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: 811-09877
Calvert Responsible Index Series, Inc.
(Exact Name of Registrant as Specified in Charter)
2050 M Street NW, Suite 200, Washington, DC 20036
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(202) 238-2200
(Registrant’s Telephone Number)
September 30
Date of Fiscal Year End
March 31, 2026
Date of Reporting Period
Item 1. Reports to Stockholders
(a)
(b) Not applicable.
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
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
| Description | Acquisition Date | Cost |
| Abiomed, Inc., CVR, Exp. 12/31/29 | 12/28/22 | $1,166 |
| $1,166 |
| Abbreviations: | |
| CVR | – Contingent Value Rights |
| REITs | – Real Estate Investment Trusts |
| March 31, 2026 | |
| Assets | |
| Investments in securities of unaffiliated issuers, at value (identified cost $576,275,230) - including $1,355,255 of securities on loan |
$906,355,280 |
| Investments in securities of affiliated issuers, at value (identified cost $2,368,900) | 2,368,900 |
| Cash | 351 |
| Receivable for capital shares sold | 783,050 |
| Dividends receivable | 285,732 |
| Dividends receivable - affiliated | 8,572 |
| Securities lending income receivable | 939 |
| Receivable from affiliates | 186,499 |
| Directors' deferred compensation plan | 39,578 |
| Total assets | $910,028,901 |
| Liabilities | |
| Payable for capital shares redeemed | $590,091 |
| Deposits for securities loaned | 432,974 |
| Payable to affiliates: | |
| Investment advisory fee | 93,583 |
| Administrative fee | 93,944 |
| Distribution and service fees | 26,446 |
| Sub-transfer agency fee | 5,889 |
| Directors' deferred compensation plan | 39,578 |
| Payable for accounting fees | 112,316 |
| Payable for transfer agency fees and expenses | 88,326 |
| Accrued expenses | 51,142 |
| Total liabilities | $1,534,289 |
| Net Assets | $908,494,612 |
| Sources of Net Assets | |
| Paid-in capital | $581,827,795 |
| Distributable earnings | 326,666,817 |
| Net Assets | $908,494,612 |
| Class A Shares | |
| Net Assets | $122,132,841 |
| Shares Outstanding | 1,754,530 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$69.61 |
| Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) |
$73.08 |
| Class I Shares | |
| Net Assets | $563,159,465 |
| Shares Outstanding | 8,002,306 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$70.37 |
| March 31, 2026 | |
| Class R6 Shares | |
| Net Assets | $223,202,306 |
| Shares Outstanding | 3,181,387 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$70.16 |
| On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| Six Months Ended | |
| March 31, 2026 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $638) | $3,549,308 |
| Dividend income - affiliated issuers | 48,862 |
| Interest income | 210 |
| Securities lending income, net | 4,872 |
| Total investment income | $3,603,252 |
| Expenses | |
| Investment advisory fee | $526,956 |
| Administrative fee | 526,956 |
| Distribution and service fees: | |
| Class A | 160,878 |
| Directors' fees and expenses | 25,000 |
| Custodian fees | 7,560 |
| Transfer agency fees and expenses | 332,520 |
| Accounting fees | 86,859 |
| Professional fees | 32,239 |
| Registration fees | 35,610 |
| Reports to shareholders | 23,878 |
| Miscellaneous | 32,994 |
| Total expenses | $1,791,450 |
| Waiver and/or reimbursement of expenses by affiliates | $(602,720) |
| Net expenses | $1,188,730 |
| Net investment income | $2,414,522 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities | $7,120,723 |
| Net realized gain | $7,120,723 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $(55,252,940) |
| Net change in unrealized appreciation (depreciation) | $(55,252,940) |
| Net realized and unrealized loss | $(48,132,217) |
| Net decrease in net assets from operations | $(45,717,695) |
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, 2025 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $2,414,522 | $3,751,968 |
| Net realized gain | 7,120,723 | 23,968,695 |
| Net change in unrealized appreciation (depreciation) | (55,252,940) | 81,996,993 |
| Net increase (decrease) in net assets from operations | $(45,717,695) | $109,717,656 |
| Distributions to shareholders: | ||
| Class A | $(3,591,815) | $(2,170,956) |
| Class I | (17,429,733) | (9,947,546) |
| Class R6 | (4,101,442) | (2,264,501) |
| Total distributions to shareholders | $(25,122,990) | $(14,383,003) |
| Capital share transactions: | ||
| Class A | $5,291,065 | $(3,834,444) |
| Class I | 72,673,398 | (15,277,635) |
| Class R6 | 123,188,779 | 2,962,847 |
| Net increase (decrease) in net assets from capital share transactions | $201,153,242 | $(16,149,232) |
| Net increase in net assets | $130,312,557 | $79,185,421 |
| Net Assets | ||
| At beginning of period | $778,182,055 | $698,996,634 |
| At end of period | $908,494,612 | $778,182,055 |
| Class A | ||||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $74.93 | $65.61 | $47.47 | $38.18 | $49.71 | $39.77 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.12 | $0.21 | $0.23 | $0.22 | $0.16 | $0.15 |
| Net realized and unrealized gain (loss) | (3.33) | 10.35 | 18.10 | 9.20 | (10.79) | 10.49 |
| Total income (loss) from operations | $(3.21) | $10.56 | $18.33 | $9.42 | $(10.63) | $10.64 |
| Less Distributions | ||||||
| From net investment income | $(0.16) | $(0.22) | $(0.19) | $(0.13) | $(0.11) | $(0.15) |
| From net realized gain | (1.95) | (1.02) | — | — | (0.79) | (0.55) |
| Total distributions | $(2.11) | $(1.24) | $(0.19) | $(0.13) | $(0.90) | $(0.70) |
| Net asset value — End of period | $69.61 | $74.93 | $65.61 | $47.47 | $38.18 | $49.71 |
| Total Return(2) | (4.50)%(3) | 16.26% | 38.71% | 24.73% | (21.87)% | 27.06% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $122,133 | $126,077 | $114,160 | $77,895 | $47,248 | $50,963 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.64%(5) | 0.64% | 0.64% | 0.66% | 0.65% | 0.66% |
| Net expenses | 0.49%(5)(6) | 0.49%(6) | 0.49%(6) | 0.49%(6) | 0.49%(6) | 0.49% |
| Net investment income | 0.32%(5) | 0.31% | 0.41% | 0.49% | 0.35% | 0.32% |
| Portfolio Turnover | 7%(3) | 30% | 30% | 23% | 19% | 25% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024, 2023 and 2022). |
| Class I | ||||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $75.81 | $66.34 | $47.97 | $38.55 | $50.15 | $40.08 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.22 | $0.38 | $0.38 | $0.33 | $0.28 | $0.27 |
| Net realized and unrealized gain (loss) | (3.37) | 10.47 | 18.28 | 9.29 | (10.87) | 10.57 |
| Total income (loss) from operations | $(3.15) | $10.85 | $18.66 | $9.62 | $(10.59) | $10.84 |
| Less Distributions | ||||||
| From net investment income | $(0.34) | $(0.36) | $(0.29) | $(0.20) | $(0.22) | $(0.22) |
| From net realized gain | (1.95) | (1.02) | — | — | (0.79) | (0.55) |
| Total distributions | $(2.29) | $(1.38) | $(0.29) | $(0.20) | $(1.01) | $(0.77) |
| Net asset value — End of period | $70.37 | $75.81 | $66.34 | $47.97 | $38.55 | $50.15 |
| Total Return(2) | (4.39)%(3) | 16.54% | 39.04% | 25.05% | (21.66)% | 27.40% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $563,159 | $534,017 | $483,729 | $354,003 | $297,905 | $209,865 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.39%(5) | 0.39% | 0.39% | 0.41% | 0.40% | 0.41% |
| Net expenses | 0.24%(5)(6) | 0.24%(6) | 0.24%(6) | 0.24%(6) | 0.24%(6) | 0.24% |
