|
||||||||||||||||||||||||||
| SEC Info℠ | | | Home | | | Search | | | My Interests | | | Help | | | Sign In | | | Please Sign In | |||||||
|
||||||||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/23/24 Eaton Vance Growth Trust N-CSRS 2/29/24 3:3.5M Donnelley … Solutions/FA → Eaton Vance Greater China Growth Fund ⇒ 3 Classes/Contracts → Eaton Vance Richard Bernstein All Asset Strategy Fund ⇒ 3 Classes/Contracts → Eaton Vance Richard Bernstein Equity Strategy Fund ⇒ 3 Classes/Contracts → Eaton Vance Worldwide Health Sciences Fund ⇒ 4 Classes/Contracts |
Document/Exhibit Description Pages Size 1: N-CSRS Eaton Vance Growth Trust HTML 3.36M 3: EX-99.906 CERT Section 906 Certification HTML 7K 2: EX-99.CERT Section 302 Certification HTML 14K
| Page | (sequential) | (alphabetic) | ↑Top | ||
|---|---|---|---|---|---|
| 1 | 1st Page – Filing Submission | ||||
| " | Table of Contents | ||||
| " | Performance | ||||
| " | Fund Profile | ||||
| " | Endnotes and Additional Disclosures | ||||
| " | Fund Expenses | ||||
| " | Financial Statements | ||||
| " | Officers and Trustees | ||||
| " | Privacy Notice | ||||
| " | Important Notices | ||||
| Eaton Vance Growth Trust |
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: 811-01241
Eaton Vance Growth Trust
(Exact Name of Registrant as Specified in Charter)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
August 31
Date of Fiscal Year End
Date of Reporting Period
Item 1. Reports to Stockholders
| % Average Annual Total Returns1,2 | Class
Inception Date |
Performance
Inception Date |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 07/26/1985 | 07/26/1985 | 8.05% | 16.95% | 10.07% | 8.51% |
| Class A with 5.25% Maximum Sales Charge | — | — | 2.37 | 10.83 | 8.88 | 7.93 |
| Class C at NAV | 01/05/1998 | 07/26/1985 | 7.61 | 16.00 | 9.23 | 7.86 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 6.61 | 15.00 | 9.23 | 7.86 |
| Class I at NAV | 10/01/2009 | 07/26/1985 | 8.20 | 17.23 | 10.34 | 8.79 |
| Class R at NAV | 09/08/2003 | 07/26/1985 | 7.90 | 16.62 | 9.80 | 8.24 |
|
| ||||||
| MSCI World Health Care Index | — | — | 7.55% | 14.32% | 9.99% | 8.73% |
| S&P 500® Index | — | — | 13.93 | 30.45 | 14.75 | 12.69 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R |
| Gross | 1.18% | 1.93% | 0.93% | 1.43% |
| Net | 1.14 | 1.89 | 0.89 | 1.39 |
| Sector Allocation (% of net assets)1 |
| Country Allocation (% of net assets) |
| Top 10 Holdings (% of net assets)1 | |
| Eli Lilly & Co. | 9.4% |
| UnitedHealth Group, Inc. | 6.9 |
| Novo Nordisk AS, Class B | 6.6 |
| AbbVie, Inc. | 5.4 |
| Thermo Fisher Scientific, Inc. | 5.1 |
| AstraZeneca PLC | 4.3 |
| Danaher Corp. | 4.0 |
| Intuitive Surgical, Inc. | 3.8 |
| Roche Holding AG PC | 3.6 |
| Johnson & Johnson | 3.5 |
| Total | 52.6% |
| 1 | Excludes cash and cash equivalents. |
| 1 | MSCI World Health Care Index is an unmanaged index of health care sector equities within the MSCI World Index. 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. 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. 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. |
| 3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/1/25. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
| Fund profile subject to change due to active management. |
| Beginning
Account Value (9/1/23) |
Ending
Account Value (2/29/24) |
Expenses
Paid During Period* (9/1/23 – 2/29/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,080.50 | $5.95** | 1.15% |
| Class C | $1,000.00 | $1,076.10 | $9.81** | 1.90% |
| Class I | $1,000.00 | $1,082.00 | $4.66** | 0.90% |
| Class R | $1,000.00 | $1,079.00 | $7.24** | 1.40% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,019.15 | $5.77** | 1.15% |
| Class C | $1,000.00 | $1,015.42 | $9.52** | 1.90% |
| Class I | $1,000.00 | $1,020.39 | $4.52** | 0.90% |
| Class R | $1,000.00 | $1,017.90 | $7.02** | 1.40% |
| * | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2023. |
| ** | Absent an allocation of certain expenses to affiliate(s), expenses would be higher. |
| Common Stocks — 97.1% |
| Security | Shares | Value | |
| Biotechnology — 12.6% | |||
| AbbVie, Inc. | 316,555 | $ 55,729,508 | |
| argenx SE ADR(1) | 22,042 | 8,376,180 | |
| CSL Ltd. | 115,187 | 21,443,699 | |
| Neurocrine Biosciences, Inc.(1) | 134,756 | 17,572,182 | |
| Vertex Pharmaceuticals, Inc.(1) | 63,983 | 26,920,208 | |
| $ 130,041,777 | |||
| Health Care Distributors — 2.8% | |||
| Amplifon SpA | 246,194 | $ 8,221,051 | |
| McKesson Corp. | 40,237 | 20,979,974 | |
| $ 29,201,025 | |||
| Health Care Equipment — 14.2% | |||
| Boston Scientific Corp.(1) | 540,877 | $ 35,811,466 | |
| IDEXX Laboratories, Inc.(1) | 20,159 | 11,596,062 | |
| Intuitive Surgical, Inc.(1) | 102,327 | 39,457,291 | |
| Straumann Holding AG | 48,874 | 7,725,055 | |
| Stryker Corp. | 98,107 | 34,246,211 | |
| Teleflex, Inc. | 36,499 | 8,131,612 | |
| Zimmer Biomet Holdings, Inc. | 69,275 | 8,615,039 | |
| $ 145,582,736 | |||
| Health Care Supplies — 6.0% | |||
| Alcon, Inc. | 254,690 | $ 21,716,860 | |
| Align Technology, Inc.(1) | 28,432 | 8,598,405 | |
| Asahi Intecc Co. Ltd. | 255,800 | 5,324,101 | |
| Cooper Cos., Inc. | 204,940 | 19,182,384 | |
| Neogen Corp.(1) | 420,833 | 7,234,119 | |
| $ 62,055,869 | |||
| Health Care Technology — 0.2% | |||
| JMDC, Inc. | 83,700 | $ 2,078,221 | |
| $ 2,078,221 | |||
| Life Sciences Tools & Services — 11.0% | |||
| Danaher Corp. | 161,116 | $ 40,784,904 | |
| Lonza Group AG | 22,692 | 11,844,232 | |
| Sartorius AG, PFC Shares | 21,871 | 8,283,200 | |
| Thermo Fisher Scientific, Inc. | 92,204 | 52,572,877 | |
| $ 113,485,213 | |||
| Security | Shares | Value | |
| Managed Health Care — 9.1% | |||
| Centene Corp.(1) | 164,203 | $ 12,878,441 | |
| Humana, Inc. | 27,083 | 9,487,717 | |
| UnitedHealth Group, Inc. | 143,518 | 70,840,485 | |
| $ 93,206,643 | |||
| Metal, Glass & Plastic Containers — 0.6% | |||
| AptarGroup, Inc. | 44,675 | $ 6,275,050 | |
| $ 6,275,050 | |||
| Pharmaceuticals — 40.6% | |||
| AstraZeneca PLC | 352,194 | $ 44,395,257 | |
| Bristol-Myers Squibb Co. | 463,442 | 23,519,682 | |
| Eli Lilly & Co. | 128,425 | 96,791,354 | |
| Johnson & Johnson | 225,695 | 36,422,659 | |
| Merck & Co., Inc. | 204,188 | 25,962,504 | |
| Novo Nordisk AS, Class B | 565,583 | 67,511,169 | |
| Pfizer, Inc. | 359,209 | 9,540,591 | |
| Roche Holding AG PC | 142,037 | 37,137,141 | |
| Royalty Pharma PLC, Class A | 320,270 | 9,716,992 | |
| Sanofi SA | 345,484 | 32,929,646 | |
| Zoetis, Inc. | 173,276 | 34,365,830 | |
| $ 418,292,825 | |||
| Total
Common Stocks (identified cost $549,518,564) |
$1,000,219,359 | ||
| Convertible Preferred Stocks — 0.1% |
| Security | Shares | Value | |
| Biotechnology — 0.1% | |||
| Caris Life Sciences, Inc., Series D(1)(2)(3) | 370,370 | $ 496,296 | |
| Total
Convertible Preferred Stocks (identified cost $3,000,000) |
$ 496,296 | ||
| Exchange-Traded Funds — 1.9% |
| Security | Shares | Value | |
| Equity Funds — 1.9% | |||
| SPDR S&P Biotech ETF(4) | 194,177 | $ 19,110,900 | |
| Total
Exchange-Traded Funds (identified cost $13,774,141) |
$ 19,110,900 | ||
| Short-Term Investments — 2.7% | |||
| Affiliated Fund — 0.8% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(5) | 7,986,061 | $ 7,986,061 | |
| Total
Affiliated Fund (identified cost $7,986,061) |
$ 7,986,061 | ||
| Securities Lending Collateral — 1.9% |
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(6) | 19,944,381 | $ 19,944,381 | |
| Total
Securities Lending Collateral (identified cost $19,944,381) |
$ 19,944,381 | ||
| Total
Short-Term Investments (identified cost $27,930,442) |
$ 27,930,442 | ||
| Total
Investments — 101.8% (identified cost $594,223,147) |
$1,047,756,997 | ||
| Other Assets, Less Liabilities — (1.8)% | $ (18,082,183) | ||
| Net Assets — 100.0% | $1,029,674,814 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Non-income producing security. |
| (2) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 12). |
| (3) | Restricted security (see Note 8). |
| (4) | All or a portion of this security was on loan at February 29, 2024. The aggregate market value of securities on loan at February 29, 2024 was $18,919,769. |
| (5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of February 29, 2024. |
| (6) | Represents investment of cash collateral received in connection with securities lending. |
| Country Concentration of Portfolio | ||
| Country | Percentage
of Net Assets |
Value |
| United States | 81.9% | $843,170,771 |
| Denmark | 6.6 | 67,511,169 |
| United Kingdom | 4.3 | 44,395,257 |
| Switzerland | 4.0 | 41,286,147 |
| Netherlands | 0.8 | 8,376,180 |
| Germany | 0.8 | 8,283,200 |
| Italy | 0.8 | 8,221,051 |
| Japan | 0.7 | 7,402,322 |
| Exchange-Traded Funds | 1.9 | 19,110,900 |
| Total Investments | 101.8% | $1,047,756,997 |
| Abbreviations: | |
| ADR | – American Depositary Receipt |
| PC | – Participation Certificate |
| PFC Shares | – Preference Shares |
| February 29, 2024 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $586,237,086) — including $18,919,769 of securities on loan | $ 1,039,770,936 |
| Affiliated investments, at value (identified cost $7,986,061) | 7,986,061 |
| Dividends receivable | 1,467,761 |
| Dividends receivable from affiliated investments | 14,066 |
| Receivable for Fund shares sold | 667,724 |
| Securities lending income receivable | 6,901 |
| Tax reclaims receivable | 1,677,832 |
| Receivable from affiliates | 29,926 |
| Trustees' deferred compensation plan | 72,098 |
| Total assets | $1,051,693,305 |
| Liabilities | |
| Collateral for securities loaned | $ 19,944,381 |
| Payable for Fund shares redeemed | 724,108 |
| Payable to affiliates: | |
| Investment adviser fee | 533,587 |
| Administration fee | 121,655 |
| Distribution and service fees | 188,431 |
| Trustees' deferred compensation plan | 72,098 |
| Accrued expenses | 434,231 |
| Total liabilities | $ 22,018,491 |
| Net Assets | $1,029,674,814 |
| Sources of Net Assets | |
| Paid-in capital | $ 583,208,130 |
| Distributable earnings | 446,466,684 |
| Net Assets | $1,029,674,814 |
| Class A Shares | |
| Net Assets | $ 725,697,281 |
| Shares Outstanding | 52,414,630 |
| Net
Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 13.85 |
| Maximum
Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$ 14.62 |
| Class C Shares | |
| Net Assets | $ 26,184,444 |
| Shares Outstanding | 1,878,795 |
| Net
Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$ 13.94 |
| Class I Shares | |
| Net Assets | $ 216,030,517 |
| Shares Outstanding | 15,069,846 |
| Net
Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 14.34 |
| February 29, 2024 | |
| Class R Shares | |
| Net Assets | $61,762,572 |
| Shares Outstanding | 4,090,645 |
| Net
Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 15.10 |
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
| * | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
| Six Months Ended | |
| February 29, 2024 | |
| Investment Income | |
| Dividend income | $ 5,277,984 |
| Dividend income from affiliated investments | 56,690 |
| Securities lending income, net | 75,554 |
| Total investment income | $ 5,410,228 |
| Expenses | |
| Investment adviser fee | $ 3,077,599 |
| Administration fee | 727,723 |
| Distribution and service fees: | |
| Class A | 856,081 |
| Class C | 131,852 |
| Class R | 148,566 |
| Trustees’ fees and expenses | 31,541 |
| Custodian fee | 130,792 |
| Transfer and dividend disbursing agent fees | 420,544 |
| Legal and accounting services | 75,572 |
| Printing and postage | 32,446 |
| Registration fees | 33,650 |
| Miscellaneous | 27,894 |
| Total expenses | $ 5,694,260 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $ 179,791 |
| Total expense reductions | $ 179,791 |
| Net expenses | $ 5,514,469 |
| Net investment loss | $ (104,241) |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ 8,820,791 |
| Foreign currency transactions | (30,645) |
| Net realized gain | $ 8,790,146 |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ 66,975,294 |
| Foreign currency | (391) |
| Net change in unrealized appreciation (depreciation) | $66,974,903 |
| Net realized and unrealized gain | $75,765,049 |
| Net increase in net assets from operations | $75,660,808 |
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income (loss) | $ (104,241) | $ 2,918,279 |
| Net realized gain | 8,790,146 | 28,720,837 |
| Net change in unrealized appreciation (depreciation) | 66,974,903 | 67,292,213 |
| Net increase in net assets from operations | $ 75,660,808 | $ 98,931,329 |
| Distributions to shareholders: | ||
| Class A | $ (16,988,877) | $ (31,184,360) |
| Class C | (607,410) | (1,571,533) |
| Class I | (5,264,238) | (9,520,729) |
| Class R | (1,256,108) | (2,378,115) |
| Total distributions to shareholders | $ (24,116,633) | $ (44,654,737) |
| Transactions in shares of beneficial interest: | ||
| Class A | $ (19,167,766) | $ (33,637,575) |
| Class C | (4,147,110) | (12,057,321) |
| Class I | 1,756,175 | (17,229,141) |
| Class R | (4,256,853) | 325,762 |
| Net decrease in net assets from Fund share transactions | $ (25,815,554) | $ (62,598,275) |
| Net increase (decrease) in net assets | $ 25,728,621 | $ (8,321,683) |
| Net Assets | ||
| At beginning of period | $ 1,003,946,193 | $ 1,012,267,876 |
| At end of period | $1,029,674,814 | $1,003,946,193 |
| Class A | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 13.150 | $ 12.450 | $ 15.260 | $ 13.380 | $ 11.610 | $ 11.700 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ (0.002) | $ 0.035 | $ 0.030 | $ 0.040 | $ 0.061 | $ 0.069 |
| Net realized and unrealized gain (loss) | 1.027 | 1.227 | (1.634) | 2.795 | 2.377 | 0.413 |
| Total income (loss) from operations | $ 1.025 | $ 1.262 | $ (1.604) | $ 2.835 | $ 2.438 | $ 0.482 |
| Less Distributions | ||||||
| From net investment income | $ (0.017) | $ (0.027) | $ (0.035) | $ (0.066) | $ (0.072) | $ (0.035) |
| From net realized gain | (0.308) | (0.535) | (1.171) | (0.889) | (0.596) | (0.537) |
| Total distributions | $ (0.325) | $ (0.562) | $ (1.206) | $ (0.955) | $ (0.668) | $ (0.572) |
| Net asset value — End of period | $ 13.850 | $ 13.150 | $ 12.450 | $ 15.260 | $ 13.380 | $ 11.610 |
| Total Return(2)(3) | 8.05% (4) | 10.21% | (11.32)% | 22.58% | 21.74% | 4.35% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $725,697 | $708,283 | $703,965 | $853,051 | $761,814 | $698,865 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Expenses (3) | 1.15% (6)(7) | 1.13% (7) | 1.20% (7) | 1.16% | 1.22% | 1.09% |
| Net investment income (loss) | (0.04)% (6) | 0.28% | 0.22% | 0.30% | 0.50% | 0.61% |
| Portfolio Turnover of the Portfolio(8) | — | — | — | — | — | 32% |
| Portfolio Turnover of the Fund | 4% (4) | 21% | 27% | 32% | 38% | 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. |
