UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-10045
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 Services)
(202) 238-2200
(Registrant’s Telephone Number)
September 30
Date of Fiscal Year End
September 30, 2020
Date of Reporting Period
Item 1. | Reports to Stockholders |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Since Inception |
Class A at NAV | 10/31/2013 | 10/31/2013 | 5.27% | 3.89% | 3.42% |
Class A with 3.75% Maximum Sales Charge | — | — | 1.32 | 3.10 | 2.86 |
Class I at NAV | 10/31/2013 | 10/31/2013 | 5.53 | 4.23 | 3.77 |
Class R6 at NAV | 02/01/2019 | 10/31/2013 | 5.58 | 4.25 | 3.79 |
ICE BofA Green Bond Index - Hedged USD | — | — | 3.80% | 4.85% | 4.47% |
% 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 |
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class I | $250,000 | 10/31/2013 | $322,993 | N.A. |
Class R6 | $1,000,000 | 10/31/2013 | $1,293,515 | N.A. |
Country Allocation (% of total investments) | |
United States | 73.3% |
Canada | 5.1 |
Netherlands | 4.6 |
France | 4.6 |
Luxembourg | 1.7 |
Italy | 1.7 |
Finland | 1.5 |
South Korea | 1.2 |
Sweden | 1.1 |
Other (less than 1.0% each) | 5.2 |
Total | 100.0% |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | 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. | |
Additional Information | |
Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. Bloomberg Barclays U.S. Corporate Bond Index measures the performance of investment-grade U.S. corporate securities with a maturity of one year or more. Bloomberg Barclays U.S. Corporate High Yield Index measures USD-denominated, non-investment grade corporate securities. | |
Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes. | |
Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall. |
Beginning Account Value (4/1/20) | Ending Account Value (9/30/20) | Expenses Paid During Period* (4/1/20 – 9/30/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,078.30 | $3.79 ** | 0.73% |
Class I | $1,000.00 | $1,079.50 | $2.50 ** | 0.48% |
Class R6 | $1,000.00 | $1,079.80 | $2.24 ** | 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 March 31, 2020. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Asset-Backed Securities — 11.7% |
Security | Principal Amount (000's omitted) | Value | |
Helios Issuer, LLC: | |||
Series 2017-1A, Class C, 8.00%, 9/20/49(1) | $ | 5,443 | $ 5,389,138 |
Series 2020-AA, Class A, 2.98%, 6/20/47(1) | 6,051 | 6,311,028 | |
Mosaic Solar Loan Trust: | |||
Series 2018-1A, Class A, 4.01%, 6/22/43(1) | 904 | 957,328 | |
Series 2019-1A, Class A, 4.37%, 12/21/43(1) | 1,177 | 1,264,730 | |
Series 2019-2A, Class A, 2.88%, 9/20/40(1) | 3,639 | 3,861,011 | |
Series 2019-2A, Class B, 3.28%, 9/20/40(1) | 4,800 | 4,927,313 | |
Series 2019-2A, Class C, 4.35%, 9/20/40(1) | 1,665 | 1,645,835 | |
Series 2020-1A, Class A, 2.10%, 4/20/46(1) | 2,162 | 2,215,240 | |
Series 2020-1A, Class B, 3.10%, 4/20/46(1) | 2,485 | 2,552,972 | |
Series 2020-2A, Class B, 2.21%, 8/20/46(1)(2) | 1,350 | 1,330,631 | |
Mosaic Solar Loans LLC: | |||
Series 2017-1A, Class A, 4.45%, 6/20/42(1) | 712 | 766,080 | |
Series 2017-2A, Class A, 3.82%, 6/22/43(1) | 76 | 80,333 | |
RenewFund Receivables Trust, Series 2015-1, Class A, 3.51%, 4/15/25(1) | 21 | 21,540 | |
SolarCity LMC Series I, LLC, Series 2013-1, Class A, 4.80%, 11/20/38(1) | 165 | 161,564 | |
SolarCity LMC Series II, LLC, Series 2014-1, Class A, 4.59%, 4/20/44(1) | 3,729 | 3,690,455 | |
SolarCity LMC Series III, LLC: | |||
Series 2014-2, Class A, 4.02%, 7/20/44(1) | 2,992 | 3,023,140 | |
Series 2014-2, Class B, 5.44%, 7/20/44(1) | 170 | 165,417 | |
Spruce ABS Trust, Series 2016-E1, Class A, 4.32%, 6/15/28(1) | 191 | 196,445 | |
Sunnova Helios II Issuer, LLC, Series 2018-1A, Class B, 7.71%, 7/20/48(1) | 868 | 837,008 | |
Sunnova Sol Issuer, LLC, Series 2020-1A, Class A, 3.35%, 2/1/55(1) | 2,985 | 3,022,803 | |
Sunrun Atlas Issuer, LLC, Series 2019-2, Class A, 3.61%, 2/1/55(1) | 1,798 | 1,891,723 | |
Sunrun Callisto Issuer, LLC, Series 2015-1A, Class B, 5.38%, 7/20/45(1) | 802 | 790,835 | |
Sunrun Xanadu Issuer, LLC, Series 2019-1A, Class A, 3.98%, 6/30/54(1) | 2,225 | 2,289,786 | |
TES, LLC, Series 2017-1A, Class A, 4.33%, 10/20/47(1) | 2,515 | 2,568,116 | |
Tesla Auto Lease Trust: | |||
Series 2018-B, Class A, 3.71%, 8/20/21(1) | 1,187 | 1,197,646 | |
Series 2018-B, Class C, 4.36%, 10/20/21(1) | 1,875 | 1,923,857 | |
Series 2019-A, Class A2, 2.13%, 4/20/22(1) | 1,706 | 1,725,219 | |
Series 2019-A, Class A4, 2.20%, 11/21/22(1) | 1,535 | 1,578,556 | |
Series 2019-A, Class B, 2.41%, 12/20/22(1) | 3,270 | 3,360,467 | |
Series 2019-A, Class E, 5.48%, 5/22/23(1) | 1,545 | 1,619,308 | |
Series 2020-A, Class A3, 0.68%, 12/20/23(1) | 1,000 | 1,005,244 | |
Series 2020-A, Class C, 1.68%, 2/20/24(1) | 2,000 | 2,021,797 |
Security | Principal Amount (000's omitted) | Value | |
Tesla Auto Lease Trust: (continued) | |||
Series 2020-A, Class D, 2.33%, 2/20/24(1) | $ | 1,695 | $ 1,721,779 |
Series 2020-A, Class E, 4.64%, 8/20/24(1) | 973 | 1,010,415 | |
Vivint Solar Financing V LLC, Series 2018-1A, Class A, 4.73%, 4/30/48(1) | 1,452 | 1,501,881 | |
Vivint Solar Financing VII, LLC, Series 2020-1A, Class A, 2.21%, 7/31/51(1) | 3,285 | 3,309,808 | |
Total Asset-Backed Securities (identified cost $70,441,374) | $ 71,936,448 |
Collateralized Mortgage-Backed Obligations — 9.0% |
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 | $ 4,446,453 |
Series KG03, Class A2, 1.297%, 6/25/30(3) | 1,360 | 1,384,276 | |
Federal National Mortgage Association: | |||
Series 2017-M2, Class A1, 2.801%, 2/25/27(3) | 318 | 328,740 | |
Series 2017-M13, Class A2, 2.939%, 9/25/27(3) | 4,150 | 4,708,296 | |
Series 2018-M4, Class A2, 3.045%, 3/25/28(3) | 4,167 | 4,770,002 | |
Series 2018-M8, Class A2, 3.325%, 6/25/28(3) | 923 | 1,073,663 | |
Series 2018-M13, Class A2, 3.697%, 9/25/30(3) | 2,420 | 2,964,855 | |
Series 2019-M1, Class A2, 3.555%, 9/25/28(3) | 5,005 | 5,958,675 | |
Series 2019-M9, Class A2, 2.937%, 4/25/29 | 2,455 | 2,780,779 | |
Series 2019-M22, Class A2, 2.522%, 8/25/29 | 12,800 | 14,143,748 | |
Series 2020-M1, Class A2, 2.444%, 10/25/29 | 7,842 | 8,479,134 | |
Series 2020-M20, Class A2, 1.435%, 10/25/29 | 4,250 | 4,372,833 | |
Total Collateralized Mortgage-Backed Obligations (identified cost $50,567,317) | $ 55,411,454 |
Corporate Bonds — 60.0% |
Security | Principal Amount (000's omitted)* | Value | |
Basic Materials — 1.2% | |||
LG Chem, Ltd.: | |||
3.25%, 10/15/24(1) | 1,550 | $ 1,670,452 | |
3.625%, 4/15/29(1) | 5,125 | 5,688,815 | |
$ 7,359,267 |
Security | Principal Amount (000's omitted)* | Value | |
Communications — 1.7% | |||
Verizon Communications, Inc.: | |||
1.50%, 9/18/30 | 8,484 | $ 8,468,004 | |
3.875%, 2/8/29 | 1,480 | 1,752,667 | |
$ 10,220,671 | |||
Consumer, Cyclical — 0.3% | |||
Toyota Motor Credit Corp., 2.15%, 2/13/30 | 1,500 | $ 1,583,142 | |
$ 1,583,142 | |||
Consumer, Non-cyclical — 3.9% | |||
Coca-Cola Femsa SAB de CV, 1.85%, 9/1/32 | 3,470 | $ 3,482,266 | |
Conservation Fund (The), Green Bonds, 3.474%, 12/15/29 | 2,345 | 2,536,557 | |
Kaiser Foundation Hospitals, 3.15%, 5/1/27 | 1,208 | 1,354,413 | |
Koninklijke Philips NV, 0.50%, 5/22/26(4) | EUR | 9,350 | 11,234,205 |
PepsiCo, Inc., 2.875%, 10/15/49 | 5,200 | 5,598,104 | |
$ 24,205,545 | |||
Energy — 2.6% | |||
Hanwha Energy USA Holdings Corp., 2.375%, 7/30/22(1) | 2,500 | $ 2,571,300 | |
TerraForm Power Operating, LLC: | |||
4.75%, 1/15/30(1) | 11,700 | 12,457,107 | |
5.00%, 1/31/28(1) | 867 | 950,709 | |
$ 15,979,116 | |||
Financial — 26.8% | |||
Alexandria Real Estate Equities, Inc., 4.00%, 1/15/24 | 2,364 | $ 2,602,190 | |
Bank of America Corp.: | |||
2.456% to 10/22/24, 10/22/25(5) | 5,888 | 6,214,987 | |
3.499% to 5/17/21, 5/17/22(5) | 7,282 | 7,418,838 | |
Bank of Nova Scotia (The), 2.375%, 1/18/23 | 6,600 | 6,879,374 | |
Boston Properties, L.P., 3.40%, 6/21/29 | 2,700 | 2,942,241 | |
Citigroup, Inc.: | |||
0.50%, 1/29/22(4) | EUR | 14,064 | 16,636,666 |
1.678% to 5/15/23, 5/15/24(5) | 7,075 | 7,253,782 | |
Commonwealth Bank of Australia, 3.25%, 3/31/22 | AUD | 2,020 | 1,510,258 |
Credit Agricole Corporate & Investment Bank S.A., 0.924%, (3 mo. USD LIBOR + 0.625%), 10/3/21(6) | 9,556 | 9,556,205 | |
DBS Group Holdings Ltd., 0.865%, (3 mo. USD LIBOR + 0.62%), 7/25/22(1)(6) | 3,640 | 3,649,528 | |
Digital Dutch Finco BV, 1.50%, 3/15/30(4) | EUR | 1,500 | 1,840,312 |
Digital Euro Finco LLC, 2.50%, 1/16/26(4) | EUR | 8,700 | 11,218,641 |
HAT Holdings I, LLC/HAT Holdings II, LLC: | |||
3.75%, 9/15/30(1) | 3,562 | 3,588,715 | |
5.25%, 7/15/24(1) | 11,000 | 11,484,550 |
Security | Principal Amount (000's omitted)* | Value | |
Financial (continued) | |||
HAT Holdings I, LLC/HAT Holdings II, LLC: (continued) | |||
6.00%, 4/15/25(1) | 76 | $ 81,058 | |
ING Groep NV: | |||
1.40% to 7/1/25, 7/1/26(1)(5) | 7,600 | 7,697,339 | |
4.625%, 1/6/26(1) | 2,175 | 2,554,058 | |
JPMorgan Chase & Co., 0.653% to 9/16/23, 9/16/24(5)(7) | 12,500 | 12,509,264 | |
Kimco Realty Corp., 2.70%, 10/1/30 | 2,500 | 2,543,820 | |
Metropolitan Life Global Funding I, 0.95%, 7/2/25(1) | 5,200 | 5,252,311 | |
Mitsubishi UFJ Financial Group, Inc., 2.527%, 9/13/23 | 1,100 | 1,164,345 | |
National Australia Bank, Ltd., 3.625%, 6/20/23 | 1,867 | 2,026,037 | |
PNC Financial Services Group, Inc. (The), 2.20%, 11/1/24 | 8,000 | 8,481,593 | |
Prologis Euro Finance, LLC, 0.375%, 2/6/28 | EUR | 6,700 | 7,908,461 |
Prologis, L.P., 1.25%, 10/15/30 | 3,614 | 3,532,616 | |
Prudential Financial, Inc., 1.50%, 3/10/26(7) | 2,000 | 2,085,638 | |
Regency Centers, L.P., 3.75%, 6/15/24 | 1,500 | 1,596,052 | |
Royal Bank of Canada, 0.25%, 5/2/24(4) | EUR | 8,600 | 10,188,809 |
Welltower, Inc., 2.70%, 2/15/27 | 4,000 | 4,224,953 | |
$ 164,642,641 | |||
Government - Multinational — 4.6% | |||
Asian Development Bank: | |||
1.875%, 8/10/22 | 1,500 | $ 1,546,360 | |
2.125%, 3/19/25 | 750 | 808,236 | |
2.375%, 8/10/27 | 750 | 839,292 | |
3.125%, 9/26/28 | 800 | 951,523 | |
European Bank for Reconstruction & Development, 1.625%, 9/27/24 | 2,000 | 2,101,237 | |
European Investment Bank: | |||
1.00%, 11/14/42(4) | EUR | 3,400 | 4,845,877 |
2.375%, 5/24/27 | 3,965 | 4,424,915 | |
2.50%, 10/15/24 | 1,000 | 1,088,059 | |
International Bank for Reconstruction & Development: | |||
0.625%, 11/22/27 | EUR | 3,550 | 4,448,181 |
3.125%, 11/20/25 | 4,150 | 4,710,671 | |
International Finance Corp., 2.125%, 4/7/26 | 1,500 | 1,635,985 | |
Nordic Investment Bank, 2.25%, 9/30/21 | 950 | 969,506 | |
$ 28,369,842 | |||
Industrial — 3.4% | |||
Johnson Controls International plc/Tyco Fire & Security Finance SCA, 1.75%, 9/15/30(7) | 4,000 | $ 4,039,016 | |
Owens Corning, 3.95%, 8/15/29 | 10,632 | 12,056,574 |
Security | Principal Amount (000's omitted)* | Value | |
Industrial (continued) | |||
Xylem, Inc.: | |||
1.95%, 1/30/28 | 3,400 | $ 3,549,973 | |
2.25%, 1/30/31 | 1,071 | 1,137,770 | |
$ 20,783,333 | |||
Technology — 1.7% | |||
Apple, Inc., 0.50%, 11/15/31 | EUR | 7,238 | $ 8,804,862 |
NXP B.V./NXP Funding, LLC NXP USA, Inc., 3.40%, 5/1/30(1) | 1,411 | 1,547,878 | |
$ 10,352,740 | |||
Utilities — 13.8% | |||
Avangrid, Inc.: | |||
3.15%, 12/1/24 | 4,913 | $ 5,364,061 | |
3.80%, 6/1/29 | 7,600 | 8,786,170 | |
Brookfield Renewable Partners ULC, 3.33%, 8/13/50 | CAD | 4,000 | 2,979,866 |
Clearway Energy Operating, LLC, 4.75%, 3/15/28(1) | 2,047 | 2,125,687 | |
Consolidated Edison Co. of New York, Inc., 3.35%, 4/1/30 | 1,333 | 1,538,921 | |
Enel Finance International NV: | |||
1.00%, 9/16/24(4) | EUR | 4,250 | 5,183,175 |
1.125%, 9/16/26(4) | EUR | 4,100 | 5,103,581 |
Liberty Utilities Finance GP 1, 2.05%, 9/15/30(1) | 9,474 | 9,362,141 | |
MidAmerican Energy Co.: | |||
3.15%, 4/15/50 | 850 | 943,266 | |
3.65%, 8/1/48 | 3,570 | 4,221,650 | |
4.25%, 7/15/49 | 2,390 | 3,106,089 | |
NextEra Energy Operating Partners, L.P.: | |||
4.25%, 9/15/24(1) | 1,825 | 1,904,844 | |
4.50%, 9/15/27(1)(7) | 4,782 | 5,152,605 | |
Niagara Mohawk Power Corp., 1.96%, 6/27/30(1) | 3,782 | 3,897,009 | |
Northern States Power Co., 2.60%, 6/1/51 | 5,600 | 5,699,968 | |
NSTAR Electric Co., 3.25%, 5/15/29 | 2,500 | 2,855,893 | |
Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(1) | 5,914 | 6,146,579 | |
Public Service Co. of Colorado: | |||
3.20%, 3/1/50 | 4,500 | 5,116,737 | |
4.10%, 6/15/48 | 1,000 | 1,285,694 | |
Terraform Global Operating, LLC, 6.125%, 3/1/26(1) | 1,595 | 1,628,591 | |
Tucson Electric Power Co., 1.50%, 8/1/30 | 2,000 | 1,983,677 | |
$ 84,386,204 | |||
Total Corporate Bonds (identified cost $347,247,168) | $ 367,882,501 |
High Social Impact Investments — 0.2% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(8)(9) | $ | 1,196 | $ 1,189,991 |
Total High Social Impact Investments (identified cost $1,196,055) | $ 1,189,991 |
Preferred Stocks — 0.8% |
Security | Shares | Value | |
Real Estate Management & Development — 0.8% | |||
Brookfield Property Partners, L.P.: | |||
Series A, 5.75% | 92,000 | $ 1,644,040 | |
Series A2, 6.375%(7) | 169,100 | 3,353,253 | |
Total Preferred Stocks (identified cost $6,575,394) | $ 4,997,293 |
Sovereign Government Bonds — 9.3% |
Security | Principal Amount (000's omitted)* | Value | |
Chile Government International Bond, 2.55%, 1/27/32 | 1,500 | $ 1,586,250 | |
French Republic Government Bond OAT, 1.75%, 6/25/39(1)(4) | EUR | 12,090 | 18,525,214 |
Kreditanstalt fuer Wiederaufbau: | |||
0.75%, 9/30/30 | 3,034 | 3,015,659 | |
1.75%, 9/14/29(7) | 2,200 | 2,387,847 | |
Municipality Finance PLC: | |||
0.05%, 9/6/29(4) | EUR | 3,750 | 4,512,649 |