| Net investment income | 0.58%(5) | 0.56% | 0.66% | 0.74% | 0.61% | 0.57% |
| Portfolio Turnover | 7%(3) | 30% | 30% | 23% | 19% | 25% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024, 2023 and 2022). |
| Class R6 | |||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | Period Ended September 30, 2022(1) | |||
| 2025 | 2024 | 2023 | |||
| Net asset value — Beginning of period | $75.63 | $66.21 | $47.91 | $38.55 | $50.25 |
| Income (Loss) From Operations | |||||
| Net investment income(2) | $0.23 | $0.40 | $0.40 | $0.35 | $0.19 |
| Net realized and unrealized gain (loss) | (3.35) | 10.46 | 18.24 | 9.28 | (11.89) |
| Total income (loss) from operations | $(3.12) | $10.86 | $18.64 | $9.63 | $(11.70) |
| Less Distributions | |||||
| From net investment income | $(0.40) | $(0.42) | $(0.34) | $(0.27) | $ — |
| From net realized gain | (1.95) | (1.02) | — | — | — |
| Total distributions | $(2.35) | $(1.44) | $(0.34) | $(0.27) | $ — |
| Net asset value — End of period | $70.16 | $75.63 | $66.21 | $47.91 | $38.55 |
| Total Return(3) | (4.37)%(4) | 16.59% | 39.07% | 25.09% | (23.28)%(4) |
| Ratios/Supplemental Data | |||||
| Net assets, end of period (000’s omitted) | $223,202 | $118,088 | $101,107 | $58,046 | $864 |
| Ratios (as a percentage of average daily net assets):(5) | |||||
| Total expenses | 0.30%(6) | 0.31% | 0.36% | 0.37% | 0.40%(6) |
| Net expenses(7) | 0.21%(6) | 0.21% | 0.21% | 0.21% | 0.21%(6) |
| Net investment income | 0.62%(6) | 0.59% | 0.68% | 0.76% | 0.68%(6) |
| Portfolio Turnover | 7%(4) | 30% | 30% | 23% | 19%(4)(8) |
| (1) | For the period from the commencement of operations, February 1, 2022, to September 30, 2022. |
| (2) | Computed using average shares outstanding. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024 and 2023 and the period ended September 30, 2022). |
| (8) | For the year ended September 30, 2022. |
| Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
| Common Stocks | $905,921,140(2) | $ — | $ — | $905,921,140 |
| Rights | — | — | 1,166 | 1,166 |
| Short-Term Investments: | ||||
| Affiliated Fund | 2,368,900 | — | — | 2,368,900 |
| Securities Lending Collateral | 432,974 | — | — | 432,974 |
| Total Investments | $908,723,014 | $ — | $1,166 | $908,724,180 |
| (1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
| (2) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
| Aggregate cost | $588,271,826 |
| Gross unrealized appreciation | $337,403,733 |
| Gross unrealized depreciation | (16,951,379) |
| Net unrealized appreciation | $320,452,354 |
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $432,974 | $ — | $ — | $ — | $432,974 |
| 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 | $1,718,172 | $76,459,966 | $(75,809,238) | $ — | $ — | $2,368,900 | $48,862 | 2,368,900 |
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 231,052 | $17,149,342 | 339,255 | $22,680,540 | |
| Reinvestment of distributions | 43,861 | 3,313,737 | 29,234 | 2,018,906 | |
| Shares redeemed | (202,948) | (15,172,014) | (425,849) | (28,533,890) | |
| Net increase (decrease) | 71,965 | $5,291,065 | (57,360) | $(3,834,444) | |
| Class I | |||||
| Shares sold | 1,560,173 | $118,176,413 | 1,671,659 | $115,294,718 | |
| Reinvestment of distributions | 221,825 | 16,929,697 | 141,390 | 9,860,511 | |
| Shares redeemed | (823,454) | (62,432,712) | (2,060,915) | (140,432,864) | |
| Net increase (decrease) | 958,544 | $72,673,398 | (247,866) | $(15,277,635) | |
| Class R6 | |||||
| Shares sold | 1,663,791 | $126,331,828 | 452,262 | $30,401,221 | |
| Reinvestment of distributions | 53,907 | 4,101,215 | 32,441 | 2,256,282 | |
| Shares redeemed | (97,685) | (7,244,264) | (450,325) | (29,694,656) | |
| Net increase | 1,620,013 | $123,188,779 | 34,378 | $2,962,847 | |
| March 31, 2026 | |
| Assets | |
| Investments in securities of unaffiliated issuers, at value (identified cost $849,222,262) - including $53,457,676 of securities on loan |
$1,312,160,354 |
| Investments in securities of affiliated issuers, at value (identified cost $3,862,996) | 10,844,058 |
| Cash denominated in foreign currency, at value (cost $2,148,145) | 2,155,046 |
| Receivable for investments sold | 18,644,275 |
| Receivable for capital shares sold | 932,016 |
| Dividends receivable | 3,838,331 |
| Dividends receivable - affiliated | 151,909 |
| Securities lending income receivable | 16,963 |
| Tax reclaims receivable | 3,343,762 |
| Receivable from affiliates | 210,769 |
| Directors' deferred compensation plan | 58,468 |
| Total assets | $1,352,355,951 |
| Liabilities | |
| Payable for line of credit | $10,200,000 |
| Payable for investments purchased | 6,688,832 |
| Payable for capital shares redeemed | 1,464,007 |
| Deposits for securities loaned | 3,730,431 |
| Payable to affiliates: | |
| Investment advisory fee | 138,936 |
| Administrative fee | 139,246 |
| Distribution and service fees | 25,066 |
| Sub-transfer agency fee | 7,301 |
| Directors' deferred compensation plan | 58,468 |
| Accrued expenses | 495,465 |
| Total liabilities | $22,947,752 |
| Net Assets | $1,329,408,199 |
| Sources of Net Assets | |
| Paid-in capital | $929,784,557 |
| Distributable earnings | 399,623,642 |
| Net Assets | $1,329,408,199 |
| Class A Shares | |
| Net Assets | $98,973,948 |
| Shares Outstanding | 2,614,148 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$37.86 |
| Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) |
$39.75 |
| Class I Shares | |
| Net Assets | $1,023,365,660 |
| Shares Outstanding | 26,618,961 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$38.44 |
| March 31, 2026 | |
| Class R6 Shares | |
| Net Assets | $207,068,591 |
| Shares Outstanding | 5,399,809 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$38.35 |
| On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| Six Months Ended | |
| March 31, 2026 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $1,346,335) | $11,858,244 |
| Dividend income - affiliated issuers (net of foreign taxes withheld of $15,770) | 199,280 |
| Interest income | 311 |
| Securities lending income, net | 83,825 |
| Other income | 81,752 |
| Total investment income | $12,223,412 |
| Expenses | |
| Investment advisory fee | $808,538 |
| Administrative fee | 808,538 |
| Distribution and service fees: | |
| Class A | 155,371 |
| Directors' fees and expenses | 37,969 |
| Custodian fees | 96,976 |
| Transfer agency fees and expenses | 477,887 |
| Accounting fees | 143,270 |
| Professional fees | 53,227 |
| Registration fees | 31,497 |
| Reports to shareholders | 14,686 |
| Miscellaneous | 74,832 |
| Total expenses | $2,702,791 |
| Waiver and/or reimbursement of expenses by affiliates | $(597,047) |
| Net expenses | $2,105,744 |
| Net investment income | $10,117,668 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities | $12,434,319 |
| Investment securities - affiliated issuers | (196) |
| Foreign currency transactions | (186,392) |
| Net realized gain | $12,247,731 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $70,091,811 |
| Investment securities - affiliated issuers | 517,283 |
| Foreign currency | (36,031) |
| Net change in unrealized appreciation (depreciation) | $70,573,063 |
| Net realized and unrealized gain | $82,820,794 |
| Net increase in net assets from operations | $92,938,462 |
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, 2025 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $10,117,668 | $27,805,607 |