| (3) | The investment adviser, sub-adviser(s) and administrator reimbursed certain operating expenses (equal to 0.04%, 0.04%, 0.01%, 0.01%, 0.04% and 0.07% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
| (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) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023 and 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 August 12, 2019 through August 31, 2019 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to Worldwide Health Sciences Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on August 9, 2019 and which had the same investment objective and policies as the Fund during such period. | |
| Class C | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 13.270 | $ 12.630 | $ 15.440 | $ 13.500 | $ 11.690 | $ 11.770 |
| Income (Loss) From Operations | ||||||
| Net investment loss(1) | $ (0.051) | $ (0.063) | $ (0.076) | $ (0.065) | $ (0.032) | $ (0.040) |
| Net realized and unrealized gain (loss) | 1.029 | 1.238 | (1.648) | 2.836 | 2.384 | 0.437 |
| Total income (loss) from operations | $ 0.978 | $ 1.175 | $ (1.724) | $ 2.771 | $ 2.352 | $ 0.397 |
| Less Distributions | ||||||
| From net realized gain | $ (0.308) | $ (0.535) | $ (1.086) | $ (0.831) | $ (0.542) | $ (0.477) |
| Total distributions | $ (0.308) | $ (0.535) | $ (1.086) | $ (0.831) | $ (0.542) | $ (0.477) |
| Net asset value — End of period | $13.940 | $13.270 | $12.630 | $15.440 | $13.500 | $11.690 |
| Total Return(2)(3) | 7.61% (4) | 9.35% | (11.91)% | 21.68% | 20.70% | 3.54% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 26,184 | $ 29,164 | $ 39,615 | $ 56,172 | $ 62,657 | $ 63,886 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Expenses (3) | 1.90% (6)(7) | 1.88% (7) | 1.95% (7) | 1.91% | 1.97% | 1.84% |
| Net investment loss | (0.79)% (6) | (0.49)% | (0.54)% | (0.47)% | (0.26)% | (0.35)% |
| Portfolio Turnover of the Portfolio(8) | — | — | — | — | — | 32% |
| Portfolio Turnover of the Fund | 4% (4) | 21% | 27% | 32% | 38% | 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. |
| (3) | The investment adviser, sub-adviser(s) and administrator reimbursed certain operating expenses (equal to 0.04%, 0.04%, 0.01%, 0.01%, 0.04% and 0.07% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
| (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) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023 and 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 August 12, 2019 through August 31, 2019 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to Worldwide Health Sciences Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on August 9, 2019 and which had the same investment objective and policies as the Fund during such period. | |
| Class I | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 13.620 | $ 12.880 | $ 15.740 | $ 13.770 | $ 11.930 | $ 12.010 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.014 | $ 0.069 | $ 0.068 | $ 0.077 | $ 0.094 | $ 0.098 |
| Net realized and unrealized gain (loss) | 1.064 | 1.267 | (1.686) | 2.881 | 2.443 | 0.424 |
| Total income (loss) from operations | $ 1.078 | $ 1.336 | $ (1.618) | $ 2.958 | $ 2.537 | $ 0.522 |
| Less Distributions | ||||||
| From net investment income | $ (0.050) | $ (0.061) | $ (0.071) | $ (0.099) | $ (0.101) | $ (0.065) |
| From net realized gain | (0.308) | (0.535) | (1.171) | (0.889) | (0.596) | (0.537) |
| Total distributions | $ (0.358) | $ (0.596) | $ (1.242) | $ (0.988) | $ (0.697) | $ (0.602) |
| Net asset value — End of period | $ 14.340 | $ 13.620 | $ 12.880 | $ 15.740 | $ 13.770 | $ 11.930 |
| Total Return(2)(3) | 8.20% (4) | 10.46% | (11.07)% | 22.89% | 22.04% | 4.60% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $216,031 | $203,614 | $209,646 | $221,892 | $192,629 | $169,013 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Expenses (3) | 0.90% (6)(7) | 0.88% (7) | 0.95% (7) | 0.91% | 0.97% | 0.84% |
| Net investment income | 0.21% (6) | 0.52% | 0.47% | 0.55% | 0.75% | 0.84% |
| Portfolio Turnover of the Portfolio(8) | — | — | — | — | — | 32% |
| Portfolio Turnover of the Fund | 4% (4) | 21% | 27% | 32% | 38% | 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. |
| (3) | The investment adviser, sub-adviser(s) and administrator reimbursed certain operating expenses (equal to 0.04%, 0.04%, 0.01%, 0.01%, 0.04% and 0.07% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
| (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) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023 and 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 August 12, 2019 through August 31, 2019 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to Worldwide Health Sciences Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on August 9, 2019 and which had the same investment objective and policies as the Fund during such period. | |
| Class R | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 14.310 | $ 13.520 | $ 16.450 | $ 14.350 | $ 12.400 | $ 12.460 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ (0.020) | $ 0.004 | $ (0.004) | $ 0.008 | $ 0.033 | $ 0.042 |
| Net realized and unrealized gain (loss) | 1.118 | 1.321 | (1.761) | 3.008 | 2.547 | 0.440 |
| Total income (loss) from operations | $ 1.098 | $ 1.325 | $ (1.765) | $ 3.016 | $ 2.580 | $ 0.482 |
| Less Distributions | ||||||
| From net investment income | $ — | $ — | $ — | $ (0.027) | $ (0.034) | $ (0.005) |
| From net realized gain | (0.308) | (0.535) | (1.165) | (0.889) | (0.596) | (0.537) |
| Total distributions | $ (0.308) | $ (0.535) | $ (1.165) | $ (0.916) | $ (0.630) | $ (0.542) |
| Net asset value — End of period | $15.100 | $14.310 | $13.520 | $16.450 | $14.350 | $12.400 |
| Total Return(2)(3) | 7.90% (4) | 9.86% | (11.46)% | 22.24% | 21.46% | 4.07% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 61,763 | $ 62,885 | $ 59,042 | $ 70,502 | $ 60,480 | $ 57,674 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Expenses (3) | 1.40% (6)(7) | 1.38% (7) | 1.45% (7) | 1.41% | 1.47% | 1.34% |
| Net investment income (loss) | (0.29)% (6) | 0.03% | (0.02)% | 0.05% | 0.25% | 0.35% |
| Portfolio Turnover of the Portfolio(8) | — | — | — | — | — | 32% |
| Portfolio Turnover of the Fund | 4% (4) | 21% | 27% | 32% | 38% | 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. |
| (3) | The investment adviser, sub-adviser(s) and administrator reimbursed certain operating expenses (equal to 0.04%, 0.04%, 0.01%, 0.01%, 0.04% and 0.07% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
| (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) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023 and 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 August 12, 2019 through August 31, 2019 when the Fund was making investments directly in securities. |
| References to Portfolio herein are to Worldwide Health Sciences Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on August 9, 2019 and which had the same investment objective and policies as the Fund during such period. | |
| Aggregate cost | $ 601,714,957 |
| Gross unrealized appreciation | $ 465,241,748 |
| Gross unrealized depreciation | (19,199,708) |
| Net unrealized appreciation | $ 446,042,040 |
| Average Daily Net Assets | Annual Fee Rate |
| Up to $500 million | 0.675% |
| $500 million but less than $1 billion | 0.590% |
| $1 billion but less than $1.5 billion | 0.520% |
| $1.5 billion but less than $2 billion | 0.490% |
| $2 billion but less than $2.5 billion | 0.470% |
| $2.5 billion and over | 0.450% |
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Sales | 857,713 | $ 11,073,597 | 1,862,519 | $ 23,768,264 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 1,217,419 | 15,229,910 | 2,158,139 | 27,926,322 | |
| Redemptions | (3,515,369) | (45,471,273) | (6,686,737) | (85,332,161) | |
| Net decrease | (1,440,237) | $(19,167,766) | (2,666,079) | $(33,637,575) | |
| Class C | |||||
| Sales | 94,306 | $ 1,237,809 | 188,599 | $ 2,415,884 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 47,253 | 596,336 | 117,840 | 1,547,245 | |
| Redemptions | (460,749) | (5,981,255) | (1,245,545) | (16,020,450) | |
| Net decrease | (319,190) | $ (4,147,110) | (939,106) | $(12,057,321) | |
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | ||||
| Shares | Amount | Shares | Amount | ||
| Class I | |||||
| Sales | 1,233,241 | $ 16,697,028 | 2,203,781 | $ 29,179,286 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 335,120 | 4,339,808 | 600,437 | 8,033,848 | |
| Redemptions | (1,444,899) | (19,280,661) | (4,131,027) | (54,442,275) | |
| Net increase (decrease) | 123,462 | $ 1,756,175 | (1,326,809) | $(17,229,141) | |
| Class R | |||||
| Sales | 135,481 | $ 1,912,573 | 574,116 | $ 7,917,261 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 91,902 | 1,254,455 | 168,280 | 2,374,425 | |
| Redemptions | (530,443) | (7,423,881) | (716,936) | (9,965,924) | |
| Net increase (decrease) | (303,060) | $ (4,256,853) | 25,460 | $ 325,762 | |
| Description | Date(s)
of Acquisition |
Shares | Cost | Value |
| Convertible Preferred Stocks | ||||
| Caris Life Sciences, Inc., Series D | 5/12/21, 9/23/21 | 370,370 | $ 3,000,000 | $ 496,296 |
| Total Restricted Securities | $3,000,000 | $496,296 |
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight
and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
| Exchange-Traded Funds | $19,944,381 | $ — | $ — | $ — | $19,944,381 |
| 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 | $4,890,453 | $45,704,467 | $(42,608,859) | $ — | $ — | $7,986,061 | $56,690 | 7,986,061 |
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
| Asset Description | Level 1 | Level 2 | Level 3* | Total |
| Common Stocks: | ||||
| Biotechnology | $ 108,598,078 | $ 21,443,699 | $ — | $ 130,041,777 |
| Health Care Distributors | 20,979,974 | 8,221,051 | — | 29,201,025 |
| Health Care Equipment | 137,857,681 | 7,725,055 | — | 145,582,736 |
| Health Care Supplies | 35,014,908 | 27,040,961 | — | 62,055,869 |
| Health Care Technology | — | 2,078,221 | — | 2,078,221 |
| Life Sciences Tools & Services | 93,357,781 | 20,127,432 | — | 113,485,213 |
| Managed Health Care | 93,206,643 | — | — | 93,206,643 |
| Metal, Glass & Plastic Containers | 6,275,050 | — | — | 6,275,050 |
| Pharmaceuticals | 236,319,612 | 181,973,213 | — | 418,292,825 |
| Total Common Stocks | $ 731,609,727 | $ 268,609,632** | $ — | $1,000,219,359 |
| Convertible Preferred Stocks | $ — | $ — | $ 496,296 | $ 496,296 |
| Exchange-Traded Funds | 19,110,900 | — | — | 19,110,900 |
| Short-Term Investments: | ||||
| Affiliated Fund | 7,986,061 | — | — | 7,986,061 |
| Securities Lending Collateral | 19,944,381 | — | — | 19,944,381 |
| Total Investments | $ 778,651,069 | $ 268,609,632 | $ 496,296 | $1,047,756,997 |
| * | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
| ** | 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. |
| Officers | |
| Kenneth
A. Topping President |
Nicholas
S. Di Lorenzo Secretary |
| Deidre
E. Walsh Vice President and Chief Legal Officer |
Laura T.
Donovan Chief Compliance Officer |
| James
F. Kirchner Treasurer |
|
| Trustees |
| George
J. Gorman Chairperson |
|
| Alan C. Bowser | |
| Mark R. Fetting | |
| Cynthia E. Frost | |
| Valerie A. Mosley | |
| Anchal Pachnanda* |
| Keith Quinton | |
| Marcus L. Smith | |
| Susan J. Sutherland | |
| Scott E. Wennerholm | |
| Nancy A. Wiser |
| * | Interested Trustee |
| 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 1-800-262-1122 or email: EVPrivacy@eatonvance.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 1-800-262-1122 or email: EVPrivacy@eatonvance.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 |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 10/28/1992 | 10/28/1992 | (15.84)% | (25.92)% | (6.16)% | 0.54% |
| Class A with 5.25% Maximum Sales Charge | — | — | (20.28) | (29.79) | (7.16) | 0.00 3 |
| Class C at NAV | 12/28/1993 | 10/28/1992 | (16.14) | (26.48) | (6.82) | (0.02) |
| Class C with 1% Maximum Deferred Sales Charge | — | — | (16.91) | (27.15) | (6.82) | (0.02) |
| Class I at NAV | 10/01/2009 | 10/28/1992 | (15.77) | (25.74) | (5.89) | 0.84 |
|
| ||||||
| MSCI China Index | — | — | (9.75)% | (14.12)% | (6.05)% | 0.97% |
| % Total Annual Operating Expense Ratios4 | Class A | Class C | Class I |
| Gross | 1.68% | 2.43% | 1.43% |
| Net | 1.50 | 2.25 | 1.25 |
| Regional Allocation (% of net assets) |
| Sector Allocation (% of net assets)1 |
| Top 10 Holdings (% of net assets)1 | |
| Tencent Holdings Ltd. | 15.4% |
| China Construction Bank Corp., Class H | 13.5 |
| PDD Holdings, Inc. ADR | 12.1 |
| NetEase, Inc. | 6.0 |
| China Merchants Bank Co. Ltd., Class H | 4.4 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 3.4 |
| Gree Electric Appliances, Inc., Class A | 3.3 |
| Kweichow Moutai Co. Ltd., Class A | 3.2 |
| Onewo, Inc., Class H | 3.0 |
| NARI Technology Co. Ltd., Class A | 2.7 |
| Total | 67.0% |
| 1 | Excludes cash and cash equivalents. |
| 1 | MSCI China Index is designed to measure the large- and mid-cap segments of the Chinese equity market and is part of the broader MSCI Emerging Markets Index. 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. |
| 3 | Amount is less than 0.005%. |
| 4 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/1/25. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
| Fund profile subject to change due to active management. |
| Beginning
Account Value (9/1/23) |
Ending
Account Value (2/29/24) |
Expenses
Paid During Period* (9/1/23 – 2/29/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $ 841.60 | $ 6.96** | 1.52% |
| Class C | $1,000.00 | $ 838.60 | $10.38** | 2.27% |
| Class I | $1,000.00 | $ 842.30 | $ 5.82** | 1.27% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,017.31 | $ 7.62** | 1.52% |
| Class C | $1,000.00 | $1,013.58 | $11.36** | 2.27% |
| Class I | $1,000.00 | $1,018.55 | $ 6.37** | 1.27% |
| * | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2023. |
| ** | Absent an allocation of certain expenses to affiliate(s), expenses would be higher. |
| Common Stocks — 97.9% |
| Security | Shares | Value | |
| China — 93.2% | |||
| Banks — 17.9% | |||
| China Construction Bank Corp., Class H | 7,429,000 | $ 4,607,140 | |
| China Merchants Bank Co. Ltd., Class H | 387,000 | 1,496,536 | |
| $ 6,103,676 | |||
| Beverages — 5.8% | |||
| Kweichow Moutai Co. Ltd., Class A | 4,700 | $ 1,104,584 | |
| Nongfu Spring Co. Ltd., Class H(1) | 154,400 | 873,101 | |
| $ 1,977,685 | |||
| Broadline Retail — 12.1% | |||
| PDD Holdings, Inc. ADR(2) | 33,010 | $ 4,111,065 | |
| $ 4,111,065 | |||
| Construction & Engineering — 1.2% | |||
| China State Construction International Holdings Ltd. | 378,000 | $ 421,210 | |
| $ 421,210 | |||
| Electrical Equipment — 2.7% | |||
| NARI Technology Co. Ltd., Class A | 287,020 | $ 924,043 | |
| $ 924,043 | |||
| Electronic Equipment, Instruments & Components — 1.9% | |||
| Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 16,721 | $ 653,510 | |
| $ 653,510 | |||
| Entertainment — 6.0% | |||
