UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File number: 811-06563
Calvert World Values Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
2050 M Street NW, Suite 200, Washington, DC 20036
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Service)
(202) 238-2200
(Registrant’s telephone number)
September 30
Date of Fiscal Year End
March 31, 2024
Date of Reporting Period
Item 1. Report to Stockholders.
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% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 10/31/1994 | 10/31/1994 | 18.20% | 13.05% | 6.87% | 6.41% |
Class A with 5.25% Maximum Sales Charge | — | — | 12.00 | 7.11 | 5.73 | 5.84 |
Class C at NAV | 10/31/1994 | 10/31/1994 | 17.73 | 12.19 | 6.08 | 5.78 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 16.73 | 11.19 | 6.08 | 5.78 |
Class I at NAV | 06/03/2003 | 10/31/1994 | 18.33 | 13.35 | 7.14 | 6.79 |
Russell Midcap® Index | — | — | 22.52% | 22.35% | 11.09% | 9.94% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 1.26% | 2.01% | 1.01% |
Net | 1.18 | 1.93 | 0.93 |
Sector Allocation (% of net assets)1 |
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Top 10 Holdings (% of net assets)1 | |
Core & Main, Inc., Class A | 4.0% |
Cooper Cos., Inc. | 3.4 |
AptarGroup, Inc. | 3.0 |
Lamar Advertising Co., Class A | 2.8 |
Tradeweb Markets, Inc., Class A | 2.6 |
Domino's Pizza, Inc. | 2.6 |
Motorola Solutions, Inc. | 2.6 |
CMS Energy Corp. | 2.6 |
AMETEK, Inc. | 2.6 |
VeriSign, Inc. | 2.5 |
Total | 28.7% |
1 | Excludes cash and cash equivalents. |
1 | Russell Midcap® Index is an unmanaged index of U.S. mid-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/1/25. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. |
Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,182.00 | $ 6.44** | 1.18% |
Class C | $1,000.00 | $1,177.30 | $10.51 ** | 1.93% |
Class I | $1,000.00 | $1,183.30 | $ 5.08** | 0.93% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.10 | $ 5.96** | 1.18% |
Class C | $1,000.00 | $1,015.35 | $ 9.72** | 1.93% |
Class I | $1,000.00 | $1,020.35 | $ 4.70** | 0.93% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 98.3% |
Security | Shares | Value | |
Automobile Components — 3.7% | |||
Aptiv PLC(1) | 43,298 | $ 3,448,685 | |
Dorman Products, Inc.(1) | 58,938 | 5,681,034 | |
$ 9,129,719 | |||
Automobiles — 0.8% | |||
Harley-Davidson, Inc. | 45,279 | $ 1,980,503 | |
$ 1,980,503 | |||
Banks — 2.1% | |||
Commerce Bancshares, Inc. | 50,510 | $ 2,687,132 | |
First Financial Bankshares, Inc. | 79,284 | 2,601,308 | |
$ 5,288,440 | |||
Biotechnology — 0.6% | |||
Neurocrine Biosciences, Inc.(1) | 10,351 | $ 1,427,610 | |
$ 1,427,610 | |||
Building Products — 2.4% | |||
AZEK Co., Inc.(1) | 121,269 | $ 6,090,129 | |
$ 6,090,129 | |||
Capital Markets — 4.9% | |||
LPL Financial Holdings, Inc. | 12,621 | $ 3,334,468 | |
MarketAxess Holdings, Inc. | 10,256 | 2,248,628 | |
Tradeweb Markets, Inc., Class A | 62,756 | 6,537,293 | |
$ 12,120,389 | |||
Chemicals — 2.2% | |||
Quaker Chemical Corp. | 26,384 | $ 5,415,316 | |
$ 5,415,316 | |||
Commercial Services & Supplies — 4.4% | |||
Copart, Inc.(1) | 99,311 | $ 5,752,093 | |
Rentokil Initial PLC ADR | 175,852 | 5,301,938 | |
$ 11,054,031 | |||
Communications Equipment — 2.6% | |||
Motorola Solutions, Inc. | 18,099 | $ 6,424,783 | |
$ 6,424,783 | |||
Consumer Staples Distribution & Retail — 1.8% | |||
Casey's General Stores, Inc. | 5,550 | $ 1,767,397 | |
U.S. Foods Holding Corp.(1) | 51,316 | 2,769,525 | |
$ 4,536,922 | |||
Containers & Packaging — 3.0% | |||
AptarGroup, Inc. | 51,392 | $ 7,394,795 | |
$ 7,394,795 |
Security | Shares | Value | |
Electric Utilities — 3.7% | |||
Alliant Energy Corp. | 121,200 | $ 6,108,480 | |
Xcel Energy, Inc. | 59,507 | 3,198,501 | |
$ 9,306,981 | |||
Electrical Equipment — 2.6% | |||
AMETEK, Inc. | 34,813 | $ 6,367,298 | |
$ 6,367,298 | |||
Electronic Equipment, Instruments & Components — 1.7% | |||
TE Connectivity Ltd. | 29,319 | $ 4,258,292 | |
$ 4,258,292 | |||
Ground Transportation — 0.9% | |||
Landstar System, Inc. | 11,572 | $ 2,230,619 | |
$ 2,230,619 | |||
Health Care Equipment & Supplies — 7.3% | |||
Cooper Cos., Inc. | 82,412 | $ 8,361,521 | |
IDEXX Laboratories, Inc.(1) | 7,377 | 3,983,064 | |
Teleflex, Inc. | 26,058 | 5,893,538 | |
$ 18,238,123 | |||
Hotels, Restaurants & Leisure — 7.3% | |||
Aramark | 181,078 | $ 5,888,657 | |
Domino's Pizza, Inc. | 13,130 | 6,524,034 | |
Wyndham Hotels & Resorts, Inc. | 74,337 | 5,705,365 | |
$ 18,118,056 | |||
Household Products — 1.4% | |||
Church & Dwight Co., Inc. | 32,533 | $ 3,393,517 | |
$ 3,393,517 | |||
Industrial REITs — 2.1% | |||
Rexford Industrial Realty, Inc. | 105,204 | $ 5,291,761 | |
$ 5,291,761 | |||
Insurance — 4.9% | |||
Ryan Specialty Holdings, Inc. | 33,340 | $ 1,850,370 | |
W.R. Berkley Corp. | 67,706 | 5,987,919 | |
White Mountains Insurance Group Ltd. | 2,483 | 4,455,247 | |
$ 12,293,536 | |||
IT Services — 2.5% | |||
VeriSign, Inc.(1) | 32,281 | $ 6,117,572 | |
$ 6,117,572 | |||
Life Sciences Tools & Services — 0.7% | |||
Avantor, Inc.(1) | 71,572 | $ 1,830,096 | |
$ 1,830,096 |
Security | Shares | Value | |
Machinery — 5.1% | |||
Graco, Inc. | 45,207 | $ 4,225,046 | |
Middleby Corp.(1) | 26,556 | 4,269,939 | |
Nordson Corp. | 15,723 | 4,316,593 | |
$ 12,811,578 | |||
Multi-Utilities — 2.6% | |||
CMS Energy Corp. | 105,996 | $ 6,395,799 | |
$ 6,395,799 | |||
Pharmaceuticals — 2.3% | |||
Jazz Pharmaceuticals PLC(1) | 13,124 | $ 1,580,392 | |
Royalty Pharma PLC, Class A | 136,338 | 4,140,585 | |
$ 5,720,977 | |||
Professional Services — 1.0% | |||
Dayforce, Inc.(1) | 39,313 | $ 2,602,914 | |
$ 2,602,914 | |||
Residential REITs — 4.2% | |||
Equity LifeStyle Properties, Inc. | 90,898 | $ 5,853,831 | |
Mid-America Apartment Communities, Inc. | 34,497 | 4,539,115 | |
$ 10,392,946 | |||
Semiconductors & Semiconductor Equipment — 3.1% | |||
Microchip Technology, Inc. | 45,831 | $ 4,111,499 | |
ON Semiconductor Corp.(1) | 32,338 | 2,378,460 | |
Teradyne, Inc. | 11,618 | 1,310,859 | |
$ 7,800,818 | |||
Software — 4.8% | |||
Fair Isaac Corp.(1) | 2,062 | $ 2,576,696 | |
Synopsys, Inc.(1) | 7,136 | 4,078,224 | |
Tyler Technologies, Inc.(1) | 12,163 | 5,169,396 | |
$ 11,824,316 | |||
Specialized REITs — 2.8% | |||
Lamar Advertising Co., Class A | 58,368 | $ 6,969,723 | |
$ 6,969,723 | |||
Specialty Retail — 3.7% | |||
Burlington Stores, Inc.(1) | 14,367 | $ 3,335,874 | |
O'Reilly Automotive, Inc.(1) | 5,267 | 5,945,811 | |
$ 9,281,685 | |||
Trading Companies & Distributors — 5.1% | |||
Core & Main, Inc., Class A(1) | 175,364 | $ 10,039,589 | |
United Rentals, Inc. | 3,764 | 2,714,258 | |
$ 12,753,847 | |||
Total Common Stocks (identified cost $196,611,784) | $244,863,091 |
Short-Term Investments — 1.7% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(2) | 4,182,072 | $ 4,182,072 | |
Total Short-Term Investments (identified cost $4,182,072) | $ 4,182,072 | ||
Total Investments — 100.0% (identified cost $200,793,856) | $249,045,163 | ||
Other Assets, Less Liabilities — (0.0)%(3) | $ (94,310) | ||
Net Assets — 100.0% | $ 248,950,853 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2024. |
(3) | Amount is less than (0.05)%. |
Abbreviations: | |
ADR | – American Depositary Receipt |
REITs | – Real Estate Investment Trusts |
March 31, 2024 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $196,611,784) | $ 244,863,091 |
Investments in securities of affiliated issuers, at value (identified cost $4,182,072) | 4,182,072 |
Cash | 48,091 |
Receivable for capital shares sold | 43,325 |
Dividends receivable | 151,915 |
Dividends receivable - affiliated | 18,711 |
Securities lending income receivable | 632 |
Directors' deferred compensation plan | 156,763 |
Total assets | $249,464,600 |
Liabilities | |
Payable for capital shares redeemed | $ 41,546 |
Payable to affiliates: | |
Investment advisory fee | 134,514 |
Administrative fee | 24,935 |
Distribution and service fees | 36,290 |
Sub-transfer agency fee | 17,465 |
Directors' deferred compensation plan | 156,763 |
Other | 15,314 |
Accrued expenses | 86,920 |
Total liabilities | $ 513,747 |
Net Assets | $248,950,853 |
Sources of Net Assets | |
Paid-in capital | $ 200,265,984 |
Distributable earnings | 48,684,869 |
Net Assets | $248,950,853 |
Class A Shares | |
Net Assets | $ 158,962,633 |
Shares Outstanding | 4,257,452 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 37.34 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 39.41 |
Class C Shares | |
Net Assets | $ 3,688,310 |
Shares Outstanding | 162,902 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 22.64 |
Class I Shares | |
Net Assets | $ 86,299,910 |
Shares Outstanding | 1,877,494 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 45.97 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Six Months Ended | |
March 31, 2024 | |
Investment Income | |
Dividend income | $ 1,457,244 |
Dividend income - affiliated issuers | 45,739 |
Interest income - affiliated issuers | 1,110 |
Securities lending income, net | 2,193 |
Total investment income | $ 1,506,286 |
Expenses | |
Investment advisory fee | $ 766,567 |
Administrative fee | 141,520 |
Distribution and service fees: | |
Class A | 184,930 |
Class C | 18,169 |
Directors' fees and expenses | 6,221 |
Custodian fees | 2,296 |
Transfer agency fees and expenses | 161,739 |
Accounting fees | 27,792 |
Professional fees | 21,245 |
Registration fees | 24,811 |
Reports to shareholders | 9,406 |
Miscellaneous | 16,688 |
Total expenses | $ 1,381,384 |
Waiver and/or reimbursement of expenses by affiliates | $ (81,001) |
Net expenses | $ 1,300,383 |
Net investment income | $ 205,903 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ 1,548,811 |
Net realized gain | $ 1,548,811 |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 38,069,633 |
Investment securities - affiliated issuers | 4,936 |
Net change in unrealized appreciation (depreciation) | $38,074,569 |
Net realized and unrealized gain | $39,623,380 |
Net increase in net assets from operations | $39,829,283 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 205,903 | $ 456,643 |
Net realized gain | 1,548,811 | 1,773,755 |
Net change in unrealized appreciation (depreciation) | 38,074,569 | 23,241,735 |
Net increase in net assets from operations | $ 39,829,283 | $ 25,472,133 |
Distributions to shareholders: | ||
Class A | $ — | $ (50,586) |
Class I | (139,655) | (233,247) |
Total distributions to shareholders | $ (139,655) | $ (283,833) |
Capital share transactions: | ||
Class A | $ (6,559,490) | $ (12,339,154) |
Class C | (564,961) | (1,442,515) |
Class I | (12,262,988) | (23,056,768) |
Net decrease in net assets from capital share transactions | $ (19,387,439) | $ (36,838,437) |
Net increase (decrease) in net assets | $ 20,302,189 | $ (11,650,137) |
Net Assets | ||
At beginning of period | $ 228,648,664 | $ 240,298,801 |
At end of period | $248,950,853 | $228,648,664 |
Class A | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 31.59 | $ 28.71 | $ 41.79 | $ 33.96 | $ 34.69 | $ 34.84 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ 0.02 | $ 0.03 | $ (0.02) | $ (0.12) | $ 0.05 | $ 0.09 |
Net realized and unrealized gain (loss) | 5.73 | 2.86 | (7.90) | 8.28 | 1.07 | 1.85 |
Total income (loss) from operations | $ 5.75 | $ 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 period | $ 37.34 | $ 31.59 | $ 28.71 | $ 41.79 | $ 33.96 | $ 34.69 |
Total Return(3) | 18.20% (4) | 10.07% | (22.06)% | 24.13% | 3.20% | 6.56% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $158,963 | $140,598 | $138,646 | $183,991 | $149,112 | $158,005 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.25% (6) | 1.26% | 1.23% | 1.22% | 1.26% | 1.30% |
Net expenses | 1.18% (6)(7) | 1.18% (7) | 1.18% (7) | 1.18% | 1.18% | 1.19% |
Net investment income (loss) | 0.10% (6) | 0.09% | (0.07)% | (0.30)% | 0.15% | 0.27% |
Portfolio Turnover | 12% (4) | 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) | 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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class C | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 19.23 | $ 17.60 | $ 27.53 | $ 22.64 | $ 23.83 | $ 24.65 |
Income (Loss) From Operations | ||||||
Net investment loss(1) | $ (0.07) | $ (0.13) | $ (0.18) | $ (0.28) | $ (0.14) | $ (0.11) |
Net realized and unrealized gain (loss) | 3.48 | 1.76 | (4.78) | 5.50 | 0.73 | 1.23 |
Total income (loss) from operations | $ 3.41 | $ 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 period | $22.64 | $19.23 | $ 17.60 | $27.53 | $22.64 | $ 23.83 |
Total Return(2) | 17.73% (3) | 9.26% | (22.63)% | 23.20% | 2.40% | 5.77% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 3,688 | $ 3,654 | $ 4,612 | $ 7,469 | $ 8,787 | $14,535 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 2.00% (5) | 2.01% | 1.98% | 1.98% | 2.01% | 2.05% |
Net expenses | 1.93% (5)(6) | 1.93% (6) | 1.93% (6) | 1.93% | 1.93% | 1.94% |
Net investment loss | (0.66)% (5) | (0.65)% | (0.82)% | (1.05)% | (0.62)% | (0.49)% |
Portfolio Turnover | 12% (3) | 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) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | 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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class I | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 38.91 | $ 35.34 | $ 50.28 | $ 40.77 | $ 41.25 | $ 40.97 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ 0.07 | $ 0.14 | $ 0.09 | $ (0.03) | $ 0.16 | $ 0.21 |
Net realized and unrealized gain (loss) | 7.06 | 3.52 | (9.77) | 9.95 | 1.27 | 2.24 |
Total income (loss) from operations | $ 7.13 | $ 3.66 | $ (9.68) | $ 9.92 | $ 1.43 | $ 2.45 |
Less Distributions | ||||||
From net investment income | $ (0.07) | $ (0.09) | $ (0.08) | $ (0.08) | $ (0.09) | $ (0.16) |
From net realized gain | — | — | (5.18) | (0.33) | (1.82) | (2.01) |
Total distributions | $ (0.07) | $ (0.09) | $ (5.26) | $ (0.41) | $ (1.91) | $ (2.17) |
Net asset value — End of period | $ 45.97 | $ 38.91 | $ 35.34 | $ 50.28 | $ 40.77 | $ 41.25 |
Total Return(2) | 18.33% (3) | 10.35% | (21.87)% | 24.45% | 3.45% | 6.85% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $86,300 | $84,396 | $97,041 | $122,391 | $76,327 | $46,533 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.00% (5) | 1.01% | 0.98% | 0.97% | 1.01% | 1.05% |
Net expenses | 0.93% (5)(6) | 0.93% (6) | 0.93% (6) | 0.93% | 0.93% | 0.91% |
Net investment income (loss) | 0.34% (5) | 0.34% | 0.20% | (0.06)% | 0.40% | 0.54% |
Portfolio Turnover | 12% (3) | 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) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | 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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 244,863,091(1) | $ — | $ — | $ 244,863,091 |