| Net realized gain (loss) | 12,247,731 | (1,341,499) |
| Net change in unrealized appreciation (depreciation) | 70,573,063 | 164,640,405 |
| Net increase in net assets from operations | $92,938,462 | $191,104,513 |
| Distributions to shareholders: | ||
| Class A | $(3,932,740) | $(2,401,905) |
| Class I | (32,483,277) | (22,075,468) |
| Class R6 | (7,627,707) | (4,874,385) |
| Total distributions to shareholders | $(44,043,724) | $(29,351,758) |
| Capital share transactions: | ||
| Class A | $(25,214,120) | $5,471,486 |
| Class I | 21,508,219 | (3,748,625) |
| Class R6 | (10,490,030) | 8,348,763 |
| Net increase (decrease) in net assets from capital share transactions | $(14,195,931) | $10,071,624 |
| Net increase in net assets | $34,698,807 | $171,824,379 |
| Net Assets | ||
| At beginning of period | $1,294,709,392 | $1,122,885,013 |
| At end of period | $1,329,408,199 | $1,294,709,392 |
| Class A | ||||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $36.50 | $32.14 | $25.84 | $21.21 | $29.79 | $24.08 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.23 | $0.69 | $0.62 | $0.57 | $0.61 | $0.61 |
| Net realized and unrealized gain (loss) | 2.34 | 4.44 | 6.19 | 4.50 | (8.64) | 5.33 |
| Total income (loss) from operations | $2.57 | $5.13 | $6.81 | $5.07 | $(8.03) | $5.94 |
| Less Distributions | ||||||
| From net investment income | $(1.21) | $(0.77) | $(0.51) | $(0.44) | $(0.55) | $(0.23) |
| Total distributions | $(1.21) | $(0.77) | $(0.51) | $(0.44) | $(0.55) | $(0.23) |
| Net asset value — End of period | $37.86 | $36.50 | $32.14 | $25.84 | $21.21 | $29.79 |
| Total Return(2) | 7.14%(3) | 16.59% | 26.65% | 24.06% | (27.50)% | 24.74% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $98,974 | $119,534 | $100,082 | $72,919 | $40,139 | $43,359 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.64%(5) | 0.63% | 0.65% | 0.65% | 0.65% | 0.67% |
| Net expenses | 0.54%(5)(6) | 0.54%(6) | 0.54%(6) | 0.54%(6) | 0.54%(6) | 0.54% |
| Net investment income | 1.19%(5) | 2.16% | 2.12% | 2.21% | 2.27% | 2.11% |
| Portfolio Turnover | 8%(3) | 16% | 10% | 20% | 14% | 13% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024, 2023 and 2022). |
| Class I | ||||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $37.08 | $32.62 | $26.22 | $21.49 | $30.17 | $24.43 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.30 | $0.79 | $0.70 | $0.64 | $0.69 | $0.72 |
| Net realized and unrealized gain (loss) | 2.34 | 4.51 | 6.28 | 4.56 | (8.75) | 5.37 |
| Total income (loss) from operations | $2.64 | $5.30 | $6.98 | $5.20 | $(8.06) | $6.09 |
| Less Distributions | ||||||
| From net investment income | $(1.28) | $(0.84) | $(0.58) | $(0.47) | $(0.62) | $(0.35) |
| Total distributions | $(1.28) | $(0.84) | $(0.58) | $(0.47) | $(0.62) | $(0.35) |
| Net asset value — End of period | $38.44 | $37.08 | $32.62 | $26.22 | $21.49 | $30.17 |
| Total Return(2) | 7.24%(3) | 16.90% | 26.97% | 24.35% | (27.32)% | 25.07% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $1,023,366 | $967,434 | $849,121 | $621,740 | $468,639 | $481,361 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.39%(5) | 0.38% | 0.40% | 0.40% | 0.40% | 0.42% |
| Net expenses | 0.29%(5)(6) | 0.29%(6) | 0.29%(6) | 0.29%(6) | 0.29%(6) | 0.29% |
| Net investment income | 1.54%(5) | 2.43% | 2.37% | 2.43% | 2.52% | 2.43% |
| Portfolio Turnover | 8%(3) | 16% | 10% | 20% | 14% | 13% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024, 2023 and 2022). |
| Class R6 | ||||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $37.01 | $32.58 | $26.20 | $21.48 | $30.16 | $24.43 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.29 | $0.79 | $0.71 | $0.65 | $0.69 | $0.75 |
| Net realized and unrealized gain (loss) | 2.36 | 4.51 | 6.26 | 4.56 | (8.74) | 5.34 |
| Total income (loss) from operations | $2.65 | $5.30 | $6.97 | $5.21 | $(8.05) | $6.09 |
| Less Distributions | ||||||
| From net investment income | $(1.31) | $(0.87) | $(0.59) | $(0.49) | $(0.63) | $(0.36) |
| Total distributions | $(1.31) | $(0.87) | $(0.59) | $(0.49) | $(0.63) | $(0.36) |
| Net asset value — End of period | $38.35 | $37.01 | $32.58 | $26.20 | $21.48 | $30.16 |
| Total Return(2) | 7.29%(3) | 16.96% | 26.95% | 24.44% | (27.30)% | 25.08% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $207,069 | $207,742 | $173,681 | $119,163 | $93,719 | $92,734 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.31%(5) | 0.30% | 0.37% | 0.37% | 0.37% | 0.39% |
| Net expenses | 0.26%(5)(6) | 0.26%(6) | 0.26%(6) | 0.26%(6) | 0.26%(6) | 0.26% |
| Net investment income | 1.50%(5) | 2.43% | 2.41% | 2.47% | 2.52% | 2.52% |
| Portfolio Turnover | 8%(3) | 16% | 10% | 20% | 14% | 13% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024, 2023 and 2022). |
| Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
| Common Stocks: | ||||
| Australia | $ — | $66,552,161 | $ — | $66,552,161 |
| Austria | — | 4,267,050 | — | 4,267,050 |
| Belgium | — | 9,176,510 | — | 9,176,510 |
| Canada | 138,040,757 | — | — | 138,040,757 |
| Denmark | — | 16,593,427 | — | 16,593,427 |
| Finland | 232,316 | 13,564,146 | — | 13,796,462 |
| France | — | 95,266,887 | — | 95,266,887 |
| Germany | 914,820 | 89,280,705 | — | 90,195,525 |
| Hong Kong | — | 19,664,059 | — | 19,664,059 |
| Ireland | 401,806 | 8,429,157 | — | 8,830,963 |
| Israel | 4,328,831 | 5,190,877 | — | 9,519,708 |
| Italy | — | 31,929,935 | — | 31,929,935 |
| Japan | — | 213,871,251 | — | 213,871,251 |
| Netherlands | 5,008,792 | 56,663,809 | — | 61,672,601 |
| New Zealand | — | 1,509,235 | — | 1,509,235 |
| Norway | — | 8,980,823 | — | 8,980,823 |
| Portugal | — | 1,930,702 | — | 1,930,702 |
| Singapore | 500,768 | 15,213,145 | — | 15,713,913 |
| South Korea | — | 72,380,732 | — | 72,380,732 |
| Spain | — | 38,675,494 | — | 38,675,494 |
| Sweden | 3,790,541 | 36,086,578 | — | 39,877,119 |
| Switzerland | 2,355,299 | 108,798,189 | — | 111,153,488 |
| Taiwan | — | 101,109,318 | — | 101,109,318 |
| United Kingdom | 10,624,122 | 137,771,730 | — | 148,395,852 |
| United States | 167,415 | — | — | 167,415 |
| Total Common Stocks | $166,365,467 | $1,152,905,920(2) | $ — | $1,319,271,387 |
| Rights | $ — | $597 | $ — | $597 |
| Warrants | — | — | 0 | 0 |
| Short-Term Investments: | ||||
| Affiliated Fund | 1,997 | — | — | 1,997 |
| Securities Lending Collateral | 3,730,431 | — | — | 3,730,431 |
| Total Investments | $170,097,895 | $1,152,906,517 | $0 | $1,323,004,412 |
| (1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
| (2) | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
| Aggregate cost | $910,220,545 |
| Gross unrealized appreciation | $460,233,106 |
| Gross unrealized depreciation | (47,449,239) |
| Net unrealized appreciation | $412,783,867 |
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $3,730,431 | $ — | $ — | $ — | $3,730,431 |
| 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 |
| Common Stocks | ||||||||
| Mitsubishi UFJ Financial Group, Inc. | $10,584,711 | $ 588,167 | $ (847,904) | $(196) | $517,283 | $10,842,061 | $141,934 | 640,257 |
| Short-Term Investments | ||||||||
| Liquidity Fund | 3,977,542 | 64,392,779 | (68,368,324) | — | — | 1,997 | 57,346 | 1,997 |
| Total | $(196) | $517,283 | $10,844,058 | $199,280 | ||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 518,525 | $19,837,899 | 831,372 | $26,615,186 | |
| Reinvestment of distributions | 78,126 | 2,864,898 | 57,361 | 1,660,026 | |