| NetEase, Inc. | 93,700 | $ 2,035,405 | |
| $ 2,035,405 | |||
| Food Products — 1.8% | |||
| Anjoy Foods Group Co. Ltd., Class A | 51,200 | $ 620,123 | |
| $ 620,123 | |||
| Health Care Equipment & Supplies — 3.4% | |||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 28,900 | $ 1,157,658 | |
| $ 1,157,658 | |||
| Security | Shares | Value | |
| Health Care Providers & Services — 1.1% | |||
| Hygeia Healthcare Holdings Co. Ltd.(1) | 102,600 | $ 385,144 | |
| $ 385,144 | |||
| Hotels, Restaurants & Leisure — 8.6% | |||
| Atour Lifestyle Holdings Ltd. ADR | 23,507 | $ 455,566 | |
| H World Group Ltd. | 101,400 | 374,087 | |
| Luckin Coffee, Inc. ADR(2) | 19,519 | 430,023 | |
| Meituan, Class B(1)(2) | 60,310 | 612,277 | |
| Trip.com Group Ltd.(2) | 12,800 | 580,995 | |
| Yum China Holdings, Inc. | 10,600 | 460,129 | |
| $ 2,913,077 | |||
| Household Durables — 3.3% | |||
| Gree Electric Appliances, Inc., Class A | 209,346 | $ 1,134,988 | |
| $ 1,134,988 | |||
| Interactive Media & Services — 15.4% | |||
| Tencent Holdings Ltd. | 149,400 | $ 5,233,574 | |
| $ 5,233,574 | |||
| Life Sciences Tools & Services — 1.4% | |||
| WuXi Biologics Cayman, Inc.(1)(2) | 207,500 | $ 491,486 | |
| $ 491,486 | |||
| Machinery — 1.1% | |||
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 577,200 | $ 372,765 | |
| $ 372,765 | |||
| Personal Care Products — 1.6% | |||
| Proya Cosmetics Co. Ltd., Class A | 36,720 | $ 540,411 | |
| $ 540,411 | |||
| Real Estate Management & Development — 5.5% | |||
| KE Holdings, Inc. ADR | 63,649 | $ 864,990 | |
| Onewo, Inc., Class H | 409,900 | 1,004,084 | |
| $ 1,869,074 | |||
| Textiles, Apparel & Luxury Goods — 2.4% | |||
| ANTA Sports Products Ltd. | 69,200 | $ 674,634 | |
| Shenzhou International Group Holdings Ltd. | 17,600 | 144,364 | |
| $ 818,998 | |||
| Total
China (identified cost $31,034,562) |
$31,763,892 | ||
| Security | Shares | Value | |
| Hong Kong — 4.7% | |||
| Beverages — 2.6% | |||
| China Resources Beer Holdings Co. Ltd. | 208,000 | $ 896,263 | |
| $ 896,263 | |||
| Machinery — 2.1% | |||
| Morimatsu International Holdings Co. Ltd.(2) | 1,185,000 | $ 715,972 | |
| $ 715,972 | |||
| Total
Hong Kong (identified cost $2,639,473) |
$ 1,612,235 | ||
| Total
Common Stocks (identified cost $33,674,035) |
$33,376,127 | ||
| Short-Term Investments — 1.4% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(3) | 479,942 | $ 479,942 | |
| Total
Short-Term Investments (identified cost $479,942) |
$ 479,942 | ||
| Total
Investments — 99.3% (identified cost $34,153,977) |
$33,856,069 | ||
| Other Assets, Less Liabilities — 0.7% | $ 231,015 | ||
| Net Assets — 100.0% | $34,087,084 | ||
| The percentage shown for each investment category in the Portfolio 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 February 29, 2024, the aggregate value of these securities is $2,362,008 or 6.9% 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 February 29, 2024. |
| Abbreviations: | |
| ADR | – American Depositary Receipt |
| February 29, 2024 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $33,674,035) | $ 33,376,127 |
| Affiliated investments, at value (identified cost $479,942) | 479,942 |
| Dividends receivable from affiliated investments | 9,402 |
| Receivable for investments sold | 4,137,438 |
| Receivable for Fund shares sold | 22,935 |
| Receivable from affiliates | 21,275 |
| Trustees' deferred compensation plan | 10,306 |
| Total assets | $38,057,425 |
| Liabilities | |
| Demand note payable | $ 3,740,000 |
| Payable for Fund shares redeemed | 109,707 |
| Payable to affiliates: | |
| Investment adviser fee | 21,347 |
| Administration fee | 4,306 |
| Distribution and service fees | 6,063 |
| Trustees' deferred compensation plan | 10,306 |
| Accrued expenses | 78,612 |
| Total liabilities | $ 3,970,341 |
| Net Assets | $34,087,084 |
| Sources of Net Assets | |
| Paid-in capital | $ 39,822,594 |
| Accumulated loss | (5,735,510) |
| Net Assets | $34,087,084 |
| Class A Shares | |
| Net Assets | $ 29,425,033 |
| Shares Outstanding | 2,401,121 |
| Net
Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 12.25 |
| Maximum
Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$ 12.93 |
| Class C Shares | |
| Net Assets | $ 452,388 |
| Shares Outstanding | 41,225 |
| Net
Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$ 10.97 |
| Class I Shares | |
| Net Assets | $ 4,209,663 |
| Shares Outstanding | 337,780 |
| Net
Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 12.46 |
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
| * | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
| Six Months Ended | |
| February 29, 2024 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $6,169) | $ 117,918 |
| Dividend income from affiliated investments | 14,493 |
| Total investment income | $ 132,411 |
| Expenses | |
| Investment adviser fee | $ 150,111 |
| Administration fee | 30,022 |
| Distribution and service fees: | |
| Class A | 42,509 |
| Class C | 2,735 |
| Trustees’ fees and expenses | 1,435 |
| Custodian fee | 25,806 |
| Transfer and dividend disbursing agent fees | 48,310 |
| Legal and accounting services | 43,060 |
| Printing and postage | 3,442 |
| Registration fees | 23,500 |
| Interest expense and fees | 4,245 |
| Miscellaneous | 5,722 |
| Total expenses | $ 380,897 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $ 81,531 |
| Total expense reductions | $ 81,531 |
| Net expenses | $ 299,366 |
| Net investment loss | $ (166,955) |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ (4,649,587) |
| Foreign currency transactions | (11,203) |
| Net realized loss | $(4,660,790) |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ (1,711,457) |
| Foreign currency | 526 |
| Net change in unrealized appreciation (depreciation) | $(1,710,931) |
| Net realized and unrealized loss | $(6,371,721) |
| Net decrease in net assets from operations | $(6,538,676) |
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income (loss) | $ (166,955) | $ 295,817 |
| Net realized gain (loss) | (4,660,790) | 3,079,108 |
| Net change in unrealized appreciation (depreciation) | (1,710,931) | (10,432,841) |
| Net decrease in net assets from operations | $ (6,538,676) | $ (7,057,916) |
| Distributions to shareholders: | ||
| Class A | $ (2,605,923) | $ (2,918,441) |
| Class C | (46,435) | (54,815) |
| Class I | (401,940) | (440,721) |
| Total distributions to shareholders | $ (3,054,298) | $ (3,413,977) |
| Transactions in shares of beneficial interest: | ||
| Class A | $ (3,068,665) | $ (3,963,912) |
| Class C | (72,868) | (122,705) |
| Class I | (779,862) | (875,335) |
| Net decrease in net assets from Fund share transactions | $ (3,921,395) | $ (4,961,952) |
| Net decrease in net assets | $(13,514,369) | $(15,433,845) |
| Net Assets | ||
| At beginning of period | $ 47,601,453 | $ 63,035,298 |
| At end of period | $ 34,087,084 | $ 47,601,453 |
| Class A | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 15.800 | $ 18.880 | $ 26.870 | $ 27.280 | $ 23.200 | $ 24.560 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ (0.060) | $ 0.089 | $ 0.029 | $ (0.015) | $ 0.086 | $ 0.094 |
| Net realized and unrealized gain (loss) | (2.351) | (2.093) | (6.705) | 2.383 | 4.785 | 0.604 |
| Total income (loss) from operations | $ (2.411) | $ (2.004) | $ (6.676) | $ 2.368 | $ 4.871 | $ 0.698 |
| Less Distributions | ||||||
| From net investment income | $ (0.027) | $ — | $ — | $ (0.072) | $ (0.074) | $ (0.153) |
| From net realized gain | (1.112) | (1.076) | (1.314) | (2.706) | (0.717) | (1.905) |
| Total distributions | $ (1.139) | $ (1.076) | $ (1.314) | $ (2.778) | $ (0.791) | $ (2.058) |
| Net asset value — End of period | $12.250 | $15.800 | $18.880 | $26.870 | $27.280 | $23.200 |
| Total Return(2) | (15.84)% (3)(4) | (11.28)% (3) | (26.08)% (3) | 8.48% | 21.44% | 3.65% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 29,425 | $ 40,926 | $ 53,597 | $ 84,359 | $ 85,096 | $ 78,942 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 1.52% (3)(5)(6)(7) | 1.50% (3)(6) | 1.53% (3)(6) | 1.73% | 1.80% | 1.83% |
| Net investment income (loss) | (0.86)% (5) | 0.52% | 0.13% | (0.05)% | 0.36% | 0.41% |
| Portfolio Turnover | 33% (4) | 34% | 78% | 10% | 9% | 17% |
| (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. |
| (3) | The sub-adviser and/or administrator reimbursed certain operating expenses (equal to 0.41%, 0.18% and 0.07% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023 and 2022, respectively). Absent this reimbursement, total return would be lower. |
| (4) | Not annualized. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023 and 2022). |
| (7) | Includes interest expense of 0.02% for the six months ended February 29, 2024. |
| Class C | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 14.300 | $ 17.320 | $ 24.930 | $ 25.350 | $ 21.690 | $ 23.090 |
| Income (Loss) From Operations | ||||||
| Net investment loss(1) | $ (0.101) | $ (0.040) | $ (0.126) | $ (0.206) | $ (0.106) | $ (0.170) |
| Net realized and unrealized gain (loss) | (2.117) | (1.904) | (6.170) | 2.227 | 4.483 | 0.675 |
| Total income (loss) from operations | $ (2.218) | $ (1.944) | $ (6.296) | $ 2.021 | $ 4.377 | $ 0.505 |
| Less Distributions | ||||||
| From net realized gain | $ (1.112) | $ (1.076) | $ (1.314) | $ (2.441) | $ (0.717) | $ (1.905) |
| Total distributions | $ (1.112) | $ (1.076) | $ (1.314) | $ (2.441) | $ (0.717) | $ (1.905) |
| Net asset value — End of period | $10.970 | $14.300 | $17.320 | $24.930 | $25.350 | $21.690 |
| Total Return(2) | (16.14)% (3)(4) | (11.98)% (3) | (26.60)% (3) | 7.74% | 20.59% | 2.94% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 452 | $ 669 | $ 955 | $ 1,460 | $ 2,261 | $ 3,736 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 2.27% (3)(5)(6)(7) | 2.25% (3)(6) | 2.28% (3)(6) | 2.43% | 2.50% | 2.53% |
| Net investment loss | (1.61)% (5) | (0.26)% | (0.61)% | (0.77)% | (0.47)% | (0.80)% |
| Portfolio Turnover | 33% (4) | 34% | 78% | 10% | 9% | 17% |
| (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. |
| (3) | The sub-adviser and/or administrator reimbursed certain operating expenses (equal to 0.41%, 0.18% and 0.07% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023 and 2022, respectively). Absent this reimbursement, total return would be lower. |
| (4) | Not annualized. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023 and 2022). |
| (7) | Includes interest expense of 0.02% for the six months ended February 29, 2024. |
| Class I | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 16.090 | $ 19.150 | $ 27.170 | $ 27.550 | $ 23.420 | $ 24.790 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ (0.043) | $ 0.124 | $ 0.067 | $ 0.094 | $ 0.109 | $ 0.302 |
| Net realized and unrealized gain (loss) | (2.400) | (2.108) | (6.773) | 2.383 | 4.883 | 0.466 |
| Total income (loss) from operations | $ (2.443) | $ (1.984) | $ (6.706) | $ 2.477 | $ 4.992 | $ 0.768 |
| Less Distributions | ||||||
| From net investment income | $ (0.075) | $ — | $ — | $ (0.151) | $ (0.145) | $ (0.233) |
| From net realized gain | (1.112) | (1.076) | (1.314) | (2.706) | (0.717) | (1.905) |
| Total distributions | $ (1.187) | $ (1.076) | $ (1.314) | $ (2.857) | $ (0.862) | $ (2.138) |
| Net asset value — End of period | $12.460 | $16.090 | $19.150 | $27.170 | $27.550 | $23.420 |
| Total Return(2) | (15.77)% (3)(4) | (11.00)% (3) | (25.89)% (3) | 8.81% | 21.81% | 3.94% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 4,210 | $ 6,006 | $ 8,483 | $ 24,472 | $ 17,646 | $ 21,552 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 1.27% (3)(5)(6)(7) | 1.25% (3)(6) | 1.28% (3)(6) | 1.43% | 1.50% | 1.53% |
| Net investment income (loss) | (0.61)% (5) | 0.71% | 0.29% | 0.32% | 0.45% | 1.29% |
| Portfolio Turnover | 33% (4) | 34% | 78% | 10% | 9% | 17% |
| (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. |
| (3) | The sub-adviser and/or administrator reimbursed certain operating expenses (equal to 0.41%, 0.18% and 0.07% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023 and 2022, respectively). Absent this reimbursement, total return would be lower. |
| (4) | Not annualized. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023 and 2022). |
| (7) | Includes interest expense of 0.02% for the six months ended February 29, 2024. |
| Aggregate cost | $ 34,153,977 |
| Gross unrealized appreciation | $ 8,036,924 |
| Gross unrealized depreciation | (8,334,832) |
| Net unrealized depreciation | $ (297,908) |
| Average Daily Net Assets | Annual Fee Rate |
| Up to $500 million | 0.750% |
| $500 million but less than $1 billion | 0.700% |
| $1 billion but less than $1.5 billion | 0.675% |
| $1.5 billion but less than $2 billion | 0.675% |
| $2 billion but less than $3 billion | 0.660% |
| $3 billion and over | 0.580% |
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Sales | 154,583 | $ 1,910,519 | 56,693 | $ 1,020,036 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 171,002 | 2,276,037 | 142,913 | 2,553,864 | |
| Redemptions | (514,003) | (7,255,221) | (448,364) | (7,537,812) | |
| Net decrease | (188,418) | $ (3,068,665) | (248,758) | $ (3,963,912) | |
| Class C | |||||
| Sales | 145 | $ 1,793 | 1,307 | $ 21,767 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 3,889 | 46,435 | 3,369 | 54,815 | |
| Redemptions | (9,588) | (121,096) | (13,062) | (199,287) | |
| Net decrease | (5,554) | $ (72,868) | (8,386) | $ (122,705) | |
| Class I | |||||
| Sales | 913,392 | $ 12,080,505 | 935,350 | $ 16,947,624 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 28,995 | 392,303 | 23,738 | 431,078 | |
| Redemptions | (977,978) | (13,252,670) | (1,028,646) | (18,254,037) | |
| Net decrease | (35,591) | $ (779,862) | (69,558) | $ (875,335) | |
| 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 | $148,573 | $17,188,039 | $(16,856,670) | $ — | $ — | $479,942 | $14,493 | 479,942 |
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | ||||
| Communication Services | $ — | $ 7,268,979 | $ — | $ 7,268,979 |
| Consumer Discretionary | 4,996,654 | 3,981,474 | — | 8,978,128 |
| Consumer Staples | — | 4,034,482 | — | 4,034,482 |
| Financials | — | 6,103,676 | — | 6,103,676 |
| Health Care | — | 2,034,288 | — | 2,034,288 |
| Industrials | — | 2,433,990 | — | 2,433,990 |
| Information Technology | — | 653,510 | — | 653,510 |
| Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
| Real Estate | $ 864,990 | $ 1,004,084 | $ — | $ 1,869,074 |
| Total Common Stocks | $ 5,861,644 | $ 27,514,483* | $ — | $33,376,127 |
| Short-Term Investments | $ 479,942 | $ — | $ — | $ 479,942 |
| Total Investments | $ 6,341,586 | $ 27,514,483 | $ — | $33,856,069 |
| * | 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. |
| Officers | |
| Kenneth
A. Topping President |
Nicholas
S. Di Lorenzo Secretary |
| Deidre
E. Walsh Vice President and Chief Legal Officer |
Laura T.