Short-Term Investments | 4,182,072 | — | — | 4,182,072 |
Total Investments | $249,045,163 | $ — | $ — | $249,045,163 |
(1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
Aggregate cost | $200,782,525 |
Gross unrealized appreciation | $ 55,695,525 |
Gross unrealized depreciation | (7,432,887) |
Net unrealized appreciation | $ 48,262,638 |
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 | $355,064 | $ — | $ (360,000) | $ — | $ 4,936 | $ — | $ 1,110 | $ — |
Short-Term Investments | ||||||||
Liquidity Fund | 6,229 | 24,447,805 | (20,271,962) | — | — | 4,182,072 | 45,739 | 4,182,072 |
Total | $ — | $4,936 | $4,182,072 | $46,849 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 110,413 | $ 3,755,882 | 212,781 | $ 6,880,015 | |
Reinvestment of distributions | — | — | 1,549 | 48,798 | |
Shares redeemed | (303,505) | (10,315,372) | (592,319) | (19,267,967) | |
Net decrease | (193,092) | $ (6,559,490) | (377,989) | $(12,339,154) | |
Class C | |||||
Shares sold | 8,591 | $ 167,973 | 14,125 | $ 277,364 | |
Shares redeemed | (35,735) | (732,934) | (86,038) | (1,719,879) | |
Net decrease | (27,144) | $ (564,961) | (71,913) | $ (1,442,515) | |
Class I | |||||
Shares sold | 190,933 | $ 7,917,599 | 501,247 | $ 20,066,342 | |
Reinvestment of distributions | 3,227 | 138,103 | 5,935 | 229,870 | |
Shares redeemed | (485,945) | (20,318,690) | (1,083,692) | (43,352,980) | |
Net decrease | (291,785) | $(12,262,988) | (576,510) | $(23,056,768) |
Officers |
Hope L. Brown Chief Compliance Officer |
Deidre E. Walsh Secretary, Vice President and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Cari M. Dominguez |
Karen Fang |
Miles D. Harper, III |
Von M. Hughes*(1) |
Joy V. Jones |
Eddie Ramos |
Anthony A. Williams |
* Interested Director and President |
(1) Mr. Hughes began serving as Director effective December 11, 2023. |
U.S. Customer Privacy Notice | March 2024 |
FACTS | WHAT DOES CALVERT 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 information 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 Calvert chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Calvert 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 affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
For our affiliates to market to you | Yes | Yes* |
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 |
U.S. Customer Privacy Notice — continued | March 2024 |
Who we are | |
Who is providing this notice? | Calvert Research and Management and our investment management affiliates (“Calvert”) (see Affiliates definition below.) |
What we do | |
How does Calvert 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 Calvert 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.) |
What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Calvert Research and Management 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.■ Calvert Research and Management does not jointly market. |
U.S. Customer Privacy Notice — continued | March 2024 |
Other important information | |
*PLEASE NOTE: Calvert does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Calvert enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Calvert from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146914/g693444imgd2d5149a1.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146914/g693444img349582df2.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 10/29/2012 | 10/29/2012 | 9.21% | 2.03% | 0.83% | 3.42% |
Class A with 5.25% Maximum Sales Charge | — | — | 3.49 | (3.31) | (0.25) | 2.87 |
Class C at NAV | 10/29/2012 | 10/29/2012 | 8.77 | 1.28 | 0.08 | 2.77 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 7.77 | 0.28 | 0.08 | 2.77 |
Class I at NAV | 10/29/2012 | 10/29/2012 | 9.42 | 2.29 | 1.09 | 3.73 |
Class R6 at NAV | 02/01/2018 | 10/29/2012 | 9.38 | 2.36 | 1.15 | 3.75 |
MSCI Emerging Markets Index | — | — | 10.42% | 8.15% | 2.22% | 2.94% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.28% | 2.03% | 1.03% | 0.96% |
Net | 1.24 | 1.99 | 0.99 | 0.92 |
Sector Allocation (% of net assets)1 |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146914/g693444imgb99f0a4a3.jpg)
Top 10 Holdings (% of net assets)1 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 9.7% |
Samsung Electronics Co. Ltd. | 8.0 |
Tencent Holdings Ltd. | 4.6 |
Prosus NV | 3.2 |
Bank Rakyat Indonesia Persero Tbk. PT | 3.1 |
Infosys Ltd. | 2.9 |
ICICI Bank Ltd. | 2.9 |
NARI Technology Co. Ltd., Class A | 2.7 |
Itausa SA, PFC Shares | 2.5 |
Richter Gedeon Nyrt | 2.5 |
Total | 42.1% |
1 | Excludes cash and cash equivalents. |
1 | MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. 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 2/1/25. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. |
Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,092.10 | $ 6.75** | 1.29% |
Class C | $1,000.00 | $1,087.70 | $10.65 ** | 2.04% |
Class I | $1,000.00 | $1,094.20 | $ 5.44** | 1.04% |
Class R6 | $1,000.00 | $1,093.80 | $ 5.08** | 0.97% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.55 | $ 6.51** | 1.29% |
Class C | $1,000.00 | $1,014.80 | $10.28 ** | 2.04% |
Class I | $1,000.00 | $1,019.80 | $ 5.25** | 1.04% |
Class R6 | $1,000.00 | $1,020.15 | $ 4.90** | 0.97% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 99.9% |
Security | Shares | Value | |
Brazil — 3.6% | |||
Itausa SA, PFC Shares | 20,215,034 | $ 42,321,222 | |
Localiza Rent a Car SA | 1,167,498 | 12,728,554 | |
WEG SA | 608,000 | 4,630,857 | |
$ 59,680,633 | |||
Canada — 1.3% | |||
Wheaton Precious Metals Corp. | 439,801 | $ 20,727,821 | |
$ 20,727,821 | |||
Chile — 2.2% | |||
Banco de Chile | 160,120,355 | $ 17,810,119 | |
Falabella SA(1) | 7,386,766 | 19,388,631 | |
$ 37,198,750 | |||
China — 19.6% | |||
Alibaba Group Holding Ltd. | 1,862,343 | $ 16,840,844 | |
BYD Co. Ltd., Class H | 938,000 | 24,017,534 | |
Centre Testing International Group Co. Ltd., Class A | 3,050,700 | 5,323,857 | |
China Overseas Property Holdings Ltd. | 26,432,741 | 14,650,693 | |
H World Group Ltd. ADR | 695,442 | 26,913,605 | |
Hangzhou Tigermed Consulting Co. Ltd., Class A | 843,457 | 6,101,856 | |
JD.com, Inc., Class A | 1,990,137 | 27,298,460 | |
Kanzhun Ltd. ADR | 1,359,774 | 23,836,838 | |
Kingsoft Corp. Ltd. | 1,488,800 | 4,594,928 | |
NARI Technology Co. Ltd., Class A | 13,301,378 | 44,401,437 | |
Shenzhen Inovance Technology Co. Ltd., Class A | 3,632,281 | 30,281,593 | |
Tencent Holdings Ltd. | 1,942,456 | 75,658,529 | |
Tencent Music Entertainment Group ADR(1) | 2,301,234 | 25,750,809 | |
$ 325,670,983 | |||
Hong Kong — 4.8% | |||
AIA Group Ltd. | 5,040,817 | $ 33,907,424 | |
ASMPT Ltd. | 1,483,780 | 18,665,128 | |
Hong Kong Exchanges & Clearing Ltd. | 697,600 | 20,326,846 | |
Samsonite International SA(1)(2) | 1,958,926 | 7,422,118 | |
$ 80,321,516 | |||
Hungary — 2.6% | |||
Richter Gedeon Nyrt | 1,663,382 | $ 42,188,242 | |
$ 42,188,242 | |||
India — 14.3% | |||
Bajaj Finserv Ltd. | 764,432 | $ 15,151,785 | |
Bharat Forge Ltd. | 333,891 | 4,532,332 | |
HDFC Bank Ltd. | 1,771,553 | 30,872,448 | |
Hero MotoCorp Ltd. | 54,910 | 3,122,711 | |
ICICI Bank Ltd. | 3,633,791 | 48,027,174 | |
Infosys Ltd. | 2,716,427 | 48,826,368 | |
Maruti Suzuki India Ltd. | 162,629 | 24,632,001 | |
Max Healthcare Institute Ltd. | 1,566,732 | 15,398,913 |
Security | Shares | Value | |
India (continued) | |||
Samvardhana Motherson International Ltd. | 10,817,202 | $ 15,242,558 | |
SBI Life Insurance Co. Ltd.(2) | 1,731,056 | 31,404,159 | |
$ 237,210,449 | |||
Indonesia — 3.1% | |||
Bank Rakyat Indonesia Persero Tbk. PT | 134,652,184 | $ 51,487,613 | |
$ 51,487,613 | |||
Malaysia — 1.2% | |||
Press Metal Aluminium Holdings Bhd. | 20,273,400 | $ 19,978,556 | |
$ 19,978,556 | |||
Mexico — 3.1% | |||
Grupo Financiero Banorte SAB de CV, Class O | 2,183,792 | $ 23,233,045 | |
Wal-Mart de Mexico SAB de CV | 6,784,849 | 27,396,553 | |
$ 50,629,598 | |||
South Africa — 6.1% | |||
Clicks Group Ltd. | 1,653,127 | $ 25,849,766 | |
FirstRand Ltd.(3) | 7,187,292 | 23,418,314 | |
Prosus NV(3) | 1,665,870 | 52,594,284 | |
$ 101,862,364 | |||
South Korea — 14.7% | |||
Hansol Chemical Co. Ltd. | 113,643 | $ 16,963,812 | |
KB Financial Group, Inc. | 648,037 | 33,864,799 | |
LG Chem Ltd. | 56,995 | 18,654,754 | |
Samsung Electronics Co. Ltd. | 2,223,414 | 133,621,610 | |
Samsung Electronics Co. Ltd., PFC Shares | 464,800 | 23,199,187 | |
Samsung Life Insurance Co. Ltd. | 259,634 | 18,418,396 | |
$ 244,722,558 | |||
Sweden — 1.2% | |||
Epiroc AB, Class A | 1,092,517 | $ 20,509,326 | |
$ 20,509,326 | |||
Taiwan — 18.3% | |||
Accton Technology Corp. | 1,392,000 | $ 19,948,053 | |
Airtac International Group | 597,000 | 20,697,517 | |
Chailease Holding Co. Ltd. | 3,284,380 | 17,599,225 | |
Delta Electronics, Inc. | 1,529,000 | 16,364,696 | |
Lotes Co. Ltd. | 907,000 | 39,242,930 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 6,752,000 | 161,752,260 | |
Wiwynn Corp. | 424,000 | 29,033,940 | |
$ 304,638,621 | |||
United Arab Emirates — 1.8% | |||
Abu Dhabi Commercial Bank PJSC | 13,036,886 | $ 29,809,189 | |
$ 29,809,189 |
Security | Shares | Value | |
United States — 2.0% | |||
Micron Technology, Inc. | 280,805 | $ 33,104,101 | |
$ 33,104,101 | |||
Total Common Stocks (identified cost $1,417,587,797) | $1,659,740,320 |
Short-Term Investments — 1.3% |
Affiliated Fund — 0.0%(4) | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(5) | 7,316 | $ 7,316 | |
Total Affiliated Fund (identified cost $7,316) | $ 7,316 | ||
Securities Lending Collateral — 1.3% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.34%(6) | 22,099,639 | $ 22,099,639 | |
Total Securities Lending Collateral (identified cost $22,099,639) | $ 22,099,639 | ||
Total Short-Term Investments (identified cost $22,106,955) | $ 22,106,955 |
Total Investments — 101.2% (identified cost $1,439,694,752) | $ 1,681,847,275 | |
Other Assets, Less Liabilities — (1.2)% | $ (20,326,591) | |
Net Assets — 100.0% | $ 1,661,520,684 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2024, the aggregate value of these securities is $38,826,277 or 2.3% of the Fund's net assets. |
(3) | All or a portion of this security was on loan at March 31, 2024. The aggregate market value of securities on loan at March 31, 2024 was $21,282,454. |
(4) | Amount is less than 0.05%. |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2024. |
(6) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Information Technology | 31.5% |
Financials | 26.4 |
Consumer Discretionary | 13.4 |
Industrials | 8.3 |
Communication Services | 7.8 |
Materials | 4.6 |
Health Care | 3.8 |
Consumer Staples | 3.2 |
Real Estate | 0.9 |
Total | 99.9% |
Abbreviations: | |
ADR | – American Depositary Receipt |
PFC Shares | – Preference Shares |
March 31, 2024 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $1,439,687,436) - including $21,282,454 of securities on loan | $ 1,681,839,959 |
Investments in securities of affiliated issuers, at value (identified cost $7,316) | 7,316 |
Cash denominated in foreign currency, at value (cost $25,759,879) | 25,664,954 |
Receivable for investments sold | 11,409,859 |
Receivable for capital shares sold | 502,298 |
Dividends receivable | 3,680,534 |
Dividends receivable - affiliated | 7,528 |
Securities lending income receivable | 1,416 |
Receivable from affiliates | 106,396 |
Directors' deferred compensation plan | 730,255 |
Total assets | $1,723,950,515 |
Liabilities | |
Demand note payable | $ 27,030,000 |
Payable for investments purchased | 4,575,421 |
Payable for capital shares redeemed | 233,958 |
Payable for foreign capital gains taxes | 5,105,950 |
Deposits for securities loaned | 22,099,639 |
Payable to affiliates: | |
Investment advisory fee | 1,104,512 |
Administrative fee | 181,616 |
Distribution and service fees | 49,073 |
Sub-transfer agency fee | 51,143 |
Directors' deferred compensation plan | 730,255 |
Accrued expenses | 1,268,264 |
Total liabilities | $ 62,429,831 |
Net Assets | $1,661,520,684 |
Sources of Net Assets | |
Paid-in capital | $ 1,821,545,314 |
Accumulated loss | (160,024,630) |
Net Assets | $1,661,520,684 |
Class A Shares | |
Net Assets | $ 181,502,272 |
Shares Outstanding | 11,005,303 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 16.49 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 17.40 |
Class C Shares | |
Net Assets | $ 12,351,535 |
Shares Outstanding | 777,990 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 15.88 |
March 31, 2024 | |
Class I Shares | |
Net Assets | $ 1,215,645,546 |
Shares Outstanding | 73,067,547 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 16.64 |
Class R6 Shares | |
Net Assets | $ 252,021,331 |
Shares Outstanding | 15,197,946 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 16.58 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Six Months Ended | |
March 31, 2024 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $2,928,884) | $ 19,821,382 |
Dividend income - affiliated issuers | 200,785 |
Interest income (net of foreign taxes withheld of $40) | 144 |
Interest income - affiliated issuers | 15,941 |
Securities lending income, net | 29,050 |
Total investment income | $ 20,067,302 |
Expenses | |
Investment advisory fee | $ 7,247,699 |
Administrative fee | 1,191,402 |
Distribution and service fees: | |
Class A | 229,603 |
Class C | 66,484 |
Directors' fees and expenses | 50,857 |
Custodian fees | 324,292 |
Transfer agency fees and expenses | 1,185,285 |
Accounting fees | 198,702 |
Professional fees | 59,099 |
Registration fees | 39,861 |
Reports to shareholders | 62,803 |
Interest expense and fees | 475,877 |
Miscellaneous | 89,012 |
Total expenses | $ 11,220,976 |
Waiver and/or reimbursement of expenses by affiliates | $ (731,069) |
Net expenses | $ 10,489,907 |
Net investment income | $ 9,577,395 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities (net of foreign capital gains taxes of $5,425,838) | $ (55,818,831) |
Foreign currency transactions | (884,652) |
Net realized loss | $ (56,703,483) |
Change in unrealized appreciation (depreciation): | |
Investment securities (including net decrease in payable for foreign capital gains taxes of $1,019,623) | $ 225,668,540 |
Investment securities - affiliated issuers | 70,881 |
Foreign currency | (54,480) |
Net change in unrealized appreciation (depreciation) | $225,684,941 |
Net realized and unrealized gain | $168,981,458 |
Net increase in net assets from operations | $178,558,853 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 9,577,395 | $ 30,441,220 |
Net realized loss | (56,703,483) | (187,987,925) |
Net change in unrealized appreciation (depreciation) | 225,684,941 | 327,090,397 |
Net increase in net assets from operations | $ 178,558,853 | $ 169,543,692 |
Distributions to shareholders: | ||
