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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File number:811-10045
Calvert Impact Fund, Inc.
(Exact Name of Registrant as Specified in Charter)
1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Service)
(202)238-2200
(Registrant’s telephone number)
September 30
Date of Fiscal Year End
March 31, 2020
Date of Reporting Period
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Item 1. | Report to Stockholders. |
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% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Since Inception |
Class A at NAV | 10/31/2013 | 10/31/2013 | (2.37)% | 2.78% | 2.09% | 2.50% |
Class A with 3.75% Maximum Sales Charge | — | — | (6.04) | (1.05) | 1.32 | 1.90 |
Class I at NAV | 10/31/2013 | 10/31/2013 | (2.24) | 2.96 | 2.45 | 2.86 |
Class R6 at NAV | 02/01/2019 | 10/31/2013 | (2.22) | 3.09 | 2.47 | 2.88 |
·· | ||||||
ICE BofA Green Bond Index - Hedged USD | — | — | (2.21)% | 4.69% | 3.28% | 3.86% |
% Total Annual Operating Expense Ratios3 | Class A | Class I | Class R6 |
Gross | 0.86% | 0.61% | 0.56% |
Net | 0.73 | 0.48 | 0.43 |
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Country Allocation (% of total investments) | |
United States | 71.4% |
France | 6.5 |
Canada | 6.0 |
Netherlands | 3.5 |
Finland | 2.4 |
Luxembourg | 2.3 |
Italy | 2.2 |
South Korea | 1.1 |
Philippines | 1.0 |
Other (less than 1.0% each) | 3.6 |
Total | 100.0% |
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1 | ICE BofA Green Bond Index - Hedged USD tracks the performance of securities issued for qualified “green” purposes. Qualifying bonds must have a clearly designated use of proceeds that is solely applied toward projects or activities that promote climate change mitigation or adaptation or other environmental sustainability purposes. ICE® BofA® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.Fund profile subject to change due to active management.Important Notice to ShareholdersEffective January 1, 2020, the ICE BofAML indices were rebranded as ICE BofA indices. |
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Beginning Account Value (10/1/19) | Ending Account Value (3/31/20) | Expenses Paid During Period* (10/1/19 – 3/31/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $976.30 | $3.61** | 0.73% |
Class I | $1,000.00 | $977.60 | $2.37** | 0.48% |
Class R6 | $1,000.00 | $977.80 | $2.13** | 0.43% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.35 | $3.69** | 0.73% |
Class I | $1,000.00 | $1,022.60 | $2.43** | 0.48% |
Class R6 | $1,000.00 | $1,022.85 | $2.17** | 0.43% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2019. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
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Asset-Backed Securities — 8.6% |
Security | Principal Amount (000's omitted) | Value |
Helios Issuer, LLC, Series 2017-1A, Class C, 8.00%, 9/20/49(1) | $ 5,870 | $ 4,176,077 |
Mosaic Solar Loan Trust: | ||
Series 2018-1A, Class A, 4.01%, 6/22/43(1) | 988 | 949,633 |
Series 2019-1A, Class A, 4.37%, 12/21/43(1) | 1,298 | 1,285,594 |
Series 2019-2A, Class B, 3.28%, 9/20/40(1) | 4,800 | 4,135,085 |
Series 2019-2A, Class C, 4.35%, 9/20/40(1) | 1,665 | 1,181,882 |
Mosaic Solar Loans LLC: | ||
Series 2017-1A, Class A, 4.45%, 6/20/42(1) | 664 | 654,597 |
Series 2017-2A, Class A, 3.82%, 6/22/43(1) | 84 | 83,881 |
RenewFund Receivables Trust, Series 2015-1, Class A, 3.51%, 4/15/25(1) | 43 | 42,968 |
SolarCity LMC Series I, LLC, Series 2013-1, Class A, 4.80%, 11/20/38(1) | 182 | 168,274 |
SolarCity LMC Series II, LLC, Series 2014-1, Class A, 4.59%, 4/20/44(1) | 3,895 | 3,719,741 |
SolarCity LMC Series III, LLC: | ||
Series 2014-2, Class A, 4.02%, 7/20/44(1) | 1,583 | 1,488,827 |
Series 2014-2, Class B, 5.44%, 7/20/44(1) | 171 | 157,821 |
Spruce ABS Trust, Series 2016-E1, Class A, 4.32%, 6/15/28(1) | 345 | 340,203 |
Sunnova Helios II Issuer, LLC., Series 2018-1A, Class B, 7.71%, 7/20/48(1) | 911 | 505,212 |
Sunnova Sol Issuer, LLC, Series 2020-1A, Class A, 3.35%, 2/1/55(1) | 3,000 | 2,225,754 |
Sunrun Atlas Issuer, LLC, Series 2019-2, Class A, 3.61%, 2/1/55(1) | 1,818 | 1,600,492 |
Sunrun Callisto Issuer, LLC, Series 2015-1A, Class B, 5.38%, 7/20/45(1) | 825 | 750,020 |
TES, LLC, Series 2017-1A, Class A, 4.33%, 10/20/47(1) | 2,531 | 1,978,784 |
Tesla Auto Lease Trust: | ||
Series 2018-B, Class A, 3.71%, 8/20/21(1) | 1,506 | 1,514,887 |
Series 2018-B, Class C, 4.36%, 10/20/21(1) | 1,875 | 1,841,303 |
Series 2019-A, Class A2, 2.13%, 4/20/22(1) | 1,584 | 1,590,393 |
Series 2019-A, Class A4, 2.20%, 11/21/22(1) | 1,535 | 1,508,950 |
Series 2019-A, Class B, 2.41%, 12/20/22(1) | 3,270 | 3,169,709 |
Series 2019-A, Class E, 5.48%, 5/22/23(1) | 1,545 | 1,545,032 |
Vivint Solar Financing V LLC, Series 2018-1A, Class A, 4.73%, 4/30/48(1) | 1,471 | 1,218,229 |
Total Asset-Backed Securities (identified cost $43,389,620) | $37,833,348 |
Collateralized Mortgage-Backed Obligations — 10.7% |
Security | Principal Amount (000's omitted) | Value |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Series KG02, Class A2, 2.412%, 8/25/29 | $ 4,050 | $ 4,566,166 |
Federal National Mortgage Association: | ||
Series 2017-M2, Class A1, 2.894%, 2/25/27(2) | 355 | 365,702 |
Series 2017-M13, Class A2, 3.033%, 9/25/27(2) | 4,150 | 4,722,607 |
Series 2018-M4, Class A2, 3.147%, 3/25/28(2) | 4,142 | 4,596,357 |
Series 2018-M8, Class A2, 3.436%, 6/25/28(2) | 923 | 1,078,178 |
Series 2018-M13, Class A2, 3.82%, 9/25/30(2) | 2,420 | 2,846,512 |
Series 2019-M1, Class A2, 3.673%, 9/25/28(2) | 4,530 | 5,261,179 |
Series 2019-M9, Class A2, 2.937%, 4/25/29(2) | 1,920 | 2,114,968 |
Series 2019-M22, Class A2, 2.522%, 8/25/29 | 12,300 | 13,392,476 |
Series 2020-M1, Class A2, 2.444%, 9/25/29 | 7,842 | 8,391,463 |
Total Collateralized Mortgage-Backed Obligations (identified cost $43,176,656) | $47,335,608 |
Corporate Bonds — 56.5% |
Security | Principal Amount (000's omitted) | Value |
Basic Materials — 1.1% | ||
LG Chem, Ltd.: | ||
3.25%, 10/15/24(1) | USD 1,550 | $ 1,608,001 |
3.625%, 4/15/29(1) | USD 3,125 | 3,089,054 |
$ 4,697,055 | ||
Communications — 1.0% | ||
Verizon Communications, Inc., 3.875%, 2/8/29 | USD 3,980 | $ 4,464,871 |
$ 4,464,871 | ||
Consumer, Cyclical — 0.6% | ||
Toyota Motor Credit Corp., 2.15%, 2/13/30 | USD 3,000 | $2,796,538 |
$2,796,538 | ||
Consumer, Non-cyclical — 4.6% | ||
Conservation Fund (The), Green Bonds, 3.474%, 12/15/29 | USD 2,345 | $2,624,940 |
Kaiser Foundation Hospitals, 3.15%, 5/1/27 | USD 1,208 | 1,245,805 |
Koninklijke Philips NV, 0.50%, 5/22/26(3) | EUR 9,350 | 10,010,119 |
Massachusetts Institute of Technology, 3.959%, 7/1/38 | USD 2,985 | 3,310,077 |
PepsiCo, Inc., 2.875%, 10/15/49 | USD 3,200 | 3,337,522 |
$20,528,463 |
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Security | Principal Amount (000's omitted) | Value |
Energy — 4.1% | ||
Hanwha Energy USA Holdings Corp., 2.375%, 7/30/22(1) | USD 5,000 | $ 4,979,887 |
Pattern Energy Group, Inc., 5.875%, 2/1/24(1) | USD 1,980 | 1,982,822 |
TerraForm Power Operating, LLC: | ||
4.75%, 1/15/30(1) | USD10,700 | 10,438,385 |
5.00%, 1/31/28(1) | USD 867 | 913,254 |
$ 18,314,348 | ||
Financial — 23.3% | ||
Alexandria Real Estate Equities, Inc., 4.00%, 1/15/24 | USD 2,364 | $ 2,419,773 |
Bank of America Corp.: | ||
2.456% to 10/22/24, 10/22/25(4) | USD 5,888 | 5,948,017 |
3.499% to 5/17/21, 5/17/22(4) | USD 7,282 | 7,370,815 |
Bank of Nova Scotia (The), 2.375%, 1/18/23 | USD 6,600 | 6,649,033 |
Boston Properties, L.P., 3.40%, 6/21/29 | USD 2,700 | 2,603,216 |
Citigroup, Inc., 0.50%, 1/29/22(3) | EUR 11,950 | 12,961,693 |
Commonwealth Bank of Australia, 3.25%, 3/31/22 | AUD 2,020 | 1,290,707 |
Credit Agricole Corporate & Investment Bank SA, 2.533%, (3 mo. USD LIBOR + 0.625%), 10/3/21(5) | USD11,106 | 10,937,284 |
DBS Group Holdings Ltd., 2.414%, (3 mo. USD LIBOR + 0.62%), 7/25/22(1)(5) | USD 3,640 | 3,631,662 |
Digital Euro Finco LLC, 2.50%, 1/16/26(3) | EUR 8,700 | 9,702,490 |
HAT Holdings I, LLC/HAT Holdings II, LLC, 5.25%, 7/15/24(1) | USD10,000 | 9,662,550 |
ING Groep NV, 4.625%, 1/6/26(1) | USD 2,175 | 2,297,000 |
Mitsubishi UFJ Financial Group, Inc., 2.527%, 9/13/23(6) | USD 1,100 | 1,092,575 |
National Australia Bank, Ltd., 3.625%, 6/20/23 | USD 1,867 | 1,903,811 |
PNC Financial Services Group, Inc. (The), 2.20%, 11/1/24 | USD 8,000 | 8,303,211 |
Prudential Financial, Inc., 1.50%, 3/10/26 | USD 2,000 | 1,885,067 |
Regency Centers, L.P., 3.75%, 6/15/24 | USD 1,500 | 1,574,638 |
Royal Bank of Canada, 0.25%, 5/2/24(3) | EUR 8,600 | 9,003,973 |
Welltower, Inc., 2.70%, 2/15/27 | USD 4,000 | 3,812,997 |
$103,050,512 | ||
Government - Multinational — 6.2% | ||
Asian Development Bank: | ||
1.875%, 8/10/22 | USD 1,500 | $1,549,998 |
2.125%, 3/19/25 | USD 750 | 801,522 |
2.375%, 8/10/27 | USD 750 | 828,212 |
3.125%, 9/26/28 | USD 800 | 940,261 |
European Bank for Reconstruction & Development, 1.625%, 9/27/24 | USD 2,000 | 2,089,713 |
Security | Principal Amount (000's omitted) | Value |
Government - Multinational (continued) | ||
European Investment Bank: | ||
1.00%, 11/14/42(3) | EUR 3,400 | $ 4,270,942 |
2.375%, 5/24/27 | USD 3,965 | 4,382,115 |
2.50%, 10/15/24 | USD 1,000 | 1,084,603 |
International Bank for Reconstruction & Development: | ||
0.625%, 11/22/27 | EUR 3,550 | 4,141,683 |
3.125%, 11/20/25 | USD 4,150 | 4,688,907 |
International Finance Corp., 2.125%, 4/7/26 | USD 1,500 | 1,614,838 |
Nordic Investment Bank, 2.25%, 9/30/21 | USD 950 | 973,980 |
$27,366,774 | ||
Industrial — 2.5% | ||
Owens Corning, 3.95%, 8/15/29 | USD10,417 | $9,901,045 |
Xylem, Inc., 3.25%, 11/1/26 | USD 999 | 1,059,925 |
$10,960,970 | ||
Technology — 1.7% | ||
Apple, Inc., 0.50%, 11/15/31 | EUR 7,238 | $7,461,925 |
$7,461,925 | ||
Utilities — 11.4% | ||
Avangrid, Inc.: | ||
3.15%, 12/1/24 | USD 4,913 | $4,896,590 |
3.80%, 6/1/29 | USD 7,600 | 7,796,774 |
Clearway Energy Operating, LLC, 4.75%, 3/15/28(1) | USD 1,147 | 1,068,144 |
Consolidated Edison Co. of New York, Inc., 3.35%, 4/1/30 | USD 1,333 | 1,377,772 |
Enel Finance International NV: | ||
1.00%, 9/16/24(3) | EUR 4,250 | 4,662,498 |
1.125%, 9/16/26(3) | EUR 4,100 | 4,470,108 |
MidAmerican Energy Co.: | ||
3.15%, 4/15/50 | USD 850 | 865,975 |
3.65%, 8/1/48 | USD 3,570 | 3,848,923 |
4.25%, 7/15/49 | USD 2,390 | 2,813,880 |
NextEra Energy Operating Partners, L.P.: | ||
4.25%, 9/15/24(1) | USD 1,825 | 1,790,790 |
4.50%, 9/15/27(1) | USD 4,782 | 4,695,769 |
NSTAR Electric Co., 3.25%, 5/15/29 | USD 2,500 | 2,587,714 |
Public Service Co. of Colorado: | ||
3.20%, 3/1/50 | USD 4,500 | 4,575,297 |
3.70%, 6/15/28 | USD 1,978 | 2,099,592 |
4.10%, 6/15/48 | USD 1,000 | 1,093,535 |
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Security | Principal Amount (000's omitted) | Value |
Utilities (continued) | ||
Terraform Global Operating, LLC, 6.125%, 3/1/26(1) | USD 1,595 | $ 1,568,750 |
$ 50,212,111 | ||
Total Corporate Bonds (identified cost $250,796,841) | $249,853,567 |
High Social Impact Investments — 0.3% |
Security | Principal Amount (000's omitted) | Value |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(7)(8) | $ 1,196 | $ 1,152,758 |
Total High Social Impact Investments (identified cost $1,196,055) | $ 1,152,758 |
Preferred Stocks — 0.9% |
Security | Shares | Value |
Real Estate Management & Development — 0.9% | ||
Brookfield Property Partners, L.P.: | ||
Series A, 5.75% | 92,000 | $ 1,288,000 |
Series A2, 6.375% | 169,100 | 2,695,454 |
Total Preferred Stocks (identified cost $6,575,394) | $ 3,983,454 |
Sovereign Government Bonds — 9.8% |
Security | Principal Amount (000's omitted) | Value |
Chile Government International Bond, 2.55%, 1/27/32 | USD 2,500 | $ 2,506,875 |
French Republic Government Bond OAT, 1.75%, 6/25/39(1)(3) | EUR 12,090 | 16,411,759 |
Kreditanstalt fuer Wiederaufbau, 1.75%, 9/14/29 | USD 2,200 | 2,347,990 |
Municipality Finance PLC: | ||
0.05%, 9/6/29(3) | EUR 3,750 | 4,171,499 |
1.375%, 9/21/21(1) | USD 5,000 | 5,057,619 |
Nacional Financiera SNC, 3.375%, 11/5/20(1) | USD 750 | 736,187 |
Nederlandse Waterschapsbank NV: | ||
2.375%, 3/24/26(1) | USD 1,700 | 1,854,149 |
3.125%, 12/5/22(1) | USD 500 | 532,813 |
Province of Ontario Canada: | ||
1.95%, 1/27/23 | CAD 3,200 | 2,328,362 |
2.65%, 2/5/25 | CAD 5,000 | 3,752,541 |
Security | Principal Amount (000's omitted) | Value |
South Coast British Columbia Transportation Authority, 2.65%, 10/29/50 | CAD 5,490 | $ 3,739,348 |
Total Sovereign Government Bonds (identified cost $43,020,855) | $ 43,439,142 |
Taxable Municipal Obligations — 5.1% |
Security | Principal Amount (000's omitted) | Value |
General Obligations — 1.1% | ||
Massachusetts, Green Bonds, 3.277%, 6/1/46 | $ 4,775 | $ 4,883,631 |
$ 4,883,631 | ||
Water and Sewer — 4.0% | ||
District of Columbia Water & Sewer Authority, Green Bonds, 4.814%, 10/1/2114 | $ 1,665 | $ 2,167,081 |
Massachusetts Water Pollution Abatement Trust, 5.192%, 8/1/40(9) | 150 | 176,072 |
Metropolitan Water District of Southern California, 6.947%, 7/1/40(9) | 250 | 253,125 |
Narragansett Bay Commission, RI, Wastewater System Revenue, Green Bonds: | ||
2.094%, 9/1/30 | 620 | 601,406 |
2.184%, 9/1/31 | 500 | 482,790 |
2.264%, 9/1/32 | 445 | 429,443 |
2.344%, 9/1/33 | 1,445 | 1,395,754 |
