,719,879) | (80,741) | (1,830,918) | |
Net decrease | (71,913) | $ (1,442,515) | (9,307) | $ (149,927) | |
Class I | |||||
Shares sold | 501,247 | $ 20,066,342 | 1,148,431 | $ 52,061,444 | |
Reinvestment of distributions | 5,935 | 229,870 | 296,205 | 13,963,127 | |
Shares redeemed | (1,083,692) | (43,352,980) | (1,133,056) | (48,384,812) | |
Net increase (decrease) | (576,510) | $(23,056,768) | 311,580 | $ 17,639,759 |
Boston, Massachusetts
November 22, 2023
• | A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
• | A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds; |
• | A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
• | Data regarding investment performance in comparison to benchmark indices; |
• | For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; |
• | Profitability analyses for the Adviser with respect to each fund; |
• | Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs; |
• | Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions; |
• | Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
• | Reports detailing the financial results and condition of CRM; |
• | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
• | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
• | A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
• | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and |
• | The terms of each investment advisory agreement. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Director | |||
Theodore H. Eliopoulos(1) 1964 | Director and President | Since 2022 | President and Chief Executive Officer of CRM and senior sponsor of Morgan Stanley Investment Management’s (MSIM) Diversity Council. Formerly, Vice Chairman & Head of Strategic Partnerships at MSIM (2019-2022). Former Chief Investment Officer and interim Chief Investment Officer (2014-2018) and Senior Investment Officer of Real Estate and Real Assets at California Public Employees’ Retirement System (CalPERS) (2007-2014). Former Chief Deputy Treasurer and Deputy Treasurer at the California State Treasurer's Office (2002-2006). Mr. Eliopoulos is an interested person because of his positions with CRM and certain affiliates. Other Directorships. The Robert Toigo Foundation; Pacific Pension & Investment Institute (PPI). |
Noninterested Directors | |||
Richard L. Baird, Jr.(2) 1948 | Director | Since 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships. None. |
Alice Gresham Bullock 1950 | Chair and Director | Since 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships. None. |
Cari M. Dominguez 1949 | Director | Since 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships. ManpowerGroup Inc. (workforce solutions company); Triple S Management Corporation (managed care); National Association of Corporate Directors. |
Karen Fang(3) 1958 | Director | Since 2023 | Formerly, Managing Director, Wealth Management at GAMCO Asset Management (asset management firm) (2020-2023). Formerly, Managing Director, Senior Portfolio Manager of Fiduciary Trust Company International (wealth management firm) (1993-2019). Other Directorships. None. |
John G. Guffey, Jr.(2) 1948 | Director | Since 1992 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. |
Miles D. Harper, III 1962 | Director | Since 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram) (November 1999 - September 2014). Other Directorships. Bridgeway Funds (9) (asset management). |
Joy V. Jones 1950 | Director | Since 2005 | Attorney. Other Directorships. Palm Management Corporation. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Directors (continued) | |||
Eddie Ramos(3) 1967 | Director | Since 2023 | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). Other Directorships. Macquarie Optimum Funds (6) (asset management). |
Anthony A. Williams 1951 | Director | Since 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Directors | |||
Hope L. Brown 1973 | Chief Compliance Officer | Since 2014 | Chief Compliance Officer of 46 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). |
Deidre E. Walsh 1971 | Secretary, Vice President and Chief Legal Officer | Since 2021 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2021). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
James F. Kirchner 1967 | Treasurer | Since 2016 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
(1) Mr. Eliopoulos is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | |||
(2) Effective December 31, 2023, Richard L. Baird, Jr. and John G. Guffey, Jr. will retire from the Board of Directors. | |||
(3) Ms. Fang and Mr. Ramos began serving as Directors effective October 30, 2023. |
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-CSRA/0001193125-23-291547/g633715imgedb59b3f1.gif)
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715img319194b42.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Since Inception |
Class A at NAV | 10/01/2019 | 10/01/2019 | 8.18% | —% | 2.72% |
Class A with 5.25% Maximum Sales Charge | — | — | 2.53 | — | 1.36 |
Class I at NAV | 10/01/2019 | 10/01/2019 | 8.48 | — | 2.98 |
MSCI Emerging Markets Index | — | — | 11.70% | 0.55% | 1.27% |
Calvert Emerging Markets Responsible Index | — | — | 13.54 | — | 1.83 |
% Total Annual Operating Expense Ratios3 | Class A | Class I |
Gross | 1.36% | 1.11% |
Net | 1.22 | 0.97 |
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715img878f39c93.jpg)
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class I, at minimum investment | $1,000,000 | 10/01/2019 | $1,124,564 | N.A. |
Sector Allocation (% of net assets)1 |
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715img01d8eb9f4.jpg)
Top 10 Holdings (% of net assets)1 | |
Samsung Electronics Co., Ltd. | 5.3% |
Public Power Corp. S.A. | 3.4 |
Eurobank Ergasias S.A., Class A | 3.2 |
Georgia Capital PLC | 3.1 |
Emirates Telecommunications Group Co. PJSC | 3.1 |
Piraeus Financial Holdings S.A. | 2.8 |
Bank of Georgia Group PLC | 2.6 |
Tencent Holdings, Ltd. | 2.6 |
Taiwan Semiconductor Manufacturing Co., Ltd. | 2.4 |
JUMBO S.A. | 2.4 |
Total | 30.9% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
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 Responsible 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's inception, as applicable. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/24. 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 (4/1/23) | Ending Account Value (9/30/23) | Expenses Paid During Period* (4/1/23 – 9/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,003.00 | $6.03 ** | 1.20% |
Class I | $1,000.00 | $1,005.00 | $4.77 ** | 0.95% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.05 | $6.07 ** | 1.20% |
Class I | $1,000.00 | $1,020.31 | $4.81 ** | 0.95% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 98.5% |
Security | Shares | Value | |
China — 15.0% | |||
AAC Technologies Holdings, Inc. | 22,000 | $ 37,521 | |
Alibaba Health Information Technology, Ltd.(1) | 154,000 | 95,149 | |
A-Living Smart City Services Co., Ltd.(1)(2) | 24,500 | 13,794 | |
BeiGene, Ltd.(1) | 14,400 | 198,676 | |
Beijing Enterprises Water Group, Ltd. | 136,000 | 29,602 | |
Blue Moon Group Holdings, Ltd.(2) | 64,000 | 21,200 | |
BYD Co., Ltd., Class H | 12,000 | 369,723 | |
BYD Electronic International Co., Ltd. | 20,500 | 93,131 | |
China Communications Services Corp., Ltd., Class H | 106,000 | 44,472 | |
China Conch Venture Holdings, Ltd. | 63,500 | 54,049 | |
China Datang Corp. Renewable Power Co., Ltd., Class H | 77,000 | 18,260 | |
China Everbright Environment Group, Ltd. | 151,000 | 51,889 | |
China International Capital Corp., Ltd., Class H(2) | 40,000 | 73,011 | |
China International Marine Containers Group Co., Ltd., Class H | 37,000 | 21,268 | |
China Jinmao Holdings Group, Ltd. | 186,000 | 23,914 | |
China Lesso Group Holdings, Ltd. | 42,000 | 22,291 | |
China Literature, Ltd.(1)(2) | 14,600 | 53,150 | |
China Medical System Holdings, Ltd. | 31,000 | 46,788 | |
China Meidong Auto Holdings, Ltd. | 26,000 | 14,207 | |
China Mengniu Dairy Co., Ltd. | 53,000 | 176,784 | |
China Overseas Land & Investment, Ltd. | 84,000 | 173,562 | |
China Pacific Insurance Group Co., Ltd., Class H | 62,400 | 155,344 | |
China Resources Cement Holdings, Ltd. | 94,000 | 24,029 | |
China Resources Gas Group, Ltd. | 39,100 | 114,331 | |
China Resources Land, Ltd. | 54,000 | 214,442 | |
China Resources Pharmaceutical Group, Ltd.(2) | 39,000 | 25,838 | |
China Ruyi Holdings, Ltd.(1)(3) | 216,000 | 55,796 | |
China State Construction International Holdings, Ltd. | 78,000 | 81,947 | |
China Tower Corp, Ltd., Class H(2) | 1,138,000 | 108,713 | |
China Vanke Co., Ltd., Class H | 83,100 | 91,409 | |
Chinasoft International, Ltd. | 96,000 | 68,101 | |
Chindata Group Holdings, Ltd. ADR(1) | 4,300 | 35,690 | |
Country Garden Holdings Co., Ltd.(1)(3) | 528,000 | 60,879 | |
Country Garden Services Holdings Co., Ltd.(3) | 96,000 | 98,040 | |
CSPC Pharmaceutical Group, Ltd. | 158,000 | 115,552 | |
Dongyue Group, Ltd. | 67,000 | 50,175 | |
ENN Energy Holdings, Ltd. | 15,300 | 126,075 | |
Far East Horizon, Ltd. | 59,000 | 42,440 | |
Flat Glass Group Co., Ltd., Class H(3) | 16,000 | 35,795 | |
Fuyao Glass Industry Group Co., Ltd., Class H(2) | 23,600 | 107,954 | |
GDS Holdings, Ltd. ADR(1)(3) | 4,000 | 43,800 | |
Geely Automobile Holdings, Ltd. | 135,000 | 158,318 | |
Great Wall Motor Co., Ltd., Class H(3) | 64,500 | 76,485 | |
Greentown China Holdings, Ltd. | 30,500 | 31,539 | |
Greentown Service Group Co., Ltd.(3) | 52,000 | 23,300 | |
Guangdong Investment, Ltd. | 126,000 | 96,036 | |
H World Group, Ltd. ADR(1) | 4,400 | 173,492 | |
Haichang Ocean Park Holdings, Ltd.(1)(2)(3) | 120,000 | 17,886 | |
Haidilao International Holding, Ltd.(2) | 43,000 | 114,652 |
Security | Shares | Value | |
China (continued) | |||
Haier Smart Home Co., Ltd., Class H | 56,000 | $ 175,032 | |
Haitong Securities Co., Ltd., Class H | 118,000 | 70,550 | |
Hangzhou Tigermed Consulting Co., Ltd., Class H(2)(3) | 3,000 | 15,732 | |
Hansoh Pharmaceutical Group Co., Ltd.(2) | 26,000 | 35,298 | |
Hengan International Group Co., Ltd. | 29,500 | 93,858 | |
Hopson Development Holdings, Ltd.(1) | 30,600 | 18,425 | |
Hua Hong Semiconductor, Ltd.(1)(2)(3) | 22,000 | 55,318 | |
Huatai Securities Co., Ltd., Class H(2) | 63,000 | 80,325 | |
Hygeia Healthcare Holdings Co., Ltd.(2) | 10,000 | 55,953 | |
Innovent Biologics, Inc.(1)(2) | 21,500 | 104,432 | |
JD Health International, Inc.(1)(2)(3) | 21,800 | 112,027 | |
JD Logistics, Inc.(1)(2) | 49,700 | 62,845 | |
JD.com, Inc. ADR | 14,700 | 428,211 | |
Jiangsu Expressway Co., Ltd., Class H | 52,000 | 46,903 | |
Jiumaojiu International Holdings, Ltd.(2)(3) | 31,000 | 41,949 | |
JS Global Lifestyle Co., Ltd.(2) | 43,500 | 7,193 | |
Kingboard Chemical Holdings, Ltd. | 29,500 | 66,075 | |
Kingdee International Software Group Co., Ltd.(1) | 60,000 | 73,432 | |
Kingsoft Corp., Ltd. | 20,200 | 72,787 | |
Longfor Group Holdings, Ltd.(2) | 54,500 | 97,424 | |
Lufax Holding, Ltd. ADR | 29,100 | 30,846 | |
Meituan, Class B(1)(2) | 48,400 | 700,648 | |
Microport Scientific Corp.(1)(3) | 18,600 | 27,972 | |
Ming Yuan Cloud Group Holdings, Ltd.(1)(3) | 10,000 | 4,349 | |
NetEase, Inc. ADR | 4,900 | 490,784 | |
NIO, Inc. ADR(1) | 28,700 | 259,448 | |
Nongfu Spring Co., Ltd., Class H(2) | 35,400 | 203,022 | |
PDD Holdings, Inc. ADR(1) | 6,800 | 666,876 | |
Pharmaron Beijing Co., Ltd., Class H(2) | 7,050 | 16,695 | |
Ping An Healthcare and Technology Co., Ltd.(1)(2)(3) | 14,800 | 34,439 | |
Qifu Technology, Inc. ADR | 5,000 | 76,800 | |
Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 70,400 | 61,692 | |
Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H | 12,000 | 28,063 | |
Shanghai Fudan Microelectronics Group Co., Ltd., Class H(3) | 8,000 | 17,097 | |
Shanghai Junshi Biosciences Co., Ltd., Class H(1)(2) | 2,800 | 6,235 | |
Shanghai Pharmaceuticals Holding Co., Ltd., Class H | 18,000 | 28,026 | |
Sino Biopharmaceutical, Ltd. | 285,000 | 102,587 | |
Sinopharm Group Co., Ltd., Class H | 39,200 | 113,653 | |
Sunny Optical Technology Group Co., Ltd. | 17,200 | 119,200 | |
Tencent Holdings, Ltd. | 63,600 | 2,465,386 | |
Tencent Music Entertainment Group ADR(1) | 16,100 | 102,718 | |
Tingyi Cayman Islands Holding Corp. | 68,000 | 94,891 | |
Tongcheng Travel Holdings, Ltd.(1) | 43,600 | 95,366 | |
Topsports International Holdings, Ltd.(2) | 135,000 | 102,066 | |
TravelSky Technology, Ltd., Class H | 28,000 | 48,282 | |
Trip.com Group, Ltd. ADR(1) | 8,400 | 293,748 | |
Vipshop Holdings, Ltd. ADR(1) | 10,200 | 163,302 | |
Want Want China Holdings, Ltd. | 184,000 | 119,924 | |
Weibo Corp. ADR | 4,500 | 56,430 | |
Weichai Power Co., Ltd., Class H | 87,000 | 117,920 | |
WuXi AppTec Co., Ltd., Class H(2)(3) | 10,200 | 121,636 |
Security | Shares | Value | |
China (continued) | |||
WuXi Biologics Cayman, Inc.(1)(2) | 56,000 | $ 325,464 | |
Xinyi Energy Holdings, Ltd.(3) | 80,000 | 17,045 | |
Xinyi Solar Holdings, Ltd. | 130,000 | 96,637 | |
XPENG, Inc. ADR(1) | 15,300 | 280,908 | |
Xtep International Holdings, Ltd. | 58,500 | 53,882 | |
Yadea Group Holdings, Ltd.(2) | 50,000 | 92,589 | |
Yihai International Holding, Ltd. | 13,000 | 22,304 | |
Yuexiu Property Co., Ltd. | 73,000 | 83,912 | |
Yum China Holdings, Inc. | 5,600 | 312,032 | |
Zai Lab, Ltd. ADR(1)(3) | 2,300 | 55,913 | |
Zhongsheng Group Holdings, Ltd. | 25,000 | 69,997 | |
Zhuzhou CRRC Times Electric Co., Ltd. | 22,700 | 78,404 | |
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H | 48,800 | 26,419 | |
$13,979,875 | |||
Cyprus — 2.0% | |||
Bank of Cyprus Holdings PLC(3) | 600,026 | $ 1,881,492 | |
$ 1,881,492 | |||
Georgia — 7.6% | |||
Bank of Georgia Group PLC | 55,000 | $ 2,468,784 | |
Georgia Capital PLC(1) | 242,597 | 2,908,952 | |
TBC Bank Group PLC | 47,000 | 1,706,233 | |
$ 7,083,969 | |||
Greece — 20.2% | |||
Alpha Services and Holdings S.A.(1) | 1,511,300 | $ 1,998,582 | |
Athens Water Supply & Sewage Co. S.A. | 30,819 | 182,996 | |
Eurobank Ergasias S.A., Class A(1) | 1,956,192 | 3,008,823 | |
GEK Terna Holding Real Estate Construction S.A. | 36,300 | 504,758 | |
Hellenic Telecommunications Organization S.A. | 144,584 | 2,108,844 | |
JUMBO S.A. | 80,480 | 2,212,408 | |
LAMDA Development S.A.(1) | 48,184 | 311,223 | |
National Bank of Greece S.A.(1) | 373,157 | 2,100,810 | |
Piraeus Financial Holdings S.A.(1) | 901,300 | 2,659,950 | |
Public Power Corp. S.A.(1) | 317,697 | 3,183,175 | |
Terna Energy S.A. | 37,170 | 574,150 | |
$18,845,719 | |||
India — 5.5% | |||
Aarti Industries, Ltd. | 4,236 | $ 24,994 | |
Aarti Pharmalabs, Ltd.(1) | 932 | 5,209 | |
Apollo Hospitals Enterprise, Ltd. | 1,332 | 82,364 | |
Ashok Leyland, Ltd. | 17,001 | 36,207 | |
Asian Paints, Ltd. | 3,392 | 129,126 | |
AU Small Finance Bank, Ltd.(2) | 2,829 | 24,258 | |
Avenue Supermarts, Ltd.(1)(2) | 1,696 | 75,015 | |
Axis Bank, Ltd. | 15,913 | 198,110 | |
Bajaj Finance, Ltd. | 1,961 | 183,920 | |
Bajaj Finserv, Ltd. | 3,008 | 55,566 | |
Bandhan Bank, Ltd.(2) | 7,193 | 21,694 |
Security | Shares | Value | |
India (continued) | |||
Bank of Baroda | 9,282 | $ 23,839 | |
Bharti Airtel, Ltd. | 17,139 | 190,989 | |
Biocon, Ltd. | 7,574 | 24,757 | |
Cipla, Ltd. | 6,108 | 87,321 | |
Coforge, Ltd. | 455 | 27,831 | |
Dabur India, Ltd. | 4,163 | 27,529 | |
Dixon Technologies India, Ltd. | 481 | 30,414 | |
DLF, Ltd. | 9,317 | 59,430 | |
Dr. Lal PathLabs, Ltd.(2) | 878 | 26,604 | |
Federal Bank, Ltd. | 13,134 | 23,215 | |
FSN E-Commerce Ventures, Ltd.(1) | 8,411 | 15,457 | |
Godrej Consumer Products, Ltd.(1) | 2,487 | 29,622 | |
Havells India, Ltd. | 3,343 | 55,642 | |
HCL Technologies, Ltd. | 8,990 | 133,482 | |
HDFC Asset Management Co., Ltd.(2) | 1,134 | 36,085 | |
