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: 811-03101
CALVERT MANAGEMENT SERIES
(Exact Name of Registrant as Specified in Charter)
2050 M Street NW, Washington, DC 20036
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(202) 238-2200
(Registrant’s Telephone Number)
September 30
Date of Fiscal Year End
September 30, 2023
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Since Inception |
Class A at NAV | 10/10/2017 | 10/10/2017 | 13.01% | 3.00% | 3.06% |
Class A with 3.25% Maximum Sales Charge | — | — | 9.32 | 2.34 | 2.48 |
Class I at NAV | 10/10/2017 | 10/10/2017 | 13.29 | 3.23 | 3.29 |
Class R6 at NAV | 10/10/2017 | 10/10/2017 | 13.29 | 3.25 | 3.28 |
Morningstar ® LSTA® US Leveraged Loan IndexSM | — | — | 13.05% | 4.46% | 4.56% |
% Total Annual Operating Expense Ratios3 | Class A | Class I | Class R6 |
Gross | 2.54% | 2.29% | 2.18% |
Net | 2.32 | 2.07 | 2.07 |
% Total Leverage4 | |
Borrowings | 18.01% |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class I, at minimum investment | $1,000,000 | 10/10/2017 | $1,213,289 | N.A. |
Class R6, at minimum investment | $5,000,000 | 10/10/2017 | $6,064,888 | N.A. |
Credit Quality (% of bond and loan holdings)1 |
Top 10 Sectors (% of total investments)2 | |
Software | 17.7% |
Machinery | 6.9 |
Health Care Providers & Services | 4.5 |
Capital Markets | 4.5 |
Chemicals | 4.1 |
Professional Services | 3.7 |
IT Services | 3.6 |
Trading Companies & Distributors | 3.6 |
Insurance | 3.5 |
Health Care Technology | 2.8 |
Total | 54.9% |
1 | Credit ratings are categorized using S&P Global Ratings (“S&P”). Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by S&P. |
2 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | Morningstar® LSTA® US Leveraged Loan IndexSM is an unmanaged index of the institutional leveraged loan market. Morningstar® LSTA® Leveraged Loan indices are a product of Morningstar, Inc. (“Morningstar”) and have been licensed for use. Morningstar® is a registered trademark of Morningstar licensed for certain use. Loan Syndications and Trading Association® and LSTA® are trademarks of the LSTA licensed for certain use by Morningstar, and further sublicensed by Morningstar for certain use. Neither Morningstar nor LSTA guarantees the accuracy and/or completeness of the Morningstar® LSTA® US Leveraged Loan IndexSM or any data included therein, and shall have no liability for any errors, omissions, or interruptions therein. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’s inception, as applicable. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
4 | Total leverage is shown as a percentage of the Fund’s aggregate net assets plus borrowings outstanding. The Fund employs leverage through borrowings. Use of leverage creates an opportunity for income, but creates risks including greater volatility of NAV. The cost of borrowings rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its borrowings and may be required to reduce its borrowings at an inopportune time.Fund profile subject to change due to active management. |
Beginning Account Value (4/1/23) | Ending Account Value (9/30/23) | Expenses Paid During Period* (4/1/23 – 9/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,060.60 | $15.03 ** | 2.91% |
Class I | $1,000.00 | $1,062.00 | $13.75 ** | 2.66% |
Class R6 | $1,000.00 | $1,062.00 | $13.80 ** | 2.67% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,010.48 | $14.67 ** | 2.91% |
Class I | $1,000.00 | $1,011.73 | $13.41 ** | 2.66% |
Class R6 | $1,000.00 | $1,011.68 | $13.46 ** | 2.67% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 0.5% |
Security | Shares | Value | |
Commercial Services & Supplies — 0.1% | |||
Phoenix Services International, LLC(1)(2) | 9,617 | $ 96,170 | |
Phoenix Services International, LLC(1)(2) | 877 | 8,769 | |
$ 104,939 | |||
Containers & Packaging — 0.1% | |||
LG Parent Holding Co.(1)(2) | 6,015 | $ 45,714 | |
$ 45,714 | |||
Entertainment — 0.0%(3) | |||
New Cineworld, Ltd.(1)(2) | 1,348 | $ 31,903 | |
$ 31,903 | |||
Financial Services — 0.0%(3) | |||
Aegletes B.V. (1)(2) | 1,076 | $ 2,596 | |
$ 2,596 | |||
Household Durables — 0.3% | |||
Serta Simmons Bedding, Inc.(2) | 15,129 | $ 224,098 | |
Serta SSB Equipment Co.(1)(2)(4) | 15,129 | 0 | |
$ 224,098 | |||
Professional Services — 0.0%(3) | |||
Skillsoft Corp.(1) | 5,981 | $ 5,302 | |
$ 5,302 | |||
Total Common Stocks (identified cost $453,794) | $ 414,552 |
Corporate Bonds — 8.3% |
Security | Principal Amount (000's omitted) | Value | |
Air Transport — 0.5% | |||
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.: | |||
5.50%, 4/20/26(5) | $ | 229 | $ 224,023 |
5.75%, 4/20/29(5) | 200 | 186,175 | |
$ 410,198 | |||
Automotive — 0.1% | |||
Clarios Global, L.P., 6.75%, 5/15/25(5) | $ | 22 | $ 21,857 |
Clarios Global, L.P./Clarios U.S. Finance Co., 6.25%, 5/15/26(5) | 22 | 21,551 | |
$ 43,408 | |||
Building and Development — 1.6% | |||
American Builders & Contractors Supply Co., Inc., 4.00%, 1/15/28(5) | $ | 1,025 | $ 909,733 |
Security | Principal Amount (000's omitted) | Value | |
Building and Development (continued) | |||
Cushman & Wakefield US Borrower, LLC, 6.75%, 5/15/28(5) | $ | 315 | $ 290,967 |
Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer, 5.875%, 10/1/28(5) | 100 | 91,479 | |
$ 1,292,179 | |||
Business Equipment and Services — 0.2% | |||
Corelogic, Inc., 4.50%, 5/1/28(5) | $ | 75 | $ 57,014 |
Garda World Security Corp., 4.625%, 2/15/27(5) | 75 | 68,703 | |
Prime Security Services Borrower, LLC/Prime Finance, Inc., 5.75%, 4/15/26(5) | 75 | 72,842 | |
$ 198,559 | |||
Cable and Satellite Television — 0.1% | |||
Virgin Media Secured Finance PLC, 4.50%, 8/15/30(5) | $ | 75 | $ 62,053 |
$ 62,053 | |||
Chemicals and Plastics — 0.1% | |||
Olympus Water US Holding Corp., 4.25%, 10/1/28(5) | $ | 125 | $ 102,034 |
$ 102,034 | |||
Commercial Services & Supplies — 0.2% | |||
Neptune Bidco US, Inc., 9.29%, 4/15/29(5) | $ | 200 | $ 181,327 |
$ 181,327 | |||
Containers and Glass Products — 0.1% | |||
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 4.00%, 10/15/27(5) | $ | 75 | $ 66,645 |
$ 66,645 | |||
Cosmetics/Toiletries — 0.1% | |||
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26(5) | $ | 55 | $ 50,208 |
$ 50,208 | |||
Drugs — 0.6% | |||
Jazz Securities DAC, 4.375%, 1/15/29(5) | $ | 550 | $ 479,973 |
$ 479,973 | |||
Ecological Services and Equipment — 0.8% | |||
GFL Environmental, Inc., 4.25%, 6/1/25(5) | $ | 75 | $ 72,152 |
Madison IAQ, LLC, 4.125%, 6/30/28(5) | 650 | 561,705 | |
$ 633,857 | |||
Electronics/Electrical — 0.5% | |||
Imola Merger Corp., 4.75%, 5/15/29(5) | $ | 300 | $ 263,216 |
LogMeIn, Inc., 5.50%, 9/1/27(5) | 275 | 153,254 | |
$ 416,470 |
Security | Principal Amount (000's omitted) | Value | |
Financial Intermediaries — 0.7% | |||
AG Issuer, LLC, 6.25%, 3/1/28(5) | $ | 225 | $ 210,367 |
AG TTMT Escrow Issuer, LLC, 8.625%, 9/30/27(5) | 50 | 50,351 | |
NFP Corp.: | |||
4.875%, 8/15/28(5) | 95 | 83,741 | |
7.50%, 10/1/30(5) | 50 | 48,083 | |
8.50%, 10/1/31(5) | 150 | 150,387 | |
$ 542,929 | |||
Health Care — 0.3% | |||
Mozart Debt Merger Sub, Inc., 3.875%, 4/1/29(5) | $ | 325 | $ 275,052 |
$ 275,052 | |||
Industrial Equipment — 0.2% | |||
Pactiv Evergreen Group Issuer, LLC/Pactiv Evergreen Group Issuer, Inc., 4.375%, 10/15/28(5) | $ | 150 | $ 130,312 |
Vertical US Newco, Inc., 5.25%, 7/15/27(5) | 50 | 45,883 | |
$ 176,195 | |||
Leisure Goods/Activities/Movies — 0.0%(3) | |||
Six Flags Theme Parks, Inc., 7.00%, 7/1/25(5) | $ | 13 | $ 12,979 |
$ 12,979 | |||
Media — 0.0%(3) | |||
iHeartCommunications, Inc.: | |||
4.75%, 1/15/28(5) | $ | 25 | $ 19,152 |
5.25%, 8/15/27(5) | 25 | 19,851 | |
$ 39,003 | |||
Radio and Television — 0.3% | |||
Univision Communications, Inc.: | |||
4.50%, 5/1/29(5) | $ | 150 | $ 122,296 |
7.375%, 6/30/30(5) | 125 | 114,391 | |
$ 236,687 | |||
Retailers (Except Food and Drug) — 0.0%(3) | |||
PetSmart, Inc./PetSmart Finance Corp., 4.75%, 2/15/28(5) | $ | 25 | $ 21,916 |
$ 21,916 | |||
Technology — 0.6% | |||
Boxer Parent Co., Inc., 7.125%, 10/2/25(5) | $ | 50 | $ 49,811 |
Central Parent, Inc./Central Merger Sub, Inc., 7.25%, 6/15/29(5) | 200 | 194,083 | |
Clarivate Science Holdings Corp., 3.875%, 7/1/28(5) | 200 | 173,377 | |
Cloud Software Group, Inc., 9.00%, 9/30/29(5) | 125 | 108,798 | |
$ 526,069 |
Security | Principal Amount (000's omitted) | Value | |
Technology Hardware, Storage & Peripherals — 0.2% | |||
NCR Atleos Escrow Corp., 9.50%, 4/1/29(5) | $ | 125 | $ 121,029 |
$ 121,029 | |||
Telecommunications — 1.1% | |||
Level 3 Financing, Inc., 3.875%, 11/15/29(5) | $ | 875 | $ 807,202 |
Vmed O2 UK Financing I PLC, 4.25%, 1/31/31(5) | 125 | 99,660 | |
$ 906,862 | |||
Total Corporate Bonds (identified cost $7,434,236) | $ 6,795,632 |
Exchange-Traded Funds — 1.2% |
Security | Shares | Value | |
Equity Funds — 1.2% | |||
SPDR Blackstone Senior Loan ETF | 22,750 | $ 953,907 | |
Total Exchange-Traded Funds (identified cost $1,045,348) | $ 953,907 |
Senior Floating Rate Loans — 108.7%(6) |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Aerospace and Defense — 2.0% | |||
Dynasty Acquisition Co., Inc.: | |||
Term Loan, 9.316%, (SOFR + 4.00%), 8/24/28 | $ | 547 | $ 546,956 |
Term Loan, 9.316%, (SOFR + 4.00%), 8/24/28 | 235 | 234,410 | |
WP CPP Holdings, LLC, Term Loan, 9.27%, (SOFR + 3.75%), 4/30/25 | 920 | 868,564 | |
$ 1,649,930 | |||
Airlines — 1.2% | |||
American Airlines, Inc., Term Loan, 10.338%, (SOFR + 4.75%), 4/20/28 | $ | 926 | $ 955,717 |
$ 955,717 | |||
Auto Components — 1.0% | |||
Clarios Global, L.P., Term Loan, 9.066%, (SOFR + 3.75%), 5/6/30 | $ | 375 | $ 375,047 |
DexKo GlobaL, Inc., Term Loan, 9.402%, (SOFR + 3.75%), 10/4/28 | 173 | 168,470 | |
LTI Holdings, Inc., Term Loan, 8.931%, (SOFR + 3.50%), 9/6/25 | 241 | 235,440 | |
$ 778,957 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Automobiles — 0.5% | |||
MajorDrive Holdings IV, LLC, Term Loan, 9.318%, (SOFR + 4.00%), 6/1/28 | $ | 397 | $ 394,007 |
$ 394,007 | |||
Beverages — 0.4% | |||
Triton Water Holdings, Inc., Term Loan, 8.902%, (SOFR + 3.25%), 3/31/28 | $ | 367 | $ 359,902 |
$ 359,902 | |||
Biotechnology — 0.6% | |||
Alltech, Inc., Term Loan, 9.431%, (SOFR + 4.00%), 10/13/28 | $ | 491 | $ 477,741 |
$ 477,741 | |||
Building Products — 1.6% | |||
CPG International, Inc., Term Loan, 7.916%, (SOFR + 2.50%), 4/28/29 | $ | 198 | $ 198,000 |
Ingersoll-Rand Services Company, Term Loan, 7.166%, (SOFR + 1.75%), 3/1/27 | 19 | 18,602 | |
LHS Borrower, LLC, Term Loan, 10.06%, (SOFR + 4.75%), 2/16/29 | 146 | 134,227 | |
MI Windows and Doors, LLC, Term Loan, 8.916%, (SOFR + 3.50%), 12/18/27 | 777 | 778,906 | |
Standard Industries, Inc., Term Loan, 7.938%, (SOFR + 2.50%), 9/22/28 | 218 | 218,277 | |
$ 1,348,012 | |||
Capital Markets — 5.5% | |||
Advisor Group, Inc., Term Loan, 9.816%, (SOFR + 4.50%), 8/17/28 | $ | 559 | $ 559,480 |
AllSpring Buyer LLC, Term Loan, 8.65%, (SOFR + 3.25%), 11/1/28 | 262 | 259,516 | |
Aretec Group, Inc.: | |||
Term Loan, 9.666%, (SOFR + 4.25%), 10/1/25 | 479 | 479,359 | |
Term Loan, 9.916%, (SOFR + 4.50%), 8/9/30 | 150 | 148,840 | |
Brookfield Property REIT, Inc., Term Loan, 7.916%, (SOFR + 2.50%), 8/27/25 | 187 | 185,587 | |
Clipper Acquisitions Corp., Term Loan, 7.192%, (SOFR + 1.75%), 3/3/28 | 219 | 218,187 | |
Edelman Financial Center, LLC, Term Loan, 8.931%, (SOFR + 3.50%), 4/7/28 | 587 | 581,478 | |
FinCo I, LLC, Term Loan, 8.369%, (SOFR + 3.00%), 6/27/29 | 224 | 224,858 | |
Focus Financial Partners, LLC: | |||
Term Loan, 7.818%, (SOFR + 2.50%), 6/30/28 | 171 | 170,691 | |
Term Loan, 8.568%, (SOFR + 3.25%), 6/30/28 | 243 | 243,445 | |
HighTower Holdings LLC, Term Loan, 9.612%, (SOFR + 4.00%), 4/21/28 | 491 | 490,000 | |
Mariner Wealth Advisors, LLC, Term Loan, 8.901%, (SOFR + 3.25%), 8/18/28 | 589 | 584,827 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Capital Markets (continued) | |||
Victory Capital Holdings, Inc.: | |||
Term Loan, 7.619%, (SOFR + 2.25%), 7/1/26 | $ | 243 | $ 243,343 |
Term Loan, 7.619%, (SOFR + 2.25%), 12/29/28 | 93 | 92,783 | |
$ 4,482,394 | |||
Chemicals — 5.0% | |||
Aruba Investments, Inc., Term Loan, 9.416%, (SOFR + 4.00%), 11/24/27 | $ | 249 | $ 245,312 |
Axalta Coating Systems U.S. Holdings, Inc., Term Loan, 7.90%, (SOFR + 2.50%), 12/20/29 | 276 | 276,902 | |
CPC Acquisition Corp., Term Loan, 9.402%, (SOFR + 3.75%), 12/29/27 | 326 | 270,587 | |
Groupe Solmax, Inc., Term Loan, 10.112%, (SOFR + 4.75%), 5/29/28(7) | 392 | 368,135 | |
Messer Industries GmbH, Term Loan, 8.152%, (SOFR + 2.50%), 3/2/26 | 372 | 372,172 | |
Momentive Performance Materials, Inc., Term Loan, 9.816%, (SOFR + 4.50%), 3/29/28 | 648 | 632,337 | |
Olympus Water US Holding Corp., Term Loan, 9.402%, (SOFR + 3.75%), 11/9/28 | 491 | 485,787 | |
Rohm Holding GmbH, Term Loan, 10.881%, (SOFR + 5.00%), 7/31/26 | 236 | 221,953 | |
Starfruit Finco B.V., Term Loan, 8.427%, (SOFR + 3.00%), 10/1/25 | 226 | 225,886 | |
W.R. Grace & Co. Conn., Term Loan, 9.402%, (SOFR + 3.75%), 9/22/28 | 1,007 | 1,004,041 | |
$ 4,103,112 | |||
Commercial Services & Supplies — 2.0% | |||
GFL Environmental, Inc., Term Loan, 7.824%, (SOFR + 2.50%), 5/31/27 | $ | 397 | $ 396,740 |
LABL, Inc., Term Loan, 10.416%, (SOFR + 5.00%), 10/29/28 | 148 | 147,233 | |
Phoenix Services International, LLC, Term Loan, 11.416%, (SOFR + 6.10%), 6/30/28 | 115 | 107,677 | |