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.882%, 6/15/44(9) | 605 | 905,140 |
New York Environmental Facilities Corp., Green Bonds, 2.25%, 7/15/20 | 1,070 | 1,074,558 |
San Francisco City and County Public Utilities Commission, CA, Water Revenue, Green Bonds, 3.303%, 11/1/39 | 10,705 | 10,029,729 |
$17,515,098 | ||
Total Taxable Municipal Obligations (identified cost $22,398,976) | $22,398,729 |
U.S. Government Agencies and Instrumentalities — 2.8% |
Security | Principal Amount (000's omitted) | Value |
U.S. International Development Finance Corp.: | ||
1.79%, 10/15/29 | $ 4,430 | $ 4,644,550 |
2.36%, 10/15/29 | 2,870 | 3,064,749 |
3.16%, 6/1/33 | 176 | 199,666 |
3.22%, 9/15/29 | 728 | 806,534 |
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Security | Principal Amount (000's omitted) | Value |
U.S. International Development Finance Corp.: (continued) | ||
3.52%, 9/20/32 | $ 3,392 | $ 3,883,719 |
Total U.S. Government Agencies and Instrumentalities (identified cost $11,595,750) | $ 12,599,218 |
U.S. Government Agency Mortgage-Backed Securities — 0.9% |
Security | Principal Amount (000's omitted) | Value |
Pool #AN1879, 2.65%, 6/1/26 | $ 1,871 | $ 2,025,001 |
Pool #AN1909, 2.68%, 7/1/26 | 2,000 | 2,163,798 |
Total U.S. Government Agency Mortgage-Backed Securities (identified cost $3,929,664) | $ 4,188,799 |
Short-Term Investments — 0.0%(10) |
Security | Shares | Value |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24%(11) | 174,150 | $ 174,150 |
Total Short-Term Investments (identified cost $174,150) | $ 174,150 | |
Total Investments — 95.6% (identified cost $426,253,961) | $422,958,773 | |
Other Assets, Less Liabilities — 4.4% | $ 19,269,135 | |
Net Assets — 100.0% | $442,227,908 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $110,151,943, which represents 24.9% of the net assets of the Fund as of March 31, 2020. | |
(2) | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at March 31, 2020. |
(3) | Security is exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At March 31, 2020, the aggregate value of these securities is $75,665,081 or 17.1% of the Fund's net assets. |
(4) | Security converts to variable rate after the indicated fixed-rate coupon period. |
(5) | Variable rate security. The stated interest rate represents the rate in effect at March 31, 2020. |
(6) | All or a portion of this security was on loan at March 31, 2020. The aggregate market value of securities on loan at March 31, 2020 was $170,839. |
(7) | Affiliated company (see Note 8). |
(8) | Restricted security. Total market value of restricted securities amounts to $1,152,758, which represents 0.3% of the net assets of the Fund as of March 31, 2020. |
(9) | Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. |
(10) | Amount is less than 0.05%. |
(11) | Represents investment of cash collateral received in connection with securities lending. |
Country Allocation (% of Total Investments) | |
United States | 71.4% |
France | 6.5 |
Canada | 6.0 |
Netherlands | 3.5 |
Other (less than 3.0% each) | 12.6 |
Total | 100.0% |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
AUD | 4,771,119 | USD | 2,927,277 | State Street Bank and Trust Company | 5/29/20 | $8,004 | $ — |
EUR | 3,612,931 | USD | 3,977,475 | State Street Bank and Trust Company | 5/29/20 | 15,999 | — |
EUR | 4,212,206 | USD | 4,645,845 | State Street Bank and Trust Company | 5/29/20 | 10,026 | — |
EUR | 2,455,346 | USD | 2,756,440 | State Street Bank and Trust Company | 5/29/20 | — | (42,477) |
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Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 4,539,619 | AUD | 6,915,931 | State Street Bank and Trust Company | 5/29/20 | $284,809 | $ — |
USD | 10,539,930 | CAD | 14,038,675 | State Street Bank and Trust Company | 5/29/20 | 558,833 | — |
USD | 2,470,869 | EUR | 2,227,301 | State Street Bank and Trust Company | 5/29/20 | 8,971 | — |
USD | 2,241,645 | EUR | 2,066,036 | State Street Bank and Trust Company | 5/29/20 | — | (42,002) |
USD | 96,200,076 | EUR | 87,911,225 | State Street Bank and Trust Company | 5/29/20 | — | (970,682) |
$886,642 | $(1,055,161) |
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) |
Interest Rate Futures | |||||
U.S. 2-Year Treasury Note | 54 | Long | 6/30/20 | $11,900,672 | $170,058 |
U.S. Ultra-Long Treasury Bond | 7 | Long | 6/19/20 | 1,553,125 | (13,265) |
U.S. Long Treasury Bond | (57) | Short | 6/19/20 | (10,206,562) | (706,372) |
U.S. Ultra 10-Year Treasury Note | (171) | Short | 6/19/20 | (26,681,344) | (1,403,046) |
$(1,952,625) |
Description | Acquisition Date | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | $1,196,055 |
Abbreviations: | |
LIBOR | – London Interbank Offered Rate |
Currency Abbreviations: | |
AUD | – Australian Dollar |
CAD | – Canadian Dollar |
EUR | – Euro |
USD | – United States Dollar |
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March 31, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $425,057,906) - including $170,839 of securities on loan | $421,806,015 |
Investments in securities of affiliated issuers, at value (identified cost $1,196,055) | 1,152,758 |
Receivable for variation margin on open futures contracts | 127,697 |
Receivable for open forward foreign currency exchange contracts | 886,642 |
Cash | 13,598,916 |
Deposits at broker for futures contracts | 892,144 |
Deposits for derivatives collateral - forward foreign currency exchange contracts | 345,000 |
Cash denominated in foreign currency, at value (cost $20,031) | 20,074 |
Receivable for investments sold | 2,966,953 |
Receivable for capital shares sold | 2,153,998 |
Interest receivable | 2,615,820 |
Interest receivable - affiliated | 5,233 |
Securities lending income receivable | 245 |
Receivable from affiliate | 35,587 |
Directors' deferred compensation plan | 84,813 |
Total assets | $446,691,895 |
Liabilities | |
Payable for open forward foreign currency exchange contracts | $1,055,161 |
Payable for investments purchased | 2,093,817 |
Payable for capital shares redeemed | 694,847 |
Distributions payable | 25,225 |
Deposits for securities loaned | 174,150 |
Payable to affiliates: | |
Investment advisory fee | 97,865 |
Administrative fee | 46,975 |
Distribution and service fees | 14,221 |
Sub-transfer agency fee | 3,218 |
Directors' deferred compensation plan | 84,813 |
Accrued expenses | 173,695 |
Total liabilities | $4,463,987 |
Net Assets | $442,227,908 |
Sources of Net Assets | |
Paid-in capital | $445,427,418 |
Accumulated loss | (3,199,510) |
Total | $442,227,908 |
Class A Shares | |
Net Assets | $66,137,241 |
Shares Outstanding | 4,321,966 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $15.30 |
Maximum Offering Price Per Share (100 ÷ 96.25 of net asset value per share) | $15.90 |
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March 31, 2020 | |
Class I Shares | |
Net Assets | $375,499,819 |
Shares Outstanding | 24,506,564 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $15.32 |
Class R6 Shares | |
Net Assets | $590,848 |
Shares Outstanding | 38,538 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $15.33 |
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Six Months Ended | |
March 31, 2020 | |
Investment Income | |
Dividend income | $134,287 |
Interest and other income - unaffiliated issuers (net of foreign taxes withheld of $453) | 5,279,332 |
Interest income - affiliated issuers | 5,670 |
Securities lending income, net | 2,319 |
Total investment income | $5,421,608 |
Expenses | |
Investment advisory fee | $516,470 |
Administrative fee | 247,905 |
Distribution and service fees: | |
Class A | 78,828 |
Directors' fees and expenses | 12,510 |
Custodian fees | 12,436 |
Transfer agency fees and expenses | 187,000 |
Accounting fees | 59,121 |
Professional fees | 26,169 |
Registration fees | 48,795 |
Reports to shareholders | 11,959 |
Miscellaneous | 29,737 |
Total expenses | $1,230,930 |
Waiver and/or reimbursement of expenses by affiliate | $(154,111) |
Reimbursement of expenses - other | (5,648) |
Net expenses | $1,071,171 |
Net investment income | $4,350,437 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities - unaffiliated issuers | $1,018,473 |
Futures contracts | (1,795,520) |
Foreign currency transactions | 7,398 |
Forward foreign currency exchange contracts | 2,917,893 |
Net realized gain | $2,148,244 |
Change in unrealized appreciation (depreciation): | |
Investment securities - unaffiliated issuers | $(15,119,208) |
Investment securities - affiliated issuers | (42,503) |
Futures contracts | (2,040,926) |
Foreign currency | 51 |
Forward foreign currency exchange contracts | (1,118,466) |
Net change in unrealized appreciation (depreciation) | $(18,321,052) |
Net realized and unrealized loss | $(16,172,808) |
Net decrease in net assets from operations | $(11,822,371) |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $4,350,437 | $5,638,916 |
Net realized gain | 2,148,244 | 1,294,743 |
Net change in unrealized appreciation (depreciation) | (18,321,052) | 15,872,750 |
Net increase (decrease) in net assets from operations | $(11,822,371) | $22,806,409 |
Distributions to shareholders: | ||
Class A | $(783,904) | $(1,080,665) |
Class I | (4,739,403) | (4,552,457) |
Class R6 | (8,902) | (5,324) |
Total distributions to shareholders | $(5,532,209) | $(5,638,446) |
Capital share transactions: | ||
Class A | $10,170,918 | $12,395,417 |
Class I | 104,576,774 | 158,968,614 |
Class R6 | 35,283 | 560,126(1) |
Net increase in net assets from capital share transactions | $114,782,975 | $171,924,157 |
Net increase in net assets | $97,428,395 | $189,092,120 |
Net Assets | ||
At beginning of period | $344,799,513 | $155,707,393 |
At end of period | $442,227,908 | $344,799,513 |
(1) | For the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
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Class A | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $15.87 | $14.82 | $15.32 | $15.64 | $15.14 | $15.20 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.15 | $0.34 | $0.27 | $0.26 | $0.25 | $0.23 |
Net realized and unrealized gain (loss) | (0.55) | 1.05 | (0.39) | (0.16) | 0.53 | 0.06 |
Total income (loss) from operations | $(0.40) | $1.39 | $(0.12) | $0.10 | $0.78 | $0.29 |
Less Distributions | ||||||
From net investment income | $(0.15) | $(0.34) | $(0.27) | $(0.26) | $(0.25) | $(0.22) |
From net realized gain | (0.02) | — | (0.11) | (0.16) | (0.03) | (0.13) |
Total distributions | $(0.17) | $(0.34) | $(0.38) | $(0.42) | $(0.28) | $(0.35) |
Net asset value — End of period | $15.30 | $15.87 | $14.82 | $15.32 | $15.64 | $15.14 |
Total Return(2) | (2.37)%(3) | 9.53% | (0.80)% | 0.71% | 5.21% | 1.95% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $66,137 | $58,422 | $42,611 | $38,011 | $28,987 | $23,108 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 0.81%(5) | 0.86% | 0.99% | 1.04% | 1.12% | 1.24% |
Net expenses | 0.73%(5) | 0.77% | 0.85% | 0.88% | 0.88% | 0.88% |
Net investment income | 1.90%(5) | 2.21% | 1.83% | 1.71% | 1.64% | 1.49% |
Portfolio Turnover | 20%(3) | 21% | 16% | 43% | 243% | 444% |
(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. |
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Class I | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $15.89 | $14.83 | $15.32 | $15.63 | $15.13 | $15.18 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.17 | $0.38 | $0.33 | $0.32 | $0.31 | $0.29 |
Net realized and unrealized gain (loss) | (0.55) | 1.06 | (0.40) | (0.15) | 0.53 | 0.06 |
Total income (loss) from operations | $(0.38) | $1.44 | $(0.07) | $0.17 | $0.84 | $0.35 |
Less Distributions | ||||||
From net investment income | $(0.17) | $(0.38) | $(0.31) | $(0.32) | $(0.31) | $(0.27) |
From net realized gain | (0.02) | — | (0.11) | (0.16) | (0.03) | (0.13) |
Total distributions | $(0.19) | $(0.38) | $(0.42) | $(0.48) | $(0.34) | $(0.40) |
Net asset value — End of period | $15.32 | $15.89 | $14.83 | $15.32 | $15.63 | $15.13 |
Total Return(2) | (2.24)%(3) | 9.84% | (0.48)% | 1.15% | 5.60% | 2.36% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $375,500 | $285,796 | $113,097 | $23,641 | $23,908 | $28,540 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 0.56%(5) | 0.61% | 0.74% | 0.68% | 0.67% | 0.76% |
Net expenses | 0.48%(5) | 0.48% | 0.50% | 0.50% | 0.50% | 0.50% |
Net investment income | 2.14%(5) | 2.47% | 2.24% | 2.09% | 2.01% | 1.89% |
Portfolio Turnover | 20%(3) | 21% | 16% | 43% | 243% | 444% |
(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. |
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Class R6 | ||
Six Months Ended March 31, 2020 (Unaudited) | Period Ended September 30, 2019(1) | |
Net asset value — Beginning of period | $15.90 | $15.01 |
Income (Loss) From Operations | ||
Net investment income(2) | $0.17 | $0.26 |
Net realized and unrealized gain (loss) | (0.54) | 0.89 |
Total income (loss) from operations | $(0.37) | $1.15 |
Less Distributions | ||
From net investment income | $(0.18) | $(0.26) |
From net realized gain | (0.02) | — |
Total distributions | $(0.20) | $(0.26) |
Net asset value — End of period | $15.33 | $15.90 |
Total Return(3)(4) | (2.22)% | 7.68% |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $591 | $581 |
Ratios (as a percentage of average daily net assets):(5) | ||