HDFC Bank, Ltd. | 39,178 | 718,309 | |
HDFC Life Insurance Co., Ltd.(2) | 7,392 | 56,795 | |
Hero MotoCorp, Ltd. | 1,363 | 50,035 | |
Hindustan Unilever, Ltd. | 6,029 | 179,049 | |
ICICI Bank, Ltd. | 30,005 | 344,158 | |
IDFC First Bank, Ltd.(1) | 40,395 | 46,264 | |
Indian Energy Exchange, Ltd.(2) | 9,475 | 15,034 | |
Indian Hotels Co., Ltd. | 12,064 | 59,692 | |
Indian Railway Catering & Tourism Corp., Ltd. | 3,721 | 30,365 | |
Indus Towers, Ltd.(1) | 11,253 | 25,927 | |
IndusInd Bank, Ltd. | 4,067 | 69,753 | |
Info Edge India, Ltd. | 924 | 46,309 | |
Kotak Mahindra Bank, Ltd. | 7,591 | 158,256 | |
Laurus Labs, Ltd.(2) | 5,460 | 26,008 | |
LIC Housing Finance, Ltd. | 3,672 | 20,436 | |
LTIMindtree, Ltd.(2) | 800 | 49,938 | |
Mahindra & Mahindra Financial Services, Ltd. | 9,063 | 32,787 | |
MakeMyTrip, Ltd.(1) | 857 | 34,726 | |
Marico, Ltd. | 1,455 | 9,829 | |
Maruti Suzuki India, Ltd. | 1,112 | 141,460 | |
Mphasis, Ltd. | 1,045 | 29,859 | |
Nestle India, Ltd. | 381 | 102,869 | |
One 97 Communications, Ltd.(1) | 2,373 | 24,395 | |
Patanjali Foods, Ltd. | 2,007 | 29,917 | |
Punjab National Bank | 27,381 | 26,369 | |
SBI Cards & Payment Services, Ltd. | 2,376 | 22,620 | |
SBI Life Insurance Co., Ltd.(2) | 3,436 | 54,087 | |
Shriram Finance, Ltd. | 2,208 | 50,972 | |
State Bank of India | 14,368 | 103,164 | |
Tata Consultancy Services, Ltd. | 6,088 | 257,516 | |
Tata Elxsi, Ltd. | 387 | 33,517 | |
Tata Motors, Ltd. | 16,828 | 127,447 | |
Tata Teleservices Maharashtra, Ltd.(1) | 10,694 | 12,768 | |
Tech Mahindra, Ltd. | 6,817 | 100,261 | |
Titan Co., Ltd. | 2,948 | 111,514 | |
Trent, Ltd. | 1,414 | 35,385 |
Security | Shares | Value | |
India (continued) | |||
TVS Motor Co., Ltd. | 1,933 | $ 35,396 | |
Vodafone Idea, Ltd.(1) | 119,318 | 16,847 | |
Voltas, Ltd. | 2,965 | 30,648 | |
Wipro, Ltd. | 15,735 | 76,714 | |
WNS Holdings, Ltd. ADR(1) | 586 | 40,118 | |
Yes Bank, Ltd.(1) | 101,067 | 20,963 | |
Zee Entertainment Enterprises, Ltd.(1) | 11,487 | 36,436 | |
Zomato, Ltd.(1) | 60,246 | 73,380 | |
$ 5,196,972 | |||
Indonesia — 5.8% | |||
Allo Bank Indonesia Tbk PT(1) | 62,100 | $ 6,103 | |
Bank Central Asia Tbk PT | 2,465,100 | 1,404,453 | |
Bank Jago Tbk PT(1) | 294,000 | 38,316 | |
Bank Mandiri Persero Tbk PT | 2,117,400 | 824,149 | |
Bank Negara Indonesia Persero Tbk PT | 351,500 | 234,462 | |
Bank Rakyat Indonesia Persero Tbk PT | 3,366,343 | 1,136,924 | |
Dayamitra Telekomunikasi Tbk PT | 461,300 | 20,297 | |
Elang Mahkota Teknologi Tbk PT | 710,800 | 26,836 | |
Indah Kiat Pulp & Paper Tbk PT | 191,900 | 137,606 | |
Kalbe Farma Tbk PT | 909,000 | 103,016 | |
Merdeka Copper Gold Tbk PT(1) | 1,435,800 | 266,739 | |
Mitra Keluarga Karyasehat Tbk PT | 101,100 | 17,656 | |
Sarana Menara Nusantara Tbk PT | 1,930,200 | 119,852 | |
Sumber Alfaria Trijaya Tbk PT | 1,632,300 | 312,356 | |
Telkom Indonesia Persero Tbk PT | 2,226,700 | 539,767 | |
Tower Bersama Infrastructure Tbk PT | 665,600 | 86,940 | |
Unilever Indonesia Tbk PT | 641,800 | 155,290 | |
$ 5,430,762 | |||
Malaysia — 2.3% | |||
Axiata Group Bhd | 108,700 | $ 57,612 | |
CelcomDigi Bhd | 140,000 | 130,261 | |
CIMB Group Holdings Bhd | 205,500 | 237,402 | |
IHH Healthcare Bhd | 162,800 | 202,296 | |
Inari Amertron Bhd | 106,700 | 65,716 | |
Malaysia Airports Holdings Bhd | 91,000 | 138,133 | |
Maxis Bhd | 87,500 | 75,219 | |
MR DIY Group M Bhd(2) | 87,800 | 28,201 | |
Nestle Malaysia Bhd | 5,100 | 137,469 | |
Petronas Gas Bhd | 38,700 | 138,760 | |
PPB Group Bhd | 51,000 | 168,193 | |
Press Metal Aluminium Holdings Bhd | 180,400 | 180,623 | |
Public Bank Bhd | 608,700 | 525,905 | |
Telekom Malaysia Bhd | 43,900 | 45,774 | |
Westports Holdings Bhd | 81,800 | 56,163 | |
$ 2,187,727 | |||
Slovenia — 1.8% | |||
Nova Ljubljanska Banka dd GDR(4) | 111,200 | $ 1,696,019 | |
$ 1,696,019 |
Security | Shares | Value | |
South Korea — 15.4% | |||
AMOREPACIFIC Corp. | 930 | $ 84,036 | |
AMOREPACIFIC Group | 762 | 17,184 | |
CJ CheilJedang Corp. | 470 | 106,691 | |
Coway Co., Ltd. | 1,541 | 47,044 | |
DB HiTek Co., Ltd. | 800 | 28,927 | |
Doosan Enerbility Co., Ltd.(1) | 18,940 | 230,315 | |
Hana Financial Group, Inc. | 9,651 | 302,351 | |
Hanmi Pharm Co., Ltd. | 351 | 77,806 | |
Hanon Systems | 4,247 | 29,612 | |
Hansol Chemical Co., Ltd. | 361 | 44,680 | |
HMM Co., Ltd. | 9,728 | 117,341 | |
Hotel Shilla Co., Ltd. | 887 | 55,511 | |
HYBE Co., Ltd.(1) | 771 | 135,697 | |
Hyundai Engineering & Construction Co., Ltd. | 3,874 | 103,935 | |
Hyundai Engineering & Construction Co., Ltd., PFC Shares | 15 | 587 | |
Hyundai Glovis Co., Ltd. | 531 | 72,474 | |
Hyundai Marine & Fire Insurance Co., Ltd. | 1,826 | 43,844 | |
Hyundai Mobis Co., Ltd. | 1,796 | 319,649 | |
Hyundai Motor Co. | 3,963 | 560,384 | |
Kakao Corp. | 8,765 | 286,060 | |
Kakao Games Corp.(1) | 1,157 | 21,809 | |
Kakaopay Corp.(1) | 451 | 13,598 | |
KB Financial Group, Inc. | 11,870 | 484,140 | |
Kia Corp. | 7,495 | 451,126 | |
Korea Investment Holdings Co., Ltd. | 1,386 | 54,421 | |
Krafton, Inc.(1) | 713 | 79,585 | |
KT Corp. | 3,426 | 84,361 | |
L&F Co., Ltd. | 723 | 92,271 | |
LG Chem, Ltd. | 1,360 | 497,945 | |
LG Display Co., Ltd.(1) | 5,999 | 58,224 | |
LG Electronics, Inc. | 3,415 | 254,818 | |
LG H&H Co., Ltd. | 296 | 97,653 | |
LG Innotek Co., Ltd. | 375 | 67,949 | |
Meritz Financial Group, Inc. | 1,088 | 44,526 | |
Mirae Asset Securities Co., Ltd. | 8,724 | 41,673 | |
NAVER Corp. | 3,727 | 557,241 | |
Netmarble Corp.(1)(2) | 576 | 17,937 | |
NH Investment & Securities Co., Ltd. | 3,800 | 28,764 | |
POSCO Holdings, Inc. | 1,901 | 748,935 | |
Samsung C&T Corp. | 3,609 | 287,747 | |
Samsung Electro-Mechanics Co., Ltd. | 1,672 | 169,899 | |
Samsung Electronics Co., Ltd. | 98,849 | 4,997,223 | |
Samsung Heavy Industries Co., Ltd.(1) | 27,290 | 158,319 | |
Samsung SDS Co., Ltd. | 977 | 97,849 | |
Samsung Securities Co., Ltd. | 1,918 | 52,184 | |
SD Biosensor, Inc. | 1,600 | 13,496 | |
Shinhan Financial Group Co., Ltd. | 16,306 | 429,144 | |
SK Biopharmaceuticals Co., Ltd.(1) | 1,537 | 98,141 | |
SK Bioscience Co., Ltd.(1) | 1,443 | 72,623 | |
SK Hynix, Inc. | 12,597 | 1,066,521 | |
SK IE Technology Co., Ltd.(1)(2) | 871 | 47,587 |
Security | Shares | Value | |
South Korea (continued) | |||
SK Square Co., Ltd.(1) | 2,909 | $ 91,332 | |
SK Telecom Co., Ltd. | 1,625 | 62,602 | |
Woori Financial Group, Inc. | 18,339 | 166,244 | |
Yuhan Corp. | 3,334 | 187,151 | |
$14,359,166 | |||
Taiwan — 2.4% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 140,000 | $ 2,282,873 | |
$ 2,282,873 | |||
Turkey — 9.0% | |||
Akbank TAS | 864,055 | $ 1,052,511 | |
Coca-Cola Icecek A/S | 20,021 | 288,034 | |
Ford Otomotiv Sanayi A/S | 40,778 | 1,255,010 | |
Haci Omer Sabanci Holding A/S | 370,294 | 805,465 | |
Hektas Ticaret TAS(1) | 597,849 | 585,441 | |
Tofas Turk Otomobil Fabrikasi A/S | 71,074 | 764,992 | |
Turkcell Iletisim Hizmetleri A/S(1) | 335,241 | 650,462 | |
Turkiye Is Bankasi A/S, Class C | 1,016,751 | 952,211 | |
Turkiye Sise ve Cam Fabrikalari A/S | 760,356 | 1,512,460 | |
Yapi ve Kredi Bankasi A/S | 767,439 | 515,195 | |
$ 8,381,781 | |||
United Arab Emirates — 8.3% | |||
Abu Dhabi Commercial Bank PJSC | 303,675 | $ 715,175 | |
Aldar Properties PJSC | 1,240,566 | 1,945,828 | |
Alpha Dhabi Holding PJSC(1) | 50,500 | 275,268 | |
Dubai Financial Market PJSC | 61,300 | 26,547 | |
Dubai Islamic Bank PJSC | 116,847 | 186,122 | |
Emirates Central Cooling Systems Corp. | 415,200 | 213,159 | |
Emirates Integrated Telecommunications Co. PJSC | 82,803 | 120,616 | |
Emirates Telecommunications Group Co. PJSC | 515,870 | 2,870,921 | |
Fertiglobe PLC | 34,200 | 32,496 | |
First Abu Dhabi Bank PJSC | 361,048 | 1,336,965 | |
$ 7,723,097 | |||
Vietnam — 3.2% | |||
Digiworld Corp.(1) | 290,200 | $ 688,817 | |
FPT Corp. | 476,800 | 1,817,644 | |
Gemadept Corp. | 91,800 | 249,798 | |
Mobile World Investment Corp. | 106,500 | 229,959 | |
$ 2,986,218 | |||
Total Common Stocks (identified cost $88,777,272) | $92,035,670 |
Short-Term Investments — 0.1% |
Affiliated Fund — 0.0%(5) | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(6) | 5,086 | $ 5,086 | |
Total Affiliated Fund (identified cost $5,086) | $ 5,086 | ||
Securities Lending Collateral — 0.1% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(7) | 107,321 | $ 107,321 | |
Total Securities Lending Collateral (identified cost $107,321) | $ 107,321 | ||
Total Short-Term Investments (identified cost $112,407) | $ 112,407 |
Total Investments — 98.6% (identified cost $88,889,679) | $92,148,077 | |
Other Assets, Less Liabilities — 1.4% | $ 1,275,524 | |
Net Assets — 100.0% | $93,423,601 |
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 September 30, 2023, the aggregate value of these securities is $3,286,731 or 3.5% of the Fund's net assets. |
(3) | All or a portion of this security was on loan at September 30, 2023. The aggregate market value of securities on loan at September 30, 2023 was $1,053,004. |
(4) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At September 30, 2023, the aggregate value of these securities is $1,696,019 or 1.8% of the Fund's net assets. |
(5) | Amount is less than 0.05%. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Financials | 37.4% |
Information Technology | 13.8 |
Communication Services | 12.7 |
Consumer Discretionary | 12.6 |
Utilities | 5.0 |
Industrials | 4.9 |
Real Estate | 3.5 |
Consumer Staples | 3.0 |
Materials | 2.9 |
Health Care | 2.7 |
Total | 98.5% |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 6,723,756 | EUR | 6,250,000 | Standard Chartered Bank | 10/6/23 | $ 115,142 | $ — |
USD | 11,148,110 | CNH | 77,600,000 | Goldman Sachs International | 11/24/23 | 496,931 | — |
USD | 11,396,124 | CNH | 81,000,000 | Standard Chartered Bank | 11/24/23 | 278,269 | — |
INR | 561,000,000 | USD | 6,760,682 | Standard Chartered Bank | 12/20/23 | — | (35,442) |
$890,342 | $(35,442) |
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) |
Equity Futures | |||||
MSCI Emerging Markets Index | 154 | Long | 12/15/23 | $7,357,350 | $ (188,760) |
$(188,760) |
Abbreviations: | |
ADR | – American Depositary Receipt |
GDR | – Global Depositary Receipt |
OTC | – Over-the-counter |
PFC Shares | – Preference Shares |
Currency Abbreviations: | |
CNH | – Yuan Renminbi Offshore |
EUR | – Euro |
INR | – Indian Rupee |
USD | – United States Dollar |
September 30, 2023 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $88,884,593) - including $1,053,004 of securities on loan | $ 92,142,991 |
Investments in securities of affiliated issuers, at value (identified cost $5,086) | 5,086 |
Receivable for open forward foreign currency exchange contracts | 890,342 |
Cash denominated in foreign currency, at value (cost $2,573,072) | 2,565,965 |
Deposits at broker for futures contracts | 213,273 |
Deposits for derivatives collateral - forward foreign currency exchange contracts | 760,000 |
Receivable for investments sold | 135,057 |
Receivable for capital shares sold | 108,576 |
Dividends receivable | 154,201 |
Dividends receivable - affiliated | 4,379 |
Securities lending income receivable | 4,127 |
Tax reclaims receivable | 6,466 |
Directors' deferred compensation plan | 1,201 |
Other assets | 5,667 |
Total assets | $ 96,997,331 |
Liabilities | |
Cash collateral due to brokers | $ 760,000 |
Payable for variation margin on open futures contracts | 1,792 |
Payable for open forward foreign currency exchange contracts | 35,442 |
Payable for capital shares redeemed | 25,451 |
Payable for foreign capital gains taxes | 80,562 |
Deposits for securities loaned | 107,321 |
Payable to affiliates: | |
Investment advisory fee | 49,319 |
Administrative fee | 9,419 |
Distribution and service fees | 447 |
Sub-transfer agency fee | 402 |
Directors' deferred compensation plan | 1,201 |
Other | 4,948 |
Accrued expenses | 87,426 |
Demand note payable | 2,410,000 |
Total liabilities | $ 3,573,730 |
Net Assets | $ 93,423,601 |
Sources of Net Assets | |
Paid-in capital | $100,162,462 |
Accumulated loss | (6,738,861) |
Net Assets | $ 93,423,601 |
Class A Shares | |
Net Assets | $ 2,132,897 |
Shares Outstanding | 212,237 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.05 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 10.61 |
September 30, 2023 | |
Class I Shares | |
Net Assets | $ 91,290,704 |
Shares Outstanding | 9,014,392 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.13 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Year Ended | |
September 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $176,288) | $ 1,988,525 |
Dividend income - affiliated issuers | 123,386 |
Securities lending income, net | 25,415 |
Total investment income | $ 2,137,326 |
Expenses | |
Investment advisory fee | $ 544,062 |
Administrative fee | 103,631 |
Distribution and service fees: | |
Class A | 4,707 |
Directors' fees and expenses | 5,907 |
Custodian fees | 88,735 |
Transfer agency fees and expenses | 31,517 |
Accounting fees | 41,241 |
Professional fees | 48,068 |
Registration fees | 38,138 |
Reports to shareholders | 11,788 |
Interest expense and fees | 10,447 |
Miscellaneous | 26,474 |
Total expenses | $ 954,715 |
Waiver and/or reimbursement of expenses by affiliates | $ (123,515) |
Net expenses | $ 831,200 |
Net investment income | $ 1,306,126 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities (net of foreign capital gains taxes of $28,871) | $ (5,269,691) |
Futures contracts | 519,199 |
Written options | (4,731) |
Foreign currency transactions | 38,253 |
Forward foreign currency exchange contracts | 1,251,940 |
Net realized loss | $(3,465,030) |
Change in unrealized appreciation (depreciation): | |
Investment securities (including net increase in payable for foreign capital gains taxes of $48,575) | $ 8,565,695 |
Futures contracts | (188,760) |
Foreign currency | 12,014 |
Forward foreign currency exchange contracts | (386,693) |
Net change in unrealized appreciation (depreciation) | $ 8,002,256 |
Net realized and unrealized gain | $ 4,537,226 |
Net increase in net assets from operations | $ 5,843,352 |
Year Ended September 30, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 1,306,126 | $ 1,132,602 |
Net realized loss | (3,465,030) | (4,815,155) |
Net change in unrealized appreciation (depreciation) | 8,002,256 | (11,081,536) |
Net increase (decrease) in net assets from operations | $ 5,843,352 | $(14,764,089) |
Distributions to shareholders: | ||
Class A | $ (95,421) | $ (24,218) |
Class I | (4,071,452) | (2,583,124) |
Total distributions to shareholders | $ (4,166,873) | $ (2,607,342) |
Capital share transactions: | ||
Class A | $ 840,988 | $ 1,061,137 |
Class I | 17,857,741 | 31,109,271 |
Net increase in net assets from capital share transactions | $18,698,729 | $ 32,170,408 |
Net increase in net assets | $20,375,208 | $ 14,798,977 |
Net Assets | ||
At beginning of year | $ 73,048,393 | $ 58,249,416 |
At end of year | $93,423,601 | $ 73,048,393 |
Class A | ||||
Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 (1) | |
Net asset value — Beginning of period | $ 9.79 | $ 12.39 | $ 10.64 | $ 10.00 |
Income (Loss) From Operations | ||||
Net investment income(2) | $ 0.13 | $ 0.17 | $ 0.09 | $ 0.10 |
Net realized and unrealized gain (loss) | 0.66 | (2.23) | 1.67 | 0.59 |
Total income (loss) from operations | $ 0.79 | $ (2.06) | $ 1.76 | $ 0.69 |
Less Distributions | ||||
From net investment income | $ (0.53) | $ (0.06) | $ (0.01) | $ — |
From net realized gain | — | (0.48) | — | (0.05) |
Total distributions | $ (0.53) | $ (0.54) | $ (0.01) | $ (0.05) |
Net asset value — End of period | $10.05 | $ 9.79 | $12.39 | $10.64 |
Total Return(3) | 8.18% | (17.42)% | 16.54% | 6.94% |