Prime Security Services Borrower, LLC, Term Loan, 8.192%, (SOFR + 2.75%), 9/23/26 | 346 | 346,100 | |
Tempo Acquisition LLC, Term Loan, 8.066%, (SOFR + 3.00%), 8/31/28 | 679 | 679,925 | |
$ 1,677,675 | |||
Communications Equipment — 0.2% | |||
Ciena Corp., Term Loan, 7.825%, (SOFR + 2.50%), 1/18/30 | $ | 124 | $ 124,764 |
$ 124,764 | |||
Construction & Engineering — 1.5% | |||
Aegion Corporation, Term Loan, 10.181%, (SOFR + 4.75%), 5/17/28 | $ | 368 | $ 366,460 |
American Residential Services, LLC, Term Loan, 9.152%, (SOFR + 3.50%), 10/15/27 | 733 | 732,124 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Construction & Engineering (continued) | |||
Northstar Group Services, Inc., Term Loan, 10.931%, (SOFR + 5.50%), 11/12/26 | $ | 139 | $ 139,939 |
$ 1,238,523 | |||
Containers & Packaging — 1.1% | |||
Clydesdale Acquisition Holdings, Inc, Term Loan, 9.591%, (SOFR + 4.18%), 4/13/29 | $ | 123 | $ 121,913 |
Pregis TopCo Corporation, Term Loan, 9.066%, (SOFR + 3.75%), 7/31/26 | 388 | 388,433 | |
Pretium PKG Holdings, Inc., Term Loan, 9.509%, (SOFR + 4.00%), 10/2/28(7) | 123 | 75,898 | |
Proampac PG Borrower, LLC, Term Loan, 9.305%, (SOFR + 3.75%), 11/3/25 | 342 | 340,178 | |
$ 926,422 | |||
Distributors — 0.9% | |||
Autokiniton US Holdings, Inc., Term Loan, 9.931%, (SOFR + 4.50%), 4/6/28 | $ | 733 | $ 719,379 |
$ 719,379 | |||
Diversified Consumer Services — 1.3% | |||
Ascend Learning, LLC, Term Loan, 8.916%, (SOFR + 3.50%), 12/11/28 | $ | 638 | $ 609,887 |
KUEHG Corp., Term Loan, 10.39%, (SOFR + 5.00%), 6/12/30 | 250 | 250,750 | |
Sotheby's, Term Loan, 10.07%, (SOFR + 4.50%), 1/15/27 | 210 | 205,034 | |
$ 1,065,671 | |||
Diversified Telecommunication Services — 0.9% | |||
Level 3 Financing, Inc., Term Loan, 7.181%, (SOFR + 1.75%), 3/1/27 | $ | 340 | $ 321,721 |
Telenet Financing USD, LLC, Term Loan, 7.447%, (SOFR + 2.00%), 4/30/28 | 75 | 73,187 | |
Virgin Media Bristol, LLC, Term Loan, 8.697%, (SOFR + 3.25%), 1/31/29 | 325 | 318,170 | |
$ 713,078 | |||
Electronic Equipment, Instruments & Components — 0.8% | |||
Creation Technologies, Inc., Term Loan, 10/5/28(8) | $ | 225 | $ 213,750 |
II-VI Incorporated, Term Loan, 8.181%, (SOFR + 2.75%), 7/2/29 | 206 | 205,813 | |
Robertshaw US Holding Corp.: | |||
Term Loan, 12.49%, (SOFR + 7.00%), 2/28/27 | 207 | 181,419 | |
Term Loan, 13.49%, (SOFR + 8.00%), 8.49% cash, 5.00% PIK, 2/28/27 | 49 | 49,584 | |
$ 650,566 | |||
Entertainment — 0.2% | |||
Crown Finance U.S., Inc., Term Loan, 14.381%, (SOFR + 8.50%), 7/31/28 | $ | 29 | $ 29,944 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Entertainment (continued) | |||
Renaissance Holding Corp., Term Loan, 10.066%, (SOFR + 4.75%), 4/5/30 | $ | 175 | $ 173,870 |
$ 203,814 | |||
Financial Services — 0.9% | |||
GTCR W Merger Sub LLC, Term Loan, 9/20/30(8) | $ | 525 | $ 525,206 |
NCR Atleos LLC, Term Loan, 3/27/29(8) | 225 | 216,984 | |
$ 742,190 | |||
Food & Staples Retailing — 0.1% | |||
US Foods, Inc., Term Loan, 7.431%, (SOFR + 2.00%), 9/13/26 | $ | 112 | $ 112,160 |
$ 112,160 | |||
Food Products — 2.0% | |||
Froneri International, Ltd., Term Loan, 1/29/27(8) | $ | 600 | $ 596,761 |
Monogram Food Solutions, LLC, Term Loan, 9.431%, (SOFR + 4.00%), 8/28/28 | 98 | 96,899 | |
Nomad Foods US LLC, Term Loan, 8.469%, (SOFR + 3.00%), 11/12/29 | 225 | 224,951 | |
Sovos Brands Intermediate, Inc., Term Loan, 9.131%, (SOFR + 3.50%), 6/8/28 | 690 | 691,216 | |
$ 1,609,827 | |||
Health Care Equipment & Supplies — 3.2% | |||
Artivion, Inc., Term Loan, 8.931%, (SOFR + 3.50%), 6/1/27 | $ | 532 | $ 518,354 |
Bayou Intermediate II, LLC, Term Loan, 9.966%, (SOFR + 4.50%), 8/2/28 | 344 | 335,278 | |
Gloves Buyer, Inc., Term Loan, 9.431%, (SOFR + 4.00%), 12/29/27 | 660 | 641,785 | |
Journey Personal Care Corp., Term Loan, 9.981%, (6 mo. USD LIBOR + 4.25%), 3/1/28 | 489 | 461,563 | |
Medline Borrower, L.P., Term Loan, 8.681%, (SOFR + 3.25%), 10/23/28 | 665 | 664,044 | |
$ 2,621,024 | |||
Health Care Providers & Services — 5.6% | |||
AEA International Holdings (Lux) S.a.r.l., Term Loan, 9.402%, (SOFR + 3.75%), 9/7/28 | $ | 737 | $ 735,493 |
Cano Health LLC, Term Loan, 9.416%, (SOFR + 4.00%), 11/23/27 | 636 | 414,588 | |
CCRR Parent, Inc., Term Loan, 9.181%, (SOFR + 3.75%), 3/6/28 | 490 | 468,514 | |
Ensemble RCM, LLC, Term Loan, 9.219%, (SOFR + 3.75%), 8/3/26 | 609 | 610,393 | |
Envision Healthcare Corporation, Term Loan, 0.00%, 3/31/27(9) | 395 | 91,701 | |
Midwest Physician Administrative Services, LLC, Term Loan, 8.902%, (SOFR + 3.25%), 3/12/28 | 294 | 276,982 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Health Care Providers & Services (continued) | |||
Option Care Health, Inc., Term Loan, 8.181%, (SOFR + 2.75%), 10/27/28 | $ | 592 | $ 593,786 |
Select Medical Corp., Term Loan, 8.316%, (SOFR + 3.00%), 3/6/27 | 820 | 820,663 | |
TTF Holdings, LLC, Term Loan, 9.431%, (SOFR + 4.00%), 3/31/28 | 543 | 543,857 | |
$ 4,555,977 | |||
Health Care Technology — 3.4% | |||
Imprivata, Inc., Term Loan, 9.181%, (SOFR + 3.75%), 12/1/27 | $ | 317 | $ 317,271 |
MedAssets Software Intermediate Holdings, Inc.: | |||
Term Loan, 9.431%, (SOFR + 4.00%), 12/18/28 | 222 | 180,624 | |
Term Loan, 12.068%, (SOFR + 6.75%), 12/17/29 | 150 | 97,031 | |
Navicure, Inc., Term Loan, 9.431%, (SOFR + 4.00%), 10/22/26 | 947 | 949,125 | |
Project Ruby Ultimate Parent Corp., Term Loan, 8.681%, (SOFR + 3.25%), 3/10/28 | 390 | 385,710 | |
Symplr Software, Inc., Term Loan, 9.969%, (SOFR + 4.50%), 12/22/27 | 366 | 328,797 | |
Verscend Holding Corp., Term Loan, 9.431%, (SOFR + 4.00%), 8/27/25 | 552 | 553,119 | |
$ 2,811,677 | |||
Hotels, Restaurants & Leisure — 1.8% | |||
ClubCorp Holdings, Inc., Term Loan, 8.181%, (1 mo. USD LIBOR + 2.75%), 9/18/24 | $ | 437 | $ 431,150 |
IRB Holding Corp., Term Loan, 8.416%, (SOFR + 3.00%), 12/15/27 | 318 | 316,800 | |
Playa Resorts Holding B.V., Term Loan, 9.581%, (SOFR + 4.25%), 1/5/29 | 523 | 523,680 | |
SMG US Midco 2, Inc., Term Loan, 8.131%, (SOFR + 2.50%), 1/23/25 | 236 | 236,562 | |
$ 1,508,192 | |||
Household Durables — 0.8% | |||
ACProducts, Inc., Term Loan, 9.902%, (SOFR + 4.25%), 5/17/28 | $ | 293 | $ 243,251 |
Hunter Douglas, Inc., Term Loan, 8.891%, (SOFR + 3.50%), 2/26/29 | 49 | 48,323 | |
Libbey Glass, Inc., Term Loan, 11.924%, (SOFR + 6.50%), 11/22/27 | 349 | 332,819 | |
$ 624,393 | |||
Household Products — 0.9% | |||
Kronos Acquisition Holdings, Inc.: | |||
Term Loan, 9.402%, (SOFR + 3.75%), 12/22/26 | $ | 439 | $ 437,330 |
Term Loan, 11.567%, (SOFR + 6.00%), 12/22/26 | 98 | 98,373 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Household Products (continued) | |||
Serta Simmons Bedding, LLC, Term Loan, 12.90%, (SOFR + 7.50%), 6/29/28 | $ | 223 | $ 223,269 |
$ 758,972 | |||
Insurance — 4.3% | |||
Alliant Holdings Intermediate, LLC: | |||
Term Loan, 8.831%, (SOFR + 3.50%), 11/5/27 | $ | 117 | $ 116,644 |
Term Loan, 8.931%, (1 mo. USD LIBOR + 3.50%), 11/5/27 | 491 | 490,949 | |
AmWINS Group, Inc.: | |||
Term Loan, 7.681%, (SOFR + 2.25%), 2/19/28 | 486 | 483,673 | |
Term Loan, 8.181%, (SOFR + 2.75%), 2/19/28 | 124 | 124,195 | |
AssuredPartners, Inc., Term Loan, 8.931%, (SOFR + 3.50%), 2/12/27 | 654 | 653,535 | |
HUB International Limited, Term Loan, 9.584%, (SOFR + 4.25%), 6/20/30 | 396 | 397,212 | |
NFP Corp., Term Loan, 8.681%, (SOFR + 3.25%), 2/16/27 | 336 | 332,658 | |
Ryan Specialty Group, LLC, Term Loan, 8.416%, (SOFR + 3.00%), 9/1/27 | 494 | 494,978 | |
USI, Inc., Term Loan, 9.14%, (SOFR + 3.75%), 11/22/29 | 427 | 427,176 | |
$ 3,521,020 | |||
Interactive Media & Services — 1.7% | |||
Adevinta ASA, Term Loan, 8.322%, (SOFR + 2.75%), 6/26/28 | $ | 644 | $ 644,997 |
Foundational Education Group, Inc., Term Loan, 9.881%, (SOFR + 4.25%), 8/31/28 | 393 | 373,350 | |
Getty Images, Inc., Term Loan, 9.99%, (SOFR + 4.50%), 2/19/26 | 392 | 392,960 | |
$ 1,411,307 | |||
IT Services — 4.4% | |||
Asurion, LLC: | |||
Term Loan, 8.681%, (SOFR + 3.25%), 12/23/26 | $ | 729 | $ 717,168 |
Term Loan, 8.681%, (SOFR + 3.25%), 7/31/27 | 39 | 37,979 | |
Term Loan, 10.681%, (SOFR + 5.25%), 1/31/28 | 550 | 495,344 | |
Cyxtera DC Holdings, Inc.: | |||
Term Loan, 0.00%, 5/1/24(9) | 971 | 570,957 | |
Term Loan, 13.942%, (SOFR + 8.61%), 12/7/23 | 169 | 170,136 | |
Gainwell Acquisition Corp., Term Loan, 9.40%, (SOFR + 4.00%), 10/1/27 | 623 | 608,937 | |
Informatica, LLC, Term Loan, 8.181%, (SOFR + 2.75%), 10/27/28 | 542 | 541,157 | |
Rackspace Technology Global, Inc., Term Loan, 8.194%, (SOFR + 2.75%), 2/15/28 | 390 | 179,815 | |
Sedgwick Claims Management Services, Inc., Term Loan, 9.066%, (SOFR + 3.75%), 2/24/28 | 299 | 298,921 | |
$ 3,620,414 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Leisure Products — 0.7% | |||
Hayward Industries, Inc., Term Loan, 8.181%, (SOFR + 2.75%), 5/30/28 | $ | 611 | $ 606,929 |
$ 606,929 | |||
Life Sciences Tools & Services — 2.4% | |||
Catalent Pharma Solutions, Inc., Term Loan, 7.438%, (SOFR + 2.00%), 2/22/28 | $ | 399 | $ 391,446 |
Curia Global, Inc., Term Loan, 9.219%, (SOFR + 3.75%), 8/30/26 | 822 | 684,583 | |
Packaging Coordinators Midco, Inc., Term Loan, 9.152%, (SOFR + 3.50%), 11/30/27 | 660 | 657,943 | |
Star Parent, Inc., Term Loan, 9/19/30(8) | 250 | 244,760 | |
$ 1,978,732 | |||
Machinery — 8.5% | |||
AI Aqua Merger Sub, Inc., Term Loan, 9.084%, (SOFR + 3.75%), 7/31/28 | $ | 494 | $ 489,430 |
Alliance Laundry Systems, LLC, Term Loan, 8.901%, (SOFR + 3.50%), 10/8/27 | 546 | 546,266 | |
American Trailer World Corp., Term Loan, 9.068%, (SOFR + 3.75%), 3/3/28 | 236 | 227,189 | |
Apex Tool Group, LLC, Term Loan, 10.674%, (SOFR + 5.25%), 2/8/29 | 312 | 286,541 | |
Conair Holdings, LLC, Term Loan, 9.402%, (SOFR + 3.75%), 5/17/28 | 490 | 469,787 | |
CPM Holdings, Inc., Term Loan, 9.90%, (SOFR + 4.50%), 9/28/28 | 589 | 587,859 | |
EMRLD Borrower LP, Term Loan, 8.316%, (SOFR + 3.00%), 5/31/30 | 200 | 199,969 | |
Engineered Machinery Holdings, Inc., Term Loan, 9.152%, (SOFR + 3.50%), 5/19/28 | 587 | 585,197 | |
Filtration Group Corporation, Term Loan, 8.931%, (SOFR + 3.50%), 10/21/28 | 299 | 298,520 | |
Gates Global, LLC, Term Loan, 7.816%, (SOFR + 2.50%), 3/31/27 | 835 | 833,773 | |
Icebox Holdco III, Inc., Term Loan, 9.402%, (SOFR + 3.75%), 12/22/28 | 492 | 489,938 | |
Madison IAQ, LLC, Term Loan, 8.689%, (SOFR + 3.25%), 6/21/28 | 880 | 866,376 | |
SPX Flow, Inc., Term Loan, 9.916%, (SOFR + 4.50%), 4/5/29 | 283 | 283,099 | |
Titan Acquisition Limited, Term Loan, 8.652%, (3 mo. USD LIBOR + 3.00%), 3/28/25 | 283 | 281,397 | |
Vertical US Newco, Inc., Term Loan, 8.98%, (SOFR + 3.50%), 7/30/27 | 499 | 498,230 | |
$ 6,943,571 | |||
Media — 2.2% | |||
iHeartCommunications, Inc., Term Loan, 8.431%, (SOFR + 3.00%), 5/1/26 | $ | 377 | $ 339,820 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Media (continued) | |||
Outfront Media Capital, LLC, Term Loan, 7.066%, (SOFR + 1.75%), 11/18/26 | $ | 75 | $ 74,543 |
Recorded Books, Inc., Term Loan, 9.316%, (SOFR + 4.00%), 8/29/25 | 287 | 287,545 | |
Sinclair Television Group, Inc.: | |||
Term Loan, 7.931%, (SOFR + 2.50%), 9/30/26 | 580 | 505,455 | |
Term Loan, 8.431%, (SOFR + 3.00%), 4/1/28 | 489 | 348,769 | |
Univision Communications, Inc., Term Loan, 8.681%, (SOFR + 3.25%), 3/15/26 | 225 | 224,610 | |
$ 1,780,742 | |||
Metals/Mining — 1.0% | |||
Arsenal AIC Parent, LLC, Term Loan, 9.879%, (SOFR + 4.50%), 8/18/30 | $ | 525 | $ 524,869 |
WireCo WorldGroup, Inc., Term Loan, 9.695%, (SOFR + 4.25%), 11/13/28 | 289 | 289,421 | |
$ 814,290 | |||
Pharmaceuticals — 0.7% | |||
Elanco Animal Health Incorporated, Term Loan, 7.18%, (SOFR + 1.75%), 8/1/27 | $ | 135 | $ 132,642 |
Horizon Therapeutics USA, Inc., Term Loan, 7.184%, (SOFR + 1.75%), 3/15/28 | 244 | 243,841 | |
Jazz Financing Lux S.a.r.l., Term Loan, 8.931%, (SOFR + 3.50%), 5/5/28 | 220 | 220,350 | |
$ 596,833 | |||
Professional Services — 4.6% | |||
AlixPartners, LLP, Term Loan, 8.181%, (SOFR + 2.75%), 2/4/28 | $ | 399 | $ 399,171 |
Camelot U.S. Acquisition, LLC, Term Loan, 8.431%, (SOFR + 3.00%), 10/30/26 | 641 | 641,660 | |
CoreLogic, Inc., Term Loan, 8.931%, (SOFR + 3.50%), 6/2/28 | 463 | 428,868 | |
Deerfield Dakota Holding, LLC, Term Loan, 9.14%, (SOFR + 3.75%), 4/9/27 | 363 | 355,254 | |
EAB Global, Inc., Term Loan, 8/16/28(8) | 400 | 397,875 | |
Employbridge LLC, Term Loan, 10.259%, (SOFR + 4.75%), 7/19/28 | 392 | 354,699 | |
Neptune Bidco U.S., Inc., Term Loan, 10.399%, (SOFR + 5.00%), 4/11/29 | 299 | 270,020 | |
Rockwood Service Corporation, Term Loan, 9.431%, (SOFR + 4.00%), 1/23/27 | 308 | 309,394 | |
Trans Union, LLC: | |||
Term Loan, 7.166%, (SOFR + 1.75%), 11/16/26 | 63 | 63,248 | |
Term Loan, 7.681%, (SOFR + 2.25%), 12/1/28 | 305 | 304,809 | |
Vaco Holdings, LLC, Term Loan, 1/21/29(8) | 250 | 241,146 | |
$ 3,766,144 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Real Estate Management & Development — 0.5% | |||
Cushman & Wakefield U.S. Borrower, LLC: | |||
Term Loan, 8.181%, (SOFR + 2.75%), 8/21/25 | $ | 13 | $ 12,669 |
Term Loan, 9.316%, (SOFR + 4.00%), 1/31/30 | 110 | 109,373 | |
RE/MAX International, Inc., Term Loan, 7.931%, (SOFR + 2.50%), 7/21/28 | 269 | 262,764 | |
$ 384,806 | |||
Road & Rail — 1.6% | |||
Avis Budget Car Rental, LLC, Term Loan, 7.181%, (SOFR + 1.75%), 8/6/27 | $ | 505 | $ 504,049 |
First Student Bidco, Inc.: | |||
Term Loan, 9.386%, (SOFR + 4.00%), 7/21/28 | 280 | 276,513 | |