Donovan Chief Compliance Officer |
| James
F. Kirchner Treasurer |
|
| Trustees |
| George
J. Gorman Chairperson |
|
| Alan C. Bowser | |
| Mark R. Fetting | |
| Cynthia E. Frost | |
| Valerie A. Mosley | |
| Anchal Pachnanda* |
| Keith Quinton | |
| Marcus L. Smith | |
| Susan J. Sutherland | |
| Scott E. Wennerholm | |
| Nancy A. Wiser |
| * | Interested Trustee |
| 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 1-800-262-1122 or email: EVPrivacy@eatonvance.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 1-800-262-1122 or email: EVPrivacy@eatonvance.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 |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 09/30/2011 | 09/30/2011 | 3.61% | 6.20% | 2.70% | 3.13% |
| Class A with 5.25% Maximum Sales Charge | — | — | (1.85) | 0.63 | 1.61 | 2.57 |
| Class C at NAV | 09/30/2011 | 09/30/2011 | 3.18 | 5.34 | 1.93 | 2.50 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 2.18 | 4.34 | 1.93 | 2.50 |
| Class I at NAV | 09/30/2011 | 09/30/2011 | 3.78 | 6.45 | 2.96 | 3.38 |
|
| ||||||
| Bloomberg U.S. Aggregate Bond Index | — | — | 2.35% | 3.33% | 0.56% | 1.43% |
| MSCI ACWI Index | — | — | 11.66 | 23.15 | 10.50 | 8.37 |
| Blended Index | — | — | 6.05 | 10.99 | 4.73 | 4.39 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 1.29% | 2.04% | 1.04% |
| Asset Allocation (% of net assets) |
| Country Allocation (% of net assets) |
| Top 10 Holdings (% of net assets)1 | |
| Janus Henderson Mortgage-Backed Securities ETF | 21.4% |
| WisdomTree Floating Rate Treasury Fund | 10.2 |
| iShares MSCI China ETF | 3.3 |
| iShares MSCI India ETF | 1.8 |
| Microsoft Corp. | 1.8 |
| Apple, Inc. | 1.7 |
| U.S. Treasury Bonds, 2.25%, 5/15/41 | 1.7 |
| iShares MSCI Taiwan ETF | 1.7 |
| U.S. Treasury Bonds, 1.875%, 2/15/41 | 1.5 |
| U.S. Treasury Bonds, 1.75%, 8/15/41 | 1.4 |
| Total | 46.5% |
| 1 | Excludes cash and cash equivalents. |
| 1 | Bloomberg U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. The Blended Index consists of 60% Bloomberg U.S. Aggregate Bond Index and 40% MSCI ACWI Index, rebalanced monthly. 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. |
| 3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
| Fund profile subject to change due to active management. |
| Beginning
Account Value (9/1/23) |
Ending
Account Value (2/29/24) |
Expenses
Paid During Period* (9/1/23 – 2/29/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,036.10 | $ 6.23 | 1.23% |
| Class C | $1,000.00 | $1,031.80 | $10.05 | 1.99% |
| Class I | $1,000.00 | $1,037.80 | $ 4.97 | 0.98% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,018.75 | $ 6.17 | 1.23% |
| Class C | $1,000.00 | $1,014.97 | $ 9.97 | 1.99% |
| Class I | $1,000.00 | $1,019.99 | $ 4.92 | 0.98% |
| * | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2023. |
| Common Stocks — 36.5% |
| Security | Shares | Value | |
| Aerospace & Defense — 1.2% | |||
| Airbus SE | 3,240 | $ 536,087 | |
| BAE Systems PLC | 33,836 | 531,112 | |
| Boeing Co.(1) | 1,527 | 311,080 | |
| General Dynamics Corp. | 3,248 | 887,516 | |
| Howmet Aerospace, Inc. | 6,294 | 418,866 | |
| L3Harris Technologies, Inc. | 3,167 | 670,327 | |
| Lockheed Martin Corp. | 1,108 | 474,490 | |
| Northrop Grumman Corp. | 2,658 | 1,225,391 | |
| RTX Corp. | 4,761 | 426,919 | |
| $ 5,481,788 | |||
| Air Freight & Logistics — 0.1% | |||
| FedEx Corp. | 1,265 | $ 314,947 | |
| United Parcel Service, Inc., Class B | 2,230 | 330,620 | |
| $ 645,567 | |||
| Automobiles — 0.8% | |||
| Ford Motor Co. | 30,348 | $ 377,529 | |
| Mercedes-Benz Group AG | 12,482 | 994,626 | |
| Tesla, Inc.(1) | 7,539 | 1,521,973 | |
| Toyota Motor Corp. | 28,200 | 679,237 | |
| $ 3,573,365 | |||
| Banks — 1.2% | |||
| Bank of America Corp. | 20,862 | $ 720,156 | |
| BNP Paribas SA | 5,907 | 354,538 | |
| Citigroup, Inc. | 6,361 | 352,972 | |
| Citizens Financial Group, Inc. | 13,251 | 415,949 | |
| Eastern Bankshares, Inc. | 27,663 | 357,406 | |
| FB Financial Corp. | 12,791 | 455,871 | |
| First Hawaiian, Inc. | 24,943 | 522,805 | |
| JPMorgan Chase & Co. | 3,695 | 687,492 | |
| Stellar Bancorp, Inc. | 15,610 | 369,957 | |
| Veritex Holdings, Inc. | 19,228 | 377,446 | |
| Wells Fargo & Co. | 20,776 | 1,154,938 | |
| $ 5,769,530 | |||
| Beverages — 1.0% | |||
| Anheuser-Busch InBev SA | 14,959 | $ 904,130 | |
| Asahi Group Holdings Ltd. | 14,600 | 500,159 | |
| Coca-Cola Co. | 20,317 | 1,219,426 | |
| Heineken NV | 9,255 | 855,081 | |
| Kirin Holdings Co. Ltd. | 23,600 | 328,090 | |
| Security | Shares | Value | |
| Beverages (continued) | |||
| PepsiCo, Inc. | 1,879 | $ 310,674 | |
| Pernod Ricard SA | 5,035 | 841,518 | |
| $ 4,959,078 | |||
| Biotechnology — 0.6% | |||
| AbbVie, Inc. | 4,887 | $ 860,356 | |
| Amgen, Inc. | 1,757 | 481,119 | |
| Gilead Sciences, Inc. | 8,927 | 643,637 | |
| Regeneron Pharmaceuticals, Inc.(1) | 418 | 403,826 | |
| Vertex Pharmaceuticals, Inc.(1) | 1,349 | 567,578 | |
| $ 2,956,516 | |||
| Broadline Retail — 1.0% | |||
| Amazon.com, Inc.(1) | 26,893 | $ 4,753,607 | |
| $ 4,753,607 | |||
| Building Products — 0.4% | |||
| Carrier Global Corp. | 6,260 | $ 347,931 | |
| CSW Industrials, Inc. | 1,967 | 453,177 | |
| Daikin Industries Ltd. | 3,700 | 521,486 | |
| Resideo Technologies, Inc.(1) | 20,993 | 468,774 | |
| $ 1,791,368 | |||
| Capital Markets — 1.2% | |||
| Ares Management Corp., Class A | 3,371 | $ 447,096 | |
| Brightsphere Investment Group, Inc. | 18,092 | 409,965 | |
| Brookfield Asset Management Ltd., Class A(2) | 14,444 | 588,658 | |
| Brookfield Corp. | 10,783 | 444,938 | |
| CME Group, Inc. | 2,642 | 582,165 | |
| Hamilton Lane, Inc., Class A | 3,824 | 439,186 | |
| Houlihan Lokey, Inc. | 3,302 | 424,835 | |
| KKR & Co., Inc. | 4,301 | 422,616 | |
| Moelis & Co., Class A | 7,455 | 402,868 | |
| Partners Group Holding AG | 412 | 592,401 | |
| Tradeweb Markets, Inc., Class A | 4,307 | 455,767 | |
| Victory Capital Holdings, Inc., Class A | 10,363 | 398,250 | |
| $ 5,608,745 | |||
| Chemicals — 0.9% | |||
| AdvanSix, Inc. | 10,061 | $ 281,507 | |
| Akzo Nobel NV | 2,620 | 190,969 | |
| Arkema SA | 3,254 | 337,284 | |
| Corteva, Inc. | 6,781 | 362,919 | |
| Dow, Inc. | 15,463 | 864,073 | |
| EMS-Chemie Holding AG | 830 | 579,205 | |
| Kaneka Corp. | 13,400 | 322,161 | |
| Security | Shares | Value | |
| Chemicals (continued) | |||
| Linde PLC | 1,266 | $ 568,206 | |
| NOF Corp. | 7,600 | 341,736 | |
| Novozymes AS, Class B | 5,713 | 322,258 | |
| $ 4,170,318 | |||
| Commercial Services & Supplies — 0.1% | |||
| Waste Management, Inc. | 2,488 | $ 511,657 | |
| $ 511,657 | |||
| Construction & Engineering — 0.3% | |||
| API Group Corp.(1) | 13,493 | $ 472,930 | |
| COMSYS Holdings Corp. | 24,400 | 538,574 | |
| Eiffage SA | 4,734 | 515,523 | |
| $ 1,527,027 | |||
| Consumer Finance — 0.4% | |||
| AEON Financial Service Co. Ltd.(2) | 40,100 | $ 350,180 | |
| American Express Co. | 2,080 | 456,394 | |
| SLM Corp. | 25,415 | 529,394 | |
| Synchrony Financial | 11,093 | 458,141 | |
| $ 1,794,109 | |||
| Consumer Staples Distribution & Retail — 0.4% | |||
| Aeon Co. Ltd.(2) | 15,100 | $ 360,542 | |
| Alimentation Couche-Tard, Inc.(2) | 11,402 | 707,148 | |
| Walmart, Inc. | 12,354 | 724,068 | |
| $ 1,791,758 | |||
| Containers & Packaging — 0.1% | |||
| Silgan Holdings, Inc. | 7,506 | $ 329,589 | |
| Sonoco Products Co. | 5,574 | 315,934 | |
| $ 645,523 | |||
| Diversified Telecommunication Services — 0.1% | |||
| AT&T, Inc. | 20,843 | $ 352,872 | |
| $ 352,872 | |||
| Electric Utilities — 0.9% | |||
| Constellation Energy Corp. | 3,135 | $ 528,091 | |
| Duke Energy Corp. | 3,604 | 330,955 | |
| Enel SpA | 180,039 | 1,145,597 | |
| Exelon Corp. | 7,734 | 277,187 | |
| Hydro One Ltd.(3) | 34,567 | 1,030,273 | |
| Iberdrola SA | 28,270 | 324,685 | |
| Security | Shares | Value | |
| Electric Utilities (continued) | |||
| PG&E Corp. | 24,064 | $ 401,628 | |
| Southern Co. | 6,397 | 430,198 | |
| $ 4,468,614 | |||
| Electrical Equipment — 0.4% | |||
| Eaton Corp. PLC | 5,895 | $ 1,703,655 | |
| nVent Electric PLC | 6,232 | 419,538 | |
| $ 2,123,193 | |||
| Electronic Equipment, Instruments & Components — 0.4% | |||
| Hexagon AB, Class B | 32,299 | $ 378,886 | |
| Keyence Corp. | 1,500 | 702,983 | |
| Knowles Corp.(1) | 30,087 | 491,622 | |
| Kyocera Corp. | 22,092 | 326,044 | |
| $ 1,899,535 | |||
| Energy Equipment & Services — 0.3% | |||
| Baker Hughes Co. | 9,672 | $ 286,194 | |
| ChampionX Corp. | 9,561 | 296,965 | |
| Halliburton Co. | 8,455 | 296,517 | |
| Schlumberger NV | 7,342 | 354,839 | |
| $ 1,234,515 | |||
| Financial Services — 1.1% | |||
| Apollo Global Management, Inc. | 4,111 | $ 459,610 | |
| Berkshire Hathaway, Inc., Class B(1) | 4,646 | 1,902,072 | |
| Corebridge Financial, Inc. | 17,560 | 436,015 | |
| Enact Holdings, Inc. | 12,600 | 349,272 | |
| Equitable Holdings, Inc. | 12,532 | 429,096 | |
| Mastercard, Inc., Class A | 955 | 453,396 | |
| ORIX Corp. | 21,100 | 443,322 | |
| PayPal Holdings, Inc.(1) | 5,860 | 353,592 | |
| Visa, Inc., Class A | 1,751 | 494,903 | |
| $ 5,321,278 | |||
| Food Products — 1.1% | |||
| Barry Callebaut AG | 445 | $ 625,157 | |
| Danone SA | 15,793 | 1,007,772 | |
| Ezaki Glico Co. Ltd. | 28,000 | 834,753 | |
| House Foods Group, Inc. | 15,100 | 316,431 | |
| Kagome Co. Ltd. | 14,100 | 324,062 | |
| Kerry Group PLC, Class A | 3,542 | 311,029 | |
| Nestle SA | 10,874 | 1,127,821 | |
| Saputo, Inc.(2) | 23,295 | 473,916 | |
| $ 5,020,941 | |||
| Security | Shares | Value | |
| Ground Transportation — 0.8% | |||
| Canadian National Railway Co. | 2,699 | $ 349,956 | |
| Central Japan Railway Co. | 14,500 | 364,673 | |
| CSX Corp. | 13,567 | 514,732 | |
| Schneider National, Inc., Class B | 12,556 | 295,694 | |
| TFI International, Inc.(2) | 3,458 | 510,922 | |
| Uber Technologies, Inc.(1) | 8,418 | 669,231 | |
| U-Haul Holding Co., Non Voting Shares | 6,484 | 412,188 | |
| Union Pacific Corp. | 1,711 | 434,064 | |
| $ 3,551,460 | |||
| Health Care Equipment & Supplies — 1.0% | |||
| Abbott Laboratories | 5,567 | $ 660,469 | |
| Becton Dickinson & Co. | 1,240 | 292,082 | |
| Boston Scientific Corp.(1) | 8,954 | 592,844 | |
| Cochlear Ltd.(2) | 1,957 | 446,105 | |
| EssilorLuxottica SA | 4,441 | 942,976 | |
| Intuitive Surgical, Inc.(1) | 1,642 | 633,155 | |
| Medtronic PLC | 7,389 | 615,947 | |
| Stryker Corp. | 1,228 | 428,658 | |
| $ 4,612,236 | |||
| Health Care Providers & Services — 1.3% | |||
| Cardinal Health, Inc. | 3,635 | $ 407,047 | |
| Cencora, Inc. | 4,523 | 1,065,619 | |
| Centene Corp.(1) | 4,413 | 346,111 | |
| Fresenius SE & Co. KGaA | 11,554 | 323,572 | |
| HCA Healthcare, Inc. | 1,326 | 413,314 | |
| Laboratory Corp. of America Holdings | 2,137 | 461,229 | |
| McKesson Corp. | 1,919 | 1,000,586 | |
| Sonic Healthcare Ltd. | 16,079 | 312,025 | |
| UnitedHealth Group, Inc. | 3,230 | 1,594,328 | |
| $ 5,923,831 | |||
| Hotels, Restaurants & Leisure — 0.2% | |||
| Airbnb, Inc., Class A(1) | 2,480 | $ 390,526 | |
| Booking Holdings, Inc.(1) | 147 | 509,918 | |
| $ 900,444 | |||
| Household Durables — 0.5% | |||
| Installed Building Products, Inc. | 3,587 | $ 857,042 | |
| Sony Group Corp. | 7,600 | 654,726 | |
| Tri Pointe Homes, Inc.(1) | 22,865 | 808,964 | |
| $ 2,320,732 | |||
| Security | Shares | Value | |
| Household Products — 0.1% | |||
| Procter & Gamble Co. | 2,467 | $ 392,105 | |
| $ 392,105 | |||
| Industrial Conglomerates — 0.6% | |||
| General Electric Co. | 5,014 | $ 786,647 | |
| Hitachi Ltd. | 6,600 | 559,155 | |
| Honeywell International, Inc. | 2,248 | 446,745 | |
| Siemens AG | 2,117 | 419,100 | |
| Smiths Group PLC | 32,780 | 667,381 | |
| $ 2,879,028 | |||
| Industrial REITs — 0.2% | |||
| ProLogis, Inc. | 6,250 | $ 832,937 | |
| $ 832,937 | |||
| Insurance — 1.2% | |||
| AIA Group Ltd. | 35,800 | $ 288,590 | |
| Allianz SE | 1,970 | 541,071 | |
| American International Group, Inc. | 10,842 | 790,273 | |
| Brighthouse Financial, Inc.(1) | 7,232 | 336,650 | |
| Hartford Financial Services Group, Inc. | 5,039 | 482,938 | |
| Markel Group, Inc.(1) | 229 | 341,778 | |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2,414 | 1,123,893 | |
| Prudential Financial, Inc. | 3,771 | 411,001 | |
| QBE Insurance Group Ltd. | 33,792 | 380,328 | |
| Swiss Life Holding AG | 640 | 465,214 | |
| Tokio Marine Holdings, Inc.(2) | 17,800 | 520,057 | |
| $ 5,681,793 | |||
| Interactive Media & Services — 1.6% | |||
| Alphabet, Inc., Class A(1) | 16,940 | $ 2,345,512 | |
| Alphabet, Inc., Class C(1) | 15,655 | 2,188,256 | |
| Meta Platforms, Inc., Class A | 6,462 | 3,167,220 | |
| $ 7,700,988 | |||
| IT Services — 0.2% | |||
| Otsuka Corp. | 9,600 | $ 422,127 | |
| Shopify, Inc., Class A(1) | 4,100 | 313,251 | |
| $ 735,378 | |||
| Life Sciences Tools & Services — 0.1% | |||
| IQVIA Holdings, Inc.(1) | 1,228 | $ 303,512 | |
| $ 303,512 | |||
| Security | Shares | Value | |
| Machinery — 0.8% | |||
| Caterpillar, Inc. | 1,767 | $ 590,107 | |
| Deere & Co. | 1,150 | 419,808 | |
| Fortive Corp. | 6,449 | 549,003 | |
| Illinois Tool Works, Inc. | 1,729 | 453,257 | |
| Ingersoll Rand, Inc. | 4,577 | 418,017 | |
| Otis Worldwide Corp. | 4,846 | 461,824 | |
| PACCAR, Inc. | 7,012 | 777,561 | |
| $ 3,669,577 | |||
| Media — 0.2% | |||
| Fox Corp., Class B | 11,208 | $ 306,875 | |
| News Corp., Class B | 17,717 | 495,899 | |
| $ 802,774 | |||
| Metals & Mining — 0.2% | |||
| BHP Group Ltd. | 10,961 | $ 314,211 | |
| Freeport-McMoRan, Inc. | 9,457 | 357,569 | |
| Rio Tinto Ltd.(2) | 4,853 | 390,807 | |
| $ 1,062,587 | |||
| Multi-Utilities — 0.3% | |||
| CenterPoint Energy, Inc. | 10,765 | $ 296,037 | |
| Dominion Energy, Inc. | 11,454 | 547,845 | |
| National Grid PLC | 29,419 | 384,948 | |
| NiSource, Inc. | 12,262 | 319,548 | |
| $ 1,548,378 | |||
| Oil, Gas & Consumable Fuels — 2.0% | |||
| Antero Midstream Corp. | 29,666 | $ 397,524 | |
| California Resources Corp. | 7,710 | 402,231 | |
| Cheniere Energy, Inc. | 2,596 | 402,899 | |
| Chevron Corp. | 7,383 | 1,122,290 | |
| ConocoPhillips | 3,306 | 372,057 | |
| Devon Energy Corp. | 7,662 | 337,588 | |
| Diamondback Energy, Inc. | 2,275 | 415,233 | |