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted) | $ 2,133 | $ 1,270 | $ 477 | $ 91 |
Ratios (as a percentage of average daily net assets):(4) | ||||
Total expenses | 1.35% (5) | 1.36% (6) | 1.41% | 1.83% |
Net expenses | 1.21% (5)(7) | 1.22% (6)(7) | 1.20% | 1.20% |
Net investment income | 1.31% | 1.53% | 0.68% | 0.99% |
Portfolio Turnover | 82% | 45% | 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) | 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) | Includes interest expense of 0.01%. |
(6) | Includes interest expense from bank overdrafts of 0.02%. |
(7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class I | ||||
Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 (1) | |
Net asset value — Beginning of period | $ 9.85 | $ 12.44 | $ 10.66 | $ 10.00 |
Income (Loss) From Operations | ||||
Net investment income(2) | $ 0.16 | $ 0.19 | $ 0.09 | $ 0.12 |
Net realized and unrealized gain (loss) | 0.66 | (2.23) | 1.71 | 0.59 |
Total income (loss) from operations | $ 0.82 | $ (2.04) | $ 1.80 | $ 0.71 |
Less Distributions | ||||
From net investment income | $ (0.54) | $ (0.07) | $ (0.02) | $ — |
From net realized gain | — | (0.48) | — | (0.05) |
Total distributions | $ (0.54) | $ (0.55) | $ (0.02) | $ (0.05) |
Net asset value — End of period | $ 10.13 | $ 9.85 | $ 12.44 | $ 10.66 |
Total Return(3) | 8.48% | (17.20)% | 16.85% | 7.14% |
Ratios/Supplemental Data | ||||
Net assets, end of period (000’s omitted) | $91,291 | $71,779 | $57,772 | $41,792 |
Ratios (as a percentage of average daily net assets):(4) | ||||
Total expenses | 1.10% (5) | 1.11% (6) | 1.16% | 1.58% |
Net expenses | 0.96% (5)(7) | 0.97% (6)(7) | 0.95% | 0.95% |
Net investment income | 1.52% | 1.61% | 0.71% | 1.15% |
Portfolio Turnover | 82% | 45% | 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) | 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) | Includes interest expense of 0.01%. |
(6) | Includes interest expense from bank overdrafts of 0.02%. |
(7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to 0.01% and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022, respectively). |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
China | $ 3,470,998 | $ 10,508,877 | $ — | $ 13,979,875 |
Cyprus | — | 1,881,492 | — | 1,881,492 |
Georgia | — | 7,083,969 | — | 7,083,969 |
Greece | — | 18,845,719 | — | 18,845,719 |
India | 74,844 | 5,122,128 | — | 5,196,972 |
Indonesia | — | 5,430,762 | — | 5,430,762 |
Malaysia | — | 2,187,727 | — | 2,187,727 |
Slovenia | — | 1,696,019 | — | 1,696,019 |
South Korea | — | 14,359,166 | — | 14,359,166 |
Taiwan | — | 2,282,873 | — | 2,282,873 |
Turkey | — | 8,381,781 | — | 8,381,781 |
United Arab Emirates | — | 7,723,097 | — | 7,723,097 |
Vietnam | — | 2,986,218 | — | 2,986,218 |
Total Common Stocks | $3,545,842 | $88,489,828 (1) | $ — | $92,035,670 |
Short-Term Investments: | ||||
Affiliated Fund | $ 5,086 | $ — | $ — | $ 5,086 |
Securities Lending Collateral | 107,321 | — | — | 107,321 |
Total Investments | $3,658,249 | $88,489,828 | $ — | $92,148,077 |
Forward Foreign Currency Exchange Contracts | $ — | $ 890,342 | $ — | $ 890,342 |
Total | $3,658,249 | $89,380,170 | $ — | $93,038,419 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $ (35,442) | $ — | $ (35,442) |
Futures Contracts | (188,760) | — | — | (188,760) |
Total | $ (188,760) | $ (35,442) | $ — | $ (224,202) |
(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. |
Year Ended September 30, | ||
2023 | 2022 | |
Ordinary income | $4,166,873 | $ 603,455 |
Long-term capital gains | $ — | $2,003,887 |
Undistributed ordinary income | $ 2,809,199 |
Deferred capital losses | (11,612,518) |
Net unrealized appreciation | 2,064,458 |
Accumulated loss | $ (6,738,861) |
Aggregate cost | $89,997,796 |
Gross unrealized appreciation | $ 10,476,640 |
Gross unrealized depreciation | (8,326,359) |
Net unrealized appreciation | $ 2,150,281 |
Risk | Derivative | Statement of Assets and Liabilities Caption | Assets | Liabilities |
Equity price | Futures contracts | Accumulated loss | $ — | $ (188,760)(1) |
Foreign exchange | Forward foreign currency exchange contracts | Receivable/Payable for open forward foreign currency exchange contracts | 890,342 | (35,442) |
Total | $890,342 | $(224,202) | ||
Derivatives not subject to master netting agreements | $ — | $(188,760) | ||
Total Derivatives subject to master netting agreements | $890,342 | $ (35,442) |
(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) |
Goldman Sachs International | $ 496,931 | $ — | $ — | $ (490,000) | $ 6,931 |
Standard Chartered Bank | 393,411 | (35,442) | — | (270,000) | 87,969 |
$890,342 | $(35,442) | $ — | $(760,000) | $94,900 |
Counterparty | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities(c) |
Standard Chartered Bank | $(35,442) | $35,442 | $ — | $ — | $ — |
(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): | |||
Investment securities(1) | $ — | $ 244,829 | $ 244,829 |
Forward foreign currency exchange contracts | — | 1,251,940 | 1,251,940 |
Futures contracts | 519,199 | — | 519,199 |
Written options | — | (4,731) | (4,731) |
Total | $ 519,199 | $1,492,038 | $2,011,237 |
Change in unrealized appreciation (depreciation): | |||
Forward foreign currency exchange contracts | $ — | $ (386,693) | $ (386,693) |
Futures contracts | (188,760) | — | (188,760) |
Total | $(188,760) | $ (386,693) | $ (575,453) |
(1) | Relates to purchased options. |
Futures Contracts — Long | Forward Foreign Currency Exchange Contracts* |
$4,864,000 | $46,772,000 |
* | 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. |
September 30, 2023, which are indicative of the volume of these derivative types, were approximately $6,338,000 and $6,338,000, respectively.
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $107,321 | $ — | $ — | $ — | $107,321 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $3,013,623 | $46,132,398 | $(49,140,935) | $ — | $ — | $5,086 | $123,386 | 5,086 |
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 137,808 | $ 1,414,459 | 92,902 | $ 1,079,670 | |
Reinvestment of distributions | 9,767 | 95,421 | 2,006 | 24,218 | |
Shares redeemed | (64,996) | (668,892) | (3,757) | (42,751) | |
Net increase | 82,579 | $ 840,988 | 91,151 | $ 1,061,137 | |
Class I | |||||
Shares sold | 2,097,744 | $ 21,852,739 | 2,972,067 | $ 34,751,468 | |
Reinvestment of distributions | 414,379 | 4,069,197 | 213,126 | 2,583,084 | |
Shares redeemed | (784,442) | (8,064,195) | (541,348) | (6,225,281) | |
Net increase | 1,727,681 | $17,857,741 | 2,643,845 | $31,109,271 |
Boston, Massachusetts
November 22, 2023
• | A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
• | A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds; |
• | A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
• | Data regarding investment performance in comparison to benchmark indices; |
• | For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; |
• | Profitability analyses for the Adviser with respect to each fund; |
• | Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs; |
• | Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions; |
• | Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
• | Reports detailing the financial results and condition of CRM; |
• | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
• | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
• | A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
• | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and |
• | The terms of each investment advisory agreement. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Director | |||
Theodore H. Eliopoulos(1) 1964 | Director and President | Since 2022 | President and Chief Executive Officer of CRM and senior sponsor of Morgan Stanley Investment Management’s (MSIM) Diversity Council. Formerly, Vice Chairman & Head of Strategic Partnerships at MSIM (2019-2022). Former Chief Investment Officer and interim Chief Investment Officer (2014-2018) and Senior Investment Officer of Real Estate and Real Assets at California Public Employees’ Retirement System (CalPERS) (2007-2014). Former Chief Deputy Treasurer and Deputy Treasurer at the California State Treasurer's Office (2002-2006). Mr. Eliopoulos is an interested person because of his positions with CRM and certain affiliates. Other Directorships. The Robert Toigo Foundation; Pacific Pension & Investment Institute (PPI). |
Noninterested Directors | |||
Richard L. Baird, Jr.(2) 1948 | Director | Since 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships. None. |
Alice Gresham Bullock 1950 | Chair and Director | Since 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships. None. |
Cari M. Dominguez 1949 | Director | Since 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships. ManpowerGroup Inc. (workforce solutions company); Triple S Management Corporation (managed care); National Association of Corporate Directors. |
Karen Fang(3) 1958 | Director | Since 2023 | Formerly, Managing Director, Wealth Management at GAMCO Asset Management (asset management firm) (2020-2023). Formerly, Managing Director, Senior Portfolio Manager of Fiduciary Trust Company International (wealth management firm) (1993-2019). Other Directorships. None. |
John G. Guffey, Jr.(2) 1948 | Director | Since 1992 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. |
Miles D. Harper, III 1962 | Director | Since 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram) (November 1999 - September 2014). Other Directorships. Bridgeway Funds (9) (asset management). |
Joy V. Jones 1950 | Director | Since 2005 | Attorney. Other Directorships. Palm Management Corporation. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Directors (continued) | |||
Eddie Ramos(3) 1967 | Director | Since 2023 | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). Other Directorships. Macquarie Optimum Funds (6) (asset management). |
Anthony A. Williams 1951 | Director | Since 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Directors | |||
Hope L. Brown 1973 | Chief Compliance Officer | Since 2014 | Chief Compliance Officer of 46 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). |
Deidre E. Walsh 1971 | Secretary, Vice President and Chief Legal Officer | Since 2021 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2021). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
James F. Kirchner 1967 | Treasurer | Since 2016 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
(1) Mr. Eliopoulos is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | |||
(2) Effective December 31, 2023, Richard L. Baird, Jr. and John G. Guffey, Jr. will retire from the Board of Directors. | |||
(3) Ms. Fang and Mr. Ramos began serving as Directors effective October 30, 2023. |
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-CSRA/0001193125-23-291547/g633715imgedd5b9f71.gif)
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715imgbb71bf1f2.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 07/02/1992 | 07/02/1992 | 18.94% | 4.82% | 3.69% |
Class A with 5.25% Maximum Sales Charge | — | — | 12.67 | 3.70 | 3.13 |
Class C at NAV | 03/01/1994 | 07/02/1992 | 18.05 | 4.04 | 3.04 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 17.05 | 4.04 | 3.04 |
Class I at NAV | 02/26/1999 | 07/02/1992 | 19.27 | 5.10 | 4.07 |
Class R6 at NAV | 03/07/2019 | 07/02/1992 | 19.27 | 5.14 | 4.09 |
MSCI EAFE Index | — | — | 25.65% | 3.24% | 3.82% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.21% | 1.96% | 0.96% | 0.92% |
Net | 1.14 | 1.89 | 0.89 | 0.85 |
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715img36876d163.jpg)
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 09/30/2013 | $13,499 | N.A. |
Class I, at minimum investment | $1,000,000 | 09/30/2013 | $1,490,210 | N.A. |
Class R6, at minimum investment | $5,000,000 | 09/30/2013 | $7,466,478 | N.A. |
Sector Allocation (% of net assets)1 |
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715img6065d4ef4.jpg)
Top 10 Holdings (% of net assets)1 | |
Nestle S.A. | 6.0% |
AstraZeneca PLC | 4.4 |
Reckitt Benckiser Group PLC | 4.0 |
Iberdrola S.A. | 3.9 |
Novo Nordisk A/S, Class B | 3.7 |
InterContinental Hotels Group PLC | 3.4 |
HSBC Holdings PLC | 3.3 |
Sanofi | 3.1 |
Siemens AG | 3.0 |
LVMH Moet Hennessy Louis Vuitton SE | 2.9 |
Total | 37.7% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
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 1/31/24. 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. | |
Additional Information | |
S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. |
Beginning Account Value (4/1/23) | Ending Account Value (9/30/23) | Expenses Paid During Period* (4/1/23 – 9/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 931.40 | $5.52 ** | 1.14% |
Class C | $1,000.00 | $ 927.70 | $9.13 ** | 1.89% |
Class I | $1,000.00 | $ 932.30 | $4.31 ** | 0.89% |
Class R6 | $1,000.00 | $ 932.60 | $4.12 ** | 0.85% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.35 | $5.77 ** | 1.14% |
Class C | $1,000.00 | $1,015.59 | $9.55 ** | 1.89% |
Class I | $1,000.00 | $1,020.61 | $4.51 ** | 0.89% |
Class R6 | $1,000.00 | $1,020.81 | $4.31 ** | 0.85% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 98.8% |
Security | Shares | Value | |
Australia — 2.4% | |||
CSL, Ltd. | 144,666 | $ 23,306,129 | |
$ 23,306,129 | |||
Belgium — 2.0% | |||
KBC Group NV | 314,076 | $ 19,553,303 | |
$ 19,553,303 | |||
Denmark — 3.7% | |||
Novo Nordisk A/S, Class B | 386,318 | $ 35,174,710 | |
$ 35,174,710 | |||
France — 10.9% | |||
LVMH Moet Hennessy Louis Vuitton SE | 37,179 | $ 28,063,841 | |
Safran S.A. | 156,317 | 24,496,306 | |
Sanofi | 277,564 | 29,803,504 | |
Schneider Electric SE | 133,477 | 21,995,951 | |
$104,359,602 | |||
Germany — 6.4% | |||
Infineon Technologies AG | 509,903 | $ 16,888,363 | |
Sartorius AG, PFC Shares | 47,597 | 16,120,808 | |
Siemens AG | 198,235 | 28,329,493 | |
$ 61,338,664 | |||
Hong Kong — 2.7% | |||
AIA Group, Ltd. | 3,198,402 | $ 25,865,931 | |
$ 25,865,931 | |||
India — 2.1% | |||
HDFC Bank, Ltd. | 1,108,727 | $ 20,327,945 | |
$ 20,327,945 | |||
Japan — 13.0% | |||
Dentsu Group, Inc. | 505,075 | $ 14,855,095 | |
Kao Corp. | 463,291 | 17,171,880 | |
Keyence Corp. | 39,631 | 14,656,557 | |
Kose Corp. | 159,663 | 11,572,700 | |
Nihon M&A Center Holdings, Inc.(1) | 1,556,854 | 7,482,149 | |
Olympus Corp. | 1,312,747 | 17,044,028 | |
Recruit Holdings Co., Ltd. | 697,947 | 21,353,698 | |
Yamaha Corp.(1) | 762,922 | 20,836,634 | |
$124,972,741 | |||
Netherlands — 5.5% | |||
ASML Holding NV | 46,448 | $ 27,346,260 | |
IMCD NV | 202,987 | 25,664,605 | |
$ 53,010,865 |
Security | Shares | Value | |
Singapore — 2.5% | |||
DBS Group Holdings, Ltd. | 953,455 | $ 23,416,508 | |
$ 23,416,508 | |||
South Africa — 1.2% | |||
Vodacom Group, Ltd. | 2,052,488 | $ 11,452,528 | |
$ 11,452,528 | |||
Spain — 8.6% | |||
Amadeus IT Group S.A. | 332,998 | $ 20,113,971 | |
Banco Santander S.A. | 6,666,864 | 25,387,877 | |
Iberdrola S.A. | 3,343,285 | 37,392,797 | |
$ 82,894,645 | |||
Sweden — 1.4% | |||
Indutrade AB | 745,876 | $ 13,775,474 | |
$ 13,775,474 | |||
Switzerland — 9.6% | |||
Lonza Group AG | 39,288 | $ 18,172,547 | |
Nestle S.A. | 508,670 | 57,579,407 | |
Straumann Holding AG | 124,654 | 15,865,828 | |
$ 91,617,782 | |||
Taiwan — 1.4% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 149,780 | $ 13,015,882 | |
$ 13,015,882 | |||
United Kingdom — 25.4% | |||
Ashtead Group PLC | 276,770 | $ 16,784,051 | |
AstraZeneca PLC | 313,150 | 42,239,054 | |
Compass Group PLC | 1,084,481 | 26,397,980 | |
Halma PLC | 598,293 | 14,096,214 | |
HSBC Holdings PLC | 4,026,461 | 31,508,599 | |