| Shares redeemed | (1,257,088) | (47,916,917) | (728,470) | (22,803,726) | |
| Net increase (decrease) | (660,437) | $(25,214,120) | 160,263 | $5,471,486 | |
| Class I | |||||
| Shares sold | 3,538,453 | $137,692,868 | 5,405,841 | $172,811,954 | |
| Reinvestment of distributions | 766,617 | 28,525,804 | 667,448 | 19,582,935 | |
| Shares redeemed | (3,778,937) | (144,710,453) | (6,007,258) | (196,143,514) | |
| Net increase (decrease) | 526,133 | $21,508,219 | 66,031 | $(3,748,625) | |
| Class R6 | |||||
| Shares sold | 890,813 | $34,348,720 | 1,702,121 | $55,666,989 | |
| Reinvestment of distributions | 202,277 | 7,506,482 | 164,575 | 4,818,739 | |
| Shares redeemed | (1,306,622) | (52,345,232) | (1,583,639) | (52,136,965) | |
| Net increase (decrease) | (213,532) | $(10,490,030) | 283,057 | $8,348,763 | |
| (3) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (4) | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of March 31, 2026. |
| (5) | Represents investment of cash collateral received in connection with securities lending. |
| Abbreviations: | |
| REITs | – Real Estate Investment Trusts |
| March 31, 2026 | |
| Assets | |
| Investments in securities of unaffiliated issuers, at value (identified cost $1,355,390,120) - including $3,548,415 of securities on loan |
$1,816,427,792 |
| Investments in securities of affiliated issuers, at value (identified cost $2,459,868) | 2,459,868 |
| Cash | 37 |
| Receivable for capital shares sold | 1,044,523 |
| Dividends receivable | 2,369,402 |
| Dividends receivable - affiliated | 6,209 |
| Securities lending income receivable | 1,110 |
| Receivable from affiliates | 290,548 |
| Directors' deferred compensation plan | 162,269 |
| Total assets | $1,822,761,758 |
| Liabilities | |
| Payable for capital shares redeemed | $1,441,481 |
| Deposits for securities loaned | 602,976 |
| Payable to affiliates: | |
| Investment advisory fee | 187,844 |
| Administrative fee | 188,097 |
| Distribution and service fees | 33,609 |
| Sub-transfer agency fee | 11,962 |
| Directors' deferred compensation plan | 162,269 |
| Payable for accounting fees | 248,582 |
| Payable for transfer agency fees and expenses | 186,239 |
| Accrued expenses | 75,185 |
| Total liabilities | $3,138,244 |
| Net Assets | $1,819,623,514 |
| Sources of Net Assets | |
| Paid-in capital | $1,338,450,373 |
| Distributable earnings | 481,173,141 |
| Net Assets | $1,819,623,514 |
| Class A Shares | |
| Net Assets | $156,791,629 |
| Shares Outstanding | 4,588,359 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$34.17 |
| Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) |
$35.87 |
| Class I Shares | |
| Net Assets | $1,515,893,351 |
| Shares Outstanding | 43,975,342 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$34.47 |
| March 31, 2026 | |
| Class R6 Shares | |
| Net Assets | $146,938,534 |
| Shares Outstanding | 4,273,109 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$34.39 |
| On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| Six Months Ended | |
| March 31, 2026 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $2,616) | $22,928,817 |
| Dividend income - affiliated issuers | 57,459 |
| Securities lending income, net | 12,905 |
| Total investment income | $22,999,181 |
| Expenses | |
| Investment advisory fee | $1,129,909 |
| Administrative fee | 1,129,909 |
| Distribution and service fees: | |
| Class A | 191,472 |
| Directors' fees and expenses | 53,163 |
| Custodian fees | 15,295 |
| Transfer agency fees and expenses | 770,998 |
| Accounting fees | 189,814 |
| Professional fees | 47,836 |
| Registration fees | 37,966 |
| Reports to shareholders | 35,925 |
| Miscellaneous | 64,579 |
| Total expenses | $3,666,866 |
| Waiver and/or reimbursement of expenses by affiliates | $(1,234,955) |
| Net expenses | $2,431,911 |
| Net investment income | $20,567,270 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities | $32,979,944 |
| Net realized gain | $32,979,944 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $28,476,852 |
| Net change in unrealized appreciation (depreciation) | $28,476,852 |
| Net realized and unrealized gain | $61,456,796 |
| Net increase in net assets from operations | $82,024,066 |
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, 2025 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $20,567,270 | $40,440,462 |
| Net realized gain | 32,979,944 | 142,108,267 |
| Net change in unrealized appreciation (depreciation) | 28,476,852 | 10,015,992 |
| Net increase in net assets from operations | $82,024,066 | $192,564,721 |
| Distributions to shareholders: | ||
| Class A | $(12,676,007) | $(6,389,501) |
| Class I | (134,910,005) | (91,201,712) |
| Class R6 | (13,013,750) | (8,161,277) |
| Total distributions to shareholders | $(160,599,762) | $(105,752,490) |
| Capital share transactions: | ||
| Class A | $17,364,585 | $25,752,560 |
| Class I | (3,627,264) | (104,886,647) |
| Class R6 | 724,747 | (4,654,763) |
| Net increase (decrease) in net assets from capital share transactions | $14,462,068 | $(83,788,850) |
| Net increase (decrease) in net assets | $(64,113,628) | $3,023,381 |
| Net Assets | ||
| At beginning of period | $1,883,737,142 | $1,880,713,761 |
| At end of period | $1,819,623,514 | $1,883,737,142 |
| Class A | ||||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $35.74 | $34.16 | $26.88 | $24.86 | $30.72 | $23.00 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.35 | $0.67 | $0.61 | $0.58 | $0.51 | $0.46 |
| Net realized and unrealized gain (loss) | 1.15 | 2.86 | 7.21 | 1.94 | (5.11) | 7.69 |
| Total income (loss) from operations | $1.50 | $3.53 | $7.82 | $2.52 | $(4.60) | $8.15 |
| Less Distributions | ||||||
| From net investment income | $(0.66) | $(0.63) | $(0.54) | $(0.50) | $(0.38) | $(0.33) |
| From net realized gain | (2.41) | (1.32) | — | — | (0.88) | (0.10) |
| Total distributions | $(3.07) | $(1.95) | $(0.54) | $(0.50) | $(1.26) | $(0.43) |
| Net asset value — End of period | $34.17 | $35.74 | $34.16 | $26.88 | $24.86 | $30.72 |
| Total Return(2) | 4.16%(3) | 10.79% | 29.37% | 10.13% | (15.75)% | 35.76% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $156,792 | $146,208 | $112,280 | $91,071 | $90,131 | $87,085 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.63%(5) | 0.62% | 0.62% | 0.63% | 0.61% | 0.61% |
| Net expenses | 0.49%(5)(6) | 0.49%(6) | 0.49%(6) | 0.49%(6) | 0.49%(6) | 0.49% |
| Net investment income | 1.96%(5) | 2.01% | 2.01% | 2.10% | 1.73% | 1.59% |
| Portfolio Turnover | 6%(3) | 27% | 33% | 31% | 34% | 34% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024, 2023 and 2022). |
| Class I | ||||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $36.05 | $34.43 | $27.10 | $25.04 | $30.92 | $23.16 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.39 | $0.76 | $0.69 | $0.66 | $0.59 | $0.54 |
| Net realized and unrealized gain (loss) | 1.17 | 2.88 | 7.26 | 1.96 | (5.14) | 7.72 |
| Total income (loss) from operations | $1.56 | $3.64 | $7.95 | $2.62 | $(4.55) | $8.26 |
| Less Distributions | ||||||
| From net investment income | $(0.73) | $(0.70) | $(0.62) | $(0.56) | $(0.45) | $(0.40) |
| From net realized gain | (2.41) | (1.32) | — | — | (0.88) | (0.10) |
| Total distributions | $(3.14) | $(2.02) | $(0.62) | $(0.56) | $(1.33) | $(0.50) |
| Net asset value — End of period | $34.47 | $36.05 | $34.43 | $27.10 | $25.04 | $30.92 |