| DT Midstream, Inc. | 7,539 | 434,473 | |
| Exxon Mobil Corp. | 13,674 | 1,429,207 | |
| Hess Corp. | 2,278 | 332,019 | |
| Magnolia Oil & Gas Corp., Class A | 15,206 | 344,872 | |
| Marathon Oil Corp. | 13,137 | 318,572 | |
| Occidental Petroleum Corp. | 5,477 | 331,961 | |
| Phillips 66 | 2,920 | 416,129 | |
| PrairieSky Royalty Ltd.(2) | 26,792 | 478,333 | |
| Shell PLC | 19,421 | 600,688 | |
| Suncor Energy, Inc.(2) | 11,443 | 393,167 | |
| Security | Shares | Value | |
| Oil, Gas & Consumable Fuels (continued) | |||
| Targa Resources Corp. | 5,328 | $ 523,423 | |
| TC Energy Corp. | 9,665 | 382,284 | |
| $ 9,434,950 | |||
| Passenger Airlines — 0.1% | |||
| Delta Air Lines, Inc. | 9,870 | $ 417,205 | |
| $ 417,205 | |||
| Personal Care Products — 0.3% | |||
| Kao Corp. | 16,900 | $ 639,462 | |
| L'Oreal SA | 1,302 | 621,925 | |
| Unilever PLC | 6,607 | 322,648 | |
| $ 1,584,035 | |||
| Pharmaceuticals — 2.4% | |||
| Astellas Pharma, Inc. | 40,100 | $ 438,243 | |
| AstraZeneca PLC | 6,243 | 786,951 | |
| Bristol-Myers Squibb Co. | 12,765 | 647,824 | |
| Daiichi Sankyo Co. Ltd. | 29,400 | 968,257 | |
| Eli Lilly & Co. | 2,049 | 1,544,290 | |
| GSK PLC | 43,636 | 912,797 | |
| Johnson & Johnson | 5,143 | 829,977 | |
| Merck & Co., Inc. | 9,391 | 1,194,066 | |
| Novartis AG | 14,498 | 1,462,812 | |
| Novo Nordisk AS, Class B | 4,376 | 522,344 | |
| Pfizer, Inc. | 19,304 | 512,714 | |
| Roche Holding AG PC | 3,144 | 822,034 | |
| Sanofi SA | 4,338 | 413,474 | |
| Takeda Pharmaceutical Co. Ltd. | 13,700 | 400,673 | |
| $ 11,456,456 | |||
| Professional Services — 0.4% | |||
| Automatic Data Processing, Inc. | 1,583 | $ 397,539 | |
| Parsons Corp.(1) | 6,380 | 514,292 | |
| Paycom Software, Inc. | 1,371 | 250,057 | |
| Science Applications International Corp. | 3,293 | 460,888 | |
| Verra Mobility Corp.(1) | 19,964 | 431,621 | |
| $ 2,054,397 | |||
| Residential REITs — 0.1% | |||
| Mid-America Apartment Communities, Inc. | 2,692 | $ 338,331 | |
| $ 338,331 | |||
| Security | Shares | Value | |
| Retail REITs — 0.1% | |||
| Realty Income Corp. | 11,074 | $ 577,066 | |
| $ 577,066 | |||
| Semiconductors & Semiconductor Equipment — 2.1% | |||
| ASML Holding NV | 1,735 | $ 1,646,517 | |
| Broadcom, Inc. | 1,155 | 1,502,066 | |
| GlobalFoundries, Inc.(1) | 7,731 | 422,654 | |
| Intel Corp. | 7,163 | 308,367 | |
| Marvell Technology, Inc. | 6,027 | 431,895 | |
| NVIDIA Corp. | 7,202 | 5,697,646 | |
| $ 10,009,145 | |||
| Software — 2.1% | |||
| Alarm.com Holdings, Inc.(1) | 11,496 | $ 870,132 | |
| Atlassian Corp., Class A(1) | 1,995 | 413,803 | |
| Microsoft Corp. | 20,586 | 8,515,193 | |
| $ 9,799,128 | |||
| Specialized REITs — 0.4% | |||
| Equinix, Inc. | 1,097 | $ 975,035 | |
| Four Corners Property Trust, Inc. | 28,153 | 680,740 | |
| VICI Properties, Inc. | 11,344 | 339,526 | |
| $ 1,995,301 | |||
| Specialty Retail — 0.3% | |||
| Home Depot, Inc. | 2,565 | $ 976,265 | |
| Industria de Diseno Textil SA | 11,351 | 504,984 | |
| $ 1,481,249 | |||
| Technology Hardware, Storage & Peripherals — 1.8% | |||
| Apple, Inc. | 45,841 | $ 8,285,761 | |
| Hewlett Packard Enterprise Co. | 24,248 | 369,297 | |
| $ 8,655,058 | |||
| Textiles, Apparel & Luxury Goods — 0.1% | |||
| adidas AG | 2,000 | $ 404,560 | |
| $ 404,560 | |||
| Tobacco — 0.3% | |||
| British American Tobacco PLC | 20,070 | $ 596,308 | |
| Japan Tobacco, Inc. | 18,200 | 472,772 | |
| Philip Morris International, Inc. | 4,852 | 436,486 | |
| $ 1,505,566 | |||
| Security | Shares | Value | |
| Trading Companies & Distributors — 0.6% | |||
| Brenntag SE | 9,349 | $ 853,605 | |
| GMS, Inc.(1) | 5,976 | 533,717 | |
| ITOCHU Corp.(2) | 12,300 | 534,323 | |
| Mitsubishi Corp. | 33,600 | 720,704 | |
| $ 2,642,349 | |||
| Water Utilities — 0.1% | |||
| Severn Trent PLC | 9,320 | $ 294,110 | |
| $ 294,110 | |||
| Total
Common Stocks (identified cost $122,663,004) |
$171,967,570 | ||
| Exchange-Traded Funds — 39.7% |
| Security | Shares | Value | |
| Equity Funds — 8.1% | |||
| iShares MSCI China ETF | 400,582 | $ 15,618,692 | |
| iShares MSCI India ETF | 168,000 | 8,594,880 | |
| iShares MSCI South Korea ETF | 94,100 | 6,032,751 | |
| iShares MSCI Taiwan ETF | 173,400 | 8,033,622 | |
| $ 38,279,945 | |||
| Fixed Income Funds — 31.6% | |||
| Janus Henderson Mortgage-Backed Securities ETF | 2,243,100 | $ 100,603,035 | |
| WisdomTree Floating Rate Treasury Fund | 950,987 | 47,834,646 | |
| $148,437,681 | |||
| Total
Exchange-Traded Funds (identified cost $192,660,852) |
$186,717,626 | ||
| U.S. Treasury Obligations — 18.1% |
| Security | Principal
Amount (000's omitted) |
Value | |
| U.S. Treasury Bonds: | |||
| 1.125%, 8/15/40 | $ | 7,949 | $ 4,859,974 |
| 1.375%, 11/15/40 | 7,503 | 4,767,272 | |
| 1.75%, 8/15/41 | 9,628 | 6,415,231 | |
| 1.875%, 2/15/41 | 10,056 | 6,933,396 | |
| 2.00%, 11/15/41 | 6,564 | 4,546,190 | |
| 2.25%, 5/15/41 | 11,251 | 8,218,138 | |
| 2.75%, 8/15/42 | 6,337 | 4,932,340 | |
| 3.375%, 8/15/42 | 6,817 | 5,832,434 | |
| 3.875%, 8/15/40 | 3,335 | 3,120,216 | |
| Security | Principal
Amount (000's omitted) |
Value | |
| U.S. Treasury Bonds: (continued) | |||
| 4.00%, 11/15/42 | $ | 4,169 | $ 3,893,141 |
| 4.375%, 11/15/39 | 6,171 | 6,171,464 | |
| U.S. Treasury Notes: | |||
| 0.25%, 6/15/24 | 2,989 | 2,945,572 | |
| 0.25%, 8/31/25 | 2,014 | 1,882,387 | |
| 0.625%, 10/15/24 | 3,780 | 3,674,584 | |
| 1.00%, 12/15/24 | 1,856 | 1,796,716 | |
| 1.50%, 11/30/24 | 3,917 | 3,811,758 | |
| 1.50%, 2/15/25 | 2,256 | 2,179,743 | |
| 2.50%, 4/30/24 | 2,023 | 2,013,235 | |
| 3.875%, 1/15/26 | 1,905 | 1,877,569 | |
| 4.00%, 12/15/25 | 2,142 | 2,116,145 | |
| 4.50%, 11/15/25 | 3,256 | 3,243,646 | |
| Total
U.S. Treasury Obligations (identified cost $94,473,762) |
$ 85,231,151 | ||
| Short-Term Investments — 6.2% |
| Affiliated Fund — 5.6% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(4) | 26,133,357 | $ 26,133,357 | |
| Total
Affiliated Fund (identified cost $26,133,357) |
$ 26,133,357 | ||
| Securities Lending Collateral — 0.6% |
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(5) | 2,995,542 | $ 2,995,542 | |
| Total
Securities Lending Collateral (identified cost $2,995,542) |
$ 2,995,542 | ||
| Total
Short-Term Investments (identified cost $29,128,899) |
$ 29,128,899 | ||
| Total
Investments — 100.5% (identified cost $438,926,517) |
$473,045,246 | ||
| Other Assets, Less Liabilities — (0.5)% | $ (2,511,802) | ||
| Net Assets — 100.0% | $470,533,444 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Non-income producing security. |
| (2) | All or a portion of this security was on loan at February 29, 2024. The aggregate market value of securities on loan at February 29, 2024 was $4,554,213. |
| (3) | 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 February 29, 2024, the aggregate value of these securities is $1,030,273 or 0.2% of the Fund's net assets. |
| (4) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of February 29, 2024. |
| (5) | Represents investment of cash collateral received in connection with securities lending. |
| Country Concentration of Portfolio | ||
| Country | Percentage
of Net Assets |
Value |
| United States | 51.0% | $240,104,311 |
| Japan | 2.9 | 13,584,932 |
| Canada | 1.2 | 5,672,846 |
| France | 1.1 | 5,157,623 |
| Germany | 1.0 | 4,660,427 |
| Switzerland | 0.8 | 3,724,789 |
| United Kingdom | 0.7 | 3,583,458 |
| Netherlands | 0.7 | 3,293,255 |
| Australia | 0.4 | 1,843,476 |
| Italy | 0.2 | 1,145,597 |
| Belgium | 0.2 | 904,130 |
| Denmark | 0.2 | 844,602 |
| Spain | 0.2 | 829,669 |
| Sweden | 0.1 | 378,886 |
| Ireland | 0.1 | 311,029 |
| Hong Kong | 0.0 (1) | 288,590 |
| Exchange-Traded Funds | 39.7 | 186,717,626 |
| Total Investments | 100.5% | $473,045,246 |
| (1) | Amount is less than 0.05%. |
| Abbreviations: | |
| PC | – Participation Certificate |
| REITs | – Real Estate Investment Trusts |
| February 29, 2024 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $412,793,160) — including $4,554,213 of securities on loan | $ 446,911,889 |
| Affiliated investments, at value (identified cost $26,133,357) | 26,133,357 |
| Foreign currency, at value (identified cost $199) | 222 |
| Interest and dividends receivable | 733,417 |
| Dividends receivable from affiliated investments | 122,493 |
| Receivable for Fund shares sold | 818,066 |
| Securities lending income receivable | 974 |
| Tax reclaims receivable | 305,645 |
| Trustees' deferred compensation plan | 47,599 |
| Total assets | $475,073,662 |
| Liabilities | |
| Collateral for securities loaned | $ 2,995,542 |
| Payable for Fund shares redeemed | 912,977 |
| Payable to affiliates: | |
| Investment adviser and administration fee | 313,826 |
| Distribution and service fees | 54,529 |
| Trustees' deferred compensation plan | 47,599 |
| Accrued expenses | 215,745 |
| Total liabilities | $ 4,540,218 |
| Net Assets | $470,533,444 |
| Sources of Net Assets | |
| Paid-in capital | $ 461,778,150 |
| Distributable earnings | 8,755,294 |
| Net Assets | $470,533,444 |
| Class A Shares | |
| Net Assets | $ 87,207,247 |
| Shares Outstanding | 6,378,862 |
| Net
Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 13.67 |
| Maximum
Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$ 14.43 |
| Class C Shares | |
| Net Assets | $ 46,370,498 |
| Shares Outstanding | 3,462,662 |
| Net
Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$ 13.39 |
| Class I Shares | |
| Net Assets | $ 336,955,699 |
| Shares Outstanding | 24,546,527 |
| Net
Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 13.73 |
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
| * | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
| Six Months Ended | |
| February 29, 2024 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $37,622) | $ 5,470,263 |
| Dividend income from affiliated investments | 617,221 |
| Interest income | 2,427,045 |
| Securities lending income, net | 39,190 |
| Total investment income | $ 8,553,719 |
| Expenses | |
| Investment adviser and administration fee | $ 1,983,021 |
| Distribution and service fees: | |
| Class A | 110,140 |
| Class C | 243,963 |
| Trustees’ fees and expenses | 14,833 |
| Custodian fee | 68,584 |
| Transfer and dividend disbursing agent fees | 125,574 |
| Legal and accounting services | 43,334 |
| Printing and postage | 18,018 |
| Registration fees | 46,246 |
| Miscellaneous | 11,943 |
| Total expenses | $ 2,665,656 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $ 17,941 |
| Total expense reductions | $ 17,941 |
| Net expenses | $ 2,647,715 |
| Net investment income | $ 5,906,004 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ (16,840,091) |
| Foreign currency transactions | (43,323) |
| Capital gain distributions received | 386,637 |
| Net realized loss | $(16,496,777) |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ 25,539,011 |
| Foreign currency | (3,191) |
| Net change in unrealized appreciation (depreciation) | $ 25,535,820 |
| Net realized and unrealized gain | $ 9,039,043 |
| Net increase in net assets from operations | $ 14,945,047 |
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 5,906,004 | $ 11,343,047 |
| Net realized loss | (16,496,777) | (77) |
| Net change in unrealized appreciation (depreciation) | 25,535,820 | (9,837,313) |
| Net increase in net assets from operations | $ 14,945,047 | $ 1,505,657 |
| Distributions to shareholders: | ||
| Class A | $ (2,053,082) | $ (739,421) |
| Class C | (723,654) | (10,105) |
| Class I | (8,196,177) | (4,482,837) |
| Total distributions to shareholders | $ (10,972,913) | $ (5,232,363) |
| Transactions in shares of beneficial interest: | ||
| Class A | $ (7,798,210) | $ (8,778,252) |
| Class C | (8,341,836) | (14,918,214) |
| Class I | (23,799,083) | (176,026,671) |
| Net decrease in net assets from Fund share transactions | $ (39,939,129) | $(199,723,137) |
| Net decrease in net assets | $ (35,966,995) | $(203,449,843) |
| Net Assets | ||
| At beginning of period | $ 506,500,439 | $ 709,950,282 |
| At end of period | $470,533,444 | $ 506,500,439 |
| Class A | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 13.500 | $ 13.480 | $ 16.210 | $ 15.140 | $ 14.370 | $ 15.110 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.162 | $ 0.255 | $ 0.153 | $ 0.127 | $ 0.097 | $ 0.161 |
| Net realized and unrealized gain (loss) | 0.323 | (0.130) | (2.040) | 1.390 | 1.284 | (0.542) |
| Total income (loss) from operations | $ 0.485 | $ 0.125 | $ (1.887) | $ 1.517 | $ 1.381 | $ (0.381) |
| Less Distributions | ||||||
| From net investment income | $ (0.315) | $ (0.103) | $ (0.139) | $ (0.084) | $ (0.191) | $ (0.071) |
| From net realized gain | — | (0.002) | (0.704) | (0.363) | (0.420) | (0.288) |
| Total distributions | $ (0.315) | $ (0.105) | $ (0.843) | $ (0.447) | $ (0.611) | $ (0.359) |
| Net asset value — End of period | $13.670 | $13.500 | $ 13.480 | $ 16.210 | $15.140 | $14.370 |
| Total Return(2) | 3.61% (3) | 0.95% | (12.29)% | 10.23% | 9.93% | (2.43)% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 87,207 | $ 94,064 | $102,903 | $118,419 | $ 97,873 | $ 76,453 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 1.23% (4)(5) | 1.23% (5) | 1.18% (5) | 1.18% | 1.21% | 1.22% |
| Net investment income | 2.45% (4) | 1.91% | 1.03% | 0.82% | 0.68% | 1.14% |
| Portfolio Turnover | 32% (3) | 35% | 70% | 63% | 70% | 85% |
| (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. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Includes
a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023 and 2022). |
| Class C | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 13.170 | $ 13.140 | $ 15.810 | $ 14.780 | $ 14.030 | $ 14.790 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ 0.110 | $ 0.150 | $ 0.041 | $ 0.008 | $ (0.010) | $ 0.054 |
| Net realized and unrealized gain (loss) | 0.308 | (0.118) | (1.992) | 1.351 | 1.258 | (0.531) |
| Total income (loss) from operations | $ 0.418 | $ 0.032 | $ (1.951) | $ 1.359 | $ 1.248 | $ (0.477) |
| Less Distributions | ||||||
| From net investment income | $ (0.198) | $ — | $ (0.015) | $ — | $ (0.078) | $ — |