1.375%, 9/21/21(1) | 3,500 | 3,537,940 | |
Nacional Financiera SNC, 3.375%, 11/5/20(1) | 750 | 752,138 | |
Nederlandse Waterschapsbank NV: | |||
1.00%, 5/28/30(1) | 2,400 | 2,408,851 | |
2.375%, 3/24/26(1) | 1,700 | 1,862,770 | |
3.125%, 12/5/22(1) | 500 | 530,680 | |
Province of Ontario Canada: | |||
1.95%, 1/27/23 | CAD | 3,200 | 2,489,346 |
2.65%, 2/5/25 | CAD | 5,000 | 4,076,377 |
South Coast British Columbia Transportation Authority, 2.65%, 10/29/50 | CAD | 5,490 | 4,425,190 |
Sweden Government International Bond, 0.125%, 9/9/30(1) | SEK | 61,500 | 7,006,455 |
Total Sovereign Government Bonds (identified cost $53,017,876) | $ 57,117,366 |
Taxable Municipal Obligations — 4.6% |
Security | Principal Amount (000's omitted) | Value | |
General Obligations — 1.5% | |||
Massachusetts, Green Bonds, 3.277%, 6/1/46 | $ | 8,240 | $ 9,308,151 |
$ 9,308,151 | |||
Water and Sewer — 3.1% | |||
District of Columbia Water & Sewer Authority, Green Bonds, 4.814%, 10/1/2114 | $ | 1,665 | $ 2,499,681 |
Massachusetts Water Pollution Abatement Trust, 5.192%, 8/1/40(10) | 150 | 183,548 | |
Narragansett Bay Commission, RI, Wastewater System Revenue, Green Bonds: | |||
2.094%, 9/1/30 | 620 | 652,711 | |
2.184%, 9/1/31 | 500 | 516,765 | |
2.264%, 9/1/32 | 445 | 458,915 | |
2.344%, 9/1/33 | 1,445 | 1,491,139 | |
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.882%, 6/15/44(10) | 605 | 969,192 | |
San Diego County Water Authority, CA, Green Bonds, 1.951%, 5/1/34 | 635 | 642,442 | |
San Francisco City and County Public Utilities Commission, CA, Water Revenue, Green Bonds, 3.303%, 11/1/39 | 10,705 | 11,571,142 | |
$ 18,985,535 | |||
Total Taxable Municipal Obligations (identified cost $25,553,348) | $ 28,293,686 |
U.S. Government Agencies and Instrumentalities — 2.1% |
Security | Principal Amount (000's omitted) | Value | |
U.S. International Development Finance Corp.: | |||
1.79%, 10/15/29 | $ | 4,430 | $ 4,683,031 |
2.36%, 10/15/29 | 2,870 | 3,134,738 | |
3.16%, 6/1/33 | 173 | 200,205 | |
3.22%, 9/15/29 | 701 | 794,008 | |
3.52%, 9/20/32 | 3,256 | 3,808,376 | |
Total U.S. Government Agencies and Instrumentalities (identified cost $11,429,525) | $ 12,620,358 |
U.S. Government Agency Mortgage-Backed Securities — 0.7% |
Security | Principal Amount (000's omitted) | Value | |
Federal National Mortgage Association: | |||
Pool #AN1879, 2.65%, with maturity at 6/1/26 | $ | 1,853 | $ 2,028,859 |
Pool #AN1909, 2.68%, with maturity at 7/1/26 | 2,000 | 2,202,179 | |
Total U.S. Government Agency Mortgage-Backed Securities (identified cost $3,907,780) | $ 4,231,038 |
Short-Term Investments — 0.9% | |||
Other — 0.5% | |||
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.13%(11) | 3,018,762 | $ 3,019,064 | |
Total Other (identified cost $3,019,064) | $ 3,019,064 | ||
Securities Lending Collateral — 0.4% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%(12) | 2,339,550 | $ 2,339,550 | |
Total Securities Lending Collateral (identified cost $2,339,550) | $ 2,339,550 | ||
Total Short-Term Investments (identified cost $5,358,614) | $ 5,358,614 | ||
Total Investments — 99.3% (identified cost $575,294,451) | $ 609,038,749 | ||
Other Assets, Less Liabilities — 0.7% | $ 4,308,889 | ||
Net Assets — 100.0% | $ 613,347,638 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
* | In U.S. dollars unless otherwise indicated. | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2020, the aggregate value of these securities is $195,971,772 or 32.0% of the Fund's net assets. | |
(2) | When-issued security. | |
(3) | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2020. |
(4) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At September 30, 2020, the aggregate value of these securities is $89,289,129 or 14.6% of the Fund's net assets. |
(5) | Security converts to variable rate after the indicated fixed-rate coupon period. |
(6) | Variable rate security. The stated interest rate represents the rate in effect at September 30, 2020. |
(7) | All or a portion of this security was on loan at September 30, 2020. The aggregate market value of securities on loan at September 30, 2020 was $6,874,641. |
(8) | Affiliated company (see Note 8). |
(9) | Restricted security. Total market value of restricted securities amounts to $1,189,991, which represents 0.2% of the net assets of the Fund as of September 30, 2020. |
(10) | 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. |
(11) | Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2020. |
(12) | Represents investment of cash collateral received in connection with securities lending. |
Country Allocation (% of Total Investments) | |
United States | 73.3% |
Canada | 5.1 |
Netherlands | 4.6 |
France | 4.6 |
Other (less than 3.0% each) | 12.4 |
Total | 100.0% |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 1,559,171 | AUD | 2,144,812 | State Street Bank and Trust Company | 11/30/20 | $ 22,723 | $ — |
USD | 10,708,791 | CAD | 14,038,675 | State Street Bank and Trust Company | 11/30/20 | 163,813 | — |
USD | 3,047,615 | CAD | 4,058,681 | State Street Bank and Trust Company | 11/30/20 | — | (1,013) |
USD | 110,826,237 | EUR | 93,586,167 | State Street Bank and Trust Company | 11/30/20 | 967,205 | — |
USD | 7,121,257 | SEK | 61,714,020 | State Street Bank and Trust Company | 11/30/20 | 226,150 | — |
$1,379,891 | $(1,013) |
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) |
Interest Rate Futures | |||||
U.S. 2-Year Treasury Note | 41 | Long | 12/31/20 | $ 9,059,398 | $ 3,455 |
U.S. Ultra-Long Treasury Bond | 10 | Long | 12/21/20 | 2,218,125 | (16,191) |
U.S. 5-Year Treasury Note | (40) | Short | 12/31/20 | (5,041,250) | (2,881) |
U.S. Long Treasury Bond | (57) | Short | 12/21/20 | (10,048,031) | 33,292 |
U.S. Ultra 10-Year Treasury Note | (208) | Short | 12/21/20 | (33,263,750) | (56,785) |
$(39,110) |
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 |
SEK | – Swedish Krona |
USD | – United States Dollar |
September 30, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $571,079,332) - including $6,874,641 of securities on loan | $ 604,829,694 |
Investments in securities of affiliated issuers, at value (identified cost $4,215,119) | 4,209,055 |
Receivable for variation margin on open futures contracts | 137,549 |
Receivable for open forward foreign currency exchange contracts | 1,379,891 |
Cash | 2,020,329 |
Deposits at broker for futures contracts | 737,392 |
Deposits for derivatives collateral - forward foreign currency exchange contracts | 1,340,000 |
Cash denominated in foreign currency, at value (cost $23,506) | 23,511 |
Receivable for investments sold | 5,394,105 |
Receivable for capital shares sold | 4,161,682 |
Interest receivable | 3,064,449 |
Dividends and interest receivable - affiliated | 15,535 |
Securities lending income receivable | 241 |
Receivable from affiliate | 36,082 |
Directors' deferred compensation plan | 80,217 |
Total assets | $627,429,732 |
Liabilities | |
Cash collateral due to broker | $ 1,340,000 |
Payable for open forward foreign currency exchange contracts | 1,013 |
Payable for investments purchased | 8,305,749 |
Payable for when-issued securities | 1,330,630 |
Payable for capital shares redeemed | 276,343 |
Distributions payable | 26,318 |
Deposits for securities loaned | 2,339,550 |
Payable to affiliates: | |
Investment advisory fee | 122,313 |
Administrative fee | 58,710 |
Distribution and service fees | 15,851 |
Sub-transfer agency fee | 6,896 |
Directors' deferred compensation plan | 80,217 |
Accrued expenses | 178,504 |
Total liabilities | $ 14,082,094 |
Net Assets | $613,347,638 |
Sources of Net Assets | |
Paid-in capital | $ 584,543,926 |
Distributable earnings | 28,803,712 |
Total | $613,347,638 |
Class A Shares | |
Net Assets | $ 77,990,912 |
Shares Outstanding | 4,767,856 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 16.36 |
Maximum Offering Price Per Share (100 ÷ 96.25 of net asset value per share) | $ 17.00 |
September 30, 2020 | |
Class I Shares | |
Net Assets | $532,148,520 |
Shares Outstanding | 32,487,915 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 16.38 |
Class R6 Shares | |
Net Assets | $ 3,208,206 |
Shares Outstanding | 195,751 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 16.39 |
Year Ended | |
September 30, 2020 | |
Investment Income | |
Dividend income | $ 350,595 |
Dividend income - affiliated issuers | 6,827 |
Interest and other income | 11,248,075 |
Interest income - affiliated issuers | 14,641 |
Securities lending income, net | 4,619 |
Total investment income | $11,624,757 |
Expenses | |
Investment advisory fee | $ 1,169,611 |
Administrative fee | 561,413 |
Distribution and service fees: | |
Class A | 169,309 |
Directors' fees and expenses | 19,356 |
Custodian fees | 19,560 |
Transfer agency fees and expenses | 405,839 |
Accounting fees | 109,055 |
Professional fees | 46,644 |
Registration fees | 107,139 |
Reports to shareholders | 27,550 |
Miscellaneous | 54,628 |
Total expenses | $ 2,690,104 |
Waiver and/or reimbursement of expenses by affiliate | $ (268,226) |
Reimbursement of expenses - other | (5,648) |
Net expenses | $ 2,416,230 |
Net investment income | $ 9,208,527 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ 3,254,226 |
Investment securities - affiliated issuers | 3,481 |
Futures contracts | (4,504,476) |
Foreign currency transactions | (28,818) |
Forward foreign currency exchange contracts | (4,896,490) |
Net realized loss | $ (6,172,077) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 21,883,045 |
Investment securities - affiliated issuers | (5,270) |
Futures contracts | (127,411) |
Foreign currency | 19,432 |
Forward foreign currency exchange contracts | 428,931 |
Net change in unrealized appreciation (depreciation) | $22,198,727 |
Net realized and unrealized gain | $16,026,650 |
Net increase in net assets from operations | $25,235,177 |
Year Ended September 30, | ||
2020 | 2019 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 9,208,527 | $ 5,638,916 |
Net realized gain (loss) | (6,172,077) | 1,294,743 |
Net change in unrealized appreciation (depreciation) | 22,198,727 | 15,872,750 |
Net increase in net assets from operations | $ 25,235,177 | $ 22,806,409 |
Distributions to shareholders: | ||
Class A | $ (1,392,425) | $ (1,080,665) |
Class I | (9,054,002) | (4,552,457) |
Class R6 | (22,346) | (5,324) |
Total distributions to shareholders | $ (10,468,773) | $ (5,638,446) |
Capital share transactions: | ||
Class A | $ 17,390,289 | $ 12,395,417 |
Class I | 233,793,006 | 158,968,614 |
Class R6 | 2,598,426 | 560,126 (1) |
Net increase in net assets from capital share transactions | $253,781,721 | $171,924,157 |
Net increase in net assets | $268,548,125 | $189,092,120 |
Net Assets | ||
At beginning of year | $ 344,799,513 | $ 155,707,393 |
At end of year | $613,347,638 | $344,799,513 |
(1) | For the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
Class A | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 15.87 | $ 14.82 | $ 15.32 | $ 15.64 | $ 15.14 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.28 | $ 0.34 | $ 0.27 | $ 0.26 | $ 0.25 |
Net realized and unrealized gain (loss) | 0.55 | 1.05 | (0.39) | (0.16) | 0.53 |
Total income (loss) from operations | $ 0.83 | $ 1.39 | $ (0.12) | $ 0.10 | $ 0.78 |
Less Distributions | |||||
From net investment income | $ (0.32) | $ (0.34) | $ (0.27) | $ (0.26) | $ (0.25) |
From net realized gain | (0.02) | — | (0.11) | (0.16) | (0.03) |
Total distributions | $ (0.34) | $ (0.34) | $ (0.38) | $ (0.42) | $ (0.28) |
Net asset value — End of year | $ 16.36 | $ 15.87 | $ 14.82 | $ 15.32 | $ 15.64 |
Total Return(2) | 5.27% | 9.53% | (0.80)% | 0.71% | 5.21% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $77,991 | $58,422 | $42,611 | $38,011 | $28,987 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.79% | 0.86% | 0.99% | 1.04% | 1.12% |
Net expenses | 0.73% | 0.77% | 0.85% | 0.88% | 0.88% |
Net investment income | 1.77% | 2.21% | 1.83% | 1.71% | 1.64% |
Portfolio Turnover | 26% | 21% | 16% | 43% | 243% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class I | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 15.89 | $ 14.83 | $ 15.32 | $ 15.63 | $ 15.13 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.32 | $ 0.38 | $ 0.33 | $ 0.32 | $ 0.31 |
Net realized and unrealized gain (loss) | 0.55 | 1.06 | (0.40) | (0.15) | 0.53 |
Total income (loss) from operations | $ 0.87 | $ 1.44 | $ (0.07) | $ 0.17 | $ 0.84 |
Less Distributions | |||||
From net investment income | $ (0.36) | $ (0.38) | $ (0.31) | $ (0.32) | $ (0.31) |
From net realized gain | (0.02) | — | (0.11) | (0.16) | (0.03) |
Total distributions | $ (0.38) | $ (0.38) | $ (0.42) | $ (0.48) | $ (0.34) |
Net asset value — End of year | $ 16.38 | $ 15.89 | $ 14.83 | $ 15.32 | $ 15.63 |
Total Return(2) | 5.53% | 9.84% | (0.48)% | 1.15% | 5.60% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $532,149 | $285,796 | $113,097 | $23,641 | $23,908 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.54% | 0.61% | 0.74% | 0.68% | 0.67% |
Net expenses | 0.48% | 0.48% | 0.50% | 0.50% | 0.50% |
Net investment income | 2.00% | 2.47% | 2.24% | 2.09% | 2.01% |
Portfolio Turnover | 26% | 21% | 16% | 43% | 243% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class R6 | ||
Year Ended September 30, | Period Ended September 30, | |
2020 | 2019 (1) | |
Net asset value — Beginning of period | $ 15.90 | $ 15.01 |
Income (Loss) From Operations | ||
Net investment income(2) | $ 0.32 | $ 0.26 |