Term Loan, 9.386%, (SOFR + 4.00%), 7/21/28 | 20 | 19,273 | |
Uber Technologies, Inc., Term Loan, 8.159%, (SOFR + 2.75%), 3/3/30 | 498 | 497,991 | |
$ 1,297,826 | |||
Semiconductors & Semiconductor Equipment — 0.9% | |||
Altar Bidco, Inc., Term Loan, 8.142%, (SOFR + 3.10%), 2/1/29(7) | $ | 271 | $ 271,053 |
Bright Bidco B.V., Term Loan, 14.37%, (SOFR + 9.00%), 6.37% cash, 8.00% PIK, 10/31/27 | 33 | 13,557 | |
MaxLinear, Inc., Term Loan, 7.681%, (SOFR + 2.25%), 6/23/28 | 54 | 53,304 | |
Ultra Clean Holdings, Inc., Term Loan, 9.181%, (SOFR + 3.75%), 8/27/25 | 426 | 427,276 | |
$ 765,190 | |||
Software — 21.7% | |||
Applied Systems, Inc., Term Loan, 9.89%, (SOFR + 4.50%), 9/18/26 | $ | 1,186 | $ 1,190,982 |
AppLovin Corp., Term Loan, 8.416%, (SOFR + 3.10%), 8/14/30 | 379 | 378,470 | |
Aptean, Inc.: | |||
Term Loan, 9.568%, (SOFR + 4.25%), 4/23/26 | 405 | 403,567 | |
Term Loan, 12.416%, (SOFR + 7.00%), 4/23/27 | 300 | 280,125 | |
Astra Acquisition Corp.: | |||
Term Loan, 10.902%, (SOFR + 5.25%), 10/25/28 | 223 | 167,948 | |
Term Loan, 14.527%, (SOFR + 8.88%), 10/25/29 | 350 | 207,325 | |
Banff Merger Sub, Inc., Term Loan, 9.181%, (SOFR + 3.75%), 10/2/25 | 639 | 639,507 | |
Cast and Crew Payroll, LLC, Term Loan, 8.931%, (SOFR + 3.50%), 2/9/26 | 390 | 389,349 | |
CDK Global, Inc., Term Loan, 9.64%, (SOFR + 4.25%), 7/6/29 | 397 | 397,538 | |
CentralSquare Technologies, LLC, Term Loan, 9.29%, (SOFR + 3.75%), 8/29/25 | 440 | 418,001 | |
Cloud Software Group, Inc., Term Loan, 9.99%, (SOFR + 4.50%), 9/29/28(7) | 349 | 335,564 | |
Cloudera, Inc.: | |||
Term Loan, 9.166%, (SOFR + 3.75%), 10/8/28 | 193 | 190,517 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Software (continued) | |||
Cloudera, Inc.: (continued) | |||
Term Loan, 11.416%, (SOFR + 6.00%), 10/8/29 | $ | 150 | $ 143,000 |
Constant Contact, Inc., Term Loan, 9.561%, (SOFR + 4.00%), 2/10/28 | 442 | 429,795 | |
Cornerstone OnDemand, Inc., Term Loan, 9.181%, (SOFR + 3.75%), 10/16/28 | 271 | 258,347 | |
Delta TopCo, Inc., Term Loan, 9.069%, (SOFR + 3.75%), 12/1/27 | 674 | 668,549 | |
E2open, LLC, Term Loan, 8.931%, (SOFR + 3.50%), 2/4/28 | 538 | 537,927 | |
ECI Macola Max Holdings, LLC, Term Loan, 9.402%, (SOFR + 3.75%), 11/9/27 | 801 | 800,412 | |
Epicor Software Corporation, Term Loan, 8.681%, (SOFR + 3.25%), 7/30/27 | 1,071 | 1,071,211 | |
Fiserv Investment Solutions, Inc., Term Loan, 9.383%, (SOFR + 4.00%), 2/18/27 | 339 | 319,436 | |
GoTo Group, Inc., Term Loan, 10.269%, (SOFR + 4.75%), 8/31/27 | 560 | 375,421 | |
Greeneden U.S. Holdings II, LLC, Term Loan, 9.431%, (SOFR + 4.00%), 12/1/27 | 684 | 685,224 | |
Imperva, Inc., Term Loan, 9.627%, (SOFR + 4.00%), 1/12/26 | 561 | 562,996 | |
Magenta Buyer, LLC, Term Loan, 13.881%, (SOFR + 8.25%), 7/27/29 | 375 | 174,375 | |
Marcel LUX IV S.a.r.l., Term Loan, 8.665%, (SOFR + 3.25%), 3/15/26 | 660 | 658,755 | |
Open Text Corp., Term Loan, 8.166%, (SOFR + 2.75%), 1/31/30 | 273 | 273,193 | |
Proofpoint, Inc., Term Loan, 8.681%, (SOFR + 3.25%), 8/31/28 | 933 | 926,699 | |
Quartz AcquireCo LLC, Term Loan, 8.818%, (SOFR + 3.50%), 6/28/30 | 150 | 150,000 | |
Quest Software US Holdings, Inc., Term Loan, 9.769%, (SOFR + 4.25%), 2/1/29 | 693 | 579,645 | |
Realpage, Inc., Term Loan, 8.431%, (SOFR + 3.00%), 4/24/28 | 1,029 | 1,018,567 | |
Red Planet Borrower, LLC, Term Loan, 9.166%, (SOFR + 3.75%), 10/2/28 | 490 | 469,787 | |
Redstone Holdco 2 L.P., Term Loan, 10.184%, (SOFR + 4.75%), 4/27/28 | 306 | 262,959 | |
Skillsoft Corporation, Term Loan, 10.698%, (SOFR + 5.25%), 7/14/28 | 220 | 208,287 | |
Sophia, L.P., Term Loan, 8.916%, (SOFR + 3.50%), 10/7/27 | 1,144 | 1,143,042 | |
Turing Midco LLC, Term Loan, 7.931%, (SOFR + 2.50%), 3/24/28 | 187 | 186,401 | |
Veritas US, Inc., Term Loan, 10.431%, (SOFR + 5.00%), 9/1/25 | 216 | 187,537 | |
Vision Solutions, Inc., Term Loan, 9.863%, (SOFR + 4.00%), 4/24/28 | 438 | 426,483 | |
VS Buyer, LLC, Term Loan, 8.568%, (SOFR + 3.25%), 2/28/27 | 295 | 294,005 | |
$ 17,810,946 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Specialty Retail — 3.0% | |||
Belron Finance US LLC, Term Loan, 8.057%, (SOFR + 2.43%), 4/13/28 | $ | 122 | $ 121,818 |
Hoya Midco, LLC, Term Loan, 8.619%, (SOFR + 3.25%), 2/3/29 | 109 | 109,547 | |
Les Schwab Tire Centers, Term Loan, 8.692%, (SOFR + 3.25%), 11/2/27 | 973 | 970,498 | |
Mattress Firm, Inc., Term Loan, 9.95%, (6 mo. USD LIBOR + 4.25%), 9/25/28 | 533 | 529,748 | |
PetSmart, Inc., Term Loan, 9.166%, (SOFR + 3.75%), 2/11/28 | 735 | 734,005 | |
$ 2,465,616 | |||
Technology Hardware, Storage & Peripherals — 0.1% | |||
NCR Corporation, Term Loan, 7.931%, (SOFR + 2.50%), 8/28/26 | $ | 117 | $ 117,333 |
$ 117,333 | |||
Trading Companies & Distributors — 4.4% | |||
Avolon TLB Borrower 1 (US) LLC, Term Loan, 7.825%, (SOFR + 2.50%), 6/22/28 | $ | 698 | $ 699,166 |
Avolon TLB Borrower 1 (US), LLC, Term Loan, 7.675%, (SOFR + 2.25%), 12/1/27 | 195 | 194,719 | |
Core & Main L.P., Term Loan, 7.845%, (SOFR + 2.50%), 7/27/28(7) | 245 | 245,337 | |
Electro Rent Corporation, Term Loan, 11.002%, (SOFR + 5.50%), 11/1/24 | 584 | 565,343 | |
Park River Holdings, Inc., Term Loan, 8.522%, (6 mo. USD LIBOR + 3.25%), 12/28/27 | 589 | 570,560 | |
Spin Holdco, Inc., Term Loan, 9.664%, (SOFR + 4.00%), 3/4/28 | 653 | 566,710 | |
SRS Distribution, Inc.: | |||
Term Loan, 8.916%, (SOFR + 3.50%), 6/2/28 | 99 | 97,700 | |
Term Loan, 8.931%, (SOFR + 3.50%), 6/2/28 | 491 | 487,237 | |
Windsor Holdings III, LLC, Term Loan, 9.83%, (SOFR + 4.50%), 8/1/30 | 175 | 174,417 | |
$ 3,601,189 | |||
Transportation Infrastructure — 0.3% | |||
Brown Group Holding, LLC, Term Loan, 8.068%, (SOFR + 2.75%), 6/7/28 | $ | 209 | $ 207,491 |
$ 207,491 | |||
Wireless Telecommunication Services — 0.3% | |||
Digicel International Finance Limited, Term Loan, 9.146%, (6 mo. USD LIBOR + 3.25%), 5/28/24 | $ | 235 | $ 213,294 |
$ 213,294 | |||
Total Senior Floating Rate Loans (identified cost $92,129,719) | $ 89,117,749 |
Short-Term Investments — 4.2% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(10) | 3,403,736 | $ 3,403,736 | |
Total Short-Term Investments (identified cost $3,403,736) | $ 3,403,736 | ||
Total Investments — 122.9% (identified cost $104,466,833) | $100,685,576 |
Note Payable — (22.0)% | $ (18,000,000) |
Other Assets, Less Liabilities — (0.9)% | $ (743,399) | ||
Net Assets — 100.0% | $ 81,942,177 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
(3) | Amount is less than 0.05%. |
(4) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(5) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2023, the aggregate value of these securities is $6,795,632 or 8.3% of the Fund's net assets. |
(6) | Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”) (or the London Interbank Offered Rate (“LIBOR”) for those loans whose rates reset prior to the discontinuance of LIBOR on June 30, 2023) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold. |
(7) | The stated interest rate represents the weighted average interest rate at September 30, 2023 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. |
(8) | This Senior Loan will settle after September 30, 2023, at which time the interest rate will be determined. |
(9) | Issuer is in default with respect to interest and/or principal payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status. |
(10) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
Abbreviations: | |
LIBOR | – London Interbank Offered Rate |
PIK | – Payment In Kind |
SOFR | – Secured Overnight Financing Rate |
Currency Abbreviations: | |
USD | – United States Dollar |
September 30, 2023 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $101,063,097) | $ 97,281,840 |
Investments in securities of affiliated issuers, at value (identified cost $3,403,736) | 3,403,736 |
Cash | 2,194,263 |
Receivable for investments sold | 1,008,592 |
Receivable for capital shares sold | 156,560 |
Interest receivable | 519,411 |
Dividends receivable - affiliated | 18,816 |
Receivable from affiliates | 9,084 |
Trustees' deferred compensation plan | 3,057 |
Prepaid upfront fees on note payable | 14,010 |
Prepaid expenses | 3,032 |
Total assets | $104,612,401 |
Liabilities | |
Payable for investments purchased | $ 4,175,679 |
Payable for capital shares redeemed | 149,910 |
Distributions payable | 12,978 |
Payable to affiliates: | |
Investment advisory fee | 39,656 |
Administrative fee | 8,150 |
Distribution and service fees | 1,777 |
Sub-transfer agency fee | 831 |
Trustees' deferred compensation plan | 3,057 |
Accrued expenses | 278,186 |
Note payable | 18,000,000 |
Total liabilities | $ 22,670,224 |
Net Assets | $ 81,942,177 |
Sources of Net Assets | |
Paid-in capital | $ 91,541,134 |
Accumulated loss | (9,598,957) |
Net Assets | $ 81,942,177 |
Class A Shares | |
Net Assets | $ 8,656,374 |
Shares Outstanding | 969,290 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.93 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 9.23 |
Class I Shares | |
Net Assets | $ 44,555,575 |
Shares Outstanding | 4,995,506 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.92 |
Class R6 Shares | |
Net Assets | $ 28,730,228 |
Shares Outstanding | 3,221,483 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 8.92 |
On sales of $100,000 or more, the offering price of Class A shares is reduced. |
Year Ended | |
September 30, 2023 | |
Investment Income | |
Dividend income | $ 72,573 |
Dividend income - affiliated issuers | 151,241 |
Interest and other income | 9,363,924 |
Total investment income | $ 9,587,738 |
Expenses | |
Investment advisory fee | $ 526,667 |
Administrative fee | 102,282 |
Distribution and service fees: | |
Class A | 20,041 |
Trustees' fees and expenses | 7,332 |
Custodian fees | 12,678 |
Transfer agency fees and expenses | 51,777 |
Accounting fees | 22,311 |
Professional fees | 76,011 |
Registration fees | 49,738 |
Reports to shareholders | 9,477 |
Interest expense and fees | 1,500,753 |
Miscellaneous | 16,798 |
Total expenses | $ 2,395,865 |
Waiver and/or reimbursement of expenses by affiliates | $ (199,050) |
Net expenses | $ 2,196,815 |
Net investment income | $ 7,390,923 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ (2,165,411) |
Net realized loss | $ (2,165,411) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 5,480,573 |
Net change in unrealized appreciation (depreciation) | $ 5,480,573 |
Net realized and unrealized gain | $ 3,315,162 |
Net increase in net assets from operations | $10,706,085 |
Year Ended September 30, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 7,390,923 | $ 5,814,676 |
Net realized loss | (2,165,411) | (1,639,510) |
Net change in unrealized appreciation (depreciation) | 5,480,573 | (10,320,975) |
Net increase (decrease) in net assets from operations | $ 10,706,085 | $ (6,145,809) |
Distributions to shareholders: | ||
Class A | $ (680,985) | $ (285,377) |
Class I | (4,088,165) | (3,337,803) |
Class R6 | (2,637,291) | (2,200,776) |
Total distributions to shareholders | $ (7,406,441) | $ (5,823,956) |
Capital share transactions: | ||
Class A | $ 540,287 | $ 5,087,298 |
Class I | (12,413,278) | (2,512,223) |
Class R6 | (4,691,045) | (20,870,037) |
Net decrease in net assets from capital share transactions | $(16,564,036) | $ (18,294,962) |
Net decrease in net assets | $(13,264,392) | $ (30,264,727) |
Net Assets | ||
At beginning of year | $ 95,206,569 | $125,471,296 |
At end of year | $ 81,942,177 | $ 95,206,569 |
Year Ended | |
September 30, 2023 | |
Cash Flows From Operating Activities | |
Net increase in net assets from operations | $ 10,706,085 |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | |
Investments purchased | (10,729,125) |
Investments sold and principal repayments | 38,948,890 |
Decrease in short-term investments, net | 218,527 |
Net amortization/accretion of premium (discount) | (264,680) |
Amortization of prepaid upfront fees on note payable | 29,528 |
Decrease in interest receivable | 1,946 |
Increase in dividends receivable - affiliated | (10,992) |
Decrease in receivable from affiliate | 27,147 |
Decrease in prepaid expenses | 4,706 |
Increase in Trustees' deferred compensation plan | (792) |
Decrease in payable to affiliate for investment advisory fee | (12,258) |
Decrease in payable to affiliate for administrative fee | (1,883) |
Increase in payable to affiliate for distribution and services fees | 139 |
Increase in payable to affiliate for sub-transfer agency fee | 465 |
Increase in payable to affiliate for Trustees' deferred compensation plan | 792 |
Increase in accrued expenses | 94,149 |
Decrease in unfunded loan commitments | (118,224) |
Net change in unrealized (appreciation) depreciation on investments | (5,480,573) |
Net realized loss from investments | 2,165,411 |
Net cash provided by operating activities | $ 35,579,258 |
Cash Flows From Financing Activities | |
Cash distributions paid to shareholders | $ (171,522) |
Proceeds from capital shares sold | 18,252,044 |
Capital shares redeemed | (42,041,944) |
Prepaid upfront fees on note payable | (30,000) |
Proceeds from note payable | 10,000,000 |
Repayments of note payable | (22,000,000) |
Net cash used in financing activities | $(35,991,422) |
Net decrease in cash | $ (412,164) |
Cash at beginning of year | $ 2,606,427 |
Cash at end of year | $ 2,194,263 |
Supplemental disclosure of cash flow information: | |
