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)
2050 M Street NW, Suite 200, Washington, DC 20036
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Service)
(202) 238-2200
(Registrant’s telephone number)
September 30
Date of Fiscal Year End
March 31, 2024
Date of Reporting Period
Item 1. Report to Stockholders.
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% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 10/01/2004 | 10/01/2004 | 19.45% | 12.20% | 8.58% | 8.65% |
Class A with 5.25% Maximum Sales Charge | — | — | 13.17 | 6.30 | 7.42 | 8.07 |
Class C at NAV | 04/01/2005 | 10/01/2004 | 19.05 | 11.35 | 7.78 | 8.00 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 18.05 | 10.35 | 7.78 | 8.00 |
Class I at NAV | 04/29/2005 | 10/01/2004 | 19.60 | 12.48 | 8.85 | 9.02 |
Class R6 at NAV | 02/01/2019 | 10/01/2004 | 19.68 | 12.56 | 8.93 | 9.06 |
Russell 2000® Index | — | — | 19.94% | 19.71% | 8.10% | 7.57% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
1.19% | 1.94% | 0.94% | 0.86% |
Sector Allocation (% of net assets)1 |
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Top 10 Holdings (% of net assets)1 | |
Core & Main, Inc., Class A | 4.1% |
CBIZ, Inc. | 3.2 |
Chemed Corp. | 3.1 |
Essential Properties Realty Trust, Inc. | 3.1 |
AptarGroup, Inc. | 2.9 |
Dorman Products, Inc. | 2.9 |
U.S. Physical Therapy, Inc. | 2.8 |
Aramark | 2.4 |
Selective Insurance Group, Inc. | 2.4 |
AZEK Co., Inc. | 2.4 |
Total | 29.3% |
1 | Excludes cash and cash equivalents. |
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.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.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. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. |
Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,194.50 | $ 6.53 | 1.19% |
Class C | $1,000.00 | $1,190.50 | $10.62 | 1.94% |
Class I | $1,000.00 | $1,196.00 | $ 5.16 | 0.94% |
Class R6 | $1,000.00 | $1,196.80 | $ 4.72 | 0.86% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.05 | $ 6.01 | 1.19% |
Class C | $1,000.00 | $1,015.30 | $ 9.77 | 1.94% |
Class I | $1,000.00 | $1,020.30 | $ 4.75 | 0.94% |
Class R6 | $1,000.00 | $1,020.70 | $ 4.34 | 0.86% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
Common Stocks — 100.0% |
Security | Shares | Value | |
Aerospace & Defense — 2.8% | |||
Hexcel Corp. | 285,925 | $ 20,829,636 | |
Woodward, Inc. | 452,749 | 69,777,676 | |
$ 90,607,312 | |||
Automobile Components — 3.3% | |||
Dorman Products, Inc.(1) | 942,967 | $ 90,892,589 | |
Visteon Corp.(1) | 126,949 | 14,930,472 | |
$ 105,823,061 | |||
Automobiles — 0.8% | |||
Harley-Davidson, Inc. | 576,899 | $ 25,233,562 | |
$ 25,233,562 | |||
Banks — 8.1% | |||
Commerce Bancshares, Inc. | 1,368,033 | $ 72,779,356 | |
Community Bank System, Inc. | 1,279,937 | 61,475,374 | |
First Financial Bankshares, Inc. | 1,529,991 | 50,199,005 | |
SouthState Corp. | 733,866 | 62,400,626 | |
Stock Yards Bancorp, Inc. | 195,450 | 9,559,459 | |
$ 256,413,820 | |||
Building Products — 7.2% | |||
AAON, Inc. | 578,451 | $ 50,961,533 | |
AZEK Co., Inc.(1) | 1,509,784 | 75,821,353 | |
CSW Industrials, Inc. | 209,075 | 49,048,995 | |
Hayward Holdings, Inc.(1) | 1,464,456 | 22,420,821 | |
Janus International Group, Inc.(1) | 2,108,569 | 31,902,649 | |
$ 230,155,351 | |||
Capital Markets — 3.4% | |||
Cohen & Steers, Inc. | 748,851 | $ 57,579,153 | |
Stifel Financial Corp. | 657,658 | 51,409,126 | |
$ 108,988,279 | |||
Chemicals — 2.1% | |||
Quaker Chemical Corp. | 321,375 | $ 65,962,219 | |
$ 65,962,219 | |||
Consumer Staples Distribution & Retail — 3.3% | |||
Casey's General Stores, Inc. | 63,436 | $ 20,201,194 | |
Chefs' Warehouse, Inc.(1) | 603,450 | 22,725,927 | |
Performance Food Group Co.(1) | 827,710 | 61,780,275 | |
$ 104,707,396 | |||
Containers & Packaging — 2.9% | |||
AptarGroup, Inc. | 645,769 | $ 92,919,702 | |
$ 92,919,702 |
Security | Shares | Value | |
Diversified Consumer Services — 0.4% | |||
Bright Horizons Family Solutions, Inc.(1) | 124,914 | $ 14,160,251 | |
$ 14,160,251 | |||
Diversified REITs — 3.1% | |||
Essential Properties Realty Trust, Inc. | 3,650,209 | $ 97,314,572 | |
$ 97,314,572 | |||
Electric Utilities — 2.1% | |||
IDACORP, Inc. | 729,331 | $ 67,747,557 | |
$ 67,747,557 | |||
Electronic Equipment, Instruments & Components — 0.8% | |||
Badger Meter, Inc. | 152,267 | $ 24,638,323 | |
$ 24,638,323 | |||
Financial Services — 1.2% | |||
Euronet Worldwide, Inc.(1) | 352,482 | $ 38,748,346 | |
$ 38,748,346 | |||
Food Products — 1.1% | |||
J&J Snack Foods Corp. | 124,821 | $ 18,044,124 | |
Lancaster Colony Corp. | 81,375 | 16,895,891 | |
$ 34,940,015 | |||
Ground Transportation — 1.2% | |||
Landstar System, Inc. | 196,442 | $ 37,866,160 | |
$ 37,866,160 | |||
Health Care Equipment & Supplies — 3.9% | |||
Envista Holdings Corp.(1) | 1,626,107 | $ 34,766,168 | |
Integer Holdings Corp.(1) | 337,294 | 39,355,464 | |
Neogen Corp.(1) | 3,260,543 | 51,451,368 | |
$ 125,573,000 | |||
Health Care Providers & Services — 8.1% | |||
Addus HomeCare Corp.(1) | 201,280 | $ 20,800,275 | |
Chemed Corp. | 154,221 | 98,999,086 | |
Option Care Health, Inc.(1) | 1,484,122 | 49,777,452 | |
U.S. Physical Therapy, Inc.(2) | 787,311 | 88,863,793 | |
$ 258,440,606 | |||
Hotels, Restaurants & Leisure — 5.9% | |||
Aramark | 2,369,738 | $ 77,063,880 | |
Choice Hotels International, Inc. | 165,531 | 20,914,842 | |
Texas Roadhouse, Inc. | 119,260 | 18,422,092 | |
Wyndham Hotels & Resorts, Inc. | 908,320 | 69,713,560 | |
$ 186,114,374 |
Security | Shares | Value | |
Industrial REITs — 3.7% | |||
EastGroup Properties, Inc. | 372,383 | $ 66,943,292 | |
Terreno Realty Corp. | 772,914 | 51,321,490 | |
$ 118,264,782 | |||
Insurance — 5.9% | |||
AMERISAFE, Inc. | 500,289 | $ 25,099,499 | |
First American Financial Corp. | 357,360 | 21,816,828 | |
Selective Insurance Group, Inc. | 694,790 | 75,850,224 | |
White Mountains Insurance Group Ltd. | 35,996 | 64,587,623 | |
$ 187,354,174 | |||
Leisure Products — 0.6% | |||
Brunswick Corp. | 182,958 | $ 17,659,106 | |
$ 17,659,106 | |||
Machinery — 5.4% | |||
Albany International Corp., Class A | 556,201 | $ 52,010,356 | |
Atmus Filtration Technologies, Inc.(1) | 712,009 | 22,962,290 | |
Franklin Electric Co., Inc. | 232,025 | 24,782,590 | |
Middleby Corp.(1) | 455,326 | 73,211,868 | |
$ 172,967,104 | |||
Pharmaceuticals — 0.5% | |||
Jazz Pharmaceuticals PLC(1) | 126,490 | $ 15,231,926 | |
$ 15,231,926 | |||
Professional Services — 4.1% | |||
CBIZ, Inc.(1) | 1,301,923 | $ 102,200,956 | |
NV5 Global, Inc.(1) | 287,729 | 28,200,319 | |
$ 130,401,275 | |||
Retail REITs — 1.9% | |||
NETSTREIT Corp.(3) | 3,202,079 | $ 58,822,191 | |
$ 58,822,191 | |||
Semiconductors & Semiconductor Equipment — 2.0% | |||
Allegro MicroSystems, Inc.(1) | 760,468 | $ 20,502,217 | |
Axcelis Technologies, Inc.(1) | 184,809 | 20,609,900 | |
Diodes, Inc.(1) | 334,972 | 23,615,526 | |
$ 64,727,643 | |||
Software — 6.6% | |||
Altair Engineering, Inc., Class A(1) | 278,480 | $ 23,991,052 | |
Clearwater Analytics Holdings, Inc., Class A(1) | 1,469,964 | 26,003,663 | |
Envestnet, Inc.(1) | 1,115,271 | 64,585,344 | |
PowerSchool Holdings, Inc., Class A(1) | 1,197,132 | 25,486,940 | |
Progress Software Corp. | 814,077 | 43,398,445 | |
SPS Commerce, Inc.(1) | 149,296 | 27,604,830 | |
$ 211,070,274 |
Security | Shares | Value | |
Specialized REITs — 1.2% | |||
CubeSmart | 840,472 | $ 38,006,144 | |
$ 38,006,144 | |||
Specialty Retail — 0.8% | |||
Burlington Stores, Inc.(1) | 102,902 | $ 23,892,815 | |
$ 23,892,815 | |||
Textiles, Apparel & Luxury Goods — 0.9% | |||
Steven Madden Ltd. | 675,897 | $ 28,576,925 | |
$ 28,576,925 | |||
Trading Companies & Distributors — 4.7% | |||
Core & Main, Inc., Class A(1) | 2,269,606 | $ 129,934,943 | |
Herc Holdings, Inc. | 113,356 | 19,077,815 | |
$ 149,012,758 | |||
Total Common Stocks (identified cost $2,560,308,918) | $3,182,341,023 |
Short-Term Investments — 1.5% | |||
Affiliated Fund — 0.0%(4) | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(5) | 1,519 | $ 1,519 | |
Total Affiliated Fund (identified cost $1,519) | $ 1,519 | ||
Securities Lending Collateral — 1.5% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.34%(6) | 47,683,972 | $ 47,683,972 | |
Total Securities Lending Collateral (identified cost $47,683,972) | $ 47,683,972 | ||
Total Short-Term Investments (identified cost $47,685,491) | $ 47,685,491 | ||
Total Investments — 101.5% (identified cost $2,607,994,409) | $3,230,026,514 | ||
Other Assets, Less Liabilities — (1.5)% | $ (48,539,068) | ||
Net Assets — 100.0% | $ 3,181,487,446 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Affiliated company (see Note 7) |
(3) | All or a portion of this security was on loan at March 31, 2024. The aggregate market value of securities on loan at March 31, 2024 was $47,348,895. |
(4) | Amount is less than 0.05%. |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2024. |
(6) | Represents investment of cash collateral received in connection with securities lending. |
Abbreviations: | |
REITs | – Real Estate Investment Trusts |
March 31, 2024 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $2,531,100,637) - including $47,348,895 of securities on loan | $ 3,141,161,202 |