InterContinental Hotels Group PLC | 442,641 | 32,735,195 | |
London Stock Exchange Group PLC | 220,374 | 22,087,168 | |
Reckitt Benckiser Group PLC | 543,908 | 38,356,792 | |
RELX PLC | 574,626 | 19,387,832 | |
$243,592,885 | |||
Total Common Stocks (identified cost $952,914,095) | $947,675,594 |
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) | $ | 880 | $ 867,935 |
Total High Social Impact Investments (identified cost $880,000) | $ 867,935 |
Preferred Stocks — 0.0% |
Security | Shares | Value | |
Venture Capital — 0.0% | |||
Bioceptive, Inc.: | |||
Series A(3)(4)(5) | 582,574 | $ 0 | |
Series B(3)(4)(5) | 40,523 | 0 | |
FINAE, Series D(3)(4)(5) | 2,597,442 | 0 | |
Total Preferred Stocks (identified cost $491,304) | $ 0 |
Venture Capital Limited Partnership Interests — 0.1% |
Security | Value | ||
Africa Renewable Energy Fund L.P.(3)(4)(5) | $ 832,704 | ||
Emerald Sustainability Fund I L.P.(3)(4)(5) | 58,584 | ||
gNet Defta Development Holding LLC(2)(3)(4)(5) | 145,341 | ||
SEAF India International Growth Fund L.P.(3)(4)(5) | 0 | ||
Total Venture Capital Limited Partnership Interests (identified cost $1,986,717) | $ 1,036,629 |
Short-Term Investments — 1.5% |
Affiliated Fund — 0.8% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(6) | 7,548,628 | $ 7,548,628 | |
Total Affiliated Fund (identified cost $7,548,628) | $ 7,548,628 | ||
Securities Lending Collateral — 0.7% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(7) | 6,612,500 | $ 6,612,500 | |
Total Securities Lending Collateral (identified cost $6,612,500) | $ 6,612,500 | ||
Total Short-Term Investments (identified cost $14,161,128) | $ 14,161,128 |
Value | ||
Total Investments — 100.5% (identified cost $970,433,244) | $ 963,741,286 | |
Other Assets, Less Liabilities — (0.5)% | $ (4,326,615) | |
Net Assets — 100.0% | $ 959,414,671 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | All or a portion of this security was on loan at September 30, 2023. The aggregate market value of securities on loan at September 30, 2023 was $7,545,417. |
(2) | May be deemed to be an affiliated company (see Note 7). |
(3) | Restricted security. Total market value of restricted securities amounts to $1,904,564, which represents 0.2% of the net assets of the Fund as of September 30, 2023. |
(4) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(5) | Non-income producing security. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Health Care | 20.6% |
Industrials | 18.7 |
Financials | 17.5 |
Consumer Discretionary | 13.4 |
Consumer Staples | 13.0 |
Information Technology | 9.0 |
Utilities | 3.9 |
Communication Services | 2.7 |
Venture Capital | 0.1 |
High Social Impact Investments | 0.1 |
Total | 99.0% |
Description | Acquisition Dates | Cost |
Africa Renewable Energy Fund L.P. | 4/17/14-5/13/19 | $997,005 |
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 |
Description | Acquisition Dates | Cost |
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 |
SEAF India International Growth Fund L.P. | 3/22/05-5/24/10 | 195,777 |
Abbreviations: | |
ADR | – American Depositary Receipt |
PFC Shares | – Preference Shares |
September 30, 2023 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $961,604,616) - including $7,545,417 of securities on loan | $ 955,179,382 |
Investments in securities of affiliated issuers, at value (identified cost $8,828,628) | 8,561,904 |
Cash | 215,106 |
Cash denominated in foreign currency, at value (cost $841,601) | 823,866 |
Receivable for investments sold | 7,461 |
Receivable for capital shares sold | 1,440,934 |
Dividends receivable | 808,782 |
Dividends and interest receivable - affiliated | 36,814 |
Securities lending income receivable | 204 |
Tax reclaims receivable | 1,344,101 |
Receivable from affiliates | 46,672 |
Directors' deferred compensation plan | 127,536 |
Total assets | $968,592,762 |
Liabilities | |
Payable for capital shares redeemed | $ 1,245,754 |
Payable for foreign capital gains taxes | 192,502 |
Deposits for securities loaned | 6,612,500 |
Payable to affiliates: | |
Investment advisory fee | 539,090 |
Administrative fee | 97,952 |
Distribution and service fees | 38,047 |
Sub-transfer agency fee | 20,099 |
Directors' deferred compensation plan | 127,536 |
Accrued expenses | 304,611 |
Total liabilities | $ 9,178,091 |
Commitments and contingent liabilities (Note 10) | |
Net Assets | $959,414,671 |
Sources of Net Assets | |
Paid-in capital | $ 964,860,085 |
Accumulated loss | (5,445,414) |
Net Assets | $959,414,671 |
Class A Shares | |
Net Assets | $ 160,616,967 |
Shares Outstanding | 8,103,726 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 19.82 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 20.92 |
Class C Shares | |
Net Assets | $ 4,297,391 |
Shares Outstanding | 259,688 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 16.55 |
September 30, 2023 | |
Class I Shares | |
Net Assets | $ 656,696,070 |
Shares Outstanding | 30,759,608 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 21.35 |
Class R6 Shares | |
Net Assets | $ 137,804,243 |
Shares Outstanding | 6,467,806 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 21.31 |
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. |
Year Ended | |
September 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $1,753,716) | $ 18,057,783 |
Dividend income - affiliated issuers | 314,196 |
Non-cash dividend income | 1,636,472 |
Interest and other income | 136,198 |
Interest income - affiliated issuers | 13,200 |
Securities lending income, net | 43,339 |
Total investment income | $ 20,201,188 |
Expenses | |
Investment advisory fee | $ 6,123,437 |
Administrative fee | 1,109,712 |
Distribution and service fees: | |
Class A | 429,042 |
Class C | 48,873 |
Directors' fees and expenses | 64,401 |
Custodian fees | 117,916 |
Transfer agency fees and expenses | 822,989 |
Accounting fees | 217,001 |
Professional fees | 82,299 |
Registration fees | 119,444 |
Reports to shareholders | 68,861 |
Miscellaneous | 56,068 |
Total expenses | $ 9,260,043 |
Waiver and/or reimbursement of expenses by affiliates | $ (633,692) |
Net expenses | $ 8,626,351 |
Net investment income | $ 11,574,837 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities (net of foreign capital gains taxes of $108,964) | $ (4,136,960) |
Foreign currency transactions | (264,737) |
Net realized loss | $ (4,401,697) |
Change in unrealized appreciation (depreciation): | |
Investment securities (including net increase in payable for foreign capital gains taxes of $51,693) | $ 119,076,860 |
Investment securities - affiliated issuers | 1,816 |
Foreign currency | 90,398 |
Net change in unrealized appreciation (depreciation) | $119,169,074 |
Net realized and unrealized gain | $114,767,377 |
Net increase in net assets from operations | $126,342,214 |
Year Ended September 30, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 11,574,837 | $ 10,880,912 |
Net realized gain (loss) | (4,401,697) | 21,101,453 |
Net change in unrealized appreciation (depreciation) | 119,169,074 | (286,611,931) |
Net increase (decrease) in net assets from operations | $126,342,214 | $(254,629,566) |
Distributions to shareholders: | ||
Class A | $ (4,018,306) | $ (11,969,909) |
Class C | (99,299) | (506,133) |
Class I | (11,779,440) | (34,004,747) |
Class R6 | (3,654,279) | (10,457,460) |
Total distributions to shareholders | $ (19,551,324) | $ (56,938,249) |
Capital share transactions: | ||
Class A | $ (4,312,601) | $ 18,361,281 |
Class C | (730,910) | (881,402) |
Class I | 178,777,913 | 75,702,092 |
Class R6 | (10,692,777) | 24,801,196 |
Net increase in net assets from capital share transactions | $163,041,625 | $ 117,983,167 |
Net increase (decrease) in net assets | $269,832,515 | $(193,584,648) |
Net Assets | ||
At beginning of year | $ 689,582,156 | $ 883,166,804 |
At end of year | $959,414,671 | $ 689,582,156 |
Class A | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 17.07 | $ 25.06 | $ 20.35 | $ 18.18 | $ 17.53 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.21 | $ 0.25 | $ 0.08 | $ 0.06 | $ 0.22 |
Net realized and unrealized gain (loss) | 3.01 | (6.64) | 4.67 | 2.30 | 0.61 |
Total income (loss) from operations | $ 3.22 | $ (6.39) | $ 4.75 | $ 2.36 | $ 0.83 |
Less Distributions | |||||
From net investment income | $ (0.18) | $ (0.23) | $ (0.04) | $ (0.19) | $ (0.18) |
From net realized gain | (0.29) | (1.37) | — | — | — |
Total distributions | $ (0.47) | $ (1.60) | $ (0.04) | $ (0.19) | $ (0.18) |
Net asset value — End of year | $ 19.82 | $ 17.07 | $ 25.06 | $ 20.35 | $ 18.18 |
Total Return(2) | 18.94% | (27.28)% | 23.38% | 13.02% | 4.93% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $160,617 | $140,998 | $190,998 | $138,810 | $112,923 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 1.20% | 1.22% | 1.20% | 1.27% | 1.46% |
Net expenses | 1.14% (4) | 1.14% (4) | 1.14% | 1.14% | 1.27% |
Net investment income | 1.01% | 1.15% | 0.34% | 0.33% | 1.26% |
Portfolio Turnover | 35% | 32% | 38% | 47% | 51% |
(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) | 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. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class C | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 14.31 | $ 21.28 | $ 17.37 | $ 15.54 | $ 15.00 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ 0.04 | $ 0.06 | $ (0.09) | $ (0.07) | $ 0.03 |
Net realized and unrealized gain (loss) | 2.54 | (5.57) | 4.00 | 1.96 | 0.58 |
Total income (loss) from operations | $ 2.58 | $ (5.51) | $ 3.91 | $ 1.89 | $ 0.61 |
Less Distributions | |||||
From net investment income | $ (0.05) | $ (0.09) | $ — | $ (0.06) | $ (0.07) |
From net realized gain | (0.29) | (1.37) | — | — | — |
Total distributions | $ (0.34) | $ (1.46) | $ — | $ (0.06) | $ (0.07) |
Net asset value — End of year | $16.55 | $ 14.31 | $21.28 | $17.37 | $15.54 |
Total Return(2) | 18.05% | (27.85)% | 22.51% | 12.17% | 4.15% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 4,297 | $ 4,304 | $ 7,485 | $ 6,157 | $ 6,122 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 1.96% | 1.96% | 1.95% | 2.02% | 2.21% |
Net expenses | 1.89% (4) | 1.89% (4) | 1.89% | 1.89% | 2.03% |
Net investment income (loss) | 0.25% | 0.32% | (0.42)% | (0.43)% | 0.23% |
Portfolio Turnover | 35% | 32% | 38% | 47% | 51% |
(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) | 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. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class I | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 18.35 | $ 26.83 | $ 21.77 | $ 19.43 | $ 18.72 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.29 | $ 0.31 | $ 0.16 | $ 0.13 | $ 0.28 |
Net realized and unrealized gain (loss) | 3.23 | (7.13) | 5.00 | 2.45 | 0.66 |
Total income (loss) from operations | $ 3.52 | $ (6.82) | $ 5.16 | $ 2.58 | $ 0.94 |
Less Distributions | |||||
From net investment income | $ (0.23) | $ (0.29) | $ (0.10) | $ (0.24) | $ (0.23) |
From net realized gain | (0.29) | (1.37) | — | — | — |
Total distributions | $ (0.52) | $ (1.66) | $ (0.10) | $ (0.24) | $ (0.23) |
Net asset value — End of year | $ 21.35 | $ 18.35 | $ 26.83 | $ 21.77 | $ 19.43 |
Total Return(2) | 19.27% | (27.14)% | 23.75% | 13.31% | 5.25% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $656,696 | $416,978 | $524,521 | $279,039 | $82,261 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.95% | 0.96% | 0.95% | 1.02% | 1.20% |
Net expenses | 0.89% (4) | 0.89% (4) | 0.89% | 0.89% | 0.98% |
Net investment income | 1.32% | 1.32% | 0.63% | 0.61% | 1.52% |
Portfolio Turnover | 35% | 32% | 38% | 47% | 51% |
(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) | 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. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class R6 | |||||
Year Ended September 30, | Period Ended September 30, 2019(1) | ||||
2023 | 2022 | 2021 | 2020 | ||
Net asset value — Beginning of period | $ 18.33 | $ 26.80 | $ 21.76 | $ 19.44 | $ 17.79 |
Income (Loss) From Operations | |||||
Net investment income(2) | $ 0.29 | $ 0.32 | $ 0.16 | $ 0.13 | $ 0.28 |
Net realized and unrealized gain (loss) | 3.23 | (7.11) | 5.00 | 2.46 | 1.37 |
Total income (loss) from operations | $ 3.52 | $ (6.79) | $ 5.16 | $ 2.59 | $ 1.65 |
Less Distributions | |||||
From net investment income | $ (0.25) | $ (0.31) | $ (0.12) | $ (0.27) | $ — |
From net realized gain | (0.29) | (1.37) | — | — | — |
Total distributions | $ (0.54) | $ (1.68) | $ (0.12) | $ (0.27) | $ — |
Net asset value — End of period | $ 21.31 | $ 18.33 | $ 26.80 | $ 21.76 | $ 19.44 |
Total Return(3) | 19.27% | (27.08)% | 23.79% | 13.34% | 9.27% (4) |
Ratios/Supplemental Data | |||||
Net assets, end of period (000’s omitted) | $137,804 | $127,303 | $160,163 | $122,150 | $49,332 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Total expenses | 0.92% | 0.92% | 0.91% | 0.98% | 1.14% (6) |
Net expenses | 0.85% (7) | 0.85% (7) | 0.85% | 0.85% | 0.96% (6) |
Net investment income | 1.29% | 1.38% | 0.63% | 0.64% | 2.62% (6) |
Portfolio Turnover | 35% | 32% | 38% | 47% | 51% (8) |
(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) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
(8) | For the year ended September 30, 2019. |
Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Common Stocks: | ||||
Australia | $ — | $ 23,306,129 | $ — | $ 23,306,129 |
Belgium | — | 19,553,303 | — | 19,553,303 |
Denmark | — | 35,174,710 | — | 35,174,710 |
France | — | 104,359,602 | — | 104,359,602 |
Germany | — | 61,338,664 | — | 61,338,664 |
Hong Kong | — | 25,865,931 | — | 25,865,931 |
India | — | 20,327,945 | — | 20,327,945 |
Japan | — | 124,972,741 | — | 124,972,741 |
Netherlands | — | 53,010,865 | — | 53,010,865 |
Singapore | — | 23,416,508 | — | 23,416,508 |
South Africa | — | 11,452,528 | — | 11,452,528 |
Spain | — | 82,894,645 | — | 82,894,645 |
Sweden | — | 13,775,474 | — | 13,775,474 |
Switzerland | — | 91,617,782 | — | 91,617,782 |
Taiwan | 13,015,882 | — | — | 13,015,882 |
United Kingdom | — | 243,592,885 | — | 243,592,885 |
Total Common Stocks | $13,015,882 | $934,659,712 (2) | $ — | $947,675,594 |
High Social Impact Investments | $ — | $ 867,935 | $ — | $ 867,935 |
Preferred Stocks - Venture Capital | — | — | 0 | 0 |
Venture Capital Limited Partnership Interests | — | — | 1,036,629 | 1,036,629 |
Short-Term Investments: | ||||
Affiliated Fund | 7,548,628 | — | — | 7,548,628 |
Asset Description (continued) | Level 1 | Level 2 | Level 3(1) | Total |
Securities Lending Collateral | $ 6,612,500 | $ — | $ — | $ 6,612,500 |
Total Investments | $27,177,010 | $935,527,647 | $1,036,629 | $963,741,286 |
(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 | 0.680% |
Over $250 million up to and including $500 million | 0.665% |
Over $500 million | 0.650% |
Year Ended September 30, | ||
2023 | 2022 | |
Ordinary income | $9,815,591 | $48,278,310 |
Long-term capital gains | $9,735,733 | $ 8,659,939 |
Undistributed ordinary income | $ 8,970,518 |
Deferred capital losses | (5,573,835) |
Net unrealized depreciation | (8,842,097) |
Accumulated loss | $(5,445,414) |
Aggregate cost | $972,339,679 |
Gross unrealized appreciation | $ 82,612,405 |
Gross unrealized depreciation | (91,210,798) |
Net unrealized depreciation | $ (8,598,393) |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $6,612,500 | $ — | $ — | $ — | $6,612,500 |
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/ Shares, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | $ 817,309 | $ — | $ — | $ — | $ 50,626 | $ 867,935 | $ 13,200 | $ 880,000 |
Venture Capital Limited Partnership Interests | ||||||||