Noncash financing activities not included herein consist of: | |
Reinvestment of dividends and distributions | $ 7,232,151 |
Cash paid for interest and fees on borrowings | $ 1,399,278 |
Class A | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.60 | $ 9.51 | $ 9.23 | $ 9.73 | $ 9.97 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.75 | $ 0.43 | $ 0.35 | $ 0.39 | $ 0.47 |
Net realized and unrealized gain (loss) | 0.33 | (0.93) | 0.29 | (0.50) | (0.24) |
Total income (loss) from operations | $ 1.08 | $ (0.50) | $ 0.64 | $ (0.11) | $ 0.23 |
Less Distributions | |||||
From net investment income | $ (0.75) | $ (0.41) | $ (0.36) | $ (0.39) | $ (0.47) |
Total distributions | $ (0.75) | $ (0.41) | $ (0.36) | $ (0.39) | $ (0.47) |
Net asset value — End of year | $ 8.93 | $ 8.60 | $ 9.51 | $ 9.23 | $ 9.73 |
Total Return(2) | 13.01% | (5.37)% | 6.99% | (1.05)% | 2.42% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 8,656 | $7,809 | $3,453 | $2,329 | $3,286 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses(4) | 3.08% | 1.95% | 1.51% | 1.83% | 2.29% |
Net expenses(4) | 2.81% (5) | 1.73% (5) | 1.32% | 1.53% | 1.98% |
Net investment income | 8.47% | 4.72% | 3.73% | 4.20% | 4.86% |
Portfolio Turnover | 14% | 30% | 37% | 32% | 44% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes interest expense and fees and other borrowing costs of 1.76%, 0.70%, 0.31%, 0.54% and 0.96% for the years ended September 30, 2023, 2022, 2021, 2020 and 2019, respectively. |
(5) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022, respectively). |
Class I | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.59 | $ 9.50 | $ 9.22 | $ 9.73 | $ 9.97 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.76 | $ 0.43 | $ 0.37 | $ 0.40 | $ 0.49 |
Net realized and unrealized gain (loss) | 0.34 | (0.90) | 0.29 | (0.50) | (0.23) |
Total income (loss) from operations | $ 1.10 | $ (0.47) | $ 0.66 | $ (0.10) | $ 0.26 |
Less Distributions | |||||
From net investment income | $ (0.77) | $ (0.44) | $ (0.38) | $ (0.41) | $ (0.50) |
Total distributions | $ (0.77) | $ (0.44) | $ (0.38) | $ (0.41) | $ (0.50) |
Net asset value — End of year | $ 8.92 | $ 8.59 | $ 9.50 | $ 9.22 | $ 9.73 |
Total Return(2) | 13.29% | (5.14)% | 7.25% | (0.83)% | 2.57% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $44,556 | $55,164 | $64,676 | $26,958 | $14,749 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses(4) | 2.81% | 1.58% | 1.26% | 1.50% | 2.02% |
Net expenses(4) | 2.55% (5) | 1.36% (5) | 1.07% | 1.21% | 1.70% |
Net investment income | 8.68% | 4.69% | 3.94% | 4.34% | 5.05% |
Portfolio Turnover | 14% | 30% | 37% | 32% | 44% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes interest expense and fees and other borrowing costs of 1.75%, 0.58%, 0.31%, 0.47% and 0.93% for the years ended September 30, 2023, 2022, 2021, 2020 and 2019, respectively. |
(5) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022, respectively). |
Class R6 | |||||
Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 8.59 | $ 9.50 | $ 9.22 | $ 9.72 | $ 9.96 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.77 | $ 0.42 | $ 0.38 | $ 0.41 | $ 0.50 |
Net realized and unrealized gain (loss) | 0.33 | (0.89) | 0.28 | (0.50) | (0.24) |
Total income (loss) from operations | $ 1.10 | $ (0.47) | $ 0.66 | $ (0.09) | $ 0.26 |
Less Distributions | |||||
From net investment income | $ (0.77) | $ (0.44) | $ (0.38) | $ (0.41) | $ (0.50) |
Total distributions | $ (0.77) | $ (0.44) | $ (0.38) | $ (0.41) | $ (0.50) |
Net asset value — End of year | $ 8.92 | $ 8.59 | $ 9.50 | $ 9.22 | $ 9.72 |
Total Return(2) | 13.29% | (5.15)% | 7.26% | (0.83)% | 2.67% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $28,730 | $32,233 | $57,343 | $43,899 | $32,011 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses(4) | 2.74% | 1.43% | 1.19% | 1.44% | 1.99% |
Net expenses(4) | 2.56% (5) | 1.32% (5) | 1.08% | 1.23% | 1.72% |
Net investment income | 8.72% | 4.59% | 3.99% | 4.40% | 5.08% |
Portfolio Turnover | 14% | 30% | 37% | 32% | 44% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes interest expense and fees and other borrowing costs of 1.76%, 0.54%, 0.32%, 0.49% and 0.95% for the years ended September 30, 2023, 2022, 2021, 2020 and 2019, respectively. |
(5) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.01% and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022, respectively). |
Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Common Stocks | $ 5,302 | $ 409,250 | $ 0 | $ 414,552 |
Corporate Bonds | — | 6,795,632 | — | 6,795,632 |
Exchange-Traded Funds | 953,907 | — | — | 953,907 |
Senior Floating-Rate Loans | — | 89,117,749 | — | 89,117,749 |
Short-Term Investments | 3,403,736 | — | — | 3,403,736 |
Total Investments | $4,362,945 | $96,322,631 | $ 0 | $100,685,576 |
(1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
Average Daily Gross Assets | Annual Fee Rate |
Up to and including $1 billion | 0.480% |
In excess of $1 billion | 0.430% |
Year Ended September 30, | ||
2023 | 2022 | |
Ordinary income | $7,406,441 | $5,823,956 |
Deferred capital losses | $ (5,796,874) |
Net unrealized depreciation | (3,789,105) |
Distributions payable | (12,978) |
Accumulated loss | $(9,598,957) |
Aggregate cost | $104,474,681 |
Gross unrealized appreciation | $ 509,081 |
Gross unrealized depreciation | (4,298,186) |
Net unrealized depreciation | $ (3,789,105) |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $3,622,263 | $59,030,326 | $(59,248,853) | $ — | $ — | $3,403,736 | $151,241 | 3,403,736 |
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 256,513 | $ 2,260,838 | 608,355 | $ 5,661,318 | |
Reinvestment of distributions | 72,287 | 637,099 | 30,301 | 272,944 | |
Shares redeemed | (267,744) | (2,357,650) | (93,351) | (846,964) | |
Net increase | 61,056 | $ 540,287 | 545,305 | $ 5,087,298 |
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Shares sold | 1,814,531 | $ 15,994,311 | 4,863,975 | $ 45,267,890 | |
Reinvestment of distributions | 456,814 | 4,017,949 | 360,202 | 3,279,314 | |
Shares redeemed | (3,699,637) | (32,425,538) | (5,605,783) | (51,059,427) | |
Net decrease | (1,428,292) | $(12,413,278) | (381,606) | $ (2,512,223) | |
Class R6 | |||||
Shares sold | 221 | $ 1,947 | 994,285 | $ 9,309,545 | |
Reinvestment of distributions | 292,930 | 2,577,103 | 223,961 | 2,045,111 | |
Shares redeemed | (825,658) | (7,270,095) | (3,499,373) | (32,224,693) | |
Net decrease | (532,507) | $ (4,691,045) | (2,281,127) | $(20,870,037) |
Boston, Massachusetts
November 22, 2023
• | A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
• | A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds; |
• | A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
• | Data regarding investment performance in comparison to benchmark indices; |
• | For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; |
• | Profitability analyses for the Adviser with respect to each fund; |
• | Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs; |
• | Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions; |
• | Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
• | Reports detailing the financial results and condition of CRM; |
• | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
• | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
• | A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
• | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and |
• | The terms of each investment advisory agreement. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Theodore H. Eliopoulos(1) 1964 | Trustee and President | Since 2022 | President and Chief Executive Officer of CRM and senior sponsor of Morgan Stanley Investment Management’s (MSIM) Diversity Council. Formerly, Vice Chairman & Head of Strategic Partnerships at MSIM (2019-2022). Former Chief Investment Officer and interim Chief Investment Officer (2014-2018) and Senior Investment Officer of Real Estate and Real Assets at California Public Employees’ Retirement System (CalPERS) (2007-2014). Former Chief Deputy Treasurer and Deputy Treasurer at the California State Treasurer's Office (2002-2006). Mr. Eliopoulos is an interested person because of his positions with CRM and certain affiliates. Other Directorships. The Robert Toigo Foundation; Pacific Pension & Investment Institute (PPI). |
Noninterested Trustees | |||
Richard L. Baird, Jr.(2) 1948 | Trustee | Since 1980 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships. None. |
Alice Gresham Bullock 1950 | Chair and Trustee | Since 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships. None. |
Cari M. Dominguez 1949 | Trustee | Since 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships. ManpowerGroup Inc. (workforce solutions company); Triple S Management Corporation (managed care); National Association of Corporate Directors. |
Karen Fang(3) 1958 | Trustee | Since 2023 | Formerly, Managing Director, Wealth Management at GAMCO Asset Management (asset management firm) (2020-2023). Formerly, Managing Director, Senior Portfolio Manager of Fiduciary Trust Company International (wealth management firm) (1993-2019). Other Directorships. None. |
John G. Guffey, Jr.(2) 1948 | Trustee | Since 1982 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. |
Miles D. Harper, III 1962 | Trustee | Since 2016 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram) (November 1999 - September 2014). Other Directorships. Bridgeway Funds (9) (asset management). |
Joy V. Jones 1950 | Trustee | Since 2016 | Attorney. Other Directorships. Palm Management Corporation. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Eddie Ramos(3) 1967 | Trustee | Since 2023 | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). Other Directorships. Macquarie Optimum Funds (6) (asset management). |
Anthony A. Williams 1951 | Trustee | Since 2010 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Hope L. Brown 1973 | Chief Compliance Officer | Since 2014 | Chief Compliance Officer of 46 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). |
Deidre E. Walsh 1971 | Secretary, Vice President and Chief Legal Officer | Since 2021 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2021). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
James F. Kirchner 1967 | Treasurer | Since 2016 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
(1) Mr. Eliopoulos is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | |||
(2) Effective December 31, 2023, Richard L. Baird, Jr. and John G. Guffey, Jr. will retire from the Board of Trustees. | |||
(3) Ms. Fang and Mr. Ramos began serving as Trustees effective October 30, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Since Inception |
Class A at NAV | 12/14/2021 | 12/17/2015 | 21.28% | 7.39% | 8.11% |
Class A with 5.25% Maximum Sales Charge | — | — | 14.87 | 6.24 | 7.37 |
Class I at NAV | 12/17/2015 | 12/17/2015 | 21.49 | 7.43 | 8.13 |
MSCI World Index | — | — | 21.95% | 7.25% | 9.16% |
% Total Annual Operating Expense Ratios3 | Class A | Class I |
Gross | 2.90% | 2.65% |
Net | 1.14 | 0.89 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class I, at minimum investment | $1,000,000 | 12/17/2015 | $1,838,818 | N.A. |
Sector Allocation (% of net assets)1 |
Country Allocation (% of net assets) | |
United States | 55.8% |
France | 7.8 |
United Kingdom | 6.4 |
Switzerland | 5.5 |
Japan | 4.5 |
Netherlands | 3.4 |
Denmark | 2.2 |
Singapore | 2.2 |
Belgium | 2.1 |
India | 2.0 |
Hong Kong | 1.9 |
Germany | 1.9 |
Australia | 1.8 |
Taiwan | 1.3 |
Total | 98.8% |
Top 10 Holdings (% of net assets)1 | |
Microsoft Corp. | 6.8% |
Alphabet, Inc., Class A | 5.0 |
Amazon.com, Inc. | 4.1 |
Nestle S.A. | 3.8 |
Visa, Inc., Class A | 3.6 |
Danaher Corp. | 3.2 |
Intuit, Inc. | 3.0 |
TJX Cos., Inc. (The) | 2.6 |
Boston Scientific Corp. | 2.6 |
Sanofi | 2.5 |
Total | 37.2% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | MSCI World Index is an unmanaged index of equity securities in the developed markets. 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 September 16, 2023 is that of Eaton Vance Focused Global Opportunities Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place at the close of business on September 15, 2023. The Predecessor Fund did not follow the Calvert Principles for Responsible Investment and, accordingly, the performance of the Predecessor Fund may not be indicative of how the Fund may have performed. |
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 A is linked to Class I. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked. | |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 9/15/28. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. | |
Additional Information |
Important Notice to Shareholders | |
At the close of business on September 15, 2023, the Fund acquired the net assets of Eaton Vance Focused Global Opportunities Fund (the Predecessor Fund) pursuant to an Agreement and Plan of Reorganization approved by shareholders of the Predecessor Fund. The Fund was created to carry out the reorganization and has a substantially similar investment objective as the Predecessor Fund. |
Beginning Account Value (4/1/23) | Ending Account Value (9/30/23) | Expenses Paid During Period* (4/1/23 – 9/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 958.60 | $5.84 ** | 1.19% |