| Total Return(2) | 4.30%(3) | 11.07% | 29.70% | 10.41% | (15.52)% | 36.03% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $1,515,893 | $1,585,121 | $1,618,939 | $1,412,587 | $1,492,096 | $1,524,045 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.38%(5) | 0.37% | 0.37% | 0.38% | 0.36% | 0.36% |
| Net expenses | 0.24%(5)(6) | 0.24%(6) | 0.24%(6) | 0.24%(6) | 0.24%(6) | 0.24% |
| Net investment income | 2.20%(5) | 2.26% | 2.26% | 2.36% | 1.98% | 1.83% |
| Portfolio Turnover | 6%(3) | 27% | 33% | 31% | 34% | 34% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024, 2023 and 2022). |
| Class R6 | |||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | Period Ended September 30, 2022(1) | |||
| 2025 | 2024 | 2023 | |||
| Net asset value — Beginning of period | $35.99 | $34.39 | $27.07 | $25.05 | $31.03 |
| Income (Loss) From Operations | |||||
| Net investment income(2) | $0.40 | $0.78 | $0.70 | $0.66 | $0.41 |
| Net realized and unrealized gain (loss) | 1.17 | 2.87 | 7.26 | 1.97 | (6.39) |
| Total income (loss) from operations | $1.57 | $3.65 | $7.96 | $2.63 | $(5.98) |
| Less Distributions | |||||
| From net investment income | $(0.76) | $(0.73) | $(0.64) | $(0.61) | $ — |
| From net realized gain | (2.41) | (1.32) | — | — | — |
| Total distributions | $(3.17) | $(2.05) | $(0.64) | $(0.61) | $ — |
| Net asset value — End of period | $34.39 | $35.99 | $34.39 | $27.07 | $25.05 |
| Total Return(3) | 4.33%(4) | 11.11% | 29.79% | 10.44% | (19.27)%(4) |
| Ratios/Supplemental Data | |||||
| Net assets, end of period (000’s omitted) | $146,939 | $152,408 | $149,495 | $122,021 | $28,633 |
| Ratios (as a percentage of average daily net assets):(5) | |||||
| Total expenses | 0.29%(6) | 0.29% | 0.32% | 0.33% | 0.31%(6) |
| Net expenses | 0.19%(6)(7) | 0.19%(7) | 0.19%(7) | 0.19%(7) | 0.19%(6)(7) |
| Net investment income | 2.25%(6) | 2.31% | 2.31% | 2.37% | 2.21%(6) |
| Portfolio Turnover | 6%(4) | 27% | 33% | 31% | 34%(8) |
| (1) | For the period from the commencement of operations, February 1, 2022, to September 30, 2022. |
| (2) | Computed using average shares outstanding. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024 and 2023 and the period ended September 30, 2022). |
| (8) | For the year ended September 30, 2022. |
| Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
| Common Stocks | $1,815,824,816(2) | $ — | $ — | $1,815,824,816 |
| Miscellaneous | — | — | 0 | 0 |
| Short-Term Investments: | ||||
| Affiliated Fund | 2,459,868 | — | — | 2,459,868 |
| Securities Lending Collateral | 602,976 | — | — | 602,976 |
| Total Investments | $1,818,887,660 | $ — | $0 | $1,818,887,660 |
| (1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
| (2) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
| Aggregate cost | $1,384,216,200 |
| Gross unrealized appreciation | $551,697,970 |
| Gross unrealized depreciation | (117,026,510) |
| Net unrealized appreciation | $434,671,460 |
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $602,976 | $ — | $ — | $ — | $602,976 |
| Miscellaneous | 0 | — | — | — | 0 |
| Total | $602,976 | $ — | $ — | $ — | $602,976 |
| Name | Value, beginning of period |
Purchases | Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund | $5,910,873 | $147,757,370 | $(151,208,375) | $ — | $ — | $2,459,868 | $57,459 | 2,459,868 |
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 665,264 | $23,475,072 | 1,542,585 | $50,199,846 | |
| Reinvestment of distributions | 338,577 | 11,623,361 | 178,236 | 5,894,279 | |
| Shares redeemed | (506,913) | (17,733,848) | (916,360) | (30,341,565) | |
| Net increase | 496,928 | $17,364,585 | 804,461 | $25,752,560 | |
| Class I | |||||
| Shares sold | 4,841,720 | $171,813,992 | 7,621,012 | $254,452,245 | |
| Reinvestment of distributions | 2,935,115 | 101,554,974 | 2,070,313 | 68,920,718 | |
| Shares redeemed | (7,772,600) | (276,996,230) | (12,737,565) | (428,259,610) | |
| Net increase (decrease) | 4,235 | $(3,627,264) | (3,046,240) | $(104,886,647) | |
| Class R6 | |||||
| Shares sold | 334,520 | $11,969,479 | 760,957 | $25,169,470 | |
| Reinvestment of distributions | 336,485 | 11,612,089 | 223,938 | 7,439,224 | |
| Shares redeemed | (632,987) | (22,856,821) | (1,097,209) | (37,263,457) | |
| Net increase (decrease) | 38,018 | $724,747 | (112,314) | $(4,654,763) | |
| Description | Acquisition Date | Cost |
| Abiomed, Inc., CVR, Exp. 12/31/29 | 12/28/22 | $2,652 |
| $2,652 |
| Abbreviations: | |
| CVR | – Contingent Value Rights |
| REITs | – Real Estate Investment Trusts |
| March 31, 2026 | |
| Assets | |
| Investments in securities of unaffiliated issuers, at value (identified cost $317,356,885) - including $1,491,826 of securities on loan |
$424,250,620 |
| Investments in securities of affiliated issuers, at value (identified cost $813,819) | 813,819 |
| Cash | 120 |
| Receivable for capital shares sold | 370,041 |
| Dividends receivable | 485,845 |
| Dividends receivable - affiliated | 3,203 |
| Securities lending income receivable | 1,258 |
| Receivable from affiliates | 140,728 |
| Directors' deferred compensation plan | 37,181 |
| Total assets | $426,102,815 |
| Liabilities | |
| Payable for capital shares redeemed | $236,842 |
| Deposits for securities loaned | 127,467 |
| Payable to affiliates: | |
| Investment advisory fee | 43,932 |
| Administrative fee | 44,057 |
| Distribution and service fees | 15,066 |
| Sub-transfer agency fee | 12,032 |
| Directors' deferred compensation plan | 37,181 |
| Payable for accounting fees | 71,893 |
| Accrued expenses | 86,478 |
| Total liabilities | $674,948 |
| Net Assets | $425,427,867 |
| Sources of Net Assets | |
| Paid-in capital | $316,198,584 |
| Distributable earnings | 109,229,283 |
| Net Assets | $425,427,867 |
| Class A Shares | |
| Net Assets | $69,632,857 |
| Shares Outstanding | 1,616,611 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$43.07 |
| Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) |
$45.22 |
| Class I Shares | |
| Net Assets | $319,341,627 |
| Shares Outstanding | 7,332,762 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$43.55 |
| March 31, 2026 | |
| Class R6 Shares | |
| Net Assets | $36,453,383 |
| Shares Outstanding | 838,732 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$43.46 |
| On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| Six Months Ended | |
| March 31, 2026 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $1,106) | $3,532,387 |
| Dividend income - affiliated issuers | 13,643 |
| Interest income | 485 |
| Securities lending income, net | 7,542 |
| Total investment income | $3,554,057 |
| Expenses | |
| Investment advisory fee | $263,033 |
| Administrative fee | 263,033 |
| Distribution and service fees: | |
| Class A | 88,268 |
| Directors' fees and expenses | 12,348 |
| Custodian fees | 11,781 |
| Transfer agency fees and expenses | 253,696 |
| Accounting fees | 54,656 |
| Professional fees | 27,770 |
| Registration fees | 29,369 |
| Reports to shareholders | 16,716 |
| Miscellaneous | 15,313 |
| Total expenses | $1,035,983 |
| Waiver and/or reimbursement of expenses by affiliates | $(427,664) |
| Net expenses | $608,319 |
| Net investment income | $2,945,738 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities | $9,003,802 |
| Net realized gain | $9,003,802 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $(5,497,939) |
| Net change in unrealized appreciation (depreciation) | $(5,497,939) |
| Net realized and unrealized gain | $3,505,863 |