gNet Defta Development Holding LLC(1) | 194,151 | — | — | — | (48,810) | 145,341 | — | — |
Short-Term Investments | ||||||||
Liquidity Fund | 3,030,574 | 312,891,834 | (308,373,780) | — | — | 7,548,628 | 314,196 | 7,548,628 |
Total | $ — | $ 1,816 | $8,561,904 | $327,396 |
(1) | Restricted security. |
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 1,627,476 | $ 32,626,642 | 2,521,337 | $ 55,433,100 | |
Reinvestment of distributions | 196,712 | 3,796,530 | 484,066 | 11,496,557 | |
Shares redeemed | (1,980,900) | (40,735,773) | (2,365,692) | (48,568,376) | |
Net increase (decrease) | (156,712) | $ (4,312,601) | 639,711 | $ 18,361,281 | |
Class C | |||||
Shares sold | 39,906 | $ 699,293 | 32,222 | $ 625,307 | |
Reinvestment of distributions | 6,124 | 99,270 | 24,796 | 496,666 | |
Shares redeemed | (87,140) | (1,529,473) | (108,018) | (2,003,375) | |
Net decrease | (41,110) | $ (730,910) | (51,000) | $ (881,402) |
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Shares sold | 16,519,520 | $ 367,228,547 | 10,950,827 | $ 251,290,611 | |
Reinvestment of distributions | 548,376 | 11,378,808 | 1,290,290 | 32,889,495 | |
Shares redeemed | (9,027,376) | (199,829,442) | (9,074,350) | (208,478,014) | |
Net increase | 8,040,520 | $ 178,777,913 | 3,166,767 | $ 75,702,092 | |
Class R6 | |||||
Shares sold | 923,606 | $ 20,282,526 | 2,502,819 | $ 61,012,052 | |
Reinvestment of distributions | 165,668 | 3,429,334 | 365,740 | 9,304,424 | |
Shares redeemed | (1,568,237) | (34,404,637) | (1,898,570) | (45,515,280) | |
Net increase (decrease) | (478,963) | $ (10,692,777) | 969,989 | $ 24,801,196 |
Name of Investment | Unfunded Commitment |
SEAF India International Growth Fund L.P. | $ 17,500 |
Total | $17,500 |
Boston, Massachusetts
November 22, 2023
• | A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
• | A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds; |
• | A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
• | Data regarding investment performance in comparison to benchmark indices; |
• | For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; |
• | Profitability analyses for the Adviser with respect to each fund; |
• | Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs; |
• | Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions; |
• | Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
• | Reports detailing the financial results and condition of CRM; |
• | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
• | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
• | A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
• | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and |
• | The terms of each investment advisory agreement. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Director | |||
Theodore H. Eliopoulos(1) 1964 | Director and President | Since 2022 | President and Chief Executive Officer of CRM and senior sponsor of Morgan Stanley Investment Management’s (MSIM) Diversity Council. Formerly, Vice Chairman & Head of Strategic Partnerships at MSIM (2019-2022). Former Chief Investment Officer and interim Chief Investment Officer (2014-2018) and Senior Investment Officer of Real Estate and Real Assets at California Public Employees’ Retirement System (CalPERS) (2007-2014). Former Chief Deputy Treasurer and Deputy Treasurer at the California State Treasurer's Office (2002-2006). Mr. Eliopoulos is an interested person because of his positions with CRM and certain affiliates. Other Directorships. The Robert Toigo Foundation; Pacific Pension & Investment Institute (PPI). |
Noninterested Directors | |||
Richard L. Baird, Jr.(2) 1948 | Director | Since 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships. None. |
Alice Gresham Bullock 1950 | Chair and Director | Since 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships. None. |
Cari M. Dominguez 1949 | Director | Since 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships. ManpowerGroup Inc. (workforce solutions company); Triple S Management Corporation (managed care); National Association of Corporate Directors. |
Karen Fang(3) 1958 | Director | Since 2023 | Formerly, Managing Director, Wealth Management at GAMCO Asset Management (asset management firm) (2020-2023). Formerly, Managing Director, Senior Portfolio Manager of Fiduciary Trust Company International (wealth management firm) (1993-2019). Other Directorships. None. |
John G. Guffey, Jr.(2) 1948 | Director | Since 1992 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. |
Miles D. Harper, III 1962 | Director | Since 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram) (November 1999 - September 2014). Other Directorships. Bridgeway Funds (9) (asset management). |
Joy V. Jones 1950 | Director | Since 2005 | Attorney. Other Directorships. Palm Management Corporation. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Directors (continued) | |||
Eddie Ramos(3) 1967 | Director | Since 2023 | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). Other Directorships. Macquarie Optimum Funds (6) (asset management). |
Anthony A. Williams 1951 | Director | Since 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Directors | |||
Hope L. Brown 1973 | Chief Compliance Officer | Since 2014 | Chief Compliance Officer of 46 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). |
Deidre E. Walsh 1971 | Secretary, Vice President and Chief Legal Officer | Since 2021 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2021). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
James F. Kirchner 1967 | Treasurer | Since 2016 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
(1) Mr. Eliopoulos is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | |||
(2) Effective December 31, 2023, Richard L. Baird, Jr. and John G. Guffey, Jr. will retire from the Board of Directors. | |||
(3) Ms. Fang and Mr. Ramos began serving as Directors effective October 30, 2023. |
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-CSRA/0001193125-23-291547/g633715img754e838f1.gif)
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715img737fd6902.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 05/31/2007 | 05/31/2007 | 14.76% | (0.40)% | 3.65% |
Class A with 5.25% Maximum Sales Charge | — | — | 8.74 | (1.48) | 3.09 |
Class C at NAV | 07/31/2007 | 05/31/2007 | 13.94 | (1.16) | 2.98 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 12.94 | (1.16) | 2.98 |
Class I at NAV | 05/31/2007 | 05/31/2007 | 15.03 | (0.16) | 3.98 |
Class R6 at NAV | 02/01/2019 | 05/31/2007 | 15.15 | (0.09) | 4.01 |
MSCI EAFE Small/Mid Cap Index | — | — | 20.50% | 0.90% | 3.98% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
1.33% | 2.08% | 1.07% | 1.00% |
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715imgbe27e4ba3.jpg)
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 09/30/2013 | $13,415 | N.A. |
Class I, at minimum investment | $1,000,000 | 09/30/2013 | $1,477,530 | N.A. |
Class R6, at minimum investment | $5,000,000 | 09/30/2013 | $7,413,078 | N.A. |
Sector Allocation (% of net assets)1 |
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715imgbbcda5ec4.jpg)
Top 10 Holdings (% of net assets)1 | |
carsales.com, Ltd. | 2.0% |
iShares MSCI Hong Kong ETF | 1.8 |
Fukuoka Financial Group, Inc. | 1.7 |
Chiba Bank, Ltd. (The) | 1.6 |
USS Co., Ltd. | 1.6 |
ATS Corp. | 1.5 |
IMCD NV | 1.5 |
InterContinental Hotels Group PLC | 1.5 |
BFF Bank SpA | 1.5 |
Cosmos Pharmaceutical Corp. | 1.5 |
Total | 16.2% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
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. |
Fund profile subject to change due to active management. |
Additional Information |
S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. |
Beginning Account Value (4/1/23) | Ending Account Value (9/30/23) | Expenses Paid During Period* (4/1/23 – 9/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 940.00 | $ 6.37 | 1.31% |
Class C | $1,000.00 | $ 936.80 | $10.00 | 2.06% |
Class I | $1,000.00 | $ 941.00 | $ 5.16 | 1.06% |
Class R6 | $1,000.00 | $ 941.60 | $ 4.77 | 0.98% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.50 | $ 6.63 | 1.31% |
Class C | $1,000.00 | $1,014.74 | $10.40 | 2.06% |
Class I | $1,000.00 | $1,019.75 | $ 5.37 | 1.06% |
Class R6 | $1,000.00 | $1,020.16 | $ 4.96 | 0.98% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2023. |
Common Stocks — 95.7% |
Security | Shares | Value | |
Australia — 8.6% | |||
Bapcor, Ltd. | 873,738 | $ 3,801,232 | |
BlueScope Steel, Ltd. | 116,107 | 1,437,810 | |
carsales.com, Ltd. | 411,992 | 7,380,577 | |
Data#3, Ltd. | 1,063,730 | 4,821,867 | |
Dexus | 611,577 | 2,850,861 | |
Dicker Data, Ltd.(1) | 631,408 | 3,913,033 | |
EBOS Group, Ltd. | 169,157 | 3,465,306 | |
Steadfast Group, Ltd. | 1,191,407 | 4,303,359 | |
$ 31,974,045 | |||
Austria — 0.8% | |||
BAWAG Group AG(2) | 65,401 | $ 2,989,217 | |
$ 2,989,217 | |||
Belgium — 2.5% | |||
Azelis Group NV | 269,641 | $ 5,322,736 | |
KBC Group NV | 29,050 | 1,808,554 | |
VGP NV(1) | 24,772 | 2,297,928 | |
$ 9,429,218 | |||
Canada — 3.9% | |||
Agnico Eagle Mines, Ltd. | 32,126 | $ 1,459,832 | |
ATS Corp.(3) | 133,848 | 5,705,724 | |
CAE, Inc.(3) | 120,927 | 2,823,188 | |
Descartes Systems Group, Inc. (The)(3) | 25,845 | 1,896,917 | |
TMX Group, Ltd.(1) | 124,815 | 2,682,385 | |
$ 14,568,046 | |||
China — 0.6% | |||
China Overseas Property Holdings, Ltd. | 1,818,725 | $ 2,046,863 | |
$ 2,046,863 | |||
France — 1.3% | |||
IPSOS S.A. | 101,677 | $ 4,671,089 | |
$ 4,671,089 | |||
Germany — 2.7% | |||
Encavis AG(3) | 112,733 | $ 1,582,044 | |
Jenoptik AG | 134,357 | 3,395,364 | |
LEG Immobilien SE(3) | 32,357 | 2,225,102 | |
Sartorius AG, PFC Shares | 6,978 | 2,363,405 | |
Schott Pharma AG & Co. KGaA(3) | 8,248 | 275,907 | |
$ 9,841,822 | |||
Ireland — 0.7% | |||
Kerry Group PLC, Class A | 29,365 | $ 2,453,576 | |
$ 2,453,576 | |||
Italy — 6.7% | |||
Amplifon SpA(1) | 145,534 | $ 4,307,960 |
Security | Shares | Value | |
Italy (continued) | |||
BFF Bank SpA(2) | 552,077 | $ 5,507,133 | |
DiaSorin SpA(1) | 34,085 | 3,103,868 | |
FinecoBank Banca Fineco SpA | 291,098 | 3,515,087 | |
MARR SpA | 303,182 | 3,836,808 | |
Moncler SpA | 79,618 | 4,614,259 | |
$ 24,885,115 | |||
Japan — 28.5% | |||
As One Corp.(1) | 79,977 | $ 2,914,737 | |
Asahi Intecc Co., Ltd. | 245,140 | 4,394,961 | |
Azbil Corp. | 91,065 | 2,781,983 | |
BayCurrent Consulting, Inc. | 130,433 | 4,346,395 | |
Chiba Bank, Ltd. (The) | 831,792 | 6,043,042 | |
Cosmos Pharmaceutical Corp. | 53,811 | 5,501,536 | |
Daiseki Co., Ltd. | 89,496 | 2,392,602 | |
Dip Corp. | 174,066 | 4,285,106 | |
Fukuoka Financial Group, Inc. | 257,573 | 6,162,855 | |
Goldwin, Inc.(1) | 42,301 | 2,864,491 | |
Hoshizaki Corp. | 97,864 | 3,397,278 | |
JMDC, Inc. | 75,177 | 2,727,011 | |
Kose Corp. | 35,009 | 2,537,524 | |
Kyoritsu Maintenance Co., Ltd.(1) | 107,224 | 4,462,407 | |
LaSalle Logiport REIT | 3,408 | 3,267,497 | |
Lion Corp. | 354,096 | 3,492,308 | |
Mitsubishi Research Institute, Inc. | 95,572 | 3,094,334 | |
Mitsui Fudosan Logistics Park, Inc. | 1,135 | 3,574,729 | |
Miura Co., Ltd. | 157,795 | 3,171,214 | |
Nihon M&A Center Holdings, Inc. | 301,172 | 1,447,415 | |
Nissan Chemical Corp. | 57,123 | 2,428,269 | |
Nomura Co., Ltd. | 425,896 | 2,717,457 | |
Sanwa Holdings Corp. | 380,306 | 5,047,457 | |
SUMCO Corp. | 365,225 | 4,752,660 | |
T Hasegawa Co., Ltd. | 169,797 | 3,460,272 | |
Tosei Corp. | 398,966 | 5,146,566 | |
USS Co., Ltd. | 358,875 | 5,932,683 | |
Yamaha Corp. | 111,860 | 3,055,078 | |
$105,399,867 | |||
Luxembourg — 0.2% | |||
APERAM S.A. | 31,310 | $ 909,450 | |
$ 909,450 | |||
Netherlands — 4.0% | |||
BE Semiconductor Industries NV(1) | 25,517 | $ 2,495,725 | |
Euronext NV(2) | 66,404 | 4,619,004 | |
IMCD NV(1) | 44,490 | 5,625,081 | |
NN Group NV(1) | 64,118 | 2,055,506 | |
$ 14,795,316 |
Security | Shares | Value | |
New Zealand — 0.7% | |||
Spark New Zealand, Ltd. | 932,980 | $ 2,685,900 | |
$ 2,685,900 | |||
Norway — 1.7% | |||
Norsk Hydro ASA | 140,084 | $ 876,623 | |
SmartCraft ASA(3) | 2,063,819 | 4,123,876 | |
SpareBank 1 SR-Bank ASA | 126,166 | 1,444,872 | |
$ 6,445,371 | |||
Portugal — 0.6% | |||
NOS SGPS S.A. | 613,192 | $ 2,255,710 | |
$ 2,255,710 | |||
Singapore — 0.9% | |||
Daiwa House Logistics Trust(1) | 8,016,185 | $ 3,250,636 | |
$ 3,250,636 | |||
Spain — 1.4% | |||
Acciona S.A. | 18,855 | $ 2,401,276 | |
Inmobiliaria Colonial Socimi S.A.(1) | 502,226 | 2,848,017 | |
$ 5,249,293 | |||
Sweden — 8.5% | |||
AddTech AB, Class B(1) | 284,164 | $ 4,535,049 | |
Autoliv, Inc. | 48,160 | 4,646,477 | |
Boliden AB | 43,267 | 1,241,625 | |
Bravida Holding AB(2) | 427,097 | 3,143,512 | |
Cibus Nordic Real Estate AB(1) | 429,321 | 4,245,378 | |
Indutrade AB | 236,162 | 4,361,641 | |
Lagercrantz Group AB, Class B | 421,760 | 4,273,884 | |
Sdiptech AB, Class B(3) | 245,208 | 4,952,671 | |
$ 31,400,237 | |||
Switzerland — 1.4% | |||
Galenica AG(2) | 38,499 | $ 2,844,139 | |
Straumann Holding AG | 18,113 | 2,305,403 | |
$ 5,149,542 | |||
United Kingdom — 20.0% | |||
Allfunds Group PLC | 344,704 | $ 1,898,420 | |
Ashtead Group PLC | 85,204 | 5,166,991 | |
Bellway PLC | 74,306 | 2,064,372 | |
Compass Group PLC | 118,124 | 2,875,325 | |
Cranswick PLC | 124,980 | 5,399,981 | |
Diploma PLC | 139,382 | 5,088,499 | |
DiscoverIE Group PLC | 655,942 | 5,412,417 | |
Games Workshop Group PLC | 35,473 | 4,567,509 | |
Grainger PLC | 792,029 | 2,250,232 | |
Greggs PLC | 130,546 | 3,886,443 | |
Halma PLC | 174,795 | 4,118,296 | |
InterContinental Hotels Group PLC | 75,894 | 5,612,686 | |
JTC PLC(2) | 561,322 | 4,963,641 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Judges Scientific PLC | 45,634 | $ 4,912,026 | |
Nomad Foods, Ltd.(3) | 108,119 | 1,645,571 | |
Shaftesbury Capital PLC | 1,658,836 | 2,317,090 | |
SSP Group PLC(3) | 707,690 | 1,746,506 | |
St. James's Place PLC | 212,375 | 2,142,643 | |
Volution Group PLC | 818,028 | 3,602,469 | |
Wise PLC, Class A(3) | 527,593 | 4,399,787 | |
$ 74,070,904 | |||
Total Common Stocks (identified cost $362,217,862) | $354,471,217 |
Exchange-Traded Funds — 3.6% |
Security | Shares | Value | |
Equity Funds — 3.6% | |||
iShares MSCI Hong Kong ETF(1) | 389,711 | $ 6,683,544 | |
iShares MSCI Singapore ETF(1) | 247,266 | 4,537,331 | |
Vanguard MSCI Australian Small Companies Index ETF | 58,856 | 2,277,517 | |
Total Exchange-Traded Funds (identified cost $16,161,153) | $ 13,498,392 |
High Social Impact Investments — 0.2% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(4)(5) | $ | 560 | $ 552,322 |
Total High Social Impact Investments (identified cost $560,000) | $ 552,322 |
Short-Term Investments — 4.4% |
Affiliated Fund — 0.2% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(6) | 676,424 | $ 676,424 | |
Total Affiliated Fund (identified cost $676,424) | $ 676,424 |
Securities Lending Collateral — 4.2% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(7) | 15,632,707 | $ 15,632,707 | |
Total Securities Lending Collateral (identified cost $15,632,707) | $ 15,632,707 | ||
Total Short-Term Investments (identified cost $16,309,131) | $ 16,309,131 |
Total Investments — 103.9% (identified cost $395,248,146) | $ 384,831,062 | |
Other Assets, Less Liabilities — (3.9)% | $ (14,302,895) | |
Net Assets — 100.0% | $ 370,528,167 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | All or a portion of this security was on loan at September 30, 2023. The aggregate market value of securities on loan at September 30, 2023 was $24,811,150. |
(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 September 30, 2023, the aggregate value of these securities is $24,066,646 or 6.5% of the Fund's net assets. |
(3) | Non-income producing security. |