Total expenses(6) | 0.51% | 0.54% |
Net expenses(6) | 0.43% | 0.43% |
Net investment income(6) | 2.21% | 2.49% |
Portfolio Turnover | 20%(4) | 21%(7) |
(1) | For the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | For the year ended September 30, 2019. |
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Asset Description | Level 1 | Level 2 | Level 3 | Total |
Asset-Backed Securities | $— | $37,833,348 | $— | $37,833,348 |
Collateralized Mortgage-Backed Obligations | — | 47,335,608 | — | 47,335,608 |
Corporate Bonds | — | 249,853,567 | — | 249,853,567 |
High Social Impact Investments | — | 1,152,758 | — | 1,152,758 |
Preferred Stocks | 3,983,454 | — | — | 3,983,454 |
Sovereign Government Bonds | — | 43,439,142 | — | 43,439,142 |
Taxable Municipal Obligations | — | 22,398,729 | — | 22,398,729 |
U.S. Government Agencies and Instrumentalities | — | 12,599,218 | — | 12,599,218 |
U.S. Government Agency Mortgage-Backed Securities | — | 4,188,799 | — | 4,188,799 |
Short-Term Investments | 174,150 | — | — | 174,150 |
Total Investments | $4,157,604 | $418,801,169 | $ — | $422,958,773 |
Forward Foreign Currency Exchange Contracts | $ — | $886,642 | $ — | $886,642 |
Futures Contracts | 170,058 | — | — | 170,058 |
Total | $4,327,662 | $419,687,811 | $ — | $424,015,473 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $(1,055,161) | $ — | $(1,055,161) |
Futures Contracts | (2,122,683) | — | — | (2,122,683) |
Total | $(2,122,683) | $(1,055,161) | $ — | $(3,177,844) |
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Aggregate cost | $424,369,127 |
Gross unrealized appreciation | $13,695,862 |
Gross unrealized depreciation | (17,227,360) |
Net unrealized depreciation | $(3,531,498) |
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Risk | Derivative | Statement of Assets and Liabilities Caption | Assets | Liabilities |
Foreign exchange | Forward foreign currency exchange contracts | Receivable/Payable for open forward foreign currency exchange contracts | $886,642 | $(1,055,161) |
Interest rate | Futures contracts | Accumulated loss | 170,058(1) | (2,122,683)(1) |
Total | $1,056,700 | $(3,177,844) | ||
Derivatives not subject to master netting agreement | $170,058 | $(2,122,683) | ||
Total Derivatives subject to master netting agreement | $886,642 | $(1,055,161) |
(1) | Only the current day’s variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
Counterparty | Derivative Assets Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Received(a) | Cash Collateral Received(a) | Net Amount of Derivative Assets(b) |
State Street Bank and Trust Company | $886,642 | $(886,642) | $ — | $ — | $ — |
Counterparty | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities(c) |
State Street Bank and Trust Company | $(1,055,161) | $886,642 | $ — | $168,519 | $ — |
(a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Net amount represents the net amount due from the counterparty in the event of default. |
(c) | Net amount represents the net amount payable to the counterparty in the event of default. |
Statement of Operations Caption | Foreign exchange | Interest rate | Total |
Net realized gain (loss): | |||
Investment securities - unaffiliated issuers(1) | $ — | $(24,313) | $(24,313) |
Forward foreign currency exchange contracts | 2,917,893 | — | 2,917,893 |
Futures contracts | — | (1,795,520) | (1,795,520) |
Total | $2,917,893 | $(1,819,833) | $1,098,060 |
Change in unrealized appreciation (depreciation): | |||
Forward foreign currency exchange contracts | $(1,118,466) | $— | $(1,118,466) |
Futures contracts | — | (2,040,926) | (2,040,926) |
Total | $(1,118,466) | $(2,040,926) | $(3,159,392) |
(1) | Relates to purchased options. |
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Futures Contracts — Long | Futures Contracts — Short | Forward Foreign Currency Exchange Contracts* |
$14,645,000 | $31,960,000 | $96,488,000 |
* | The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Securities Lending Transactions | |||||
Corporate Bonds | $174,150 | $ — | $ — | $ — | $174,150 |
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Name of issuer | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest income | Capital gain distributions received | Principal amount, end of period |
High Social Impact Investments | |||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $149,206 | $ — | $(150,000) | $ — | $794 | $ — | $438 | $ — | $— |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | — | 1,196,055 | — | — | (43,297) | 1,152,758 | 5,232 | — | 1,196,055 |
Totals | $ — | $(42,503) | $1,152,758 | $5,670 | $ — |
(1) | Restricted security. |
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 1,215,187 | $19,266,914 | 1,398,702 | $21,394,507 | |
Reinvestment of distributions | 47,066 | 744,649 | 66,735 | 1,020,393 | |
Shares redeemed | (621,567) | (9,840,645) | (660,326) | (10,019,483) | |
Net increase | 640,686 | $10,170,918 | 805,111 | $12,395,417 |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Shares sold | 9,587,767 | $152,150,018 | 12,333,822 | $189,249,815 | |
Reinvestment of distributions | 288,519 | 4,570,839 | 281,533 | 4,331,692 | |
Shares redeemed | (3,352,665) | (52,144,083) | (2,258,110) | (34,612,893) | |
Net increase | 6,523,621 | $104,576,774 | 10,357,245 | $158,968,614 | |
Class R6 | |||||
Shares sold | 15,072 | $237,639 | 63,941 | $993,091 | |
Reinvestment of distributions | 561 | 8,902 | 337 | 5,324 | |
Shares redeemed | (13,663) | (211,258) | (27,710) | (438,289) | |
Net increase | 1,970 | $35,283 | 36,568 | $560,126 |
(1) | For Class R6, for the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
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Officers |
Hope L. Brown Chief Compliance Officer |
Maureen A. Gemma Vice President, Secretary and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Richard L. Baird, Jr. |
Cari M. Dominguez |
John G. Guffey, Jr. |
Miles D. Harper, III |
Joy V. Jones |
John H. Streur* |
Anthony A. Williams |
*Interested Director and President |
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• | At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements. |
• | On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates. |
• | We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information. |
• | We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
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Global Water Fund
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% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 05/31/2007 | 05/31/2007 | (14.54)% | (10.49)% | (2.29)% | (3.23)% |
Class A with 4.75% Maximum Sales Charge | — | — | (18.56) | (14.78) | (3.23) | (3.70) |
Class C at NAV | 07/31/2007 | 05/31/2007 | (14.93) | (11.17) | (3.08) | (4.10) |
Class C with 1% Maximum Sales Charge | — | — | (15.77) | (12.06) | (3.08) | (4.10) |
Class I at NAV | 05/31/2007 | 05/31/2007 | (14.50) | (10.27) | (1.97) | (2.84) |
·· | ||||||
MSCI ACWI Index | — | — | (14.33)% | (11.26)% | 2.85% | 5.87% |
Calvert Global Energy Research Spliced Benchmark | — | — | (14.13) | (9.45) | 0.74 | (1.51) |
Calvert Global Energy Research Index | — | — | (14.13) | (9.45) | — | — |
Ardour Global Alternative Energy Index | — | — | (1.42) | 2.22 | 4.19 | 0.16 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 1.72% | 2.48% | 1.47% |
Net | 1.24 | 1.99 | 0.99 |
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Top 10 Holdings (% of net assets)* | |
Delta Electronics, Inc. | 1.1% |
Power Integrations, Inc. | 1.0 |
Samsung SDI Co., Ltd. | 1.0 |
Enel SpA | 1.0 |
Umicore SA | 1.0 |
Universal Display Corp. | 1.0 |
Smart Metering Systems PLC | 0.9 |
Infineon Technologies AG | 0.9 |
ANDRITZ AG | 0.9 |
EDP - Energias de Portugal SA | 0.9 |
Total | 9.7% |
* | Excludes cash and cash equivalents. |
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% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 09/30/2008 | 09/30/2008 | (16.50)% | (11.59)% | 0.21% | 4.58% |
Class A with 4.75% Maximum Sales Charge | — | — | (20.46) | (15.77) | (0.76) | 4.07 |
Class C at NAV | 09/30/2008 | 09/30/2008 | (16.85) | (12.27) | (0.54) | 3.73 |
Class C with 1% Maximum Sales Charge | — | — | (17.68) | (13.15) | (0.54) | 3.73 |
Class I at NAV | 01/31/2014 | 09/30/2008 | (16.43) | (11.37) | 0.57 | 4.84 |
·· | ||||||
MSCI ACWI Index | — | — | (14.33)% | (11.26)% | 2.85% | 5.87% |
Calvert Global Water Research Spliced Benchmark | — | — | (15.89) | (10.48) | 4.63 | 6.67 |
Calvert Global Water Research Index | — | — | (15.89) | (10.48) | — | — |
S-Network Global Water Index | — | — | (14.12) | (6.83) | 5.85 | 7.29 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 1.38% | 2.13% | 1.13% |
Net | 1.24 | 1.99 | 0.99 |
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Top 10 Holdings (% of net assets)* | |
Ecolab, Inc. | 2.0% |
IDEX Corp. | 2.0 |
Xylem, Inc. | 1.8 |
American Water Works Co., Inc. | 1.7 |
Tetra Tech, Inc. | 1.6 |
Watts Water Technologies, Inc., Class A | 1.6 |
Kurita Water Industries, Ltd. | 1.6 |
Essential Utilities, Inc. | 1.5 |
LIXIL Group Corp. | 1.5 |
United Utilities Group PLC | 1.5 |
Total | 16.8% |
* | Excludes cash and cash equivalents. |
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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.The Calvert Global Energy Research Spliced Benchmark is comprised of the Ardour Global Alternative Energy Index prior to October 4, 2016 and the Calvert Global Energy Research Index thereafter. The Calvert Global Energy Research Index includes companies that manage energy use in a sustainable manner or that are actively engaged in facilitating the transition to a more sustainable economy through the reduction of greenhouse gas emissions and the expanded use of renewable energy sources. The Calvert Global Energy Research Index incepted on July 15, 2016; accordingly, the five and ten years returns are not available. The Ardour Global Alternative Energy Index measures the performance of stocks engaged in the field of alternative energy including solar, bioenergy, wind, hydro, and geothermal power sources.The Calvert Global Water Research Spliced Benchmark is comprised of the S-Network Global Water Index prior to May 31, 2016 and the Calvert Global Water Research Index thereafter. The Calvert Global Water Research Index includes stocks of companies that manage water use in a sustainable manner or that are actively engaged in expanding access to water, improving water quality, promoting the efficient use of water, or providing solutions that address other global water challenges. The Calvert Global Water Research Index incepted on February 5, 2016; accordingly, the five and ten years returns are not available. The S-Network Global Water Index measures the performance of stocks involved in water infrastructure, including utilities, and water technology development.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.For Calvert Global Water Fund, performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class I for the Calvert Global Water Fund is linked to Class A. Performance presented in the Financial Highlights included in the financial statements is not linked.Effective October 4, 2016, the Calvert Global Energy Solutions Fund changed its investment objective and principal investment strategies to track the Calvert Global Energy Research Index and implement the Calvert Principles for Responsible Investment. Prior to October 4, 2016, the Fund employed an active management strategy. Performance prior to October 4, 2016 reflects the Fund’s performance under its former investment objective and policies. In connection with such changes, the Fund changed its secondary benchmark from Ardour Global Alternative Energy Index to Calvert Global Energy Research Index.Effective April 11, 2016, the Calvert Global Water Fund changed its investment objective and principal investment strategies to track the Calvert Global Water Research Index and implement the Calvert Principles for Responsible Investment. Prior to April 11, 2016, the Fund employed an active management strategy. Performance prior to April 11, 2016 reflects the Fund’s performance under its former investment objective and policies. In connection with such changes, the Fund changed its secondary benchmark from S-Network Global Water Index to Calvert Global Water Research Index.Effective December 31, 2016, Calvert Research and Management became the investment adviser to each Fund and performance reflected prior to such date is that of each Fund’s former investment adviser, Calvert Investment Management, Inc. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
Table of Contents
Beginning Account Value (10/1/19) | Ending Account Value (3/31/20) | Expenses Paid During Period* (10/1/19 – 3/31/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $854.60 | $5.75** | 1.24% |
Class C | $1,000.00 | $850.70 | $9.21** | 1.99% |
Class I | $1,000.00 | $855.00 | $4.59** | 0.99% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.80 | $6.26** | 1.24% |
Class C | $1,000.00 | $1,015.05 | $10.02** | 1.99% |
Class I | $1,000.00 | $1,020.05 | $5.00** | 0.99% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2019. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Table of Contents