| Net increase in net assets from operations | $6,451,601 |
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, 2025 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $2,945,738 | $6,067,146 |
| Net realized gain | 9,003,802 | 24,152,833 |
| Net change in unrealized appreciation (depreciation) | (5,497,939) | (1,215,139) |
| Net increase in net assets from operations | $6,451,601 | $29,004,840 |
| Distributions to shareholders: | ||
| Class A | $(2,923,176) | $(586,014) |
| Class I | (14,343,191) | (4,002,444) |
| Class R6 | (1,740,529) | (452,372) |
| Total distributions to shareholders | $(19,006,896) | $(5,040,830) |
| Capital share transactions: | ||
| Class A | $1,913,348 | $(2,080,425) |
| Class I | (5,076,629) | (46,587,492) |
| Class R6 | (5,973,660) | (5,439,382) |
| Net decrease in net assets from capital share transactions | $(9,136,941) | $(54,107,299) |
| Net decrease in net assets | $(21,692,236) | $(30,143,289) |
| Net Assets | ||
| At beginning of period | $447,120,103 | $477,263,392 |
| At end of period | $425,427,867 | $447,120,103 |
| Class A | ||||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $44.34 | $41.89 | $33.17 | $29.95 | $39.02 | $29.17 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.25 | $0.47 | $0.36 | $0.33 | $0.25 | $0.22 |
| Net realized and unrealized gain (loss) | 0.38 | 2.35 | 8.67 | 3.15 | (8.25) | 10.47 |
| Total income (loss) from operations | $0.63 | $2.82 | $9.03 | $3.48 | $(8.00) | $10.69 |
| Less Distributions | ||||||
| From net investment income | $(0.49) | $(0.37) | $(0.31) | $(0.26) | $(0.14) | $(0.19) |
| From net realized gain | (1.41) | — | — | — | (0.93) | (0.65) |
| Total distributions | $(1.90) | $(0.37) | $(0.31) | $(0.26) | $(1.07) | $(0.84) |
| Net asset value — End of period | $43.07 | $44.34 | $41.89 | $33.17 | $29.95 | $39.02 |
| Total Return(2) | 1.32%(3) | 6.75% | 27.35% | 11.63% | (21.17)% | 37.14% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $69,633 | $69,731 | $68,132 | $61,388 | $48,932 | $50,682 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.69%(5) | 0.65% | 0.67% | 0.67% | 0.66% | 0.68% |
| Net expenses | 0.49%(5)(6) | 0.49%(6) | 0.49%(6) | 0.49%(6) | 0.49%(6) | 0.49% |
| Net investment income | 1.13%(5) | 1.12% | 0.96% | 0.97% | 0.70% | 0.57% |
| Portfolio Turnover | 5%(3) | 27% | 28% | 25% | 26% | 26% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024, 2023 and 2022). |
| Class I | ||||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $44.85 | $42.36 | $33.55 | $30.27 | $39.39 | $29.42 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.31 | $0.57 | $0.46 | $0.41 | $0.35 | $0.31 |
| Net realized and unrealized gain (loss) | 0.39 | 2.39 | 8.75 | 3.19 | (8.34) | 10.57 |
| Total income (loss) from operations | $0.70 | $2.96 | $9.21 | $3.60 | $(7.99) | $10.88 |
| Less Distributions | ||||||
| From net investment income | $(0.59) | $(0.47) | $(0.40) | $(0.32) | $(0.20) | $(0.26) |
| From net realized gain | (1.41) | — | — | — | (0.93) | (0.65) |
| Total distributions | $(2.00) | $(0.47) | $(0.40) | $(0.32) | $(1.13) | $(0.91) |
| Net asset value — End of period | $43.55 | $44.85 | $42.36 | $33.55 | $30.27 | $39.39 |
| Total Return(2) | 1.46%(3) | 7.03% | 27.61% | 11.92% | (20.97)% | 37.49% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $319,342 | $333,943 | $362,981 | $325,322 | $276,747 | $262,918 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.44%(5) | 0.40% | 0.42% | 0.42% | 0.42% | 0.43% |
| Net expenses | 0.24%(5)(6) | 0.24%(6) | 0.24%(6) | 0.24%(6) | 0.24%(6) | 0.24% |
| Net investment income | 1.38%(5) | 1.36% | 1.21% | 1.21% | 0.96% | 0.83% |
| Portfolio Turnover | 5%(3) | 27% | 28% | 25% | 26% | 26% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024, 2023 and 2022). |
| Class R6 | |||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | Period Ended September 30, 2022(1) | |||
| 2025 | 2024 | 2023 | |||
| Net asset value — Beginning of period | $44.78 | $42.30 | $33.50 | $30.27 | $37.87 |
| Income (Loss) From Operations | |||||
| Net investment income(2) | $0.31 | $0.59 | $0.48 | $0.44 | $0.31 |
| Net realized and unrealized gain (loss) | 0.39 | 2.39 | 8.74 | 3.17 | (7.91) |
| Total income (loss) from operations | $0.70 | $2.98 | $9.22 | $3.61 | $(7.60) |
| Less Distributions | |||||
| From net investment income | $(0.61) | $(0.50) | $(0.42) | $(0.38) | $ — |
| From net realized gain | (1.41) | — | — | — | — |
| Total distributions | $(2.02) | $(0.50) | $(0.42) | $(0.38) | $ — |
| Net asset value — End of period | $43.46 | $44.78 | $42.30 | $33.50 | $30.27 |
| Total Return(3) | 1.47%(4) | 7.07% | 27.70% | 11.91% | (20.04)%(4) |
| Ratios/Supplemental Data | |||||
| Net assets, end of period (000’s omitted) | $36,453 | $43,447 | $46,150 | $30,470 | $218 |
| Ratios (as a percentage of average daily net assets):(5) | |||||
| Total expenses | 0.37%(6) | 0.34% | 0.38% | 0.38% | 0.38%(6) |
| Net expenses | 0.20%(6)(7) | 0.20%(7) | 0.20%(7) | 0.20%(7) | 0.20%(6)(7) |
| Net investment income | 1.41%(6) | 1.41% | 1.26% | 1.29% | 1.40%(6) |
| Portfolio Turnover | 5%(4) | 27% | 28% | 25% | 26%(4)(8) |
| (1) | For the period from the commencement of operations, February 1, 2022, to September 30, 2022. |
| (2) | Computed using average shares outstanding. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024 and 2023 and the period ended September 30, 2022). |
| (8) | For the year ended September 30, 2022. |
| Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
| Common Stocks | $424,120,501(2) | $ — | $ — | $424,120,501 |
| Rights | — | — | 2,652 | 2,652 |
| Miscellaneous | — | — | 0 | 0 |
| Short-Term Investments: | ||||
| Affiliated Fund | 813,819 | — | — | 813,819 |
| Securities Lending Collateral | 127,467 | — | — | 127,467 |
| Total Investments | $425,061,787 | $ — | $2,652 | $425,064,439 |
| (1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
| (2) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
| Aggregate cost | $325,527,999 |
| Gross unrealized appreciation | $132,138,365 |
| Gross unrealized depreciation | (32,601,925) |
| Net unrealized appreciation | $99,536,440 |
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $127,467 | $ — | $ — | $ — | $127,467 |
| 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 | $515,983 | $27,274,563 | $(26,976,727) | $ — | $ — | $813,819 | $13,643 | 813,819 |
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 196,453 | $8,698,375 | 531,389 | $22,056,953 | |
| Reinvestment of distributions | 60,965 | 2,683,691 | 12,463 | 540,038 | |
| Shares redeemed | (213,599) | (9,468,718) | (597,677) | (24,677,416) | |
| Net increase (decrease) | 43,819 | $1,913,348 | (53,825) | $(2,080,425) | |
| Class I | |||||
| Shares sold | 553,505 | $24,803,090 | 1,732,497 | $72,921,025 | |
| Reinvestment of distributions | 251,360 | 11,177,967 | 72,028 | 3,150,499 | |
| Shares redeemed | (918,026) | (41,057,686) | (2,926,707) | (122,659,016) | |
| Net decrease | (113,161) | $(5,076,629) | (1,122,182) | $(46,587,492) | |
| Class R6 | |||||
| Shares sold | 134,034 | $5,960,529 | 511,075 | $21,694,419 | |
| Reinvestment of distributions | 39,219 | 1,740,529 | 10,360 | 452,315 | |
| Shares redeemed | (304,797) | (13,674,718) | (642,123) | (27,586,116) | |
| Net decrease | (131,544) | $(5,973,660) | (120,688) | $(5,439,382) | |
| Short-Term Investments — 0.1% | |||
| Affiliated Fund — 0.1% | |||
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.57%(5) | 3,785,582 | $ 3,785,582 | |