(4) | May be deemed to be an affiliated company (see Note 7). |
(5) | Restricted security. Total market value of restricted securities amounts to $552,322, which represents 0.2% of the net assets of the Fund as of September 30, 2023. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Industrials | 23.6% |
Financials | 14.7 |
Consumer Discretionary | 13.5 |
Information Technology | 10.7 |
Real Estate | 9.8 |
Health Care | 7.8 |
Consumer Staples | 6.7 |
Communication Services | 4.6 |
Exchange-Traded Funds | 3.6 |
Materials | 3.2 |
Utilities | 1.1 |
High Social Impact Investments | 0.2 |
Total | 99.5% |
Description | Acquisition Date | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $560,000 |
Abbreviations: | |
PFC Shares | – Preference Shares |
September 30, 2023 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $394,011,722) - including $24,811,150 of securities on loan | $ 383,602,316 |
Investments in securities of affiliated issuers, at value (identified cost $1,236,424) | 1,228,746 |
Cash | 72,583 |
Cash denominated in foreign currency, at value (cost $129,963) | 130,174 |
Receivable for investments sold | 507,442 |
Receivable for capital shares sold | 468,594 |
Dividends receivable | 1,117,383 |
Dividends and interest receivable - affiliated | 18,330 |
Securities lending income receivable | 25,448 |
Tax reclaims receivable | 306,270 |
Directors' deferred compensation plan | 175,422 |
Total assets | $387,652,708 |
Liabilities | |
Payable for investments purchased | $ 597,677 |
Payable for capital shares redeemed | 277,124 |
Deposits for securities loaned | 15,632,707 |
Payable to affiliates: | |
Investment advisory fee | 236,707 |
Administrative fee | 37,927 |
Distribution and service fees | 16,277 |
Sub-transfer agency fee | 7,115 |
Directors' deferred compensation plan | 175,422 |
Other | 709 |
Accrued expenses | 142,876 |
Total liabilities | $ 17,124,541 |
Net Assets | $370,528,167 |
Sources of Net Assets | |
Paid-in capital | $ 412,213,474 |
Accumulated loss | (41,685,307) |
Net Assets | $370,528,167 |
Class A Shares | |
Net Assets | $ 61,860,389 |
Shares Outstanding | 3,989,416 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 15.51 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 16.37 |
Class C Shares | |
Net Assets | $ 3,507,453 |
Shares Outstanding | 234,472 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 14.96 |
September 30, 2023 | |
Class I Shares | |
Net Assets | $ 221,591,345 |
Shares Outstanding | 14,617,447 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 15.16 |
Class R6 Shares | |
Net Assets | $ 83,568,980 |
Shares Outstanding | 5,517,527 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 15.15 |
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. |
Year Ended | |
September 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $883,075) | $ 9,635,970 |
Dividend income - affiliated issuers | 228,860 |
Interest income | 5,885 |
Interest income - affiliated issuers | 8,400 |
Securities lending income, net | 296,096 |
Total investment income | $ 10,175,211 |
Expenses | |
Investment advisory fee | $ 2,965,174 |
Administrative fee | 474,428 |
Distribution and service fees: | |
Class A | 171,955 |
Class C | 39,650 |
Directors' fees and expenses | 27,036 |
Custodian fees | 44,398 |
Transfer agency fees and expenses | 306,479 |
Accounting fees | 106,381 |
Professional fees | 52,388 |
Registration fees | 91,322 |
Reports to shareholders | 38,877 |
Miscellaneous | 30,859 |
Total expenses | $ 4,348,947 |
Waiver and/or reimbursement of expenses by affiliates | $ (7,801) |
Net expenses | $ 4,341,146 |
Net investment income | $ 5,834,065 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ (16,315,221) |
Foreign currency transactions | (85,884) |
Net realized loss | $(16,401,105) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 62,481,407 |
Investment securities - affiliated issuers | 32,216 |
Foreign currency | 27,245 |
Net change in unrealized appreciation (depreciation) | $ 62,540,868 |
Net realized and unrealized gain | $ 46,139,763 |
Net increase in net assets from operations | $ 51,973,828 |
Year Ended September 30, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 5,834,065 | $ 5,938,986 |
Net realized loss | (16,401,105) | (16,189,775) |
Net change in unrealized appreciation (depreciation) | 62,540,868 | (169,995,333) |
Net increase (decrease) in net assets from operations | $ 51,973,828 | $(180,246,122) |
Distributions to shareholders: | ||
Class A | $ (226,116) | $ (6,524,092) |
Class C | — | (390,242) |
Class I | (1,303,518) | (26,006,669) |
Class R6 | (777,165) | (4,768,045) |
Total distributions to shareholders | $ (2,306,799) | $ (37,689,048) |
Capital share transactions: | ||
Class A | $ (7,604,681) | $ 8,211,521 |
Class C | (593,542) | (162,702) |
Class I | 5,753,223 | (19,734,804) |
Class R6 | (16,097,609) | 53,993,474 |
Net increase (decrease) in net assets from capital share transactions | $ (18,542,609) | $ 42,307,489 |
Net increase (decrease) in net assets | $ 31,124,420 | $(175,627,681) |
Net Assets | ||
At beginning of year | $ 339,403,747 | $ 515,031,428 |
At end of year | $370,528,167 | $ 339,403,747 |
Class A | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 13.56 | $ 22.54 | $ 18.01 | $ 16.18 | $ 18.86 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.20 | $ 0.21 | $ 0.08 | $ 0.07 | $ 0.18 |
Net realized and unrealized gain (loss) | 1.80 | (7.63) | 4.56 | 1.95 | (1.51) |
Total income (loss) from operations | $ 2.00 | $ (7.42) | $ 4.64 | $ 2.02 | $ (1.33) |
Less Distributions | |||||
From net investment income | $ (0.05) | $ (0.27) | $ (0.11) | $ (0.19) | $ (0.23) |
From net realized gain | — | (1.29) | — | — | (1.12) |
Total distributions | $ (0.05) | $ (1.56) | $ (0.11) | $ (0.19) | $ (1.35) |
Net asset value — End of year | $ 15.51 | $ 13.56 | $ 22.54 | $ 18.01 | $ 16.18 |
Total Return(2) | 14.76% | (35.33)% | 25.83% | 12.57% | (6.77)% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $61,860 | $60,335 | $92,236 | $68,940 | $64,070 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 1.31% | 1.32% | 1.30% | 1.32% | 1.37% |
Net expenses | 1.31% (4) | 1.32% (4) | 1.30% | 1.32% | 1.35% |
Net investment income | 1.24% | 1.14% | 0.36% | 0.42% | 1.15% |
Portfolio Turnover | 33% | 48% | 54% | 62% | 60% |
(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) | 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. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class C | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 13.13 | $ 21.87 | $ 17.51 | $ 15.74 | $ 18.37 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ 0.08 | $ 0.07 | $ (0.08) | $ (0.06) | $ 0.06 |
Net realized and unrealized gain (loss) | 1.75 | (7.42) | 4.44 | 1.90 | (1.47) |
Total income (loss) from operations | $ 1.83 | $ (7.35) | $ 4.36 | $ 1.84 | $ (1.41) |
Less Distributions | |||||
From net investment income | $ — | $ (0.10) | $ — | $ (0.07) | $ (0.10) |
From net realized gain | — | (1.29) | — | — | (1.12) |
Total distributions | $ — | $ (1.39) | $ — | $ (0.07) | $ (1.22) |
Net asset value — End of year | $14.96 | $ 13.13 | $21.87 | $17.51 | $15.74 |
Total Return(2) | 13.94% | (35.84)% | 24.90% | 11.68% | (7.49)% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 3,507 | $ 3,583 | $ 6,260 | $ 5,527 | $ 6,532 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 2.06% | 2.07% | 2.05% | 2.08% | 2.12% |
Net expenses | 2.06% (4) | 2.07% (4) | 2.05% | 2.08% | 2.10% |
Net investment income (loss) | 0.48% | 0.37% | (0.40)% | (0.37)% | 0.38% |
Portfolio Turnover | 33% | 48% | 54% | 62% | 60% |
(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) | 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. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class I | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 13.26 | $ 22.08 | $ 17.64 | $ 15.86 | $ 18.52 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.24 | $ 0.25 | $ 0.13 | $ 0.11 | $ 0.22 |
Net realized and unrealized gain (loss) | 1.75 | (7.46) | 4.47 | 1.90 | (1.49) |
Total income (loss) from operations | $ 1.99 | $ (7.21) | $ 4.60 | $ 2.01 | $ (1.27) |
Less Distributions | |||||
From net investment income | $ (0.09) | $ (0.32) | $ (0.16) | $ (0.23) | $ (0.27) |
From net realized gain | — | (1.29) | — | — | (1.12) |
Total distributions | $ (0.09) | $ (1.61) | $ (0.16) | $ (0.23) | $ (1.39) |
Net asset value — End of year | $ 15.16 | $ 13.26 | $ 22.08 | $ 17.64 | $ 15.86 |
Total Return(2) | 15.03% | (35.18)% | 26.17% | 12.77% | (6.50)% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $221,591 | $189,082 | $348,044 | $254,350 | $222,546 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 1.06% | 1.06% | 1.05% | 1.07% | 1.12% |
Net expenses | 1.06% (4) | 1.06% (4) | 1.05% | 1.07% | 1.10% |
Net investment income | 1.54% | 1.37% | 0.62% | 0.67% | 1.41% |
Portfolio Turnover | 33% | 48% | 54% | 62% | 60% |
(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) | 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. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class R6 | |||||
Year Ended September 30, | Period Ended September 30, 2019(1) | ||||
2023 | 2022 | 2021 | 2020 | ||
Net asset value — Beginning of period | $ 13.26 | $ 22.07 | $ 17.64 | $ 15.86 | $ 15.14 |
Income (Loss) From Operations | |||||
Net investment income(2) | $ 0.24 | $ 0.27 | $ 0.14 | $ 0.12 | $ 0.16 |
Net realized and unrealized gain (loss) | 1.77 | (7.45) | 4.46 | 1.91 | 0.56 |
Total income (loss) from operations | $ 2.01 | $ (7.18) | $ 4.60 | $ 2.03 | $ 0.72 |
Less Distributions | |||||
From net investment income | $ (0.12) | $ (0.34) | $ (0.17) | $ (0.25) | $ — |
From net realized gain | — | (1.29) | — | — | — |
Total distributions | $ (0.12) | $ (1.63) | $ (0.17) | $ (0.25) | $ — |
Net asset value — End of period | $ 15.15 | $ 13.26 | $ 22.07 | $ 17.64 | $ 15.86 |
Total Return(3) | 15.15% | (35.11)% | 26.21% | 12.87% | 4.76% (4) |
Ratios/Supplemental Data | |||||
Net assets, end of period (000’s omitted) | $83,569 | $86,404 | $68,492 | $48,475 | $43,489 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Total expenses | 0.99% | 0.99% | 0.97% | 1.00% | 1.08% (6) |
Net expenses | 0.99% (7) | 0.99% (7) | 0.97% | 1.00% | 1.05% (6) |
Net investment income | 1.53% | 1.56% | 0.69% | 0.74% | 1.53% (6) |
Portfolio Turnover | 33% | 48% | 54% | 62% | 60% (8) |
(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) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
(8) | For the year ended September 30, 2019. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Australia | $ — | $ 31,974,045 | $ — | $ 31,974,045 |
Austria | — | 2,989,217 | — | 2,989,217 |
Belgium | — | 9,429,218 | — | 9,429,218 |
Canada | 14,568,046 | — | — | 14,568,046 |
China | — | 2,046,863 | — | 2,046,863 |
France | — | 4,671,089 | — | 4,671,089 |
Germany | 275,907 | 9,565,915 | — | 9,841,822 |
Ireland | — | 2,453,576 | — | 2,453,576 |
Italy | — | 24,885,115 | — | 24,885,115 |
Japan | — | 105,399,867 | — | 105,399,867 |
Luxembourg | — | 909,450 | — | 909,450 |
Netherlands | — | 14,795,316 | — | 14,795,316 |
New Zealand | — | 2,685,900 | — | 2,685,900 |
Norway | — | 6,445,371 | — | 6,445,371 |
Portugal | — | 2,255,710 | — | 2,255,710 |
Singapore | — | 3,250,636 | — | 3,250,636 |
Spain | — | 5,249,293 | — | 5,249,293 |
Sweden | 4,646,477 | 26,753,760 | — | 31,400,237 |
Switzerland | — | 5,149,542 | — | 5,149,542 |
United Kingdom | 1,645,571 | 72,425,333 | — | 74,070,904 |
Total Common Stocks | $21,136,001 | $333,335,216 (1) | $ — | $354,471,217 |
Exchange-Traded Funds | $ 11,220,875 | $ 2,277,517 | $ — | $ 13,498,392 |
High Social Impact Investments | — | 552,322 | — | 552,322 |
Short-Term Investments: | ||||
Affiliated Fund | 676,424 | — | — | 676,424 |
Securities Lending Collateral | 15,632,707 | — | — | 15,632,707 |
Total Investments | $48,666,007 | $336,165,055 | $ — | $384,831,062 |
(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. |
Year Ended September 30, | ||
2023 | 2022 | |
Ordinary income | $2,306,799 | $ 7,308,727 |
Long-term capital gains | $ — | $30,380,321 |
Undistributed ordinary income | $ 6,813,464 |
Deferred capital losses | (29,185,112) |
Net unrealized depreciation | (19,313,659) |
Accumulated loss | $(41,685,307) |
Aggregate cost | $404,121,232 |
Gross unrealized appreciation | $ 35,895,257 |
Gross unrealized depreciation | (55,185,427) |
Net unrealized depreciation | $ (19,290,170) |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $ 10,607,255 | $ — | $ — | $ — | $ 10,607,255 |
Exchange-Traded Funds | 5,025,452 | — | — | — | 5,025,452 |
Total | $15,632,707 | $ — | $ — | $ — | $15,632,707 |
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/ Shares, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | $ 520,106 | $ — | $ — | $ — | $ 32,216 | $ 552,322 | $ 8,400 | $560,000 |
Short-Term Investments | ||||||||
Liquidity Fund | 7,647,564 | 106,928,279 | (113,899,419) | — | — | 676,424 | 228,860 | 676,424 |
Total | $ — | $32,216 | $1,228,746 | $237,260 |
(1) | Restricted security. |
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 404,779 | $ 6,529,171 | 794,622 | $ 14,816,956 | |
Reinvestment of distributions | 14,003 | 218,307 | 304,379 | 6,349,351 | |
Shares redeemed | (879,847) | (14,352,159) | (741,218) | (12,954,786) | |
Net increase (decrease) | (461,065) | $ (7,604,681) | 357,783 | $ 8,211,521 | |
Class C | |||||
Shares sold | 14,907 | $ 234,892 | 28,158 | $ 489,572 | |
Reinvestment of distributions | — | — | 16,712 | 339,750 | |
Shares redeemed | (53,262) | (828,434) | (58,317) | (992,024) | |
Net decrease | (38,355) | $ (593,542) | (13,447) | $ (162,702) | |
Class I | |||||
Shares sold | 5,015,593 | $ 78,508,526 | 5,958,362 | $ 102,997,588 | |
Reinvestment of distributions | 73,452 | 1,117,208 | 1,144,540 | 23,314,281 | |
Shares redeemed | (4,732,586) | (73,872,511) | (8,606,572) | (146,046,673) | |
Net increase (decrease) | 356,459 | $ 5,753,223 | (1,503,670) | $ (19,734,804) | |
Class R6 | |||||
Shares sold | 339,939 | $ 5,214,848 | 4,002,027 | $ 64,255,839 | |
Reinvestment of distributions | 51,163 | 777,165 | 234,302 | 4,768,045 | |
Shares redeemed | (1,389,988) | (22,089,622) | (822,820) | (15,030,410) | |
Net increase (decrease) | (998,886) | $(16,097,609) | 3,413,509 | $ 53,993,474 |
Boston, Massachusetts
November 22, 2023
• | A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
• | A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds; |
• | A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
• | Data regarding investment performance in comparison to benchmark indices; |
• | For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; |
• | Profitability analyses for the Adviser with respect to each fund; |
• | Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs; |
• | Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions; |
• | Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
• | Reports detailing the financial results and condition of CRM; |
• | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
• | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
• | A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
• | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and |
• | The terms of each investment advisory agreement. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Director | |||