Class A | $ (1,391,955) | $ (1,025,970) |
Class I | (14,179,177) | (14,062,537) |
Class R6 | (3,447,607) | (2,319,617) |
Total distributions to shareholders | $ (19,018,739) | $ (17,408,124) |
Capital share transactions: | ||
Class A | $ (9,012,318) | $ (15,756,081) |
Class C | (3,092,711) | (5,912,624) |
Class I | (504,008,247) | (346,832,012) |
Class R6 | (101,850,724) | 54,702,026 |
Net decrease in net assets from capital share transactions | $ (617,964,000) | $ (313,798,691) |
Net decrease in net assets | $ (458,423,886) | $ (161,663,123) |
Net Assets | ||
At beginning of period | $ 2,119,944,570 | $ 2,281,607,693 |
At end of period | $1,661,520,684 | $2,119,944,570 |
Class A | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 15.21 | $ 14.26 | $ 20.98 | $ 18.33 | $ 16.05 | $ 15.55 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.06 | $ 0.17 | $ 0.14 | $ 0.12 | $ 0.09 | $ 0.17 |
Net realized and unrealized gain (loss) | 1.34 | 0.86 | (6.79) | 2.59 | 2.27 | 0.45 |
Total income (loss) from operations | $ 1.40 | $ 1.03 | $ (6.65) | $ 2.71 | $ 2.36 | $ 0.62 |
Less Distributions | ||||||
From net investment income | $ (0.12) | $ (0.08) | $ (0.07) | $ (0.06) | $ (0.08) | $ (0.12) |
Total distributions | $ (0.12) | $ (0.08) | $ (0.07) | $ (0.06) | $ (0.08) | $ (0.12) |
Net asset value — End of period | $ 16.49 | $ 15.21 | $ 14.26 | $ 20.98 | $ 18.33 | $ 16.05 |
Total Return(2) | 9.21% (3) | 7.22% | (31.79)% | 14.70% | 14.82% | 4.02% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $181,502 | $175,220 | $178,282 | $290,117 | $173,728 | $132,066 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.36% (5)(6) | 1.30% | 1.29% | 1.27% | 1.27% | 1.41% |
Net expenses | 1.29% (5)(6)(7) | 1.24% (7) | 1.24% (7) | 1.24% | 1.24% | 1.25% |
Net investment income | 0.82% (5) | 1.08% | 0.76% | 0.54% | 0.54% | 1.06% |
Portfolio Turnover | 16% (3) | 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) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | Includes interest expense of 0.05% of average daily nets assets for the six months ended March 31, 2024. |
(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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class C | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 14.59 | $ 13.71 | $ 20.25 | $ 17.78 | $ 15.62 | $ 15.18 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ 0.00(2) | $ 0.05 | $ (0.02) | $ (0.07) | $ (0.04) | $ 0.05 |
Net realized and unrealized gain (loss) | 1.29 | 0.83 | (6.52) | 2.54 | 2.20 | 0.45 |
Total income (loss) from operations | $ 1.29 | $ 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 period | $ 15.88 | $ 14.59 | $ 13.71 | $ 20.25 | $ 17.78 | $ 15.62 |
Total Return(3) | 8.77% (4) | 6.42% | (32.30)% | 13.83% | 13.89% | 3.33% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $12,352 | $14,341 | $19,000 | $33,249 | $30,938 | $28,794 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 2.12% (6)(7) | 2.05% | 2.05% | 2.02% | 2.02% | 2.16% |
Net expenses | 2.04% (6)(7)(8) | 1.99% (8) | 1.99% (8) | 1.99% | 1.99% | 2.00% |
Net investment income (loss) | 0.03% (6) | 0.30% | (0.09)% | (0.32)% | (0.22)% | 0.35% |
Portfolio Turnover | 16% (4) | 59% | 56% | 36% | 38% | 32% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $0.005. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes interest expense of 0.05% of average daily nets assets for the six months ended March 31, 2024. |
(8) | 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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class I | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 15.35 | $ 14.40 | $ 21.21 | $ 18.52 | $ 16.22 | $ 15.73 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.08 | $ 0.21 | $ 0.17 | $ 0.16 | $ 0.13 | $ 0.22 |
Net realized and unrealized gain (loss) | 1.36 | 0.86 | (6.82) | 2.62 | 2.29 | 0.45 |
Total income (loss) from operations | $ 1.44 | $ 1.07 | $ (6.65) | $ 2.78 | $ 2.42 | $ 0.67 |
Less Distributions | ||||||
From net investment income | $ (0.15) | $ (0.12) | $ (0.16) | $ (0.09) | $ (0.12) | $ (0.18) |
Total distributions | $ (0.15) | $ (0.12) | $ (0.16) | $ (0.09) | $ (0.12) | $ (0.18) |
Net asset value — End of period | $ 16.64 | $ 15.35 | $ 14.40 | $ 21.21 | $ 18.52 | $ 16.22 |
Total Return(2) | 9.42% (3) | 7.42% | (31.59)% | 14.94% | 15.07% | 4.36% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $1,215,646 | $1,598,483 | $1,818,889 | $3,357,833 | $2,530,135 | $1,817,479 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.11% (5)(6) | 1.05% | 1.04% | 1.02% | 1.02% | 1.15% |
Net expenses | 1.04% (5)(6)(7) | 0.99% (7) | 0.99% (7) | 0.99% | 0.99% | 0.97% |
Net investment income | 0.98% (5) | 1.33% | 0.91% | 0.71% | 0.79% | 1.41% |
Portfolio Turnover | 16% (3) | 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) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | Includes interest expense of 0.05% of average daily nets assets for the six months ended March 31, 2024. |
(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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class R6 | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 15.32 | $ 14.37 | $ 21.18 | $ 18.49 | $ 16.19 | $ 15.72 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.08 | $ 0.22 | $ 0.18 | $ 0.17 | $ 0.14 | $ 0.27 |
Net realized and unrealized gain (loss) | 1.35 | 0.87 | (6.81) | 2.62 | 2.30 | 0.40 |
Total income (loss) from operations | $ 1.43 | $ 1.09 | $ (6.63) | $ 2.79 | $ 2.44 | $ 0.67 |
Less Distributions | ||||||
From net investment income | $ (0.17) | $ (0.14) | $ (0.18) | $ (0.10) | $ (0.14) | $ (0.20) |
Total distributions | $ (0.17) | $ (0.14) | $ (0.18) | $ (0.10) | $ (0.14) | $ (0.20) |
Net asset value — End of period | $ 16.58 | $ 15.32 | $ 14.37 | $ 21.18 | $ 18.49 | $ 16.19 |
Total Return(2) | 9.38% (3) | 7.55% | (31.55)% | 15.09% | 15.13% | 4.35% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $252,021 | $331,901 | $265,436 | $522,879 | $313,830 | $218,601 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.04% (5)(6) | 0.98% | 0.97% | 0.94% | 0.95% | 1.06% |
Net expenses | 0.97% (5)(6)(7) | 0.92% (7) | 0.92% (7) | 0.92% | 0.92% | 0.92% |
Net investment income | 1.05% (5) | 1.36% | 1.00% | 0.78% | 0.84% | 1.67% |
Portfolio Turnover | 16% (3) | 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) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | Includes interest expense of 0.05% of average daily nets assets for the six months ended March 31, 2024. |
(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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Brazil | $ 59,680,633 | $ — | $ — | $ 59,680,633 |
Canada | 20,727,821 | — | — | 20,727,821 |
Chile | — | 37,198,750 | — | 37,198,750 |
China | 76,501,252 | 249,169,731 | — | 325,670,983 |
Hong Kong | — | 80,321,516 | — | 80,321,516 |
Hungary | — | 42,188,242 | — | 42,188,242 |
India | — | 237,210,449 | — | 237,210,449 |
Indonesia | — | 51,487,613 | — | 51,487,613 |
Malaysia | — | 19,978,556 | — | 19,978,556 |
Mexico | — | 50,629,598 | — | 50,629,598 |
South Africa | — | 101,862,364 | — | 101,862,364 |
South Korea | — | 244,722,558 | — | 244,722,558 |
Sweden | — | 20,509,326 | — | 20,509,326 |
Taiwan | — | 304,638,621 | — | 304,638,621 |
United Arab Emirates | — | 29,809,189 | — | 29,809,189 |
United States | 33,104,101 | — | — | 33,104,101 |
Total Common Stocks | $190,013,807 | $1,469,726,513 (1) | $ — | $1,659,740,320 |
Short-Term Investments: | ||||
Affiliated Fund | $ 7,316 | $ — | $ — | $ 7,316 |
Securities Lending Collateral | 22,099,639 | — | — | 22,099,639 |
Total Investments | $212,120,762 | $1,469,726,513 | $ — | $1,681,847,275 |
(1) | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Aggregate cost | $1,475,358,833 |
Gross unrealized appreciation | $ 313,309,783 |
Gross unrealized depreciation | (106,821,341) |
Net unrealized appreciation | $ 206,488,442 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $22,099,639 | $ — | $ — | $ — | $22,099,639 |
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 | $5,099,119 | $ — | $ (5,170,000) | $ — | $ 70,881 | $ — | $ 15,941 | $ — |
Short-Term Investments | ||||||||
Liquidity Fund | 7,808 | 175,451,280 | (175,451,772) | — | — | 7,316 | 200,785 | 7,316 |
Total | $ — | $70,881 | $7,316 | $216,726 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 2,142,018 | $ 32,459,237 | 5,651,709 | $ 83,959,127 | |
Reinvestment of distributions | 39,589 | 627,483 | 33,171 | 523,432 | |
Shares redeemed | (2,699,073) | (42,099,038) | (6,662,979) | (100,238,640) | |
Net decrease | (517,466) | $ (9,012,318) | (978,099) | $ (15,756,081) | |
Class C | |||||
Shares sold | 13,685 | $ 208,497 | 29,795 | $ 460,125 | |
Shares redeemed | (218,794) | (3,301,208) | (432,393) | (6,372,749) | |
Net decrease | (205,109) | $ (3,092,711) | (402,598) | $ (5,912,624) | |
Class I | |||||
Shares sold | 8,660,692 | $ 136,149,878 | 30,221,849 | $ 485,787,382 | |
Reinvestment of distributions | 842,320 | 13,460,275 | 844,844 | 13,441,473 | |
Shares redeemed | (40,550,164) | (653,618,400) | (53,273,460) | (846,060,867) | |
Net decrease | (31,047,152) | $(504,008,247) | (22,206,767) | $(346,832,012) | |
Class R6 | |||||
Shares sold | 1,567,594 | $ 24,713,188 | 8,913,564 | $ 144,800,692 | |
Reinvestment of distributions | 188,977 | 3,010,411 | 119,833 | 1,900,552 | |
Shares redeemed | (8,227,765) | (129,574,323) | (5,837,507) | (91,999,218) | |
Net increase (decrease) | (6,471,194) | $(101,850,724) | 3,195,890 | $ 54,702,026 |
Officers |
Hope L. Brown Chief Compliance Officer |
Deidre E. Walsh Secretary, Vice President and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Cari M. Dominguez |
Karen Fang |
Miles D. Harper, III |
Von M. Hughes*(1) |
Joy V. Jones |
Eddie Ramos |
Anthony A. Williams |
* Interested Director and President |
(1) Mr. Hughes began serving as Director effective December 11, 2023. |
U.S. Customer Privacy Notice | March 2024 |
FACTS | WHAT DOES CALVERT 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 information 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 Calvert chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Calvert 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 affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
For our affiliates to market to you | Yes | Yes* |
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 |
U.S. Customer Privacy Notice — continued | March 2024 |
Who we are | |
Who is providing this notice? | Calvert Research and Management and our investment management affiliates (“Calvert”) (see Affiliates definition below.) |
What we do | |
How does Calvert 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 Calvert 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.) |
What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Calvert Research and Management 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.■ Calvert Research and Management does not jointly market. |
U.S. Customer Privacy Notice — continued | March 2024 |
Other important information | |
*PLEASE NOTE: Calvert does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Calvert enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Calvert from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146914/g693444imgce90920f1.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146914/g693444img17c3094a2.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 07/02/1992 | 07/02/1992 | 16.02% | 8.06% | 8.13% | 4.75% |
Class A with 5.25% Maximum Sales Charge | — | — | 9.92 | 2.38 | 6.98 | 4.19 |
Class C at NAV | 03/01/1994 | 07/02/1992 | 15.56 | 7.20 | 7.32 | 4.10 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 14.56 | 6.20 | 7.32 | 4.10 |
Class I at NAV | 02/26/1999 | 07/02/1992 | 16.14 | 8.28 | 8.40 | 5.11 |
Class R6 at NAV | 03/07/2019 | 07/02/1992 | 16.12 | 8.30 | 8.44 | 5.13 |
MSCI EAFE Index | — | — | 16.81% | 15.32% | 7.32% | 4.79% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.20% | 1.96% | 0.95% | 0.92% |
Net | 1.14 | 1.89 | 0.89 | 0.85 |
Sector Allocation (% of net assets)1 |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146914/g693444img865a7d903.jpg)
Top 10 Holdings (% of net assets)1 | |
Nestle SA | 5.3% |
AstraZeneca PLC | 4.3 |
ASML Holding NV | 4.3 |
Novo Nordisk AS, Class B | 4.2 |
Compass Group PLC | 3.7 |
Iberdrola SA | 3.5 |
Siemens AG | 3.3 |
Sanofi SA | 3.3 |
LVMH Moet Hennessy Louis Vuitton SE | 3.2 |
Reckitt Benckiser Group PLC | 3.1 |
Total | 38.2% |
1 | Excludes cash and cash equivalents. |
1 | MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/1/25. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. |
Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,160.20 | $ 6.16** | 1.14% |
Class C | $1,000.00 | $1,155.60 | $10.19 ** | 1.89% |
Class I | $1,000.00 | $1,161.40 | $ 4.81** | 0.89% |
Class R6 | $1,000.00 | $1,161.20 | $ 4.59** | 0.85% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.30 | $ 5.76** | 1.14% |
Class C | $1,000.00 | $1,015.55 | $ 9.52** | 1.89% |
Class I | $1,000.00 | $1,020.55 | $ 4.50** | 0.89% |
Class R6 | $1,000.00 | $1,020.75 | $ 4.29** | 0.85% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 96.4% |
Security | Shares | Value | |
Australia — 2.8% | |||
CSL Ltd. | 154,555 | $ 28,998,752 | |
$ 28,998,752 | |||
Belgium — 2.9% | |||
KBC Group NV | 398,682 | $ 29,890,026 | |
$ 29,890,026 | |||
Denmark — 4.2% | |||
Novo Nordisk AS, Class B | 339,249 | $ 43,516,609 | |
$ 43,516,609 | |||
France — 12.1% | |||
LVMH Moet Hennessy Louis Vuitton SE | 36,365 | $ 32,721,083 | |
Safran SA | 134,404 | 30,438,702 | |
Sanofi SA | 350,440 | 34,092,353 | |
Schneider Electric SE | 121,265 | 27,415,153 | |
$ 124,667,291 | |||
Germany — 7.3% | |||
Infineon Technologies AG | 684,346 | $ 23,271,549 | |
Sartorius AG, PFC Shares(1) | 42,324 | 16,807,289 | |
Siemens AG | 179,853 | 34,340,927 | |
$ 74,419,765 | |||
Hong Kong — 2.2% | |||
AIA Group Ltd. | 3,408,324 | $ 22,926,341 | |
$ 22,926,341 | |||
India — 2.1% | |||
HDFC Bank Ltd. | 1,217,202 | $ 21,211,900 | |
$ 21,211,900 | |||
Japan — 7.2% | |||
Kao Corp. | 453,132 | $ 16,932,742 | |
Keyence Corp. | 51,101 | 23,724,192 | |
Nihon M&A Center Holdings, Inc. | 1,522,722 | 9,693,753 | |
Recruit Holdings Co. Ltd. | 544,749 | 23,918,168 | |
$ 74,268,855 | |||
Netherlands — 7.1% | |||
ASML Holding NV | 45,431 | $ 44,043,582 | |
IMCD NV | 166,170 | 29,247,585 | |
$ 73,291,167 | |||
Singapore — 2.4% | |||
DBS Group Holdings Ltd. | 932,550 | $ 24,887,723 | |
$ 24,887,723 |
Security | Shares | Value | |
South Africa — 1.0% | |||
Vodacom Group Ltd. | 2,007,489 | $ 10,451,782 | |
$ 10,451,782 | |||
Spain — 8.7% | |||
Amadeus IT Group SA | 361,588 | $ 23,212,746 | |
Banco Santander SA | 6,210,096 | 30,332,775 | |
Iberdrola SA | 2,881,003 | 35,783,075 | |