Class I | $1,000.00 | $ 958.60 | $4.66 ** | 0.95% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.10 | $6.02 ** | 1.19% |
Class I | $1,000.00 | $1,020.31 | $4.81 ** | 0.95% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 98.6% |
Security | Shares | Value | |
Australia — 1.8% | |||
CSL, Ltd. | 821 | $ 132,266 | |
$ 132,266 | |||
Belgium — 2.1% | |||
KBC Group NV | 2,535 | $ 157,820 | |
$ 157,820 | |||
Denmark — 2.2% | |||
Novo Nordisk A/S, Class B | 1,846 | $ 168,080 | |
$ 168,080 | |||
France — 7.8% | |||
LVMH Moet Hennessy Louis Vuitton SE | 179 | $ 135,114 | |
Safran S.A. | 953 | 149,344 | |
Sanofi | 1,743 | 187,155 | |
Schneider Electric SE | 713 | 117,497 | |
$ 589,110 | |||
Germany — 1.9% | |||
Siemens AG | 972 | $ 138,907 | |
$ 138,907 | |||
Hong Kong — 1.9% | |||
AIA Group, Ltd. | 17,785 | $ 143,830 | |
$ 143,830 | |||
India — 2.0% | |||
HDFC Bank, Ltd. ADR | 2,513 | $ 148,292 | |
$ 148,292 | |||
Japan — 4.5% | |||
Dentsu Group, Inc. | 3,295 | $ 96,912 | |
Keyence Corp. | 211 | 78,033 | |
Nihon M&A Center Holdings, Inc. | 10,566 | 50,780 | |
Recruit Holdings Co., Ltd. | 3,787 | 115,863 | |
$ 341,588 | |||
Netherlands — 3.4% | |||
ASML Holding NV | 178 | $ 104,797 | |
IMCD NV | 1,205 | 152,354 | |
$ 257,151 | |||
Singapore — 2.2% | |||
DBS Group Holdings, Ltd. | 6,602 | $ 162,143 | |
$ 162,143 | |||
Switzerland — 5.5% | |||
Nestle S.A. | 2,549 | $ 288,536 | |
TE Connectivity, Ltd. | 1,026 | 126,742 | |
$ 415,278 |
Security | Shares | Value | |
Taiwan — 1.3% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,148 | $ 99,761 | |
$ 99,761 | |||
United Kingdom — 6.4% | |||
Compass Group PLC | 6,398 | $ 155,737 | |
London Stock Exchange Group PLC | 1,596 | 159,961 | |
Reckitt Benckiser Group PLC | 2,321 | 163,679 | |
$ 479,377 | |||
United States — 55.6% | |||
Adobe, Inc.(1) | 288 | $ 146,851 | |
Alphabet, Inc., Class A(1) | 2,887 | 377,793 | |
Amazon.com, Inc.(1) | 2,448 | 311,190 | |
AMETEK, Inc. | 999 | 147,612 | |
Boston Scientific Corp.(1) | 3,643 | 192,350 | |
CDW Corp. | 917 | 185,014 | |
Danaher Corp. | 958 | 237,680 | |
Dollar Tree, Inc.(1) | 1,356 | 144,346 | |
Ingersoll Rand, Inc. | 2,082 | 132,665 | |
Intuit, Inc. | 446 | 227,879 | |
Intuitive Surgical, Inc.(1) | 427 | 124,808 | |
Microsoft Corp. | 1,634 | 515,935 | |
Mondelez International, Inc., Class A | 2,324 | 161,286 | |
NextEra Energy, Inc. | 2,596 | 148,725 | |
TJX Cos., Inc. (The) | 2,201 | 195,625 | |
Union Pacific Corp. | 822 | 167,384 | |
Verisk Analytics, Inc. | 704 | 166,313 | |
Visa, Inc., Class A | 1,172 | 269,572 | |
Walt Disney Co. (The)(1) | 2,146 | 173,933 | |
Zoetis, Inc. | 916 | 159,366 | |
$4,186,327 | |||
Total Common Stocks (identified cost $5,993,332) | $7,419,930 |
Short-Term Investments — 0.2% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(2) | 18,172 | $ 18,172 | |
Total Short-Term Investments (identified cost $18,172) | $ 18,172 |
Total Investments — 98.8% (identified cost $6,011,504) | $7,438,102 | |
Other Assets, Less Liabilities — 1.2% | $ 91,658 | |
Net Assets — 100.0% | $7,529,760 |
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 September 30, 2023. |
Economic Sectors | % of Net Assets |
Information Technology | 19.7% |
Industrials | 17.8 |
Health Care | 16.0 |
Financials | 13.8 |
Consumer Discretionary | 10.6 |
Consumer Staples | 10.1 |
Communication Services | 8.6 |
Utilities | 2.0 |
Total | 98.6% |
Abbreviations: | |
ADR | – American Depositary Receipt |
September 30, 2023 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $5,993,332) | $ 7,419,930 |
Investments in securities of affiliated issuers, at value (identified cost $18,172) | 18,172 |
Receivable for investments sold | 74,450 |
Receivable for capital shares sold | 335 |
Dividends receivable | 6,218 |
Dividends receivable - affiliated | 137 |
Tax reclaims receivable | 8,754 |
Receivable from affiliates | 26,032 |
Other assets | 39,362 |
Total assets | $7,593,390 |
Liabilities | |
Payable for capital shares redeemed | $ 175 |
Payable to affiliates: | |
Investment advisory fee | 4,808 |
Administrative fee | 328 |
Distribution and service fees | 7 |
Sub-transfer agency fee | 155 |
Accrued expenses | 58,157 |
Total liabilities | $ 63,630 |
Net Assets | $7,529,760 |
Sources of Net Assets | |
Paid-in capital | $ 5,922,696 |
Distributable earnings | 1,607,064 |
Net Assets | $7,529,760 |
Class A Shares | |
Net Assets | $ 31,105 |
Shares Outstanding | 2,171 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding, including fractional shares) | $ 14.33 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 15.12 |
Class I Shares | |
Net Assets | $ 7,498,655 |
Shares Outstanding | 523,163 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 14.33 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Ten Months Ended September 30, 2023 | Year Ended November 30, 2022 | |
Investment Income | ||
Dividend income (net of foreign taxes withheld of $7,843 and $10,002, respectively) | $ 98,099 | $ 119,055 |
Dividend income - affiliated issuers | 3,273 | 2,189 |
Total investment income | $ 101,372 | $ 121,244 |
Expenses | ||
Management fees | $ 54,601 | $ 63,425 |
Distribution and service fees: | ||
Class A | 49 | 26 |
Trustees' fees and expenses | 739 | 1,160 |
Custodian fees | 19,853 | 25,463 |
Transfer agency fees and expenses | 2,240 | 2,530 |
Professional fees | 40,559 | 58,274 |
Registration fees | 20,671 | 46,097 |
Reports to shareholders | 3,357 | 3,023 |
Interest expense and fees | 1,018 | — |
Miscellaneous | 6,665 | 10,623 |
Total expenses | $ 149,752 | $ 210,621 |
Waiver and/or reimbursement of expenses by affiliates | $ (84,109) | $ (135,427) |
Net expenses | $ 65,643 | $ 75,194 |
Net investment income | $ 35,729 | $ 46,050 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss): | ||
Investment securities | $ 209,183 | $ 111,629 |
Foreign currency transactions | 1,901 | (2,068) |
Net realized gain | $ 211,084 | $ 109,561 |
Change in unrealized appreciation (depreciation): | ||
Investment securities | $ 102,805 | $ (941,176) |
Foreign currency | 82 | (174) |
Net change in unrealized appreciation (depreciation) | $ 102,887 | $(941,350) |
Net realized and unrealized gain (loss) | $ 313,971 | $(831,789) |
Net increase (decrease) in net assets from operations | $ 349,700 | $(785,739) |
Financial information from December 1, 2021 through the close of business on September 15, 2023 is for the Eaton Vance Focused Global Opportunities Fund, which was reorganized into the Calvert Global Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Focused Global Opportunities Fund had a fiscal year-end of November 30. See Notes 1 and 9 to Financial Statements. |
Ten Months Ended September 30, 2023 | Year Ended November 30, | ||
2022 | 2021 | ||
Increase (Decrease) in Net Assets | |||
From operations: | |||
Net investment income | $ 35,729 | $ 46,050 | $ 12,867 |
Net realized gain | 211,084 | 109,561 | 838,029 |
Net change in unrealized appreciation (depreciation) | 102,887 | (941,350) | 640,656 |
Net increase (decrease) in net assets from operations | $ 349,700 | $ (785,739) | $1,491,552 |
Distributions to shareholders: | |||
Class A | $ (282) | $ (868)(1) | $ — |
Class I | (175,579) | (751,865) | (21,503) |
Total distributions to shareholders | $ (175,861) | $ (752,733) | $ (21,503) |
Capital share transactions: | |||
Class A | $ 14,253 | $ 19,082(1) | $ — |
Class I | (2,506,997) | 3,065,908 | 1,031,363 |
Net increase (decrease) in net assets from capital share transactions | $(2,492,744) | $3,084,990 | $1,031,363 |
Net increase (decrease) in net assets | $(2,318,905) | $1,546,518 | $2,501,412 |
Net Assets | |||
At beginning of period | $ 9,848,665 | $ 8,302,147 | $ 5,800,735 |
At end of period | $ 7,529,760 | $9,848,665 | $8,302,147 |
(1) | For the period from the commencement of operations, December 14, 2021, to November 30, 2022. |
Financial information from December 1, 2020 through the close of business on September 15, 2023 is for the Eaton Vance Focused Global Opportunities Fund, which was reorganized into the Calvert Global Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Focused Global Opportunities Fund had a fiscal year-end of November 30. See Notes 1 and 9 to Financial Statements. |
Class A | ||
Ten Months Ended September 30, 2023 | Period Ended November 30, 2022(1) | |
Net asset value — Beginning of period | $ 14.00 | $ 17.46 |
Income (Loss) From Operations | ||
Net investment income(2) | $ 0.04 | $ 0.04 |
Net realized and unrealized gain (loss) | 0.52 | (1.98) |
Total income (loss) from operations | $ 0.56 | $ (1.94) |
Less Distributions | ||
From net investment income | $ (0.04) | $ (0.08) |
From net realized gain | (0.19) | (1.44) |
Total distributions | $ (0.23) | $ (1.52) |
Net asset value — End of period | $14.33 | $ 14.00 |
Total Return(3) | 4.12% (4) | (12.48)% (4) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $ 31 | $ 17 |
Ratios (as a percentage of average daily net assets):(5) | ||
Total expenses | 2.46% (6)(7) | 2.91% (6) |
Net expenses | 1.21% (6)(7)(8) | 1.20% (6)(8) |
Net investment income | 0.26% (6) | 0.31% (6) |
Portfolio Turnover | 30% (4) | 29% (9) |
(1) | For the period from the commencement of operations, December 14, 2021, to November 30, 2022. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes interest expense of 0.01%. |
(8) | Includes a reduction by the investment adviser of a portion of its advisory and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the ten months ended September 30, 2023 and period ended November 30, 2022). |
(9) | For the year ended November 30, 2022. |
Financial information from December 1, 2021 through the close of business on September 15, 2023 is for the Eaton Vance Focused Global Opportunities Fund, which was reorganized into the Calvert Global Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Focused Global Opportunities Fund had a fiscal year-end of November 30. See Notes 1 and 9 to Financial Statements. |
Class I | ||||||
Ten Months Ended September 30, 2023 | Year Ended November 30, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 13.99 | $ 17.25 | $ 13.78 | $ 12.42 | $ 11.53 | $ 11.83 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.06 | $ 0.08 | $ 0.03 | $ 0.07 | $ 0.10 | $ 0.14 |
Net realized and unrealized gain (loss) | 0.53 | (1.82) | 3.49 | 1.42 | 1.65 | (0.01) |
Total income (loss) from operations | $ 0.59 | $ (1.74) | $ 3.52 | $ 1.49 | $ 1.75 | $ 0.13 |
Less Distributions | ||||||
From net investment income | $ (0.06) | $ (0.08) | $ (0.05) | $ (0.13) | $ (0.12) | $ (0.12) |
From net realized gain | (0.19) | (1.44) | — | — | (0.74) | (0.31) |
Total distributions | $ (0.25) | $ (1.52) | $ (0.05) | $ (0.13) | $ (0.86) | $ (0.43) |
Net asset value — End of period | $14.33 | $ 13.99 | $17.25 | $13.78 | $12.42 | $11.53 |
Total Return(2) | 4.38% (3) | (11.48)% | 25.62% | 12.06% | 17.28% | 1.06% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 7,499 | $ 9,832 | $ 8,302 | $ 5,801 | $ 5,186 | $ 4,350 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 2.20% (5)(6) | 2.66% | 2.32% | 2.90% | 3.03% (6) | 3.27% |
Net expenses | 0.96% (5)(6)(7) | 0.95% (7) | 0.95% | 0.95% | 0.96% (6) | 0.95% |
Net investment income | 0.52% (5) | 0.58% | 0.18% | 0.55% | 0.92% | 1.20% |
Portfolio Turnover | 30% (3) | 29% | 57% | 54% | 46% | 82% |
(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 0.01%. |
(7) | Includes a reduction by the investment adviser of a portion of its advisory and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the ten months ended September 30, 2023 and year ended November 30, 2022). |
Financial information from December 1, 2017 through the close of business on September 15, 2023 is for the Eaton Vance Focused Global Opportunities Fund, which was reorganized into the Calvert Global Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Focused Global Opportunities Fund had a fiscal year-end of November 30. See Notes 1 and 9 to Financial Statements. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Australia | $ — | $ 132,266 | $ — | $ 132,266 |
Belgium | — | 157,820 | — | 157,820 |
Denmark | — | 168,080 | — | 168,080 |
France | — | 589,110 | — | 589,110 |
Germany | — | 138,907 | — | 138,907 |
Hong Kong | — | 143,830 | — | 143,830 |
India | 148,292 | — | — | 148,292 |
Japan | — | 341,588 | — | 341,588 |
Netherlands | — | 257,151 | — | 257,151 |
Singapore | — | 162,143 | — | 162,143 |
Switzerland | 126,742 | 288,536 | — | 415,278 |
Taiwan | 99,761 | — | — | 99,761 |
United Kingdom | — | 479,377 | — | 479,377 |
United States | 4,186,327 | — | — | 4,186,327 |
Total Common Stocks | $4,561,122 | $2,858,808 (1) | $ — | $7,419,930 |
Short-Term Investments | $ 18,172 | $ — | $ — | $ 18,172 |
Total Investments | $4,579,294 | $2,858,808 | $ — | $7,438,102 |
(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. |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.680% |
$500 million but less than $1 billion | 0.655% |
$1 billion but less than $2.5 billion | 0.630% |
$2.5 billion but less than $5 billion | 0.610% |
$5 billion and over | 0.595% |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.800% |
$500 million but less than $1 billion | 0.775% |
$1 billion but less than $2.5 billion | 0.750% |
$2.5 billion but less than $5 billion | 0.730% |