Theodore H. Eliopoulos(1) 1964 | Director and President | Since 2022 | President and Chief Executive Officer of CRM and senior sponsor of Morgan Stanley Investment Management’s (MSIM) Diversity Council. Formerly, Vice Chairman & Head of Strategic Partnerships at MSIM (2019-2022). Former Chief Investment Officer and interim Chief Investment Officer (2014-2018) and Senior Investment Officer of Real Estate and Real Assets at California Public Employees’ Retirement System (CalPERS) (2007-2014). Former Chief Deputy Treasurer and Deputy Treasurer at the California State Treasurer's Office (2002-2006). Mr. Eliopoulos is an interested person because of his positions with CRM and certain affiliates. Other Directorships. The Robert Toigo Foundation; Pacific Pension & Investment Institute (PPI). |
Noninterested Directors | |||
Richard L. Baird, Jr.(2) 1948 | Director | Since 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships. None. |
Alice Gresham Bullock 1950 | Chair and Director | Since 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships. None. |
Cari M. Dominguez 1949 | Director | Since 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships. ManpowerGroup Inc. (workforce solutions company); Triple S Management Corporation (managed care); National Association of Corporate Directors. |
Karen Fang(3) 1958 | Director | Since 2023 | Formerly, Managing Director, Wealth Management at GAMCO Asset Management (asset management firm) (2020-2023). Formerly, Managing Director, Senior Portfolio Manager of Fiduciary Trust Company International (wealth management firm) (1993-2019). Other Directorships. None. |
John G. Guffey, Jr.(2) 1948 | Director | Since 1992 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. |
Miles D. Harper, III 1962 | Director | Since 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram) (November 1999 - September 2014). Other Directorships. Bridgeway Funds (9) (asset management). |
Joy V. Jones 1950 | Director | Since 2005 | Attorney. Other Directorships. Palm Management Corporation. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Directors (continued) | |||
Eddie Ramos(3) 1967 | Director | Since 2023 | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). Other Directorships. Macquarie Optimum Funds (6) (asset management). |
Anthony A. Williams 1951 | Director | Since 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Directors | |||
Hope L. Brown 1973 | Chief Compliance Officer | Since 2014 | Chief Compliance Officer of 46 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). |
Deidre E. Walsh 1971 | Secretary, Vice President and Chief Legal Officer | Since 2021 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2021). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
James F. Kirchner 1967 | Treasurer | Since 2016 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
(1) Mr. Eliopoulos is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | |||
(2) Effective December 31, 2023, Richard L. Baird, Jr. and John G. Guffey, Jr. will retire from the Board of Directors. | |||
(3) Ms. Fang and Mr. Ramos began serving as Directors effective October 30, 2023. |
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-CSRA/0001193125-23-291547/g633715img3386a69c1.gif)
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715img5b09ce212.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 10/29/2012 | 10/29/2012 | 7.22% | 0.04% | 2.65% |
Class A with 5.25% Maximum Sales Charge | — | — | 1.60 | (1.03) | 2.09 |
Class C at NAV | 10/29/2012 | 10/29/2012 | 6.42 | (0.71) | 1.98 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 5.42 | (0.71) | 1.98 |
Class I at NAV | 10/29/2012 | 10/29/2012 | 7.42 | 0.29 | 2.95 |
Class R6 at NAV | 02/01/2018 | 10/29/2012 | 7.55 | 0.36 | 2.98 |
MSCI Emerging Markets Index | — | — | 11.70% | 0.55% | 2.07% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.27% | 2.02% | 1.02% | 0.95% |
Net | 1.24 | 1.99 | 0.99 | 0.92 |
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715img5fb806a73.jpg)
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 09/30/2013 | $12,171 | N.A. |
Class I, at minimum investment | $1,000,000 | 09/30/2013 | $1,337,075 | N.A. |
Class R6, at minimum investment | $5,000,000 | 09/30/2013 | $6,704,370 | N.A. |
Sector Allocation (% of net assets)1 |
![](https://capedge.com/proxy/N-CSRA/0001193125-23-291547/g633715img7f21bc5a4.jpg)
Top 10 Holdings (% of net assets)1 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 8.7% |
Samsung Electronics Co., Ltd. | 7.8 |
Tencent Holdings, Ltd. | 4.6 |
Prosus NV | 4.6 |
Alibaba Group Holding, Ltd. | 3.4 |
Bank Rakyat Indonesia Persero Tbk PT | 3.0 |
AIA Group, Ltd. | 2.9 |
Maruti Suzuki India, Ltd. | 2.7 |
Infosys, Ltd. | 2.5 |
Wal-Mart de Mexico SAB de CV | 2.4 |
Total | 42.6% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
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's 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 1/31/24. 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 (4/1/23) | Ending Account Value (9/30/23) | Expenses Paid During Period* (4/1/23 – 9/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 934.30 | $ 6.01** | 1.24% |
Class C | $1,000.00 | $ 931.10 | $ 9.63** | 1.99% |
Class I | $1,000.00 | $ 934.80 | $ 4.80** | 0.99% |
Class R6 | $1,000.00 | $ 935.90 | $ 4.46** | 0.92% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.85 | $ 6.28** | 1.24% |
Class C | $1,000.00 | $1,015.09 | $10.05 ** | 1.99% |
Class I | $1,000.00 | $1,020.10 | $ 5.01** | 0.99% |
Class R6 | $1,000.00 | $1,020.46 | $ 4.66** | 0.92% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 99.3% |
Security | Shares | Value | |
Brazil — 5.0% | |||
Itausa S.A.(1) | 319,142 | $ 574,596 | |
Itausa S.A., PFC Shares | 25,061,300 | 45,121,359 | |
Localiza Rent a Car S.A. | 3,175,546 | 36,995,549 | |
Magazine Luiza S.A.(1) | 19,047,000 | 8,033,271 | |
WEG S.A. | 1,998,400 | 14,419,824 | |
$ 105,144,599 | |||
Chile — 2.6% | |||
Banco de Chile | 393,909,379 | $ 40,076,751 | |
Falabella S.A. | 6,607,917 | 14,765,083 | |
$ 54,841,834 | |||
China — 20.8% | |||
Alibaba Group Holding, Ltd.(1) | 6,688,386 | $ 72,516,698 | |
BYD Co., Ltd., Class H | 1,244,500 | 38,343,316 | |
China Overseas Property Holdings, Ltd. | 21,097,352 | 23,743,765 | |
H World Group, Ltd. ADR(1) | 502,419 | 19,810,381 | |
Hangzhou Tigermed Consulting Co., Ltd., Class A | 1,298,401 | 11,865,578 | |
JD.com, Inc., Class A | 1,391,637 | 20,246,690 | |
Meituan, Class B(1)(2) | 2,895,095 | 41,909,945 | |
Midea Group Co., Ltd., Class A | 1,509,434 | 11,514,638 | |
NARI Technology Co., Ltd., Class A | 12,717,995 | 38,695,933 | |
Shenzhen Inovance Technology Co., Ltd., Class A | 4,059,636 | 37,097,720 | |
Sungrow Power Supply Co., Ltd., Class A | 2,174,430 | 26,653,698 | |
Tencent Holdings, Ltd. | 2,531,671 | 98,137,522 | |
$ 440,535,884 | |||
Hong Kong — 6.1% | |||
AIA Group, Ltd. | 7,615,017 | $ 61,583,724 | |
Hong Kong Exchanges & Clearing, Ltd. | 1,044,000 | 38,745,721 | |
Samsonite International S.A.(1)(2) | 8,656,802 | 29,603,891 | |
$ 129,933,336 | |||
Hungary — 1.8% | |||
Richter Gedeon Nyrt | 1,609,871 | $ 38,945,810 | |
$ 38,945,810 | |||
India — 15.6% | |||
Bajaj Finserv, Ltd. | 1,326,142 | $ 24,497,581 | |
Bharat Forge, Ltd. | 772,154 | 10,141,875 | |
HDFC Bank, Ltd. | 2,062,156 | 37,808,581 | |
Hero MotoCorp, Ltd. | 661,727 | 24,291,549 | |
ICICI Bank, Ltd. | 3,760,977 | 43,138,551 | |
Infosys, Ltd. | 3,043,883 | 52,098,723 | |
Maruti Suzuki India, Ltd. | 447,402 | 56,914,959 | |
Max Healthcare Institute, Ltd. | 2,990,863 | 20,425,203 | |
Samvardhana Motherson International, Ltd. | 22,560,965 | 25,961,908 | |
SBI Life Insurance Co., Ltd.(2) | 2,267,682 | 35,696,470 | |
$ 330,975,400 |
Security | Shares | Value | |
Indonesia — 3.0% | |||
Bank Rakyat Indonesia Persero Tbk PT | 190,480,159 | $ 64,331,393 | |
$ 64,331,393 | |||
Malaysia — 1.8% | |||
Press Metal Aluminium Holdings Bhd | 38,438,400 | $ 38,485,964 | |
$ 38,485,964 | |||
Mexico — 4.0% | |||
Grupo Financiero Banorte SAB de CV, Class O | 4,075,516 | $ 34,159,267 | |
Wal-Mart de Mexico SAB de CV | 13,658,687 | 51,554,636 | |
$ 85,713,903 | |||
South Africa — 7.3% | |||
Clicks Group, Ltd. | 2,321,830 | $ 31,695,260 | |
FirstRand, Ltd. | 7,473,954 | 25,167,942 | |
Prosus NV(3) | 3,286,003 | 96,887,038 | |
$ 153,750,240 | |||
South Korea — 10.2% | |||
KB Financial Group, Inc. | 657,244 | $ 26,806,935 | |
LG Chem, Ltd. | 62,699 | 22,956,373 | |
Samsung Electronics Co., Ltd. | 3,271,900 | 165,407,988 | |
$ 215,171,296 | |||
Sweden — 1.7% | |||
Epiroc AB, Class A | 1,919,743 | $ 36,450,631 | |
$ 36,450,631 | |||
Taiwan — 16.5% | |||
Accton Technology Corp. | 1,910,000 | $ 29,303,550 | |
Airtac International Group | 816,000 | 24,792,241 | |
Chailease Holding Co., Ltd. | 4,095,380 | 22,996,526 | |
Delta Electronics, Inc. | 4,942,000 | 49,775,428 | |
Lotes Co., Ltd. | 654,000 | 16,713,122 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 11,296,000 | 184,195,207 | |
Wiwynn Corp. | 456,000 | 21,263,569 | |
$ 349,039,643 | |||
United Arab Emirates — 1.6% | |||
Abu Dhabi Commercial Bank PJSC | 14,628,242 | $ 34,450,515 | |
$ 34,450,515 | |||
United States — 1.3% | |||
Micron Technology, Inc. | 399,996 | $ 27,211,728 | |
$ 27,211,728 | |||
Total Common Stocks (identified cost $2,087,531,519) | $2,104,982,176 |
High Social Impact Investments — 0.2% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(4)(5) | $ | 5,170 | $ 5,099,119 |
Total High Social Impact Investments (identified cost $5,170,000) | $ 5,099,119 |
Rights — 0.0%(6) |
Security | Shares | Value | |
Brazil — 0.0%(6) | |||
Localiza Rent a Car S.A., Exp. 11/10/23(1) | 23,285 | $ 52,949 | |
Total Rights (identified cost $0) | $ 52,949 |
Short-Term Investments — 0.0%(6) |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(7) | 7,808 | $ 7,808 | |
Total Short-Term Investments (identified cost $7,808) | $ 7,808 |
Total Investments — 99.5% (identified cost $2,092,709,327) | $2,110,142,052 | |
Other Assets, Less Liabilities — 0.5% | $ 9,802,518 | |
Net Assets — 100.0% | $2,119,944,570 |
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 September 30, 2023, the aggregate value of these securities is $107,210,306 or 5.1% of the Fund's net assets. |
(3) | All or a portion of this security was on loan at September 30, 2023. The aggregate market value of securities on loan at September 30, 2023 was $9,515,855. |
(4) | May be deemed to be an affiliated company (see Note 7). |
(5) | Restricted security. Total market value of restricted securities amounts to $5,099,119, which represents 0.2% of the net assets of the Fund as of September 30, 2023. |
(6) | Amount is less than 0.05%. |
(7) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
Economic Sectors | % of Net Assets |
Information Technology | 25.8% |
Financials | 25.2 |
Consumer Discretionary | 22.2 |
Industrials | 10.2 |
Communication Services | 4.6 |
Consumer Staples | 3.9 |
Health Care | 3.4 |
Materials | 2.9 |
Real Estate | 1.1 |
High Social Impact Investments | 0.2 |
Total | 99.5% |
Description | Acquisition Date | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $5,170,000 |
Abbreviations: | |
ADR | – American Depositary Receipt |
PFC Shares | – Preference Shares |
September 30, 2023 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $2,087,531,519) - including $9,515,855 of securities on loan | $ 2,105,035,125 |
Investments in securities of affiliated issuers, at value (identified cost $5,177,808) | 5,106,927 |
Cash denominated in foreign currency, at value (cost $21,547,292) | 21,481,494 |
Receivable for investments sold | 19,573,535 |
Receivable for capital shares sold | 2,408,901 |
Dividends and interest receivable | 3,026,895 |
Dividends and interest receivable - affiliated | 89,444 |
Securities lending income receivable | 1,618 |
Receivable from affiliates | 60,441 |
Directors' deferred compensation plan | 733,804 |
Total assets | $2,157,518,184 |
Liabilities | |
Payable for investments purchased | $ 1,501,473 |
Payable for capital shares redeemed | 6,097,270 |
Payable for foreign capital gains taxes | 6,125,573 |
Payable to affiliates: | |
Investment advisory fee | 1,335,796 |
Administrative fee | 219,765 |
Distribution and service fees | 49,299 |
Sub-transfer agency fee | 50,632 |
Directors' deferred compensation plan | 733,804 |
Accrued expenses | 1,130,002 |
Demand note payable | 20,330,000 |
Total liabilities | $ 37,573,614 |
Net Assets | $2,119,944,570 |
Sources of Net Assets | |
Paid-in capital | $ 2,439,509,314 |
Accumulated loss | (319,564,744) |
Net Assets | $2,119,944,570 |
Class A Shares | |
Net Assets | $ 175,220,092 |
Shares Outstanding | 11,522,769 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 15.21 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 16.05 |
Class C Shares | |
Net Assets | $ 14,340,622 |
Shares Outstanding | 983,099 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 14.59 |
September 30, 2023 | |
Class I Shares | |
Net Assets | $ 1,598,482,950 |
Shares Outstanding | 104,114,699 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 15.35 |
Class R6 Shares | |
Net Assets | $ 331,900,906 |
Shares Outstanding | 21,669,140 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 15.32 |
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. |
Year Ended | |
September 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $7,593,282) | $ 45,483,421 |
Dividend income - affiliated issuers | 1,791,691 |
Non-cash dividend income | 6,656,626 |
Interest income (net of foreign taxes withheld of $64) | 8,154 |
Interest income - affiliated issuers | 77,550 |
Securities lending income, net | 23,335 |
Total investment income | $ 54,040,777 |
Expenses | |
Investment advisory fee | $ 17,398,365 |
Administrative fee | 2,802,450 |
Distribution and service fees: | |
Class A | 483,332 |
Class C | 169,730 |
Directors' fees and expenses | 157,499 |
Custodian fees | 738,240 |
Transfer agency fees and expenses | 2,166,671 |
Accounting fees | 451,563 |
Professional fees | 179,666 |
Registration fees | 90,494 |
Reports to shareholders | 170,209 |
Miscellaneous | 203,108 |
Total expenses | $ 25,011,327 |
Waiver and/or reimbursement of expenses by affiliates | $ (1,411,770) |
Net expenses | $ 23,599,557 |
Net investment income | $ 30,441,220 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities (net of foreign capital gains taxes of $4,789,129) | $ (184,390,162) |
Foreign currency transactions | (3,597,763) |
Net realized loss | $(187,987,925) |
Change in unrealized appreciation (depreciation): | |
Investment securities (including net decrease in payable for foreign capital gains taxes of $779,012) | $ 326,236,874 |
Investment securities - affiliated issuers | 297,430 |
Foreign currency | 556,093 |
Net change in unrealized appreciation (depreciation) | $ 327,090,397 |
Net realized and unrealized gain | $ 139,102,472 |
Net increase in net assets from operations | $ 169,543,692 |
Year Ended September 30, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 30,441,220 | $ 30,311,016 |
Net realized loss | (187,987,925) | (141,820,196) |
Net change in unrealized appreciation (depreciation) | 327,090,397 | (1,073,645,655) |
Net increase (decrease) in net assets from operations | $ 169,543,692 | $(1,185,154,835) |
Distributions to shareholders: | ||
Class A | $ (1,025,970) | $ (725,054) |
Class I | (14,062,537) | (23,624,539) |
Class R6 | (2,319,617) | (4,343,502) |
Total distributions to shareholders | $ (17,408,124) | $ (28,693,095) |
Capital share transactions: | ||
Class A | $ (15,756,081) | $ (25,911,123) |
Class C | (5,912,624) | (4,437,988) |
Class I | (346,832,012) | (569,958,512) |
Class R6 | 54,702,026 | (108,315,286) |
Net decrease in net assets from capital share transactions | $ (313,798,691) | $ (708,622,909) |
Net decrease in net assets | $ (161,663,123) | $(1,922,470,839) |
Net Assets | ||
At beginning of year | $ 2,281,607,693 | $ 4,204,078,532 |