$ 89,328,596 | |||
Sweden — 1.7% | |||
Indutrade AB(1) | 650,550 | $ 17,718,901 | |
$ 17,718,901 | |||
Switzerland — 9.1% | |||
Lonza Group AG | 35,314 | $ 21,103,587 | |
Nestle SA | 515,617 | 54,784,285 | |
Straumann Holding AG | 113,147 | 18,053,466 | |
$ 93,941,338 | |||
Taiwan — 1.2% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 91,023 | $ 12,383,679 | |
$ 12,383,679 | |||
United Kingdom — 24.4% | |||
Ashtead Group PLC | 302,773 | $ 21,566,269 | |
AstraZeneca PLC | 331,170 | 44,490,628 | |
Compass Group PLC | 1,290,337 | 37,848,990 | |
Halma PLC | 738,584 | 22,054,383 | |
HSBC Holdings PLC | 3,553,531 | 27,777,327 | |
InterContinental Hotels Group PLC | 203,609 | 21,157,388 | |
London Stock Exchange Group PLC | 215,542 | 25,790,471 | |
Reckitt Benckiser Group PLC | 566,637 | 32,301,160 | |
RELX PLC | 405,309 | 17,479,123 | |
$ 250,465,739 | |||
Total Common Stocks (identified cost $836,591,496) | $ 992,368,464 |
Preferred Stocks — 0.0% |
Security | Shares | Value | |
Venture Capital — 0.0% | |||
Bioceptive, Inc.: | |||
Series A(1)(2)(3) | 582,574 | $ 0 | |
Series B(1)(2)(3) | 40,523 | 0 | |
FINAE, Series D(1)(2)(3) | 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 LP(1)(2)(3) | $ 846,476 | ||
Emerald Sustainability Fund I LP(1)(2)(3) | 49,474 | ||
gNet Defta Development Holding LLC(1)(2)(3)(4) | 137,907 | ||
SEAF India International Growth Fund LP(1)(2)(3) | 0 | ||
Total Venture Capital Limited Partnership Interests (identified cost $1,975,870) | $ 1,033,857 |
Short-Term Investments — 2.0% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(5) | 20,257,051 | $ 20,257,051 | |
Total Short-Term Investments (identified cost $20,257,051) | $ 20,257,051 |
Total Investments — 98.5% (identified cost $859,315,721) | $1,013,659,372 | |
Other Assets, Less Liabilities — 1.5% | $ 15,861,244 | |
Net Assets — 100.0% | $1,029,520,616 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(3) | Restricted security. Total market value of restricted securities amounts to $1,033,857, which represents 0.1% of the net assets of the Fund as of March 31, 2024. |
(4) | May be deemed to be an affiliated company (see Note 7). |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2024. |
Economic Sectors | % of Net Assets |
Industrials | 20.6% |
Health Care | 20.1 |
Financials | 17.7 |
Information Technology | 12.2 |
Consumer Discretionary | 11.2 |
Consumer Staples | 10.1 |
Utilities | 3.5 |
Communication Services | 1.0 |
Venture Capital | 0.1 |
Total | 96.5% |
Description | Acquisition Dates | Cost |
Africa Renewable Energy Fund LP | 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 |
Emerald Sustainability Fund I LP | 7/19/01-5/17/11 | 383,088 |
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 LP | 3/22/05-5/24/10 | 195,777 |
Abbreviations: | |
ADR | – American Depositary Receipt |
PFC Shares | – Preference Shares |
March 31, 2024 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $838,658,670) | $ 993,264,414 |
Investments in securities of affiliated issuers, at value (identified cost $20,657,051) | 20,394,958 |
Cash | 3,847 |
Cash denominated in foreign currency, at value (cost $2,521,548) | 2,520,840 |
Receivable for investments sold | 17,731,345 |
Receivable for capital shares sold | 861,801 |
Dividends receivable | 1,523,638 |
Dividends and interest receivable - affiliated | 72,046 |
Securities lending income receivable | 2 |
Tax reclaims receivable | 1,362,437 |
Receivable from affiliates | 88,632 |
Directors' deferred compensation plan | 128,266 |
Total assets | $1,037,952,226 |
Liabilities | |
Payable for investments purchased | $ 7,014,947 |
Payable for capital shares redeemed | 158,214 |
Payable for foreign capital gains taxes | 82,961 |
Payable to affiliates: | |
Investment advisory fee | 571,971 |
Administrative fee | 104,201 |
Distribution and service fees | 42,657 |
Sub-transfer agency fee | 16,445 |
Directors' deferred compensation plan | 128,266 |
Accrued expenses | 311,948 |
Total liabilities | $ 8,431,610 |
Commitments and contingent liabilities (Note 10) | |
Net Assets | $1,029,520,616 |
Sources of Net Assets | |
Paid-in capital | $ 895,257,845 |
Distributable earnings | 134,262,771 |
Net Assets | $1,029,520,616 |
Class A Shares | |
Net Assets | $ 182,934,550 |
Shares Outstanding | 8,021,490 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 22.81 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 24.07 |
Class C Shares | |
Net Assets | $ 4,795,379 |
Shares Outstanding | 251,493 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 19.07 |
March 31, 2024 | |
Class I Shares | |
Net Assets | $ 678,798,817 |
Shares Outstanding | 27,640,502 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 24.56 |
Class R6 Shares | |
Net Assets | $ 162,991,870 |
Shares Outstanding | 6,654,405 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 24.49 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Six Months Ended | |
March 31, 2024 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $612,508) | $ 6,543,120 |
Dividend income - affiliated issuers | 186,042 |
Non-cash dividend income | 733,894 |
Interest income | 89,190 |
Interest income - affiliated issuers | 2,713 |
Securities lending income, net | 84,679 |
Total investment income | $ 7,639,638 |
Expenses | |
Investment advisory fee | $ 3,273,507 |
Administrative fee | 593,955 |
Distribution and service fees: | |
Class A | 215,854 |
Class C | 23,153 |
Directors' fees and expenses | 26,203 |
Custodian fees | 42,857 |
Transfer agency fees and expenses | 482,941 |
Accounting fees | 115,168 |
Professional fees | 41,125 |
Registration fees | 36,042 |
Reports to shareholders | 37,413 |
Miscellaneous | 87,995 |
Total expenses | $ 4,976,213 |
Waiver and/or reimbursement of expenses by affiliates | $ (347,205) |
Net expenses | $ 4,629,008 |
Net investment income | $ 3,010,630 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities (net of foreign capital gains taxes of $29,424) | $ (15,011,915) |
Foreign currency transactions | (29,969) |
Net realized loss | $ (15,041,884) |
Change in unrealized appreciation (depreciation): | |
Investment securities (including net decrease in payable for foreign capital gains taxes of $109,541) | $ 161,140,519 |
Investment securities - affiliated issuers | 4,631 |
Foreign currency | 47,484 |
Net change in unrealized appreciation (depreciation) | $161,192,634 |
Net realized and unrealized gain | $146,150,750 |
Net increase in net assets from operations | $149,161,380 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 3,010,630 | $ 11,574,837 |
Net realized loss | (15,041,884) | (4,401,697) |
Net change in unrealized appreciation (depreciation) | 161,192,634 | 119,169,074 |
Net increase in net assets from operations | $ 149,161,380 | $126,342,214 |
Distributions to shareholders: | ||
Class A | $ (1,437,960) | $ (4,018,306) |
Class C | (13,961) | (99,299) |
Class I | (6,396,921) | (11,779,440) |
Class R6 | (1,604,353) | (3,654,279) |
Total distributions to shareholders | $ (9,453,195) | $ (19,551,324) |
Capital share transactions: | ||
Class A | $ (2,070,021) | $ (4,312,601) |
Class C | (165,705) | (730,910) |
Class I | (71,845,258) | 178,777,913 |
Class R6 | 4,478,744 | (10,692,777) |
Net increase (decrease) in net assets from capital share transactions | $ (69,602,240) | $163,041,625 |
Net increase in net assets | $ 70,105,945 | $269,832,515 |
Net Assets | ||
At beginning of period | $ 959,414,671 | $ 689,582,156 |
At end of period | $1,029,520,616 | $959,414,671 |
Class A | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 19.82 | $ 17.07 | $ 25.06 | $ 20.35 | $ 18.18 | $ 17.53 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.04 | $ 0.21 | $ 0.25 | $ 0.08 | $ 0.06 | $ 0.22 |
Net realized and unrealized gain (loss) | 3.13 | 3.01 | (6.64) | 4.67 | 2.30 | 0.61 |
Total income (loss) from operations | $ 3.17 | $ 3.22 | $ (6.39) | $ 4.75 | $ 2.36 | $ 0.83 |
Less Distributions | ||||||
From net investment income | $ (0.18) | $ (0.18) | $ (0.23) | $ (0.04) | $ (0.19) | $ (0.18) |
From net realized gain | — | (0.29) | (1.37) | — | — | — |
Total distributions | $ (0.18) | $ (0.47) | $ (1.60) | $ (0.04) | $ (0.19) | $ (0.18) |
Net asset value — End of period | $ 22.81 | $ 19.82 | $ 17.07 | $ 25.06 | $ 20.35 | $ 18.18 |
Total Return(2) | 16.02% (3) | 18.94% | (27.28)% | 23.38% | 13.02% | 4.93% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $182,935 | $160,617 | $140,998 | $190,998 | $138,810 | $112,923 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.21% (5) | 1.20% | 1.22% | 1.20% | 1.27% | 1.46% |
Net expenses | 1.14% (5)(6) | 1.14% (6) | 1.14% (6) | 1.14% | 1.14% | 1.27% |
Net investment income | 0.41% (5) | 1.01% | 1.15% | 0.34% | 0.33% | 1.26% |
Portfolio Turnover | 7% (3) | 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) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | 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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class C | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 16.55 | $ 14.31 | $ 21.28 | $ 17.37 | $ 15.54 | $ 15.00 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ (0.03) | $ 0.04 | $ 0.06 | $ (0.09) | $ (0.07) | $ 0.03 |
Net realized and unrealized gain (loss) | 2.60 | 2.54 | (5.57) | 4.00 | 1.96 | 0.58 |
Total income (loss) from operations | $ 2.57 | $ 2.58 | $ (5.51) | $ 3.91 | $ 1.89 | $ 0.61 |
Less Distributions | ||||||
From net investment income | $ (0.05) | $ (0.05) | $ (0.09) | $ — | $ (0.06) | $ (0.07) |
From net realized gain | — | (0.29) | (1.37) | — | — | — |
Total distributions | $ (0.05) | $ (0.34) | $ (1.46) | $ — | $ (0.06) | $ (0.07) |
Net asset value — End of period | $19.07 | $16.55 | $ 14.31 | $21.28 | $17.37 | $15.54 |
Total Return(2) | 15.56% (3) | 18.05% | (27.85)% | 22.51% | 12.17% | 4.15% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 4,795 | $ 4,297 | $ 4,304 | $ 7,485 | $ 6,157 | $ 6,122 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.96% (5) | 1.96% | 1.96% | 1.95% | 2.02% | 2.21% |
Net expenses | 1.89% (5)(6) | 1.89% (6) | 1.89% (6) | 1.89% | 1.89% | 2.03% |
Net investment income (loss) | (0.34)% (5) | 0.25% | 0.32% | (0.42)% | (0.43)% | 0.23% |
Portfolio Turnover | 7% (3) | 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) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | 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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class I | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 21.35 | $ 18.35 | $ 26.83 | $ 21.77 | $ 19.43 | $ 18.72 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.07 | $ 0.29 | $ 0.31 | $ 0.16 | $ 0.13 | $ 0.28 |
Net realized and unrealized gain (loss) | 3.37 | 3.23 | (7.13) | 5.00 | 2.45 | 0.66 |
Total income (loss) from operations | $ 3.44 | $ 3.52 | $ (6.82) | $ 5.16 | $ 2.58 | $ 0.94 |
Less Distributions | ||||||
From net investment income | $ (0.23) | $ (0.23) | $ (0.29) | $ (0.10) | $ (0.24) | $ (0.23) |
From net realized gain | — | (0.29) | (1.37) | — | — | — |
Total distributions | $ (0.23) | $ (0.52) | $ (1.66) | $ (0.10) | $ (0.24) | $ (0.23) |
Net asset value — End of period | $ 24.56 | $ 21.35 | $ 18.35 | $ 26.83 | $ 21.77 | $ 19.43 |
Total Return(2) | 16.14% (3) | 19.27% | (27.14)% | 23.75% | 13.31% | 5.25% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $678,799 | $656,696 | $416,978 | $524,521 | $279,039 | $82,261 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 0.97% (5) | 0.95% | 0.96% | 0.95% | 1.02% | 1.20% |
Net expenses | 0.89% (5)(6) | 0.89% (6) | 0.89% (6) | 0.89% | 0.89% | 0.98% |
Net investment income | 0.64% (5) | 1.32% | 1.32% | 0.63% | 0.61% | 1.52% |
Portfolio Turnover | 7% (3) | 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) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | 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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class R6 | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | Period Ended September 30, 2019(1) | ||||
2023 | 2022 | 2021 | 2020 | |||
Net asset value — Beginning of period | $ 21.31 | $ 18.33 | $ 26.80 | $ 21.76 | $ 19.44 | $ 17.79 |
Income (Loss) From Operations | ||||||
Net investment income(2) | $ 0.08 | $ 0.29 | $ 0.32 | $ 0.16 | $ 0.13 | $ 0.28 |
Net realized and unrealized gain (loss) | 3.35 | 3.23 | (7.11) | 5.00 | 2.46 | 1.37 |
Total income (loss) from operations | $ 3.43 | $ 3.52 | $ (6.79) | $ 5.16 | $ 2.59 | $ 1.65 |
Less Distributions | ||||||
From net investment income | $ (0.25) | $ (0.25) | $ (0.31) | $ (0.12) | $ (0.27) | $ — |
From net realized gain | — | (0.29) | (1.37) | — | — | — |
Total distributions | $ (0.25) | $ (0.54) | $ (1.68) | $ (0.12) | $ (0.27) | $ — |
Net asset value — End of period | $ 24.49 | $ 21.31 | $ 18.33 | $ 26.80 | $ 21.76 | $ 19.44 |
Total Return(3) | 16.12% (4) | 19.27% | (27.08)% | 23.79% | 13.34% | 9.27% (4) |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $162,992 | $137,804 | $127,303 | $160,163 | $122,150 | $49,332 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 0.91% (6) | 0.92% | 0.92% | 0.91% | 0.98% | 1.14% (6) |
Net expenses | 0.85% (6)(7) | 0.85% (7) | 0.85% (7) | 0.85% | 0.85% | 0.96% (6) |
Net investment income | 0.71% (6) | 1.29% | 1.38% | 0.63% | 0.64% | 2.62% (6) |
Portfolio Turnover | 7% (4) | 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 six months ended March 31, 2024 and 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 | $ — | $ 28,998,752 | $ — | $ 28,998,752 |
Belgium | — | 29,890,026 | — | 29,890,026 |
Denmark | — | 43,516,609 | — | 43,516,609 |
France | — | 124,667,291 | — | 124,667,291 |
Germany | — | 74,419,765 | — | 74,419,765 |
Hong Kong | — | 22,926,341 | — | 22,926,341 |
India | — | 21,211,900 | — | 21,211,900 |
Japan | — | 74,268,855 | — | 74,268,855 |
Netherlands | — | 73,291,167 | — | 73,291,167 |
Singapore | — | 24,887,723 | — | 24,887,723 |
South Africa | — | 10,451,782 | — | 10,451,782 |
Spain | — | 89,328,596 | — | 89,328,596 |
Sweden | — | 17,718,901 | — | 17,718,901 |
Switzerland | — | 93,941,338 | — | 93,941,338 |
Taiwan | 12,383,679 | — | — | 12,383,679 |
United Kingdom | — | 250,465,739 | — | 250,465,739 |
Total Common Stocks | $12,383,679 | $979,984,785 (2) | $ — | $ 992,368,464 |
Preferred Stocks - Venture Capital | $ — | $ — | $ 0 | $ 0 |
Venture Capital Limited Partnership Interests | — | — | 1,033,857 | 1,033,857 |
Short-Term Investments | 20,257,051 | — | — | 20,257,051 |
Total Investments | $32,640,730 | $979,984,785 | $1,033,857 | $1,013,659,372 |
(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% |
Aggregate cost | $861,222,156 |
Gross unrealized appreciation | $ 194,111,716 |
Gross unrealized depreciation | (41,674,500) |
Net unrealized appreciation | $152,437,216 |