| From net realized gain | — | (0.002) | (0.704) | (0.329) | (0.420) | (0.283) |
| Total distributions | $ (0.198) | $ (0.002) | $ (0.719) | $ (0.329) | $ (0.498) | $ (0.283) |
| Net asset value — End of period | $13.390 | $13.170 | $13.140 | $15.810 | $ 14.780 | $ 14.030 |
| Total Return(2) | 3.18% (3) | 0.24% | (12.92)% | 9.34% | 9.14% | (3.16)% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 46,370 | $ 54,117 | $ 69,060 | $ 95,493 | $101,075 | $121,049 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 1.99% (4)(5) | 1.98% (5) | 1.93% (5) | 1.93% | 1.96% | 1.97% |
| Net investment income (loss) | 1.70% (4) | 1.15% | 0.28% | 0.05% | (0.07)% | 0.39% |
| Portfolio Turnover | 32% (3) | 35% | 70% | 63% | 70% | 85% |
| (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. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Includes
a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023 and 2022). |
| Class I | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 13.570 | $ 13.560 | $ 16.300 | $ 15.220 | $ 14.440 | $ 15.190 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.178 | $ 0.289 | $ 0.191 | $ 0.167 | $ 0.133 | $ 0.199 |
| Net realized and unrealized gain (loss) | 0.333 | (0.134) | (2.050) | 1.392 | 1.294 | (0.552) |
| Total income (loss) from operations | $ 0.511 | $ 0.155 | $ (1.859) | $ 1.559 | $ 1.427 | $ (0.353) |
| Less Distributions | ||||||
| From net investment income | $ (0.351) | $ (0.143) | $ (0.177) | $ (0.116) | $ (0.227) | $ (0.109) |
| From net realized gain | — | (0.002) | (0.704) | (0.363) | (0.420) | (0.288) |
| Total distributions | $ (0.351) | $ (0.145) | $ (0.881) | $ (0.479) | $ (0.647) | $ (0.397) |
| Net asset value — End of period | $ 13.730 | $ 13.570 | $ 13.560 | $ 16.300 | $ 15.220 | $ 14.440 |
| Total Return(2) | 3.78% (3) | 1.18% | (12.06)% | 10.47% | 10.24% | (2.22)% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $336,956 | $358,320 | $537,988 | $665,055 | $546,890 | $467,649 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.98% (4)(5) | 0.98% (5) | 0.93% (5) | 0.93% | 0.96% | 0.97% |
| Net investment income | 2.68% (4) | 2.16% | 1.28% | 1.06% | 0.92% | 1.40% |
| Portfolio Turnover | 32% (3) | 35% | 70% | 63% | 70% | 85% |
| (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. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Includes
a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended February 29, 2024 and the years ended August 31, 2023 and 2022). |
| Aggregate cost | $ 439,249,393 |
| Gross unrealized appreciation | $ 56,498,682 |
| Gross unrealized depreciation | (22,702,829) |
| Net unrealized appreciation | $ 33,795,853 |
| Average Daily Net Assets | Annual Fee Rate |
| Up to $500 million | 0.850% |
| $500 million but less than $1 billion | 0.800% |
| $1 billion but less than $2.5 billion | 0.775% |
| $2.5 billion but less than $5 billion | 0.750% |
| $5 billion and over | 0.730% |
| Purchases | Sales | |
| Investments (non-U.S. Government) | $ 143,190,095 | $ 110,408,153 |
| U.S. Government and Agency Securities | — | 78,370,891 |
| $143,190,095 | $188,779,044 |
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Sales | 454,477 | $ 6,084,884 | 1,254,616 | $ 16,662,677 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 83,627 | 1,137,321 | 32,063 | 419,380 | |
| Redemptions | (1,125,857) | (15,020,415) | (1,954,038) | (25,860,309) | |
| Net decrease | (587,753) | $ (7,798,210) | (667,359) | $ (8,778,252) | |
| Class C | |||||
| Sales | 122,135 | $ 1,608,017 | 331,086 | $ 4,299,985 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 42,235 | 563,421 | 590 | 7,564 | |
| Redemptions | (811,753) | (10,513,274) | (1,476,969) | (19,225,763) | |
| Net decrease | (647,383) | $ (8,341,836) | (1,145,293) | $ (14,918,214) | |
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | ||||
| Shares | Amount | Shares | Amount | ||
| Class I | |||||
| Sales | 3,989,875 | $ 53,604,122 | 8,375,804 | $ 111,641,966 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 397,862 | 5,430,819 | 236,554 | 3,105,953 | |
| Redemptions | (6,238,222) | (82,834,024) | (21,894,982) | (290,774,590) | |
| Net decrease | (1,850,485) | $(23,799,083) | (13,282,624) | $(176,026,671) | |
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight
and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $2,995,542 | $ — | $ — | $ — | $2,995,542 |
| 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 | $23,911,666 | $113,218,177 | $(110,996,486) | $ — | $ — | $26,133,357 | $617,221 | 26,133,357 |
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | ||||
| Communication Services | $ 8,856,634 | $ — | $ — | $ 8,856,634 |
| Consumer Discretionary | 10,195,824 | 3,238,133 | — | 13,433,957 |
| Consumer Staples | 4,263,823 | 10,989,660 | — | 15,253,483 |
| Energy | 10,068,777 | 600,688 | — | 10,669,465 |
| Financials | 19,115,861 | 5,059,594 | — | 24,175,455 |
| Health Care | 16,500,288 | 8,752,263 | — | 25,252,551 |
| Industrials | 20,532,893 | 6,761,723 | — | 27,294,616 |
| Information Technology | 27,621,687 | 3,476,557 | — | 31,098,244 |
| Materials | 3,079,797 | 2,798,631 | — | 5,878,428 |
| Real Estate | 3,743,635 | — | — | 3,743,635 |
| Utilities | 4,161,762 | 2,149,340 | — | 6,311,102 |
| Total Common Stocks | $ 128,140,981 | $ 43,826,589* | $ — | $171,967,570 |
| Exchange-Traded Funds | $ 186,717,626 | $ — | $ — | $ 186,717,626 |
| U.S. Treasury Obligations | — | 85,231,151 | — | 85,231,151 |
| Short-Term Investments: | ||||
| Affiliated Fund | 26,133,357 | — | — | 26,133,357 |
| Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
| Securities Lending Collateral | $ 2,995,542 | $ — | $ — | $ 2,995,542 |
| Total Investments | $ 343,987,506 | $ 129,057,740 | $ — | $473,045,246 |
| * | 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. |
| Officers | |
| Kenneth
A. Topping President |
Nicholas
S. Di Lorenzo Secretary |
| Deidre
E. Walsh Vice President and Chief Legal Officer |
Laura T.
Donovan Chief Compliance Officer |
| James
F. Kirchner Treasurer |
|
| Trustees |
| George
J. Gorman Chairperson |
|
| Alan C. Bowser | |
| Mark R. Fetting | |
| Cynthia E. Frost | |
| Valerie A. Mosley | |
| Anchal Pachnanda* |
| Keith Quinton | |
| Marcus L. Smith | |
| Susan J. Sutherland | |
| Scott E. Wennerholm | |
| Nancy A. Wiser |
| * | Interested Trustee |
| 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 1-800-262-1122 or email: EVPrivacy@eatonvance.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 1-800-262-1122 or email: EVPrivacy@eatonvance.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 |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 10/12/2010 | 10/12/2010 | 7.66% | 16.45% | 9.31% | 7.19% |
| Class A with 5.25% Maximum Sales Charge | — | — | 1.99 | 10.31 | 8.14 | 6.62 |
| Class C at NAV | 10/12/2010 | 10/12/2010 | 7.29 | 15.55 | 8.49 | 6.55 |
| Class C with 1% Maximum Deferred Sales Charge | — | — | 6.30 | 14.55 | 8.49 | 6.55 |
| Class I at NAV | 10/12/2010 | 10/12/2010 | 7.79 | 16.72 | 9.56 | 7.45 |
|
| ||||||
| MSCI ACWI Index | — | — | 11.66% | 23.15% | 10.50% | 8.37% |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| 1.27% | 2.02% | 1.02% |
| Sector Allocation (% of net assets)1 |
| Country Allocation (% of net assets) |
| Top 10 Holdings (% of net assets)1 | |
| iShares MSCI China ETF | 7.8% |
| Microsoft Corp. | 4.1 |
| iShares MSCI India ETF | 4.1 |
| Apple, Inc. | 4.0 |
| iShares MSCI Taiwan ETF | 3.8 |
| iShares MSCI South Korea ETF | 2.9 |
| NVIDIA Corp. | 2.6 |
| Amazon.com, Inc. | 2.3 |
| Meta Platforms, Inc., Class A | 1.4 |
| Alphabet, Inc., Class A | 1.1 |
| Total | 34.1% |
| 1 | Excludes cash and cash equivalents. |
| 1 | MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization- weighted index designed to measure the equity market performance of developed and emerging markets. MSCI 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. |
| 3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
| Fund profile subject to change due to active management. |
| Beginning
Account Value (9/1/23) |
Ending
Account Value (2/29/24) |
Expenses
Paid During Period* (9/1/23 – 2/29/24) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,076.60 | $ 6.14 | 1.19% |
| Class C | $1,000.00 | $1,072.90 | $10.00 | 1.94% |
| Class I | $1,000.00 | $1,077.90 | $ 4.91 | 0.95% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,018.95 | $ 5.97 | 1.19% |
| Class C | $1,000.00 | $1,015.22 | $ 9.72 | 1.94% |
| Class I | $1,000.00 | $1,020.14 | $ 4.77 | 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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2023. |
| Common Stocks — 78.6% |
| Security | Shares | Value | |
| Aerospace & Defense — 2.0% | |||
| Airbus SE | 8,771 | $ 1,451,241 | |
| BAE Systems PLC | 98,294 | 1,542,887 | |
| Boeing Co.(1) | 3,885 | 791,452 | |
| General Dynamics Corp. | 8,626 | 2,357,054 | |
| Howmet Aerospace, Inc. | 21,131 | 1,406,268 | |
| L3Harris Technologies, Inc. | 6,743 | 1,427,223 | |
| Lockheed Martin Corp. | 3,221 | 1,379,361 | |
| Northrop Grumman Corp. | 3,600 | 1,659,672 | |
| RTX Corp. | 20,455 | 1,834,200 | |
| $ 13,849,358 | |||
| Air Freight & Logistics — 0.2% | |||
| FedEx Corp. | 2,696 | $ 671,223 | |
| United Parcel Service, Inc., Class B | 5,551 | 822,991 | |
| $ 1,494,214 | |||
| Automobiles — 1.7% | |||
| Ford Motor Co. | 104,247 | $ 1,296,833 | |
| Mercedes-Benz Group AG | 34,687 | 2,764,026 | |
| Tesla, Inc.(1) | 26,019 | 5,252,716 | |
| Toyota Motor Corp. | 115,300 | 2,777,163 | |
| $ 12,090,738 | |||
| Banks — 2.7% | |||
| Bank of America Corp. | 78,553 | $ 2,711,650 | |
| BNP Paribas SA | 22,875 | 1,372,957 | |
| Citigroup, Inc. | 24,639 | 1,367,218 | |
| Citizens Financial Group, Inc. | 50,650 | 1,589,903 | |
| Eastern Bankshares, Inc. | 106,241 | 1,372,634 | |
| FB Financial Corp. | 46,594 | 1,660,610 | |
| First Hawaiian, Inc. | 91,379 | 1,915,304 | |
| JPMorgan Chase & Co. | 14,313 | 2,663,077 | |
| Stellar Bancorp, Inc. | 56,223 | 1,332,485 | |
| Veritex Holdings, Inc. | 69,457 | 1,363,441 | |
| Wells Fargo & Co. | 32,069 | 1,782,716 | |
| $ 19,131,995 | |||
| Beverages — 1.8% | |||
| Anheuser-Busch InBev SA | 49,111 | $ 2,968,294 | |
| Asahi Group Holdings Ltd. | 35,500 | 1,216,140 | |
| Coca-Cola Co. | 43,620 | 2,618,073 | |
| Heineken NV | 20,284 | 1,874,064 | |
| Kirin Holdings Co. Ltd. | 109,600 | 1,523,674 | |
| Security | Shares | Value | |
| Beverages (continued) | |||
| PepsiCo, Inc. | 4,639 | $ 767,012 | |
| Pernod Ricard SA | 12,569 | 2,100,702 | |
| $ 13,067,959 | |||
| Biotechnology — 1.3% | |||
| AbbVie, Inc. | 16,781 | $ 2,954,295 | |
| Amgen, Inc. | 6,887 | 1,885,867 | |
| Gilead Sciences, Inc. | 14,614 | 1,053,669 | |
| Regeneron Pharmaceuticals, Inc.(1) | 2,028 | 1,959,231 | |
| Vertex Pharmaceuticals, Inc.(1) | 3,557 | 1,496,572 | |
| $ 9,349,634 | |||
| Broadline Retail — 2.3% | |||
| Amazon.com, Inc.(1) | 90,170 | $ 15,938,449 | |
| $ 15,938,449 | |||
| Building Products — 0.8% | |||
| Carrier Global Corp. | 25,841 | $ 1,436,243 | |
| CSW Industrials, Inc. | 7,450 | 1,716,405 | |
| Daikin Industries Ltd. | 8,000 | 1,127,538 | |
| Resideo Technologies, Inc.(1) | 75,117 | 1,677,363 | |
| $ 5,957,549 | |||
| Capital Markets — 2.7% | |||
| Ares Management Corp., Class A | 12,825 | $ 1,700,980 | |
| Brightsphere Investment Group, Inc. | 65,089 | 1,474,917 | |
| Brookfield Asset Management Ltd., Class A(2) | 37,067 | 1,510,648 | |
| Brookfield Corp. | 41,309 | 1,704,531 | |
| CME Group, Inc. | 7,087 | 1,561,620 | |
| Hamilton Lane, Inc., Class A | 14,689 | 1,687,032 | |
| Houlihan Lokey, Inc. | 12,613 | 1,622,788 | |
| KKR & Co., Inc. | 14,414 | 1,416,320 | |
| Moelis & Co., Class A | 26,752 | 1,445,678 | |
| Partners Group Holding AG | 1,224 | 1,759,947 | |
| Tradeweb Markets, Inc., Class A | 16,575 | 1,753,966 | |
| Victory Capital Holdings, Inc., Class A | 39,628 | 1,522,904 | |
| $ 19,161,331 | |||
| Chemicals — 2.2% | |||
| AdvanSix, Inc. | 35,991 | $ 1,007,028 | |
| Akzo Nobel NV | 14,153 | 1,031,599 | |
| Arkema SA | 14,645 | 1,517,983 | |
| BASF SE | 22,436 | 1,142,822 | |
| Corteva, Inc. | 26,047 | 1,394,036 | |
| Dow, Inc. | 37,005 | 2,067,839 | |
| EMS-Chemie Holding AG | 2,036 | 1,420,797 | |
| Security | Shares | Value | |
| Chemicals (continued) | |||
| Kaneka Corp. | 52,100 | $ 1,252,581 | |
| Linde PLC | 3,744 | 1,680,382 | |
| NOF Corp. | 29,800 | 1,339,965 | |
| Novozymes AS, Class B | 25,857 | 1,458,539 | |
| $ 15,313,571 | |||
| Commercial Services & Supplies — 0.3% | |||
| Waste Management, Inc. | 8,853 | $ 1,820,619 | |
| $ 1,820,619 | |||
| Construction & Engineering — 0.7% | |||
| API Group Corp.(1) | 51,892 | $ 1,818,814 | |
| COMSYS Holdings Corp. | 94,800 | 2,092,493 | |
| Eiffage SA | 12,726 | 1,385,836 | |
| $ 5,297,143 | |||
| Consumer Finance — 1.0% | |||
| AEON Financial Service Co. Ltd.(2) | 155,700 | $ 1,359,676 | |
| American Express Co. | 8,407 | 1,844,664 | |
| SLM Corp. | 96,711 | 2,014,490 | |
| Synchrony Financial | 42,727 | 1,764,625 | |
| $ 6,983,455 | |||
| Consumer Staples Distribution & Retail — 0.8% | |||
| Aeon Co. Ltd.(2) | 72,800 | $ 1,738,242 | |
| Alimentation Couche-Tard, Inc.(2) | 35,989 | 2,232,026 | |
| Walmart, Inc. | 33,834 | 1,983,011 | |
| $ 5,953,279 | |||
| Containers & Packaging — 0.5% | |||
| Silgan Holdings, Inc. | 35,090 | $ 1,540,802 | |
| Sonoco Products Co. | 29,777 | 1,687,760 | |
| $ 3,228,562 | |||
| Diversified Telecommunication Services — 0.2% | |||
| AT&T, Inc. | 66,680 | $ 1,128,892 | |
| $ 1,128,892 | |||
| Electric Utilities — 2.0% | |||
| Constellation Energy Corp. | 10,441 | $ 1,758,786 | |
| Duke Energy Corp. | 11,050 | 1,014,721 | |
| Enel SpA | 589,511 | 3,751,087 | |
| Exelon Corp. | 38,065 | 1,364,250 | |
| Hydro One Ltd.(3) | 77,032 | 2,295,947 | |
| Iberdrola SA | 88,964 | 1,021,765 | |
| Security | Shares | Value | |
| Electric Utilities (continued) | |||
| PG&E Corp. | 82,507 | $ 1,377,042 | |
| Southern Co. | 18,828 | 1,266,183 | |
| $ 13,849,781 | |||
| Electrical Equipment — 0.6% | |||
| Eaton Corp. PLC | 8,919 | $ 2,577,591 | |
| nVent Electric PLC | 20,890 | 1,406,315 | |
| $ 3,983,906 | |||