At end of year | $2,119,944,570 | $ 2,281,607,693 |
Class A | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 14.26 | $ 20.98 | $ 18.33 | $ 16.05 | $ 15.55 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.17 | $ 0.14 | $ 0.12 | $ 0.09 | $ 0.17 |
Net realized and unrealized gain (loss) | 0.86 | (6.79) | 2.59 | 2.27 | 0.45 |
Total income (loss) from operations | $ 1.03 | $ (6.65) | $ 2.71 | $ 2.36 | $ 0.62 |
Less Distributions | |||||
From net investment income | $ (0.08) | $ (0.07) | $ (0.06) | $ (0.08) | $ (0.12) |
Total distributions | $ (0.08) | $ (0.07) | $ (0.06) | $ (0.08) | $ (0.12) |
Net asset value — End of year | $ 15.21 | $ 14.26 | $ 20.98 | $ 18.33 | $ 16.05 |
Total Return(2) | 7.22% | (31.79)% | 14.70% | 14.82% | 4.02% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $175,220 | $178,282 | $290,117 | $173,728 | $132,066 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 1.30% | 1.29% | 1.27% | 1.27% | 1.41% |
Net expenses | 1.24% (4) | 1.24% (4) | 1.24% | 1.24% | 1.25% |
Net investment income | 1.08% | 0.76% | 0.54% | 0.54% | 1.06% |
Portfolio Turnover | 59% | 56% | 36% | 38% | 32% |
(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) | 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. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class C | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 13.71 | $ 20.25 | $ 17.78 | $ 15.62 | $ 15.18 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ 0.05 | $ (0.02) | $ (0.07) | $ (0.04) | $ 0.05 |
Net realized and unrealized gain (loss) | 0.83 | (6.52) | 2.54 | 2.20 | 0.45 |
Total income (loss) from operations | $ 0.88 | $ (6.54) | $ 2.47 | $ 2.16 | $ 0.50 |
Less Distributions | |||||
From net investment income | $ — | $ — | $ — | $ — | $ (0.06) |
Total distributions | $ — | $ — | $ — | $ — | $ (0.06) |
Net asset value — End of year | $ 14.59 | $ 13.71 | $ 20.25 | $ 17.78 | $ 15.62 |
Total Return(2) | 6.42% | (32.30)% | 13.83% | 13.89% | 3.33% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $14,341 | $19,000 | $33,249 | $30,938 | $28,794 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 2.05% | 2.05% | 2.02% | 2.02% | 2.16% |
Net expenses | 1.99% (4) | 1.99% (4) | 1.99% | 1.99% | 2.00% |
Net investment income (loss) | 0.30% | (0.09)% | (0.32)% | (0.22)% | 0.35% |
Portfolio Turnover | 59% | 56% | 36% | 38% | 32% |
(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) | 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. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class I | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 14.40 | $ 21.21 | $ 18.52 | $ 16.22 | $ 15.73 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.21 | $ 0.17 | $ 0.16 | $ 0.13 | $ 0.22 |
Net realized and unrealized gain (loss) | 0.86 | (6.82) | 2.62 | 2.29 | 0.45 |
Total income (loss) from operations | $ 1.07 | $ (6.65) | $ 2.78 | $ 2.42 | $ 0.67 |
Less Distributions | |||||
From net investment income | $ (0.12) | $ (0.16) | $ (0.09) | $ (0.12) | $ (0.18) |
Total distributions | $ (0.12) | $ (0.16) | $ (0.09) | $ (0.12) | $ (0.18) |
Net asset value — End of year | $ 15.35 | $ 14.40 | $ 21.21 | $ 18.52 | $ 16.22 |
Total Return(2) | 7.42% | (31.59)% | 14.94% | 15.07% | 4.36% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $1,598,483 | $1,818,889 | $3,357,833 | $2,530,135 | $1,817,479 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 1.05% | 1.04% | 1.02% | 1.02% | 1.15% |
Net expenses | 0.99% (4) | 0.99% (4) | 0.99% | 0.99% | 0.97% |
Net investment income | 1.33% | 0.91% | 0.71% | 0.79% | 1.41% |
Portfolio Turnover | 59% | 56% | 36% | 38% | 32% |
(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) | 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. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class R6 | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 14.37 | $ 21.18 | $ 18.49 | $ 16.19 | $ 15.72 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.22 | $ 0.18 | $ 0.17 | $ 0.14 | $ 0.27 |
Net realized and unrealized gain (loss) | 0.87 | (6.81) | 2.62 | 2.30 | 0.40 |
Total income (loss) from operations | $ 1.09 | $ (6.63) | $ 2.79 | $ 2.44 | $ 0.67 |
Less Distributions | |||||
From net investment income | $ (0.14) | $ (0.18) | $ (0.10) | $ (0.14) | $ (0.20) |
Total distributions | $ (0.14) | $ (0.18) | $ (0.10) | $ (0.14) | $ (0.20) |
Net asset value — End of year | $ 15.32 | $ 14.37 | $ 21.18 | $ 18.49 | $ 16.19 |
Total Return(2) | 7.55% | (31.55)% | 15.09% | 15.13% | 4.35% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $331,901 | $265,436 | $522,879 | $313,830 | $218,601 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.98% | 0.97% | 0.94% | 0.95% | 1.06% |
Net expenses | 0.92% (4) | 0.92% (4) | 0.92% | 0.92% | 0.92% |
Net investment income | 1.36% | 1.00% | 0.78% | 0.84% | 1.67% |
Portfolio Turnover | 59% | 56% | 36% | 38% | 32% |
(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) | 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. |
(4) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Brazil | $ 104,570,003 | $ 574,596 | $ — | $ 105,144,599 |
Chile | — | 54,841,834 | — | 54,841,834 |
China | 19,810,381 | 420,725,503 | — | 440,535,884 |
Hong Kong | — | 129,933,336 | — | 129,933,336 |
Hungary | — | 38,945,810 | — | 38,945,810 |
India | — | 330,975,400 | — | 330,975,400 |
Indonesia | — | 64,331,393 | — | 64,331,393 |
Malaysia | — | 38,485,964 | — | 38,485,964 |
Mexico | 85,713,903 | — | — | 85,713,903 |
South Africa | — | 153,750,240 | — | 153,750,240 |
South Korea | — | 215,171,296 | — | 215,171,296 |
Sweden | — | 36,450,631 | — | 36,450,631 |
Taiwan | — | 349,039,643 | — | 349,039,643 |
United Arab Emirates | — | 34,450,515 | — | 34,450,515 |
United States | 27,211,728 | — | — | 27,211,728 |
Total Common Stocks | $237,306,015 | $1,867,676,161 (1) | $ — | $2,104,982,176 |
High Social Impact Investments | $ — | $ 5,099,119 | $ — | $ 5,099,119 |
Rights | — | 52,949 | — | 52,949 |
Short-Term Investments | 7,808 | — | — | 7,808 |
Total Investments | $237,313,823 | $1,872,828,229 | $ — | $2,110,142,052 |
(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. |
Year Ended September 30, | ||
2023 | 2022 | |
Ordinary income | $17,408,124 | $28,693,095 |
Undistributed ordinary income | $ 14,725,474 |
Deferred capital losses | (309,840,942) |
Net unrealized depreciation | (24,449,276) |
Accumulated loss | $(319,564,744) |
Aggregate cost | $2,128,373,408 |
Gross unrealized appreciation | $ 243,655,003 |
Gross unrealized depreciation | (261,886,359) |
Net unrealized depreciation | $ (18,231,356) |
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/ Shares, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | $4,801,689 | $ — | $ — | $ — | $ 297,430 | $ 5,099,119 | $ 77,550 | $5,170,000 |
Short-Term Investments | ||||||||
Liquidity Fund | 1,258 | 678,446,411 | (678,439,861) | — | — | 7,808 | 1,791,691 | 7,808 |
Total | $ — | $297,430 | $5,106,927 | $1,869,241 |
(1) | Restricted security. |
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 5,651,709 | $ 83,959,127 | 29,678,729 | $ 512,004,407 | |
Reinvestment of distributions | 33,171 | 523,432 | 27,819 | 559,156 | |
Shares redeemed | (6,662,979) | (100,238,640) | (31,036,827) | (538,474,686) | |
Net decrease | (978,099) | $ (15,756,081) | (1,330,279) | $ (25,911,123) | |
Class C | |||||
Shares sold | 29,795 | $ 460,125 | 75,305 | $ 1,377,530 | |
Shares redeemed | (432,393) | (6,372,749) | (331,663) | (5,815,518) | |
Net decrease | (402,598) | $ (5,912,624) | (256,358) | $ (4,437,988) |
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Shares sold | 30,221,849 | $ 485,787,382 | 50,052,091 | $ 926,913,958 | |
Reinvestment of distributions | 844,844 | 13,441,473 | 1,114,340 | 22,565,377 | |
Shares redeemed | (53,273,460) | (846,060,867) | (83,134,435) | (1,519,437,847) | |
Net decrease | (22,206,767) | $(346,832,012) | (31,968,004) | $ (569,958,512) | |
Class R6 | |||||
Shares sold | 8,913,564 | $ 144,800,692 | 6,309,425 | $ 115,719,589 | |
Reinvestment of distributions | 119,833 | 1,900,552 | 164,920 | 3,331,380 | |
Shares redeemed | (5,837,507) | (91,999,218) | (12,689,642) | (227,366,255) | |
Net increase (decrease) | 3,195,890 | $ 54,702,026 | (6,215,297) | $ (108,315,286) |
Boston, Massachusetts
November 22, 2023
• | A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
• | A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds; |
• | A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
• | Data regarding investment performance in comparison to benchmark indices; |
• | For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; |
• | Profitability analyses for the Adviser with respect to each fund; |
• | Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs; |
• | Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions; |
• | Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
• | Reports detailing the financial results and condition of CRM; |
• | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
• | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
• | A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
• | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and |
• | The terms of each investment advisory agreement. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Director | |||
Theodore H. Eliopoulos(1) 1964 | Director and President | Since 2022 | President and Chief Executive Officer of CRM and senior sponsor of Morgan Stanley Investment Management’s (MSIM) Diversity Council. Formerly, Vice Chairman & Head of Strategic Partnerships at MSIM (2019-2022). Former Chief Investment Officer and interim Chief Investment Officer (2014-2018) and Senior Investment Officer of Real Estate and Real Assets at California Public Employees’ Retirement System (CalPERS) (2007-2014). Former Chief Deputy Treasurer and Deputy Treasurer at the California State Treasurer's Office (2002-2006). Mr. Eliopoulos is an interested person because of his positions with CRM and certain affiliates. Other Directorships. The Robert Toigo Foundation; Pacific Pension & Investment Institute (PPI). |
Noninterested Directors | |||
Richard L. Baird, Jr.(2) 1948 | Director | Since 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships. None. |
Alice Gresham Bullock 1950 | Chair and Director | Since 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships. None. |
Cari M. Dominguez 1949 | Director | Since 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships. ManpowerGroup Inc. (workforce solutions company); Triple S Management Corporation (managed care); National Association of Corporate Directors. |
Karen Fang(3) 1958 | Director | Since 2023 | Formerly, Managing Director, Wealth Management at GAMCO Asset Management (asset management firm) (2020-2023). Formerly, Managing Director, Senior Portfolio Manager of Fiduciary Trust Company International (wealth management firm) (1993-2019). Other Directorships. None. |
John G. Guffey, Jr.(2) 1948 | Director | Since 1992 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. |
Miles D. Harper, III 1962 | Director | Since 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram) (November 1999 - September 2014). Other Directorships. Bridgeway Funds (9) (asset management). |
Joy V. Jones 1950 | Director | Since 2005 | Attorney. Other Directorships. Palm Management Corporation. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Directors (continued) | |||
Eddie Ramos(3) 1967 | Director | Since 2023 | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). Other Directorships. Macquarie Optimum Funds (6) (asset management). |
Anthony A. Williams 1951 | Director | Since 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank. |
Name and Year of Birth | Corporation Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Directors | |||
Hope L. Brown 1973 | Chief Compliance Officer | Since 2014 | Chief Compliance Officer of 46 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). |
Deidre E. Walsh 1971 | Secretary, Vice President and Chief Legal Officer | Since 2021 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2021). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
James F. Kirchner 1967 | Treasurer | Since 2016 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
(1) Mr. Eliopoulos is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | |||
(2) Effective December 31, 2023, Richard L. Baird, Jr. and John G. Guffey, Jr. will retire from the Board of Directors. | |||
(3) Ms. Fang and Mr. Ramos began serving as Directors effective October 30, 2023. |
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
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-368-2745. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Directors has determined that Miles D. Harper III, an “independent” Director serving on the registrant’s audit committee, is an “audit committee financial expert,” as defined in Item 3 of Form N-CSR. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Directors in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services
(a) –(d)
The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended September 30, 2022 and September 30, 2023 by its principal accountant for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by its principal accountant during such periods.
Fiscal Years Ended | 9/30/22 | %* | 9/30/23 | %* | ||||||||||||
Audit Fees | $ | 135,500 | 0 | % | $ | 149,600 | 0 | % | ||||||||
Audit-Related Fees(1) | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||
Tax Fees(2) | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||
All Other Fees(3) | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||
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Total | $ | 135,500 | 0 | % | $ | 149,600 | 0 | % | ||||||||
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* | Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimis waiver of Committee’s requirement to pre-approve). |
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e) The Audit Committee is required to pre-approve all audit and non-audit services provided to the registrant by the auditors, and to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. In determining whether to pre-approve non-audit services, the Audit Committee considers whether the services are consistent with maintaining the independence of the auditors. The Committee may delegate its authority to pre-approve certain matters to one or more of its members. In this regard, the Committee has delegated authority jointly to the Audit Committee Chair together with another Committee member with respect to non-audit services not exceeding $25,000 in each instance. In addition, the Committee has pre-approved the retention of the auditors to provide tax-related services related to the tax treatment and tax accounting of newly acquired securities, upon request by the investment adviser in each instance.
(f) Not applicable.
(g) ) Aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant:
Fiscal Year ended 9/30/22 | Fiscal Year ended 9/30/2023 | |||||||||||||||
$ | %* | $ | %* | |||||||||||||
$ | 0 | 0 | % | $ | 0 | 0 | % |
* | Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimis waiver of Committee’s requirement to pre-approve). |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) 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) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CALVERT WORLD VALUES FUND, INC. | ||
By: | /s/ Theodore H. Eliopoulos | |
Theodore H. Eliopoulos | ||
President |
Date: December 8, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer |
Date: December 8, 2023
By: | /s/ Theodore H. Eliopoulos | |
Theodore H. Eliopoulos | ||
President |
Date: December 8, 2023