$5 billion and over | 0.715% |
Ten Months Ended September 30, 2023 | Year Ended November 30, | ||
2022 | 2021 | ||
Ordinary income | $ 43,839 | $129,336 | $21,503 |
Long-term capital gains | $132,022 | $623,397 | $ — |
Undistributed ordinary income | $ 137,240 |
Undistributed long-term capital gains | 48,215 |
Net unrealized appreciation | 1,421,609 |
Distributable earnings | $1,607,064 |
Aggregate cost | $6,016,403 |
Gross unrealized appreciation | $ 1,836,979 |
Gross unrealized depreciation | (415,280) |
Net unrealized appreciation | $1,421,699 |
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 | $60,947 | $1,621,145 | $(1,663,920) | $ — | $ — | $18,172 | $3,273 | 18,172 |
Ten Months Ended September 30, 2023 | Year Ended November 30, 2022(1) | Year Ended November 30, 2021 | ||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||
Class A | ||||||||
Shares sold | 935 | $ 13,971 | 1,163 | $ 18,214 | — | $ — | ||
Reinvestment of distributions | 21 | 282 | 52 | 868 | — | — | ||
Net increase | 956 | $ 14,253 | 1,215 | $ 19,082 | — | $ — | ||
Class I | ||||||||
Shares sold | 36,775 | $ 535,539 | 264,722 | $ 3,660,472 | 153,495 | $ 2,545,564 | ||
Reinvestment of distributions | 13,322 | 175,579 | 45,348 | 751,865 | 1,482 | 21,503 | ||
Shares redeemed | (229,511) | (3,218,115) | (88,763) | (1,346,429) | (94,622) | (1,535,704) | ||
Net increase (decrease) | (179,414) | $(2,506,997) | 221,307 | $ 3,065,908 | 60,355 | $ 1,031,363 |
(1) | For Class A, for the period from the commencement of operations, December 14, 2021, to November 30, 2022. |
Shares Issued | Net Assets | |
Class A | 2,171 | $32,518 |
Class I | 523,253 | $7,839,838 |
Boston, Massachusetts
November 22, 2023
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Theodore H. Eliopoulos(1) 1964 | Trustee and President | Since 2022 | President and Chief Executive Officer of CRM and senior sponsor of Morgan Stanley Investment Management’s (MSIM) Diversity Council. Formerly, Vice Chairman & Head of Strategic Partnerships at MSIM (2019-2022). Former Chief Investment Officer and interim Chief Investment Officer (2014-2018) and Senior Investment Officer of Real Estate and Real Assets at California Public Employees’ Retirement System (CalPERS) (2007-2014). Former Chief Deputy Treasurer and Deputy Treasurer at the California State Treasurer's Office (2002-2006). Mr. Eliopoulos is an interested person because of his positions with CRM and certain affiliates. Other Directorships. The Robert Toigo Foundation; Pacific Pension & Investment Institute (PPI). |
Noninterested Trustees | |||
Richard L. Baird, Jr.(2) 1948 | Trustee | Since 1980 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships. None. |
Alice Gresham Bullock 1950 | Chair and Trustee | Since 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships. None. |
Cari M. Dominguez 1949 | Trustee | Since 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships. ManpowerGroup Inc. (workforce solutions company); Triple S Management Corporation (managed care); National Association of Corporate Directors. |
Karen Fang(3) 1958 | Trustee | Since 2023 | Formerly, Managing Director, Wealth Management at GAMCO Asset Management (asset management firm) (2020-2023). Formerly, Managing Director, Senior Portfolio Manager of Fiduciary Trust Company International (wealth management firm) (1993-2019). Other Directorships. None. |
John G. Guffey, Jr.(2) 1948 | Trustee | Since 1982 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. |
Miles D. Harper, III 1962 | Trustee | Since 2016 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram) (November 1999 - September 2014). Other Directorships. Bridgeway Funds (9) (asset management). |
Joy V. Jones 1950 | Trustee | Since 2016 | Attorney. Other Directorships. Palm Management Corporation. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Eddie Ramos(3) 1967 | Trustee | Since 2023 | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). Other Directorships. Macquarie Optimum Funds (6) (asset management). |
Anthony A. Williams 1951 | Trustee | Since 2010 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Hope L. Brown 1973 | Chief Compliance Officer | Since 2014 | Chief Compliance Officer of 46 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). |
Deidre E. Walsh 1971 | Secretary, Vice President and Chief Legal Officer | Since 2021 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2021). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
James F. Kirchner 1967 | Treasurer | Since 2016 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
(1) Mr. Eliopoulos is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | |||
(2) Effective December 31, 2023, Richard L. Baird, Jr. and John G. Guffey, Jr. will retire from the Board of Trustees. | |||
(3) Ms. Fang and Mr. Ramos began serving as Trustees effective October 30, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 03/04/2002 | 03/04/2002 | 13.46% | 2.95% | 5.74% |
Class A with 5.25% Maximum Sales Charge | — | — | 7.52 | 1.85 | 5.17 |
Class C at NAV | 03/04/2002 | 03/04/2002 | 12.64 | 2.17 | 4.95 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 11.64 | 2.17 | 4.95 |
Class I at NAV | 10/01/2009 | 03/04/2002 | 13.78 | 3.21 | 6.02 |
MSCI World Small Cap Index | — | — | 14.00% | 3.10% | 6.29% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 1.80% | 2.55% | 1.55% |
Net | 1.31 | 2.06 | 1.06 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 9/30/2013 | $16,254 | N.A. |
Class I, at minimum investment | $1,000,000 | 9/30/2013 | $1,797,068 | N.A. |
Sector Allocation (% of net assets)1 |
Country Allocation (% of net assets) | |
United States | 59.8% |
Japan | 11.7 |
United Kingdom | 8.7 |
Italy | 3.4 |
Australia | 3.2 |
Canada | 2.9 |
Sweden | 2.6 |
Netherlands | 2.0 |
Belgium | 0.9 |
Norway | 0.7 |
France | 0.7 |
Germany | 0.6 |
Austria | 0.6 |
Switzerland | 0.6 |
Spain | 0.5 |
New Zealand | 0.5 |
Singapore | 0.3 |
Luxembourg | 0.1 |
Total | 99.8% |
Top 10 Holdings (% of net assets)1 | |
Chemed Corp. | 1.9% |
CBIZ, Inc. | 1.8 |
Rentokil Initial PLC ADR | 1.6 |
Selective Insurance Group, Inc. | 1.6 |
Ryan Specialty Holdings, Inc. | 1.6 |
Wyndham Hotels & Resorts, Inc. | 1.6 |
AptarGroup, Inc. | 1.5 |
Cooper Cos., Inc. (The) | 1.5 |
RLI Corp. | 1.4 |
Core & Main, Inc., Class A | 1.4 |
Total | 15.9% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | MSCI World Small Cap Index is an unmanaged index of small-cap equity securities in the developed markets. 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.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. |
Prior to August 7, 2015, the Fund’s investment adviser employed an investment objective and strategy of seeking to achieve long-term after-tax returns by investing in value stocks of small-cap companies. From August 7, 2015 until March 1, 2018, the Fund’s investment adviser employed an investment objective and strategy of seeking long-term, after-tax returns by investing in stocks of global small-cap companies. Effective March 1, 2018, the Fund changed its investment objective and strategy to no longer seek after-tax returns. Performance prior to March 1, 2018 reflects the Fund’s performance under its former investment objectives and policies.Performance prior to September 16, 2023 is that of Eaton Vance Global Small-Cap Equity Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place at the close of business on September 15, 2023. The Predecessor Fund did not follow the Calvert Principles for Responsible Investment and, accordingly, the performance of the Predecessor Fund may not be indicative of how the Fund may have performed. | |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 9/15/28. 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 | |
At the close of business on September 15, 2023, the Fund acquired the net assets of Eaton Vance Global Small-Cap Equity Fund (the Predecessor Fund) pursuant to an Agreement and Plan of Reorganization approved by shareholders of the Predecessor Fund. The Fund was created to carry out the reorganization and has a substantially similar investment objective as the Predecessor Fund. |
S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, |
Beginning Account Value (4/1/23) | Ending Account Value (9/30/23) | Expenses Paid During Period* (4/1/23 – 9/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 948.20 | $ 6.59** | 1.35% |
Class C | $1,000.00 | $ 944.90 | $10.24 ** | 2.10% |
Class I | $1,000.00 | $ 949.70 | $ 5.33** | 1.09% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.30 | $ 6.83** | 1.35% |
Class C | $1,000.00 | $1,014.54 | $10.61 ** | 2.10% |
Class I | $1,000.00 | $1,019.60 | $ 5.52** | 1.09% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 99.3% |
Security | Shares | Value | |
Australia — 3.2% | |||
BlueScope Steel, Ltd. | 3,585 | $ 44,395 | |
carsales.com, Ltd. | 17,909 | 320,828 | |
Data#3, Ltd. | 40,459 | 183,400 | |
IGO, Ltd. | 9,922 | 79,624 | |
Steadfast Group, Ltd. | 39,070 | 141,121 | |
$ 769,368 | |||
Austria — 0.6% | |||
BAWAG Group AG(1) | 2,959 | $ 135,244 | |
$ 135,244 | |||
Belgium — 0.9% | |||
Azelis Group NV | 11,312 | $ 223,300 | |
$ 223,300 | |||
Canada — 2.9% | |||
Agnico Eagle Mines, Ltd. | 1,052 | $ 47,804 | |
ATS Corp.(2) | 6,407 | 273,120 | |
Descartes Systems Group, Inc. (The)(2) | 1,847 | 135,562 | |
Granite Real Estate Investment Trust | 2,428 | 128,850 | |
Killam Apartment Real Estate Investment Trust | 9,462 | 121,353 | |
$ 706,689 | |||
France — 0.7% | |||
IPSOS S.A. | 3,744 | $ 172,001 | |
$ 172,001 | |||
Germany — 0.6% | |||
Encavis AG(2) | 8,990 | $ 126,162 | |
Schott Pharma AG & Co. KGaA(2) | 532 | 17,796 | |
$ 143,958 | |||
Italy — 3.4% | |||
Amplifon SpA | 5,978 | $ 176,955 | |
BFF Bank SpA(1) | 20,241 | 201,910 | |
DiaSorin SpA | 1,225 | 111,552 | |
FinecoBank Banca Fineco SpA | 9,122 | 110,150 | |
MARR SpA | 10,430 | 131,993 | |
Moncler SpA | 1,358 | 78,703 | |
$ 811,263 | |||
Japan — 11.7% | |||
As One Corp. | 3,861 | $ 140,713 | |
Asahi Intecc Co., Ltd. | 6,064 | 108,718 | |
BayCurrent Consulting, Inc. | 6,137 | 204,502 | |
Chiba Bank, Ltd. (The) | 15,826 | 114,977 | |
Cosmos Pharmaceutical Corp. | 2,118 | 216,540 | |
Fukuoka Financial Group, Inc. | 5,594 | 133,846 | |
Goldwin, Inc. | 1,790 | 121,213 | |
JMDC, Inc. | 3,654 | 132,547 |
Security | Shares | Value | |
Japan (continued) | |||
Kose Corp. | 1,545 | $ 111,985 | |
Kyoritsu Maintenance Co., Ltd. | 3,475 | 144,621 | |
LaSalle Logiport REIT | 134 | 128,475 | |
Lion Corp. | 13,185 | 130,038 | |
Mitsubishi Research Institute, Inc. | 3,716 | 120,313 | |
Miura Co., Ltd. | 6,863 | 137,926 | |
Nihon M&A Center Holdings, Inc. | 12,924 | 62,112 | |
Sanwa Holdings Corp. | 18,493 | 245,441 | |
SUMCO Corp. | 9,079 | 118,145 | |
T Hasegawa Co., Ltd. | 6,087 | 124,046 | |
USS Co., Ltd. | 11,555 | 191,020 | |
Yamaha Corp. | 4,277 | 116,812 | |
$ 2,803,990 | |||
Luxembourg — 0.1% | |||
APERAM S.A. | 805 | $ 23,383 | |
$ 23,383 | |||
Netherlands — 2.0% | |||
BE Semiconductor Industries NV | 1,271 | $ 124,312 | |
Euronext NV(1) | 1,793 | 124,719 | |
IMCD NV | 1,785 | 225,686 | |
$ 474,717 | |||
New Zealand — 0.5% | |||
Spark New Zealand, Ltd. | 42,977 | $ 123,724 | |
$ 123,724 | |||
Norway — 0.7% | |||
SmartCraft ASA(2) | 63,599 | $ 127,082 | |
SpareBank 1 SR-Bank ASA | 4,400 | 50,390 | |
$ 177,472 | |||
Singapore — 0.3% | |||
Daiwa House Logistics Trust | 194,482 | $ 78,864 | |
$ 78,864 | |||
Spain — 0.5% | |||
Inmobiliaria Colonial Socimi S.A. | 21,951 | $ 124,479 | |
$ 124,479 | |||
Sweden — 2.6% | |||
AddTech AB, Class B | 13,174 | $ 210,248 | |
Autoliv, Inc. | 1,681 | 162,183 | |
Boliden AB | 1,325 | 38,023 | |
Sdiptech AB, Class B(2) | 10,363 | 209,310 | |
$ 619,764 | |||
Switzerland — 0.6% | |||
Galenica AG(1) | 1,791 | $ 132,311 | |
$ 132,311 |
Security | Shares | Value | |
United Kingdom — 8.7% | |||
Cranswick PLC | 3,848 | $ 166,260 | |
Diploma PLC | 6,173 | 225,361 | |
DiscoverIE Group PLC | 28,985 | 239,166 | |
Games Workshop Group PLC | 1,158 | 149,104 | |
Greggs PLC | 4,490 | 133,670 | |
JTC PLC(1) | 29,568 | 261,463 | |
Rentokil Initial PLC ADR | 10,691 | 396,101 | |
Shaftesbury Capital PLC | 88,611 | 123,773 | |
SSP Group PLC(2) | 45,178 | 111,495 | |
Volution Group PLC | 34,735 | 152,968 | |
Wise PLC, Class A(2) | 17,014 | 141,886 | |
$ 2,101,247 | |||
United States — 59.3% | |||
AAON, Inc. | 3,586 | $ 203,936 | |
Addus HomeCare Corp.(2) | 992 | 84,509 | |
Albany International Corp., Class A | 1,960 | 169,109 | |
Alliant Energy Corp. | 5,064 | 245,351 | |
Altair Engineering, Inc., Class A(2) | 2,198 | 137,507 | |
AptarGroup, Inc. | 2,969 | 371,244 | |
Atmus Filtration Technologies, Inc.(2) | 2,725 | 56,816 | |
AZEK Co., Inc. (The)(2) | 9,153 | 272,210 | |
Brunswick Corp. | 1,299 | 102,621 | |
Casey's General Stores, Inc. | 1,056 | 286,725 | |
CBIZ, Inc.(2) | 8,557 | 444,108 | |
Ceridian HCM Holding, Inc.(2) | 1,829 | 124,098 | |
Chemed Corp. | 858 | 445,903 | |
Clearwater Analytics Holdings, Inc., Class A(2) | 7,803 | 150,910 | |
CMS Energy Corp. | 4,382 | 232,728 | |
Commerce Bancshares, Inc. | 4,920 | 236,062 | |
Cooper Cos., Inc. (The) | 1,160 | 368,892 | |
Core & Main, Inc., Class A(2) | 11,879 | 342,709 | |
CubeSmart | 5,991 | 228,437 | |
Domino's Pizza, Inc. | 839 | 317,805 | |