| Total Affiliated Fund (identified cost $3,785,582) |
$ 3,785,582 | ||
| Securities Lending Collateral — 0.0%† | |||
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.68%(6) | 321,750 | $ 321,750 | |
| Total Securities Lending Collateral (identified cost $321,750) |
$ 321,750 | ||
| Total Short-Term Investments (identified cost $4,107,332) |
$ 4,107,332 | ||
| Total Investments — 99.9% (identified cost $2,354,921,322) |
$5,549,819,746 | ||
| Other Assets, Less Liabilities — 0.1% | $ 4,142,634 | ||
| Net Assets — 100.0% | $5,553,962,380 | ||
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
| † | Amount is less than 0.05% or (0.05)%, as applicable. |
| (1) | Non-income producing security. |
| (2) | All or a portion of this security was on loan at March 31, 2026. The aggregate market value of securities on loan at March 31, 2026 was $4,180,300. |
| (3) | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| (4) | Restricted security. Total market value of restricted securities amounts to $7,766, which represents less than 0.05% of the net assets of the Fund as of March 31, 2026. |
| (5) | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of March 31, 2026. |
| (6) | Represents investment of cash collateral received in connection with securities lending. |
| Description | Acquisition Date | Cost |
| Abiomed, Inc., CVR, Exp. 12/31/29 | 12/28/22 | $7,766 |
| $7,766 |
| Abbreviations: | |
| CVR | – Contingent Value Rights |
| REITs | – Real Estate Investment Trusts |
| March 31, 2026 | |
| Assets | |
| Investments in securities of unaffiliated issuers, at value (identified cost $2,351,135,740) - including $4,180,300 of securities on loan |
$5,546,034,164 |
| Investments in securities of affiliated issuers, at value (identified cost $3,785,582) | 3,785,582 |
| Cash | 323 |
| Receivable for capital shares sold | 5,635,342 |
| Dividends receivable | 3,186,195 |
| Dividends receivable - affiliated | 8,906 |
| Securities lending income receivable | 3,111 |
| Receivable from affiliates | 702,765 |
| Directors' deferred compensation plan | 670,751 |
| Total assets | $5,560,027,139 |
| Liabilities | |
| Payable for capital shares redeemed | $2,484,766 |
| Deposits for securities loaned | 321,750 |
| Payable to affiliates: | |
| Investment advisory fee | 580,234 |
| Administrative fee | 580,541 |
| Distribution and service fees | 232,179 |
| Sub-transfer agency fee | 28,129 |
| Directors' deferred compensation plan | 670,751 |
| Payable for accounting fees | 561,215 |
| Payable for transfer agency fees and expenses | 444,998 |
| Accrued expenses | 160,196 |
| Total liabilities | $6,064,759 |
| Net Assets | $5,553,962,380 |
| Sources of Net Assets | |
| Paid-in capital | $2,227,298,685 |
| Distributable earnings | 3,326,663,695 |
| Net Assets | $5,553,962,380 |
| Class A Shares | |
| Net Assets | $798,676,280 |
| Shares Outstanding | 15,453,140 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$51.68 |
| Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) |
$54.26 |
| Class C Shares | |
| Net Assets | $66,129,088 |
| Shares Outstanding | 1,374,827 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$48.10 |
| March 31, 2026 | |
| Class I Shares | |
| Net Assets | $2,969,424,129 |
| Shares Outstanding | 55,731,859 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$53.28 |
| Class R6 Shares | |
| Net Assets | $1,719,732,883 |
| Shares Outstanding | 32,330,640 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$53.19 |
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
| * | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
| Six Months Ended | |
| March 31, 2026 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $3,196) | $37,272,978 |
| Dividend income - affiliated issuers | 91,816 |
| Interest income | 1,634 |
| Securities lending income, net | 21,169 |
| Total investment income | $37,387,597 |
| Expenses | |
| Investment advisory fee | $3,572,852 |
| Administrative fee | 3,572,852 |
| Distribution and service fees: | |
| Class A | 1,067,101 |
| Class C | 360,167 |
| Directors' fees and expenses | 167,425 |
| Custodian fees | 47,360 |
| Transfer agency fees and expenses | 1,622,010 |
| Accounting fees | 427,689 |
| Professional fees | 108,246 |
| Registration fees | 55,424 |
| Reports to shareholders | 48,277 |
| Miscellaneous | 149,718 |
| Total expenses | $11,199,121 |
| Waiver and/or reimbursement of expenses by affiliates | $(3,044,960) |
| Net expenses | $8,154,161 |
| Net investment income | $29,233,436 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities | $182,103,976 |
| Net realized gain | $182,103,976 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $(309,618,966) |
| Net change in unrealized appreciation (depreciation) | $(309,618,966) |
| Net realized and unrealized loss | $(127,514,990) |
| Net decrease in net assets from operations | $(98,281,554) |
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, 2025 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $29,233,436 | $57,914,555 |
| Net realized gain | 182,103,976 | 248,503,323 |
| Net change in unrealized appreciation (depreciation) | (309,618,966) | 512,803,351 |
| Net increase (decrease) in net assets from operations | $(98,281,554) | $819,221,229 |
| Distributions to shareholders: | ||
| Class A | $(44,057,505) | $(13,323,483) |
| Class C | (3,431,184) | (753,566) |
| Class I | (165,993,570) | (52,279,909) |
| Class R6 | (98,525,291) | (32,557,457) |
| Total distributions to shareholders | $(312,007,550) | $(98,914,415) |
| Capital share transactions: | ||
| Class A | $2,347,956 | $(78,723,228) |
| Class C | (2,729,906) | (10,659,204) |
| Class I | (27,084,155) | (149,107,838) |
| Class R6 | (36,602,515) | (132,808,929) |
| Net decrease in net assets from capital share transactions | $(64,068,620) | $(371,299,199) |
| Net increase (decrease) in net assets | $(474,357,724) | $349,007,615 |
| Net Assets | ||
| At beginning of period | $6,028,320,104 | $5,679,312,489 |
| At end of period | $5,553,962,380 | $6,028,320,104 |
| Class A | ||||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $55.51 | $48.99 | $36.30 | $30.51 | $38.30 | $29.75 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.21 | $0.40 | $0.36 | $0.35 | $0.30 | $0.28 |
| Net realized and unrealized gain (loss) | (1.15) | 6.91 | 12.66 | 5.74 | (7.74) | 8.53 |
| Total income (loss) from operations | $(0.94) | $7.31 | $13.02 | $6.09 | $(7.44) | $8.81 |
| Less Distributions | ||||||
| From net investment income | $(0.38) | $(0.36) | $(0.33) | $(0.30) | $(0.25) | $(0.26) |
| From net realized gain | (2.51) | (0.43) | — | — | (0.10) | — |
| Total distributions | $(2.89) | $(0.79) | $(0.33) | $(0.30) | $(0.35) | $(0.26) |
| Net asset value — End of period | $51.68 | $55.51 | $48.99 | $36.30 | $30.51 | $38.30 |
| Total Return(2) | (2.01)%(3) | 15.06% | 36.07% | 20.08% | (19.64)% | 29.75% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $798,676 | $855,549 | $835,212 | $658,227 | $572,693 | $686,373 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.60%(5) | 0.60% | 0.59% | 0.60% | 0.59% | 0.59% |
| Net expenses | 0.49%(5)(6) | 0.49%(6) | 0.49%(6) | 0.49%(6) | 0.49%(6) | 0.49% |
| Net investment income | 0.76%(5) | 0.79% | 0.85% | 1.00% | 0.82% | 0.77% |
| Portfolio Turnover | 2%(3) | 8% | 12% | 8% | 13% | 10% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024, 2023 and 2022). |