Investments in securities of affiliated issuers, at value (identified cost $76,893,772) | 88,865,312 |
Cash | 465,549 |
Receivable for investments sold | 2,094,780 |
Receivable for capital shares sold | 3,572,705 |
Dividends receivable | 3,397,023 |
Dividends receivable - affiliated | 381,659 |
Securities lending income receivable | 279,095 |
Directors' deferred compensation plan | 297,698 |
Total assets | $3,240,515,023 |
Liabilities | |
Demand note payable | $ 2,460,000 |
Payable for investments purchased | 2,663,652 |
Payable for capital shares redeemed | 2,887,510 |
Deposits for securities loaned | 47,683,972 |
Payable to affiliates: | |
Investment advisory fee | 1,790,527 |
Administrative fee | 316,210 |
Distribution and service fees | 89,008 |
Sub-transfer agency fee | 22,079 |
Directors' deferred compensation plan | 297,698 |
Accrued expenses | 816,921 |
Total liabilities | $ 59,027,577 |
Net Assets | $3,181,487,446 |
Sources of Net Assets | |
Paid-in capital | $ 2,569,096,974 |
Distributable earnings | 612,390,472 |
Net Assets | $3,181,487,446 |
Class A Shares | |
Net Assets | $ 302,637,702 |
Shares Outstanding | 9,258,616 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 32.69 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 34.50 |
Class C Shares | |
Net Assets | $ 32,043,869 |
Shares Outstanding | 1,200,692 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 26.69 |
March 31, 2024 | |
Class I Shares | |
Net Assets | $ 2,483,251,844 |
Shares Outstanding | 69,363,400 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 35.80 |
Class R6 Shares | |
Net Assets | $ 363,554,031 |
Shares Outstanding | 10,153,241 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 35.81 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Six Months Ended | |
March 31, 2024 | |
Investment Income | |
Dividend income | $ 20,258,333 |
Dividend income - affiliated issuers | 1,264,127 |
Interest income | 2,416 |
Interest income - affiliated issuers | 7,770 |
Securities lending income, net | 915,605 |
Total investment income | $ 22,448,251 |
Expenses | |
Investment advisory fee | $ 9,970,389 |
Administrative fee | 1,759,480 |
Distribution and service fees: | |
Class A | 344,990 |
Class C | 146,684 |
Directors' fees and expenses | 77,217 |
Custodian fees | 23,209 |
Transfer agency fees and expenses | 1,181,837 |
Accounting fees | 259,230 |
Professional fees | 40,714 |
Registration fees | 60,967 |
Reports to shareholders | 119,614 |
Miscellaneous | 203,805 |
Total expenses | $ 14,188,136 |
Waiver and/or reimbursement of expenses by affiliates | $ (17,648) |
Net expenses | $ 14,170,488 |
Net investment income | $ 8,277,763 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ 10,134,710 |
Net realized gain | $ 10,134,710 |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 497,376,414 |
Investment securities - affiliated issuers | 16,475,105 |
Net change in unrealized appreciation (depreciation) | $513,851,519 |
Net realized and unrealized gain | $523,986,229 |
Net increase in net assets from operations | $532,263,992 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 8,277,763 | $ 11,937,822 |
Net realized gain (loss) | 10,134,710 | (16,289,221) |
Net change in unrealized appreciation (depreciation) | 513,851,519 | 225,382,222 |
Net increase in net assets from operations | $ 532,263,992 | $ 221,030,823 |
Distributions to shareholders: | ||
Class A | $ (345,097) | $ (3,864,681) |
Class C | — | (489,958) |
Class I | (7,571,119) | (29,265,276) |
Class R6 | (1,326,593) | (4,796,514) |
Total distributions to shareholders | $ (9,242,809) | $ (38,416,429) |
Capital share transactions: | ||
Class A | $ (9,388,728) | $ 361,805 |
Class C | (1,304,163) | (136,441) |
Class I | (165,828,597) | 244,905,535 |
Class R6 | (7,678,312) | 5,607,408 |
Net increase (decrease) in net assets from capital share transactions | $ (184,199,800) | $ 250,738,307 |
Net increase in net assets | $ 338,821,383 | $ 433,352,701 |
Net Assets | ||
At beginning of period | $ 2,842,666,063 | $ 2,409,313,362 |
At end of period | $3,181,487,446 | $2,842,666,063 |
Class A | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 27.40 | $ 25.35 | $ 33.14 | $ 23.94 | $ 25.35 | $ 26.61 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ 0.05 | $ 0.06 | $ (0.04) | $ (0.07) | $ (0.01) | $ 0.02 |
Net realized and unrealized gain (loss) | 5.28 | 2.38 | (5.34) | 9.27 | (1.08) | (0.04) (2) |
Total income (loss) from operations | $ 5.33 | $ 2.44 | $ (5.38) | $ 9.20 | $ (1.09) | $ (0.02) |
Less Distributions | ||||||
From net investment income | $ (0.04) | $ — | $ — | $ — | $ — | $ — |
From net realized gain | — | (0.39) | (2.41) | — | (0.32) | (1.24) |
Total distributions | $ (0.04) | $ (0.39) | $ (2.41) | $ — | $ (0.32) | $ (1.24) |
Net asset value — End of period | $ 32.69 | $ 27.40 | $ 25.35 | $ 33.14 | $ 23.94 | $ 25.35 |
Total Return(3) | 19.45% (4) | 9.63% | (17.82)% | 38.43% | (4.38)% | 0.61% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $302,638 | $262,360 | $241,335 | $288,922 | $185,777 | $172,277 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.19% (6) | 1.19% | 1.19% | 1.19% | 1.22% | 1.25% |
Net expenses | 1.19% (6)(7) | 1.19% (7) | 1.19% (7) | 1.19% | 1.21% | 1.23% |
Net investment income (loss) | 0.34% (6) | 0.20% | (0.12)% | (0.21)% | (0.03)% | 0.07% |
Portfolio Turnover | 21% (4) | 44% | 42% | 53% | 44% | 45% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class C | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 22.42 | $ 20.97 | $ 27.84 | $ 20.27 | $ 21.63 | $ 22.90 |
Income (Loss) From Operations | ||||||
Net investment loss(1) | $ (0.05) | $ (0.13) | $ (0.22) | $ (0.26) | $ (0.16) | $ (0.14) |
Net realized and unrealized gain (loss) | 4.32 | 1.97 | (4.41) | 7.83 | (0.92) | (0.04) (2) |
Total income (loss) from operations | $ 4.27 | $ 1.84 | $ (4.63) | $ 7.57 | $ (1.08) | $ (0.18) |
Less Distributions | ||||||
From net realized gain | $ — | $ (0.39) | $ (2.24) | $ — | $ (0.28) | $ (1.09) |
Total distributions | $ — | $ (0.39) | $ (2.24) | $ — | $ (0.28) | $ (1.09) |
Net asset value — End of period | $ 26.69 | $ 22.42 | $ 20.97 | $ 27.84 | $ 20.27 | $ 21.63 |
Total Return(3) | 19.05% (4) | 8.77% | (18.42)% | 37.35% | (5.10)% | (0.12)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $32,044 | $28,169 | $26,452 | $32,596 | $16,992 | $14,775 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.94% (6) | 1.94% | 1.94% | 1.94% | 1.97% | 2.01% |
Net expenses | 1.94% (6)(7) | 1.94% (7) | 1.94% (7) | 1.94% | 1.96% | 1.99% |
Net investment loss | (0.41)% (6) | (0.56)% | (0.87)% | (0.97)% | (0.78)% | (0.68)% |
Portfolio Turnover | 21% (4) | 44% | 42% | 53% | 44% | 45% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class I | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 30.03 | $ 27.73 | $ 36.02 | $ 26.00 | $ 27.49 | $ 28.73 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.09 | $ 0.14 | $ 0.04 | $ 0.01 | $ 0.06 | $ 0.09 |
Net realized and unrealized gain (loss) | 5.79 | 2.60 | (5.85) | 10.05 | (1.17) | (0.02) (2) |
Total income (loss) from operations | $ 5.88 | $ 2.74 | $ (5.81) | $ 10.06 | $ (1.11) | $ 0.07 |
Less Distributions | ||||||
From net investment income | $ (0.11) | $ (0.05) | $ (0.03) | $ (0.04) | $ (0.05) | $ (0.06) |
From net realized gain | — | (0.39) | (2.45) | — | (0.33) | (1.25) |
Total distributions | $ (0.11) | $ (0.44) | $ (2.48) | $ (0.04) | $ (0.38) | $ (1.31) |
Net asset value — End of period | $ 35.80 | $ 30.03 | $ 27.73 | $ 36.02 | $ 26.00 | $ 27.49 |
Total Return(3) | 19.60% (4) | 9.90% | (17.61)% | 38.73% | (4.12)% | 0.92% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $2,483,252 | $2,239,650 | $1,858,334 | $2,398,219 | $1,211,029 | $461,237 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 0.94% (6) | 0.94% | 0.94% | 0.94% | 0.97% | 1.00% |
Net expenses | 0.94% (6)(7) | 0.94% (7) | 0.94% (7) | 0.94% | 0.96% | 0.95% |
Net investment income | 0.59% (6) | 0.45% | 0.13% | 0.03% | 0.22% | 0.34% |
Portfolio Turnover | 21% (4) | 44% | 42% | 53% | 44% | 45% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Class R6 | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | Period Ended September 30, 2019(1) | ||||
2023 | 2022 | 2021 | 2020 | |||
Net asset value — Beginning of period | $ 30.04 | $ 27.75 | $ 36.05 | $ 26.01 | $ 27.50 | $ 24.93 |
Income (Loss) From Operations | ||||||
Net investment income(2) | $ 0.11 | $ 0.17 | $ 0.08 | $ 0.04 | $ 0.07 | $ 0.07 |
Net realized and unrealized gain (loss) | 5.79 | 2.60 | (5.87) | 10.05 | (1.16) | 2.50 |
Total income (loss) from operations | $ 5.90 | $ 2.77 | $ (5.79) | $ 10.09 | $ (1.09) | $ 2.57 |
Less Distributions | ||||||
From net investment income | $ (0.13) | $ (0.09) | $ (0.06) | $ (0.05) | $ (0.07) | $ — |
From net realized gain | — | (0.39) | (2.45) | — | (0.33) | — |
Total distributions | $ (0.13) | $ (0.48) | $ (2.51) | $ (0.05) | $ (0.40) | $ — |
Net asset value — End of period | $ 35.81 | $ 30.04 | $ 27.75 | $ 36.05 | $ 26.01 | $ 27.50 |