Net realized and unrealized gain | 0.55 | 0.89 |
Total income from operations | $ 0.87 | $ 1.15 |
Less Distributions | ||
From net investment income | $ (0.36) | $ (0.26) |
From net realized gain | (0.02) | — |
Total distributions | $ (0.38) | $ (0.26) |
Net asset value — End of period | $16.39 | $15.90 |
Total Return(3) | 5.58% | 7.68% (4) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $ 3,208 | $ 581 |
Ratios (as a percentage of average daily net assets):(5) | ||
Total expenses | 0.49% | 0.54% (6) |
Net expenses | 0.43% | 0.43% (6) |
Net investment income | 1.99% | 2.49% (6) |
Portfolio Turnover | 26% | 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. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Asset-Backed Securities | $ — | $ 71,936,448 | $ — | $ 71,936,448 |
Collateralized Mortgage-Backed Obligations | — | 55,411,454 | — | 55,411,454 |
Corporate Bonds | — | 367,882,501 | — | 367,882,501 |
High Social Impact Investments | — | 1,189,991 | — | 1,189,991 |
Preferred Stocks | 4,997,293 | — | — | 4,997,293 |
Sovereign Government Bonds | — | 57,117,366 | — | 57,117,366 |
Taxable Municipal Obligations | — | 28,293,686 | — | 28,293,686 |
U.S. Government Agencies and Instrumentalities | — | 12,620,358 | — | 12,620,358 |
U.S. Government Agency Mortgage-Backed Securities | — | 4,231,038 | — | 4,231,038 |
Short-Term Investments: | ||||
Other | — | 3,019,064 | — | 3,019,064 |
Securities Lending Collateral | 2,339,550 | — | — | 2,339,550 |
Total Investments | $7,336,843 | $601,701,906 | $ — | $609,038,749 |
Forward Foreign Currency Exchange Contracts | $ — | $ 1,379,891 | $ — | $ 1,379,891 |
Futures Contracts | 36,747 | — | — | 36,747 |
Total | $7,373,590 | $603,081,797 | $ — | $610,455,387 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $ (1,013) | $ — | $ (1,013) |
Futures Contracts | (75,857) | — | — | (75,857) |
Total | $ (75,857) | $ (1,013) | $ — | $ (76,870) |
Year Ended September 30, | ||
2020 | 2019 | |
Ordinary income | $10,365,628 | $5,638,446 |
Long-term capital gains | $ 103,145 | $ — |
Undistributed ordinary income | $ 1,024,079 |
Post October capital losses | $ (1,575,325) |
Net unrealized appreciation | $29,381,276 |
Distributions payable | $ (26,318) |
Aggregate cost | $579,672,659 |
Gross unrealized appreciation | $ 31,680,645 |
Gross unrealized depreciation | (2,314,555) |
Net unrealized appreciation | $ 29,366,090 |
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 | $ 1,379,891 | $ (1,013) |
Interest rate | Futures contracts | Distributable earnings | 36,747 (1) | (75,857) (1) |
Total | $1,416,638 | $(76,870) | ||
Derivatives not subject to master netting agreement | $ 36,747 | $(75,857) | ||
Total Derivatives subject to master netting agreement | $1,379,891 | $ (1,013) |
(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) | Total Cash Collateral Received |
State Street Bank and Trust Company | $1,379,891 | $(1,013) | $ — | $(1,340,000) | $38,878 | $1,340,000 |
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) | Total Cash Collateral Pledged |
State Street Bank and Trust Company | $(1,013) | $1,013 | $ — | $ — | $ — | $ — |
(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(1) | $ — | $ (24,313) | $ (24,313) |
Forward foreign currency exchange contracts | (4,896,490) | — | (4,896,490) |
Futures contracts | — | (4,504,476) | (4,504,476) |
Total | $(4,896,490) | $(4,528,789) | $(9,425,279) |
Change in unrealized appreciation (depreciation): | |||
Forward foreign currency exchange contracts | $ 428,931 | $ — | $ 428,931 |
Futures contracts | — | (127,411) | (127,411) |
Total | $ 428,931 | $ (127,411) | $ 301,520 |
(1) | Relates to purchased options. |
Futures Contracts — Long | Futures Contracts — Short | Forward Foreign Currency Exchange Contracts* |
$13,453,000 | $34,028,000 | $108,196,000 |
* | 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 | |
Corporate Bonds | $ 2,226,150 | $ — | $ — | $ — | $ 2,226,150 |
Preferred Stocks | 113,400 | — | — | — | 113,400 |
Total | $2,339,550 | $ — | $ — | $ — | $2,339,550 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, 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 | — | — | (6,064) | 1,189,991 | 14,203 | 1,196,055 |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | — | 108,443,101 | (105,427,518) | 3,481 | — | 3,019,064 | 6,827 | 3,018,762 |
Totals | $3,481 | $ (5,270) | $4,209,055 | $21,468 |
(1) | Restricted security. |
Year Ended September 30, 2020 | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 2,062,278 | $ 32,912,680 | 1,398,702 | $ 21,394,507 | |
Reinvestment of distributions | 82,759 | 1,321,476 | 66,735 | 1,020,393 | |
Shares redeemed | (1,058,461) | (16,843,867) | (660,326) | (10,019,483) | |
Net increase | 1,086,576 | $ 17,390,289 | 805,111 | $ 12,395,417 | |
Class I | |||||
Shares sold | 19,929,297 | $ 319,155,887 | 12,333,822 | $ 189,249,815 | |
Reinvestment of distributions | 547,153 | 8,759,879 | 281,533 | 4,331,692 | |
Shares redeemed | (5,971,478) | (94,122,760) | (2,258,110) | (34,612,893) | |
Net increase | 14,504,972 | $233,793,006 | 10,357,245 | $158,968,614 | |
Class R6 | |||||
Shares sold | 198,342 | $ 3,220,456 | 63,941 | $ 993,091 | |
Reinvestment of distributions | 1,195 | 19,204 | 337 | 5,324 | |
Shares redeemed | (40,354) | (641,234) | (27,710) | (438,289) | |
Net increase | 159,183 | $ 2,598,426 | 36,568 | $ 560,126 |
(1) | For Class R6, for the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
Calvert Impact Fund, Inc.:
November 20, 2020
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Interested Director | ||||
John H. Streur(1) 1960 | Director & President | 2015 | President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015 - December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015 - December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015 - April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc. | |
Independent Directors | ||||
Richard L. Baird, Jr. 1948 | Director | 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None. | |
Alice Gresham Bullock 1950 | Chair & Director | 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None. | |
Cari M. Dominguez 1949 | Director | 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors. | |
John G. Guffey, Jr.(2) 1948 | Director | 2005 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. | |
Miles D. Harper, III 1962 | Director | 2000 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), (November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management). | |
Joy V. Jones 1950 | Director | 2000 | Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation. |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Independent Directors (continued) | ||||
Anthony A. Williams 1951 | Director | 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization). |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) During Past Five Years | |
Principal Officers who are not Directors | ||||
Hope L. Brown 1973 | Chief Compliance Officer | 2014 | Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). | |
Maureen A. Gemma(3) 1960 | Secretary, Vice President and Chief Legal Officer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
James F. Kirchner(3) 1967 | Treasurer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
(1) Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | ||||
(2) Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019. | ||||
(3) The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110. |
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Global Water Fund
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 05/31/2007 | 05/31/2007 | 36.12% | 11.74% | 2.30% |
Class A with 4.75% Maximum Sales Charge | — | — | 29.70 | 10.65 | 1.80 |
Class C at NAV | 07/31/2007 | 05/31/2007 | 35.03 | 10.89 | 1.40 |
Class C with 1% Maximum Sales Charge | — | — | 34.03 | 10.89 | 1.40 |
Class I at NAV | 05/31/2007 | 05/31/2007 | 36.40 | 12.10 | 2.72 |
MSCI ACWI Index | — | — | 10.44% | 10.29% | 8.54% |
Calvert Global Energy Research Spliced Benchmark | — | — | 37.45 | 13.77 | 4.21 |
Calvert Global Energy Research Index | — | — | 37.45 | — | — |
Ardour Global Alternative Energy Index | — | — | 81.58 | 21.01 | 7.47 |
% 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 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 09/30/2010 | $11,494 | N.A. |
Class I | $250,000 | 09/30/2010 | $326,890 | N.A. |
Top 10 Holdings (% of net assets)* | |
Xinyi Solar Holdings, Ltd. | 1.5% |
Infineon Technologies AG | 1.4 |
SolarEdge Technologies, Inc. | 1.4 |
Delta Electronics, Inc. | 1.3 |
Universal Display Corp. | 1.3 |
Umicore S.A. | 1.1 |
Power Integrations, Inc. | 1.1 |
Sino-American Silicon Products, Inc. | 1.0 |
First Solar, Inc. | 1.0 |
Livent Corp. | 1.0 |
Total | 12.1% |
* | Excludes cash and cash equivalents. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 09/30/2008 | 09/30/2008 | 5.57% | 8.48% | 7.32% |
Class A with 4.75% Maximum Sales Charge | — | — | 0.56 | 7.44 | 6.79 |
Class C at NAV | 09/30/2008 | 09/30/2008 | 4.75 | 7.69 | 6.46 |
Class C with 1% Maximum Sales Charge | — | — | 3.75 | 7.69 | 6.46 |
Class I at NAV | 01/31/2014 | 09/30/2008 | 5.83 | 8.85 | 7.60 |
MSCI ACWI Index | — | — | 10.44% | 10.29% | 8.54% |
Calvert Global Water Research Spliced Benchmark | — | — | 6.72 | 11.01 | 9.30 |
Calvert Global Water Research Index | — | — | 6.72 | — | — |
S-Network Global Water Index | — | — | 2.84 | 11.01 | 9.30 |
% 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 |
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 09/30/2010 | $18,706 | N.A. |
Class I | $250,000 | 09/30/2010 | $520,454 | N.A. |
Top 10 Holdings (% of net assets)* | |
Ecolab, Inc. | 2.2% |
Xylem, Inc. | 2.0 |
IDEX Corp. | 1.9 |
LIXIL Group Corp. | 1.8 |
Pentair PLC | 1.8 |
Tetra Tech, Inc. | 1.7 |
Kurita Water Industries, Ltd. | 1.7 |
Rexnord Corp. | 1.7 |
Watts Water Technologies, Inc., Class A | 1.6 |
Badger Meter, Inc. | 1.6 |
Total | 18.0% |
* | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | MSCI 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. |
Additional Information | |
MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq's third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. |
Beginning Account Value (4/1/20) | Ending Account Value (9/30/20) | Expenses Paid During Period* (4/1/20 – 9/30/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,592.70 | $ 8.04** | 1.24% |
Class C | $1,000.00 | $1,587.20 | $12.87 ** | 1.99% |
Class I | $1,000.00 | $1,595.40 | $ 6.42** | 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 March 31, 2020. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Beginning Account Value (4/1/20) | Ending Account Value (9/30/20) | Expenses Paid During Period* (4/1/20 – 9/30/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,264.30 | $ 7.02** | 1.24% |
Class C | $1,000.00 | $1,259.70 | $11.24 ** | 1.99% |
Class I | $1,000.00 | $1,266.20 | $ 5.61** | 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 March 31, 2020. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Common Stocks — 99.2% |
Security | Shares | Value | |
Australia — 0.5% | |||
AusNet Services(1) | 456,334 | $ 616,020 | |
$ 616,020 | |||
Austria — 0.6% | |||
Verbund AG | 13,483 | $ 736,337 | |
$ 736,337 | |||
Belgium — 1.1% | |||
Umicore S.A. | 30,869 | $ 1,283,981 | |
$ 1,283,981 | |||
Brazil — 0.9% | |||
Omega Geracao S.A.(2) | 85,900 | $ 559,981 | |
Sao Martinho S.A. | 134,352 | 521,054 | |
$ 1,081,035 | |||
Canada — 4.0% | |||
Boralex, Inc., Class A | 27,371 | $ 791,191 | |
Brookfield Renewable Partners L.P. | 17,541 | 921,780 | |
Canadian Solar, Inc.(1)(2) | 20,154 | 707,405 | |
Innergex Renewable Energy, Inc. | 40,009 | 722,929 | |
Northland Power, Inc.(1) | 27,244 | 824,143 | |
TransAlta Renewables, Inc.(1) | 52,206 | 655,932 | |
$ 4,623,380 | |||
China — 5.6% | |||
BYD Co., Ltd., Class H(1) | 68,500 | $ 1,104,646 | |
China Everbright Environment Group, Ltd. | 1,130,037 | 646,083 | |
China Longyuan Power Group Corp., Ltd., Class H | 1,080,000 | 678,563 | |
Xinjiang Goldwind Science & Technology Co., Ltd., Class H | 1,190,500 | 1,047,452 | |
Xinyi Solar Holdings, Ltd. | 1,070,000 | 1,705,846 | |
Yadea Group Holdings, Ltd.(2)(3) | 524,000 | 773,874 | |
Zhuzhou CRRC Times Electric Co., Ltd., Class H | 176,800 | 594,053 | |
$ 6,550,517 | |||
Denmark — 2.6% | |||
Novozymes A/S, Class B | 12,106 | $ 760,891 | |
Orsted A/S(3) | 4,410 | 607,609 | |
Rockwool International A/S, Class B | 1,745 | 669,548 | |
Vestas Wind Systems A/S | 6,028 | 974,164 | |
$ 3,012,212 | |||
Finland — 1.1% | |||
Metsa Board Oyj | 75,569 | $ 623,160 | |
Neste Oyj | 11,654 | 613,696 | |
$ 1,236,856 |
Security | Shares | Value | |
France — 4.7% | |||
Albioma S.A. | 11,761 | $ 611,560 | |
Cie de Saint-Gobain(2) | 18,765 | 786,012 | |
Danone S.A. | 9,347 | 605,452 | |
Engie S.A.(2) | 44,188 | 590,506 | |
Legrand S.A. | 9,125 | 726,800 | |
Neoen S.A.(2)(3) | 12,365 | 665,391 | |
Nexans S.A.(2) | 11,097 | 641,104 | |
Schneider Electric SE | 6,825 | 848,340 | |
$ 5,475,165 | |||
Germany — 8.2% | |||
Bayerische Motoren Werke AG | 8,636 | $ 626,776 | |
Daimler AG | 12,241 | 660,341 | |
Deutsche Post AG | 13,704 | 621,827 | |
Encavis AG | 34,193 | 669,523 | |
Evonik Industries AG | 22,651 | 585,957 | |
Infineon Technologies AG | 59,337 | 1,672,460 | |
Nordex SE(2) | 80,290 | 1,037,038 | |
OSRAM Licht AG(2) | 10,824 | 645,292 | |
Siemens AG | 6,376 | 805,218 | |
Siemens Energy AG(2) | 3,188 | 85,969 | |
SMA Solar Technology AG(2) | 22,106 | 988,610 | |