Dorman Products, Inc.(2) | 4,221 | 319,783 | |
EastGroup Properties, Inc. | 1,848 | 307,747 | |
Envestnet, Inc.(2) | 4,549 | 200,292 | |
Envista Holdings Corp.(2) | 8,073 | 225,075 | |
Equity LifeStyle Properties, Inc. | 5,227 | 333,012 | |
Euronet Worldwide, Inc.(2) | 1,853 | 147,091 | |
Fair Isaac Corp.(2) | 298 | 258,822 | |
Generac Holdings, Inc.(2) | 665 | 72,458 | |
Graco, Inc. | 3,539 | 257,922 | |
Harley-Davidson, Inc. | 4,772 | 157,762 | |
Herc Holdings, Inc. | 558 | 66,369 | |
Hexcel Corp. | 1,431 | 93,215 | |
Janus International Group, Inc.(2) | 5,413 | 57,919 | |
Jazz Pharmaceuticals PLC(2) | 1,486 | 192,348 | |
Lancaster Colony Corp. | 409 | 67,497 | |
Landstar System, Inc. | 761 | 134,651 | |
LPL Financial Holdings, Inc. | 1,022 | 242,878 |
Security | Shares | Value | |
United States (continued) | |||
MarketAxess Holdings, Inc. | 878 | $ 187,576 | |
Middleby Corp. (The)(2) | 2,481 | 317,568 | |
Neogen Corp.(2) | 5,699 | 105,659 | |
Neurocrine Biosciences, Inc.(2) | 1,174 | 132,075 | |
Nordson Corp. | 849 | 189,471 | |
NV5 Global, Inc.(2) | 1,462 | 140,688 | |
ONE Gas, Inc. | 1,041 | 71,080 | |
Papa John's International, Inc. | 1,316 | 89,778 | |
Performance Food Group Co.(2) | 4,107 | 241,738 | |
PowerSchool Holdings, Inc., Class A(2) | 4,491 | 101,766 | |
Premier, Inc., Class A | 4,389 | 94,364 | |
Progress Software Corp. | 2,995 | 157,477 | |
Quaker Chemical Corp. | 1,457 | 233,120 | |
R1 RCM, Inc.(2) | 15,494 | 233,495 | |
Rexford Industrial Realty, Inc. | 6,293 | 310,560 | |
RH (2) | 207 | 54,723 | |
RLI Corp. | 2,532 | 344,074 | |
Ryan Specialty Holdings, Inc.(2) | 7,807 | 377,859 | |
Selective Insurance Group, Inc. | 3,788 | 390,808 | |
Simply Good Foods Co. (The)(2) | 2,842 | 98,106 | |
SouthState Corp. | 3,186 | 214,609 | |
SPS Commerce, Inc.(2) | 856 | 146,042 | |
Teleflex, Inc. | 1,220 | 239,620 | |
Texas Roadhouse, Inc. | 1,039 | 99,848 | |
Tradeweb Markets, Inc., Class A | 3,552 | 284,870 | |
Tyler Technologies, Inc.(2) | 484 | 186,892 | |
Visteon Corp.(2) | 634 | 87,536 | |
W.R. Berkley Corp. | 4,872 | 309,323 | |
White Mountains Insurance Group, Ltd. | 186 | 278,198 | |
Woodward, Inc. | 1,781 | 221,307 | |
Wyndham Hotels & Resorts, Inc. | 5,396 | 375,238 | |
$14,271,989 | |||
Total Common Stocks (identified cost $21,404,405) | $23,893,763 |
Short-Term Investments — 0.5% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(3) | 119,406 | $ 119,406 | |
Total Short-Term Investments (identified cost $119,406) | $ 119,406 |
Total Investments — 99.8% (identified cost $21,523,811) | $24,013,169 | |
Other Assets, Less Liabilities — 0.2% | $ 51,872 | |
Net Assets — 100.0% | $24,065,041 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2023, the aggregate value of these securities is $855,647 or 3.6% of the Fund's net assets. |
(2) | Non-income producing security. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
Economic Sectors | % of Net Assets |
Industrials | 24.6% |
Financials | 18.4 |
Health Care | 12.2 |
Consumer Discretionary | 11.9 |
Information Technology | 8.9 |
Real Estate | 7.9 |
Consumer Staples | 6.0 |
Materials | 4.0 |
Utilities | 2.8 |
Communication Services | 2.6 |
Total | 99.3% |
Abbreviations: | |
ADR | – American Depositary Receipt |
September 30, 2023 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $21,404,405) | $ 23,893,763 |
Investments in securities of affiliated issuers, at value (identified cost $119,406) | 119,406 |
Cash denominated in foreign currency, at value (cost $28,421) | 28,329 |
Receivable for investments sold | 14,698 |
Receivable for capital shares sold | 16,735 |
Dividends and interest receivable | 49,233 |
Dividends receivable - affiliated | 243 |
Tax reclaims receivable | 9,616 |
Receivable from affiliates | 33,838 |
Prepaid expenses | 55,516 |
Total assets | $24,221,377 |
Liabilities | |
Due to custodian | $ 836 |
Payable for investments purchased | 60,586 |
Payable for capital shares redeemed | 298 |
Payable to affiliates: | |
Investment advisory fee | 18,351 |
Administrative fee | 1,073 |
Distribution and service fees | 4,097 |
Sub-transfer agency fee | 3,682 |
Accrued expenses | 67,413 |
Total liabilities | $ 156,336 |
Net Assets | $24,065,041 |
Sources of Net Assets | |
Paid-in capital | $ 22,002,435 |
Distributable earnings | 2,062,606 |
Net Assets | $24,065,041 |
Class A Shares | |
Net Assets | $ 15,815,586 |
Shares Outstanding | 1,252,089 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 12.63 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 13.33 |
Class C Shares | |
Net Assets | $ 826,506 |
Shares Outstanding | 96,315 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 8.58 |
September 30, 2023 | |
Class I Shares | |
Net Assets | $ 7,422,949 |
Shares Outstanding | 561,005 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.23 |
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. |
Eleven Months Ended September 30, 2023 | Year Ended October 31, 2022 | |
Investment Income | ||
Dividend income (net of foreign taxes withheld of $21,016 and $24,253, respectively) | $ 429,777 | $ 448,694 |
Dividend income - affiliated issuers | 18,343 | 2,707 |
Total investment income | $ 448,120 | $ 451,401 |
Expenses | ||
Investment advisory fee | $ 180,468 | $ 243,371 |
Administrative fee | 35,826 | 48,674 |
Distribution and service fees: | ||
Class A | 41,045 | 56,621 |
Class C | 9,043 | 15,656 |
Trustees' fees and expenses | 1,979 | 2,494 |
Custodian fees | 28,311 | 44,928 |
Transfer agency fees and expenses | 44,999 | 52,950 |
Professional fees | 38,881 | 48,202 |
Registration fees | 38,530 | 49,652 |
Reports to shareholders | 11,994 | 6,653 |
Miscellaneous | 13,313 | 16,166 |
Total expenses | $ 444,389 | $ 585,367 |
Waiver and/or reimbursement of expenses by affiliates | $ (130,059) | $ (156,487) |
Net expenses | $ 314,330 | $ 428,880 |
Net investment income | $ 133,790 | $ 22,521 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss): | ||
Investment securities | $ (214,253) | $ 909,120 |
Investment securities - affiliated issuers | — | 11 |
Foreign currency transactions | (2,886) | (5,996) |
Net realized gain (loss) | $ (217,139) | $ 903,135 |
Change in unrealized appreciation (depreciation): | ||
Investment securities | $ 1,246,525 | $ (9,465,824) |
Foreign currency | 1,437 | (1,778) |
Net change in unrealized appreciation (depreciation) | $1,247,962 | $(9,467,602) |
Net realized and unrealized gain (loss) | $1,030,823 | $(8,564,467) |
Net increase (decrease) in net assets from operations | $1,164,613 | $(8,541,946) |
Financial information from November 1, 2021 through the close of business on September 15, 2023 is for the Eaton Vance Global Small-Cap Equity Fund, which was reorganized into the Calvert Global Small-Cap Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Global Small-Cap Equity Fund had a fiscal year-end of October 31. See Notes 1 and 9 to Financial Statements. |
Eleven Months Ended September 30, 2023 | Year Ended October 31, | ||
2022 | 2021 | ||
Increase (Decrease) in Net Assets | |||
From operations: | |||
Net investment income | $ 133,790 | $ 22,521 | $ 509 |
Net realized gain (loss) | (217,139) | 903,135 | 6,622,948 |
Net change in unrealized appreciation (depreciation) | 1,247,962 | (9,467,602) | 4,940,611 |
Net increase (decrease) in net assets from operations | $ 1,164,613 | $ (8,541,946) | $11,564,068 |
Distributions to shareholders: | |||
Class A | $ (693,690) | $ (3,839,738) | $ (250,535) |
Class C | (54,512) | (351,503) | (23,929) |
Class I | (238,228) | (1,563,078) | (127,427) |
Total distributions to shareholders | $ (986,430) | $ (5,754,319) | $ (401,891) |
Capital share transactions: | |||
Class A | $ (2,408,034) | $ (479,340) | $ (221,589) |
Class C | (254,677) | (144,215) | (776,713) |
Class I | 1,689,181 | (2,389,961) | 286,473 |
Net decrease in net assets from capital share transactions | $ (973,530) | $ (3,013,516) | $ (711,829) |
Net increase (decrease) in net assets | $ (795,347) | $(17,309,781) | $10,450,348 |
Net Assets | |||
At beginning of period | $ 24,860,388 | $ 42,170,169 | $ 31,719,821 |
At end of period | $24,065,041 | $ 24,860,388 | $42,170,169 |
Financial information from November 1, 2020 through the close of business on September 15, 2023 is for the Eaton Vance Global Small-Cap Equity Fund, which was reorganized into the Calvert Global Small-Cap Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Global Small-Cap Equity Fund had a fiscal year-end of October 31. See Notes 1 and 9 to Financial Statements. |
Class A | ||||||
Eleven Months Ended September 30, 2023 | Year Ended October 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 12.55 | $ 18.82 | $ 13.99 | $ 14.05 | $ 13.77 | $ 14.01 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ 0.06 | $ 0.01 | $ (0.01) | $ —(2) | $ 0.05 | $ — |
Net realized and unrealized gain (loss) | 0.52 | (3.70) | 5.00 | 0.44 | 1.38 | 0.13 |
Total income (loss) from operations | $ 0.58 | $ (3.69) | $ 4.99 | $ 0.44 | $ 1.43 | $ 0.13 |
Less Distributions | ||||||
From net investment income | $ (0.02) | $ (0.03) | $ (0.01) | $ (0.07) | $ (0.03) | $ (0.07) |
From net realized gain | (0.48) | (2.55) | (0.15) | (0.43) | (1.12) | (0.30) |
Total distributions | $ (0.50) | $ (2.58) | $ (0.16) | $ (0.50) | $ (1.15) | $ (0.37) |
Net asset value — End of period | $ 12.63 | $ 12.55 | $ 18.82 | $ 13.99 | $ 14.05 | $ 13.77 |
Total Return(3) | 4.69% (4) | (22.54)% | 35.88% | 2.98% | 12.20% | 0.84% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $15,816 | $17,980 | $28,269 | $21,164 | $24,111 | $22,341 |
Ratios (as a percentage of average daily net assets):(5)(6) | ||||||
Total expenses | 1.89% (7) | 1.83% | 1.65% | 1.83% | 1.93% | 1.98% |
Net expenses | 1.35% (7)(8) | 1.35% (8) | 1.35% | 1.35% | 1.35% | 1.36% |
Net investment income (loss) | 0.51% (7) | 0.05% | (0.04)% | 0.00% (9) | 0.34% | 0.01% |
Portfolio Turnover of the Portfolio(10) | — | — | — | — | — | 11 %(4) |
Portfolio Turnover of the Fund | 47% (4) | 45% | 58% | 51% | 50% | 41% (4)(11) |
(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) | Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio. |
(6) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(7) | Annualized. |
(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 eleven months ended September 30, 2023 and year ended October 31, 2022). |
(9) | Amount is less than 0.005%. |
(10) | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
(11) | For the period from January 22, 2018 through October 31, 2018 when the Fund was making investments directly in securities. |
References to Portfolio herein are to Tax-Managed Global Small-Cap Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on January 19, 2018 and which had the same investment objective and policies as the Fund during such period. | |
Financial information from November 1, 2017 through the close of business on September 15, 2023 is for the Eaton Vance Global Small-Cap Equity Fund, which was reorganized into the Calvert Global Small-Cap Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Global Small-Cap Equity Fund had a fiscal year-end of October 31. See Notes 1 and 9 to Financial Statements. |
Class C | ||||||
Eleven Months Ended September 30, 2023 | Year Ended October 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 8.72 | $ 13.87 | $ 10.42 | $ 10.59 | $ 10.69 | $ 10.97 |
Income (Loss) From Operations | ||||||
Net investment loss(1) | $ (0.02) | $ (0.07) | $ (0.10) | $ (0.08) | $ (0.05) | $ (0.08) |
Net realized and unrealized gain (loss) | 0.36 | (2.60) | 3.71 | 0.34 | 1.03 | 0.10 |
Total income (loss) from operations | $ 0.34 | $ (2.67) | $ 3.61 | $ 0.26 | $ 0.98 | $ 0.02 |
Less Distributions | ||||||
From net realized gain | $ (0.48) | $ (2.48) | $ (0.16) | $ (0.43) | $ (1.08) | $ (0.30) |
Total distributions | $(0.48) | $ (2.48) | $ (0.16) | $ (0.43) | $ (1.08) | $ (0.30) |
Net asset value — End of period | $ 8.58 | $ 8.72 | $13.87 | $10.42 | $10.59 | $10.69 |
Total Return(2) | 3.98% (3) | (23.12)% | 34.86% | 2.25% | 11.32% | 0.06% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 827 | $ 1,081 | $ 1,995 | $ 2,202 | $ 3,227 | $ 8,988 |
Ratios (as a percentage of average daily net assets):(4)(5) | ||||||
Total expenses | 2.64% (6) | 2.58% | 2.40% | 2.58% | 2.68% | 2.73% |
Net expenses | 2.10% (6)(7) | 2.10% (7) | 2.10% | 2.10% | 2.10% | 2.11% |
Net investment loss | (0.24)% (6) | (0.70)% | (0.79)% | (0.75)% | (0.45)% | (0.76)% |
Portfolio Turnover of the Portfolio(8) | — | — | — | — | — | 11 %(3) |
Portfolio Turnover of the Fund | 47% (3) | 45% | 58% | 51% | 50% | 41% (3)(9) |
(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) | Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio. |
(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 eleven months ended September 30, 2023 and year ended October 31, 2022). |
(8) | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
(9) | For the period from January 22, 2018 through October 31, 2018 when the Fund was making investments directly in securities. |
References to Portfolio herein are to Tax-Managed Global Small-Cap Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on January 19, 2018 and which had the same investment objective and policies as the Fund during such period. | |