Total Return(3) | 19.68% (4) | 10.00% | (17.56)% | 38.83% | (4.07)% | 10.31% (4) |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $363,554 | $312,487 | $283,192 | $84,689 | $44,012 | $34,782 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 0.86% (6) | 0.86% | 0.85% | 0.86% | 0.91% | 0.93% (6) |
Net expenses | 0.86% (6)(7) | 0.86% (7) | 0.85% (7) | 0.86% | 0.90% | 0.90% (6) |
Net investment income | 0.68% (6) | 0.53% | 0.26% | 0.11% | 0.28% | 0.37% (6) |
Portfolio Turnover | 21% (4) | 44% | 42% | 53% | 44% | 45% (8) |
(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) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
(8) | For the year ended September 30, 2019. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 3,182,341,023(1) | $ — | $ — | $ 3,182,341,023 |
Short-Term Investments: | ||||
Affiliated Fund | 1,519 | — | — | 1,519 |
Securities Lending Collateral | 47,683,972 | — | — | 47,683,972 |
Total Investments | $3,230,026,514 | $ — | $ — | $3,230,026,514 |
(1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
Aggregate cost | $2,616,468,208 |
Gross unrealized appreciation | $ 691,675,754 |
Gross unrealized depreciation | (78,117,448) |
Net unrealized appreciation | $ 613,558,306 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $47,683,972 | $ — | $ — | $ — | $47,683,972 |
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/ Shares, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | $ 2,485,451 | $ — | $ (2,520,000) | $ — | $ 34,549 | $ — | $ 7,770 | $ — |
Common Stocks* | ||||||||
U.S. Physical Therapy, Inc. | 62,396,764 | 10,026,473 | — | — | 16,440,556 | 88,863,793 | 655,072 | 787,311 |
Short-Term Investments | ||||||||
Liquidity Fund | 48,525,331 | 259,834,789 | (308,358,601) | — | — | 1,519 | 609,055 | 1,519 |
Total | $ — | $16,475,105 | $88,865,312 | $1,271,897 |
* | The related industry is the same as the presentation in the Portfolio of Investments. |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 710,308 | $ 20,836,995 | 1,914,655 | $ 53,992,855 | |
Reinvestment of distributions | 10,702 | 322,340 | 131,737 | 3,617,501 | |
Shares redeemed | (1,039,164) | (30,548,063) | (1,990,578) | (57,248,551) | |
Net increase (decrease) | (318,154) | $ (9,388,728) | 55,814 | $ 361,805 | |
Class C | |||||
Shares sold | 77,560 | $ 1,879,802 | 188,036 | $ 4,444,935 | |
Reinvestment of distributions | — | — | 19,293 | 436,217 | |
Shares redeemed | (133,069) | (3,183,965) | (212,721) | (5,017,593) | |
Net decrease | (55,509) | $ (1,304,163) | (5,392) | $ (136,441) |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Shares sold | 12,221,315 | $ 392,067,795 | 26,220,090 | $ 828,596,114 | |
Reinvestment of distributions | 188,204 | 6,203,191 | 847,259 | 25,451,669 | |
Shares redeemed | (17,632,710) | (564,099,583) | (19,498,316) | (609,142,248) | |
Net increase (decrease) | (5,223,191) | $(165,828,597) | 7,569,033 | $ 244,905,535 | |
Class R6 | |||||
Shares sold | 888,789 | $ 28,836,220 | 1,808,454 | $ 56,474,783 | |
Reinvestment of distributions | 38,404 | 1,265,814 | 154,735 | 4,646,694 | |
Shares redeemed | (1,175,668) | (37,780,346) | (1,765,007) | (55,514,069) | |
Net increase (decrease) | (248,475) | $ (7,678,312) | 198,182 | $ 5,607,408 |
Officers |
Hope L. Brown Chief Compliance Officer |
Deidre E. Walsh Secretary, Vice President and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Cari M. Dominguez |
Karen Fang |
Miles D. Harper, III |
Von M. Hughes*(1) |
Joy V. Jones |
Eddie Ramos |
Anthony A. Williams |
* Interested Director and President |
(1) Mr. Hughes began serving as Director effective December 11, 2023. |
U.S. Customer Privacy Notice | March 2024 |
FACTS | WHAT DOES CALVERT DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account information and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Calvert chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Calvert share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
For our affiliates to market to you | Yes | Yes* |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
U.S. Customer Privacy Notice — continued | March 2024 |
Who we are | |
Who is providing this notice? | Calvert Research and Management and our investment management affiliates (“Calvert”) (see Affiliates definition below.) |
What we do | |
How does Calvert protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Calvert collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.) |
What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Calvert Research and Management does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Calvert Research and Management does not jointly market. |
U.S. Customer Privacy Notice — continued | March 2024 |
Other important information | |
*PLEASE NOTE: Calvert does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Calvert enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Calvert from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146906/g747421img8f3b5d211.gif)
Global Water Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146906/g747421img751759542.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 05/31/2007 | 05/31/2007 | 5.73% | (5.90)% | 11.04% | 4.51% |
Class A with 5.25% Maximum Sales Charge | — | — | 0.21 | (10.80) | 9.86 | 3.95 |
Class C at NAV | 07/31/2007 | 05/31/2007 | 5.30 | (6.57) | 10.21 | 3.83 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 4.30 | (7.50) | 10.21 | 3.83 |
Class I at NAV | 05/31/2007 | 05/31/2007 | 5.90 | (5.64) | 11.33 | 4.83 |
MSCI ACWI Index | — | — | 20.14% | 23.22% | 10.90% | 8.65% |
Calvert Global Energy Research Spliced Benchmark | — | — | 5.95 | (4.96) | 12.44 | 6.56 |
Calvert Global Energy Research Index | — | — | 5.95 | (4.96) | 12.44 | — |
Alerian Global Alternative Energy Index | — | — | 4.15 | (3.47) | 20.84 | 11.00 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 1.43% | 2.18% | 1.18% |
Net | 1.24 | 1.99 | 0.99 |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146906/g747421img14a2540b3.jpg)
Top 10 Holdings (% of net assets)1 | |
Encavis AG | 1.0% |
Orsted AS | 0.9 |
Delta Electronics, Inc. | 0.9 |
Brookfield Renewable Partners LP | 0.8 |
Algonquin Power & Utilities Corp. | 0.8 |
Infratil Ltd. | 0.8 |
Siemens Energy AG | 0.8 |
Hubbell, Inc. | 0.8 |
Mitsubishi Electric Corp. | 0.8 |
First Solar, Inc. | 0.8 |
Total | 8.4% |
1 | Excludes cash and cash equivalents. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 09/30/2008 | 09/30/2008 | 19.13% | 13.73% | 9.71% | 5.36% |
Class A with 5.25% Maximum Sales Charge | — | — | 12.87 | 7.74 | 8.54 | 4.79 |
Class C at NAV | 09/30/2008 | 09/30/2008 | 18.67 | 12.87 | 8.89 | 4.74 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 17.67 | 11.87 | 8.89 | 4.74 |
Class I at NAV | 01/31/2014 | 09/30/2008 | 19.25 | 14.02 | 9.99 | 5.72 |
MSCI ACWI Index | — | — | 20.14% | 23.22% | 10.90% | 8.65% |
Calvert Global Water Research Spliced Benchmark | — | — | 19.68 | 15.09 | 10.93 | 8.67 |
Calvert Global Water Research Index | — | — | 19.68 | 15.09 | 10.93 | — |
S-Network Global Water Index | — | — | 18.13 | 13.07 | 8.20 | 7.52 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 1.29% | 2.04% | 1.04% |
Net | 1.24 | 1.99 | 0.99 |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146906/g747421img4eeb80184.jpg)
Top 10 Holdings (% of net assets)1 | |
Ecolab, Inc. | 1.9% |
Xylem, Inc. | 1.8 |
Pentair PLC | 1.7 |
Veolia Environnement SA | 1.7 |
Veralto Corp. | 1.7 |
American Water Works Co., Inc. | 1.7 |
Tetra Tech, Inc. | 1.6 |
Essential Utilities, Inc. | 1.6 |
Watts Water Technologies, Inc., Class A | 1.5 |
Zurn Elkay Water Solutions Corp., Class C | 1.5 |
Total | 16.7% |
1 | Excludes cash and cash equivalents. |
1 | MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.The Calvert Global Energy Research Spliced Benchmark is comprised of the Alerian 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 ten year return is not available. The Alerian 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 April 11, 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 ten year return is 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.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. |
For the 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 Alerian 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.Calvert Research and Management became the investment adviser to each Fund on December 31, 2016. Performance reflected prior to such date is that of each Fund’s former investment adviser. | |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 2/1/25. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,057.30 | $ 6.38** | 1.24% |
Class C | $1,000.00 | $1,053.00 | $10.21 ** | 1.99% |
Class I | $1,000.00 | $1,059.00 | $ 5.10** | 0.99% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.80 | $ 6.26** | 1.24% |
Class C | $1,000.00 | $1,015.05 | $10.02 ** | 1.99% |
Class I | $1,000.00 | $1,020.05 | $ 5.00** | 0.99% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,191.30 | $ 6.79** | 1.24% |
Class C | $1,000.00 | $1,186.70 | $10.88 ** | 1.99% |
Class I | $1,000.00 | $1,192.50 | $ 5.43** | 0.99% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.80 | $ 6.26** | 1.24% |
Class C | $1,000.00 | $1,015.05 | $10.02 ** | 1.99% |