Beginning Account Value (10/1/19) | Ending Account Value (3/31/20) | Expenses Paid During Period* (10/1/19 – 3/31/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $835.00 | $5.69** | 1.24% |
Class C | $1,000.00 | $831.50 | $9.11** | 1.99% |
Class I | $1,000.00 | $835.70 | $4.54** | 0.99% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.80 | $6.26** | 1.24% |
Class C | $1,000.00 | $1,015.05 | $10.02** | 1.99% |
Class I | $1,000.00 | $1,020.05 | $5.00** | 0.99% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2019. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Table of Contents
Common Stocks — 98.9% |
Security | Shares | Value |
Austria — 1.5% | ||
ANDRITZ AG | 19,995 | $ 626,438 |
Verbund AG | 11,986 | 432,289 |
$ 1,058,727 | ||
Belgium — 1.0% | ||
Umicore SA | 19,694 | $ 679,270 |
$ 679,270 | ||
Brazil — 0.8% | ||
Omega Geracao SA(1) | 51,900 | $ 271,481 |
Sao Martinho SA | 93,052 | 264,681 |
$536,162 | ||
Canada — 4.3% | ||
Boralex, Inc., Class A | 24,173 | $429,422 |
Brookfield Renewable Partners L.P. | 13,409 | 569,748 |
Canadian Solar, Inc.(1) | 25,927 | 412,499 |
Innergex Renewable Energy, Inc. | 39,412 | 536,303 |
Northland Power, Inc. | 27,759 | 554,075 |
TransAlta Renewables, Inc.(2) | 45,067 | 476,193 |
$2,978,240 | ||
China — 7.1% | ||
BYD Co., Ltd., Class H(2) | 81,000 | $432,148 |
China Everbright International, Ltd. | 819,037 | 465,715 |
China High Speed Transmission Equipment Group Co., Ltd.(2) | 849,000 | 490,153 |
China Longyuan Power Group Corp., Ltd., Class H | 1,016,000 | 554,539 |
Daqo New Energy Corp. ADR(1) | 8,501 | 492,378 |
Dongfang Electric Corp., Ltd., Class H | 876,600 | 429,721 |
JinkoSolar Holding Co., Ltd. ADR(1)(2) | 28,356 | 421,086 |
Tianneng Power International, Ltd.(2) | 810,000 | 598,598 |
Xinjiang Goldwind Science & Technology Co., Ltd., Class H | 589,900 | 508,622 |
Xinyi Solar Holdings, Ltd. | 942,000 | 522,620 |
$4,915,580 | ||
Denmark — 2.8% | ||
Novozymes A/S, Class B | 11,098 | $497,821 |
Orsted A/S(3) | 4,854 | 475,195 |
Rockwool International A/S, Class B | 2,073 | 373,388 |
Vestas Wind Systems A/S | 7,490 | 609,428 |
$1,955,832 | ||
Finland — 1.3% | ||
Metsa Board Oyj(1) | 84,948 | $459,530 |
Security | Shares | Value |
Finland (continued) | ||
Neste Oyj | 13,284 | $ 441,660 |
$ 901,190 | ||
France — 4.3% | ||
Albioma SA | 16,106 | $ 473,494 |
Cie de Saint-Gobain | 15,838 | 380,040 |
Danone SA | 6,879 | 440,243 |
Legrand SA | 7,356 | 469,180 |
Nexans SA | 11,748 | 349,519 |
Schneider Electric SE | 6,433 | 543,736 |
Valeo SA | 18,696 | 304,291 |
$2,960,503 | ||
Germany — 8.9% | ||
Aumann AG(3) | 32,079 | $261,060 |
Bayerische Motoren Werke AG | 7,312 | 373,272 |
Daimler AG | 11,391 | 340,183 |
Deutsche Post AG | 15,942 | 427,382 |
Encavis AG | 45,909 | 459,180 |
Evonik Industries AG | 18,920 | 395,110 |
HeidelbergCement AG | 8,168 | 348,962 |
Infineon Technologies AG | 44,249 | 638,767 |
Nordex SE(1) | 50,003 | 381,120 |
OSRAM Licht AG(1) | 12,495 | 554,013 |
Siemens AG | 6,126 | 512,961 |
SMA Solar Technology AG(1) | 16,116 | 458,423 |
Varta AG(1)(2) | 8,247 | 580,281 |
VERBIO Vereinigte BioEnergie AG | 44,194 | 397,697 |
$6,128,411 | ||
Hong Kong — 0.6% | ||
Cathay Pacific Airways, Ltd.(2) | 375,000 | $399,460 |
$399,460 | ||
Ireland — 1.8% | ||
CRH PLC | 13,616 | $368,217 |
Kingspan Group PLC | 8,925 | 481,276 |
Trane Technologies PLC | 4,668 | 385,530 |
$1,235,023 | ||
Italy — 2.2% | ||
Enel SpA | 100,291 | $691,792 |
ERG SpA | 23,501 | 418,931 |
Falck Renewables SpA | 75,666 | 391,015 |
$1,501,738 |
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Security | Shares | Value |
Japan — 7.2% | ||
Daikin Industries, Ltd.(2) | 4,100 | $ 494,927 |
Ferrotec Holdings Corp. | 86,600 | 436,649 |
GS Yuasa Corp. | 35,100 | 469,732 |
Hitachi Metals, Ltd. | 35,500 | 372,631 |
Meidensha Corp. | 34,700 | 516,837 |
Mitsubishi Electric Corp. | 46,100 | 563,167 |
Nidec Corp. | 8,200 | 422,583 |
Nippon Express Co., Ltd. | 10,500 | 512,178 |
Nissan Motor Co., Ltd.(2) | 121,800 | 407,507 |
Sumitomo Chemical Co., Ltd. | 144,700 | 427,510 |
Yokogawa Electric Corp. | 28,000 | 334,957 |
$4,958,678 | ||
Netherlands — 0.5% | ||
Signify NV(3) | 16,101 | $312,041 |
$312,041 | ||
New Zealand — 1.3% | ||
Mercury NZ, Ltd. | 178,465 | $446,840 |
Meridian Energy, Ltd. | 201,763 | 481,528 |
$928,368 | ||
Norway — 1.1% | ||
Norsk Hydro ASA | 168,888 | $364,150 |
Scatec Solar ASA(3) | 32,467 | 406,951 |
$771,101 | ||
Portugal — 2.2% | ||
Altri SGPS SA | 87,994 | $348,077 |
EDP - Energias de Portugal SA | 151,768 | 610,620 |
EDP Renovaveis SA | 43,478 | 523,125 |
$1,481,822 | ||
Singapore — 0.5% | ||
City Developments, Ltd. | 68,500 | $347,341 |
$347,341 | ||
South Korea — 2.6% | ||
LG Chem, Ltd. | 1,736 | $429,975 |
LG Display Co., Ltd.(1) | 38,408 | 345,110 |
Samsung SDI Co., Ltd. | 3,679 | 716,265 |
Seoul Semiconductor Co., Ltd. | 30,601 | 293,460 |
$1,784,810 | ||
Spain — 4.0% | ||
Acciona SA | 4,768 | $504,312 |
Security | Shares | Value |
Spain (continued) | ||
Atlantica Yield PLC | 19,518 | $ 435,252 |
Ence Energia y Celulosa SA(2) | 123,320 | 336,748 |
Iberdrola SA | 46,156 | 451,452 |
Red Electrica Corp. SA | 25,817 | 463,918 |
Siemens Gamesa Renewable Energy SA | 36,714 | 541,757 |
$ 2,733,439 | ||
Sweden — 0.7% | ||
Nibe Industrier AB, Class B | 32,377 | $ 468,315 |
$468,315 | ||
Switzerland — 2.8% | ||
ABB, Ltd. | 28,883 | $502,016 |
Clariant AG | 22,237 | 370,118 |
Gurit Holding AG | 370 | 437,467 |
Landis+Gyr Group AG(1) | 5,424 | 371,122 |
Meyer Burger Technology AG(1)(2) | 1,597,555 | 249,887 |
$1,930,610 | ||
Taiwan — 6.0% | ||
Chroma ATE, Inc. | 109,000 | $444,325 |
Delta Electronics, Inc. | 183,000 | 724,280 |
Epistar Corp. | 648,000 | 549,471 |
Everlight Electronics Co., Ltd. | 535,000 | 435,681 |
Kung Long Batteries Industrial Co., Ltd. | 111,000 | 485,729 |
OptoTech Corp. | 670,200 | 389,836 |
Simplo Technology Co., Ltd. | 70,000 | 609,266 |
Sino-American Silicon Products, Inc.(1) | 206,000 | 527,317 |
$4,165,905 | ||
Thailand — 1.5% | ||
BCPG PCL | 805,500 | $301,676 |
CK Power PCL | 3,245,700 | 292,482 |
Energy Absolute PCL NVDR | 408,600 | 419,118 |
$1,013,276 | ||
United Kingdom — 4.0% | ||
Croda International PLC | 8,247 | $435,091 |
easyJet PLC(2) | 32,515 | 225,314 |
John Laing Group PLC(3) | 119,325 | 497,222 |
Johnson Matthey PLC | 15,057 | 331,767 |
SIG PLC | 429,614 | 122,778 |
Smart Metering Systems PLC(2) | 78,607 | 648,685 |
United Utilities Group PLC | 43,225 | 483,857 |
$2,744,714 |
Table of Contents
Security | Shares | Value |
United States — 27.9% | ||
3M Co. | 3,225 | $ 440,245 |
AAON, Inc. | 8,548 | 413,039 |
Acuity Brands, Inc. | 4,448 | 381,016 |
Advanced Emissions Solutions, Inc.(2) | 60,074 | 394,686 |
Alphabet, Inc., Class A(1) | 383 | 445,027 |
Ameresco, Inc., Class A(1) | 16,831 | 286,632 |
American Superconductor Corp.(1)(2) | 69,280 | 379,654 |
Aptiv PLC | 6,828 | 336,211 |
BorgWarner, Inc. | 17,032 | 415,070 |
Clearway Energy, Inc., Class C | 27,083 | 509,160 |
Covanta Holding Corp. | 38,252 | 327,055 |
Cree, Inc.(1) | 11,102 | 393,677 |
Delphi Technologies PLC(1) | 31,143 | 250,701 |
Eaton Corp. PLC | 6,595 | 512,366 |
Emerson Electric Co. | 9,155 | 436,236 |
EnerSys | 11,395 | 564,280 |
Enviva Partners L.P. | 13,352 | 356,765 |
First Solar, Inc.(1) | 15,937 | 574,688 |
General Mills, Inc. | 9,913 | 523,109 |
Gibraltar Industries, Inc.(1) | 8,362 | 358,897 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 15,876 | 324,029 |
Ingersoll Rand, Inc.(1) | 4,119 | 102,151 |
International Business Machines Corp. | 3,851 | 427,191 |
Itron, Inc.(1) | 5,830 | 325,489 |
Johnson Controls International PLC | 15,885 | 428,260 |
Livent Corp.(1) | 77,938 | 409,175 |
Microsoft Corp. | 3,224 | 508,457 |
NextEra Energy Partners, L.P. | 10,926 | 469,818 |
NextEra Energy, Inc. | 2,055 | 494,474 |
ON Semiconductor Corp.(1) | 25,773 | 320,616 |
Ormat Technologies, Inc. | 8,214 | 555,759 |
Owens Corning | 8,389 | 325,577 |
Plug Power, Inc.(1) | 123,959 | 438,815 |
Power Integrations, Inc. | 8,150 | 719,890 |
Renewable Energy Group, Inc.(1) | 20,207 | 414,850 |
Rockwell Automation, Inc. | 3,024 | 456,352 |
Sensata Technologies Holding PLC(1) | 11,717 | 338,973 |
SolarEdge Technologies, Inc.(1) | 6,720 | 550,234 |
SunPower Corp.(1)(2) | 55,335 | 280,548 |
Sunrun, Inc.(1) | 31,084 | 313,948 |
Tenneco, Inc., Class A | 34,061 | 122,620 |
TerraForm Power, Inc., Class A | 33,977 | 535,817 |
Tesla, Inc.(1) | 998 | 522,952 |
Universal Display Corp. | 5,008 | 659,954 |
Vivint Solar, Inc.(1) | 37,149 | 162,341 |
Waste Management, Inc. | 4,472 | 413,928 |
Security | Shares | Value |
United States (continued) | ||
Whirlpool Corp.(2) | 3,715 | $ 318,747 |
$19,239,479 | ||
Total Common Stocks (identified cost $77,374,582) | $68,130,035 |
High Social Impact Investments — 0.5% |
Security | Principal Amount (000's omitted) | Value |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(4)(5) | $ 264 | $ 254,027 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20(5)(6) | 53 | 51,940 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20(5)(6) | 68 | 66,113 |
Total High Social Impact Investments (identified cost $384,568) | $ 372,080 |
Short-Term Investments — 3.3% |
Security | Shares | Value |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24%(7) | 2,235,461 | $ 2,235,461 |
Total Short-Term Investments (identified cost $2,235,461) | $ 2,235,461 | |
Total Investments — 102.7% (identified cost $79,994,611) | $70,737,576 | |
Other Assets, Less Liabilities — (2.7)% | $(1,852,046) | |
Net Assets — 100.0% | $68,885,530 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | Non-income producing security. | |
(2) | All or a portion of this security was on loan at March 31, 2020. The aggregate market value of securities on loan at March 31, 2020 was $4,109,937. | |
(3) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $1,952,469, which represents 2.8% of the net assets of the Fund as of March 31, 2020. | |
(4) | Affiliated company (see Note 7). | |
(5) | Restricted security. Total market value of restricted securities amounts to $372,080, which represents 0.5% of the net assets of the Fund as of March 31, 2020. |
Table of Contents
(6) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at March 31, 2020. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Industrials | 32.6% |
Information Technology | 21.5 |
Utilities | 21.3 |
Materials | 10.8 |
Consumer Discretionary | 6.4 |
Energy | 2.9 |
Consumer Staples | 1.8 |
Real Estate | 1.0 |
Communication Services | 0.6 |
High Social Impact Investments | 0.5 |
Total | 99.4% |
Description | Acquisition Dates | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | $263,568 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20 | 11/13/15 | 53,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20 | 11/13/15 | 68,000 |
Abbreviations: | |
ADR | – American Depositary Receipt |
NVDR | – Non-Voting Depository Receipt |
PCL | – Public Company Limited |
Table of Contents
Common Stocks — 97.7% |
Security | Shares | Value |
Australia — 1.2% | ||
Reliance Worldwide Corp., Ltd. | 2,553,813 | $ 4,082,956 |
$ 4,082,956 | ||
Brazil — 2.4% | ||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 396,598 | $ 2,926,893 |
Cia de Saneamento de Minas Gerais | 288,164 | 2,268,222 |
Cia de Saneamento do Parana, PFC Shares | 3,127,782 | 2,895,370 |
$ 8,090,485 | ||
Canada — 1.9% | ||
Brookfield Renewable Partners, L.P. | 40,461 | $1,701,760 |
Gildan Activewear, Inc. | 80,260 | 1,023,140 |
Nutrien, Ltd.(1) | 56,593 | 1,934,690 |
Stantec, Inc. | 72,085 | 1,843,999 |
$6,503,589 | ||
Chile — 1.9% | ||
Aguas Andinas SA, Class A | 12,188,286 | $3,585,104 |
Inversiones Aguas Metropolitanas SA | 3,940,246 | 2,995,938 |
$6,581,042 | ||
China — 5.1% | ||
Beijing Enterprises Water Group, Ltd. | 10,005,452 | $3,878,996 |
China Everbright International, Ltd. | 3,316,666 | 1,885,898 |
China Lesso Group Holdings, Ltd. | 2,353,578 | 3,046,934 |
China Water Affairs Group, Ltd.(1) | 4,788,421 | 3,576,133 |
Guangdong Investment, Ltd. | 2,621,427 | 5,030,647 |
$17,418,608 | ||
Denmark — 0.6% | ||
Novozymes A/S, Class B | 43,966 | $1,972,174 |
$1,972,174 | ||
Finland — 1.7% | ||
Kemira Oyj | 425,061 | $4,097,115 |
Valmet Oyj | 97,476 | 1,892,317 |
$5,989,432 | ||
France — 3.9% | ||
Accor SA | 59,847 | $1,607,851 |
Eurofins Scientific SE(1) | 4,150 | 2,025,198 |
L'Oreal SA | 8,264 | 2,138,811 |
Suez | 333,555 | 3,388,713 |
Security | Shares | Value |
France (continued) | ||
Veolia Environnement SA | 196,521 | $ 4,150,694 |
$ 13,311,267 | ||
Germany — 1.0% | ||
GEA Group AG | 79,311 | $ 1,638,386 |
Henkel AG & Co. KGaA, PFC Shares | 22,799 | 1,823,500 |
$ 3,461,886 | ||
Italy — 0.8% | ||
ACEA SpA | 164,212 | $ 2,606,343 |
$2,606,343 | ||
Japan — 10.6% | ||
Ebara Corp. | 165,756 | $3,117,804 |
Hitachi Zosen Corp. | 867,027 | 2,770,205 |
Hulic Reit, Inc. | 1,228 | 1,428,709 |
Kitz Corp. | 544,500 | 3,272,828 |
Kurita Water Industries, Ltd. | 230,042 | 5,277,707 |
LIXIL Group Corp. | 419,100 | 5,163,805 |
METAWATER Co., Ltd. | 84,217 | 3,002,341 |
Nihon Trim Co., Ltd. | 131,700 | 3,457,124 |
Sekisui Chemical Co., Ltd. | 139,600 | 1,839,102 |
TOTO, Ltd. | 108,900 | 3,592,408 |
Tsukishima Kikai Co., Ltd. | 278,300 | 3,430,784 |
$36,352,817 | ||
Netherlands — 1.2% | ||
Aalberts NV | 105,164 | $2,519,477 |