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 | $ 867,935 | $ — | $ (880,000) | $ — | $ 12,065 | $ — | $ 2,713 | $ — |
Venture Capital Limited Partnership Interests | ||||||||
gNet Defta Development Holding LLC(1) | 145,341 | — | — | — | (7,434) | 137,907 | — | — |
Short-Term Investments | ||||||||
Liquidity Fund | 7,548,628 | 84,097,971 | (71,389,548) | — | — | 20,257,051 | 186,042 | 20,257,051 |
Total | $ — | $ 4,631 | $20,394,958 | $188,755 |
(1) | Restricted security. |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 622,635 | $ 12,655,722 | 1,627,476 | $ 32,626,642 | |
Reinvestment of distributions | 59,642 | 1,306,148 | 196,712 | 3,796,530 | |
Shares redeemed | (764,513) | (16,031,891) | (1,980,900) | (40,735,773) | |
Net decrease | (82,236) | $ (2,070,021) | (156,712) | $ (4,312,601) | |
Class C | |||||
Shares sold | 19,240 | $ 324,960 | 39,906 | $ 699,293 | |
Reinvestment of distributions | 757 | 13,896 | 6,124 | 99,270 | |
Shares redeemed | (28,192) | (504,561) | (87,140) | (1,529,473) | |
Net decrease | (8,195) | $ (165,705) | (41,110) | $ (730,910) |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Shares sold | 4,141,646 | $ 94,244,349 | 16,519,520 | $ 367,228,547 | |
Reinvestment of distributions | 260,912 | 6,149,693 | 548,376 | 11,378,808 | |
Shares redeemed | (7,521,664) | (172,239,300) | (9,027,376) | (199,829,442) | |
Net increase (decrease) | (3,119,106) | $ (71,845,258) | 8,040,520 | $ 178,777,913 | |
Class R6 | |||||
Shares sold | 722,135 | $ 16,539,649 | 923,606 | $ 20,282,526 | |
Reinvestment of distributions | 63,130 | 1,483,558 | 165,668 | 3,429,334 | |
Shares redeemed | (598,666) | (13,544,463) | (1,568,237) | (34,404,637) | |
Net increase (decrease) | 186,599 | $ 4,478,744 | (478,963) | $ (10,692,777) |
Name of Investment | Unfunded Commitment |
SEAF India International Growth Fund L.P | $ 17,500 |
Total | $17,500 |
Officers |
Hope L. Brown Chief Compliance Officer |
Deidre E. Walsh Secretary, Vice President and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Cari M. Dominguez |
Karen Fang |
Miles D. Harper, III |
Von M. Hughes*(1) |
Joy V. Jones |
Eddie Ramos |
Anthony A. Williams |
* Interested Director and President |
(1) Mr. Hughes began serving as Director effective December 11, 2023. |
U.S. Customer Privacy Notice | March 2024 |
FACTS | WHAT DOES CALVERT 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 information 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 Calvert chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Calvert 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 affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
For our affiliates to market to you | Yes | Yes* |
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 |
U.S. Customer Privacy Notice — continued | March 2024 |
Who we are | |
Who is providing this notice? | Calvert Research and Management and our investment management affiliates (“Calvert”) (see Affiliates definition below.) |
What we do | |
How does Calvert 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 Calvert 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.) |
What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Calvert Research and Management 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.■ Calvert Research and Management does not jointly market. |
U.S. Customer Privacy Notice — continued | March 2024 |
Other important information | |
*PLEASE NOTE: Calvert does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Calvert enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Calvert from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.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. |
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% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 05/31/2007 | 05/31/2007 | 13.78% | 6.95% | 3.85% | 4.06% |
Class A with 5.25% Maximum Sales Charge | — | — | 7.80 | 1.36 | 2.73 | 3.50 |
Class C at NAV | 07/31/2007 | 05/31/2007 | 13.38 | 6.21 | 3.07 | 3.39 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 12.38 | 5.21 | 3.07 | 3.39 |
Class I at NAV | 05/31/2007 | 05/31/2007 | 13.94 | 7.22 | 4.11 | 4.38 |
Class R6 at NAV | 02/01/2019 | 05/31/2007 | 13.95 | 7.29 | 4.18 | 4.42 |
MSCI EAFE Small/Mid Cap Index | — | — | 14.26% | 11.48% | 5.06% | 4.55% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
1.33% | 2.08% | 1.08% | 1.01% |
Sector Allocation (% of net assets)1 |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146914/g693444img7aef62683.jpg)
Top 10 Holdings (% of net assets)1 | |
CAR Group Ltd. | 1.8% |
BFF Bank SpA | 1.8 |
Diploma PLC | 1.7 |
IPSOS SA | 1.7 |
IMCD NV | 1.7 |
DiscoverIE Group PLC | 1.6 |
JTC PLC | 1.6 |
iShares MSCI Hong Kong ETF | 1.6 |
Cranswick PLC | 1.5 |
Chiba Bank Ltd. | 1.5 |
Total | 16.5% |
1 | Excludes cash and cash equivalents. |
1 | MSCI EAFE Small/Mid Cap Index is an unmanaged index of small & mid-capitalization equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. |
Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,137.80 | $ 7.22 | 1.35% |
Class C | $1,000.00 | $1,133.80 | $11.20 | 2.10% |
Class I | $1,000.00 | $1,139.40 | $ 5.88 | 1.10% |
Class R6 | $1,000.00 | $1,139.50 | $ 5.35 | 1.00% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.25 | $ 6.81 | 1.35% |
Class C | $1,000.00 | $1,014.50 | $10.58 | 2.10% |
Class I | $1,000.00 | $1,019.50 | $ 5.55 | 1.10% |
Class R6 | $1,000.00 | $1,020.00 | $ 5.05 | 1.00% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
Common Stocks — 96.6% |
Security | Shares | Value | |
Australia — 7.7% | |||
BlueScope Steel Ltd. | 112,919 | $ 1,756,241 | |
CAR Group Ltd. | 288,338 | 6,777,634 | |
Data#3 Ltd. | 658,195 | 3,551,270 | |
Dexus (1) | 804,498 | 4,145,251 | |
Dicker Data Ltd.(1) | 532,831 | 3,738,703 | |
EBOS Group Ltd.(1) | 198,689 | 4,063,560 | |
Steadfast Group Ltd. | 1,158,700 | 4,439,611 | |
$ 28,472,270 | |||
Austria — 1.0% | |||
BAWAG Group AG(2) | 57,764 | $ 3,655,967 | |
$ 3,655,967 | |||
Belgium — 3.1% | |||
Azelis Group NV | 238,159 | $ 5,030,457 | |
KBC Group NV | 52,624 | 3,945,331 | |
VGP NV(1) | 21,881 | 2,504,525 | |
$ 11,480,313 | |||
Canada — 3.0% | |||
Agnico Eagle Mines Ltd. | 30,405 | $ 1,813,009 | |
ATS Corp.(3) | 108,407 | 3,647,847 | |
Descartes Systems Group, Inc.(3) | 28,775 | 2,632,035 | |
TMX Group Ltd. | 118,129 | 3,115,979 | |
$ 11,208,870 | |||
France — 1.7% | |||
IPSOS SA | 89,804 | $ 6,331,139 | |
$ 6,331,139 | |||
Germany — 2.9% | |||
Jenoptik AG | 121,130 | $ 3,762,734 | |
LEG Immobilien SE(3) | 28,577 | 2,454,503 | |
Sartorius AG, PFC Shares(3) | 6,163 | 2,447,390 | |
Schott Pharma AG & Co. KGaA | 47,314 | 2,024,245 | |
$ 10,688,872 | |||
Ireland — 0.8% | |||
Kerry Group PLC, Class A | 36,031 | $ 3,087,352 | |
$ 3,087,352 | |||
Italy — 9.2% | |||
Amplifon SpA | 128,541 | $ 4,685,661 | |
BFF Bank SpA(2) | 487,621 | 6,528,380 | |
DiaSorin SpA(1) | 30,105 | 2,905,275 | |
FinecoBank Banca Fineco SpA | 254,686 | 3,814,379 | |
Interpump Group SpA | 88,315 | 4,304,194 | |
MARR SpA | 267,784 | 3,402,080 | |
Moncler SpA | 70,320 | 5,247,330 |
Security | Shares | Value | |
Italy (continued) | |||
Reply SpA | 22,665 | $ 3,207,369 | |
$ 34,094,668 | |||
Japan — 24.2% | |||
As One Corp. | 205,675 | $ 3,599,064 | |
Asahi Intecc Co. Ltd.(1) | 249,254 | 4,366,877 | |
Azbil Corp. | 92,593 | 2,561,662 | |
BayCurrent Consulting, Inc. | 162,078 | 3,185,874 | |
Chiba Bank Ltd. | 682,253 | 5,677,151 | |
Cosmos Pharmaceutical Corp. | 54,713 | 5,188,296 | |
Daiseki Co. Ltd. | 90,997 | 2,221,544 | |
dip Corp. | 176,987 | 3,235,942 | |
Fukuoka Financial Group, Inc. | 208,826 | 5,574,690 | |
Goldwin, Inc. | 52,972 | 3,372,821 | |
Hoshizaki Corp. | 110,936 | 4,047,692 | |
JMDC, Inc.(3) | 67,827 | 1,643,214 | |
LaSalle Logiport REIT | 3,562 | 3,649,936 | |
Mitsui Fudosan Logistics Park, Inc. | 1,186 | 3,569,258 | |
Miura Co. Ltd. | 96,884 | 1,877,595 | |
Nihon M&A Center Holdings, Inc. | 285,040 | 1,814,584 | |
NOF Corp. | 309,983 | 4,245,271 | |
Riken Keiki Co. Ltd. | 221,874 | 5,591,824 | |
Sanwa Holdings Corp. | 228,410 | 3,993,652 | |
SUMCO Corp. | 300,503 | 4,751,178 | |
T Hasegawa Co. Ltd.(1) | 116,440 | 2,348,744 | |
TechnoPro Holdings, Inc. | 97,704 | 1,956,838 | |
Tosei Corp. | 240,067 | 3,806,511 | |
Toyo Suisan Kaisha Ltd. | 52,707 | 3,222,810 | |
USS Co. Ltd. | 447,413 | 3,698,828 | |
$ 89,201,856 | |||
Luxembourg — 0.2% | |||
APERAM SA(1) | 27,653 | $ 874,120 | |
$ 874,120 | |||
Netherlands — 4.9% | |||
BE Semiconductor Industries NV | 23,005 | $ 3,523,872 | |
Euronext NV(2) | 58,649 | 5,581,630 | |
IMCD NV(1) | 35,675 | 6,279,157 | |
NN Group NV(1) | 56,631 | 2,614,374 | |
$ 17,999,033 | |||
New Zealand — 0.7% | |||
Spark New Zealand Ltd. | 907,368 | $ 2,583,365 | |
$ 2,583,365 | |||
Norway — 1.5% | |||
Norsk Hydro ASA | 127,143 | $ 698,700 | |
SmartCraft ASA(3) | 1,926,040 | 4,628,806 | |
$ 5,327,506 |
Security | Shares | Value | |
Portugal — 0.6% | |||
NOS SGPS SA | 541,603 | $ 2,118,198 | |
$ 2,118,198 | |||
Singapore — 0.9% | |||
Daiwa House Logistics Trust(1) | 7,921,585 | $ 3,460,071 | |
$ 3,460,071 | |||
Spain — 1.7% | |||
Acciona SA(1) | 29,947 | $ 3,644,568 | |
Inmobiliaria Colonial Socimi SA(1) | 443,591 | 2,628,064 | |
$ 6,272,632 | |||
Sweden — 7.6% | |||
AddTech AB, Class B | 225,445 | $ 5,128,909 | |
Autoliv, Inc. | 35,384 | 4,261,295 | |
Boliden AB | 39,268 | 1,090,378 | |
Cibus Nordic Real Estate AB publ | 389,659 | 5,107,087 | |
Indutrade AB(3) | 136,952 | 3,730,135 | |
Lagercrantz Group AB, Class B | 203,665 | 3,113,347 | |
Sdiptech AB, Class B(3) | 222,554 | 5,416,851 | |
$ 27,848,002 | |||
Switzerland — 2.0% | |||
Galenica AG(2) | 34,002 | $ 2,837,335 | |
Straumann Holding AG | 15,999 | 2,552,762 | |
VZ Holding AG | 16,964 | 2,069,793 | |
$ 7,459,890 | |||
United Kingdom — 22.9% | |||
Allfunds Group PLC | 304,460 | $ 2,195,724 | |
Ashtead Group PLC | 67,113 | 4,780,403 | |
Bellway PLC | 65,630 | 2,201,606 | |
Compass Group PLC | 104,330 | 3,060,274 | |
Cranswick PLC | 110,387 | 5,712,570 | |
Diploma PLC | 136,300 | 6,402,207 | |
DiscoverIE Group PLC | 621,015 | 5,918,151 | |
Games Workshop Group PLC | 41,968 | 5,318,853 | |
Grainger PLC | 699,562 | 2,274,912 | |
Greggs PLC | 143,485 | 5,204,661 | |
Halma PLC | 180,730 | 5,396,663 | |
InterContinental Hotels Group PLC | 31,253 | 3,247,557 | |
JTC PLC(2) | 568,865 | 5,904,388 | |
Judges Scientific PLC | 32,096 | 4,133,412 | |
Nomad Foods Ltd. | 95,494 | 1,867,863 | |
Shaftesbury Capital PLC | 1,465,176 | 2,659,500 | |
SSP Group PLC | 1,576,392 | 4,352,827 | |
Volution Group PLC | 810,292 | 4,433,700 | |
Wise PLC, Class A(3) | 465,997 | 5,447,205 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Zegona Communications PLC(3) | 1,324,216 | $ 3,780,345 | |
$ 84,292,821 | |||
Total Common Stocks (identified cost $310,808,953) | $356,456,945 |
Exchange-Traded Funds — 2.7% |
Security | Shares | Value | |
Equity Funds — 2.7% | |||
iShares MSCI Hong Kong ETF(1) | 368,836 | $ 5,735,400 | |
iShares MSCI Singapore ETF(1) | 234,021 | 4,296,625 | |
Total Exchange-Traded Funds (identified cost $12,920,207) | $ 10,032,025 |
Short-Term Investments — 3.4% |
Affiliated Fund — 0.0%(4) | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(5) | 8,358 | $ 8,358 | |
Total Affiliated Fund (identified cost $8,358) | $ 8,358 | ||
Securities Lending Collateral — 3.4% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.34%(6) | 12,596,588 | $ 12,596,588 | |
Total Securities Lending Collateral (identified cost $12,596,588) | $ 12,596,588 | ||
Total Short-Term Investments (identified cost $12,604,946) | $ 12,604,946 |
Total Investments — 102.7% (identified cost $336,334,106) | $ 379,093,916 | |
Notes Payable — (4.2)% | $ (15,470,000) | |
Other Assets, Less Liabilities — 1.5% | $ 5,350,394 | |
Net Assets — 100.0% | $ 368,974,310 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | All or a portion of this security was on loan at March 31, 2024. The aggregate market value of securities on loan at March 31, 2024 was $19,400,470. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2024, the aggregate value of these securities is $24,507,700 or 6.6% of the Fund's net assets. |
(3) | Non-income producing security. |
(4) | Amount is less than 0.05%. |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2024. |
(6) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Industrials | 22.1% |
Financials | 16.4 |
Information Technology | 12.6 |
Consumer Discretionary | 10.8 |
Real Estate | 9.8 |
Health Care | 8.4 |
Consumer Staples | 6.1 |
Communication Services | 5.9 |
Materials | 3.5 |
Exchange-Traded Funds | 2.7 |
Utilities | 1.0 |
Total | 99.3% |
Abbreviations: | |
PFC Shares | – Preference Shares |
March 31, 2024 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $336,325,748) - including $19,400,470 of securities on loan | $ 379,085,558 |
Investments in securities of affiliated issuers, at value (identified cost $8,358) | 8,358 |
Cash denominated in foreign currency, at value (cost $153,235) | 153,020 |
Receivable for investments sold | 16,746,022 |
Receivable for capital shares sold | 338,944 |
Dividends receivable | 885,009 |
Dividends and interest receivable - affiliated | 14,144 |
Securities lending income receivable | 13,706 |
Tax reclaims receivable | 312,627 |
Directors' deferred compensation plan | 174,303 |
Total assets | $397,731,691 |
Liabilities | |
Demand note payable | $ 15,470,000 |
Payable for capital shares redeemed | 55,229 |
Deposits for securities loaned | 12,596,588 |
Payable to affiliates: | |
Investment advisory fee | 244,926 |
Administrative fee | 39,257 |
Distribution and service fees | 17,258 |
Sub-transfer agency fee | 7,175 |
Directors' deferred compensation plan | 174,303 |
Accrued expenses | 152,645 |
Total liabilities | $ 28,757,381 |
Net Assets | $368,974,310 |
Sources of Net Assets | |
Paid-in capital | $ 367,652,592 |
Distributable earnings | 1,321,718 |
Net Assets | $368,974,310 |
Class A Shares | |
Net Assets | $ 67,091,131 |
Shares Outstanding | 3,858,389 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 17.39 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 18.35 |
Class C Shares | |
Net Assets | $ 3,692,218 |
Shares Outstanding | 219,412 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 16.83 |
March 31, 2024 | |
Class I Shares | |
Net Assets | $ 214,437,163 |
Shares Outstanding | 12,637,417 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 16.97 |
Class R6 Shares | |
Net Assets | $ 83,753,798 |
Shares Outstanding | 4,940,691 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 16.95 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Six Months Ended | |
March 31, 2024 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $231,120) | $ 2,918,094 |
Dividend income - affiliated issuers | 118,396 |