Class I | $1,000.00 | $1,020.05 | $ 5.00** | 0.99% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Common Stocks — 99.8% |
Security | Shares | Value | |
Austria — 0.8% | |||
Verbund AG | 17,314 | $ 1,264,961 | |
$ 1,264,961 | |||
Belgium — 0.7% | |||
Umicore SA | 48,451 | $ 1,044,584 | |
$ 1,044,584 | |||
Brazil — 0.7% | |||
Sao Martinho SA | 175,852 | $ 1,087,987 | |
$ 1,087,987 | |||
Canada — 4.2% | |||
Algonquin Power & Utilities Corp.(1) | 206,779 | $ 1,306,728 | |
Boralex, Inc., Class A | 51,772 | 1,093,880 | |
Brookfield Renewable Partners LP | 56,662 | 1,316,258 | |
Canadian Solar, Inc.(1)(2) | 40,123 | 792,830 | |
Innergex Renewable Energy, Inc. | 162,911 | 960,953 | |
Northland Power, Inc.(1) | 72,763 | 1,188,768 | |
$ 6,659,417 | |||
Chile — 0.7% | |||
Sociedad Quimica y Minera de Chile SA ADR | 21,663 | $ 1,064,953 | |
$ 1,064,953 | |||
China — 5.7% | |||
BYD Co. Ltd., Class H | 41,000 | $ 1,049,807 | |
China Datang Corp. Renewable Power Co. Ltd., Class H | 4,089,000 | 842,016 | |
China Everbright Environment Group Ltd. | 2,814,037 | 1,093,973 | |
Flat Glass Group Co. Ltd., Class H(1) | 437,000 | 1,063,690 | |
NIO, Inc. ADR(2) | 153,189 | 689,350 | |
Xinyi Energy Holdings Ltd.(1) | 5,988,000 | 849,465 | |
Xinyi Solar Holdings Ltd. | 1,564,000 | 1,214,435 | |
XPENG, Inc. ADR(2) | 92,327 | 709,071 | |
Yadea Group Holdings Ltd.(3) | 482,000 | 782,078 | |
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 248,200 | 787,384 | |
$ 9,081,269 | |||
Denmark — 2.8% | |||
Novonesis (Novozymes) B, Class B | 17,666 | $ 1,039,140 | |
Orsted AS(2)(3) | 24,345 | 1,360,370 | |
Rockwool AS, Class B(2) | 2,653 | 872,904 | |
Vestas Wind Systems AS(2) | 44,568 | 1,243,162 | |
$ 4,515,576 | |||
Finland — 0.5% | |||
Neste OYJ | 31,022 | $ 841,168 | |
$ 841,168 | |||
France — 5.6% | |||
Alstom SA(1) | 63,778 | $ 971,235 |
Security | Shares | Value | |
France (continued) | |||
Cie de Saint-Gobain SA | 13,689 | $ 1,062,454 | |
Danone SA | 13,238 | 855,768 | |
Dassault Systemes SE | 18,100 | 801,235 | |
Engie SA | 53,048 | 888,944 | |
Legrand SA | 10,119 | 1,071,569 | |
Neoen SA(3) | 44,709 | 1,265,683 | |
Nexans SA | 8,284 | 866,020 | |
Schneider Electric SE | 5,195 | 1,174,467 | |
$ 8,957,375 | |||
Germany — 8.7% | |||
Bayerische Motoren Werke AG | 7,106 | $ 819,882 | |
Daimler Truck Holding AG | 20,832 | 1,055,656 | |
Deutsche Post AG | 18,432 | 794,371 | |
Encavis AG(2) | 90,869 | 1,651,636 | |
Evonik Industries AG | 43,533 | 861,090 | |
Infineon Technologies AG | 30,233 | 1,028,089 | |
Mercedes-Benz Group AG | 10,687 | 851,080 | |
Nordex SE(2) | 76,704 | 1,005,886 | |
SGL Carbon SE(1)(2) | 129,840 | 974,178 | |
Siemens AG | 5,954 | 1,136,850 | |
Siemens Energy AG(2) | 70,784 | 1,299,152 | |
SMA Solar Technology AG(2) | 14,087 | 813,456 | |
Verbio SE | 43,264 | 983,537 | |
Vitesco Technologies Group AG(2) | 8,083 | 561,394 | |
$ 13,836,257 | |||
Greece — 0.7% | |||
Terna Energy SA | 56,587 | $ 1,100,175 | |
$ 1,100,175 | |||
India — 0.6% | |||
Siemens Ltd. | 15,154 | $ 980,470 | |
$ 980,470 | |||
Ireland — 0.6% | |||
Kingspan Group PLC | 10,637 | $ 968,779 | |
$ 968,779 | |||
Italy — 2.8% | |||
Enel SpA | 133,779 | $ 883,142 | |
ERG SpA | 39,227 | 984,831 | |
Prysmian SpA | 17,090 | 891,310 | |
Snam SpA(1) | 182,139 | 860,006 | |
Terna - Rete Elettrica Nazionale(1) | 108,644 | 898,020 | |
$ 4,517,309 | |||
Japan — 4.9% | |||
Azbil Corp. | 27,900 | $ 771,876 | |
Daikin Industries Ltd. | 7,500 | 1,024,055 | |
Fuji Electric Co. Ltd. | 17,700 | 1,187,749 | |
GS Yuasa Corp. | 44,700 | 931,594 |
Security | Shares | Value | |
Japan (continued) | |||
Mitsubishi Electric Corp. | 77,100 | $ 1,290,572 | |
Nidec Corp. | 22,100 | 916,470 | |
West Holdings Corp. | 45,100 | 855,302 | |
Yokogawa Electric Corp. | 39,400 | 907,357 | |
$ 7,884,975 | |||
Netherlands — 1.1% | |||
Alfen NV(1)(2)(3) | 15,974 | $ 860,610 | |
Signify NV(3) | 30,470 | 938,003 | |
$ 1,798,613 | |||
New Zealand — 2.3% | |||
Infratil Ltd.(1) | 200,313 | $ 1,303,273 | |
Mercury NZ Ltd.(1) | 286,924 | 1,186,652 | |
Meridian Energy Ltd. | 340,408 | 1,202,137 | |
$ 3,692,062 | |||
Norway — 1.2% | |||
Norsk Hydro ASA | 165,511 | $ 909,547 | |
Scatec ASA(3) | 156,522 | 1,041,853 | |
$ 1,951,400 | |||
Singapore — 0.6% | |||
City Developments Ltd.(1) | 202,000 | $ 875,033 | |
$ 875,033 | |||
South Korea — 3.0% | |||
Doosan Fuel Cell Co. Ltd.(2) | 52,720 | $ 806,069 | |
LG Chem Ltd. | 3,487 | 1,141,313 | |
LG Display Co. Ltd.(2) | 111,511 | 876,624 | |
LG Energy Solution Ltd.(2) | 3,777 | 1,125,172 | |
SK IE Technology Co. Ltd.(2)(3) | 16,143 | 876,831 | |
$ 4,826,009 | |||
Spain — 5.3% | |||
Acciona SA | 10,395 | $ 1,265,078 | |
Atlantica Sustainable Infrastructure PLC | 58,242 | 1,076,312 | |
Corp. ACCIONA Energias Renovables SA(1) | 50,132 | 1,092,404 | |
EDP Renovaveis SA | 89,779 | 1,215,802 | |
Ence Energia y Celulosa SA | 287,262 | 1,000,346 | |
Iberdrola SA | 74,107 | 920,435 | |
Redeia Corp. SA | 53,539 | 914,502 | |
Solaria Energia y Medio Ambiente SA(1)(2) | 85,039 | 927,783 | |
$ 8,412,662 | |||
Sweden — 2.7% | |||
AddTech AB, Class B | 39,184 | $ 891,442 | |
Castellum AB(2) | 71,012 | 933,926 | |
Fabege AB | 104,119 | 973,561 | |
Munters Group AB(3) | 42,922 | 769,916 | |
Nibe Industrier AB, Class B(1) | 164,563 | 809,222 | |
$ 4,378,067 |
Security | Shares | Value | |
Switzerland — 1.7% | |||
ABB Ltd. | 24,413 | $ 1,132,526 | |
Accelleron Industries AG | 23,930 | 896,344 | |
Landis & Gyr Group AG | 9,550 | 733,015 | |
$ 2,761,885 | |||
Taiwan — 4.3% | |||
Advanced Energy Solution Holding Co. Ltd. | 36,000 | $ 779,300 | |
Chroma ATE, Inc. | 114,000 | 900,149 | |
Delta Electronics, Inc. | 126,000 | 1,348,562 | |
Everlight Electronics Co. Ltd. | 409,000 | 683,876 | |
Simplo Technology Co. Ltd. | 69,000 | 973,013 | |
Sino-American Silicon Products, Inc. | 167,000 | 1,122,236 | |
Voltronic Power Technology Corp. | 19,000 | 979,968 | |
$ 6,787,104 | |||
Thailand — 0.7% | |||
Energy Absolute PCL NVDR | 1,124,500 | $ 1,058,237 | |
$ 1,058,237 | |||
United Kingdom — 3.6% | |||
Croda International PLC | 14,127 | $ 874,114 | |
Johnson Matthey PLC | 50,556 | 1,142,481 | |
Linde PLC | 1,873 | 869,671 | |
National Grid PLC | 82,754 | 1,115,027 | |
Smart Metering Systems PLC | 73,199 | 879,463 | |
United Utilities Group PLC | 65,686 | 853,500 | |
$ 5,734,256 | |||
United States — 33.3% | |||
AAON, Inc. | 10,358 | $ 912,540 | |
Acuity Brands, Inc. | 3,589 | 964,472 | |
AECOM | 9,551 | 936,762 | |
AES Corp. | 56,031 | 1,004,636 | |
Alaska Air Group, Inc.(2) | 22,473 | 966,114 | |
Alphabet, Inc., Class A(2) | 6,151 | 928,370 | |
Ameresco, Inc., Class A(2) | 31,248 | 754,014 | |
Applied Materials, Inc. | 4,224 | 871,116 | |
Aptiv PLC(2) | 12,674 | 1,009,484 | |
Arcadium Lithium PLC(1)(2) | 191,742 | 826,408 | |
Array Technologies, Inc.(2) | 81,233 | 1,211,184 | |
Autodesk, Inc.(2) | 3,254 | 847,407 | |
Bloom Energy Corp., Class A(1)(2) | 103,073 | 1,158,541 | |
BorgWarner, Inc. | 34,541 | 1,199,954 | |
Brookfield Renewable Corp., Class A | 49,439 | 1,214,716 | |
ChargePoint Holdings, Inc.(1)(2) | 380,427 | 722,811 | |
Clearway Energy, Inc., Class C | 52,792 | 1,216,856 | |
Cummins, Inc. | 3,130 | 922,255 | |
Eaton Corp. PLC | 4,010 | 1,253,847 | |
Emerson Electric Co. | 10,383 | 1,177,640 | |
EnerSys | 10,817 | 1,021,774 | |
Enphase Energy, Inc.(2) | 9,275 | 1,122,089 |
Security | Shares | Value | |
United States (continued) | |||
Equinix, Inc. | 958 | $ 790,666 | |
FedEx Corp. | 3,421 | 991,201 | |
First Solar, Inc.(2) | 7,502 | 1,266,338 | |
General Mills, Inc. | 13,102 | 916,747 | |
Gibraltar Industries, Inc.(2) | 10,080 | 811,742 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 33,837 | 960,971 | |
Hubbell, Inc. | 3,121 | 1,295,371 | |
International Business Machines Corp. | 4,603 | 878,989 | |
Itron, Inc.(2) | 9,061 | 838,324 | |
Johnson Controls International PLC | 18,011 | 1,176,479 | |
Microsoft Corp. | 2,059 | 866,262 | |
MYR Group, Inc.(2) | 5,886 | 1,040,351 | |
NextEra Energy Partners LP | 41,536 | 1,249,403 | |
NextEra Energy, Inc. | 15,432 | 986,259 | |
ON Semiconductor Corp.(2) | 15,856 | 1,166,209 | |
Ormat Technologies, Inc. | 18,440 | 1,220,544 | |
Owens Corning | 6,365 | 1,061,682 | |
Power Integrations, Inc. | 14,070 | 1,006,709 | |
Quanta Services, Inc. | 3,526 | 916,055 | |
Rockwell Automation, Inc. | 3,631 | 1,057,819 | |
SolarEdge Technologies, Inc.(2) | 14,881 | 1,056,253 | |
Stanley Black & Decker, Inc. | 9,538 | 934,056 | |
SunPower Corp.(1)(2) | 265,015 | 795,045 | |
Sunrun, Inc.(2) | 94,947 | 1,251,401 | |
Tesla, Inc.(2) | 6,603 | 1,160,741 | |
Trane Technologies PLC | 3,952 | 1,186,390 | |
Universal Display Corp. | 6,184 | 1,041,695 | |
Waste Management, Inc. | 4,141 | 882,654 | |
Whirlpool Corp. | 7,823 | 935,865 | |
Wolfspeed, Inc.(2) | 37,621 | 1,109,819 | |
$ 53,095,030 | |||
Total Common Stocks (identified cost $185,489,055) | $159,175,613 |
Short-Term Investments — 4.9% |
Affiliated Fund — 0.0%(4) | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(5) | 4,955 | $ 4,955 | |
Total Affiliated Fund (identified cost $4,955) | $ 4,955 |
Securities Lending Collateral — 4.9% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.34%(6) | 7,852,903 | $ 7,852,903 | |