Arcadis NV | 101,817 | 1,638,328 |
$4,157,805 | ||
Singapore — 0.5% | ||
City Developments, Ltd. | 310,700 | $1,575,457 |
Hyflux, Ltd.(1)(2)(3) | 17,622,294 | 0 |
$1,575,457 | ||
South Korea — 1.0% | ||
Coway Co., Ltd. | 35,972 | $1,701,610 |
LG Chem, Ltd. | 7,426 | 1,839,283 |
$3,540,893 | ||
Spain — 1.1% | ||
Acciona SA | 17,992 | $1,903,017 |
Iberdrola SA | 182,013 | 1,780,270 |
$3,683,287 |
Table of Contents
Security | Shares | Value |
Switzerland — 4.7% | ||
Geberit AG | 9,506 | $ 4,165,334 |
Georg Fischer AG | 4,629 | 3,158,534 |
Roche Holding AG | 6,732 | 2,165,966 |
SGS SA | 904 | 2,085,053 |
Sika AG | 12,797 | 2,101,430 |
Sulzer AG | 38,117 | 2,372,902 |
$ 16,049,219 | ||
Taiwan — 0.5% | ||
Taiwan Semiconductor Manufacturing Co., Ltd. | 207,294 | $1,866,125 |
$1,866,125 | ||
Thailand — 1.8% | ||
TTW PCL, Foregin Shares | 8,615,700 | $3,313,039 |
WHA Utilities and Power PCL, Foreign Shares | 21,221,300 | 2,682,130 |
$5,995,169 | ||
United Kingdom — 11.1% | ||
CNH Industrial NV(1) | 215,866 | $1,211,008 |
Croda International PLC | 36,610 | 1,931,455 |
Ferguson PLC | 58,769 | 3,633,832 |
Halma PLC | 82,601 | 1,939,972 |
Mondi PLC | 100,811 | 1,701,248 |
nVent Electric PLC | 95,307 | 1,607,829 |
Pennon Group PLC | 369,589 | 4,941,837 |
Pentair PLC | 169,979 | 5,058,575 |
Polypipe Group PLC | 527,537 | 2,973,364 |
Rotork PLC | 1,111,912 | 2,941,894 |
Severn Trent PLC | 171,289 | 4,848,668 |
United Utilities Group PLC | 453,970 | 5,081,700 |
$37,871,382 | ||
United States — 44.7% | ||
Advanced Drainage Systems, Inc. | 87,768 | $2,583,890 |
Aegion Corp.(3) | 167,780 | 3,008,295 |
American States Water Co. | 59,069 | 4,828,300 |
American Water Works Co., Inc. | 49,059 | 5,865,494 |
Badger Meter, Inc. | 94,379 | 5,058,714 |
Ball Corp. | 32,184 | 2,081,017 |
California Water Service Group | 95,615 | 4,811,347 |
Cantel Medical Corp.(1) | 31,905 | 1,145,390 |
Cousins Properties, Inc. | 56,594 | 1,656,506 |
Danaher Corp. | 15,589 | 2,157,674 |
Ecolab, Inc. | 44,434 | 6,924,150 |
Energy Recovery, Inc.(3) | 454,775 | 3,383,526 |
Entegris, Inc. | 40,404 | 1,808,887 |
Security | Shares | Value |
United States (continued) | ||
Essential Utilities, Inc. | 129,443 | $ 5,268,330 |
Evoqua Water Technologies Corp.(3) | 268,780 | 3,013,024 |
Flowserve Corp. | 110,401 | 2,637,480 |
Forterra, Inc.(3) | 188,003 | 1,124,258 |
Fortune Brands Home & Security, Inc. | 75,186 | 3,251,795 |
Franklin Electric Co., Inc. | 72,805 | 3,431,300 |
Gorman-Rupp Co. (The) | 94,280 | 2,942,479 |
Hawkins, Inc. | 124,582 | 4,435,119 |
Hyatt Hotels Corp., Class A | 27,272 | 1,306,329 |
IDEX Corp. | 48,196 | 6,656,350 |
IDEXX Laboratories, Inc.(3) | 8,065 | 1,953,666 |
Intel Corp. | 38,849 | 2,102,508 |
Itron, Inc.(3) | 29,346 | 1,638,387 |
Levi Strauss & Co., Class A(1) | 134,841 | 1,676,074 |
Lindsay Corp. | 35,949 | 3,292,209 |
Masco Corp. | 110,141 | 3,807,574 |
Middlesex Water Co. | 69,954 | 4,205,635 |
Mondelez International, Inc., Class A | 41,500 | 2,078,320 |
Mueller Industries, Inc. | 134,648 | 3,223,473 |
Mueller Water Products, Inc., Class A | 348,715 | 2,793,207 |
NIKE, Inc., Class B | 25,115 | 2,078,015 |
Nucor Corp. | 53,139 | 1,914,067 |
Parker-Hannifin Corp. | 11,363 | 1,474,122 |
Procter & Gamble Co. (The) | 18,278 | 2,010,580 |
Rexnord Corp. | 214,471 | 4,862,058 |
Roper Technologies, Inc. | 6,482 | 2,021,152 |
Sherwin-Williams Co. (The) | 3,941 | 1,810,968 |
SJW Group | 69,798 | 4,032,230 |
Tetra Tech, Inc. | 79,240 | 5,595,929 |
Trimble, Inc.(3) | 57,639 | 1,834,649 |
Valmont Industries, Inc. | 32,529 | 3,447,423 |
Watts Water Technologies, Inc., Class A | 63,661 | 5,388,904 |
Xylem, Inc. | 96,230 | 6,267,460 |
York Water Co. (The) | 87,770 | 3,814,484 |
$152,702,748 | ||
Total Common Stocks (identified cost $346,557,760) | $333,812,684 |
Table of Contents
High Social Impact Investments — 0.5% |
Security | Principal Amount (000's omitted) | Value |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(4)(5) | $ 1,324 | $ 1,276,183 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20(5)(6) | 284 | 278,320 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20(5)(6) | 366 | 355,844 |
Total High Social Impact Investments (identified cost $1,974,116) | $ 1,910,347 |
Short-Term Investments — 1.2% |
Security | Shares | Value |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24%(7) | 4,075,924 | $ 4,075,924 |
Total Short-Term Investments (identified cost $4,075,924) | $ 4,075,924 | |
Total Investments — 99.4% (identified cost $352,607,800) | $339,798,955 | |
Other Assets, Less Liabilities — 0.6% | $ 1,927,115 | |
Net Assets — 100.0% | $341,726,070 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | All or a portion of this security was on loan at March 31, 2020. The aggregate market value of securities on loan at March 31, 2020 was $8,919,059. | |
(2) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(3) | Non-income producing security. |
(4) | Affiliated company (see Note 7). |
(5) | Restricted security. Total market value of restricted securities amounts to $1,910,347, which represents 0.5% of the net assets of the Fund as of March 31, 2020. |
(6) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at March 31, 2020. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Industrials | 45.0% |
Utilities | 28.2 |
Materials | 9.9 |
Information Technology | 4.7 |
Consumer Discretionary | 3.3 |
Health Care | 2.8 |
Consumer Staples | 2.4 |
Real Estate | 1.4 |
High Social Impact Investments | 0.5 |
Total | 98.2% |
Description | Acquisition Dates | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | $1,324,116 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20 | 11/13/15 | 284,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20 | 11/13/15 | 366,000 |
Abbreviations: | |
ADR | – American Depositary Receipt |
PCL | – Public Company Limited |
PFC Shares | – Preference Shares |
Table of Contents
March 31, 2020 | ||
Global Energy Solutions Fund | Global Water Fund | |
Assets | ||
Investments in securities of unaffiliated issuers, at value (identified cost $79,731,043 and $351,283,684, respectively) - including $4,109,937 and $8,919,059, respectively, of securities on loan | $70,483,549 | $338,522,772 |
Investments in securities of affiliated issuers, at value (identified cost $263,568 and $1,324,116, respectively) | 254,027 | 1,276,183 |
Cash | 237,412 | 4,943,654 |
Cash denominated in foreign currency, at value (cost $8,565 and $112,905, respectively) | 8,555 | 112,766 |
Receivable for capital shares sold | 108,283 | 600,024 |
Dividends and interest receivable | 140,009 | 1,169,132 |
Interest receivable - affiliated | 1,153 | 5,793 |
Securities lending income receivable | 7,197 | 3,600 |
Tax reclaims receivable | 98,795 | 350,533 |
Receivable from affiliate | 24,196 | 52,097 |
Directors' deferred compensation plan | 46,915 | 251,426 |
Other assets | — | 7,097 |
Total assets | $71,410,091 | $347,295,077 |
Liabilities | ||
Payable for capital shares redeemed | $58,383 | $423,106 |
Deposits for securities loaned | 2,235,461 | 4,075,924 |
Payable to affiliates: | ||
Investment advisory fee | 47,032 | 225,030 |
Administrative fee | 7,525 | 36,762 |
Distribution and service fees | 14,049 | 67,968 |
Sub-transfer agency fee | 4,178 | 9,311 |
Directors' deferred compensation plan | 46,915 | 251,426 |
Accrued expenses | 111,018 | 279,480 |
Demand note payable | — | 200,000 |
Total liabilities | $2,524,561 | $5,569,007 |
Net Assets | $68,885,530 | $341,726,070 |
Sources of Net Assets | ||
Paid-in capital | $152,948,659 | $402,591,459 |
Accumulated loss | (84,063,129) | (60,865,389) |
Total | $68,885,530 | $341,726,070 |
Class A Shares | ||
Net Assets | $39,934,845 | $146,359,018 |
Shares Outstanding | 6,671,623 | 8,540,578 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $5.99 | $17.14 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $6.29 | $17.99 |
Class C Shares | ||
Net Assets | $5,395,932 | $39,029,897 |
Shares Outstanding | 960,602 | 2,478,120 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $5.62 | $15.75 |
Table of Contents
March 31, 2020 | ||
Global Energy Solutions Fund | Global Water Fund | |
Class I Shares | ||
Net Assets | $23,554,753 | $156,337,155 |
Shares Outstanding | 3,874,456 | 9,066,993 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $6.08 | $17.24 |
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. |
Table of Contents
Six Months Ended March 31, 2020 | ||
Global Energy Solutions Fund | Global Water Fund | |
Investment Income | ||
Dividend income (net of foreign taxes withheld of $39,327 and $262,483, respectively) | $490,551 | $3,096,899 |
Interest income - unaffiliated issuers | 2,398 | 9,886 |
Interest income - affiliated issuers | 6,403 | 8,710 |
Securities lending income, net | 55,313 | 24,178 |
Total investment income | $554,665 | $3,139,673 |
Expenses | ||
Investment advisory fee | $318,490 | $1,545,120 |
Administrative fee | 50,958 | 254,163 |
Distribution and service fees: | ||
Class A | 62,562 | 230,221 |
Class C | 34,779 | 251,731 |
Directors' fees and expenses | 2,325 | 11,517 |
Custodian fees | 6,026 | 17,915 |
Transfer agency fees and expenses | 95,825 | 321,325 |
Accounting fees | 14,696 | 52,026 |
Professional fees | 18,454 | 33,086 |
Registration fees | 32,396 | 29,088 |
Reports to shareholders | 12,268 | 30,774 |
Miscellaneous | 14,300 | 25,618 |
Total expenses | $663,079 | $2,802,584 |
Waiver and/or reimbursement of expenses by affiliate | $(143,842) | $(216,711) |
Reimbursement of expenses - other | (1,224) | (6,026) |
Net expenses | $518,013 | $2,579,847 |
Net investment income | $36,652 | $559,826 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss): | ||
Investment securities - unaffiliated issuers (net of foreign capital gains taxes of $298 and $6,138, respectively) | $1,676,932 | $387,120 |
Foreign currency transactions | (6,345) | (87,699) |
Net realized gain | $1,670,587 | $299,421 |
Change in unrealized appreciation (depreciation): | ||
Investment securities - unaffiliated issuers (including net decrease in payable for foreign capital gains taxes of $22,879 and $129,687, respectively) | $(13,945,758) | $(70,062,601) |
Investment securities - affiliated issuers | (19) | (42,643) |
Foreign currency | 1,249 | (29,532) |
Net change in unrealized appreciation (depreciation) | $(13,944,528) | $(70,134,776) |
Net realized and unrealized loss | $(12,273,941) | $(69,835,355) |
Net decrease in net assets from operations | $(12,237,289) | $(69,275,529) |
Table of Contents
Global Energy Solutions Fund | Global Water Fund | |||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||||
From operations: | ||||
Net investment income | $36,652 | $974,787 | $559,826 | $4,769,609 |
Net realized gain (loss) | 1,670,587 | (396,874) | 299,421 | (2,517,548) |
Net change in unrealized appreciation (depreciation) | (13,944,528) | 1,966,950 | (70,134,776) | 14,673,929 |
Net increase (decrease) in net assets from operations | $(12,237,289) | $2,544,863 | $(69,275,529) | $16,925,990 |
Distributions to shareholders: | ||||
Class A | $(529,616) | $(702,716) | $(1,611,283) | $(2,155,791) |
Class C | (26,519) | (66,797) | (108,693) | (248,276) |
Class I | (359,921) | (346,105) | (2,089,882) | (2,449,451) |
Total distributions to shareholders | $(916,056) | $(1,115,618) | $(3,809,858) | $(4,853,518) |
Capital share transactions: | ||||
Class A | $(241,642) | $(4,663,197) | $(3,867,186) | $(24,869,349) |
Class C | (363,293) | (3,207,233) | (3,278,673) | (9,435,586) |
Class I | 4,428,461 | 3,980,156 | 10,610,084 | 2,885,512 |
Net increase (decrease) in net assets from capital share transactions | $3,823,526 | $(3,890,274) | $3,464,225 | $(31,419,423) |
Net decrease in net assets | $(9,329,819) | $(2,461,029) | $(69,621,162) | $(19,346,951) |
Net Assets | ||||
At beginning of period | $78,215,349 | $80,676,378 | $411,347,232 | $430,694,183 |
At end of period | $68,885,530 | $78,215,349 | $341,726,070 | $411,347,232 |
Table of Contents
Global Energy Solutions Fund — Class A | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $7.08 | $6.95 | $7.23 | $6.23 | $5.76 | $7.10 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $—(2) | $0.08 | $0.10 | $0.08 | $0.08(3) | $0.01 |
Net realized and unrealized gain (loss) | (1.01) | 0.15 | (0.29) | 0.98 | 0.40 | (1.35) |
Total income (loss) from operations | $(1.01) | $0.23 | $(0.19) | $1.06 | $0.48 | $(1.34) |
Less Distributions | ||||||
From net investment income | $(0.08) | $(0.10) | $(0.09) | $(0.06) | $(0.01) | $— |
Total distributions | $(0.08) | $(0.10) | $(0.09) | $(0.06) | $(0.01) | $— |
Net asset value — End of period | $5.99 | $7.08 | $6.95 | $7.23 | $6.23 | $5.76 |
Total Return(4) | (14.54)%(5) | 3.60% | (2.73)% | 17.28% | 8.38% | (18.87)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $39,935 | $47,596 | $51,502 | $58,695 | $70,317 | $59,589 |
Ratios (as a percentage of average daily net assets):(6) | ||||||
Total expenses | 1.58%(7) | 1.72% | 1.69% | 1.94% | 2.06% | 2.21% |
Net expenses | 1.24%(7) | 1.26% | 1.28% | 1.38% | 1.85% | 1.85% |
Net investment income | 0.06%(7) | 1.27% | 1.34% | 1.26% | 1.33%(3) | 0.17% |
Portfolio Turnover | 13%(5) | 40% | 38% | 133% | 89% | 99% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $0.005. |