Interest income | 32 |
Interest income - affiliated issuers | 1,727 |
Securities lending income, net | 90,519 |
Total investment income | $ 3,128,768 |
Expenses | |
Investment advisory fee | $ 1,431,231 |
Administrative fee | 228,997 |
Distribution and service fees: | |
Class A | 80,457 |
Class C | 18,079 |
Directors' fees and expenses | 10,055 |
Custodian fees | 29,803 |
Transfer agency fees and expenses | 176,654 |
Accounting fees | 45,962 |
Professional fees | 25,720 |
Registration fees | 39,514 |
Reports to shareholders | 18,279 |
Miscellaneous | 52,018 |
Total expenses | $ 2,156,769 |
Waiver and/or reimbursement of expenses by affiliates | $ (3,426) |
Net expenses | $ 2,153,343 |
Net investment income | $ 975,425 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ (4,363,856) |
Foreign currency transactions | 24,134 |
Net realized loss | $ (4,339,722) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 53,169,216 |
Investment securities - affiliated issuers | 7,678 |
Foreign currency | 9,246 |
Net change in unrealized appreciation (depreciation) | $53,186,140 |
Net realized and unrealized gain | $48,846,418 |
Net increase in net assets from operations | $49,821,843 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 975,425 | $ 5,834,065 |
Net realized loss | (4,339,722) | (16,401,105) |
Net change in unrealized appreciation (depreciation) | 53,186,140 | 62,540,868 |
Net increase in net assets from operations | $ 49,821,843 | $ 51,973,828 |
Distributions to shareholders: | ||
Class A | $ (989,981) | $ (226,116) |
Class C | (29,909) | — |
Class I | (4,265,114) | (1,303,518) |
Class R6 | (1,529,814) | (777,165) |
Total distributions to shareholders | $ (6,814,818) | $ (2,306,799) |
Capital share transactions: | ||
Class A | $ (2,096,474) | $ (7,604,681) |
Class C | (236,097) | (593,542) |
Class I | (32,639,772) | 5,753,223 |
Class R6 | (9,588,539) | (16,097,609) |
Net decrease in net assets from capital share transactions | $ (44,560,882) | $ (18,542,609) |
Net increase (decrease) in net assets | $ (1,553,857) | $ 31,124,420 |
Net Assets | ||
At beginning of period | $ 370,528,167 | $ 339,403,747 |
At end of period | $368,974,310 | $370,528,167 |
Class A | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 15.51 | $ 13.56 | $ 22.54 | $ 18.01 | $ 16.18 | $ 18.86 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.03 | $ 0.20 | $ 0.21 | $ 0.08 | $ 0.07 | $ 0.18 |
Net realized and unrealized gain (loss) | 2.11 | 1.80 | (7.63) | 4.56 | 1.95 | (1.51) |
Total income (loss) from operations | $ 2.14 | $ 2.00 | $ (7.42) | $ 4.64 | $ 2.02 | $ (1.33) |
Less Distributions | ||||||
From net investment income | $ (0.26) | $ (0.05) | $ (0.27) | $ (0.11) | $ (0.19) | $ (0.23) |
From net realized gain | — | — | (1.29) | — | — | (1.12) |
Total distributions | $ (0.26) | $ (0.05) | $ (1.56) | $ (0.11) | $ (0.19) | $ (1.35) |
Net asset value — End of period | $ 17.39 | $ 15.51 | $ 13.56 | $ 22.54 | $ 18.01 | $ 16.18 |
Total Return(2) | 13.78% (3) | 14.76% | (35.33)% | 25.83% | 12.57% | (6.77)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $67,091 | $61,860 | $60,335 | $92,236 | $68,940 | $64,070 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.35% (5) | 1.31% | 1.32% | 1.30% | 1.32% | 1.37% |
Net expenses | 1.35% (5)(6) | 1.31% (6) | 1.32% (6) | 1.30% | 1.32% | 1.35% |
Net investment income | 0.32% (5) | 1.24% | 1.14% | 0.36% | 0.42% | 1.15% |
Portfolio Turnover | 16% (3) | 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) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | 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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class C | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 14.96 | $ 13.13 | $ 21.87 | $ 17.51 | $ 15.74 | $ 18.37 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ (0.04) | $ 0.08 | $ 0.07 | $ (0.08) | $ (0.06) | $ 0.06 |
Net realized and unrealized gain (loss) | 2.04 | 1.75 | (7.42) | 4.44 | 1.90 | (1.47) |
Total income (loss) from operations | $ 2.00 | $ 1.83 | $ (7.35) | $ 4.36 | $ 1.84 | $ (1.41) |
Less Distributions | ||||||
From net investment income | $ (0.13) | $ — | $ (0.10) | $ — | $ (0.07) | $ (0.10) |
From net realized gain | — | — | (1.29) | — | — | (1.12) |
Total distributions | $ (0.13) | $ — | $ (1.39) | $ — | $ (0.07) | $ (1.22) |
Net asset value — End of period | $16.83 | $14.96 | $ 13.13 | $21.87 | $17.51 | $15.74 |
Total Return(2) | 13.38% (3) | 13.94% | (35.84)% | 24.90% | 11.68% | (7.49)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 3,692 | $ 3,507 | $ 3,583 | $ 6,260 | $ 5,527 | $ 6,532 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 2.10% (5) | 2.06% | 2.07% | 2.05% | 2.08% | 2.12% |
Net expenses | 2.10% (5)(6) | 2.06% (6) | 2.07% (6) | 2.05% | 2.08% | 2.10% |
Net investment income (loss) | (0.44)% (5) | 0.48% | 0.37% | (0.40)% | (0.37)% | 0.38% |
Portfolio Turnover | 16% (3) | 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) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | 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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class I | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 15.16 | $ 13.26 | $ 22.08 | $ 17.64 | $ 15.86 | $ 18.52 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.04 | $ 0.24 | $ 0.25 | $ 0.13 | $ 0.11 | $ 0.22 |
Net realized and unrealized gain (loss) | 2.07 | 1.75 | (7.46) | 4.47 | 1.90 | (1.49) |
Total income (loss) from operations | $ 2.11 | $ 1.99 | $ (7.21) | $ 4.60 | $ 2.01 | $ (1.27) |
Less Distributions | ||||||
From net investment income | $ (0.30) | $ (0.09) | $ (0.32) | $ (0.16) | $ (0.23) | $ (0.27) |
From net realized gain | — | — | (1.29) | — | — | (1.12) |
Total distributions | $ (0.30) | $ (0.09) | $ (1.61) | $ (0.16) | $ (0.23) | $ (1.39) |
Net asset value — End of period | $ 16.97 | $ 15.16 | $ 13.26 | $ 22.08 | $ 17.64 | $ 15.86 |
Total Return(2) | 13.94% (3) | 15.03% | (35.18)% | 26.17% | 12.77% | (6.50)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $214,437 | $221,591 | $189,082 | $348,044 | $254,350 | $222,546 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.10% (5) | 1.06% | 1.06% | 1.05% | 1.07% | 1.12% |
Net expenses | 1.10% (5)(6) | 1.06% (6) | 1.06% (6) | 1.05% | 1.07% | 1.10% |
Net investment income | 0.54% (5) | 1.54% | 1.37% | 0.62% | 0.67% | 1.41% |
Portfolio Turnover | 16% (3) | 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) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | 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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class R6 | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | Period Ended September 30, 2019(1) | ||||
2023 | 2022 | 2021 | 2020 | |||
Net asset value — Beginning of period | $ 15.15 | $ 13.26 | $ 22.07 | $ 17.64 | $ 15.86 | $ 15.14 |
Income (Loss) From Operations | ||||||
Net investment income(2) | $ 0.05 | $ 0.24 | $ 0.27 | $ 0.14 | $ 0.12 | $ 0.16 |
Net realized and unrealized gain (loss) | 2.06 | 1.77 | (7.45) | 4.46 | 1.91 | 0.56 |
Total income (loss) from operations | $ 2.11 | $ 2.01 | $ (7.18) | $ 4.60 | $ 2.03 | $ 0.72 |
Less Distributions | ||||||
From net investment income | $ (0.31) | $ (0.12) | $ (0.34) | $ (0.17) | $ (0.25) | $ — |
From net realized gain | — | — | (1.29) | — | — | — |
Total distributions | $ (0.31) | $ (0.12) | $ (1.63) | $ (0.17) | $ (0.25) | $ — |
Net asset value — End of period | $ 16.95 | $ 15.15 | $ 13.26 | $ 22.07 | $ 17.64 | $ 15.86 |
Total Return(3) | 13.95% (4) | 15.15% | (35.11)% | 26.21% | 12.87% | 4.76% (4) |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $83,754 | $83,569 | $86,404 | $68,492 | $48,475 | $43,489 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.00% (6) | 0.99% | 0.99% | 0.97% | 1.00% | 1.08% (6) |
Net expenses | 1.00% (6)(7) | 0.99% (7) | 0.99% (7) | 0.97% | 1.00% | 1.05% (6) |
Net investment income | 0.64% (6) | 1.53% | 1.56% | 0.69% | 0.74% | 1.53% (6) |
Portfolio Turnover | 16% (4) | 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 six months ended March 31, 2024 and 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 | $ — | $ 28,472,270 | $ — | $ 28,472,270 |
Austria | — | 3,655,967 | — | 3,655,967 |
Belgium | — | 11,480,313 | — | 11,480,313 |
Canada | 11,208,870 | — | — | 11,208,870 |
France | — | 6,331,139 | — | 6,331,139 |
Germany | — | 10,688,872 | — | 10,688,872 |
Ireland | — | 3,087,352 | — | 3,087,352 |
Italy | — | 34,094,668 | — | 34,094,668 |
Japan | — | 89,201,856 | — | 89,201,856 |
Luxembourg | — | 874,120 | — | 874,120 |
Netherlands | — | 17,999,033 | — | 17,999,033 |
New Zealand | — | 2,583,365 | — | 2,583,365 |
Norway | — | 5,327,506 | — | 5,327,506 |
Portugal | — | 2,118,198 | — | 2,118,198 |
Singapore | — | 3,460,071 | — | 3,460,071 |
Spain | — | 6,272,632 | — | 6,272,632 |
Sweden | 4,261,295 | 23,586,707 | — | 27,848,002 |
Switzerland | — | 7,459,890 | — | 7,459,890 |
United Kingdom | 1,867,863 | 82,424,958 | — | 84,292,821 |
Total Common Stocks | $17,338,028 | $339,118,917 (1) | $ — | $356,456,945 |
Exchange-Traded Funds | $ 10,032,025 | $ — | $ — | $ 10,032,025 |
Short-Term Investments: | ||||
Affiliated Fund | 8,358 | — | — | 8,358 |
Securities Lending Collateral | 12,596,588 | — | — | 12,596,588 |
Total Investments | $39,974,999 | $339,118,917 | $ — | $379,093,916 |
(1) | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Aggregate cost | $345,207,192 |
Gross unrealized appreciation | $ 62,020,570 |
Gross unrealized depreciation | (28,133,846) |
Net unrealized appreciation | $ 33,886,724 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $ 8,095,480 | $ — | $ — | $ — | $ 8,095,480 |
Exchange-Traded Funds | 4,501,108 | — | — | — | 4,501,108 |
Total | $12,596,588 | $ — | $ — | $ — | $12,596,588 |
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 | $552,322 | $ — | $ (560,000) | $ — | $ 7,678 | $ — | $ 1,727 | $ — |
Short-Term Investments | ||||||||
Liquidity Fund | 676,424 | 57,484,197 | (58,152,263) | — | — | 8,358 | 118,396 | 8,358 |
Total | $ — | $7,678 | $8,358 | $120,123 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 186,433 | $ 3,087,524 | 404,779 | $ 6,529,171 | |
Reinvestment of distributions | 55,457 | 957,737 | 14,003 | 218,307 | |
Shares redeemed | (372,917) | (6,141,735) | (879,847) | (14,352,159) | |
Net decrease | (131,027) | $ (2,096,474) | (461,065) | $ (7,604,681) | |
Class C | |||||
Shares sold | 6,823 | $ 110,810 | 14,907 | $ 234,892 | |
Reinvestment of distributions | 1,504 | 25,195 | — | — | |
Shares redeemed | (23,387) | (372,102) | (53,262) | (828,434) | |
Net decrease | (15,060) | $ (236,097) | (38,355) | $ (593,542) | |
Class I | |||||
Shares sold | 2,343,939 | $ 37,888,284 | 5,015,593 | $ 78,508,526 | |
Reinvestment of distributions | 218,017 | 3,671,411 | 73,452 | 1,117,208 | |
Shares redeemed | (4,541,986) | (74,199,467) | (4,732,586) | (73,872,511) | |
Net increase (decrease) | (1,980,030) | $(32,639,772) | 356,459 | $ 5,753,223 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class R6 | |||||
Shares sold | 204,596 | $ 3,296,800 | 339,939 | $ 5,214,848 | |
Reinvestment of distributions | 90,952 | 1,529,814 | 51,163 | 777,165 | |
Shares redeemed | (872,384) | (14,415,153) | (1,389,988) | (22,089,622) | |
Net decrease | (576,836) | $ (9,588,539) | (998,886) | $(16,097,609) |
Officers |
Hope L. Brown Chief Compliance Officer |
Deidre E. Walsh Secretary, Vice President and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Cari M. Dominguez |
Karen Fang |
Miles D. Harper, III |
Von M. Hughes*(1) |
Joy V. Jones |
Eddie Ramos |
Anthony A. Williams |
* Interested Director and President |
(1) Mr. Hughes began serving as Director effective December 11, 2023. |
U.S. Customer Privacy Notice | March 2024 |
FACTS | WHAT DOES CALVERT 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 information 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 Calvert chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Calvert 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 affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
For our affiliates to market to you | Yes | Yes* |
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 |
U.S. Customer Privacy Notice — continued | March 2024 |
Who we are | |
Who is providing this notice? | Calvert Research and Management and our investment management affiliates (“Calvert”) (see Affiliates definition below.) |
What we do | |
How does Calvert 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 Calvert 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.) |
What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Calvert Research and Management 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.■ Calvert Research and Management does not jointly market. |
U.S. Customer Privacy Notice — continued | March 2024 |
Other important information | |
*PLEASE NOTE: Calvert does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Calvert enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Calvert from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146914/g693444img9d2dd80c1.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146914/g693444img92163a2f2.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Since Inception |
Class A at NAV | 10/01/2019 | 10/01/2019 | 14.30% | 14.64% | —% | 5.50% |
Class A with 5.25% Maximum Sales Charge | — | — | 8.27 | 8.57 | — | 4.25 |
Class I at NAV | 10/01/2019 | 10/01/2019 | 14.44 | 15.01 | — | 5.77 |
MSCI Emerging Markets Index | — | — | 10.42% | 8.15% | 2.22% | 3.38% |
Calvert Emerging Markets Responsible Index | — | — | 11.45 | 10.33 | 3.45 | 4.10 |
% Total Annual Operating Expense Ratios3 | Class A | Class I |
Gross | 1.35% | 1.10% |
Net | 1.21 | 0.96 |
Sector Allocation (% of net assets)1 |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146914/g693444img5681fa333.jpg)
Top 10 Holdings (% of net assets)1 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.1% |
Samsung Electronics Co. Ltd. | 5.5 |
Georgia Capital PLC | 3.5 |
Public Power Corp. SA | 3.4 |
Eurobank Ergasias Services & Holdings SA, Class A | 2.9 |
Emirates Telecommunications Group Co. PJSC | 2.8 |
Bank of Georgia Group PLC | 2.8 |
Piraeus Financial Holdings SA | 2.7 |
FPT Corp. | 2.7 |
Bank of Cyprus Holdings PLC | 2.6 |
Total | 35.0% |
1 | Excludes cash and cash equivalents. |
1 | MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. The Calvert Emerging Markets 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 2/1/25. 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. | |
Important Notice to Shareholders | |
Effective April 11, 2024, Federico Sequeda, Sahil Tandon and Steven Vanne are the portfolio managers of the Fund. |
Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,143.00 | $6.59 ** | 1.23% |