Total Securities Lending Collateral (identified cost $7,852,903) | $ 7,852,903 | ||
Total Short-Term Investments (identified cost $7,857,858) | $ 7,857,858 |
Total Investments — 104.7% (identified cost $193,346,913) | $ 167,033,471 | |
Other Assets, Less Liabilities — (4.7)% | $ (7,544,049) | |
Net Assets — 100.0% | $ 159,489,422 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | All or a portion of this security was on loan at March 31, 2024. The aggregate market value of securities on loan at March 31, 2024 was $13,909,834. |
(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 March 31, 2024, the aggregate value of these securities is $7,895,344 or 5.0% of the Fund's net assets. |
(4) | Amount is less than 0.05%. |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2024. |
(6) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Industrials | 39.6% |
Utilities | 25.3 |
Information Technology | 16.4 |
Consumer Discretionary | 6.1 |
Materials | 6.1 |
Real Estate | 2.2 |
Consumer Staples | 1.8 |
Energy | 1.1 |
Financials | 0.6 |
Communication Services | 0.6 |
Total | 99.8% |
Abbreviations: | |
ADR | – American Depositary Receipt |
NVDR | – Non-Voting Depository Receipt |
PCL | – Public Company Limited |
Common Stocks — 99.7% |
Security | Shares | Value | |
Australia — 2.3% | |||
Reece Ltd.(1) | 293,201 | $ 5,368,427 | |
Reliance Worldwide Corp. Ltd. | 2,198,905 | 8,251,036 | |
$ 13,619,463 | |||
Austria — 0.9% | |||
Wienerberger AG | 147,533 | $ 5,374,007 | |
$ 5,374,007 | |||
Brazil — 3.8% | |||
Cia de Saneamento Basico do Estado de Sao Paulo (SABESP) ADR | 522,525 | $ 8,794,096 | |
Cia de Saneamento de Minas Gerais Copasa MG | 1,516,692 | 6,586,424 | |
Cia De Sanena Do Parana | 1,327,500 | 6,889,745 | |
$ 22,270,265 | |||
Canada — 1.1% | |||
Gildan Activewear, Inc. | 90,730 | $ 3,367,168 | |
Stantec, Inc.(1) | 37,839 | 3,141,540 | |
$ 6,508,708 | |||
Chile — 1.1% | |||
Aguas Andinas SA, Class A | 21,883,907 | $ 6,385,581 | |
$ 6,385,581 | |||
China — 4.0% | |||
Beijing Enterprises Water Group Ltd. | 28,047,452 | $ 6,243,202 | |
China Everbright Environment Group Ltd.(1) | 8,504,666 | 3,306,236 | |
China Lesso Group Holdings Ltd. | 8,010,578 | 3,798,868 | |
China Water Affairs Group Ltd.(1) | 8,838,421 | 5,184,118 | |
Guangdong Investment Ltd. | 12,073,427 | 5,172,128 | |
$ 23,704,552 | |||
Denmark — 0.6% | |||
Novonesis (Novozymes) B, Class B | 55,798 | $ 3,282,122 | |
$ 3,282,122 | |||
Finland — 1.3% | |||
Kemira OYJ | 417,421 | $ 7,890,880 | |
$ 7,890,880 | |||
France — 3.4% | |||
Eurofins Scientific SE | 52,885 | $ 3,368,796 | |
L'Oreal SA | 6,614 | 3,132,203 | |
LVMH Moet Hennessy Louis Vuitton SE | 3,466 | 3,118,693 | |
Veolia Environnement SA | 309,671 | 10,074,160 | |
$ 19,693,852 | |||
Germany — 1.1% | |||
GEA Group AG | 77,248 | $ 3,266,055 |
Security | Shares | Value | |
Germany (continued) | |||
Henkel AG & Co. KGaA, PFC Shares | 41,998 | $ 3,375,632 | |
$ 6,641,687 | |||
Italy — 2.2% | |||
ACEA SpA | 419,563 | $ 7,436,095 | |
Interpump Group SpA(1) | 106,414 | 5,186,283 | |
$ 12,622,378 | |||
Japan — 7.5% | |||
Daiseki Co. Ltd. | 261,600 | $ 6,386,540 | |
Ebara Corp. | 66,156 | 6,020,884 | |
Kurita Water Industries Ltd. | 201,442 | 8,351,785 | |
Lixil Corp. | 632,700 | 7,797,623 | |
Organo Corp. | 138,800 | 6,883,104 | |
Sekisui Chemical Co. Ltd. | 224,400 | 3,283,108 | |
TOTO Ltd. | 188,800 | 5,293,013 | |
$ 44,016,057 | |||
Mexico — 0.9% | |||
Orbia Advance Corp. SAB de CV | 2,523,500 | $ 5,280,548 | |
$ 5,280,548 | |||
Netherlands — 1.5% | |||
Aalberts NV | 116,431 | $ 5,597,922 | |
Arcadis NV | 54,200 | 3,319,187 | |
$ 8,917,109 | |||
Singapore — 1.1% | |||
CDL Hospitality Trusts | 4,404,801 | $ 3,326,970 | |
City Developments Ltd.(1) | 749,700 | 3,247,585 | |
Hyflux Ltd.(1)(2)(3) | 16,595,483 | 0 | |
$ 6,574,555 | |||
South Korea — 1.9% | |||
Coway Co. Ltd. | 188,056 | $ 7,860,577 | |
LG Chem Ltd. | 9,293 | 3,041,646 | |
$ 10,902,223 | |||
Spain — 1.2% | |||
Acciona SA(1) | 28,239 | $ 3,436,704 | |
Iberdrola SA | 275,081 | 3,416,603 | |
$ 6,853,307 | |||
Sweden — 0.6% | |||
Fabege AB | 386,484 | $ 3,613,805 | |
$ 3,613,805 | |||
Switzerland — 4.8% | |||
Belimo Holding AG | 11,062 | $ 5,429,078 | |
Geberit AG | 10,558 | 6,239,606 | |
Georg Fischer AG | 72,604 | 5,384,765 | |
Roche Holding AG | 12,001 | 3,064,082 |
Security | Shares | Value | |
Switzerland (continued) | |||
Sika AG | 10,845 | $ 3,226,932 | |
Sulzer AG | 40,352 | 4,910,845 | |
$ 28,255,308 | |||
Taiwan — 0.6% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 143,294 | $ 3,432,780 | |
$ 3,432,780 | |||
Thailand — 1.0% | |||
Amata Corp. PCL | 9,485,400 | $ 6,141,506 | |
$ 6,141,506 | |||
United Kingdom — 9.0% | |||
CNH Industrial NV | 264,549 | $ 3,428,555 | |
Croda International PLC | 52,139 | 3,226,122 | |
Ferguson PLC | 31,444 | 6,868,313 | |
Genuit Group PLC | 868,614 | 4,824,955 | |
Halma PLC | 106,940 | 3,193,267 | |
Marlowe PLC(3) | 499,838 | 3,279,611 | |
Mondi PLC | 177,437 | 3,125,251 | |
Pennon Group PLC | 898,541 | 7,337,805 | |
Severn Trent PLC | 273,497 | 8,533,995 | |
United Utilities Group PLC | 672,087 | 8,732,855 | |
$ 52,550,729 | |||
United States — 47.8% | |||
A.O. Smith Corp. | 69,310 | $ 6,200,473 | |
Advanced Drainage Systems, Inc. | 35,638 | 6,138,289 | |
AECOM | 65,972 | 6,470,534 | |
Agilent Technologies, Inc. | 22,684 | 3,300,749 | |
American States Water Co. | 106,507 | 7,694,066 | |
American Water Works Co., Inc. | 81,421 | 9,950,460 | |
Badger Meter, Inc. | 52,820 | 8,546,804 | |
Ball Corp. | 49,381 | 3,326,304 | |
Brookfield Renewable Corp., Class A(1) | 133,278 | 3,274,640 | |
California Water Service Group | 165,913 | 7,711,636 | |
Chemed Corp. | 9,093 | 5,837,069 | |
CMS Energy Corp. | 55,105 | 3,325,036 | |
Core & Main, Inc., Class A(3) | 119,188 | 6,823,513 | |
Cousins Properties, Inc. | 138,595 | 3,331,824 | |
Ecolab, Inc. | 48,163 | 11,120,837 | |
Energy Recovery, Inc.(3) | 430,142 | 6,791,942 | |
Entegris, Inc. | 23,529 | 3,306,766 | |
Essential Utilities, Inc. | 252,947 | 9,371,686 | |
FMC Corp. | 55,174 | 3,514,584 | |
Fortune Brands Innovations, Inc. | 70,774 | 5,992,435 | |
Franklin Electric Co., Inc. | 49,926 | 5,332,596 | |
Gorman-Rupp Co. | 111,057 | 4,392,304 | |
Hawkins, Inc. | 102,021 | 7,835,213 | |
Hilton Worldwide Holdings, Inc. | 15,473 | 3,300,546 | |
IDEXX Laboratories, Inc.(3) | 5,496 | 2,967,455 |
Security | Shares | Value | |
United States (continued) | |||
Ingersoll Rand, Inc. | 34,615 | $ 3,286,694 | |
Intel Corp. | 73,435 | 3,243,624 | |
Itron, Inc.(3) | 34,110 | 3,155,857 | |
Levi Strauss & Co., Class A(1) | 173,988 | 3,478,020 | |
Lindsay Corp. | 37,501 | 4,412,368 | |
Masco Corp. | 79,062 | 6,236,411 | |
Middlesex Water Co. | 128,838 | 6,763,995 | |
Mondelez International, Inc., Class A | 43,265 | 3,028,550 | |
Mueller Industries, Inc. | 104,834 | 5,653,698 | |
Mueller Water Products, Inc., Class A | 311,948 | 5,019,243 | |
Nucor Corp. | 16,440 | 3,253,476 | |
Parker-Hannifin Corp. | 5,904 | 3,281,384 | |
Pentair PLC | 120,149 | 10,265,531 | |
Procter & Gamble Co. | 19,890 | 3,227,152 | |
Roper Technologies, Inc. | 5,804 | 3,255,115 | |
SJW Group | 129,624 | 7,335,422 | |
Tetra Tech, Inc. | 50,981 | 9,416,701 | |
Trimble, Inc.(3) | 51,665 | 3,325,159 | |
Valmont Industries, Inc. | 24,552 | 5,604,731 | |
Veralto Corp. | 113,518 | 10,064,506 | |
Waters Corp.(3) | 9,369 | 3,225,091 | |
Watts Water Technologies, Inc., Class A | 41,713 | 8,866,098 | |
Xylem, Inc. | 80,368 | 10,386,760 | |
Zurn Elkay Water Solutions Corp., Class C | 263,343 | 8,814,090 | |
$280,457,437 | |||
Total Common Stocks (identified cost $440,220,280) | $584,988,859 |
Short-Term Investments — 0.6% |
Affiliated Fund — 0.0%(4) | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(5) | 3,944 | $ 3,944 | |
Total Affiliated Fund (identified cost $3,944) | $ 3,944 | ||
Securities Lending Collateral — 0.6% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.34%(6) | 3,442,297 | $ 3,442,297 | |
Total Securities Lending Collateral (identified cost $3,442,297) | $ 3,442,297 | ||
Total Short-Term Investments (identified cost $3,446,241) | $ 3,446,241 |
Value | ||
Total Investments — 100.3% (identified cost $443,666,521) | $ 588,435,100 | |
Other Assets, Less Liabilities — (0.3)% | $ (1,525,601) | |
Net Assets — 100.0% | $ 586,909,499 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | All or a portion of this security was on loan at March 31, 2024. The aggregate market value of securities on loan at March 31, 2024 was $18,680,176. |
(2) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(3) | Non-income producing security. |
(4) | Amount is less than 0.05%. |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2024. |
(6) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Industrials | 44.6% |
Utilities | 25.5 |
Materials | 10.8 |
Information Technology | 5.4 |
Consumer Discretionary | 4.2 |
Health Care | 3.7 |
Real Estate | 3.3 |
Consumer Staples | 2.2 |
Total | 99.7% |
Abbreviations: | |
ADR | – American Depositary Receipt |
PCL | – Public Company Limited |
PFC Shares | – Preference Shares |