(3) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.005 per share and 0.08% of average net assets. |
(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. |
Table of Contents
Global Energy Solutions Fund — Class C | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $6.63 | $6.50 | $6.76 | $5.82 | $5.42 | $6.75 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $(0.02) | $0.02 | $0.04 | $0.03 | $0.03(2) | $(0.05) |
Net realized and unrealized gain (loss) | (0.96) | 0.16 | (0.26) | 0.92 | 0.37 | (1.28) |
Total income (loss) from operations | $(0.98) | $0.18 | $(0.22) | $0.95 | $0.40 | $(1.33) |
Less Distributions | ||||||
From net investment income | $(0.03) | $(0.05) | $(0.04) | $(0.01) | $— | $— |
Total distributions | $(0.03) | $(0.05) | $(0.04) | $(0.01) | $— | $— |
Net asset value — End of period | $5.62 | $6.63 | $6.50 | $6.76 | $5.82 | $5.42 |
Total Return(3) | (14.93)%(4) | 2.85% | (3.31)% | 16.38% | 7.38% | (19.70)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $5,396 | $6,752 | $9,996 | $11,938 | $13,213 | $13,663 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 2.33%(6) | 2.48% | 2.44% | 2.78% | 2.87% | 2.96% |
Net expenses | 1.99%(6) | 2.01% | 2.03% | 2.13% | 2.69% | 2.85% |
Net investment income (loss) | (0.70)%(6) | 0.38% | 0.59% | 0.55% | 0.45%(2) | (0.84)% |
Portfolio Turnover | 13%(4) | 40% | 38% | 133% | 89% | 99% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.004 per share and 0.07% of average net assets. |
(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. |
Table of Contents
Global Energy Solutions Fund — Class I | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $7.20 | $7.07 | $7.34 | $6.35 | $5.88 | $7.21 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.01 | $0.11 | $0.15 | $0.13 | $0.11(2) | $0.06 |
Net realized and unrealized gain (loss) | (1.03) | 0.14 | (0.31) | 0.97 | 0.41 | (1.39) |
Total income (loss) from operations | $(1.02) | $0.25 | $(0.16) | $1.10 | $0.52 | $(1.33) |
Less Distributions | ||||||
From net investment income | $(0.10) | $(0.12) | $(0.11) | $(0.11) | $(0.05) | $— |
Total distributions | $(0.10) | $(0.12) | $(0.11) | $(0.11) | $(0.05) | $— |
Net asset value — End of period | $6.08 | $7.20 | $7.07 | $7.34 | $6.35 | $5.88 |
Total Return(3) | (14.50)%(4) | 3.89% | (2.33)% | 17.66% | 8.76% | (18.45)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $23,555 | $23,867 | $19,178 | $5,503 | $910 | $386 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.33%(6) | 1.47% | 1.43% | 1.66% | 3.83% | 5.63% |
Net expenses | 0.99%(6) | 0.98% | 0.93% | 0.97% | 1.40% | 1.40% |
Net investment income | 0.33%(6) | 1.60% | 2.00% | 1.99% | 1.74%(2) | 0.82% |
Portfolio Turnover | 13%(4) | 40% | 38% | 133% | 89% | 99% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.006 per share and 0.09% of average net assets. |
(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. |
Table of Contents
Global Water Fund — Class A | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $20.70 | $20.00 | $19.92 | $17.71 | $14.87 | $19.55 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $0.03 | $0.23 | $0.23 | $0.20 | $0.03(2) | $(0.02) |
Net realized and unrealized gain (loss) | (3.40) | 0.70 | 0.04 | 2.01 | 2.81 | (3.40) |
Total income (loss) from operations | $(3.37) | $0.93 | $0.27 | $2.21 | $2.84 | $(3.42) |
Less Distributions | ||||||
From net investment income | $(0.19) | $(0.23) | $(0.19) | $— | $—(3) | $— |
From net realized gain | — | — | — | — | — | (1.26) |
Total distributions | $(0.19) | $(0.23) | $(0.19) | $— | $—(3) | $(1.26) |
Net asset value — End of period | $17.14 | $20.70 | $20.00 | $19.92 | $17.71 | $14.87 |
Total Return(4) | (16.50)%(5) | 4.86% | 1.34% | 12.48% | 19.13% | (18.35)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $146,359 | $181,139 | $201,243 | $235,266 | $278,517 | $295,337 |
Ratios (as a percentage of average daily net assets):(6) | ||||||
Total expenses | 1.35%(7) | 1.38% | 1.39% | 1.46% | 1.63% | 1.82% |
Net expenses | 1.24%(7) | 1.25% | 1.28% | 1.28% | 1.51% | 1.82% |
Net investment income (loss) | 0.24%(7) | 1.17% | 1.14% | 1.11% | 0.22%(2) | (0.09)% |
Portfolio Turnover | 24%(5) | 28% | 40% | 34% | 103% | 110% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.002 per share and 0.01% of average net assets. |
(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. |
Table of Contents
Global Water Fund — Class C | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $18.98 | $18.32 | $18.28 | $16.37 | $13.84 | $18.41 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $(0.05) | $0.08 | $0.07 | $0.07 | $(0.08)(2) | $(0.13) |
Net realized and unrealized gain (loss) | (3.14) | 0.66 | 0.03 | 1.84 | 2.61 | (3.18) |
Total income (loss) from operations | $(3.19) | $0.74 | $0.10 | $1.91 | $2.53 | $(3.31) |
Less Distributions | ||||||
From net investment income | $(0.04) | $(0.08) | $(0.06) | $— | $— | $— |
From net realized gain | — | — | — | — | — | (1.26) |
Total distributions | $(0.04) | $(0.08) | $(0.06) | $— | $— | $(1.26) |
Net asset value — End of period | $15.75 | $18.98 | $18.32 | $18.28 | $16.37 | $13.84 |
Total Return(3) | (16.85)%(4) | 4.08% | 0.61% | 11.67% | 18.28% | (18.92)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $39,030 | $50,369 | $58,455 | $67,096 | $71,334 | $75,061 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 2.10%(6) | 2.13% | 2.14% | 2.17% | 2.35% | 2.53% |
Net expenses | 1.99%(6) | 2.01% | 2.03% | 2.03% | 2.25% | 2.53% |
Net investment income (loss) | (0.52)%(6) | 0.43% | 0.40% | 0.41% | (0.52)%(2) | (0.79)% |
Portfolio Turnover | 24%(4) | 28% | 40% | 34% | 103% | 110% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.002 per share and 0.01% of average net assets. |
(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. |
Table of Contents
Global Water Fund — Class I | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $20.85 | $20.15 | $20.08 | $17.79 | $15.02 | $19.64 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.05 | $0.29 | $0.36 | $0.30 | $0.13(2) | $0.06 |
Net realized and unrealized gain (loss) | (3.42) | 0.70 | (0.02) | 1.99 | 2.80 | (3.42) |
Total income (loss) from operations | $(3.37) | $0.99 | $0.34 | $2.29 | $2.93 | $(3.36) |
Less Distributions | ||||||
From net investment income | $(0.24) | $(0.29) | $(0.27) | $— | $(0.16) | $— |
From net realized gain | — | — | — | — | — | (1.26) |
Total distributions | $(0.24) | $(0.29) | $(0.27) | $— | $(0.16) | $(1.26) |
Net asset value — End of period | $17.24 | $20.85 | $20.15 | $20.08 | $17.79 | $15.02 |
Total Return(3) | (16.43)%(4) | 5.18% | 1.68% | 12.87% | 19.68% | (17.93)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $156,337 | $179,839 | $170,996 | $16,094 | $4,637 | $779 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.10%(6) | 1.13% | 1.14% | 1.12% | 1.56% | 3.89% |
Net expenses | 0.99%(6) | 0.97% | 0.93% | 0.93% | 1.08% | 1.29% |
Net investment income | 0.50%(6) | 1.48% | 1.78% | 1.61% | 0.80%(2) | 0.32% |
Portfolio Turnover | 24%(4) | 28% | 40% | 34% | 103% | 110% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.003 per share and 0.02% of average net assets. |
(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. |
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Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Austria | $— | $1,058,727 | $— | $1,058,727 |
Belgium | — | 679,270 | — | 679,270 |
Brazil | 536,162 | — | — | 536,162 |
Canada | 2,978,240 | — | — | 2,978,240 |
China | 913,464 | 4,002,116 | — | 4,915,580 |
Denmark | — | 1,955,832 | — | 1,955,832 |
Finland | — | 901,190 | — | 901,190 |
France | — | 2,960,503 | — | 2,960,503 |
Germany | — | 6,128,411 | — | 6,128,411 |
Hong Kong | — | 399,460 | — | 399,460 |
Ireland | 385,530 | 849,493 | — | 1,235,023 |
Italy | — | 1,501,738 | — | 1,501,738 |
Japan | — | 4,958,678 | — | 4,958,678 |
Netherlands | — | 312,041 | — | 312,041 |
New Zealand | — | 928,368 | — | 928,368 |
Norway | — | 771,101 | — | 771,101 |
Portugal | — | 1,481,822 | — | 1,481,822 |
Singapore | — | 347,341 | — | 347,341 |
South Korea | — | 1,784,810 | — | 1,784,810 |
Spain | 435,252 | 2,298,187 | — | 2,733,439 |
Sweden | — | 468,315 | — | 468,315 |
Switzerland | — | 1,930,610 | — | 1,930,610 |
Taiwan | — | 4,165,905 | — | 4,165,905 |
Thailand | — | 1,013,276 | — | 1,013,276 |
United Kingdom | — | 2,744,714 | — | 2,744,714 |
United States | 19,239,479 | — | — | 19,239,479 |
Total Common Stocks | $24,488,127 | $43,641,908(1) | $— | $68,130,035 |
High Social Impact Investments | $— | $372,080 | $— | $372,080 |
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Asset Description | Level 1 | Level 2 | Level 3 | Total |
Short-Term Investments | $2,235,461 | $— | $— | $2,235,461 |
Total Investments | $26,723,588 | $44,013,988 | $ — | $70,737,576 |
(1) | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Common Stocks | ||||
Australia | $— | $4,082,956 | $— | $4,082,956 |
Brazil | 8,090,485 | — | — | 8,090,485 |
Canada | 6,503,589 | — | — | 6,503,589 |
Chile | — | 6,581,042 | — | 6,581,042 |
China | — | 17,418,608 | — | 17,418,608 |
Denmark | — | 1,972,174 | — | 1,972,174 |
Finland | — | 5,989,432 | — | 5,989,432 |
France | — | 13,311,267 | — | 13,311,267 |
Germany | — | 3,461,886 | — | 3,461,886 |
Italy | — | 2,606,343 | — | 2,606,343 |
Japan | — | 36,352,817 | — | 36,352,817 |
Netherlands | — | 4,157,805 | — | 4,157,805 |
Singapore | — | 1,575,457 | — | 1,575,457 |
South Korea | — | 3,540,893 | — | 3,540,893 |
Spain | — | 3,683,287 | — | 3,683,287 |
Switzerland | — | 16,049,219 | — | 16,049,219 |
Taiwan | — | 1,866,125 | — | 1,866,125 |
Thailand | — | 5,995,169 | — | 5,995,169 |
United Kingdom | 7,877,412 | 29,993,970 | — | 37,871,382 |
United States | 152,702,748 | — | — | 152,702,748 |
Total Common Stocks | $175,174,234 | $158,638,450(2) | $— | $333,812,684 |
High Social Impact Investments | $— | $1,910,347 | $— | $1,910,347 |
Short-Term Investments | 4,075,924 | — | — | 4,075,924 |
Total Investments | $179,250,158 | $160,548,797 | $ — | $339,798,955 |
(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. |
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Global Energy Solutions | Global Water | |
Purchases | $14,492,684 | $99,876,553 |
Sales | 11,101,112 | 102,756,859 |
Global Energy Solutions | Global Water | |
Deferred capital losses: | ||
Short-term | $— | $12,482,339 |
Long-term | 75,571,239 | 33,168,078 |
Global Energy Solutions | Global Water | |
Aggregate cost | $80,933,333 | $355,826,383 |
Gross unrealized appreciation | $6,189,103 | $42,609,720 |
Gross unrealized depreciation | (16,384,860) | (58,637,148) |
Net unrealized depreciation | $(10,195,757) | $(16,027,428) |
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Global Energy Solutions | Global Water | |
Securities on Loan | $4,109,937 | $8,919,059 |
Collateral Received: | ||
Cash | 2,235,461 | 4,075,924 |
U.S. government and/or agencies securities | 2,174,015 | 5,553,059 |
Total Collateral Received | $4,409,476 | $9,628,983 |
Global Energy Solutions | Remaining Contractual Maturity of the Transactions | ||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $2,235,461 | $ — | $ — | $ — | $2,235,461 |
Global Water | Remaining Contractual Maturity of the Transactions | ||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Securities Lending Transactions | |||||
Common Stocks | $4,075,924 | $ — | $ — | $ — | $4,075,924 |
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Name of issuer | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest income | Capital gain distributions received | Principal amount, end of period |
High Social Impact Investments | |||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $1,790,478 | $ — | $(1,800,000) | $ — | $9,522 | $ — | $5,250 | $ — | $— |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | — | 263,568 | — | — | (9,541) | 254,027 | 1,153 | — | 263,568 |
Totals | $ — | $(19) | $254,027 | $6,403 | $ — |
(1) | Restricted security. |
Name of issuer | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest income | Capital gain distributions received | Principal amount, end of period |
High Social Impact Investments | |||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $994,710 | $ — | $(1,000,000) | $ — | $5,290 | $ — | $2,917 | $ — | $— |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | — | 1,324,116 | — | — | (47,933) | 1,276,183 | 5,793 | — | 1,324,116 |
Totals | $ — | $(42,643) | $1,276,183 | $8,710 | $ — |
(1) | Restricted security. |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 456,381 | $3,397,649 | 1,775,530 | $11,992,411 | |
Reinvestment of distributions | 63,936 | 495,506 | 112,454 | 664,603 | |
Shares redeemed | (585,528) | (4,265,343) | (2,862,064) | (19,213,624) | |
Converted from Class C | 18,155 | 130,546 | 287,214 | 1,893,413 | |
Net decrease | (47,056) | $(241,642) | (686,866) | $(4,663,197) | |
Class C | |||||
Shares sold | 64,919 | $454,678 | 89,959 | $580,475 | |
Reinvestment of distributions | 3,456 | 25,163 | 11,289 | 62,766 | |
Shares redeemed | (106,795) | (712,588) | (314,820) | (1,957,061) | |
Converted to Class A | (19,320) | (130,546) | (305,620) | (1,893,413) | |
Net decrease | (57,740) | $(363,293) | (519,192) | $(3,207,233) | |
Class I | |||||
Shares sold | 1,306,368 | $9,946,571 | 1,807,826 | $12,172,970 | |