| Electronic Equipment, Instruments & Components — 0.8% | |||
| Hexagon AB, Class B | 125,055 | $ 1,466,967 | |
| Keyence Corp. | 2,400 | 1,124,773 | |
| Knowles Corp.(1) | 111,315 | 1,818,887 | |
| Kyocera Corp. | 70,400 | 1,038,998 | |
| $ 5,449,625 | |||
| Energy Equipment & Services — 0.6% | |||
| Baker Hughes Co. | 37,015 | $ 1,095,274 | |
| ChampionX Corp. | 36,763 | 1,141,859 | |
| Halliburton Co. | 32,513 | 1,140,231 | |
| Schlumberger NV | 23,540 | 1,137,688 | |
| $ 4,515,052 | |||
| Financial Services — 2.5% | |||
| Apollo Global Management, Inc. | 11,912 | $ 1,331,762 | |
| Berkshire Hathaway, Inc., Class B(1) | 12,486 | 5,111,768 | |
| Corebridge Financial, Inc. | 67,106 | 1,666,242 | |
| Enact Holdings, Inc. | 48,134 | 1,334,274 | |
| Equitable Holdings, Inc. | 47,727 | 1,634,173 | |
| Mastercard, Inc., Class A | 2,700 | 1,281,852 | |
| ORIX Corp. | 81,900 | 1,720,763 | |
| PayPal Holdings, Inc.(1) | 22,600 | 1,363,684 | |
| Visa, Inc., Class A | 6,784 | 1,917,430 | |
| $ 17,361,948 | |||
| Food Products — 2.1% | |||
| Barry Callebaut AG | 1,436 | $ 2,017,360 | |
| Danone SA | 37,734 | 2,407,856 | |
| Ezaki Glico Co. Ltd. | 55,800 | 1,663,543 | |
| House Foods Group, Inc. | 70,500 | 1,477,378 | |
| Kagome Co. Ltd. | 68,600 | 1,576,641 | |
| Kerry Group PLC, Class A | 12,198 | 1,071,129 | |
| Nestle SA | 35,095 | 3,639,954 | |
| Saputo, Inc.(2) | 55,589 | 1,130,908 | |
| $ 14,984,769 | |||
| Security | Shares | Value | |
| Ground Transportation — 1.9% | |||
| Canadian National Railway Co. | 11,988 | $ 1,554,381 | |
| Central Japan Railway Co. | 45,500 | 1,144,320 | |
| CSX Corp. | 34,321 | 1,302,139 | |
| Schneider National, Inc., Class B | 47,833 | 1,126,467 | |
| Seino Holdings Co. Ltd.(2) | 87,400 | 1,237,133 | |
| TFI International, Inc. | 13,393 | 1,978,826 | |
| Uber Technologies, Inc.(1) | 30,640 | 2,435,880 | |
| U-Haul Holding Co., Non Voting Shares | 24,784 | 1,575,519 | |
| Union Pacific Corp. | 4,711 | 1,195,134 | |
| $ 13,549,799 | |||
| Health Care Equipment & Supplies — 2.5% | |||
| Abbott Laboratories | 13,387 | $ 1,588,234 | |
| Becton Dickinson & Co. | 7,156 | 1,685,596 | |
| Boston Scientific Corp.(1) | 26,964 | 1,785,287 | |
| Cochlear Ltd.(2) | 10,509 | 2,395,560 | |
| EssilorLuxottica SA | 10,469 | 2,222,927 | |
| Intuitive Surgical, Inc.(1) | 6,360 | 2,452,416 | |
| Medtronic PLC | 25,101 | 2,092,419 | |
| Smith & Nephew PLC | 104,856 | 1,383,339 | |
| Stryker Corp. | 5,401 | 1,885,327 | |
| $ 17,491,105 | |||
| Health Care Providers & Services — 2.6% | |||
| Cardinal Health, Inc. | 7,322 | $ 819,918 | |
| Cencora, Inc. | 10,578 | 2,492,177 | |
| Centene Corp.(1) | 17,304 | 1,357,153 | |
| Fresenius SE & Co. KGaA | 22,821 | 639,106 | |
| HCA Healthcare, Inc. | 5,713 | 1,780,742 | |
| Laboratory Corp. of America Holdings | 6,963 | 1,502,824 | |
| McKesson Corp. | 6,198 | 3,231,699 | |
| Sonic Healthcare Ltd. | 66,505 | 1,290,581 | |
| UnitedHealth Group, Inc. | 10,289 | 5,078,650 | |
| $ 18,192,850 | |||
| Hotels, Restaurants & Leisure — 0.4% | |||
| Airbnb, Inc., Class A(1) | 8,562 | $ 1,348,258 | |
| Booking Holdings, Inc.(1) | 430 | 1,491,597 | |
| $ 2,839,855 | |||
| Household Durables — 1.0% | |||
| Installed Building Products, Inc. | 13,203 | $ 3,154,593 | |
| Sony Group Corp. | 12,400 | 1,068,237 | |
| Tri Pointe Homes, Inc.(1) | 86,010 | 3,043,034 | |
| $ 7,265,864 | |||
| Security | Shares | Value | |
| Household Products — 0.1% | |||
| Procter & Gamble Co. | 4,904 | $ 779,442 | |
| $ 779,442 | |||
| Industrial Conglomerates — 1.2% | |||
| General Electric Co. | 15,342 | $ 2,407,006 | |
| Hitachi Ltd. | 24,900 | 2,109,541 | |
| Honeywell International, Inc. | 6,056 | 1,203,509 | |
| Siemens AG | 8,201 | 1,623,542 | |
| Smiths Group PLC | 73,039 | 1,487,030 | |
| $ 8,830,628 | |||
| Industrial REITs — 0.2% | |||
| ProLogis, Inc. | 10,172 | $ 1,355,622 | |
| $ 1,355,622 | |||
| Insurance — 2.8% | |||
| AIA Group Ltd. | 160,800 | $ 1,296,239 | |
| Allianz SE | 4,446 | 1,221,118 | |
| American International Group, Inc. | 33,551 | 2,445,532 | |
| Brighthouse Financial, Inc.(1) | 27,569 | 1,283,337 | |
| Hartford Financial Services Group, Inc. | 14,015 | 1,343,198 | |
| Markel Group, Inc.(1) | 879 | 1,311,890 | |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 9,350 | 4,353,106 | |
| Prudential Financial, Inc. | 12,124 | 1,321,395 | |
| QBE Insurance Group Ltd. | 129,620 | 1,458,869 | |
| Swiss Life Holding AG | 2,164 | 1,573,005 | |
| Tokio Marine Holdings, Inc.(2) | 69,000 | 2,015,949 | |
| $ 19,623,638 | |||
| Interactive Media & Services — 3.5% | |||
| Alphabet, Inc., Class A(1) | 55,598 | $ 7,698,099 | |
| Alphabet, Inc., Class C(1) | 48,418 | 6,767,868 | |
| Meta Platforms, Inc., Class A | 20,619 | 10,105,991 | |
| $ 24,571,958 | |||
| IT Services — 0.4% | |||
| Otsuka Corp. | 37,300 | $ 1,640,140 | |
| Shopify, Inc., Class A(1)(2) | 17,918 | 1,368,985 | |
| $ 3,009,125 | |||
| Life Sciences Tools & Services — 0.2% | |||
| IQVIA Holdings, Inc.(1) | 6,629 | $ 1,638,424 | |
| $ 1,638,424 | |||
| Security | Shares | Value | |
| Machinery — 1.8% | |||
| Caterpillar, Inc. | 7,223 | $ 2,412,193 | |
| Deere & Co. | 4,200 | 1,533,210 | |
| Fortive Corp. | 21,127 | 1,798,541 | |
| Illinois Tool Works, Inc. | 6,404 | 1,678,809 | |
| Ingersoll Rand, Inc. | 15,315 | 1,398,719 | |
| Otis Worldwide Corp. | 16,783 | 1,599,420 | |
| PACCAR, Inc. | 21,198 | 2,350,646 | |
| $ 12,771,538 | |||
| Media — 0.3% | |||
| Fox Corp., Class B | 38,374 | $ 1,050,680 | |
| News Corp., Class B | 47,161 | 1,320,037 | |
| $ 2,370,717 | |||
| Metals & Mining — 0.6% | |||
| BHP Group Ltd. | 38,038 | $ 1,090,409 | |
| Freeport-McMoRan, Inc. | 36,233 | 1,369,970 | |
| Rio Tinto Ltd.(2) | 18,617 | 1,499,206 | |
| $ 3,959,585 | |||
| Multi-Utilities — 0.7% | |||
| CenterPoint Energy, Inc. | 44,159 | $ 1,214,373 | |
| Dominion Energy, Inc. | 25,846 | 1,236,214 | |
| National Grid PLC | 82,216 | 1,075,797 | |
| NiSource, Inc. | 49,358 | 1,286,269 | |
| $ 4,812,653 | |||
| Oil, Gas & Consumable Fuels — 4.7% | |||
| Antero Midstream Corp. | 113,509 | $ 1,521,021 | |
| California Resources Corp. | 27,648 | 1,442,396 | |
| Cheniere Energy, Inc. | 8,289 | 1,286,453 | |
| Chevron Corp. | 22,303 | 3,390,279 | |
| ConocoPhillips | 11,259 | 1,267,088 | |
| Devon Energy Corp. | 29,359 | 1,293,557 | |
| Diamondback Energy, Inc. | 8,742 | 1,595,590 | |
| DT Midstream, Inc. | 26,306 | 1,516,015 | |
| Exxon Mobil Corp. | 41,302 | 4,316,885 | |
| Hess Corp. | 8,737 | 1,273,418 | |
| Magnolia Oil & Gas Corp., Class A | 58,411 | 1,324,761 | |
| Marathon Oil Corp. | 50,501 | 1,224,649 | |
| Occidental Petroleum Corp. | 21,009 | 1,273,355 | |
| Phillips 66 | 11,248 | 1,602,952 | |
| PrairieSky Royalty Ltd. | 66,136 | 1,180,765 | |
| Repsol SA | 96,746 | 1,536,816 | |
| Shell PLC | 57,079 | 1,765,443 | |
| Suncor Energy, Inc.(2) | 40,015 | 1,374,866 | |
| Security | Shares | Value | |
| Oil, Gas & Consumable Fuels (continued) | |||
| Targa Resources Corp. | 16,399 | $ 1,611,038 | |
| TC Energy Corp. | 35,130 | 1,389,514 | |
| $ 33,186,861 | |||
| Passenger Airlines — 0.2% | |||
| Delta Air Lines, Inc. | 33,075 | $ 1,398,080 | |
| $ 1,398,080 | |||
| Personal Care Products — 0.6% | |||
| Kao Corp. | 33,700 | $ 1,275,141 | |
| L'Oreal SA | 3,584 | 1,711,965 | |
| Unilever PLC | 25,588 | 1,249,571 | |
| $ 4,236,677 | |||
| Pharmaceuticals — 4.4% | |||
| Astellas Pharma, Inc. | 86,300 | $ 943,151 | |
| AstraZeneca PLC | 14,860 | 1,873,154 | |
| Bristol-Myers Squibb Co. | 36,600 | 1,857,450 | |
| Daiichi Sankyo Co. Ltd. | 94,400 | 3,108,961 | |
| Eli Lilly & Co. | 7,573 | 5,707,619 | |
| GSK PLC | 94,086 | 1,968,132 | |
| Johnson & Johnson | 8,547 | 1,379,315 | |
| Merck & Co., Inc. | 13,030 | 1,656,765 | |
| Novartis AG | 33,582 | 3,388,339 | |
| Novo Nordisk AS, Class B | 16,942 | 2,022,292 | |
| Pfizer, Inc. | 46,212 | 1,227,391 | |
| Roche Holding AG PC | 7,291 | 1,906,312 | |
| Sanofi SA | 17,702 | 1,687,258 | |
| Takeda Pharmaceutical Co. Ltd. | 73,500 | 2,149,594 | |
| $ 30,875,733 | |||
| Professional Services — 1.2% | |||
| Automatic Data Processing, Inc. | 8,064 | $ 2,025,112 | |
| Parsons Corp.(1) | 24,461 | 1,971,801 | |
| Paycom Software, Inc. | 5,258 | 959,007 | |
| Science Applications International Corp. | 12,687 | 1,775,673 | |
| Verra Mobility Corp.(1) | 71,947 | 1,555,494 | |
| $ 8,287,087 | |||
| Real Estate Management & Development — 0.2% | |||
| Sun Hung Kai Properties Ltd. | 157,500 | $ 1,584,808 | |
| $ 1,584,808 | |||
| Security | Shares | Value | |
| Residential REITs — 0.1% | |||
| Mid-America Apartment Communities, Inc. | 8,371 | $ 1,052,067 | |
| $ 1,052,067 | |||
| Retail REITs — 0.1% | |||
| Realty Income Corp. | 13,212 | $ 688,477 | |
| $ 688,477 | |||
| Semiconductors & Semiconductor Equipment — 4.3% | |||
| ASML Holding NV | 2,993 | $ 2,840,361 | |
| Broadcom, Inc. | 3,936 | 5,118,729 | |
| GlobalFoundries, Inc.(1)(2) | 25,665 | 1,403,106 | |
| Intel Corp. | 24,665 | 1,061,828 | |
| Marvell Technology, Inc. | 19,753 | 1,415,500 | |
| NVIDIA Corp. | 23,520 | 18,607,142 | |
| $ 30,446,666 | |||
| Software — 4.8% | |||
| Alarm.com Holdings, Inc.(1) | 42,706 | $ 3,232,417 | |
| Atlassian Corp., Class A(1) | 6,692 | 1,388,055 | |
| Microsoft Corp. | 70,166 | 29,023,464 | |
| $ 33,643,936 | |||
| Specialized REITs — 0.8% | |||
| Equinix, Inc. | 1,786 | $ 1,587,433 | |
| Four Corners Property Trust, Inc. | 106,411 | 2,573,018 | |
| VICI Properties, Inc. | 41,153 | 1,231,709 | |
| $ 5,392,160 | |||
| Specialty Retail — 0.5% | |||
| Home Depot, Inc. | 5,809 | $ 2,210,963 | |
| Industria de Diseno Textil SA | 31,849 | 1,416,901 | |
| $ 3,627,864 | |||
| Technology Hardware, Storage & Peripherals — 4.1% | |||
| Apple, Inc. | 156,238 | $ 28,240,018 | |
| Hewlett Packard Enterprise Co. | 66,191 | 1,008,089 | |
| $ 29,248,107 | |||
| Textiles, Apparel & Luxury Goods — 0.2% | |||
| adidas AG | 6,731 | $ 1,361,547 | |
| $ 1,361,547 | |||
| Tobacco — 0.8% | |||
| British American Tobacco PLC | 52,421 | $ 1,557,501 | |
| Security | Shares | Value | |
| Tobacco (continued) | |||
| Japan Tobacco, Inc. | 87,200 | $ 2,265,151 | |
| Philip Morris International, Inc. | 18,363 | 1,651,936 | |
| $ 5,474,588 | |||
| Trading Companies & Distributors — 1.4% | |||
| Brenntag SE | 36,205 | $ 3,305,675 | |
| GMS, Inc.(1) | 21,646 | 1,933,204 | |
| ITOCHU Corp.(2) | 47,400 | 2,059,100 | |
| Mitsubishi Corp. | 125,400 | 2,689,772 | |
| $ 9,987,751 | |||
| Water Utilities — 0.2% | |||
| Severn Trent PLC | 45,906 | $ 1,448,649 | |
| $ 1,448,649 | |||
| Total
Common Stocks (identified cost $380,701,423) |
$554,915,690 | ||
| Exchange-Traded Funds — 18.6% |
| Security | Shares | Value | |
| Equity Funds — 18.6% | |||
| iShares MSCI China ETF(2) | 1,408,766 | $ 54,927,786 | |
| iShares MSCI India ETF | 563,900 | 28,849,124 | |
| iShares MSCI South Korea ETF(2) | 314,100 | 20,136,951 | |
| iShares MSCI Taiwan ETF | 581,500 | 26,940,895 | |
| Total
Exchange-Traded Funds (identified cost $157,521,158) |
$130,854,756 | ||
| Short-Term Investments — 6.8% |
| Affiliated Fund — 2.8% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(4) | 19,529,601 | $ 19,529,601 | |
| Total
Affiliated Fund (identified cost $19,529,601) |
$ 19,529,601 | ||
| Securities Lending Collateral — 4.0% |
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(5) | 28,397,854 | $ 28,397,854 | |
| Total
Securities Lending Collateral (identified cost $28,397,854) |
$ 28,397,854 | ||
| Total
Short-Term Investments (identified cost $47,927,455) |
$ 47,927,455 | ||
| Total
Investments — 104.0% (identified cost $586,150,036) |
$733,697,901 | ||
| Other Assets, Less Liabilities — (4.0)% | $ (27,935,518) | ||
| Net Assets — 100.0% | $705,762,383 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Non-income producing security. |
| (2) | All or a portion of this security was on loan at February 29, 2024. The aggregate market value of securities on loan at February 29, 2024 was $32,508,068. |
| (3) | 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 February 29, 2024, the aggregate value of these securities is $2,295,947 or 0.3% of the Fund's net assets. |
| (4) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of February 29, 2024. |
| (5) | Represents investment of cash collateral received in connection with securities lending. |
| Country Concentration of Portfolio | ||
| Country | Percentage
of Net Assets |
Value |
| United States | 63.9% | $451,185,276 |
| Japan | 6.6 | 46,735,758 |
| Canada | 2.5 | 17,721,397 |
| Germany | 2.3 | 16,410,942 |
| France | 2.0 | 14,171,467 |
| United Kingdom | 1.7 | 11,617,928 |
| Switzerland | 1.4 | 10,159,448 |
| Australia | 1.1 | 7,734,625 |
| Netherlands | 1.1 | 7,511,467 |
| Spain | 0.6 | 3,975,482 |
| Italy | 0.5 | 3,751,087 |
| Denmark | 0.5 | 3,480,831 |
| Belgium | 0.4 | 2,968,294 |
| Hong Kong | 0.4 | 2,881,047 |
| Sweden | 0.2 | 1,466,967 |
| Ireland | 0.2 | 1,071,129 |
| Exchange-Traded Funds | 18.6 | 130,854,756 |
| Total Investments | 104.0% | $733,697,901 |
| Abbreviations: | |
| PC | – Participation Certificate |
| REITs | – Real Estate Investment Trusts |
| February 29, 2024 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $566,620,435) — including $32,508,068 of securities on loan | $ 714,168,300 |
| Affiliated investments, at value (identified cost $19,529,601) | 19,529,601 |
| Dividends receivable | 892,460 |
| Dividends receivable from affiliated investments | 87,002 |
| Receivable for Fund shares sold | 397,858 |
| Securities lending income receivable | 6,017 |
| Tax reclaims receivable | 681,896 |
| Trustees' deferred compensation plan | 80,786 |
| Total assets | $735,843,920 |
| Liabilities | |
| Collateral for securities loaned | $ 28,397,854 |
| Payable for Fund shares redeemed | 841,731 |
| Due to custodian — foreign currency, at value (identified cost $5,083) | 5,032 |
| Payable to affiliates: | |
| Investment adviser and administration fee | 461,603 |
| Distribution and service fees | 52,613 |
| Trustees' deferred compensation plan | 80,786 |
| Accrued expenses | 241,918 |
| Total liabilities | $ 30,081,537 |