March 31, 2024 | ||
Global Energy Solutions Fund | Global Water Fund | |
Assets | ||
Investments in securities of unaffiliated issuers, at value (identified cost $193,341,958 and $443,662,577, respectively) - including $13,909,834 and $18,680,176, respectively, of securities on loan | $ 167,028,516 | $ 588,431,156 |
Investments in securities of affiliated issuers, at value (identified cost $4,955 and $3,944, respectively) | 4,955 | 3,944 |
Cash | 5,595 | 136,288 |
Cash denominated in foreign currency, at value (cost $60,472 and $86,410, respectively) | 59,803 | 86,228 |
Receivable for investments sold | 278,307 | 397,309 |
Receivable for capital shares sold | 163,178 | 259,755 |
Dividends receivable | 157,912 | 1,751,441 |
Dividends and interest receivable - affiliated | 312 | 1,394 |
Securities lending income receivable | 8,979 | 9,754 |
Tax reclaims receivable | 175,346 | 450,591 |
Receivable from affiliates | 45,046 | 25,681 |
Directors' deferred compensation plan | 51,013 | 263,694 |
Total assets | $167,978,962 | $591,817,235 |
Liabilities | ||
Demand note payable | $ 240,000 | $ 340,000 |
Payable for capital shares redeemed | 20,987 | 138,390 |
Payable for foreign capital gains taxes | 46,268 | — |
Deposits for securities loaned | 7,852,903 | 3,442,297 |
Payable to affiliates: | ||
Investment advisory fee | 100,158 | 356,598 |
Administrative fee | 16,029 | 59,323 |
Distribution and service fees | 24,237 | 68,713 |
Sub-transfer agency fee | 23,268 | 15,548 |
Directors' deferred compensation plan | 51,013 | 263,694 |
Accrued expenses | 114,677 | 223,173 |
Total liabilities | $ 8,489,540 | $ 4,907,736 |
Net Assets | $159,489,422 | $586,909,499 |
Sources of Net Assets | ||
Paid-in capital | $ 194,618,622 | $ 420,872,109 |
Distributable earnings (accumulated loss) | (35,129,200) | 166,037,390 |
Net Assets | $159,489,422 | $586,909,499 |
Class A Shares | ||
Net Assets | $ 85,812,968 | $ 247,380,136 |
Shares Outstanding | 7,779,958 | 8,497,974 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 11.03 | $ 29.11 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 11.64 | $ 30.72 |
Class C Shares | ||
Net Assets | $ 7,541,853 | $ 19,633,705 |
Shares Outstanding | 734,336 | 735,713 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 10.27 | $ 26.69 |
March 31, 2024 | ||
Global Energy Solutions Fund | Global Water Fund | |
Class I Shares | ||
Net Assets | $ 66,134,601 | $ 319,895,658 |
Shares Outstanding | 5,895,086 | 10,911,223 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 11.22 | $ 29.32 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Six Months Ended March 31, 2024 | ||
Global Energy Solutions Fund | Global Water Fund | |
Investment Income | ||
Dividend income (net of foreign taxes withheld of $86,976 and $311,532, respectively) | $ 1,053,076 | $ 5,636,261 |
Dividend income - affiliated issuers | 2,567 | 16,386 |
Interest income | 141 | 189 |
Interest income - affiliated issuers | 617 | 1,943 |
Securities lending income, net | 50,871 | 27,171 |
Total investment income | $1,107,272 | $ 5,681,950 |
Expenses | ||
Investment advisory fee | $ 595,099 | $ 1,998,967 |
Administrative fee | 95,216 | 331,966 |
Distribution and service fees: | ||
Class A | 105,514 | 289,274 |
Class C | 38,505 | 98,417 |
Directors' fees and expenses | 4,153 | 14,680 |
Custodian fees | 21,391 | 30,264 |
Transfer agency fees and expenses | 148,784 | 320,145 |
Accounting fees | 25,739 | 67,075 |
Professional fees | 22,230 | 23,853 |
Registration fees | 27,257 | 25,886 |
Reports to shareholders | 24,479 | 21,083 |
Miscellaneous | 18,187 | 53,226 |
Total expenses | $1,126,554 | $ 3,274,836 |
Waiver and/or reimbursement of expenses by affiliates | $ (193,777) | $ (140,891) |
Net expenses | $ 932,777 | $ 3,133,945 |
Net investment income | $ 174,495 | $ 2,548,005 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss): | ||
Investment securities (net of foreign capital gains taxes of $7,922 and $0, respectively) | $ 4,801,705 | $ 26,473,744 |
Foreign currency transactions | (15,021) | 48,154 |
Net realized gain | $4,786,684 | $26,521,898 |
Change in unrealized appreciation (depreciation): | ||
Investment securities (including net increase in payable for foreign capital gains taxes of $46,268 and $0, respectively) | $ 3,941,143 | $ 68,060,829 |
Investment securities - affiliated issuers | 2,742 | 8,637 |
Foreign currency | 6,519 | 1,156 |
Net change in unrealized appreciation (depreciation) | $3,950,404 | $68,070,622 |
Net realized and unrealized gain | $8,737,088 | $94,592,520 |
Net increase in net assets from operations | $8,911,583 | $97,140,525 |
Global Energy Solutions Fund | Global Water Fund | |||
Six Months Ended March 31,2024 (Unaudited) | Year Ended September 30, 2023 | Six Months Ended March 31,2024 (Unaudited) | Year Ended September 30, 2023 | |
Increase (Decrease) in Net Assets | ||||
From operations: | ||||
Net investment income | $ 174,495 | $ 1,755,324 | $ 2,548,005 | $ 7,043,670 |
Net realized gain | 4,786,684 | 8,879,042 | 26,521,898 | 9,206,305 |
Net change in unrealized appreciation (depreciation) | 3,950,404 | 1,401,904 | 68,070,622 | 58,924,095 |
Net increase in net assets from operations | $ 8,911,583 | $ 12,036,270 | $ 97,140,525 | $ 75,174,070 |
Distributions to shareholders: | ||||
Class A | $ (758,821) | $ (595,608) | $ (6,121,664) | $ (3,151,056) |
Class C | (5,763) | — | (408,438) | (165,691) |
Class I | (770,716) | (647,981) | (8,722,518) | (4,669,943) |
Total distributions to shareholders | $ (1,535,300) | $ (1,243,589) | $ (15,252,620) | $ (7,986,690) |
Capital share transactions: | ||||
Class A | $ (4,316,135) | $ 967,655 | $ (4,318,248) | $ (7,351,512) |
Class C | (984,245) | (779,179) | (2,906,523) | (7,194,736) |
Class I | (5,216,561) | (4,844,523) | (6,326,906) | 1,128,518 |
Net decrease in net assets from capital share transactions | $ (10,516,941) | $ (4,656,047) | $ (13,551,677) | $ (13,417,730) |
Net increase (decrease) in net assets | $ (3,140,658) | $ 6,136,634 | $ 68,336,228 | $ 53,769,650 |
Net Assets | ||||
At beginning of period | $ 162,630,080 | $ 156,493,446 | $ 518,573,271 | $ 464,803,621 |
At end of period | $159,489,422 | $162,630,080 | $586,909,499 | $518,573,271 |
Global Energy Solutions Fund — Class A | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 10.52 | $ 9.86 | $ 12.79 | $ 9.54 | $ 7.08 | $ 6.95 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.01 | $ 0.11 | $ 0.08 | $ 0.06 | $ 0.06 | $ 0.08 |
Net realized and unrealized gain (loss) | 0.59 | 0.62 | (2.98) | 3.27 | 2.48 | 0.15 |
Total income (loss) from operations | $ 0.60 | $ 0.73 | $ (2.90) | $ 3.33 | $ 2.54 | $ 0.23 |
Less Distributions | ||||||
From net investment income | $ (0.09) | $ (0.07) | $ (0.03) | $ (0.08) | $ (0.08) | $ (0.10) |
Total distributions | $ (0.09) | $ (0.07) | $ (0.03) | $ (0.08) | $ (0.08) | $ (0.10) |
Net asset value — End of period | $ 11.03 | $ 10.52 | $ 9.86 | $ 12.79 | $ 9.54 | $ 7.08 |
Total Return(2) | 5.73% (3) | 7.38% | (22.71)% | 35.00% | 36.12% | 3.60% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $85,813 | $86,112 | $79,841 | $100,038 | $62,428 | $47,596 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.49% (5) | 1.43% | 1.40% | 1.42% | 1.54% | 1.72% |
Net expenses | 1.24% (5)(6) | 1.24% (6) | 1.24% (6) | 1.24% | 1.24% | 1.26% |
Net investment income | 0.15% (5) | 0.93% | 0.65% | 0.48% | 0.76% | 1.27% |
Portfolio Turnover | 16% (3) | 42% | 43% | 50% | 45% | 40% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Global Energy Solutions Fund — Class C | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 9.76 | $ 9.15 | $ 11.93 | $ 8.92 | $ 6.63 | $ 6.50 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ (0.03) | $ 0.02 | $ (0.01) | $ (0.03) | $ (0.00)(2) | $ 0.02 |
Net realized and unrealized gain (loss) | 0.55 | 0.59 | (2.77) | 3.06 | 2.32 | 0.16 |
Total income (loss) from operations | $ 0.52 | $ 0.61 | $ (2.78) | $ 3.03 | $ 2.32 | $ 0.18 |
Less Distributions | ||||||
From net investment income | $ (0.01) | $ — | $ — | $ (0.02) | $ (0.03) | $ (0.05) |
Total distributions | $ (0.01) | $ — | $ — | $ (0.02) | $ (0.03) | $ (0.05) |
Net asset value — End of period | $10.27 | $ 9.76 | $ 9.15 | $ 11.93 | $ 8.92 | $ 6.63 |
Total Return(3) | 5.30% (4) | 6.67% | (23.30)% | 33.93% | 35.03% | 2.85% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 7,542 | $8,151 | $ 8,304 | $11,009 | $ 7,841 | $6,752 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 2.24% (6) | 2.18% | 2.16% | 2.17% | 2.29% | 2.48% |
Net expenses | 1.99% (6)(7) | 1.99% (7) | 1.99% (7) | 1.99% | 1.99% | 2.01% |
Net investment income (loss) | (0.61)% (6) | 0.17% | (0.11)% | (0.27)% | (0.01)% | 0.38% |
Portfolio Turnover | 16% (4) | 42% | 43% | 50% | 45% | 40% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $(0.005). |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Global Energy Solutions Fund — Class I | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 10.71 | $ 10.03 | $ 13.01 | $ 9.70 | $ 7.20 | $ 7.07 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.02 | $ 0.13 | $ 0.11 | $ 0.10 | $ 0.08 | $ 0.11 |