| Class C | ||||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $51.67 | $45.67 | $33.89 | $28.46 | $35.78 | $27.82 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.00(2) | $0.02 | $0.04 | $0.08 | $0.02 | $0.01 |
| Net realized and unrealized gain (loss) | (1.07) | 6.44 | 11.81 | 5.39 | (7.24) | 7.98 |
| Total income (loss) from operations | $(1.07) | $6.46 | $11.85 | $5.47 | $(7.22) | $7.99 |
| Less Distributions | ||||||
| From net investment income | $ — | $(0.03) | $(0.07) | $(0.04) | $(0.00)(3) | $(0.03) |
| From net realized gain | (2.50) | (0.43) | — | — | (0.10) | — |
| Total distributions | $(2.50) | $(0.46) | $(0.07) | $(0.04) | $(0.10) | $(0.03) |
| Net asset value — End of period | $48.10 | $51.67 | $45.67 | $33.89 | $28.46 | $35.78 |
| Total Return(4) | (2.37)%(5) | 14.22% | 35.01% | 19.22% | (20.24)% | 28.73% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $66,129 | $73,818 | $75,835 | $64,695 | $63,985 | $84,005 |
| Ratios (as a percentage of average daily net assets):(6) | ||||||
| Total expenses | 1.35%(7) | 1.35% | 1.34% | 1.35% | 1.35% | 1.34% |
| Net expenses | 1.24%(7)(8) | 1.24%(8) | 1.24%(8) | 1.24%(8) | 1.24%(8) | 1.24% |
| Net investment income | 0.01%(7) | 0.05% | 0.10% | 0.25% | 0.07% | 0.03% |
| Portfolio Turnover | 2%(5) | 8% | 12% | 8% | 13% | 10% |
| (1) | Computed using average shares outstanding. |
| (2) | Amount is less than $0.005. |
| (3) | Amount is less than $(0.005). |
| (4) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (5) | Not annualized. |
| (6) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (7) | Annualized. |
| (8) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024, 2023 and 2022). |
| Class I | ||||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $57.20 | $50.43 | $37.36 | $31.38 | $39.37 | $30.56 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.29 | $0.54 | $0.49 | $0.45 | $0.40 | $0.38 |
| Net realized and unrealized gain (loss) | (1.19) | 7.13 | 13.00 | 5.92 | (7.95) | 8.75 |
| Total income (loss) from operations | $(0.90) | $7.67 | $13.49 | $6.37 | $(7.55) | $9.13 |
| Less Distributions | ||||||
| From net investment income | $(0.51) | $(0.47) | $(0.42) | $(0.39) | $(0.34) | $(0.32) |
| From net realized gain | (2.51) | (0.43) | — | — | (0.10) | — |
| Total distributions | $(3.02) | $(0.90) | $(0.42) | $(0.39) | $(0.44) | $(0.32) |
| Net asset value — End of period | $53.28 | $57.20 | $50.43 | $37.36 | $31.38 | $39.37 |
| Total Return(2) | (1.89)%(3) | 15.37% | 36.37% | 20.42% | (19.45)% | 30.07% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $2,969,424 | $3,214,802 | $2,974,668 | $2,251,092 | $2,021,486 | $2,916,731 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.35%(5) | 0.35% | 0.34% | 0.35% | 0.34% | 0.34% |
| Net expenses | 0.24%(5)(6) | 0.24%(6) | 0.24%(6) | 0.24%(6) | 0.24%(6) | 0.24% |
| Net investment income | 1.01%(5) | 1.04% | 1.10% | 1.25% | 1.06% | 1.02% |
| Portfolio Turnover | 2%(3) | 8% | 12% | 8% | 13% | 10% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024, 2023 and 2022). |
| Class R6 | ||||||
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $57.13 | $50.38 | $37.32 | $31.37 | $39.35 | $30.55 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.30 | $0.56 | $0.51 | $0.47 | $0.43 | $0.39 |
| Net realized and unrealized gain (loss) | (1.18) | 7.12 | 13.00 | 5.90 | (7.96) | 8.74 |
| Total income (loss) from operations | $(0.88) | $7.68 | $13.51 | $6.37 | $(7.53) | $9.13 |
| Less Distributions | ||||||
| From net investment income | $(0.55) | $(0.50) | $(0.45) | $(0.42) | $(0.35) | $(0.33) |
| From net realized gain | (2.51) | (0.43) | — | — | (0.10) | — |
| Total distributions | $(3.06) | $(0.93) | $(0.45) | $(0.42) | $(0.45) | $(0.33) |
| Net asset value — End of period | $53.19 | $57.13 | $50.38 | $37.32 | $31.37 | $39.35 |
| Total Return(2) | (1.86)%(3) | 15.41% | 36.47% | 20.46% | (19.42)% | 30.12% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $1,719,733 | $1,884,152 | $1,793,598 | $1,291,167 | $947,313 | $1,006,890 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.28%(5) | 0.28% | 0.29% | 0.30% | 0.29% | 0.29% |
| Net expenses | 0.19%(5)(6) | 0.19%(6) | 0.19%(6) | 0.19%(6) | 0.19%(6) | 0.19% |
| Net investment income | 1.06%(5) | 1.09% | 1.15% | 1.30% | 1.13% | 1.07% |
| Portfolio Turnover | 2%(3) | 8% | 12% | 8% | 13% | 10% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2026 and the years ended September 30, 2025, 2024, 2023 and 2022). |
| Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
| Common Stocks | $5,545,704,648(2) | $ — | $ — | $5,545,704,648 |
| Rights | — | — | 7,766 | 7,766 |
| Miscellaneous | — | — | 0 | 0 |
| Short-Term Investments: | ||||
| Affiliated Fund | 3,785,582 | — | — | 3,785,582 |
| Securities Lending Collateral | 321,750 | — | — | 321,750 |
| Total Investments | $5,549,811,980 | $ — | $7,766 | $5,549,819,746 |
| (1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
| (2) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
| Aggregate cost | $2,385,643,215 |
| Gross unrealized appreciation | $3,308,183,584 |
| Gross unrealized depreciation | (144,007,053) |
| Net unrealized appreciation | $3,164,176,531 |
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $321,750 | $ — | $ — | $ — | $321,750 |
| 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 | $2,942,519 | $193,415,702 | $(192,572,639) | $ — | $ — | $3,785,582 | $91,816 | 3,785,582 |
| Six Months Ended March 31, 2026 (Unaudited) |
Year Ended September 30, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 620,593 | $34,124,150 | 2,364,531 | $117,951,031 | |
| Reinvestment of distributions | 748,668 | 41,161,764 | 241,882 | 12,355,358 | |
| Shares redeemed | (1,328,411) | (72,937,958) | (4,244,363) | (209,029,617) | |
| Net increase (decrease) | 40,850 | $2,347,956 | (1,637,950) | $(78,723,228) | |
| Class C | |||||
| Shares sold | 99,008 | $5,047,288 | 1,209,556 | $56,284,438 | |
| Reinvestment of distributions | 64,154 | 3,289,836 | 15,169 | 725,516 | |
| Shares redeemed | (217,000) | (11,067,030) | (1,456,530) | (67,669,158) | |
| Net decrease | (53,838) | $(2,729,906) | (231,805) | $(10,659,204) | |
| Class I | |||||
| Shares sold | 4,796,227 | $271,409,058 | 11,332,346 | $581,456,729 | |
| Reinvestment of distributions | 2,742,497 | 155,335,034 | 931,350 | 48,923,799 | |
| Shares redeemed | (8,013,592) | (453,828,247) | (15,039,762) | (779,488,366) | |
| Net decrease | (474,868) | $(27,084,155) | (2,776,066) | $(149,107,838) | |
| Class R6 | |||||
| Shares sold | 2,786,027 | $158,062,495 | 8,469,801 | $437,120,527 | |
| Reinvestment of distributions | 1,498,252 | 84,696,198 | 547,312 | 28,706,521 | |
| Shares redeemed | (4,934,942) | (279,361,208) | (11,640,102) | (598,635,977) | |
| Net decrease | (650,663) | $(36,602,515) | (2,622,989) | $(132,808,929) | |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.
Item 16. 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 control 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. 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.
| Calvert Responsible Index Series, Inc. | ||
| By: | /s/ Von M. Hughes | |
| Von M. Hughes | ||
| Principal Executive Officer | ||
Date: May 26, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Principal Financial Officer | ||
| Date: May 26, 2026 | ||
| By: | /s/ Von M. Hughes | |
| Von M. Hughes | ||
| Principal Executive Officer | ||
| Date: May 26, 2026 | ||