Varta AG(1)(2) | 7,891 | 1,101,145 | |
$ 9,500,156 | |||
Greece — 0.5% | |||
Terna Energy S.A. | 40,721 | $ 545,199 | |
$ 545,199 | |||
Ireland — 1.2% | |||
CRH PLC | 16,613 | $ 602,409 | |
Kingspan Group PLC(2) | 8,513 | 774,736 | |
$ 1,377,145 | |||
Italy — 2.9% | |||
Enel SpA | 108,635 | $ 942,507 | |
ERG SpA | 24,109 | 606,336 | |
Falck Renewables SpA | 87,402 | 551,509 | |
Snam SpA | 120,049 | 617,384 | |
Terna Rete Elettrica Nazionale SpA | 85,012 | 594,812 | |
$ 3,312,548 | |||
Japan — 7.2% | |||
Daikin Industries, Ltd. | 4,300 | $ 794,529 | |
Ferrotec Holdings Corp.(1) | 119,000 | 1,025,499 | |
GS Yuasa Corp. | 65,400 | 1,130,150 | |
Hitachi Metals, Ltd.(1) | 41,900 | 646,102 | |
Meidensha Corp. | 62,900 | 968,982 |
Security | Shares | Value | |
Japan (continued) | |||
Mitsubishi Electric Corp. | 55,800 | $ 757,161 | |
Nidec Corp.(1) | 7,400 | 693,956 | |
Nippon Express Co., Ltd.(1) | 10,400 | 606,872 | |
Nissan Motor Co., Ltd.(2) | 151,400 | 535,441 | |
Sumitomo Chemical Co., Ltd. | 189,300 | 626,579 | |
Yokogawa Electric Corp. | 38,200 | 606,675 | |
$ 8,391,946 | |||
Netherlands — 0.6% | |||
Signify NV(2)(3) | 19,264 | $ 712,519 | |
$ 712,519 | |||
New Zealand — 1.8% | |||
Infratil, Ltd. | 204,774 | $ 678,569 | |
Mercury NZ, Ltd. | 195,242 | 660,655 | |
Meridian Energy, Ltd. | 217,207 | 714,366 | |
$ 2,053,590 | |||
Norway — 1.1% | |||
Norsk Hydro ASA(2) | 193,388 | $ 533,795 | |
Scatec Solar ASA(3) | 31,254 | 721,804 | |
$ 1,255,599 | |||
Portugal — 0.6% | |||
EDP Renovaveis S.A. | 41,146 | $ 683,053 | |
$ 683,053 | |||
Singapore — 0.9% | |||
City Developments, Ltd. | 104,300 | $ 587,154 | |
Maxeon Solar Technologies, Ltd.(2) | 23,987 | 406,819 | |
$ 993,973 | |||
South Korea — 1.9% | |||
Ecopro BM Co., Ltd. | 8,407 | $ 978,529 | |
LG Chem, Ltd. | 1,004 | 560,403 | |
LG Display Co., Ltd.(2) | 49,813 | 652,554 | |
$ 2,191,486 | |||
Spain — 3.7% | |||
Acciona S.A.(1) | 5,786 | $ 627,928 | |
Atlantica Sustainable Infrastructure PLC | 22,091 | 632,024 | |
Ence Energia y Celulosa S.A.(1)(2) | 167,396 | 428,852 | |
Iberdrola S.A. | 48,816 | 600,856 | |
Red Electrica Corp. S.A. | 32,138 | 602,759 | |
Siemens Gamesa Renewable Energy S.A. | 28,978 | 784,205 | |
Solaria Energia y Medio Ambiente S.A.(2) | 31,345 | 593,227 | |
$ 4,269,851 |
Security | Shares | Value | |
Sweden — 1.2% | |||
Fabege AB | 50,425 | $ 697,364 | |
Nibe Industrier AB, Class B(2) | 25,199 | 647,641 | |
$ 1,345,005 | |||
Switzerland — 2.1% | |||
ABB, Ltd. | 32,492 | $ 826,071 | |
Gurit Holding AG | 527 | 1,122,157 | |
Landis+Gyr Group AG(2) | 9,244 | 503,342 | |
$ 2,451,570 | |||
Taiwan — 6.4% | |||
Chroma ATE, Inc. | 113,000 | $ 602,335 | |
Delta Electronics, Inc. | 228,000 | 1,497,149 | |
Epistar Corp.(2) | 837,000 | 1,031,184 | |
Everlight Electronics Co., Ltd. | 822,000 | 1,059,168 | |
OptoTech Corp.(2) | 1,209,200 | 975,293 | |
Simplo Technology Co., Ltd. | 102,000 | 1,059,126 | |
Sino-American Silicon Products, Inc. | 352,000 | 1,185,811 | |
$ 7,410,066 | |||
Thailand — 1.4% | |||
BCPG PCL | 1,179,500 | $ 445,592 | |
CK Power PCL(2) | 2,852,500 | 524,390 | |
Energy Absolute PCL NVDR | 507,600 | 632,222 | |
$ 1,602,204 | |||
United Kingdom — 3.6% | |||
Croda International PLC | 7,864 | $ 634,355 | |
easyJet PLC(1) | 72,647 | 468,066 | |
John Laing Group PLC(3) | 161,177 | 650,482 | |
Johnson Matthey PLC | 20,923 | 635,807 | |
Linde PLC | 2,488 | 592,467 | |
Smart Metering Systems PLC | 71,875 | 603,663 | |
United Utilities Group PLC | 55,342 | 611,328 | |
$ 4,196,168 | |||
United States — 32.8% | |||
3M Co. | 3,778 | $ 605,160 | |
AAON, Inc. | 10,393 | 626,178 | |
Acuity Brands, Inc. | 5,891 | 602,944 | |
AES Corp. (The) | 35,202 | 637,508 | |
Alaska Air Group, Inc. | 15,813 | 579,230 | |
Alphabet, Inc., Class A(2) | 378 | 553,997 | |
Ameresco, Inc., Class A(2) | 15,180 | 507,012 | |
American Superconductor Corp.(2) | 49,769 | 720,655 | |
Aptiv PLC | 8,907 | 816,594 | |
BorgWarner, Inc. | 16,986 | 658,038 | |
Brookfield Renewable Corp., Class A | 14,208 | 832,589 |
Security | Shares | Value | |
United States (continued) | |||
Clearway Energy, Inc., Class C | 27,587 | $ 743,746 | |
Covanta Holding Corp. | 65,660 | 508,865 | |
Cree, Inc.(2) | 10,687 | 681,189 | |
Cummins, Inc. | 2,997 | 632,847 | |
Delphi Technologies PLC(2) | 31,917 | 533,333 | |
Eaton Corp. PLC | 7,937 | 809,812 | |
Emerson Electric Co. | 11,678 | 765,726 | |
EnerSys | 17,427 | 1,169,700 | |
Enphase Energy, Inc.(2) | 8,976 | 741,328 | |
Enviva Partners L.P. | 14,874 | 598,827 | |
First Solar, Inc.(2) | 17,853 | 1,181,869 | |
General Mills, Inc. | 9,631 | 594,040 | |
Gibraltar Industries, Inc.(2) | 9,440 | 614,922 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 14,728 | 622,553 | |
Ingersoll Rand, Inc.(2) | 20,628 | 734,357 | |
International Business Machines Corp. | 4,995 | 607,742 | |
Itron, Inc.(2) | 9,961 | 605,031 | |
Johnson Controls International PLC | 19,485 | 795,962 | |
Livent Corp.(1)(2) | 131,431 | 1,178,936 | |
Microsoft Corp. | 2,755 | 579,459 | |
NextEra Energy Partners, L.P. | 12,181 | 730,373 | |
NextEra Energy, Inc. | 2,206 | 612,297 | |
ON Semiconductor Corp.(2) | 32,789 | 711,193 | |
Ormat Technologies, Inc.(1) | 11,532 | 681,657 | |
Owens Corning | 10,105 | 695,325 | |
Plug Power, Inc.(1)(2) | 58,088 | 778,960 | |
Power Integrations, Inc. | 22,614 | 1,252,816 | |
Renewable Energy Group, Inc.(2) | 19,051 | 1,017,704 | |
Rockwell Automation, Inc. | 3,375 | 744,795 | |
SolarEdge Technologies, Inc.(2) | 6,612 | 1,575,970 | |
SunPower Corp.(1)(2) | 55,338 | 692,278 | |
Sunrun, Inc.(2) | 13,911 | 1,072,121 | |
Tenneco, Inc., Class A(1)(2) | 58,008 | 402,576 | |
Tesla, Inc.(2) | 1,985 | 851,585 | |
Trane Technologies PLC | 6,660 | 807,525 | |
Universal Display Corp. | 7,967 | 1,439,956 | |
Vivint Solar, Inc.(1)(2) | 21,210 | 898,243 | |
Waste Management, Inc. | 5,403 | 611,457 | |
Whirlpool Corp. | 3,515 | 646,373 | |
$ 38,063,353 | |||
Total Common Stocks (identified cost $90,315,072) | $ 114,970,934 |
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(4)(5) | $ | 264 | $ 262,231 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/20(5)(6) | 53 | 51,306 | |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20(5)(6) | 68 | 58,653 | |
Total High Social Impact Investments (identified cost $384,568) | $ 372,190 |
Short-Term Investments — 4.8% |
Other — 0.2% | |||
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.13%(7) | 258,604 | $ 258,630 | |
Total Other (identified cost $258,642) | $ 258,630 |
Securities Lending Collateral — 4.6% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%(8) | 5,381,289 | $ 5,381,289 | |
Total Securities Lending Collateral (identified cost $5,381,289) | $ 5,381,289 | ||
Total Short-Term Investments (identified cost $5,639,931) | $ 5,639,919 |
Total Investments — 104.3% (identified cost $96,339,571) | $ 120,983,043 | |
Other Assets, Less Liabilities — (4.3)% | $ (5,038,687) | |
Net Assets — 100.0% | $ 115,944,356 |
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 September 30, 2020. The aggregate market value of securities on loan at September 30, 2020 was $11,192,401. | |
(2) | Non-income producing security. | |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2020, the aggregate value of these securities is $4,131,679 or 3.6% of the Fund's net assets. |
(4) | Affiliated company (see Note 7). |
(5) | Restricted security. Total market value of restricted securities amounts to $372,190, which represents 0.3% of the net assets of the Fund as of September 30, 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 September 30, 2020. |
(7) | Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2020. |
(8) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Industrials | 32.6% |
Utilities | 22.9 |
Information Technology | 22.2 |
Materials | 9.3 |
Consumer Discretionary | 6.6 |
Energy | 1.9 |
Consumer Staples | 1.5 |
Real Estate | 1.1 |
Financials | 0.6 |
Communication Services | 0.5 |
High Social Impact Investments | 0.3 |
Total | 99.5% |
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, 2.07%, 11/3/20 | 11/13/15 | 53,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20 | 11/13/15 | 68,000 |
Abbreviations: | |
NVDR | – Non-Voting Depository Receipt |
PCL | – Public Company Limited |
Common Stocks — 99.1% |
Security | Shares | Value | |
Australia — 1.5% | |||
Reliance Worldwide Corp., Ltd. | 2,179,854 | $ 6,026,353 | |
$ 6,026,353 | |||
Brazil — 3.0% | |||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 560,164 | $ 4,649,361 | |
Cia de Saneamento de Minas Gerais | 442,964 | 3,685,911 | |
Cia de Saneamento do Parana, PFC Shares | 4,543,682 | 4,118,190 | |
$ 12,453,462 | |||
Canada — 2.1% | |||
Brookfield Renewable Partners, L.P. | 47,102 | $ 2,476,167 | |
Gildan Activewear, Inc. | 105,849 | 2,085,898 | |
Nutrien, Ltd.(1) | 56,118 | 2,200,384 | |
Stantec, Inc. | 65,145 | 1,978,005 | |
$ 8,740,454 | |||
Chile — 1.7% | |||
Aguas Andinas S.A., Class A | 13,531,422 | $ 3,790,373 | |
Inversiones Aguas Metropolitanas S.A. | 4,374,911 | 3,169,152 | |
$ 6,959,525 | |||
China — 4.7% | |||
Beijing Enterprises Water Group, Ltd. | 12,037,452 | $ 4,691,039 | |
China Everbright Environment Group, Ltd. | 3,553,666 | 2,031,758 | |
China Lesso Group Holdings, Ltd. | 1,976,578 | 3,589,729 | |
China Water Affairs Group, Ltd.(1) | 4,752,421 | 3,743,601 | |
Guangdong Investment, Ltd. | 3,275,427 | 5,207,870 | |
$ 19,263,997 | |||
Denmark — 0.5% | |||
Novozymes A/S, Class B | 35,704 | $ 2,244,081 | |
$ 2,244,081 | |||
Finland — 1.7% | |||
Kemira Oyj | 412,008 | $ 5,248,721 | |
Valmet Oyj | 73,232 | 1,806,424 | |
$ 7,055,145 | |||
France — 4.1% | |||
Accor S.A.(2) | 71,267 | $ 1,994,765 | |
Eurofins Scientific SE(2) | 2,629 | 2,082,606 | |
L'Oreal S.A. | 6,738 | 2,192,739 | |
Suez S.A. | 299,614 | 5,535,978 | |
Veolia Environnement S.A. | 232,629 | 5,019,220 | |
$ 16,825,308 |
Security | Shares | Value | |
Germany — 1.1% | |||
GEA Group AG | 60,177 | $ 2,108,493 | |
Henkel AG & Co. KGaA, PFC Shares | 21,145 | 2,211,480 | |
$ 4,319,973 | |||
Italy — 0.8% | |||
ACEA SpA | 157,755 | $ 3,317,862 | |
$ 3,317,862 | |||
Japan — 10.7% | |||
Ebara Corp. | 152,356 | $ 4,131,292 | |
Hitachi Zosen Corp. | 816,927 | 3,463,116 | |
Hulic Reit, Inc. | 1,562 | 2,070,158 | |
Kitz Corp.(1) | 502,300 | 2,863,103 | |
Kurita Water Industries, Ltd. | 206,742 | 6,836,688 | |
LIXIL Group Corp.(1) | 369,500 | 7,468,440 | |
METAWATER Co., Ltd. | 146,634 | 3,207,740 | |
Nihon Trim Co., Ltd. | 112,200 | 4,060,362 | |
Sekisui Chemical Co., Ltd. | 139,600 | 2,232,940 | |
TOTO, Ltd.(1) | 98,700 | 4,548,023 | |
Tsukishima Kikai Co., Ltd.(1) | 242,400 | 2,950,356 | |
$ 43,832,218 | |||
Netherlands — 1.5% | |||
Aalberts NV | 112,091 | $ 4,030,745 | |
Arcadis NV(2) | 89,072 | 1,933,265 | |
$ 5,964,010 | |||
Singapore — 0.5% | |||
City Developments, Ltd. | 369,400 | $ 2,079,526 | |
Hyflux, Ltd.(1)(2)(3) | 17,622,294 | 0 | |
$ 2,079,526 | |||
South Korea — 1.1% | |||
Coway Co., Ltd. | 33,262 | $ 2,262,198 | |
LG Chem, Ltd. | 3,646 | 2,035,087 | |
$ 4,297,285 | |||
Spain — 1.0% | |||
Acciona S.A.(1) | 18,352 | $ 1,991,659 | |
Iberdrola S.A. | 167,488 | 2,061,540 | |
$ 4,053,199 | |||
Switzerland — 4.6% | |||
Geberit AG | 8,478 | $ 5,015,788 | |
Georg Fischer AG | 4,106 | 4,263,637 | |
Roche Holding AG | 5,663 | 1,939,807 | |
SGS S.A. | 825 | 2,210,866 | |
Sika AG | 8,543 | 2,097,748 |
Security | Shares | Value | |
Switzerland (continued) | |||
Sulzer AG | 40,289 | $ 3,238,407 | |
$ 18,766,253 | |||
Taiwan — 0.6% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 154,294 | $ 2,321,209 | |
$ 2,321,209 | |||
Thailand — 1.5% | |||
TTW PCL, Foregin Shares | 8,998,300 | $ 3,587,128 | |
WHA Utilities and Power PCL, Foreign Shares | 23,562,400 | 2,657,966 | |
$ 6,245,094 | |||
United Kingdom — 9.0% | |||
CNH Industrial NV(1)(2) | 260,427 | $ 2,036,539 | |
Croda International PLC | 27,989 | 2,257,752 | |
Ferguson PLC | 50,059 | 5,037,458 | |
Halma PLC | 68,021 | 2,055,040 | |
Mondi PLC | 101,781 | 2,152,118 | |
Pennon Group PLC | 391,117 | 5,203,589 | |
Polypipe Group PLC(2) | 621,738 | 3,468,675 | |
Rotork PLC | 1,052,869 | 3,817,307 | |
Severn Trent PLC | 172,873 | 5,442,856 | |
United Utilities Group PLC | 488,714 | 5,398,518 | |
$ 36,869,852 | |||
United States — 47.4% | |||
Advanced Drainage Systems, Inc. | 70,314 | $ 4,390,406 | |
Aegion Corp.(2) | 190,163 | 2,687,003 | |
American States Water Co. | 63,526 | 4,761,274 | |
American Water Works Co., Inc. | 42,614 | 6,173,916 | |
Badger Meter, Inc. | 98,258 | 6,423,125 | |
Ball Corp. | 27,491 | 2,285,052 | |
Brookfield Renewable Corp., Class A | 41,986 | 2,460,380 | |
California Water Service Group | 103,618 | 4,502,202 | |
Cantel Medical Corp. | 43,285 | 1,901,943 | |
Cousins Properties, Inc. | 71,622 | 2,047,673 | |
Danaher Corp. | 10,774 | 2,319,965 | |
Ecolab, Inc. | 44,423 | 8,877,492 | |
Energy Recovery, Inc.(1)(2) | 528,743 | 4,335,693 | |
Entegris, Inc. | 32,772 | 2,436,270 | |
Essential Utilities, Inc. | 132,697 | 5,341,054 | |
Evoqua Water Technologies Corp.(2) | 295,593 | 6,272,483 | |
Flowserve Corp. | 138,631 | 3,783,240 | |
Forterra, Inc.(2) | 217,934 | 2,575,980 | |
Fortune Brands Home & Security, Inc. | 54,856 | 4,746,141 | |
Franklin Electric Co., Inc. | 66,798 | 3,929,726 | |
Gorman-Rupp Co. (The) | 95,116 | 2,802,117 |
Security | Shares | Value | |
United States (continued) | |||
Hawkins, Inc. | 100,868 | $ 4,650,015 | |
Hyatt Hotels Corp., Class A(1) | 36,478 | 1,946,831 | |