| Net Assets | $705,762,383 |
| Sources of Net Assets | |
| Paid-in capital | $ 535,065,501 |
| Distributable earnings | 170,696,882 |
| Net Assets | $705,762,383 |
| Class A Shares | |
| Net Assets | $ 175,419,407 |
| Shares Outstanding | 10,351,210 |
| Net
Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 16.95 |
| Maximum
Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$ 17.89 |
| Class C Shares | |
| Net Assets | $ 23,019,102 |
| Shares Outstanding | 1,389,159 |
| Net
Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$ 16.57 |
| Class I Shares | |
| Net Assets | $ 507,323,874 |
| Shares Outstanding | 29,907,391 |
| Net
Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 16.96 |
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
| * | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
| Six Months Ended | |
| February 29, 2024 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $169,934) | $ 7,383,352 |
| Dividend income from affiliated investments | 534,926 |
| Securities lending income, net | 25,668 |
| Total investment income | $ 7,943,946 |
| Expenses | |
| Investment adviser and administration fee | $ 2,889,476 |
| Distribution and service fees: | |
| Class A | 207,689 |
| Class C | 115,181 |
| Trustees’ fees and expenses | 22,606 |
| Custodian fee | 99,286 |
| Transfer and dividend disbursing agent fees | 159,840 |
| Legal and accounting services | 49,160 |
| Printing and postage | 18,782 |
| Registration fees | 28,960 |
| Miscellaneous | 16,133 |
| Total expenses | $ 3,607,113 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $ 15,401 |
| Total expense reductions | $ 15,401 |
| Net expenses | $ 3,591,712 |
| Net investment income | $ 4,352,234 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ 27,404,128 |
| Foreign currency transactions | (150,037) |
| Capital gain distributions received | 1,404,084 |
| Net realized gain | $28,658,175 |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ 18,880,135 |
| Foreign currency | (10,484) |
| Net change in unrealized appreciation (depreciation) | $18,869,651 |
| Net realized and unrealized gain | $47,527,826 |
| Net increase in net assets from operations | $51,880,060 |
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 4,352,234 | $ 9,206,049 |
| Net realized gain | 28,658,175 | 62,355,476 |
| Net change in unrealized appreciation (depreciation) | 18,869,651 | (674,438) |
| Net increase in net assets from operations | $ 51,880,060 | $ 70,887,087 |
| Distributions to shareholders: | ||
| Class A | $ (13,818,446) | $ (8,803,667) |
| Class C | (1,705,707) | (1,458,884) |
| Class I | (42,140,949) | (28,423,260) |
| Total distributions to shareholders | $ (57,665,102) | $ (38,685,811) |
| Transactions in shares of beneficial interest: | ||
| Class A | $ 6,451,494 | $ (4,726,834) |
| Class C | (1,369,885) | (9,505,182) |
| Class I | (19,846,046) | (49,181,257) |
| Net decrease in net assets from Fund share transactions | $ (14,764,437) | $ (63,413,273) |
| Net decrease in net assets | $ (20,549,479) | $ (31,211,997) |
| Net Assets | ||
| At beginning of period | $ 726,311,862 | $ 757,523,859 |
| At end of period | $705,762,383 | $726,311,862 |
| Class A | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 17.090 | $ 16.350 | $ 21.350 | $ 17.830 | $ 16.500 | $ 17.590 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.092 | $ 0.185 | $ 0.175 | $ 0.123 | $ 0.093 | $ 0.100 |
| Net realized and unrealized gain (loss) | 1.171 | 1.438 | (2.696) | 3.853 | 2.675 | (0.386) |
| Total income (loss) from operations | $ 1.263 | $ 1.623 | $ (2.521) | $ 3.976 | $ 2.768 | $ (0.286) |
| Less Distributions | ||||||
| From net investment income | $ (0.190) | $ (0.091) | $ (0.367) | $ (0.084) | $ (0.155) | $ (0.003) |
| From net realized gain | (1.213) | (0.792) | (2.112) | (0.372) | (1.283) | (0.801) |
| Total distributions | $ (1.403) | $ (0.883) | $ (2.479) | $ (0.456) | $ (1.438) | $ (0.804) |
| Net asset value — End of period | $ 16.950 | $ 17.090 | $ 16.350 | $ 21.350 | $ 17.830 | $ 16.500 |
| Total Return(2) | 7.66% (3) | 10.44% | (13.48)% | 22.71% | 17.89% | (1.29)% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $175,419 | $170,105 | $167,077 | $198,721 | $156,477 | $117,095 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 1.19% (4)(5) | 1.20% (5) | 1.18% (5) | 1.21% | 1.26% | 1.26% |
| Net investment income | 1.12% (4) | 1.13% | 0.94% | 0.63% | 0.57% | 0.62% |
| Portfolio Turnover | 22% (3) | 35% | 33% | 31% | 29% | 69% |
| (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. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Includes a reduction by the investment adviser of a portion of its adviser 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 six months ended February 29, 2024 and less than 0.01% of average daily net assets for the years ended August 31, 2023 and 2022). |
| Class C | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 16.650 | $ 15.980 | $ 20.900 | $ 17.500 | $ 16.210 | $ 17.350 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ 0.027 | $ 0.067 | $ 0.032 | $ (0.029) | $ (0.025) | $ (0.020) |
| Net realized and unrealized gain (loss) | 1.147 | 1.395 | (2.651) | 3.801 | 2.617 | (0.386) |
| Total income (loss) from operations | $ 1.174 | $ 1.462 | $ (2.619) | $ 3.772 | $ 2.592 | $ (0.406) |
| Less Distributions | ||||||
| From net investment income | $ (0.041) | $ — | $ (0.189) | $ — | $ (0.019) | $ — |
| From net realized gain | (1.213) | (0.792) | (2.112) | (0.372) | (1.283) | (0.734) |
| Total distributions | $ (1.254) | $ (0.792) | $ (2.301) | $ (0.372) | $ (1.302) | $ (0.734) |
| Net asset value — End of period | $16.570 | $16.650 | $15.980 | $20.900 | $17.500 | $ 16.210 |
| Total Return(2) | 7.29% (3) | 9.59% | (14.18)% | 21.88% | 16.96% | (2.05)% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 23,019 | $ 24,526 | $ 32,995 | $ 54,977 | $ 67,549 | $124,789 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 1.94% (4)(5) | 1.95% (5) | 1.93% (5) | 1.96% | 2.01% | 2.01% |
| Net investment income (loss) | 0.34% (4) | 0.42% | 0.17% | (0.15)% | (0.16)% | (0.13)% |
| Portfolio Turnover | 22% (3) | 35% | 33% | 31% | 29% | 69% |
| (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. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Includes a reduction by the investment adviser of a portion of its adviser 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 six months ended February 29, 2024 and less than 0.01% of average daily net assets for the years ended August 31, 2023 and 2022). |
| Class I | ||||||
| Six
Months Ended February 29, 2024 (Unaudited) |
Year Ended August 31, | |||||
| 2023 | 2022 | 2021 | 2020 | 2019 | ||
| Net asset value — Beginning of period | $ 17.120 | $ 16.390 | $ 21.400 | $ 17.850 | $ 16.530 | $ 17.630 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.112 | $ 0.224 | $ 0.221 | $ 0.171 | $ 0.134 | $ 0.141 |
| Net realized and unrealized gain (loss) | 1.174 | 1.436 | (2.701) | 3.870 | 2.667 | (0.393) |
| Total income (loss) from operations | $ 1.286 | $ 1.660 | $ (2.480) | $ 4.041 | $ 2.801 | $ (0.252) |
| Less Distributions | ||||||
| From net investment income | $ (0.233) | $ (0.138) | $ (0.418) | $ (0.119) | $ (0.198) | $ (0.047) |
| From net realized gain | (1.213) | (0.792) | (2.112) | (0.372) | (1.283) | (0.801) |
| Total distributions | $ (1.446) | $ (0.930) | $ (2.530) | $ (0.491) | $ (1.481) | $ (0.848) |
| Net asset value — End of period | $ 16.960 | $ 17.120 | $ 16.390 | $ 21.400 | $ 17.850 | $ 16.530 |
| Total Return(2) | 7.79% (3) | 10.68% | (13.27)% | 23.09% | 18.11% | (1.06)% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $507,324 | $531,680 | $557,452 | $667,963 | $548,888 | $540,946 |
| Ratios (as a percentage of average daily net assets): | ||||||
| Expenses | 0.95% (4)(5) | 0.95% (5) | 0.93% (5) | 0.96% | 1.01% | 1.01% |
| Net investment income | 1.35% (4) | 1.36% | 1.19% | 0.87% | 0.83% | 0.87% |
| Portfolio Turnover | 22% (3) | 35% | 33% | 31% | 29% | 69% |
| (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. |
| (3) | Not annualized. |
| (4) | Annualized. |
| (5) | Includes a reduction by the investment adviser of a portion of its adviser 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 six months ended February 29, 2024 and less than 0.01% of average daily net assets for the years ended August 31, 2023 and 2022). |
| Aggregate cost | $ 586,229,910 |
| Gross unrealized appreciation | $ 193,319,324 |
| Gross unrealized depreciation | (45,851,333) |
| Net unrealized appreciation | $ 147,467,991 |
| Average Daily Net Assets | Annual Fee Rate |
| Up to $500 million | 0.850% |
| $500 million but less than $1 billion | 0.800% |
| $1 billion but less than $2.5 billion | 0.775% |
| $2.5 billion but less than $5 billion | 0.750% |
| $5 billion and over | 0.730% |
| Six
Months Ended February 29, 2024 (Unaudited) |
Year
Ended August 31, 2023 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Sales | 803,197 | $ 13,348,480 | 1,168,537 | $ 18,911,163 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 443,440 | 7,272,419 | 296,054 | 4,621,402 | |
| Redemptions | (851,377) | (14,169,405) | (1,728,343) | (28,259,399) | |
| Net increase (decrease) | 395,260 | $ 6,451,494 | (263,752) | $ (4,726,834) | |
| Class C | |||||
| Sales | 109,704 | $ 1,766,401 | 147,260 | $ 2,311,448 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 80,538 | 1,293,440 | 68,898 | 1,053,450 | |
| Redemptions | (273,785) | (4,429,726) | (807,816) | (12,870,080) | |
| Net decrease | (83,543) | $ (1,369,885) | (591,658) | $ (9,505,182) | |
| Class I | |||||
| Sales | 3,242,292 | $ 53,465,174 | 7,059,328 | $ 114,030,021 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 1,151,400 | 18,894,477 | 851,357 | 13,289,687 | |
| Redemptions | (5,540,077) | (92,205,697) | (10,873,111) | (176,500,965) | |
| Net decrease | (1,146,385) | $(19,846,046) | (2,962,426) | $ (49,181,257) | |
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight
and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $ 9,582,704 | $ — | $ — | $ — | $ 9,582,704 |
| Exchange-Traded Funds | 18,815,150 | — | — | — | 18,815,150 |
| Total | $28,397,854 | $ — | $ — | $ — | $28,397,854 |
| 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 | $16,967,233 | $74,097,381 | $(71,535,013) | $ — | $ — | $19,529,601 | $534,926 | 19,529,601 |
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | ||||
| Communication Services | $ 28,071,567 | $ — | $ — | $ 28,071,567 |
| Consumer Discretionary | 33,736,443 | 9,387,874 | — | 43,124,317 |
| Consumer Staples | 11,162,408 | 33,334,306 | — | 44,496,714 |
| Energy | 34,399,654 | 3,302,259 | — | 37,701,913 |
| Financials | 64,130,738 | 18,131,629 | — | 82,262,367 |
| Health Care | 50,569,040 | 26,978,706 | — | 77,547,746 |
| Industrials | 63,971,564 | 23,256,108 | — | 87,227,672 |
| Information Technology | 93,686,220 | 8,111,239 | — | 101,797,459 |
| Materials | 10,747,817 | 11,753,901 | — | 22,501,718 |
| Real Estate | 8,488,326 | 1,584,808 | — | 10,073,134 |
| Utilities | 12,813,785 | 7,297,298 | — | 20,111,083 |
| Total Common Stocks | $411,777,562 | $ 143,138,128* | $ — | $554,915,690 |
| Exchange-Traded Funds | $ 130,854,756 | $ — | $ — | $ 130,854,756 |
| Short-Term Investments: | ||||
| Affiliated Fund | 19,529,601 | — | — | 19,529,601 |
| Securities Lending Collateral | 28,397,854 | — | — | 28,397,854 |
| Total Investments | $590,559,773 | $ 143,138,128 | $ — | $733,697,901 |
| * | 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. |
| Officers | |
| Kenneth
A. Topping President |
Nicholas
S. Di Lorenzo Secretary |
| Deidre
E. Walsh Vice President and Chief Legal Officer |
Laura T.
Donovan Chief Compliance Officer |
| James
F. Kirchner Treasurer |
|
| Trustees |
| George
J. Gorman Chairperson |
|
| Alan C. Bowser | |
| Mark R. Fetting | |
| Cynthia E. Frost | |
| Valerie A. Mosley | |
| Anchal Pachnanda* |
| Keith Quinton | |
| Marcus L. Smith | |
| Susan J. Sutherland | |
| Scott E. Wennerholm | |
| Nancy A. Wiser |
| * | Interested Trustee |
| 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 1-800-262-1122 or email: EVPrivacy@eatonvance.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 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
| Privacy Notice — continued | April 2021 |
| Who we are | |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do | |
| How
does Eaton Vance protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How
does Eaton Vance collect my personal information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment
Management Affiliates |
Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to 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) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
| (a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
| (a)(2)(i) | Principal Financial Officer’s Section 302 certification. | |
| (a)(2)(ii) | Principal Executive Officer’s Section 302 certification. | |
| (b) | Combined Section 906 certification. | |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Eaton Vance Growth Trust | ||
| By: | ||
| Kenneth A. Topping | ||
| Principal Executive Officer | ||
| Date: | April 22, 2024 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | ||
| James F. Kirchner | ||
| Principal Financial Officer | ||
| Date: | April 22, 2024 | |
| By: | ||
| Kenneth A. Topping | ||
| Principal Executive Officer | ||
| Date: | April 22, 2024 | |
| This ‘N-CSRS’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 1/1/25 | ||||
| 10/22/24 | ||||
| 7/24/24 | ||||
| Filed on / Effective on: | 4/23/24 | N-CSR | ||
| 4/22/24 | ||||
| For Period end: | 2/29/24 | N-CSR | ||
| 10/24/23 | N-CSR, N-CSRS | |||
| 9/1/23 | ||||
| 8/31/23 | 24F-2NT, N-CEN, N-CSR, N-CSRS, NPORT-P | |||
| 1/24/23 | ||||
| 8/31/22 | 24F-2NT, N-CEN, N-CSR, N-CSRS, NPORT-P | |||
| 8/31/21 | 24F-2NT, N-CEN, N-CSR, N-CSRS, NPORT-P | |||
| 11/5/20 | ||||
| 8/31/20 | 24F-2NT, N-CEN, N-CSR, N-CSRS, NPORT-P | |||
| 8/31/19 | 24F-2NT, N-CEN, N-CSR, N-CSRS, NPORT-EX | |||
| 8/12/19 | ||||
| 8/9/19 | 497, 497K | |||
| List all Filings | ||||