Class I | $1,000.00 | $1,144.40 | $5.25 ** | 0.98% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.85 | $6.21 ** | 1.23% |
Class I | $1,000.00 | $1,020.10 | $4.95 ** | 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 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 96.3% |
Security | Shares | Value | |
China — 0.0%(1) | |||
Hopson Development Holdings Ltd.(2)(3) | 3,060 | $ 1,390 | |
Horizon Construction Development Ltd.(2)(3) | 2,185 | 552 | |
Lufax Holding Ltd. ADR | 7,275 | 30,700 | |
$ 32,642 | |||
Cyprus — 2.6% | |||
Bank of Cyprus Holdings PLC(3) | 600,026 | $ 2,378,264 | |
$ 2,378,264 | |||
Georgia — 8.2% | |||
Bank of Georgia Group PLC | 39,472 | $ 2,511,750 | |
Georgia Capital PLC(2) | 191,906 | 3,212,996 | |
TBC Bank Group PLC | 41,582 | 1,686,813 | |
$ 7,411,559 | |||
Greece — 19.5% | |||
Alpha Services and Holdings SA(2) | 1,032,808 | $ 1,813,792 | |
Athens Water Supply & Sewage Co. SA | 30,819 | 198,512 | |
Eurobank Ergasias Services & Holdings SA, Class A(2) | 1,372,872 | 2,639,737 | |
GEK TERNA SA | 36,300 | 661,047 | |
Hellenic Telecommunications Organization SA | 113,097 | 1,667,532 | |
JUMBO SA | 64,583 | 1,860,407 | |
LAMDA Development SA(2) | 48,184 | 350,976 | |
National Bank of Greece SA(2) | 285,894 | 2,236,329 | |
Piraeus Financial Holdings SA(2) | 589,583 | 2,463,349 | |
Public Power Corp. SA(2) | 244,742 | 3,069,807 | |
Terna Energy SA | 37,170 | 722,666 | |
$17,684,154 | |||
India — 13.3% | |||
Aarti Industries Ltd. | 4,236 | $ 33,776 | |
Aarti Pharmalabs Ltd. | 932 | 4,869 | |
Apollo Hospitals Enterprise Ltd. | 2,970 | 226,409 | |
Ashok Leyland Ltd. | 17,001 | 35,103 | |
Asian Paints Ltd. | 8,124 | 278,215 | |
AU Small Finance Bank Ltd.(4) | 2,829 | 19,247 | |
Avenue Supermarts Ltd.(2)(4) | 4,260 | 231,754 | |
Axis Bank Ltd. | 35,602 | 448,406 | |
Bandhan Bank Ltd.(4) | 7,193 | 15,578 | |
Bank of Baroda | 9,282 | 29,527 | |
Bharti Airtel Ltd. | 38,045 | 564,725 | |
Biocon Ltd. | 7,574 | 24,098 | |
Britannia Industries Ltd. | 3,444 | 204,182 | |
Cipla Ltd. | 13,590 | 244,149 | |
Coforge Ltd. | 1,693 | 111,960 | |
Crompton Greaves Consumer Electricals Ltd. | 18,918 | 60,974 | |
Dabur India Ltd. | 4,163 | 26,103 | |
Dixon Technologies India Ltd.(5) | 481 | 43,302 | |
DLF Ltd. | 22,908 | 247,992 | |
Dr. Lal PathLabs Ltd.(4) | 878 | 23,811 |
Security | Shares | Value | |
India (continued) | |||
Embassy Office Parks REIT | 20,528 | $ 90,639 | |
Federal Bank Ltd. | 13,134 | 23,684 | |
FSN E-Commerce Ventures Ltd.(2) | 20,253 | 39,397 | |
Godrej Consumer Products Ltd. | 2,487 | 37,625 | |
Havells India Ltd. | 3,343 | 61,255 | |
HCL Technologies Ltd. | 19,874 | 370,346 | |
HDFC Bank Ltd. | 69,129 | 1,204,695 | |
Hero MotoCorp Ltd. | 4,124 | 234,530 | |
Hindustan Unilever Ltd. | 14,431 | 392,235 | |
ICICI Bank Ltd. | 72,204 | 954,307 | |
IDFC First Bank Ltd.(2) | 40,395 | 36,696 | |
Indian Hotels Co. Ltd. | 19,930 | 141,908 | |
Indian Railway Catering & Tourism Corp. Ltd. | 10,422 | 116,414 | |
Indus Towers Ltd.(2) | 11,253 | 39,381 | |
IndusInd Bank Ltd. | 10,890 | 203,168 | |
Info Edge India Ltd. | 924 | 61,850 | |
Kotak Mahindra Bank Ltd. | 18,546 | 399,436 | |
KPIT Technologies Ltd. | 4,254 | 75,943 | |
Laurus Labs Ltd.(4) | 5,460 | 25,743 | |
LTIMindtree Ltd.(4) | 2,649 | 157,438 | |
MakeMyTrip Ltd.(2)(3) | 857 | 60,890 | |
Marico Ltd. | 1,455 | 8,663 | |
Maruti Suzuki India Ltd. | 2,333 | 353,359 | |
Max Healthcare Institute Ltd. | 24,696 | 242,729 | |
Mphasis Ltd. | 1,045 | 30,106 | |
Nestle India Ltd. | 8,390 | 264,969 | |
Patanjali Foods Ltd. | 2,007 | 32,235 | |
Persistent Systems Ltd. | 2,896 | 138,936 | |
Punjab National Bank | 27,381 | 41,042 | |
Siemens Ltd. | 2,733 | 176,826 | |
State Bank of India | 35,479 | 321,573 | |
Tata Consultancy Services Ltd. | 14,684 | 686,356 | |
Tata Elxsi Ltd. | 387 | 36,062 | |
Tata Motors Ltd. | 35,318 | 422,575 | |
Tata Power Co. Ltd. | 56,413 | 267,546 | |
Tata Teleservices Maharashtra Ltd.(2) | 10,694 | 9,506 | |
Tech Mahindra Ltd. | 15,622 | 234,243 | |
Titan Co. Ltd. | 7,224 | 330,068 | |
Trent Ltd. | 1,414 | 67,015 | |
TVS Motor Co. Ltd. | 1,933 | 50,335 | |
Vodafone Idea Ltd.(2) | 119,318 | 19,077 | |
Voltas Ltd. | 2,965 | 39,163 | |
Wipro Ltd. | 40,382 | 234,005 | |
WNS Holdings Ltd.(2) | 586 | 29,611 | |
Yes Bank Ltd.(2) | 321,624 | 89,639 | |
Zee Entertainment Enterprises Ltd.(2) | 11,487 | 19,218 | |
Zomato Ltd.(2) | 143,753 | 315,182 | |
$12,061,799 | |||
Poland — 9.7% | |||
Allegro.eu SA(2)(4) | 60,800 | $ 503,481 |
Security | Shares | Value | |
Poland (continued) | |||
Bank Polska Kasa Opieki SA | 22,800 | $ 1,036,116 | |
Budimex SA | 1,700 | 297,864 | |
CD Projekt SA | 10,000 | 292,591 | |
Cyfrowy Polsat SA(2) | 32,637 | 87,707 | |
Dino Polska SA(2)(4) | 6,400 | 620,879 | |
Inter Cars SA | 1,200 | 169,696 | |
KGHM Polska Miedz SA | 39,500 | 1,128,091 | |
KRUK SA | 2,400 | 265,727 | |
LPP SA | 137 | 524,366 | |
mBank SA(2) | 1,700 | 314,689 | |
Orange Polska SA | 86,331 | 175,075 | |
PGE Polska Grupa Energetyczna SA(2) | 112,300 | 202,331 | |
Powszechna Kasa Oszczednosci Bank Polski SA | 112,400 | 1,667,756 | |
Powszechny Zaklad Ubezpieczen SA | 73,200 | 894,046 | |
Santander Bank Polska SA | 4,400 | 626,530 | |
$ 8,806,945 | |||
Slovenia — 2.1% | |||
Nova Ljubljanska Banka DD GDR(5) | 80,100 | $ 1,871,975 | |
$ 1,871,975 | |||
South Korea — 15.6% | |||
AMOREPACIFIC Corp. | 1,021 | $ 91,928 | |
AMOREPACIFIC Group | 762 | 15,344 | |
CJ CheilJedang Corp. | 553 | 119,965 | |
Coway Co. Ltd. | 1,541 | 64,412 | |
DB HiTek Co. Ltd. | 800 | 26,093 | |
Doosan Enerbility Co. Ltd.(2) | 17,584 | 228,648 | |
Hana Financial Group, Inc. | 7,908 | 346,195 | |
Hanmi Pharm Co. Ltd. | 358 | 90,971 | |
Hanon Systems | 4,247 | 18,875 | |
HMM Co. Ltd. | 11,375 | 133,053 | |
Hotel Shilla Co. Ltd. | 887 | 39,921 | |
HYBE Co. Ltd. | 771 | 131,167 | |
Hyundai Engineering & Construction Co. Ltd. | 4,118 | 101,829 | |
Hyundai Engineering & Construction Co. Ltd., PFC Shares | 15 | 555 | |
Hyundai Glovis Co. Ltd. | 531 | 71,268 | |
Hyundai Marine & Fire Insurance Co. Ltd. | 1,826 | 41,822 | |
Hyundai Mobis Co. Ltd. | 1,226 | 238,013 | |
Hyundai Motor Co. | 2,967 | 522,098 | |
Kakao Corp. | 6,209 | 250,971 | |
Kakao Games Corp.(2) | 1,157 | 20,079 | |
Kakaopay Corp.(2) | 451 | 13,048 | |
KB Financial Group, Inc. | 9,454 | 494,042 | |
Kia Corp. | 5,672 | 471,395 | |
Korea Investment Holdings Co. Ltd. | 1,386 | 68,620 | |
Krafton, Inc.(2) | 848 | 157,488 | |
KT Corp. | 3,811 | 107,490 | |
L&F Co. Ltd.(2) | 935 | 122,422 | |
LG Chem Ltd. | 1,100 | 360,036 | |
LG Display Co. Ltd.(2) | 8,119 | 63,826 |
Security | Shares | Value | |
South Korea (continued) | |||
LG Electronics, Inc. | 2,287 | $ 164,402 | |
LG H&H Co. Ltd. | 296 | 85,032 | |
LG Innotek Co. Ltd. | 375 | 55,059 | |
Meritz Financial Group, Inc. | 1,577 | 95,889 | |
Mirae Asset Securities Co. Ltd. | 8,724 | 52,669 | |
NAVER Corp. | 2,838 | 394,277 | |
Netmarble Corp.(2)(4) | 576 | 26,989 | |
NH Investment & Securities Co. Ltd. | 3,800 | 33,305 | |
POSCO Holdings, Inc. | 1,421 | 445,097 | |
Samsung C&T Corp. | 2,716 | 322,985 | |
Samsung Electro-Mechanics Co. Ltd. | 1,897 | 211,364 | |
Samsung Electronics Co. Ltd. | 82,790 | 4,975,472 | |
Samsung Heavy Industries Co. Ltd.(2) | 32,335 | 207,111 | |
Samsung SDS Co. Ltd. | 1,109 | 134,750 | |
Samsung Securities Co. Ltd. | 1,918 | 57,998 | |
SD Biosensor, Inc.(2) | 1,600 | 14,067 | |
Shinhan Financial Group Co. Ltd. | 11,146 | 393,176 | |
SK Biopharmaceuticals Co. Ltd.(2) | 1,616 | 111,043 | |
SK Bioscience Co. Ltd.(2) | 1,443 | 66,198 | |
SK Hynix, Inc. | 9,130 | 1,209,500 | |
SK IE Technology Co. Ltd.(2)(4) | 871 | 47,310 | |
SK Square Co. Ltd.(2) | 3,369 | 197,073 | |
SK Telecom Co. Ltd. | 1,625 | 64,342 | |
Woori Financial Group, Inc. | 15,348 | 166,483 | |
Yuhan Corp. | 3,864 | 222,152 | |
$14,165,317 | |||
Taiwan — 8.1% | |||
Accton Technology Corp. | 2,000 | $ 28,661 | |
Acer, Inc. | 11,000 | 16,034 | |
Advantech Co. Ltd. | 2,000 | 25,445 | |
Airtac International Group | 1,000 | 34,669 | |
ASE Technology Holding Co. Ltd. | 13,000 | 63,103 | |
Asia Vital Components Co. Ltd. | 1,000 | 16,937 | |
AUO Corp. | 26,000 | 14,699 | |
Catcher Technology Co. Ltd. | 4,000 | 27,181 | |
Cathay Financial Holding Co. Ltd. | 37,000 | 55,758 | |
Chailease Holding Co. Ltd. | 6,000 | 32,151 | |
Chroma ATE, Inc. | 2,000 | 15,792 | |
Chunghwa Telecom Co. Ltd. | 15,000 | 58,922 | |
Compal Electronics, Inc. | 16,000 | 19,163 | |
CTBC Financial Holding Co. Ltd. | 71,000 | 71,863 | |
Delta Electronics, Inc. | 7,000 | 74,920 | |
E Ink Holdings, Inc. | 3,000 | 21,288 | |
Elite Material Co. Ltd. | 2,000 | 25,200 | |
Evergreen Marine Corp. Taiwan Ltd. | 4,000 | 22,016 | |
Far Eastern New Century Corp. | 20,000 | 20,646 | |
Far EasTone Telecommunications Co. Ltd. | 6,000 | 15,162 | |
First Financial Holding Co. Ltd. | 39,000 | 33,627 | |
Fubon Financial Holding Co. Ltd. | 32,000 | 69,268 | |
Gigabyte Technology Co. Ltd. | 2,000 | 19,570 |
Security | Shares | Value | |
Taiwan (continued) | |||
Globalwafers Co. Ltd. | 1,000 | $ 17,362 | |
Hiwin Technologies Corp. | 2,000 | 17,433 | |
Hotai Motor Co. Ltd. | 1,000 | 20,211 | |
Hua Nan Financial Holdings Co. Ltd. | 33,000 | 23,607 | |
Innolux Corp. | 34,000 | 16,149 | |
Inventec Corp. | 10,000 | 18,301 | |
Lite-On Technology Corp. | 9,000 | 29,834 | |
MediaTek, Inc. | 5,000 | 181,171 | |
Mega Financial Holding Co. Ltd. | 41,000 | 51,555 | |
Micro-Star International Co. Ltd. | 3,000 | 15,655 | |
Novatek Microelectronics Corp. | 2,000 | 36,820 | |
President Chain Store Corp. | 2,000 | 16,585 | |
Quanta Computer, Inc. | 10,000 | 87,570 | |
Realtek Semiconductor Corp. | 2,000 | 34,828 | |
Shanghai Commercial & Savings Bank Ltd. | 15,000 | 22,612 | |
Shin Kong Financial Holding Co. Ltd.(2) | 51,000 | 12,840 | |
Sino-American Silicon Products, Inc. | 2,000 | 13,440 | |
SinoPac Financial Holdings Co. Ltd. | 47,000 | 31,564 | |
Taishin Financial Holding Co. Ltd. | 53,000 | 29,722 | |
Taiwan Cement Corp. | 41,000 | 40,580 | |
Taiwan Mobile Co. Ltd. | 7,000 | 22,300 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 232,000 | 5,557,838 | |
Tatung Co. Ltd.(2) | 10,000 | 18,031 | |
Teco Electric & Machinery Co. Ltd. | 11,000 | 19,626 | |
Unimicron Technology Corp. | 5,000 | 29,726 | |
Uni-President Enterprises Corp. | 16,000 | 38,181 | |
United Microelectronics Corp. | 46,000 | 74,706 | |
Walsin Lihwa Corp. | 19,000 | 22,200 | |
WPG Holdings Ltd. | 7,000 | 21,002 | |
Yageo Corp. | 1,000 | 18,556 | |
Yuanta Financial Holding Co. Ltd. | 38,000 | 35,754 | |
$ 7,357,834 | |||
Turkey — 4.3% | |||
Akbank TAS | 406,255 | $ 587,497 | |
Coca-Cola Icecek AS | 9,421 | 163,802 | |
Ford Otomotiv Sanayi AS | 19,178 | 684,754 | |
Haci Omer Sabanci Holding AS | 173,994 | 446,486 | |
Hektas Ticaret TAS(2) | 277,749 | 146,793 | |
Tofas Turk Otomobil Fabrikasi AS(2) | 33,074 | 278,777 | |
Turkcell Iletisim Hizmetleri AS | 156,841 | 331,523 | |
Turkiye Is Bankasi AS, Class C | 1,205,865 | 418,389 | |
Turkiye Sise ve Cam Fabrikalari AS | 359,956 | 506,037 | |
Yapi ve Kredi Bankasi AS(2) | 357,339 | 303,770 | |
$ 3,867,828 | |||
United Arab Emirates — 9.0% | |||
Abu Dhabi Commercial Bank PJSC | 303,675 | $ 694,361 | |
Aldar Properties PJSC | 1,399,268 | 2,103,580 | |
Alpha Dhabi Holding PJSC(2) | 69,748 | 302,475 | |
Dubai Financial Market PJSC(2) | 188,038 | 75,734 |
Security | Shares | Value | |
United Arab Emirates (continued) | |||
Dubai Islamic Bank PJSC | 116,847 | $ 185,816 | |
Emirates Central Cooling Systems Corp. | 1,420,607 | 637,633 | |
Emirates Integrated Telecommunications Co. PJSC | 116,505 | 190,032 | |
Emirates Telecommunications Group Co. PJSC | 515,870 | 2,573,411 | |
Fertiglobe PLC | 90,265 | 68,833 | |
First Abu Dhabi Bank PJSC | 361,048 | 1,317,702 | |
$ 8,149,577 | |||
Vietnam — 3.9% | |||
Digiworld Corp. | 290,200 | $ 770,114 | |
FPT Corp. | 476,800 | 2,409,696 | |
Gemadept Corp. | 91,800 | 296,398 | |
$ 3,476,208 | |||
Total Common Stocks (identified cost $68,023,132) | $87,264,102 |
Short-Term Investments — 2.0% |
Affiliated Fund — 2.0% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(6) | 1,804,759 | $ 1,804,759 | |
Total Affiliated Fund (identified cost $1,804,759) | $ 1,804,759 | ||
Securities Lending Collateral — 0.0%(1) | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.34%(7) | 1,454 | $ 1,454 | |
Total Securities Lending Collateral (identified cost $1,454) | $ 1,454 | ||
Total Short-Term Investments (identified cost $1,806,213) | $ 1,806,213 |
Total Investments — 98.3% (identified cost $69,829,345) | $89,070,315 | |
Other Assets, Less Liabilities — 1.7% | $ 1,537,167 | |
Net Assets — 100.0% | $90,607,482 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Amount is less than 0.05%. |
(2) | Non-income producing security. |
(3) | All or a portion of this security was on loan at March 31, 2024. The aggregate market value of securities on loan at March 31, 2024 was $115,702. |
(4) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At March 31, 2024, the aggregate value of these securities is $1,672,230 or 1.8% of the Fund's net assets. |
(5) | 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 March 31, 2024, the aggregate value of these securities is $1,915,277 or 2.1% of the Fund's net assets. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2024. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Financials | 39.4% |
Information Technology | 20.4 |
Consumer Discretionary | 8.5 |
Communication Services | 8.0 |
Utilities | 5.6 |
Industrials | 4.5 |
Real Estate | 3.1 |
Materials | 2.8 |
Consumer Staples | 2.6 |
Health Care | 1.4 |
Total | 96.3% |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 1,192,080 | EUR | 1,094,022 | Standard Chartered Bank | 4/5/24 | $ 11,703 | $ — |
USD | 605,789 | EUR | 555,978 | Standard Chartered Bank | 4/5/24 | 5,925 | — |
USD | 11,594,284 | EUR | 10,663,048 | UBS AG | 4/5/24 | 89,560 | — |
USD | 10,580,768 | EUR | 9,729,952 | UBS AG | 4/5/24 | 82,793 | — |
INR | 561,000,000 | USD | 6,751,479 | Standard Chartered Bank | 6/20/24 | — | (39,829) |
USD | 8,845,789 | CNH | 63,300,000 | UBS AG | 6/20/24 | 98,035 | — |
$288,016 | $(39,829) |
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) |
Equity Futures | |||||
MSCI Emerging Markets Index | 50 | Long | 6/21/24 | $2,622,500 | $ (21,032) |
$(21,032) |
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 |
March 31, 2024 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $68,024,586) - including $115,702 of securities on loan | $ 87,265,556 |
Investments in securities of affiliated issuers, at value (identified cost $1,804,759) | 1,804,759 |
Receivable for variation margin on open futures contracts | 10,052 |
Receivable for open forward foreign currency exchange contracts | 288,016 |