Net realized and unrealized gain (loss) | 0.61 | 0.64 | (3.02) | 3.31 | 2.52 | 0.14 |
Total income (loss) from operations | $ 0.63 | $ 0.77 | $ (2.91) | $ 3.41 | $ 2.60 | $ 0.25 |
Less Distributions | ||||||
From net investment income | $ (0.12) | $ (0.09) | $ (0.07) | $ (0.10) | $ (0.10) | $ (0.12) |
Total distributions | $ (0.12) | $ (0.09) | $ (0.07) | $ (0.10) | $ (0.10) | $ (0.12) |
Net asset value — End of period | $ 11.22 | $ 10.71 | $ 10.03 | $ 13.01 | $ 9.70 | $ 7.20 |
Total Return(2) | 5.90% (3) | 7.69% | (22.52)% | 35.28% | 36.40% | 3.89% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $66,135 | $68,366 | $68,349 | $114,371 | $45,676 | $23,867 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.24% (5) | 1.18% | 1.15% | 1.17% | 1.29% | 1.47% |
Net expenses | 0.99% (5)(6) | 0.99% (6) | 0.99% (6) | 0.99% | 0.99% | 0.98% |
Net investment income | 0.40% (5) | 1.15% | 0.88% | 0.80% | 1.08% | 1.60% |
Portfolio Turnover | 16% (3) | 42% | 43% | 50% | 45% | 40% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Global Water Fund — Class A | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 25.07 | $ 21.93 | $ 28.61 | $ 21.67 | $ 20.70 | $ 20.00 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.11 | $ 0.31 | $ 0.22 | $ 0.33 | $ 0.14 | $ 0.23 |
Net realized and unrealized gain (loss) | 4.65 | 3.19 | (6.62) | 6.80 | 1.02 | 0.70 |
Total income (loss) from operations | $ 4.76 | $ 3.50 | $ (6.40) | $ 7.13 | $ 1.16 | $ 0.93 |
Less Distributions | ||||||
From net investment income | $ (0.34) | $ (0.20) | $ (0.28) | $ (0.19) | $ (0.19) | $ (0.23) |
From net realized gain | (0.38) | (0.16) | — | — | — | — |
Total distributions | $ (0.72) | $ (0.36) | $ (0.28) | $ (0.19) | $ (0.19) | $ (0.23) |
Net asset value — End of period | $ 29.11 | $ 25.07 | $ 21.93 | $ 28.61 | $ 21.67 | $ 20.70 |
Total Return(2) | 19.13% (3) | 16.00% | (22.62)% | 33.05% | 5.57% | 4.86% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $247,380 | $217,322 | $196,323 | $246,978 | $180,956 | $181,139 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.29% (5) | 1.29% | 1.28% | 1.29% | 1.34% | 1.38% |
Net expenses | 1.24% (5)(6) | 1.24% (6) | 1.24% (6) | 1.24% | 1.24% | 1.25% |
Net investment income | 0.81% (5) | 1.20% | 0.83% | 1.21% | 0.70% | 1.17% |
Portfolio Turnover | 21% (3) | 30% | 25% | 27% | 35% | 28% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Global Water Fund — Class C | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 22.94 | $ 20.06 | $ 26.19 | $ 19.84 | $ 18.98 | $ 18.32 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ 0.01 | $ 0.09 | $ 0.00(2) | $ 0.10 | $ (0.02) | $ 0.08 |
Net realized and unrealized gain (loss) | 4.25 | 2.95 | (6.06) | 6.26 | 0.92 | 0.66 |
Total income (loss) from operations | $ 4.26 | $ 3.04 | $ (6.06) | $ 6.36 | $ 0.90 | $ 0.74 |
Less Distributions | ||||||
From net investment income | $ (0.13) | $ — | $ (0.07) | $ (0.01) | $ (0.04) | $ (0.08) |
From net realized gain | (0.38) | (0.16) | — | — | — | — |
Total distributions | $ (0.51) | $ (0.16) | $ (0.07) | $ (0.01) | $ (0.04) | $ (0.08) |
Net asset value — End of period | $ 26.69 | $ 22.94 | $ 20.06 | $ 26.19 | $ 19.84 | $ 18.98 |
Total Return(3) | 18.67% (4) | 15.16% | (23.20)% | 32.05% | 4.75% | 4.08% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $19,634 | $19,588 | $23,291 | $41,631 | $39,358 | $50,369 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 2.04% (6) | 2.04% | 2.03% | 2.04% | 2.09% | 2.13% |
Net expenses | 1.99% (6)(7) | 1.99% (7) | 1.99% (7) | 1.99% | 1.99% | 2.01% |
Net investment income (loss) | 0.05% (6) | 0.40% | 0.02% | 0.42% | (0.08)% | 0.43% |
Portfolio Turnover | 21% (4) | 30% | 25% | 27% | 35% | 28% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $0.005. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Global Water Fund — Class I | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 25.28 | $ 22.11 | $ 28.84 | $ 21.83 | $ 20.85 | $ 20.15 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.14 | $ 0.38 | $ 0.30 | $ 0.40 | $ 0.20 | $ 0.29 |
Net realized and unrealized gain (loss) | 4.69 | 3.22 | (6.68) | 6.86 | 1.02 | 0.70 |
Total income (loss) from operations | $ 4.83 | $ 3.60 | $ (6.38) | $ 7.26 | $ 1.22 | $ 0.99 |
Less Distributions | ||||||
From net investment income | $ (0.41) | $ (0.27) | $ (0.35) | $ (0.25) | $ (0.24) | $ (0.29) |
From net realized gain | (0.38) | (0.16) | — | — | — | — |
Total distributions | $ (0.79) | $ (0.43) | $ (0.35) | $ (0.25) | $ (0.24) | $ (0.29) |
Net asset value — End of period | $ 29.32 | $ 25.28 | $ 22.11 | $ 28.84 | $ 21.83 | $ 20.85 |
Total Return(2) | 19.25% (3) | 16.32% | (22.44)% | 33.41% | 5.83% | 5.18% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $319,896 | $281,663 | $245,189 | $274,586 | $189,141 | $179,839 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.04% (5) | 1.04% | 1.03% | 1.04% | 1.09% | 1.13% |
Net expenses | 0.99% (5)(6) | 0.99% (6) | 0.99% (6) | 0.99% | 0.99% | 0.97% |
Net investment income | 1.06% (5) | 1.46% | 1.11% | 1.47% | 0.97% | 1.48% |
Portfolio Turnover | 21% (3) | 30% | 25% | 27% | 35% | 28% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended March 31, 2024 and the years ended September 30, 2023 and 2022). |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Austria | $ — | $ 1,264,961 | $ — | $ 1,264,961 |
Belgium | — | 1,044,584 | — | 1,044,584 |
Brazil | 1,087,987 | — | — | 1,087,987 |
Canada | 6,659,417 | — | — | 6,659,417 |
Chile | 1,064,953 | — | — | 1,064,953 |
China | 1,398,421 | 7,682,848 | — | 9,081,269 |
Denmark | — | 4,515,576 | — | 4,515,576 |
Finland | — | 841,168 | — | 841,168 |
France | — | 8,957,375 | — | 8,957,375 |
Germany | — | 13,836,257 | — | 13,836,257 |
Greece | — | 1,100,175 | — | 1,100,175 |
India | — | 980,470 | — | 980,470 |
Ireland | — | 968,779 | — | 968,779 |
Italy | — | 4,517,309 | — | 4,517,309 |
Japan | — | 7,884,975 | — | 7,884,975 |
Netherlands | — | 1,798,613 | — | 1,798,613 |
New Zealand | — | 3,692,062 | — | 3,692,062 |
Norway | — | 1,951,400 | — | 1,951,400 |
Singapore | — | 875,033 | — | 875,033 |
South Korea | — | 4,826,009 | — | 4,826,009 |
Spain | 1,076,312 | 7,336,350 | — | 8,412,662 |
Sweden | — | 4,378,067 | — | 4,378,067 |
Switzerland | — | 2,761,885 | — | 2,761,885 |
Taiwan | — | 6,787,104 | — | 6,787,104 |
Thailand | — | 1,058,237 | — | 1,058,237 |
United Kingdom | 869,671 | 4,864,585 | — | 5,734,256 |
United States | 53,095,030 | — | — | 53,095,030 |
Total Common Stocks | $65,251,791 | $93,923,822 (1) | $ — | $159,175,613 |
Short-Term Investments: | ||||
Affiliated Fund | $ 4,955 | $ — | $ — | $ 4,955 |
Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
Securities Lending Collateral | $ 7,852,903 | $ — | $ — | $ 7,852,903 |
Total Investments | $73,109,649 | $93,923,822 | $ — | $167,033,471 |
(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 | $ — | $ 13,619,463 | $ — | $ 13,619,463 |
Austria | — | 5,374,007 | — | 5,374,007 |
Brazil | 22,270,265 | — | — | 22,270,265 |
Canada | 6,508,708 | — | — | 6,508,708 |
Chile | — | 6,385,581 | — | 6,385,581 |
China | — | 23,704,552 | — | 23,704,552 |
Denmark | — | 3,282,122 | — | 3,282,122 |
Finland | — | 7,890,880 | — | 7,890,880 |
France | — | 19,693,852 | — | 19,693,852 |
Germany | — | 6,641,687 | — | 6,641,687 |
Italy | — | 12,622,378 | — | 12,622,378 |
Japan | — | 44,016,057 | — | 44,016,057 |
Mexico | — | 5,280,548 | — | 5,280,548 |
Netherlands | — | 8,917,109 | — | 8,917,109 |
Singapore | — | 6,574,555 | 0 | 6,574,555 |
South Korea | — | 10,902,223 | — | 10,902,223 |
Spain | — | 6,853,307 | — | 6,853,307 |
Sweden | — | 3,613,805 | — | 3,613,805 |
Switzerland | — | 28,255,308 | — | 28,255,308 |
Taiwan | — | 3,432,780 | — | 3,432,780 |
Thailand | — | 6,141,506 | — | 6,141,506 |
United Kingdom | 13,422,119 | 39,128,610 | — | 52,550,729 |
United States | 280,457,437 | — | — | 280,457,437 |
Total Common Stocks | $322,658,529 | $262,330,330 (2) | $ 0 | $584,988,859 |
Short-Term Investments: | ||||
Affiliated Fund | $ 3,944 | $ — | $ — | $ 3,944 |
Securities Lending Collateral | 3,442,297 | — | — | 3,442,297 |
Total Investments | $326,104,770 | $262,330,330 | $ 0 | $588,435,100 |
(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 | $ —(1) | $ —(1) |
Class C | 154 | 431 |
(1) | Amount is less than $100. |
Global Energy Solutions | Global Water | |
Purchases | $24,637,335 | $113,794,708 |
Sales | 36,000,620 | 140,117,156 |
Global Energy Solutions | Global Water | |
Aggregate cost | $194,408,871 | $450,353,726 |
Gross unrealized appreciation | $ 16,118,490 | $ 178,974,045 |
Gross unrealized depreciation | (43,493,890) | (40,892,671) |
Net unrealized appreciation (depreciation) | $ (27,375,400) | $138,081,374 |
Global Energy Solutions | Global Water | |
Securities on Loan | $ 13,909,834 | $ 18,680,176 |
Collateral Received: | ||
Cash | 7,852,903 | 3,442,297 |
U.S. government and/or agencies securities | 6,812,895 | 16,587,266 |
Total Collateral Received | $14,665,798 | $20,029,563 |
Global Energy Solutions | Remaining Contractual Maturity of the Transactions | ||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $7,852,903 | $ — | $ — | $ — | $7,852,903 |