IDEX Corp. | 43,098 | 7,861,506 | |
IDEXX Laboratories, Inc.(2) | 5,774 | 2,269,817 | |
Intel Corp. | 41,961 | 2,172,741 | |
Itron, Inc.(2) | 35,889 | 2,179,898 | |
Levi Strauss & Co., Class A(1) | 173,532 | 2,325,329 | |
Lindsay Corp. | 33,551 | 3,243,711 | |
Masco Corp. | 81,509 | 4,493,591 | |
Middlesex Water Co. | 66,427 | 4,128,438 | |
Mondelez International, Inc., Class A | 35,157 | 2,019,770 | |
Mueller Industries, Inc. | 121,008 | 3,274,476 | |
Mueller Water Products, Inc., Class A | 344,240 | 3,576,654 | |
NIKE, Inc., Class B | 19,888 | 2,496,740 | |
Nucor Corp. | 48,287 | 2,166,155 | |
nVent Electric PLC | 109,634 | 1,939,425 | |
Parker-Hannifin Corp. | 10,354 | 2,095,028 | |
Pentair PLC | 160,593 | 7,350,342 | |
Procter & Gamble Co. (The) | 14,850 | 2,064,002 | |
Rexnord Corp. | 228,071 | 6,805,639 | |
Roper Technologies, Inc. | 4,980 | 1,967,648 | |
Sherwin-Williams Co. (The) | 3,277 | 2,283,217 | |
SJW Group | 72,107 | 4,388,432 | |
Tetra Tech, Inc. | 74,445 | 7,109,497 | |
Trimble, Inc.(2) | 43,230 | 2,105,301 | |
Valmont Industries, Inc. | 31,172 | 3,870,939 | |
Watts Water Technologies, Inc., Class A | 65,724 | 6,582,259 | |
Xylem, Inc. | 95,783 | 8,057,266 | |
York Water Co. (The) | 85,227 | 3,602,545 | |
$ 194,080,347 | |||
Total Common Stocks (identified cost $337,209,871) | $ 405,715,153 |
High Social Impact Investments — 0.4% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(4)(5) | $ | 1,324 | $ 1,317,403 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/20(5)(6) | 284 | 274,923 | |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20(5)(6) | 366 | 315,690 | |
Total High Social Impact Investments (identified cost $1,974,116) | $ 1,908,016 |
Short-Term Investments — 0.5% |
Other — 0.3% | |||
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.13%(7) | 1,005,563 | $ 1,005,664 | |
Total Other (identified cost $1,005,765) | $ 1,005,664 |
Securities Lending Collateral — 0.2% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%(8) | 961,941 | $ 961,941 | |
Total Securities Lending Collateral (identified cost $961,941) | $ 961,941 | ||
Total Short-Term Investments (identified cost $1,967,706) | $ 1,967,605 |
Total Investments — 100.0% (identified cost $341,151,693) | $ 409,590,774 | |
Other Assets, Less Liabilities — (0.0)% | $ (135,718) | |
Net Assets — 100.0% | $ 409,455,056 |
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 September 30, 2020. The aggregate market value of securities on loan at September 30, 2020 was $24,042,900. | |
(2) | Non-income producing security. |
(3) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(4) | Affiliated company (see Note 7). |
(5) | Restricted security. Total market value of restricted securities amounts to $1,908,016, which represents 0.4% of the net assets of the Fund as of September 30, 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 September 30, 2020. |
(7) | Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2020. |
(8) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Industrials | 47.2% |
Utilities | 27.1 |
Materials | 10.0 |
Information Technology | 4.8 |
Consumer Discretionary | 3.8 |
Health Care | 2.6 |
Consumer Staples | 2.1 |
Real Estate | 1.5 |
High Social Impact Investments | 0.4 |
Total | 99.5% |
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, 2.07%, 11/3/20 | 11/13/15 | 284,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20 | 11/13/15 | 366,000 |
Abbreviations: | |
ADR | – American Depositary Receipt |
PCL | – Public Company Limited |
PFC Shares | – Preference Shares |
September 30, 2020 | ||
Global Energy Solutions Fund | Global Water Fund | |
Assets | ||
Investments in securities of unaffiliated issuers, at value (identified cost $95,817,361 and $338,821,812, respectively) - including $11,192,401 and $24,042,900, respectively, of securities on loan | $ 120,462,182 | $ 407,267,707 |
Investments in securities of affiliated issuers, at value (identified cost $522,210 and $2,329,881, respectively) | 520,861 | 2,323,067 |
Cash | 5,169 | — |
Cash denominated in foreign currency, at value (cost $148,593 and $355,202, respectively) | 148,526 | 355,999 |
Receivable for capital shares sold | 139,777 | 330,403 |
Dividends and interest receivable | 198,861 | 1,124,402 |
Dividends and interest receivable - affiliated | 3,188 | 15,777 |
Securities lending income receivable | 22,905 | 3,533 |
Tax reclaims receivable | 126,824 | 374,637 |
Receivable from affiliate | 11,776 | 13,995 |
Directors' deferred compensation plan | 44,321 | 237,374 |
Other assets | — | 778 |
Total assets | $121,684,390 | $412,047,672 |
Liabilities | ||
Payable for investments purchased | $ 82,268 | $ — |
Payable for capital shares redeemed | 38,756 | 814,926 |
Deposits for securities loaned | 5,381,289 | 961,941 |
Payable to affiliates: | ||
Investment advisory fee | 69,135 | 246,645 |
Administrative fee | 11,062 | 40,526 |
Distribution and service fees | 18,758 | 69,689 |
Sub-transfer agency fee | 7,563 | 16,816 |
Directors' deferred compensation plan | 44,321 | 237,374 |
Accrued expenses | 86,882 | 204,699 |
Total liabilities | $ 5,740,034 | $ 2,592,616 |
Net Assets | $115,944,356 | $409,455,056 |
Sources of Net Assets | ||
Paid-in capital | $ 158,294,598 | $ 381,646,957 |
Distributable earnings (Accumulated loss) | (42,350,242) | 27,808,099 |
Total | $115,944,356 | $409,455,056 |
Class A Shares | ||
Net Assets | $ 62,427,716 | $ 180,956,318 |
Shares Outstanding | 6,544,568 | 8,349,310 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 9.54 | $ 21.67 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 10.02 | $ 22.75 |
Class C Shares | ||
Net Assets | $ 7,841,091 | $ 39,357,582 |
Shares Outstanding | 879,211 | 1,983,576 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 8.92 | $ 19.84 |
September 30, 2020 | ||
Global Energy Solutions Fund | Global Water Fund | |
Class I Shares | ||
Net Assets | $45,675,549 | $189,141,156 |
Shares Outstanding | 4,708,783 | 8,662,413 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 9.70 | $ 21.83 |
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. |
Year Ended September 30, 2020 | ||
Global Energy Solutions Fund | Global Water Fund | |
Investment Income | ||
Dividend income (net of foreign taxes withheld of $147,084 and $577,890, respectively) | $ 1,549,892 | $ 7,798,882 |
Dividend income - affiliated issuers | 168 | 96 |
Non-cash dividend income | 93,368 | — |
Interest income | 3,060 | 13,444 |
Interest income - affiliated issuers | 8,380 | 18,641 |
Securities lending income, net | 150,288 | 60,240 |
Total investment income | $ 1,805,156 | $ 7,891,303 |
Expenses | ||
Investment advisory fee | $ 667,979 | $ 2,966,407 |
Administrative fee | 106,877 | 487,098 |
Distribution and service fees: | ||
Class A | 127,230 | 440,389 |
Class C | 68,426 | 455,488 |
Directors' fees and expenses | 3,558 | 16,868 |
Custodian fees | 17,288 | 22,607 |
Transfer agency fees and expenses | 189,771 | 608,243 |
Accounting fees | 29,148 | 94,768 |
Professional fees | 32,650 | 54,775 |
Registration fees | 55,251 | 66,683 |
Reports to shareholders | 20,459 | 56,993 |
Miscellaneous | 32,542 | 50,123 |
Total expenses | $ 1,351,179 | $ 5,320,442 |
Waiver and/or reimbursement of expenses by affiliate | $ (271,839) | $ (397,127) |
Reimbursement of expenses - other | (1,224) | (6,026) |
Net expenses | $ 1,078,116 | $ 4,917,289 |
Net investment income | $ 727,040 | $ 2,974,014 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss): | ||
Investment securities (net of foreign capital gains taxes of $298 and $6,138, respectively) | $ 8,883,179 | $ 5,653,250 |
Investment securities - affiliated issuers | 47 | (41) |
Foreign currency transactions | (5,391) | (101,760) |
Net realized gain | $ 8,877,835 | $ 5,551,449 |
Change in unrealized appreciation (depreciation): | ||
Investment securities (including net decrease in payable for foreign capital gains taxes of $22,880 and $129,687, respectively) | $ 19,946,557 | $ 11,144,206 |
Investment securities - affiliated issuers | 8,173 | (1,524) |
Foreign currency | 8,761 | 37,101 |
Net change in unrealized appreciation (depreciation) | $19,963,491 | $11,179,783 |
Net realized and unrealized gain | $28,841,326 | $16,731,232 |
Net increase in net assets from operations | $29,568,366 | $19,705,246 |
Global Energy Solutions Fund | Global Water Fund | |||
Year Ended September 30, | ||||
2020 | 2019 | 2020 | 2019 | |
Increase (Decrease) in Net Assets | ||||
From operations: | ||||
Net investment income | $ 727,040 | $ 974,787 | $ 2,974,014 | $ 4,769,609 |
Net realized gain (loss) | 8,877,835 | (396,874) | 5,551,449 | (2,517,548) |
Net change in unrealized appreciation (depreciation) | 19,963,491 | 1,966,950 | 11,179,783 | 14,673,929 |
Net increase in net assets from operations | $ 29,568,366 | $ 2,544,863 | $ 19,705,246 | $ 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 | $ (1,151,504) | $ (4,663,197) | $ (7,542,026) | $ (24,869,349) |
Class C | (956,642) | (3,207,233) | (12,448,296) | (9,435,586) |
Class I | 11,184,843 | 3,980,156 | 2,202,758 | 2,885,512 |
Net increase (decrease) in net assets from capital share transactions | $ 9,076,697 | $ (3,890,274) | $ (17,787,564) | $ (31,419,423) |
Net increase (decrease) in net assets | $ 37,729,007 | $ (2,461,029) | $ (1,892,176) | $ (19,346,951) |
Net Assets | ||||
At beginning of year | $ 78,215,349 | $ 80,676,378 | $ 411,347,232 | $ 430,694,183 |
At end of year | $115,944,356 | $78,215,349 | $409,455,056 | $411,347,232 |
Global Energy Solutions Fund — Class A | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 7.08 | $ 6.95 | $ 7.23 | $ 6.23 | $ 5.76 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.06 | $ 0.08 | $ 0.10 | $ 0.08 | $ 0.08(2) |
Net realized and unrealized gain (loss) | 2.48 | 0.15 | (0.29) | 0.98 | 0.40 |
Total income (loss) from operations | $ 2.54 | $ 0.23 | $ (0.19) | $ 1.06 | $ 0.48 |
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 year | $ 9.54 | $ 7.08 | $ 6.95 | $ 7.23 | $ 6.23 |
Total Return(3) | 36.12% | 3.60% | (2.73)% | 17.28% | 8.38% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $62,428 | $47,596 | $51,502 | $58,695 | $70,317 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.54% | 1.72% | 1.69% | 1.94% | 2.06% |
Net expenses | 1.24% | 1.26% | 1.28% | 1.38% | 1.85% |
Net investment income | 0.76% | 1.27% | 1.34% | 1.26% | 1.33% (2) |
Portfolio Turnover | 45% | 40% | 38% | 133% | 89% |
(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 $0.005 per share and 0.08% 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) | 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. |
Global Energy Solutions Fund — Class C | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 6.63 | $ 6.50 | $ 6.76 | $ 5.82 | $ 5.42 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ (—)(2) | $ 0.02 | $ 0.04 | $ 0.03 | $ 0.03(3) |
Net realized and unrealized gain (loss) | 2.32 | 0.16 | (0.26) | 0.92 | 0.37 |
Total income (loss) from operations | $ 2.32 | $ 0.18 | $ (0.22) | $ 0.95 | $ 0.40 |
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 year | $ 8.92 | $ 6.63 | $ 6.50 | $ 6.76 | $ 5.82 |
Total Return(4) | 35.03% | 2.85% | (3.31)% | 16.38% | 7.38% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 7,841 | $6,752 | $9,996 | $11,938 | $13,213 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Total expenses | 2.29% | 2.48% | 2.44% | 2.78% | 2.87% |
Net expenses | 1.99% | 2.01% | 2.03% | 2.13% | 2.69% |
Net investment income (loss) | (0.01)% | 0.38% | 0.59% | 0.55% | 0.45% (3) |
Portfolio Turnover | 45% | 40% | 38% | 133% | 89% |
(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 $0.004 per share and 0.07% 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) | 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. |
Global Energy Solutions Fund — Class I | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 7.20 | $ 7.07 | $ 7.34 | $ 6.35 | $ 5.88 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.08 | $ 0.11 | $ 0.15 | $ 0.13 | $ 0.11(2) |
Net realized and unrealized gain (loss) | 2.52 | 0.14 | (0.31) | 0.97 | 0.41 |
Total income (loss) from operations | $ 2.60 | $ 0.25 | $ (0.16) | $ 1.10 | $ 0.52 |
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 year | $ 9.70 | $ 7.20 | $ 7.07 | $ 7.34 | $ 6.35 |
Total Return(3) | 36.40% | 3.89% | (2.33)% | 17.66% | 8.76% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $45,676 | $23,867 | $19,178 | $ 5,503 | $ 910 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.29% | 1.47% | 1.43% | 1.66% | 3.83% |
Net expenses | 0.99% | 0.98% | 0.93% | 0.97% | 1.40% |
Net investment income | 1.08% | 1.60% | 2.00% | 1.99% | 1.74% (2) |
Portfolio Turnover | 45% | 40% | 38% | 133% | 89% |
(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) | 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. |
Global Water Fund — Class A | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 20.70 | $ 20.00 | $ 19.92 | $ 17.71 | $ 14.87 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.14 | $ 0.23 | $ 0.23 | $ 0.20 | $ 0.03(2) |
Net realized and unrealized gain | 1.02 | 0.70 | 0.04 | 2.01 | 2.81 |
Total income from operations | $ 1.16 | $ 0.93 | $ 0.27 | $ 2.21 | $ 2.84 |
Less Distributions | |||||
From net investment income | $ (0.19) | $ (0.23) | $ (0.19) | $ — | $ —(3) |
Total distributions | $ (0.19) | $ (0.23) | $ (0.19) | $ — | $ —(3) |
Net asset value — End of year | $ 21.67 | $ 20.70 | $ 20.00 | $ 19.92 | $ 17.71 |