Cash denominated in foreign currency, at value (cost $228,225) | 227,433 |
Deposits at broker for futures contracts | 75,550 |
Deposits for derivatives collateral - forward foreign currency exchange contracts | 900,000 |
Receivable for capital shares sold | 76,603 |
Dividends receivable | 301,192 |
Dividends receivable - affiliated | 4,447 |
Securities lending income receivable | 391 |
Tax reclaims receivable | 9,063 |
Receivable from affiliates | 33,621 |
Directors' deferred compensation plan | 1,395 |
Other assets | 160 |
Total assets | $90,998,238 |
Liabilities | |
Payable for open forward foreign currency exchange contracts | $ 39,829 |
Payable for capital shares redeemed | 18,147 |
Payable for foreign capital gains taxes | 196,806 |
Deposits for securities loaned | 1,454 |
Payable to affiliates: | |
Investment advisory fee | 47,780 |
Administrative fee | 9,124 |
Distribution and service fees | 529 |
Sub-transfer agency fee | 378 |
Directors' deferred compensation plan | 1,395 |
Accrued expenses | 75,314 |
Total liabilities | $ 390,756 |
Net Assets | $90,607,482 |
Sources of Net Assets | |
Paid-in capital | $ 88,023,928 |
Distributable earnings | 2,583,554 |
Net Assets | $90,607,482 |
Class A Shares | |
Net Assets | $ 2,503,297 |
Shares Outstanding | 224,479 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 11.15 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 11.77 |
March 31, 2024 | |
Class I Shares | |
Net Assets | $ 88,104,185 |
Shares Outstanding | 7,846,554 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 11.23 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Six Months Ended | |
March 31, 2024 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $106,778) | $ 851,726 |
Dividend income - affiliated issuers | 23,525 |
Securities lending income, net | 10,781 |
Total investment income | $ 886,032 |
Expenses | |
Investment advisory fee | $ 292,714 |
Administrative fee | 55,755 |
Distribution and service fees: | |
Class A | 2,825 |
Directors' fees and expenses | 2,418 |
Custodian fees | 43,526 |
Transfer agency fees and expenses | 22,343 |
Accounting fees | 22,512 |
Professional fees | 31,029 |
Registration fees | 18,087 |
Reports to shareholders | 3,683 |
Interest expense and fees | 16,219 |
Miscellaneous | 13,907 |
Total expenses | $ 525,018 |
Waiver and/or reimbursement of expenses by affiliates | $ (65,241) |
Net expenses | $ 459,777 |
Net investment income | $ 426,255 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities (net of foreign capital gains taxes of $33) | $ (4,228,116) |
Futures contracts | 257,095 |
Foreign currency transactions | 45,353 |
Forward foreign currency exchange contracts | 486,678 |
Net realized loss | $ (3,438,990) |
Change in unrealized appreciation (depreciation): | |
Investment securities (including net increase in payable for foreign capital gains taxes of $116,244) | $ 15,866,328 |
Futures contracts | 167,728 |
Foreign currency | 1,093 |
Forward foreign currency exchange contracts | (606,713) |
Net change in unrealized appreciation (depreciation) | $15,428,436 |
Net realized and unrealized gain | $11,989,446 |
Net increase in net assets from operations | $12,415,701 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 426,255 | $ 1,306,126 |
Net realized loss | (3,438,990) | (3,465,030) |
Net change in unrealized appreciation (depreciation) | 15,428,436 | 8,002,256 |
Net increase in net assets from operations | $ 12,415,701 | $ 5,843,352 |
Distributions to shareholders: | ||
Class A | $ (65,901) | $ (95,421) |
Class I | (3,027,385) | (4,071,452) |
Total distributions to shareholders | $ (3,093,286) | $ (4,166,873) |
Capital share transactions: | ||
Class A | $ 127,139 | $ 840,988 |
Class I | (12,265,673) | 17,857,741 |
Net increase (decrease) in net assets from capital share transactions | $(12,138,534) | $18,698,729 |
Net increase (decrease) in net assets | $ (2,816,119) | $20,375,208 |
Net Assets | ||
At beginning of period | $ 93,423,601 | $ 73,048,393 |
At end of period | $ 90,607,482 | $93,423,601 |
Class A | |||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 (1) | ||
Net asset value — Beginning of period | $ 10.05 | $ 9.79 | $ 12.39 | $ 10.64 | $ 10.00 |
Income (Loss) From Operations | |||||
Net investment income(2) | $ 0.04 | $ 0.13 | $ 0.17 | $ 0.09 | $ 0.10 |
Net realized and unrealized gain (loss) | 1.37 | 0.66 | (2.23) | 1.67 | 0.59 |
Total income (loss) from operations | $ 1.41 | $ 0.79 | $ (2.06) | $ 1.76 | $ 0.69 |
Less Distributions | |||||
From net investment income | $ (0.31) | $ (0.53) | $ (0.06) | $ (0.01) | $ — |
From net realized gain | — | — | (0.48) | — | (0.05) |
Total distributions | $ (0.31) | $ (0.53) | $ (0.54) | $ (0.01) | $ (0.05) |
Net asset value — End of period | $11.15 | $10.05 | $ 9.79 | $12.39 | $10.64 |
Total Return(3) | 14.30% (4) | 8.18% | (17.42)% | 16.54% | 6.94% |
Ratios/Supplemental Data | |||||
Net assets, end of period (000’s omitted) | $ 2,503 | $ 2,133 | $ 1,270 | $ 477 | $ 91 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Total expenses | 1.38% (6)(7) | 1.35% (7) | 1.36% (8) | 1.41% | 1.83% |
Net expenses | 1.23% (6)(7)(9) | 1.21% (7)(9) | 1.22% (8)(9) | 1.20% | 1.20% |
Net investment income | 0.74% (6) | 1.31% | 1.53% | 0.68% | 0.99% |
Portfolio Turnover | 24% (4) | 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) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes interest expense and fees of 0.03% and 0.01% for the six months ended March 31, 2024 and the year ended September 30, 2023, respectively. |
(8) | Includes interest expense from bank overdrafts of 0.02%. |
(9) | 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 six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class I | |||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 (1) | ||
Net asset value — Beginning of period | $ 10.13 | $ 9.85 | $ 12.44 | $ 10.66 | $ 10.00 |
Income (Loss) From Operations | |||||
Net investment income(2) | $ 0.05 | $ 0.16 | $ 0.19 | $ 0.09 | $ 0.12 |
Net realized and unrealized gain (loss) | 1.39 | 0.66 | (2.23) | 1.71 | 0.59 |
Total income (loss) from operations | $ 1.44 | $ 0.82 | $ (2.04) | $ 1.80 | $ 0.71 |
Less Distributions | |||||
From net investment income | $ (0.34) | $ (0.54) | $ (0.07) | $ (0.02) | $ — |
From net realized gain | — | — | (0.48) | — | (0.05) |
Total distributions | $ (0.34) | $ (0.54) | $ (0.55) | $ (0.02) | $ (0.05) |
Net asset value — End of period | $ 11.23 | $ 10.13 | $ 9.85 | $ 12.44 | $ 10.66 |
Total Return(3) | 14.44% (4) | 8.48% | (17.20)% | 16.85% | 7.14% |
Ratios/Supplemental Data | |||||
Net assets, end of period (000’s omitted) | $88,104 | $91,291 | $71,779 | $57,772 | $41,792 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Total expenses | 1.12% (6)(7) | 1.10% (7) | 1.11% (8) | 1.16% | 1.58% |
Net expenses | 0.98% (6)(7)(9) | 0.96% (7)(9) | 0.97% (8)(9) | 0.95% | 0.95% |
Net investment income | 0.92% (6) | 1.52% | 1.61% | 0.71% | 1.15% |
Portfolio Turnover | 24% (4) | 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) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes interest expense and fees of 0.03% and 0.01% for the six months ended March 31, 2024 and the year ended September 30, 2023, respectively. |
(8) | Includes interest expense from bank overdrafts of 0.02%. |
(9) | 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%, 0.01% and less than 0.005% of average daily net assets for the six months ended March 31, 2024 and the years ended September 30, 2023 and 2022, respectively). |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
China | $ 30,700 | $ 1,942 | $ — | $ 32,642 |
Cyprus | — | 2,378,264 | — | 2,378,264 |
Georgia | — | 7,411,559 | — | 7,411,559 |
Greece | — | 17,684,154 | — | 17,684,154 |
India | 90,501 | 11,971,298 | — | 12,061,799 |
Poland | — | 8,806,945 | — | 8,806,945 |
Slovenia | — | 1,871,975 | — | 1,871,975 |
South Korea | — | 14,165,317 | — | 14,165,317 |
Taiwan | — | 7,357,834 | — | 7,357,834 |
Turkey | — | 3,867,828 | — | 3,867,828 |
United Arab Emirates | — | 8,149,577 | — | 8,149,577 |
Vietnam | — | 3,476,208 | — | 3,476,208 |
Total Common Stocks | $ 121,201 | $87,142,901 (1) | $ — | $87,264,102 |
Short-Term Investments: | ||||
Affiliated Fund | $ 1,804,759 | $ — | $ — | $ 1,804,759 |
Securities Lending Collateral | 1,454 | — | — | 1,454 |
Total Investments | $1,927,414 | $87,142,901 | $ — | $89,070,315 |
Forward Foreign Currency Exchange Contracts | $ — | $ 288,016 | $ — | $ 288,016 |
Total | $1,927,414 | $87,430,917 | $ — | $89,358,331 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $ (39,829) | $ — | $ (39,829) |
Futures Contracts | (21,032) | — | — | (21,032) |
Total | $ (21,032) | $ (39,829) | $ — | $ (60,861) |
(1) | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Aggregate cost | $70,937,462 |
Gross unrealized appreciation | $ 20,888,304 |
Gross unrealized depreciation | (2,528,296) |
Net unrealized appreciation | $18,360,008 |
Risk | Derivative | Statement of Assets and Liabilities Caption | Assets | Liabilities |
Equity price | Futures contracts | Distributable earnings | $ — | $ (21,032)(1) |
Foreign exchange | Forward foreign currency exchange contracts | Receivable/Payable for open forward foreign currency exchange contracts | 288,016 | (39,829) |
Total | $288,016 | $(60,861) | ||
Derivatives not subject to master netting agreements | $ — | $(21,032) | ||
Total Derivatives subject to master netting agreements | $288,016 | $(39,829) |
(1) | Only the current day's variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
Counterparty | Derivative Assets Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Received(a) | Cash Collateral Received(a) | Net Amount of Derivative Assets(b) |
Standard Chartered Bank | $ 17,628 | $ (17,628) | $ — | $ — | $ — |
UBS AG | 270,388 | — | — | — | 270,388 |
$288,016 | $(17,628) | $ — | $ — | $270,388 |
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 | $(39,829) | $17,628 | $ — | $ — | $(22,201) |
(a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Net amount represents the net amount due from the counterparty in the event of default. |
(c) | Net amount represents the net amount payable to the counterparty in the event of default. |
Statement of Operations Caption | Equity price | Foreign exchange | Total |
Net realized gain (loss): | |||
Forward foreign currency exchange contracts | $ — | $ 486,678 | $ 486,678 |
Futures contracts | 257,095 | — | 257,095 |
Total | $257,095 | $ 486,678 | $ 743,773 |
Change in unrealized appreciation (depreciation): | |||
Forward foreign currency exchange contracts | $ — | $ (606,713) | $ (606,713) |
Futures contracts | 167,728 | — | 167,728 |
Total | $167,728 | $(606,713) | $(438,985) |
Futures Contracts — Long | Forward Foreign Currency Exchange Contracts* |
$6,681,000 | $47,890,000 |
* | 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. |
pledged, and the remaining contractual maturity of those transactions as of March 31, 2024.
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $1,454 | $ — | $ — | $ — | $1,454 |
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 | $5,086 | $20,826,114 | $(19,026,441) | $ — | $ — | $1,804,759 | $23,525 | 1,804,759 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 33,654 | $ 355,035 | 137,808 | $ 1,414,459 | |
Reinvestment of distributions | 6,342 | 65,901 | 9,767 | 95,421 | |
Shares redeemed | (27,754) | (293,797) | (64,996) | (668,892) | |
Net increase | 12,242 | $ 127,139 | 82,579 | $ 840,988 | |
Class I | |||||
Shares sold | 573,904 | $ 5,984,341 | 2,097,744 | $ 21,852,739 | |
Reinvestment of distributions | 289,690 | 3,027,257 | 414,379 | 4,069,197 | |
Shares redeemed | (2,031,432) | (21,277,271) | (784,442) | (8,064,195) | |
Net increase (decrease) | (1,167,838) | $(12,265,673) | 1,727,681 | $17,857,741 |
Officers |
Hope L. Brown Chief Compliance Officer |
Deidre E. Walsh Secretary, Vice President and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Cari M. Dominguez |
Karen Fang |
Miles D. Harper, III |
Von M. Hughes*(1) |
Joy V. Jones |
Eddie Ramos |
Anthony A. Williams |
* Interested Director and President |
(1) Mr. Hughes began serving as Director effective December 11, 2023. |
U.S. Customer Privacy Notice | March 2024 |
FACTS | WHAT DOES CALVERT 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 information 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 Calvert chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Calvert 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 affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
For our affiliates to market to you | Yes | Yes* |
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 |
U.S. Customer Privacy Notice — continued | March 2024 |
Who we are | |
Who is providing this notice? | Calvert Research and Management and our investment management affiliates (“Calvert”) (see Affiliates definition below.) |
What we do | |
How does Calvert 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 Calvert 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.) |
What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Calvert Research and Management 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.■ Calvert Research and Management does not jointly market. |
U.S. Customer Privacy Notice — continued | March 2024 |
Other important information | |
*PLEASE NOTE: Calvert does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Calvert enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Calvert from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Item 2. Code of Ethics.
Not required in this filing.
Item 3. Audit Committee Financial Expert.
Not required in this filing.
Item 4. Principal Accountant Fees and Services.
Not required in this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Please see schedule of investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
No material changes.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 Act, as amended (the “1940 Act”) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), as of a date within 90 days of the filing date of this report.
(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
(a)(1) | Registrant’s Code of Ethics- Not applicable (please see Item 2) | |
(a)(2)(i) | Principal Executive Officer’s Section 302 certification. | |
(a)(2)(ii) | Principal Financial Officer’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/ Von M. Hughes | |
Von M. Hughes | ||
Principal Executive Officer |
Date: May 22, 2024
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/ Von M. Hughes | |
Von M. Hughes | ||
Principal Executive Officer |
Date: May 22, 2024
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Principal Financial Officer |
Date: May 22, 2024