Reinvestment of distributions | 44,987 | 353,601 | 56,163 | 336,977 | |
Shares redeemed | (790,724) | (5,871,711) | (1,262,308) | (8,529,791) | |
Net increase | 560,631 | $4,428,461 | 601,681 | $3,980,156 |
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 503,170 | $10,645,101 | 960,394 | $18,681,657 | |
Reinvestment of distributions | 67,917 | 1,499,614 | 116,365 | 2,016,615 | |
Shares redeemed | (787,184) | (16,147,562) | (2,459,523) | (46,910,007) | |
Converted from Class C | 6,226 | 135,661 | 70,649 | 1,342,386 | |
Net decrease | (209,871) | $(3,867,186) | (1,312,115) | $(24,869,349) |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | ||||
Shares | Amount | Shares | Amount | ||
Class C | |||||
Shares sold | 100,509 | $1,980,060 | 164,935 | $2,960,681 | |
Reinvestment of distributions | 4,562 | 92,739 | 13,492 | 215,596 | |
Shares redeemed | (274,478) | (5,215,811) | (637,289) | (11,269,477) | |
Converted to Class A | (6,770) | (135,661) | (76,746) | (1,342,386) | |
Net decrease | (176,177) | $(3,278,673) | (535,608) | $(9,435,586) | |
Class I | |||||
Shares sold | 1,366,386 | $28,385,228 | 2,133,477 | $41,451,651 | |
Reinvestment of distributions | 81,579 | 1,811,063 | 120,781 | 2,104,010 | |
Shares redeemed | (1,006,205) | (19,586,207) | (2,113,969) | (40,670,149) | |
Net increase | 441,760 | $10,610,084 | 140,289 | $2,885,512 |
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Officers |
Hope L. Brown Chief Compliance Officer |
Maureen A. Gemma Vice President, Secretary and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Richard L. Baird, Jr. |
Cari M. Dominguez |
John G. Guffey, Jr. |
Miles D. Harper, III |
Joy V. Jones |
John H. Streur* |
Anthony A. Williams |
*Interested Director and President |
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• | At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements. |
• | On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates. |
• | We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information. |
• | We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
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% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 10/01/2004 | 10/01/2004 | (21.12)% | (16.37)% | 2.78% | 8.18% |
Class A with 4.75% Maximum Sales Charge | — | — | (24.85) | (20.33) | 1.79 | 7.65 |
Class C at NAV | 04/01/2005 | 10/01/2004 | (21.44) | (16.98) | 2.01 | 7.29 |
Class C with 1% Maximum Sales Charge | — | — | (22.21) | (17.80) | 2.01 | 7.29 |
Class I at NAV | 04/29/2005 | 10/01/2004 | (21.01) | (16.16) | 3.17 | 8.76 |
Class R6 at NAV | 02/01/2019 | 10/01/2004 | (21.00) | (16.12) | 3.18 | 8.76 |
·· | ||||||
Russell 2000® Index | — | — | (23.72)% | (23.99)% | (0.25)% | 6.90% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.25% | 2.01% | 1.00% | 0.94% |
Net | 1.21 | 1.96 | 0.96 | 0.90 |
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Top 10 Holdings (% of net assets)* | |
RealPage, Inc. | 3.3% |
ICU Medical, Inc. | 2.8 |
ONE Gas, Inc. | 2.8 |
ACI Worldwide, Inc. | 2.8 |
NIC, Inc. | 2.7 |
Haemonetics Corp. | 2.6 |
Chemed Corp. | 2.3 |
Healthcare Realty Trust, Inc. | 2.1 |
Mercury Systems, Inc. | 2.1 |
Mueller Water Products, Inc., Class A | 2.1 |
Total | 25.6% |
* | Excludes cash and cash equivalents. |
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1 | Russell 2000® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.Fund profile subject to change due to active management. |
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Beginning Account Value (10/1/19) | Ending Account Value (3/31/20) | Expenses Paid During Period* (10/1/19 – 3/31/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $788.80 | $5.41** | 1.21% |
Class C | $1,000.00 | $785.60 | $8.75** | 1.96% |
Class I | $1,000.00 | $789.90 | $4.30** | 0.96% |
Class R6 | $1,000.00 | $790.00 | $4.03** | 0.90% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.95 | $6.11** | 1.21% |
Class C | $1,000.00 | $1,015.20 | $9.87** | 1.96% |
Class I | $1,000.00 | $1,020.20 | $4.85** | 0.96% |
Class R6 | $1,000.00 | $1,020.50 | $4.55** | 0.90% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2019. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
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Common Stocks — 95.7% |
Security | Shares | Value |
Aerospace & Defense — 4.2% | ||
Hexcel Corp. | 453,088 | $ 16,850,343 |
Mercury Systems, Inc.(1) | 238,857 | 17,040,058 |
$ 33,890,401 | ||
Auto Components — 2.2% | ||
Dana, Inc. | 513,545 | $ 4,010,786 |
Dorman Products, Inc.(1) | 162,033 | 8,955,564 |
Visteon Corp.(1) | 101,521 | 4,870,978 |
$ 17,837,328 | ||
Banks — 7.7% | ||
City Holding Co. | 116,288 | $7,736,641 |
Columbia Banking System, Inc. | 348,238 | 9,332,778 |
Commerce Bancshares, Inc. | 116,369 | 5,859,179 |
Community Bank System, Inc. | 267,727 | 15,742,348 |
First Citizens BancShares, Inc., Class A | 32,182 | 10,712,422 |
Independent Bank Corp. | 110,750 | 7,128,977 |
Stock Yards Bancorp, Inc. | 180,745 | 5,228,953 |
$61,741,298 | ||
Biotechnology — 2.7% | ||
Emergent BioSolutions, Inc.(1) | 230,287 | $13,324,406 |
Ligand Pharmaceuticals, Inc.(1) | 121,183 | 8,812,428 |
$22,136,834 | ||
Building Products — 2.1% | ||
CSW Industrials, Inc. | 128,741 | $8,348,854 |
Trex Co., Inc.(1)(2) | 103,159 | 8,267,162 |
$16,616,016 | ||
Capital Markets — 0.3% | ||
Cohen & Steers, Inc. | 44,263 | $2,011,753 |
$2,011,753 | ||
Chemicals — 2.8% | ||
Minerals Technologies, Inc. | 419,567 | $15,213,500 |
Sensient Technologies Corp. | 164,279 | 7,147,779 |
$22,361,279 | ||
Diversified Consumer Services — 2.3% | ||
K12, Inc.(1) | 290,679 | $5,482,206 |
ServiceMaster Global Holdings, Inc.(1) | 490,912 | 13,254,624 |
$18,736,830 |
Security | Shares | Value |
Electric Utilities — 1.1% | ||
Portland General Electric Co. | 179,817 | $ 8,620,427 |
$ 8,620,427 | ||
Energy Equipment & Services — 0.1% | ||
Core Laboratories NV | 88,440 | $ 914,470 |
$ 914,470 | ||
Equity Real Estate Investment Trusts (REITs) — 8.1% | ||
CubeSmart | 489,950 | $ 13,125,760 |
EastGroup Properties, Inc. | 115,807 | 12,099,515 |
Essential Properties Realty Trust, Inc. | 757,998 | 9,899,454 |
Healthcare Realty Trust, Inc. | 613,878 | 17,145,613 |
Rexford Industrial Realty, Inc. | 320,614 | 13,148,380 |
$65,418,722 | ||
Food & Staples Retailing — 0.6% | ||
Performance Food Group Co.(1) | 189,715 | $4,689,755 |
$4,689,755 | ||
Food Products — 3.5% | ||
Flowers Foods, Inc. | 244,332 | $5,013,693 |
J&J Snack Foods Corp. | 19,397 | 2,347,037 |
Lancaster Colony Corp. | 37,779 | 5,464,354 |
Nomad Foods, Ltd.(1) | 828,139 | 15,370,260 |
$28,195,344 | ||
Gas Utilities — 2.8% | ||
ONE Gas, Inc. | 273,101 | $22,836,706 |
$22,836,706 | ||
Health Care Equipment & Supplies — 7.7% | ||
Envista Holdings Corp.(1) | 348,061 | $5,200,032 |
Haemonetics Corp.(1) | 209,623 | 20,891,028 |
ICU Medical, Inc.(1) | 113,799 | 22,961,224 |
Integra LifeSciences Holdings Corp.(1) | 295,815 | 13,214,056 |
$62,266,340 | ||
Health Care Providers & Services — 8.1% | ||
Addus HomeCare Corp.(1) | 188,597 | $12,749,157 |
Amedisys, Inc.(1) | 53,980 | 9,907,489 |
Chemed Corp. | 41,893 | 18,148,048 |
LHC Group, Inc.(1) | 117,090 | 16,416,018 |
R1 RCM, Inc.(1) | 908,794 | 8,260,937 |
$65,481,649 |
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Security | Shares | Value |
Hotels, Restaurants & Leisure — 0.7% | ||
Choice Hotels International, Inc. | 90,042 | $ 5,515,073 |
$ 5,515,073 | ||
Insurance — 6.9% | ||
AMERISAFE, Inc. | 159,866 | $ 10,306,561 |
First American Financial Corp. | 141,649 | 6,007,334 |
Horace Mann Educators Corp. | 400,225 | 14,644,233 |
RLI Corp. | 134,874 | 11,859,471 |
Selective Insurance Group, Inc. | 254,725 | 12,659,832 |
$55,477,431 | ||
IT Services — 2.7% | ||
NIC, Inc. | 931,345 | $21,420,935 |
$21,420,935 | ||
Machinery — 4.7% | ||
Mueller Water Products, Inc., Class A | 2,110,997 | $16,909,086 |
RBC Bearings, Inc.(1) | 58,184 | 6,562,573 |
Welbilt, Inc.(1) | 491,073 | 2,519,205 |
Woodward, Inc. | 203,028 | 12,067,984 |
$38,058,848 | ||
Pharmaceuticals — 1.4% | ||
Catalent, Inc.(1) | 215,883 | $11,215,122 |
$11,215,122 | ||
Professional Services — 1.9% | ||
CBIZ, Inc.(1) | 737,132 | $15,420,801 |
$15,420,801 | ||
Road & Rail — 1.7% | ||
Landstar System, Inc. | 144,938 | $13,893,757 |
$13,893,757 | ||
Semiconductors & Semiconductor Equipment — 1.4% | ||
Diodes, Inc.(1) | 63,963 | $2,599,137 |
Silicon Laboratories, Inc.(1) | 104,249 | 8,903,907 |
$11,503,044 | ||
Software — 11.2% | ||
ACI Worldwide, Inc.(1) | 931,346 | $22,492,006 |
Altair Engineering, Inc., Class A(1) | 531,682 | 14,089,573 |
CDK Global, Inc. | 402,820 | 13,232,637 |
Envestnet, Inc.(1) | 263,216 | 14,155,756 |
RealPage, Inc.(1) | 505,042 | 26,731,873 |
$90,701,845 |
Security | Shares | Value |
Specialty Retail — 1.3% | ||
Five Below, Inc.(1) | 37,157 | $ 2,615,110 |
Lithia Motors, Inc., Class A | 18,859 | 1,542,478 |
National Vision Holdings, Inc.(1) | 327,720 | 6,364,322 |
$ 10,521,910 | ||
Textiles, Apparel & Luxury Goods — 0.9% | ||
Columbia Sportswear Co. | 80,977 | $ 5,649,765 |
Deckers Outdoor Corp.(1) | 14,125 | 1,892,750 |
$ 7,542,515 | ||
Thrifts & Mortgage Finance — 1.2% | ||
Essent Group, Ltd. | 152,761 | $4,023,725 |
Washington Federal, Inc. | 225,994 | 5,866,804 |
$9,890,529 | ||
Trading Companies & Distributors — 1.4% | ||
Applied Industrial Technologies, Inc. | 244,213 | $11,165,418 |
$11,165,418 | ||
Water Utilities — 2.0% | ||
Middlesex Water Co. | 268,748 | $16,157,130 |
$16,157,130 | ||
Total Common Stocks (identified cost $875,326,359) | $772,239,510 |
High Social Impact Investments — 0.3% |
Security | Principal Amount (000's omitted) | Value |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(3)(4) | $ 2,516 | $ 2,424,538 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20(4)(5) | 152 | 148,960 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20(4)(5) | 195 | 189,589 |
Total High Social Impact Investments (identified cost $2,862,603) | $ 2,763,087 | |
Total Investments — 96.0% (identified cost $878,188,962) | $775,002,597 | |
Other Assets, Less Liabilities — 4.0% | $ 32,213,995 | |
Net Assets — 100.0% | $807,216,592 |
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The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | Non-income producing security. | |
(2) | All or a portion of this security was on loan at March 31, 2020. The aggregate market value of securities on loan at March 31, 2020 was $6,661,798. | |
(3) | Affiliated company (see Note 7). |
(4) | Restricted security. Total market value of restricted securities amounts to $2,763,087, which represents 0.3% of the net assets of the Fund as of March 31, 2020. |
(5) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at March 31, 2020. |
Description | Acquisition Dates | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | $2,515,603 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20 | 11/13/15 | 152,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20 | 11/13/15 | 195,000 |
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March 31, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $875,673,359) - including $6,661,798 of securities on loan | $772,578,059 |
Investments in securities of affiliated issuers, at value (identified cost $2,515,603) | 2,424,538 |
Cash | 29,458,870 |
Receivable for investments sold | 7,309,983 |
Receivable for capital shares sold | 15,246,070 |
Dividends and interest receivable | 789,533 |
Interest receivable - affiliated | 11,006 |
Securities lending income receivable | 2,188 |
Receivable from affiliate | 53,541 |
Directors' deferred compensation plan | 239,983 |
Total assets | $828,113,771 |
Liabilities | |
Payable for investments purchased | $18,101,962 |
Payable for capital shares redeemed | 1,688,029 |
Payable to affiliates: | |
Investment advisory fee | 458,933 |
Administrative fee | 80,988 |
Distribution and service fees | 44,302 |
Sub-transfer agency fee | 5,276 |
Directors' deferred compensation plan | 239,983 |
Accrued expenses | 277,706 |
Total liabilities | $20,897,179 |
Net Assets | $807,216,592 |
Sources of Net Assets | |
Paid-in capital | $943,157,578 |
Accumulated loss | (135,940,986) |
Total | $807,216,592 |
Class A Shares | |
Net Assets | $150,071,422 |
Shares Outstanding | 7,596,373 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $19.76 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $20.75 |
Class C Shares | |
Net Assets | $12,736,747 |
Shares Outstanding | 758,775 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $16.79 |
Class I Shares | |
Net Assets | $615,278,534 |
Shares Outstanding | 28,717,752 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $21.43 |
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March 31, 2020 | |
Class R6 Shares | |
Net Assets | $29,129,889 |
Shares Outstanding | 1,359,546 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $21.43 |
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. |
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Six Months Ended | |
March 31, 2020 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $9,403) | $5,403,427 |
Interest income | 29,848 |
Interest income - affiliated issuers | 15,095 |
Securities lending income, net | 42,436 |
Total investment income | $5,490,806 |