Total Return(4) | 5.57% | 4.86% | 1.34% | 12.48% | 19.13% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $180,956 | $181,139 | $201,243 | $235,266 | $278,517 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Total expenses | 1.34% | 1.38% | 1.39% | 1.46% | 1.63% |
Net expenses | 1.24% | 1.25% | 1.28% | 1.28% | 1.51% |
Net investment income | 0.70% | 1.17% | 1.14% | 1.11% | 0.22% (2) |
Portfolio Turnover | 35% | 28% | 40% | 34% | 103% |
(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) | 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. |
Global Water Fund — Class C | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 18.98 | $ 18.32 | $ 18.28 | $ 16.37 | $ 13.84 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ (0.02) | $ 0.08 | $ 0.07 | $ 0.07 | $ (0.08)(2) |
Net realized and unrealized gain | 0.92 | 0.66 | 0.03 | 1.84 | 2.61 |
Total income from operations | $ 0.90 | $ 0.74 | $ 0.10 | $ 1.91 | $ 2.53 |
Less Distributions | |||||
From net investment income | $ (0.04) | $ (0.08) | $ (0.06) | $ — | $ — |
Total distributions | $ (0.04) | $ (0.08) | $ (0.06) | $ — | $ — |
Net asset value — End of year | $ 19.84 | $ 18.98 | $ 18.32 | $ 18.28 | $ 16.37 |
Total Return(3) | 4.75% | 4.08% | 0.61% | 11.67% | 18.28% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $39,358 | $50,369 | $58,455 | $67,096 | $71,334 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 2.09% | 2.13% | 2.14% | 2.17% | 2.35% |
Net expenses | 1.99% | 2.01% | 2.03% | 2.03% | 2.25% |
Net investment income (loss) | (0.08)% | 0.43% | 0.40% | 0.41% | (0.52)% (2) |
Portfolio Turnover | 35% | 28% | 40% | 34% | 103% |
(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) | 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. |
Global Water Fund — Class I | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 20.85 | $ 20.15 | $ 20.08 | $ 17.79 | $ 15.02 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.20 | $ 0.29 | $ 0.36 | $ 0.30 | $ 0.13(2) |
Net realized and unrealized gain (loss) | 1.02 | 0.70 | (0.02) | 1.99 | 2.80 |
Total income from operations | $ 1.22 | $ 0.99 | $ 0.34 | $ 2.29 | $ 2.93 |
Less Distributions | |||||
From net investment income | $ (0.24) | $ (0.29) | $ (0.27) | $ — | $ (0.16) |
Total distributions | $ (0.24) | $ (0.29) | $ (0.27) | $ — | $ (0.16) |
Net asset value — End of year | $ 21.83 | $ 20.85 | $ 20.15 | $ 20.08 | $17.79 |
Total Return(3) | 5.83% | 5.18% | 1.68% | 12.87% | 19.68% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $189,141 | $179,839 | $170,996 | $16,094 | $ 4,637 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.09% | 1.13% | 1.14% | 1.12% | 1.56% |
Net expenses | 0.99% | 0.97% | 0.93% | 0.93% | 1.08% |
Net investment income | 0.97% | 1.48% | 1.78% | 1.61% | 0.80% (2) |
Portfolio Turnover | 35% | 28% | 40% | 34% | 103% |
(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) | 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. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $ — | $ 616,020 | $ — | $ 616,020 |
Austria | — | 736,337 | — | 736,337 |
Belgium | — | 1,283,981 | — | 1,283,981 |
Brazil | 1,081,035 | — | — | 1,081,035 |
Canada | 4,623,380 | — | — | 4,623,380 |
China | — | 6,550,517 | — | 6,550,517 |
Denmark | — | 3,012,212 | — | 3,012,212 |
Finland | — | 1,236,856 | — | 1,236,856 |
France | — | 5,475,165 | — | 5,475,165 |
Germany | 85,969 | 9,414,187 | — | 9,500,156 |
Greece | — | 545,199 | — | 545,199 |
Ireland | — | 1,377,145 | — | 1,377,145 |
Italy | — | 3,312,548 | — | 3,312,548 |
Japan | — | 8,391,946 | — | 8,391,946 |
Netherlands | — | 712,519 | — | 712,519 |
New Zealand | — | 2,053,590 | — | 2,053,590 |
Norway | — | 1,255,599 | — | 1,255,599 |
Portugal | — | 683,053 | — | 683,053 |
Singapore | 406,819 | 587,154 | — | 993,973 |
South Korea | — | 2,191,486 | — | 2,191,486 |
Spain | 632,024 | 3,637,827 | — | 4,269,851 |
Sweden | — | 1,345,005 | — | 1,345,005 |
Switzerland | — | 2,451,570 | — | 2,451,570 |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Taiwan | $ — | $ 7,410,066 | $ — | $ 7,410,066 |
Thailand | — | 1,602,204 | — | 1,602,204 |
United Kingdom | 592,467 | 3,603,701 | — | 4,196,168 |
United States | 38,063,353 | — | — | 38,063,353 |
Total Common Stocks | $45,485,047 | 69,485,887 (1) | $ — | $114,970,934 |
High Social Impact Investments | $ — | $ 372,190 | $ — | $ 372,190 |
Short-Term Investments: | ||||
Other | — | 258,630 | — | 258,630 |
Securities Lending Collateral | 5,381,289 | — | — | 5,381,289 |
Total Investments | $50,866,336 | $70,116,707 | $ — | $120,983,043 |
(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 | $ — | $ 6,026,353 | $ — | $ 6,026,353 |
Brazil | 12,453,462 | — | — | 12,453,462 |
Canada | 8,740,454 | — | — | 8,740,454 |
Chile | — | 6,959,525 | — | 6,959,525 |
China | — | 19,263,997 | — | 19,263,997 |
Denmark | — | 2,244,081 | — | 2,244,081 |
Finland | — | 7,055,145 | — | 7,055,145 |
France | — | 16,825,308 | — | 16,825,308 |
Germany | — | 4,319,973 | — | 4,319,973 |
Italy | — | 3,317,862 | — | 3,317,862 |
Japan | — | 43,832,218 | — | 43,832,218 |
Netherlands | — | 5,964,010 | 0 | 5,964,010 |
Singapore | — | 2,079,526 | — | 2,079,526 |
South Korea | — | 4,297,285 | — | 4,297,285 |
Spain | — | 4,053,199 | — | 4,053,199 |
Switzerland | — | 18,766,253 | — | 18,766,253 |
Taiwan | — | 2,321,209 | — | 2,321,209 |
Thailand | — | 6,245,094 | — | 6,245,094 |
United Kingdom | 2,036,539 | 34,833,313 | — | 36,869,852 |
United States | 194,080,347 | — | — | 194,080,347 |
Total Common Stocks | $217,310,802 | $188,404,351 (2) | $ 0 | $405,715,153 |
High Social Impact Investments | $ — | $ 1,908,016 | $ — | $ 1,908,016 |
Short-Term Investments: | ||||
Other | — | 1,005,664 | — | 1,005,664 |
Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Securities Lending Collateral | $ 961,941 | $ — | $ — | $ 961,941 |
Total Investments | $218,272,743 | $191,318,031 | $ 0 | $409,590,774 |
(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. |
Global Energy Solutions | Global Water | |
Class A | $ - | $ 59 |
Class C | 598 | 2,549 |
Global Energy Solutions | Global Water | |
Purchases | $49,312,043 | $143,118,385 |
Sales | 40,176,993 | 160,568,120 |
Global Energy Solutions | Global Water | |||
Year Ended September 30, | Year Ended September 30, | |||
2020 | 2019 | 2020 | 2019 | |
Ordinary income | $916,056 | $1,115,618 | $3,809,858 | $4,853,518 |
Global Energy Solutions | Global Water | |
Change in: | ||
Paid-in capital | $ 92,768 | $ 307,287 |
Distributable earnings (Accumulated loss) | $(92,768) | $(307,287) |
Global Energy Solutions | Global Water | |
Undistributed ordinary income | $ 1,070,801 | $ 2,939,542 |
Deferred capital losses | $(67,682,110) | $(38,797,795) |
Net unrealized appreciation | $ 24,261,067 | $ 63,666,352 |
Global Energy Solutions | Global Water | |
Deferred capital losses: | ||
Short-term | $ — | $16,661,603 |
Long-term | 67,682,110 | 22,136,192 |
Global Energy Solutions | Global Water | |
Aggregate cost | $96,726,874 | $345,949,259 |
Gross unrealized appreciation | $ 29,676,226 | $ 89,744,630 |
Gross unrealized depreciation | (5,420,057) | (26,103,115) |
Net unrealized appreciation | $24,256,169 | $ 63,641,515 |
Global Energy Solutions | Global Water | |
Securities on Loan | $ 11,192,401 | $ 24,042,900 |
Collateral Received: | ||
Cash | 5,381,289 | 961,941 |
U.S. government and/or agencies securities | 6,035,831 | 24,308,512 |
Total Collateral Received | $11,417,120 | $25,270,453 |
Global Energy Solutions | Remaining Contractual Maturity of the Transactions | ||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $5,381,289 | $ — | $ — | $ — | $5,381,289 |
Global Water | Remaining Contractual Maturity of the Transactions | ||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $961,941 | $ — | $ — | $ — | $961,941 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, 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 | — | — | (1,337) | 262,231 | 3,130 | 263,568 |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | — | 7,416,868 | (7,158,273) | 47 | (12) | 258,630 | 168 | 258,604 |
Totals | $ 47 | $ 8,173 | $ 520,861 | $ 8,548 |
(1) | Restricted security. |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, 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 | — | — | (6,713) | 1,317,403 | 15,724 | 1,324,116 |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | — | 7,702,185 | (6,696,379) | (41) | (101) | 1,005,664 | 96 | 1,005,563 |
Totals | $ (41) | $ (1,524) | $2,323,067 | $18,737 |
(1) | Restricted security. |
Year Ended September 30, 2020 | Year Ended September 30, 2019 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 754,608 | $ 5,816,261 | 1,775,530 | $ 11,992,411 | |
Reinvestment of distributions | 63,936 | 495,506 | 112,454 | 664,603 | |
Shares redeemed | (1,071,928) | (8,061,751) | (2,862,064) | (19,213,624) | |
Converted from Class C | 79,273 | 598,480 | 287,214 | 1,893,413 | |
Net decrease | (174,111) | $ (1,151,504) | (686,866) | $ (4,663,197) | |
Class C | |||||
Shares sold | 118,738 | $ 859,345 | 89,959 | $ 580,475 | |
Reinvestment of distributions | 3,456 | 25,163 | 11,289 | 62,766 | |
Shares redeemed | (176,751) | (1,242,670) | (314,820) | (1,957,061) | |
Converted to Class A | (84,574) | (598,480) | (305,620) | (1,893,413) | |
Net decrease | (139,131) | $ (956,642) | (519,192) | $ (3,207,233) | |
Class I | |||||
Shares sold | 2,478,591 | $ 19,373,804 | 1,807,826 | $ 12,172,970 | |
Reinvestment of distributions | 44,987 | 353,601 | 56,163 | 336,977 | |
Shares redeemed | (1,128,620) | (8,542,562) | (1,262,308) | (8,529,791) | |
Net increase | 1,394,958 | $11,184,843 | 601,681 | $ 3,980,156 |
Year Ended September 30, 2020 | Year Ended September 30, 2019 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 1,009,457 | $ 20,886,003 | 960,394 | $ 18,681,657 | |
Reinvestment of distributions | 67,917 | 1,499,614 | 116,365 | 2,016,615 | |
Shares redeemed | (1,566,924) | (31,683,730) | (2,459,523) | (46,910,007) | |
Converted from Class C | 88,411 | 1,756,087 | 70,649 | 1,342,386 | |
Net decrease | (401,139) | $ (7,542,026) | (1,312,115) | $(24,869,349) | |
Class C | |||||
Shares sold | 165,165 | $ 3,190,157 | 164,935 | $ 2,960,681 | |
Reinvestment of distributions | 4,561 | 92,739 | 13,492 | 215,596 | |
Shares redeemed | (744,118) | (13,975,105) | (637,289) | (11,269,477) | |
Converted to Class A | (96,329) | (1,756,087) | (76,746) | (1,342,386) | |
Net decrease | (670,721) | $(12,448,296) | (535,608) | $ (9,435,586) |
Year Ended September 30, 2020 | Year Ended September 30, 2019 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Shares sold | 2,263,617 | $ 46,188,116 | 2,133,477 | $ 41,451,651 | |
Reinvestment of distributions | 81,579 | 1,811,063 | 120,781 | 2,104,010 | |
Shares redeemed | (2,308,016) | (45,796,421) | (2,113,969) | (40,670,149) | |
Net increase | 37,180 | $ 2,202,758 | 140,289 | $ 2,885,512 |
Calvert Impact Fund, Inc.:
November 20, 2020
Global Energy Solutions | $1,204,077 |
Global Water | $5,698,592 |
Global Energy Solutions | 27.29% |
Global Water | 51.67% |
Foreign Taxes | Foreign Source Income | ||
Global Energy Solutions | $113,617 | $1,271,775 | |
Global Water | $439,314 | $5,309,319 |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Interested Director | ||||
John H. Streur(1) 1960 | Director & President | 2015 | President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015 - December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015 - December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015 - April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc. | |
Independent Directors | ||||
Richard L. Baird, Jr. 1948 | Director | 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None. | |
Alice Gresham Bullock 1950 | Chair & Director | 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None. | |
Cari M. Dominguez 1949 | Director | 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors. | |
John G. Guffey, Jr.(2) 1948 | Director | 2005 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. | |
Miles D. Harper, III 1962 | Director | 2000 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), (November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management). | |
Joy V. Jones 1950 | Director | 2000 | Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation. |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Independent Directors (continued) | ||||
Anthony A. Williams 1951 | Director | 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization). |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) During Past Five Years | |
Principal Officers who are not Directors | ||||
Hope L. Brown 1973 | Chief Compliance Officer | 2014 | Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). | |
Maureen A. Gemma(3) 1960 | Secretary, Vice President and Chief Legal Officer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
James F. Kirchner(3) 1967 | Treasurer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
(1) Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | ||||
(2) Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019. | ||||
(3) The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110. |
• | 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.calvert.com. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 10/01/2004 | 10/01/2004 | (4.38)% | 8.00% | 10.65% |
Class A with 4.75% Maximum Sales Charge | — | — | (8.91) | 6.96 | 10.11 |
Class C at NAV | 04/01/2005 | 10/01/2004 | (5.10) | 7.20 | 9.76 |
Class C with 1% Maximum Sales Charge | — | — | (6.03) | 7.20 | 9.76 |