Financial information from November 1, 2017 through the close of business on September 15, 2023 is for the Eaton Vance Global Small-Cap Equity Fund, which was reorganized into the Calvert Global Small-Cap Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Global Small-Cap Equity Fund had a fiscal year-end of October 31. See Notes 1 and 9 to Financial Statements. |
Class I | ||||||
Eleven Months Ended September 30, 2023 | Year Ended October 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 13.13 | $ 19.57 | $ 14.53 | $ 14.58 | $ 14.24 | $ 14.48 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.10 | $ 0.04 | $ 0.04 | $ 0.03 | $ 0.08 | $ 0.04 |
Net realized and unrealized gain (loss) | 0.54 | (3.86) | 5.20 | 0.45 | 1.44 | 0.12 |
Total income (loss) from operations | $ 0.64 | $ (3.82) | $ 5.24 | $ 0.48 | $ 1.52 | $ 0.16 |
Less Distributions | ||||||
From net investment income | $ (0.06) | $ (0.08) | $ (0.04) | $ (0.11) | $ (0.06) | $ (0.11) |
From net realized gain | (0.48) | (2.54) | (0.16) | (0.42) | (1.12) | (0.29) |
Total distributions | $ (0.54) | $ (2.62) | $ (0.20) | $ (0.53) | $ (1.18) | $ (0.40) |
Net asset value — End of period | $13.23 | $ 13.13 | $ 19.57 | $14.53 | $14.58 | $14.24 |
Total Return(2) | 4.94% (3) | (22.34)% | 36.28% | 3.18% | 12.51% | 1.05% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 7,423 | $ 5,800 | $11,906 | $ 8,354 | $ 9,273 | $ 9,078 |
Ratios (as a percentage of average daily net assets):(4)(5) | ||||||
Total expenses | 1.64% (6) | 1.58% | 1.40% | 1.58% | 1.68% | 1.73% |
Net expenses | 1.09% (6)(7) | 1.10% (7) | 1.10% | 1.10% | 1.10% | 1.11% |
Net investment income | 0.76% (6) | 0.27% | 0.21% | 0.24% | 0.57% | 0.27% |
Portfolio Turnover of the Portfolio(8) | — | — | — | — | — | 11 %(3) |
Portfolio Turnover of the Fund | 47% (3) | 45% | 58% | 51% | 50% | 41% (3)(9) |
(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) | Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio. |
(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 eleven months ended September 30, 2023 and year ended October 31, 2022). |
(8) | Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio. |
(9) | For the period from January 22, 2018 through October 31, 2018 when the Fund was making investments directly in securities. |
References to Portfolio herein are to Tax-Managed Global Small-Cap Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on January 19, 2018 and which had the same investment objective and policies as the Fund during such period. | |
Financial information from November 1, 2017 through the close of business on September 15, 2023 is for the Eaton Vance Global Small-Cap Equity Fund, which was reorganized into the Calvert Global Small-Cap Equity Fund as of the close of business on September 15, 2023. The Eaton Vance Global Small-Cap Equity Fund had a fiscal year-end of October 31. See Notes 1 and 9 to Financial Statements. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Australia | $ — | $ 769,368 | $ — | $ 769,368 |
Austria | — | 135,244 | — | 135,244 |
Belgium | — | 223,300 | — | 223,300 |
Canada | 706,689 | — | — | 706,689 |
France | — | 172,001 | — | 172,001 |
Germany | 17,796 | 126,162 | — | 143,958 |
Italy | — | 811,263 | — | 811,263 |
Japan | — | 2,803,990 | — | 2,803,990 |
Luxembourg | — | 23,383 | — | 23,383 |
Netherlands | — | 474,717 | — | 474,717 |
New Zealand | — | 123,724 | — | 123,724 |
Norway | — | 177,472 | — | 177,472 |
Singapore | — | 78,864 | — | 78,864 |
Spain | — | 124,479 | — | 124,479 |
Sweden | 162,183 | 457,581 | — | 619,764 |
Switzerland | — | 132,311 | — | 132,311 |
United Kingdom | 396,101 | 1,705,146 | — | 2,101,247 |
United States | 14,271,989 | — | — | 14,271,989 |
Total Common Stocks | $15,554,758 | $8,339,005 (1) | $ — | $23,893,763 |
Short-Term Investments | $ 119,406 | $ — | $ — | $ 119,406 |
Total Investments | $15,674,164 | $8,339,005 | $ — | $24,013,169 |
(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. |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.750% |
$500 million but less than $1 billion | 0.725% |
$1 billion but less than $2.5 billion | 0.700% |
$2.5 billion but less than $5 billion | 0.680% |
$5 billion and over | 0.665% |
Eleven Months Ended September 30, 2023 | Year Ended October 31, | ||
2022 | 2021 | ||
Ordinary income | $ 48,909 | $1,505,681 | $ 34,402 |
Long-term capital gains | $937,521 | $4,248,638 | $367,489 |
Undistributed ordinary income | $ 193,757 |
Deferred capital losses | (399,507) |
Net unrealized appreciation | 2,268,356 |
Distributable earnings | $2,062,606 |
Aggregate cost | $21,744,830 |
Gross unrealized appreciation | $ 3,940,916 |
Gross unrealized depreciation | (1,672,577) |
Net unrealized appreciation | $ 2,268,339 |
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 | $273,997 | $8,594,483 | $(8,749,074) | $ — | $ — | $119,406 | $18,343 | 119,406 |
Eleven Months Ended September 30, 2023 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | ||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||
Class A | ||||||||
Shares sold | 74,948 | $ 995,709 | 77,477 | $ 1,127,641 | 163,318 | $ 2,800,707 | ||
Reinvestment of distributions | 52,006 | 628,387 | 222,819 | 3,549,501 | 14,246 | 231,789 | ||
Shares redeemed | (307,839) | (4,032,130) | (369,251) | (5,156,482) | (188,839) | (3,254,085) | ||
Net decrease | (180,885) | $(2,408,034) | (68,955) | $ (479,340) | (11,275) | $ (221,589) | ||
Class C | ||||||||
Shares sold | 3,398 | $ 30,848 | 9,484 | $ 99,315 | 34,300 | $ 460,944 | ||
Reinvestment of distributions | 6,452 | 54,455 | 31,457 | 350,428 | 1,973 | 23,815 | ||
Shares redeemed | (37,519) | (339,980) | (60,810) | (593,958) | (103,777) | (1,261,472) | ||
Net decrease | (27,669) | $ (254,677) | (19,869) | $ (144,215) | (67,504) | $ (776,713) | ||
Class I | ||||||||
Shares sold | 377,921 | $ 5,238,326 | 90,384 | $ 1,364,487 | 251,927 | $ 4,416,545 | ||
Reinvestment of distributions | 17,826 | 230,131 | 92,437 | 1,537,221 | 7,454 | 125,831 | ||
Shares redeemed | (276,551) | (3,779,276) | (349,307) | (5,291,669) | (225,854) | (4,255,903) | ||
Net increase (decrease) | 119,196 | $ 1,689,181 | (166,486) | $(2,389,961) | 33,527 | $ 286,473 |
Shares Issued | Net Assets | |
Class A | 1,252,158 | $16,397,376 |
Class C | 97,244 | $865,314 |
Class I | 747,837 | $10,256,312 |
Boston, Massachusetts
November 22, 2023
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Theodore H. Eliopoulos(1) 1964 | Trustee and President | Since 2022 | President and Chief Executive Officer of CRM and senior sponsor of Morgan Stanley Investment Management’s (MSIM) Diversity Council. Formerly, Vice Chairman & Head of Strategic Partnerships at MSIM (2019-2022). Former Chief Investment Officer and interim Chief Investment Officer (2014-2018) and Senior Investment Officer of Real Estate and Real Assets at California Public Employees’ Retirement System (CalPERS) (2007-2014). Former Chief Deputy Treasurer and Deputy Treasurer at the California State Treasurer's Office (2002-2006). Mr. Eliopoulos is an interested person because of his positions with CRM and certain affiliates. Other Directorships. The Robert Toigo Foundation; Pacific Pension & Investment Institute (PPI). |
Noninterested Trustees | |||
Richard L. Baird, Jr.(2) 1948 | Trustee | Since 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships. None. |
Alice Gresham Bullock 1950 | Chair and Trustee | Since 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships. None. |
Cari M. Dominguez 1949 | Trustee | Since 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships. ManpowerGroup Inc. (workforce solutions company); Triple S Management Corporation (managed care); National Association of Corporate Directors. |
Karen Fang(3) 1958 | Trustee | Since 2023 | Formerly, Managing Director, Wealth Management at GAMCO Asset Management (asset management firm) (2020-2023). Formerly, Managing Director, Senior Portfolio Manager of Fiduciary Trust Company International (wealth management firm) (1993-2019). Other Directorships. None. |
John G. Guffey, Jr.(2) 1948 | Trustee | Since 1992 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. |
Miles D. Harper, III 1962 | Trustee | Since 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram) (November 1999 - September 2014). Other Directorships. Bridgeway Funds (9) (asset management). |
Joy V. Jones 1950 | Trustee | Since 2005 | Attorney. Other Directorships. Palm Management Corporation. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Eddie Ramos(3) 1967 | Trustee | Since 2023 | Private investor (2022-present). Formerly, Head of External Advisors/Diversity Portfolio Management at the New Jersey Division of Investment (2020-2022). Formerly, Chief Investment Officer and Lead Portfolio Manager – Global Fundamental Equities at Cornerstone Capital Management (asset management firm) (2011-2017). Other Directorships. Macquarie Optimum Funds (6) (asset management). |
Anthony A. Williams 1951 | Trustee | Since 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Hope L. Brown 1973 | Chief Compliance Officer | Since 2014 | Chief Compliance Officer of 46 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). |
Deidre E. Walsh 1971 | Secretary, Vice President and Chief Legal Officer | Since 2021 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2021). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
James F. Kirchner 1967 | Treasurer | Since 2016 | Vice President of CRM and officer of 46 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 127 registered investment companies advised or administered by Eaton Vance. |
(1) Mr. Eliopoulos is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | |||
(2) Effective December 31, 2023, Richard L. Baird, Jr. and John G. Guffey, Jr. will retire from the Board of Trustees. | |||
(3) Ms. Fang and Mr. Ramos began serving as Trustees effective October 30, 2023. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-368-2745. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees has determined that Miles D. Harper III, an “independent” Trustee serving on the registrant’s audit committee, is an “audit committee financial expert,” as defined in Item 3 of Form N-CSR. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The
designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services
(a) –(d)
The various Series comprising the Trust have differing fiscal year ends (September 30 and December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by its principal accountant for the last two fiscal years of each Series.
Fiscal Years Ended | 12/31/21 | %* | 9/30/22 | %* | 12/31/22 | %* | 9/30/23 | %* | ||||||||||||||||||||||||
Audit Fees | $ | 53,000 | 0 | % | $ | 33,000 | 0 | % | $ | 75,000 | 0 | % | $ | 96,800 | 0 | % | ||||||||||||||||
Audit-Related Fees(1) | $ | 0 | 0 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||||||||||
Tax Fees(2) | $ | 9,900 | 0 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||||||||||
All Other Fees(3) | $ | 0 | 0 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||||||||||
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Total | $ | 62,900 | 0 | % | $ | 33,000 | 0 | % | $ | 75,000 | 0 | % | $ | 96,800 | 0 | % | ||||||||||||||||
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* | Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimus waiver of Committee’s requirement to pre-approve). |
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e) The Audit Committee is required to pre-approve all audit and non-audit services provided to the registrant by the auditors, and to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. In determining whether to pre-approve non-audit services, the Audit Committee considers whether the services are consistent with maintaining the independence of the auditors. The Committee may delegate its authority to pre-approve certain matters to one or more of its members. In this regard, the Committee has delegated authority jointly to the Audit Committee Chair together with another Committee member with respect to non-audit services not exceeding $25,000 in each instance. In addition, the Committee has pre-approved the retention of the auditors to provide tax-related services related to the tax treatment and tax accounting of newly acquired securities, upon request by the investment adviser in each instance.
(f) Not applicable.
(g) Aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of each Series.
Fiscal Year ended 12/31/21 | Fiscal Year ended 9/30/22 | Fiscal Year ended 12/31/22 | Fiscal Year ended 9/30/23 | |||||||||||
$ | %* | $ | %* | $ | %* | $ | %* | |||||||
$9,900 | 0% | $0 | 0% | $0 | 0% | $0 | 0% |
* | Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimus waiver of Committee’s requirement to pre-approve). |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 Act, as amended (the “1940 Act”) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), as of a date within 90 days of the filing date of this report.
(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CALVERT MANAGEMENT SERIES | ||
By: | /s/ Theodore H. Eliopoulos | |
Theodore H. Eliopoulos | ||
President | ||
Date: | November 22, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | November 22, 2023 | |
By: | /s/ Theodore H. Eliopoulos | |
Theodore H. Eliopoulos | ||
President | ||
Date: | November 22, 2023 |