Expenses | |
Investment advisory fee | $2,791,214 |
Administrative fee | 492,567 |
Distribution and service fees: | |
Class A | 222,624 |
Class C | 78,310 |
Directors' fees and expenses | 23,226 |
Custodian fees | 11,980 |
Transfer agency fees and expenses | 396,711 |
Accounting fees | 106,489 |
Professional fees | 39,290 |
Registration fees | 68,686 |
Reports to shareholders | 54,257 |
Miscellaneous | 36,401 |
Total expenses | $4,321,755 |
Waiver and/or reimbursement of expenses by affiliate | $(53,541) |
Reimbursement of expenses - other | (11,792) |
Net expenses | $4,256,422 |
Net investment income | $1,234,384 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities - unaffiliated issuers | $(32,902,593) |
Net realized loss | $(32,902,593) |
Change in unrealized appreciation (depreciation): | |
Investment securities - unaffiliated issuers | $(172,643,331) |
Investment securities - affiliated issuers | (83,649) |
Net change in unrealized appreciation (depreciation) | $(172,726,980) |
Net realized and unrealized loss | $(205,629,573) |
Net decrease in net assets from operations | $(204,395,189) |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $1,234,384 | $1,124,940 |
Net realized gain (loss) | (32,902,593) | 11,688,855 |
Net change in unrealized appreciation (depreciation) | (172,726,980) | (733,032) |
Net increase (decrease) in net assets from operations | $(204,395,189) | $12,080,763 |
Distributions to shareholders: | ||
Class A | $(2,242,959) | $(7,375,765) |
Class C | (200,001) | (897,708) |
Class I | (7,919,038) | (12,325,140) |
Class R6 | (509,400) | — |
Total distributions to shareholders | $(10,871,398) | $(20,598,613) |
Capital share transactions: | ||
Class A | $20,028,569 | $19,666,759 |
Class C | 1,722,431 | (2,714,077) |
Class I | 316,238,418 | 205,627,063 |
Class R6 | 1,422,959 | 34,053,869(1) |
Net increase in net assets from capital share transactions | $339,412,377 | $256,633,614 |
Net increase in net assets | $124,145,790 | $248,115,764 |
Net Assets | ||
At beginning of period | $683,070,802 | $434,955,038 |
At end of period | $807,216,592 | $683,070,802 |
(1) | For the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
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Class A | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $25.35 | $26.61 | $25.70 | $21.76 | $22.04 | $22.98 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $0.01 | $0.02 | $(0.04) | $(0.05) | $0.03(2) | $0.04 |
Net realized and unrealized gain (loss) | (5.28) | (0.04)(3) | 4.34 | 4.32 | 1.53 | 1.80 |
Total income (loss) from operations | $(5.27) | $(0.02) | $4.30 | $4.27 | $1.56 | $1.84 |
Less Distributions | ||||||
From net investment income | $— | $— | $—(4) | $— | $(0.01) | $—(4) |
From net realized gain | (0.32) | (1.24) | (3.39) | (0.33) | (1.83) | (2.78) |
Total distributions | $(0.32) | $(1.24) | $(3.39) | $(0.33) | $(1.84) | $(2.78) |
Net asset value — End of period | $19.76 | $25.35 | $26.61 | $25.70 | $21.76 | $22.04 |
Total Return(5) | (21.12)%(6) | 0.61% | 18.55% | 19.74% | 7.66% | 8.18% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $150,071 | $172,277 | $158,921 | $137,860 | $170,294 | $154,728 |
Ratios (as a percentage of average daily net assets):(7) | ||||||
Total expenses | 1.23%(8) | 1.25% | 1.28% | 1.36% | 1.42% | 1.52% |
Net expenses | 1.21%(8) | 1.23% | 1.28% | 1.36% | 1.37% | 1.37% |
Net investment income (loss) | 0.11%(8) | 0.07% | (0.17)% | (0.22)% | 0.12%(2) | 0.19% |
Portfolio Turnover | 29%(6) | 45% | 51% | 137% | 150% | 59% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.001 per share and 0.01% of average net assets. |
(3) | The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. |
(4) | Amount is less than $0.005. |
(5) | 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. |
(6) | Not annualized. |
(7) | 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. |
(8) | Annualized. |
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Class C | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $21.63 | $22.90 | $22.58 | $19.30 | $19.88 | $21.12 |
Income (Loss) From Operations | ||||||
Net investment loss(1) | $(0.07) | $(0.14) | $(0.20) | $(0.21) | $(0.12)(2) | $(0.12) |
Net realized and unrealized gain (loss) | (4.49) | (0.04)(3) | 3.77 | 3.82 | 1.37 | 1.66 |
Total income (loss) from operations | $(4.56) | $(0.18) | $3.57 | $3.61 | $1.25 | $1.54 |
Less Distributions | ||||||
From net realized gain | $(0.28) | $(1.09) | $(3.25) | $(0.33) | $(1.83) | $(2.78) |
Total distributions | $(0.28) | $(1.09) | $(3.25) | $(0.33) | $(1.83) | $(2.78) |
Net asset value — End of period | $16.79 | $21.63 | $22.90 | $22.58 | $19.30 | $19.88 |
Total Return(4) | (21.44)%(5) | (0.12)% | 17.66% | 18.82% | 6.89% | 7.38% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $12,737 | $14,775 | $18,945 | $16,691 | $16,842 | $15,887 |
Ratios (as a percentage of average daily net assets):(6) | ||||||
Total expenses | 1.98%(7) | 2.01% | 2.03% | 2.22% | 2.31% | 2.36% |
Net expenses | 1.96%(7) | 1.99% | 2.03% | 2.12% | 2.12% | 2.12% |
Net investment loss | (0.64)%(7) | (0.68)% | (0.91)% | (0.99)% | (0.63)%(2) | (0.56)% |
Portfolio Turnover | 29%(5) | 45% | 51% | 137% | 150% | 59% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.001 per share and 0.01% of average net assets. |
(3) | The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. |
(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. |
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Class I | ||||||
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net asset value — Beginning of period | $27.49 | $28.73 | $27.51 | $23.18 | $23.34 | $24.14 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.05 | $0.09 | $0.05 | $0.06 | $0.13(2) | $0.16 |
Net realized and unrealized gain (loss) | (5.73) | (0.02)(3) | 4.67 | 4.62 | 1.63 | 1.90 |
Total income (loss) from operations | $(5.68) | $0.07 | $4.72 | $4.68 | $1.76 | $2.06 |
Less Distributions | ||||||
From net investment income | $(0.05) | $(0.06) | $(0.08) | $(0.02) | $(0.09) | $(0.08) |
From net realized gain | (0.33) | (1.25) | (3.42) | (0.33) | (1.83) | (2.78) |
Total distributions | $(0.38) | $(1.31) | $(3.50) | $(0.35) | $(1.92) | $(2.86) |
Net asset value — End of period | $21.43 | $27.49 | $28.73 | $27.51 | $23.18 | $23.34 |
Total Return(4) | (21.01)%(5) | 0.92% | 18.92% | 20.29% | 8.15% | 8.72% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $615,279 | $461,237 | $257,089 | $93,724 | $96,664 | $61,669 |
Ratios (as a percentage of average daily net assets):(6) | ||||||
Total expenses | 0.98%(7) | 1.00% | 1.04% | 0.92% | 0.94% | 0.91% |
Net expenses | 0.96%(7) | 0.95% | 0.92% | 0.90% | 0.92% | 0.91% |
Net investment income | 0.38%(7) | 0.34% | 0.19% | 0.23% | 0.58%(2) | 0.64% |
Portfolio Turnover | 29%(5) | 45% | 51% | 137% | 150% | 59% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.001 per share and 0.01% of average net assets. |
(3) | The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. |
(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. |
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Class R6 | ||
Six Months Ended March 31, 2020 (Unaudited) | Period Ended September 30, 2019(1) | |
Net asset value — Beginning of period | $27.50 | $24.93 |
Income (Loss) From Operations | ||
Net investment income(2) | $0.06 | $0.07 |
Net realized and unrealized gain (loss) | (5.73) | 2.50 |
Total income (loss) from operations | $(5.67) | $2.57 |
Less Distributions | ||
From net investment income | $(0.07) | $— |
From net realized gain | (0.33) | — |
Total distributions | $(0.40) | $— |
Net asset value — End of period | $21.43 | $27.50 |
Total Return(3)(4) | (21.00)% | 10.31% |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $29,130 | $34,782 |
Ratios (as a percentage of average daily net assets):(5) | ||
Total expenses(6) | 0.92% | 0.93% |
Net expenses(6) | 0.90% | 0.90% |
Net investment income(6) | 0.42% | 0.37% |
Portfolio Turnover | 29%(4) | 45%(7) |
(1) | For the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | For the year ended September 30, 2019. |
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Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $772,239,510(1) | $ — | $— | $772,239,510 |
High Social Impact Investments | — | 2,763,087 | — | 2,763,087 |
Total Investments | $772,239,510 | $2,763,087 | $ — | $775,002,597 |
(1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
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Aggregate cost | $878,471,813 |
Gross unrealized appreciation | $34,157,125 |
Gross unrealized depreciation | (137,626,341) |
Net unrealized depreciation | $(103,469,216) |
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Name of issuer | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest income | Capital gain distributions received | Principal amount, end of period |
High Social Impact Investments | |||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $1,394,489 | $ — | $(1,401,905) | $ — | $7,416 | $ — | $4,089 | $ — | $— |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | — | 2,515,603 | — | — | (91,065) | 2,424,538 | 11,006 | — | 2,515,603 |
Totals | $ — | $(83,649) | $2,424,538 | $15,095 | $ — |
(1) | Restricted security. |
Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 1,404,957 | $34,025,395 | 1,467,767 | $36,064,446 | |
Reinvestment of distributions | 84,634 | 2,164,930 | 317,910 | 7,044,877 | |
Shares redeemed | (705,260) | (16,596,668) | (1,148,858) | (27,656,569) | |
Converted from Class C | 17,062 | 434,912 | 185,714 | 4,214,005 | |
Net increase | 801,393 | $20,028,569 | 822,533 | $19,666,759 | |
Class C | |||||
Shares sold | 163,413 | $3,475,784 | 210,002 | $4,399,949 | |
Reinvestment of distributions | 8,772 | 191,136 | 45,085 | 857,509 | |
Shares redeemed | (76,585) | (1,509,577) | (182,656) | (3,757,530) | |
Converted to Class A | (19,949) | (434,912) | (216,634) | (4,214,005) | |
Net increase (decrease) | 75,651 | $1,722,431 | (144,203) | $(2,714,077) | |
Class I | |||||
Shares sold | 16,421,109 | $421,581,775 | 11,621,056 | $306,043,800 | |
Reinvestment of distributions | 268,712 | 7,448,686 | 456,891 | 10,956,240 | |
Shares redeemed | (4,747,504) | (112,792,043) | (4,249,703) | (111,372,977) | |
Net increase | 11,942,317 | $316,238,418 | 7,828,244 | $205,627,063 |
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Six Months Ended March 31, 2020 (Unaudited) | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class R6 | |||||
Shares sold | 240,860 | $5,489,398 | 1,296,704 | $34,920,036 | |
Reinvestment of distributions | 18,383 | 509,400 | — | — | |
Shares redeemed | (164,360) | (4,575,839) | (32,041) | (866,167) | |
Net increase | 94,883 | $1,422,959 | 1,264,663 | $34,053,869 |
(1) | For Class R6, for the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
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Officers |
Hope L. Brown Chief Compliance Officer |
Maureen A. Gemma Vice President, Secretary and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Richard L. Baird, Jr. |
Cari M. Dominguez |
John G. Guffey, Jr. |
Miles D. Harper, III |
Joy V. Jones |
John H. Streur* |
Anthony A. Williams |
*Interested Director and President |
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• | At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements. |
• | On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates. |
• | We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information. |
• | We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
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![](https://capedge.com/proxy/N-CSRS/0001193125-20-154338/g927701imgfc88ac622.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-20-154338/g927701img918c1b9f4.gif)
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Item 2. | Code of Ethics. |
Not required in this filing.
Item 3. | Audit Committee Financial Expert. |
Not required in this filing.
Item 4. | Principal Accountant Fees and Services. |
Not required in this filing.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Schedule of Investments. |
Please see schedule of investments contained in the Report to Shareholders included under Item 1 of this FormN-CSR.
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
No material changes.
Item 11. | Controls and Procedures. |
(a) The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940 Act, as amended (the “1940 Act”) are effective, based on the evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), as of a date within 90 days of the filing date of this report.
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(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities forClosed-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) | President’s Section 302 certification. | |
(a)(2)(ii) | Treasurer’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
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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 Impact Fund, Inc. | ||
By: | /s/ John H. Streur | |
John H. Streur | ||
President |
Date: May 26, 2020
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/ John H. Streur | |
John H. Streur | ||
President | ||
Date: | May 26, 2020 | |
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | May 26, 2020 |