Class I at NAV | 04/29/2005 | 10/01/2004 | (4.12) | 8.39 | 11.22 |
Class R6 at NAV | 02/01/2019 | 10/01/2004 | (4.07) | 8.41 | 11.23 |
Russell 2000® Index | — | — | 0.39% | 7.99% | 9.84% |
% 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 |
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 09/30/2010 | $25,388 | N.A. |
Class I | $250,000 | 09/30/2010 | $724,490 | N.A. |
Class R6 | $1,000,000 | 09/30/2010 | $2,900,609 | N.A. |
Top 10 Holdings (% of net assets)* | |
National Vision Holdings, Inc. | 2.6% |
ServiceMaster Global Holdings, Inc. | 2.5 |
LHC Group, Inc. | 2.5 |
Nomad Foods, Ltd. | 2.4 |
RealPage, Inc. | 2.4 |
ACI Worldwide, Inc. | 2.4 |
Mueller Water Products, Inc., Class A | 2.3 |
Altair Engineering, Inc., Class A | 2.2 |
R1 RCM, Inc. | 2.2 |
Envestnet, Inc. | 2.1 |
Total | 23.6% |
* | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | 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. |
Beginning Account Value (4/1/20) | Ending Account Value (9/30/20) | Expenses Paid During Period* (4/1/20 – 9/30/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,212.20 | $ 6.69** | 1.21% |
Class C | $1,000.00 | $1,208.00 | $10.82 ** | 1.96% |
Class I | $1,000.00 | $1,213.80 | $ 5.31** | 0.96% |
Class R6 | $1,000.00 | $1,214.30 | $ 4.98** | 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 March 31, 2020. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Common Stocks — 98.8% |
Security | Shares | Value | |
Aerospace & Defense — 3.3% | |||
Hexcel Corp. | 537,138 | $ 18,020,980 | |
Mercury Systems, Inc.(1) | 386,742 | 29,957,035 | |
$ 47,978,015 | |||
Auto Components — 3.8% | |||
Dana, Inc. | 1,513,174 | $ 18,642,304 | |
Dorman Products, Inc.(1) | 251,644 | 22,743,585 | |
Visteon Corp.(1) | 203,388 | 14,078,517 | |
$ 55,464,406 | |||
Banks — 7.0% | |||
City Holding Co. | 56,178 | $ 3,236,415 | |
Commerce Bancshares, Inc. | 284,995 | 16,042,369 | |
Community Bank System, Inc. | 345,848 | 18,834,882 | |
First Citizens Bancshares, Inc., Class A | 47,103 | 15,015,494 | |
Glacier Bancorp, Inc. | 479,376 | 15,364,001 | |
Independent Bank Corp. | 198,584 | 10,401,830 | |
Stock Yards Bancorp, Inc. | 180,745 | 6,152,560 | |
Westamerica BanCorp. | 310,413 | 16,870,946 | |
$ 101,918,497 | |||
Biotechnology — 2.9% | |||
Emergent BioSolutions, Inc.(1) | 249,771 | $ 25,808,838 | |
Ligand Pharmaceuticals, Inc.(1)(2) | 173,860 | 16,572,335 | |
$ 42,381,173 | |||
Building Products — 2.4% | |||
AZEK Co., Inc. (The)(1) | 552,262 | $ 19,224,240 | |
CSW Industrials, Inc. | 195,899 | 15,133,198 | |
$ 34,357,438 | |||
Capital Markets — 0.5% | |||
Cohen & Steers, Inc. | 135,545 | $ 7,555,278 | |
$ 7,555,278 | |||
Chemicals — 3.3% | |||
Minerals Technologies, Inc. | 570,266 | $ 29,140,593 | |
Sensient Technologies Corp. | 328,994 | 18,996,113 | |
$ 48,136,706 | |||
Commercial Services & Supplies — 1.7% | |||
Herman Miller, Inc. | 423,343 | $ 12,768,025 | |
Kimball International, Inc., Class B | 330,725 | 3,485,842 |
Security | Shares | Value | |
Commercial Services & Supplies (continued) | |||
UniFirst Corp. | 43,212 | $ 8,183,056 | |
$ 24,436,923 | |||
Diversified Consumer Services — 2.5% | |||
ServiceMaster Global Holdings, Inc.(1) | 928,934 | $ 37,045,888 | |
$ 37,045,888 | |||
Energy Equipment & Services — 0.5% | |||
Core Laboratories NV | 441,061 | $ 6,730,591 | |
$ 6,730,591 | |||
Equity Real Estate Investment Trusts (REITs) — 8.7% | |||
CubeSmart | 883,129 | $ 28,533,898 | |
EastGroup Properties, Inc. | 207,136 | 26,788,899 | |
Healthcare Realty Trust, Inc. | 836,459 | 25,194,145 | |
Rexford Industrial Realty, Inc. | 529,934 | 24,249,780 | |
STORE Capital Corp. | 823,446 | 22,587,124 | |
$ 127,353,846 | |||
Food & Staples Retailing — 0.9% | |||
Performance Food Group Co.(1) | 357,969 | $ 12,392,887 | |
$ 12,392,887 | |||
Food Products — 4.3% | |||
Flowers Foods, Inc. | 646,178 | $ 15,721,511 | |
Lancaster Colony Corp. | 66,115 | 11,821,362 | |
Nomad Foods, Ltd.(1) | 1,399,091 | 35,648,838 | |
$ 63,191,711 | |||
Gas Utilities — 1.8% | |||
ONE Gas, Inc. | 388,052 | $ 26,779,469 | |
$ 26,779,469 | |||
Health Care Equipment & Supplies — 7.2% | |||
Envista Holdings Corp.(1) | 561,193 | $ 13,850,243 | |
Haemonetics Corp.(1) | 347,433 | 30,313,529 | |
ICU Medical, Inc.(1) | 159,888 | 29,221,131 | |
Integra LifeSciences Holdings Corp.(1) | 454,457 | 21,459,460 | |
Tandem Diabetes Care, Inc.(1) | 89,018 | 10,103,543 | |
$ 104,947,906 | |||
Health Care Providers & Services — 7.7% | |||
Addus HomeCare Corp.(1) | 252,373 | $ 23,851,772 | |
Chemed Corp. | 41,304 | 19,840,377 | |
LHC Group, Inc.(1) | 171,843 | 36,526,948 |
Security | Shares | Value | |
Health Care Providers & Services (continued) | |||
R1 RCM, Inc.(1) | 1,858,587 | $ 31,874,767 | |
$ 112,093,864 | |||
Health Care Technology — 0.9% | |||
Phreesia, Inc.(1) | 410,667 | $ 13,194,731 | |
$ 13,194,731 | |||
Hotels, Restaurants & Leisure — 0.5% | |||
Choice Hotels International, Inc. | ��� 85,274 | $ 7,330,153 | |
$ 7,330,153 | |||
Insurance — 6.3% | |||
AMERISAFE, Inc. | 250,204 | $ 14,351,701 | |
First American Financial Corp. | 243,145 | 12,378,512 | |
Horace Mann Educators Corp. | 629,325 | 21,019,455 | |
RLI Corp. | 195,322 | 16,354,311 | |
Selective Insurance Group, Inc. | 527,214 | 27,146,249 | |
$ 91,250,228 | |||
IT Services — 1.9% | |||
NIC, Inc. | 1,390,592 | $ 27,394,662 | |
$ 27,394,662 | |||
Leisure Products — 1.4% | |||
Brunswick Corp. | 358,092 | $ 21,095,200 | |
$ 21,095,200 | |||
Machinery — 5.0% | |||
Middleby Corp.(1) | 154,333 | $ 13,845,213 | |
Mueller Water Products, Inc., Class A | 3,291,386 | 34,197,501 | |
RBC Bearings, Inc.(1) | 93,916 | 11,383,558 | |
Woodward, Inc. | 167,522 | 13,428,564 | |
$ 72,854,836 | |||
Professional Services — 1.8% | |||
CBIZ, Inc.(1) | 1,160,412 | $ 26,538,622 | |
$ 26,538,622 | |||
Road & Rail — 1.9% | |||
Landstar System, Inc. | 223,843 | $ 28,090,058 | |
$ 28,090,058 | |||
Semiconductors & Semiconductor Equipment — 1.4% | |||
Ambarella, Inc.(1) | 65,403 | $ 3,412,728 | |
Silicon Laboratories, Inc.(1) | 169,394 | 16,575,203 | |
$ 19,987,931 |
Security | Shares | Value | |
Software — 11.0% | |||
ACI Worldwide, Inc.(1) | 1,324,063 | $ 34,597,766 | |
Altair Engineering, Inc., Class A(1) | 761,271 | 31,958,157 | |
CDK Global, Inc. | 535,985 | 23,363,586 | |
Envestnet, Inc.(1) | 395,975 | 30,553,431 | |
nCino, Inc.(1)(2) | 53,431 | 4,257,382 | |
RealPage, Inc.(1) | 611,895 | 35,269,628 | |
$ 159,999,950 | |||
Specialty Retail — 4.5% | |||
Asbury Automotive Group, Inc.(1) | 72,022 | $ 7,018,544 | |
Lithia Motors, Inc., Class A | 95,212 | 21,702,623 | |
National Vision Holdings, Inc.(1) | 972,867 | 37,202,434 | |
$ 65,923,601 | |||
Textiles, Apparel & Luxury Goods — 0.9% | |||
Columbia Sportswear Co. | 72,166 | $ 6,276,999 | |
Deckers Outdoor Corp.(1) | 28,233 | 6,211,542 | |
$ 12,488,541 | |||
Thrifts & Mortgage Finance — 0.6% | |||
Washington Federal, Inc. | 405,481 | $ 8,458,334 | |
$ 8,458,334 | |||
Trading Companies & Distributors — 1.0% | |||
Applied Industrial Technologies, Inc. | 260,260 | $ 14,340,326 | |
$ 14,340,326 | |||
Water Utilities — 1.2% | |||
Middlesex Water Co. | 289,670 | $ 18,002,990 | |
$ 18,002,990 | |||
Total Common Stocks (identified cost $1,347,168,517) | $ 1,439,714,761 |
High Social Impact Investments — 0.2% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(3)(4) | $ | 2,516 | $ 2,502,849 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/20(4)(5) | 152 | 147,142 | |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20(4)(5) | 195 | 168,195 | |
Total High Social Impact Investments (identified cost $2,862,603) | $ 2,818,186 |
Short-Term Investments — 2.1% | |||
Other — 1.4% | |||
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.13%(6) | 20,893,634 | $ 20,895,723 | |
Total Other (identified cost $20,896,036) | $ 20,895,723 | ||
Securities Lending Collateral — 0.7% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%(7) | 10,082,639 | $ 10,082,639 | |
Total Securities Lending Collateral (identified cost $10,082,639) | $ 10,082,639 | ||
Total Short-Term Investments (identified cost $30,978,675) | $ 30,978,362 | ||
Total Investments — 101.1% (identified cost $1,381,009,795) | $ 1,473,511,309 | ||
Other Assets, Less Liabilities — (1.1)% | $ (15,701,387) | ||
Net Assets — 100.0% | $ 1,457,809,922 |
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 September 30, 2020. The aggregate market value of securities on loan at September 30, 2020 was $17,362,052. | |
(3) | Affiliated company (see Note 7). | |
(4) | Restricted security. Total market value of restricted securities amounts to $2,818,186, which represents 0.2% of the net assets of the Fund as of September 30, 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 September 30, 2020. | |
(6) | Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2020. | |
(7) | Represents investment of cash collateral received in connection with securities lending. |
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, 2.07%, 11/3/20 | 11/13/15 | 152,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20 | 11/13/15 | 195,000 |
September 30, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $1,357,598,156) - including $17,362,052 of securities on loan | $ 1,450,112,737 |
Investments in securities of affiliated issuers, at value (identified cost $23,411,639) | 23,398,572 |
Receivable for investments sold | 4,128,744 |
Receivable for capital shares sold | 9,260,468 |
Dividends and interest receivable | 1,139,939 |
Dividends and interest receivable - affiliated | 30,794 |
Securities lending income receivable | 8,162 |
Directors' deferred compensation plan | 227,532 |
Total assets | $1,488,306,948 |
Liabilities | |
Payable for investments purchased | $ 17,041,546 |
Payable for capital shares redeemed | 1,774,012 |
Deposits for securities loaned | 10,082,639 |
Payable to affiliates: | |
Investment advisory fee | 803,129 |
Administrative fee | 141,729 |
Distribution and service fees | 52,712 |
Sub-transfer agency fee | 17,715 |
Directors' deferred compensation plan | 227,532 |
Other | 12,490 |
Accrued expenses | 343,522 |
Total liabilities | $ 30,497,026 |
Net Assets | $1,457,809,922 |
Sources of Net Assets | |
Paid-in capital | $ 1,402,125,556 |
Distributable earnings | 55,684,366 |
Total | $1,457,809,922 |
Class A Shares | |
Net Assets | $ 185,777,384 |
Shares Outstanding | 7,758,695 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 23.94 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 25.13 |
Class C Shares | |
Net Assets | $ 16,991,860 |
Shares Outstanding | 838,304 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 20.27 |
Class I Shares | |
Net Assets | $ 1,211,029,061 |
Shares Outstanding | 46,576,994 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 26.00 |
September 30, 2020 | |
Class R6 Shares | |
Net Assets | $44,011,617 |
Shares Outstanding | 1,692,100 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 26.01 |
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. |
Year Ended | |
September 30, 2020 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $10,363) | $ 11,671,744 |
Dividend income - affiliated issuers | 6,129 |
Interest income | 31,748 |
Interest income - affiliated issuers | 33,962 |
Securities lending income, net | 63,965 |
Total investment income | $ 11,807,548 |
Expenses | |
Investment advisory fee | $ 6,804,063 |
Administrative fee | 1,200,717 |
Distribution and service fees: | |
Class A | 443,451 |
Class C | 157,409 |
Directors' fees and expenses | 38,993 |
Custodian fees | 25,817 |
Transfer agency fees and expenses | 967,177 |
Accounting fees | 227,737 |
Professional fees | 66,120 |
Registration fees | 197,845 |
Reports to shareholders | 88,708 |
Miscellaneous | 81,380 |
Total expenses | $ 10,299,417 |
Waiver and/or reimbursement of expenses by affiliate | $ (76,073) |
Reimbursement of expenses - other | (11,792) |
Net expenses | $ 10,211,552 |
Net investment income | $ 1,595,996 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ (37,033,515) |
Investment securities - affiliated issuers | 2,845 |
Net realized loss | $(37,030,670) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 22,966,550 |
Investment securities - affiliated issuers | (5,651) |
Net change in unrealized appreciation (depreciation) | $ 22,960,899 |
Net realized and unrealized loss | $(14,069,771) |
Net decrease in net assets from operations | $(12,473,775) |
Year Ended September 30, | ||
2020 | 2019 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 1,595,996 | $ 1,124,940 |
Net realized gain (loss) | (37,030,670) | 11,688,855 |
Net change in unrealized appreciation (depreciation) | 22,960,899 | (733,032) |
Net increase (decrease) in net assets from operations | $ (12,473,775) | $ 12,080,763 |
Distributions to shareholders: | ||
Class A | $ (2,242,958) | $ (7,375,765) |
Class C | (200,001) | (897,708) |
Class I | (7,919,039) | (12,325,140) |
Class R6 | (509,400) | — |
Total distributions to shareholders | $ (10,871,398) | $ (20,598,613) |
Capital share transactions: | ||
Class A | $ 23,635,745 | $ 19,666,759 |
Class C | 3,231,774 | (2,714,077) |
Class I | 761,543,484 | 205,627,063 |
Class R6 | 9,673,290 | 34,053,869 (1) |
Net increase in net assets from capital share transactions | $ 798,084,293 | $256,633,614 |
Net increase in net assets | $ 774,739,120 | $248,115,764 |
Net Assets | ||
At beginning of year | $ 683,070,802 | $ 434,955,038 |
At end of year | $1,457,809,922 | $683,070,802 |
(1) | For the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
Class A | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 25.35 | $ 26.61 | $ 25.70 | $ 21.76 | $ 22.04 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ (0.01) | $ 0.02 | $ (0.04) | $ (0.05) | $ 0.03(2) |
Net realized and unrealized gain (loss) | (1.08) | (0.04) (3) | 4.34 | 4.32 | 1.53 |
Total income (loss) from operations | $ (1.09) | $ (0.02) | $ 4.30 | $ 4.27 | $ 1.56 |
Less Distributions | |||||
From net investment income | $ — | $ — | $ —(4) | $ — | $ (0.01) |
From net realized gain | (0.32) | (1.24) | (3.39) | (0.33) | (1.83) |
Total distributions | $ (0.32) | $ (1.24) | $ (3.39) | $ (0.33) | $ (1.84) |
Net asset value — End of year | $ 23.94 | $ 25.35 | $ 26.61 | $ 25.70 | $ 21.76 |
Total Return(5) | (4.38)% | 0.61% | 18.55% | 19.74% | 7.66% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $185,777 | $172,277 | $158,921 | $137,860 | $170,294 |
Ratios (as a percentage of average daily net assets):(6) | |||||
Total expenses | 1.22% | 1.25% | 1.28% | 1.36% | 1.42% |
Net expenses | 1.21% | 1.23% | 1.28% | 1.36% | 1.37% |
Net investment income (loss) | (0.03)% | 0.07% | (0.17)% | (0.22)% | 0.12% (2) |
Portfolio Turnover | 44% | 45% | 51% | 137% | 150% |
(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) | 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. |
Class C | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 21.63 | $ 22.90 | $ 22.58 | $ 19.30 | $ 19.88 |
Income (Loss) From Operations | |||||
Net investment loss(1) | $ (0.16) | $ (0.14) | $ (0.20) | $ (0.21) | $ (0.12)(2) |
Net realized and unrealized gain (loss) | (0.92) | (0.04) (3) | 3.77 | 3.82 | 1.37 |
Total income (loss) from operations | $ (1.08) | $ (0.18) | $ 3.57 | $ 3.61 | $ 1.25 |
Less Distributions | |||||
From net realized gain | $ (0.28) | $ (1.09) | $ (3.25) | $ (0.33) | $ (1.83) |
Total distributions | $ (0.28) | $ (1.09) | $ (3.25) | $ (0.33) | $ (1.83) |
Net asset value — End of year | $ 20.27 | $ 21.63 | $ 22.90 | $ 22.58 | $ 19.30 |
Total Return(4) | (5.10)% | (0.12)% | 17.66% | 18.82% | 6.89% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $16,992 | $14,775 | $18,945 | $16,691 | $16,842 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Total expenses | 1.97% | 2.01% | 2.03% | 2.22% | 2.31% |
Net expenses | 1.96% | 1.99% | 2.03% | 2.12% | 2.12% |
Net investment loss | (0.78)% | (0.68)% | (0.91)% | (0.99)% | (0.63)% (2) |
Portfolio Turnover | 44% | 45% | 51% | 137% | 150% |
(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) | 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. |
Class I | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 27.49 | $ 28.73 | $ 27.51 | $ 23.18 | $ 23.34 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.06 | $ 0.09 | $ 0.05 | $ 0.06 | $ 0.13(2) |
Net realized and unrealized gain (loss) | (1.17) | (0.02) (3) | 4.67 | 4.62 | 1.63 |
Total income (loss) from operations | $ (1.11) | $ 0.07 | $ 4.72 | $ 4.68 | $ 1.76 |
Less Distributions | |||||
From net investment income | $ (0.05) | $ (0.06) | $ (0.08) | $ (0.02) | $ (0.09) |
From net realized gain | (0.33) | (1.25) | (3.42) | (0.33) | (1.83) |
Total distributions | $ (0.38) | $ (1.31) | $ (3.50) | $ (0.35) | $ (1.92) |
Net asset value — End of year | $ 26.00 | $ 27.49 | $ 28.73 | $ 27.51 | $ 23.18 |
Total Return(4) | (4.12)% | 0.92% | 18.92% | 20.29% | 8.15% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $1,211,029 | $461,237 | $257,089 | $93,724 | $96,664 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Total expenses | 0.97% | 1.00% | 1.04% | 0.92% | 0.94% |
Net expenses | 0.96% | 0.95% | 0.92% | 0.90% | 0.92% |
Net investment income | 0.22% | 0.34% | 0.19% | 0.23% | 0.58% (2) |
Portfolio Turnover | 44% | 45% | 51% | 137% | 150% |
(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) | 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. |
Class R6 | ||
Year Ended September 30, | Period Ended September 30, | |
2020 | 2019 (1) | |
Net asset value — Beginning of period | $ 27.50 | $ 24.93 |
Income (Loss) From Operations | ||
Net investment income(2) | $ 0.07 | $ 0.07 |
Net realized and unrealized gain (loss) | (1.16) | 2.50 |
Total income (loss) from operations | $ (1.09) | $ 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 | $ 26.01 | $ 27.50 |
Total Return(3) | (4.07)% | 10.31% (4) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $44,012 | $34,782 |
Ratios (as a percentage of average daily net assets):(5) | ||
Total expenses | 0.91% | 0.93% (6) |
Net expenses | 0.90% | 0.90% (6) |
Net investment income | 0.28% | 0.37% (6) |
Portfolio Turnover | 44% | 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. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 1,439,714,761(1) | $ — | $ — | $ 1,439,714,761 |
High Social Impact Investments | — | 2,818,186 | — | 2,818,186 |
Short-Term Investments: | ||||
Other | — | 20,895,723 | — | 20,895,723 |
Securities Lending Collateral | 10,082,639 | — | — | 10,082,639 |
Total Investments | $1,449,797,400 | $23,713,909 | $ — | $1,473,511,309 |
(1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
Year Ended September 30, | ||
2020 | 2019 | |
Ordinary income | $2,610,080 | $ 8,593,954 |
Long-term capital gains | $8,261,318 | $12,004,659 |
Undistributed ordinary income | $ 295,069 |
Deferred capital losses | $(28,267,982) |
Net unrealized appreciation | $ 83,657,279 |
Aggregate cost | $1,389,854,030 |
Gross unrealized appreciation | $ 147,931,744 |
Gross unrealized depreciation | (64,274,465) |
Net unrealized appreciation | $ 83,657,279 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $10,082,639 | $ — | $ — | $ — | $10,082,639 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, 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 | — | — | (12,754) | 2,502,849 | 29,873 | 2,515,603 |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | — | 251,200,545 | (230,307,354) | 2,845 | (313) | 20,895,723 | 6,129 | 20,893,634 |
Totals | $2,845 | $ (5,651) | $23,398,572 | $40,091 |
(1) | Restricted security. |
Year Ended September 30, 2020 | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 2,505,463 | $ 59,082,941 | 1,467,767 | $ 36,064,446 | |
Reinvestment of distributions | 84,645 | 2,165,230 | 317,910 | 7,044,877 | |
Shares redeemed | (1,652,197) | (38,244,903) | (1,148,858) | (27,656,569) | |
Converted from Class C | 25,804 | 632,477 | 185,714 | 4,214,005 | |
Net increase | 963,715 | $ 23,635,745 | 822,533 | $ 19,666,759 | |
Class C | |||||
Shares sold | 359,892 | $ 7,284,269 | 210,002 | $ 4,399,949 | |
Reinvestment of distributions | 8,772 | 191,136 | 45,085 | 857,509 | |
Shares redeemed | (183,232) | (3,611,154) | (182,656) | (3,757,530) | |
Converted to Class A | (30,252) | (632,477) | (216,634) | (4,214,005) | |
Net increase (decrease) | 155,180 | $ 3,231,774 | (144,203) | $ (2,714,077) | |
Class I | |||||
Shares sold | 41,335,024 | $1,041,863,042 | 11,621,056 | $ 306,043,800 | |
Reinvestment of distributions | 268,712 | 7,448,686 | 456,891 | 10,956,240 | |
Shares redeemed | (11,802,177) | (287,768,244) | (4,249,703) | (111,372,977) | |
Net increase | 29,801,559 | $ 761,543,484 | 7,828,244 | $ 205,627,063 |
Year Ended September 30, 2020 | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class R6 | |||||
Shares sold | 686,828 | $ 16,652,531 | 1,296,704 | $ 34,920,036 | |
Reinvestment of distributions | 18,383 | 509,400 | — | — | |
Shares redeemed | (277,774) | (7,488,641) | (32,041) | (866,167) | |
Net increase | 427,437 | $ 9,673,290 | 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. |
Calvert Impact Fund, Inc.:
November 20, 2020
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Interested Director | ||||
John H. Streur(1) 1960 | Director & President | 2015 | President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015 - December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015 - December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015 - April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc. | |
Independent Directors | ||||
Richard L. Baird, Jr. 1948 | Director | 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None. | |
Alice Gresham Bullock 1950 | Chair & Director | 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None. | |
Cari M. Dominguez 1949 | Director | 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors. | |
John G. Guffey, Jr.(2) 1948 | Director | 2005 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. | |
Miles D. Harper, III 1962 | Director | 2000 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), (November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management). | |
Joy V. Jones 1950 | Director | 2000 | Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation. |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Independent Directors (continued) | ||||
Anthony A. Williams 1951 | Director | 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization). |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) During Past Five Years | |
Principal Officers who are not Directors | ||||
Hope L. Brown 1973 | Chief Compliance Officer | 2014 | Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). | |
Maureen A. Gemma(3) 1960 | Secretary, Vice President and Chief Legal Officer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
James F. Kirchner(3) 1967 | Treasurer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
(1) Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | ||||
(2) Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019. | ||||
(3) The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110. |
• | 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.calvert.com. |
Item 2. | Code of Ethics |
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-368-2745. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. | Audit Committee Financial Expert |
The registrant’s Board of Directors has determined that Miles D. Harper III, an “independent” Director serving on the registrant’s audit committee, is an “audit committee financial expert,” as defined in Item 3 of Form N-CSR. Under applicable securities laws, a person who is determined to be an audit committee financial expert
will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Directors in the absence of such designation or identification.
Item 4. | Principal Accountant Fees and Services |
(a) –(d)
The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended September 30, 2019 and September 30, 2020 by KPMG for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by KPMG during such periods.
Fiscal Years Ended | 9/30/19 | %* | 9/30/20 | %* | ||||||||||||
Audit Fees | $ | 91,060 | 0 | % | $ | 93,275 | 0 | % | ||||||||
Audit-Related Fees(1) | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||
Tax Fees(2) | $ | 22,200 | 0 | % | $ | 21,635 | 0 | % | ||||||||
All Other Fees(3) | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 113,260 | 0 | % | $ | 114,910 | 0 | % | ||||||||
|
|
|
|
|
|
|
|
* | Percentage of fees approved by the Audit Committee pursuant to (c )(7)(i)(C ) of Rule 2-01 of Reg. S-X (statutory de minimis waiver of Committee’s requirement to pre-approve). |
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e) The Audit Committee is required to pre-approve all audit and non-audit services provided to the registrant by the auditors, and to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. In determining whether to pre-approve non-audit services, the Audit Committee considers whether the services are consistent with maintaining the independence of the auditors. The Committee may delegate its authority to pre-approve certain matters to one or more of its members. In this regard, the Committee has delegated authority jointly to the Audit Committee Chair together with another Committee member with respect to non-audit services not exceeding $25,000 in each instance. In addition, the Committee has pre-approved the retention of the auditors to provide tax-related services related to the tax treatment and tax accounting of newly acquired securities, upon request by the investment adviser in each instance.
(f) Not applicable.
(g) Aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant:
Fiscal Year ended 9/30/19 | Fiscal Year ended 9/30/20 | |||||
$ | %* | $ | %* | |||
$22,200 | 0% | $21,635 | 0% |
* | Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimis waiver of Committee’s requirement to pre-approve). |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. | Audit Committee of Listed Registrants |
Not applicable.
Item 6. | Schedule of Investments |
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders |
No material changes.
Item 11. | Controls and Procedures |
(a) The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 Act, as amended (the “1940 Act”) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), as of a date within 90 days of the filing date of this report.
(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not applicable.
Item 13. | Exhibits |
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
Treasurer’s Section 302 certification. | ||
President’s Section 302 certification. | ||
Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CALVERT IMPACT FUND, INC.
By: | /s/ John H. Streur | |
John H. Streur | ||
President | ||
Date: | November 20, 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/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | November 20, 2020 | |
By: | /s/ John H. Streur | |
John H. Streur | ||
President | ||
Date: | November 20, 2020 |