Global Water | Remaining Contractual Maturity of the Transactions | ||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $3,442,297 | $ — | $ — | $ — | $3,442,297 |
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/ Shares, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | $197,258 | $ — | $ (200,000) | $ — | $ 2,742 | $ — | $ 617 | $ — |
Short-Term Investments | ||||||||
Liquidity Fund | 551,742 | 5,042,843 | (5,589,630) | — | — | 4,955 | 2,567 | 4,955 |
Total | $ — | $2,742 | $4,955 | $ 3,184 |
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/ Shares, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | $621,363 | $ — | $ (630,000) | $ — | $ 8,637 | $ — | $ 1,943 | $ — |
Short-Term Investments | ||||||||
Liquidity Fund | 362,628 | 32,959,336 | (33,318,020) | — | — | 3,944 | 16,386 | 3,944 |
Total | $ — | $8,637 | $3,944 | $18,329 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 291,781 | $ 3,071,967 | 1,526,988 | $ 17,497,678 | |
Reinvestment of distributions | 63,954 | 718,201 | 52,041 | 567,772 | |
Shares redeemed | (760,137) | (8,106,303) | (1,493,378) | (17,097,795) | |
Net increase (decrease) | (404,402) | $ (4,316,135) | 85,651 | $ 967,655 | |
Class C | |||||
Shares sold | 13,230 | $ 129,584 | 138,326 | $ 1,451,994 | |
Reinvestment of distributions | 542 | 5,679 | — | — | |
Shares redeemed | (114,740) | (1,119,508) | (210,195) | (2,231,173) | |
Net decrease | (100,968) | $ (984,245) | (71,869) | $ (779,179) | |
Class I | |||||
Shares sold | 639,337 | $ 6,820,192 | 1,839,563 | $ 21,391,745 | |
Reinvestment of distributions | 67,002 | 765,167 | 58,005 | 643,274 | |
Shares redeemed | (1,192,359) | (12,801,920) | (2,327,894) | (26,879,542) | |
Net decrease | (486,020) | $ (5,216,561) | (430,326) | $ (4,844,523) |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 283,119 | $ 7,680,527 | 769,086 | $ 19,971,487 | |
Reinvestment of distributions | 196,253 | 5,449,947 | 115,463 | 2,804,596 | |
Shares redeemed | (648,743) | (17,448,722) | (1,169,871) | (30,127,595) | |
Net decrease | (169,371) | $ (4,318,248) | (285,322) | $ (7,351,512) | |
Class C | |||||
Shares sold | 22,418 | $ 544,412 | 55,096 | $ 1,304,972 | |
Reinvestment of distributions | 15,065 | 384,297 | 6,831 | 152,670 | |
Shares redeemed | (155,727) | (3,835,232) | (369,066) | (8,652,378) | |
Net decrease | (118,244) | $ (2,906,523) | (307,139) | $ (7,194,736) | |
Class I | |||||
Shares sold | 757,374 | $ 20,399,413 | 1,793,282 | $ 46,423,693 | |
Reinvestment of distributions | 283,879 | 7,934,434 | 171,517 | 4,191,867 | |
Shares redeemed | (1,273,387) | (34,660,753) | (1,911,412) | (49,487,042) | |
Net increase (decrease) | (232,134) | $ (6,326,906) | 53,387 | $ 1,128,518 |
Officers |
Hope L. Brown Chief Compliance Officer |
Deidre E. Walsh Secretary, Vice President and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Cari M. Dominguez |
Karen Fang |
Miles D. Harper, III |
Von M. Hughes*(1) |
Joy V. Jones |
Eddie Ramos |
Anthony A. Williams |
* Interested Director and President |
(1) Mr. Hughes began serving as Director effective December 11, 2023. |
U.S. Customer Privacy Notice | March 2024 |
FACTS | WHAT DOES CALVERT DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account information and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Calvert chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Calvert share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
For our affiliates to market to you | Yes | Yes* |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
U.S. Customer Privacy Notice — continued | March 2024 |
Who we are | |
Who is providing this notice? | Calvert Research and Management and our investment management affiliates (“Calvert”) (see Affiliates definition below.) |
What we do | |
How does Calvert protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Calvert collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.) |
What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Calvert Research and Management does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Calvert Research and Management does not jointly market. |
U.S. Customer Privacy Notice — continued | March 2024 |
Other important information | |
*PLEASE NOTE: Calvert does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Calvert enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Calvert from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146906/g747421img26963bb71.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146906/g747421img274f6db52.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 10/31/2013 | 10/31/2013 | 6.06% | 3.54% | 0.39% | 1.47% |
Class A with 3.25% Maximum Sales Charge | — | — | 2.61 | 0.14 | (0.27) | 1.14 |
Class I at NAV | 10/31/2013 | 10/31/2013 | 6.27 | 3.79 | 0.63 | 1.78 |
Class R6 at NAV | 02/01/2019 | 10/31/2013 | 6.29 | 3.84 | 0.69 | 1.82 |
ICE BofA USD Green Bond Index | — | — | 6.16% | 3.91% | 1.07% | 2.02% |
ICE BofA Green Bond Index - Hedged USD | — | — | 7.44 | 6.64 | 0.15 | 1.97 |
% Total Annual Operating Expense Ratios3 | Class A | Class I | Class R6 |
Gross | 0.78% | 0.53% | 0.48% |
Net | 0.73 | 0.48 | 0.43 |
Asset Allocation (% of total investments) |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146906/g747421imga7a82cbb3.jpg)
Credit Quality (% of bond holdings)1 |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-146906/g747421imga172bb444.jpg)
Country Allocation (% of total investments) | |
United States | 69.3% |
Netherlands | 6.0 |
Luxembourg | 4.8 |
Germany | 3.5 |
Norway | 2.1 |
Italy | 1.9 |
Canada | 1.6 |
France | 1.5 |
United Kingdom | 1.3 |
Israel | 1.2 |
Sweden | 1.1 |
Spain | 1.1 |
Ireland | 1.1 |
Other (less than 1.0% each) | 3.5 |
Total | 100.0% |
1 | For purposes of the Fund's rating restrictions, ratings are based on Moody's Investors Service, Inc. (“Moody's”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Kroll Bond Rating Agency, LLC (“Kroll”) for securitized debt instruments only (such as asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”)), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of an issuance based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P, Fitch or Kroll (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
1 | Both the ICE BofA USD Green Bond Index and ICE BofA Green Bond Index - Hedged USD track 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’s inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.The ICE BofA USD Green Bond Index commenced operations on December 31, 2014. The Ten Year return prior to that date reflects the Fund's previous primary benchmark, ICE BofA Green Bond Index - Hedged USD.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 2/1/25. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. |
Beginning Account Value (10/1/23) | Ending Account Value (3/31/24) | Expenses Paid During Period* (10/1/23 – 3/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,060.60 | $3.76 ** | 0.73% |
Class I | $1,000.00 | $1,062.70 | $2.48 ** | 0.48% |
Class R6 | $1,000.00 | $1,062.90 | $2.22 ** | 0.43% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.35 | $3.69 ** | 0.73% |
Class I | $1,000.00 | $1,022.60 | $2.43 ** | 0.48% |
Class R6 | $1,000.00 | $1,022.85 | $2.17 ** | 0.43% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2023. |
** | Absent a waiver and/or reimbursement of expenses by affiliate(s), expenses would be higher. |
Asset-Backed Securities — 10.6% |
Security | Principal Amount (000's omitted) | Value | |
GoodLeap Sustainable Home Solutions Trust: | |||
Series 2021-4GS, Class A, 1.93%, 7/20/48(1) | $ | 1,481 | $ 1,151,057 |
Series 2021-5CS, Class A, 2.31%, 10/20/48(1) | 1,290 | 1,040,682 | |
Series 2022-2CS, Class A, 4.00%, 4/20/49(1) | 3,039 | 2,722,103 | |
Helios Issuer LLC, Series 2023-GRID1, Class 1A, 5.75%, 12/20/50(1) | 3,481 | 3,541,114 | |
Loanpal Solar Loan Ltd.: | |||
Series 2020-1GS, Class C, 2.00%, 6/20/47(1) | 3,845 | 2,264,474 | |
Series 2020-3GS, Class A, 2.47%, 12/20/47(1) | 1,341 | 1,040,618 | |
Luminace ABS Issuer LLC, Series 2022-1, Class A, 4.88%, 7/31/62(1) | 2,711 | 2,565,997 | |
Mill City Solar Loan Ltd., Series 2020-1A, Class C, 2.00%, 6/20/47(1) | 452 | 297,430 | |
Mosaic Solar Loan Trust: | |||
Series 2018-1A, Class A, 4.01%, 6/22/43(1) | 446 | 417,947 | |
Series 2018-1A, Class B, 2.00%, 6/22/43(1) | 1,337 | 1,134,545 | |
Series 2019-1A, Class A, 4.37%, 12/21/43(1) | 641 | 603,102 | |
Series 2019-2A, Class A, 2.88%, 9/20/40(1) | 2,337 | 2,085,036 | |
Series 2019-2A, Class B, 3.28%, 9/20/40(1) | 2,047 | 1,819,721 | |
Series 2019-2A, Class C, 4.35%, 9/20/40(1) | 0 (2) | 2 | |
Series 2020-1A, Class A, 2.10%, 4/20/46(1) | 967 | 839,980 | |
Series 2020-1A, Class B, 3.10%, 4/20/46(1) | 1,112 | 973,312 | |
Series 2020-2A, Class B, 2.21%, 8/20/46(1) | 1,373 | 1,109,369 | |
Series 2021-1A, Class B, 2.05%, 12/20/46(1) | 799 | 628,698 | |
Series 2021-1A, Class C, 2.25%, 12/20/46(1) | 624 | 555,302 | |
Series 2021-2A, Class A, 1.64%, 4/22/47(1) | 1,821 | 1,486,488 | |
Series 2022-2A, Class B, 5.13%, 1/21/53(1) | 1,780 | 1,638,961 | |
Mosaic Solar Loans LLC: | |||
Series 2017-1A, Class A, 4.45%, 6/20/42(1) | 305 | 293,458 | |
Series 2017-2A, Class A, 3.82%, 6/22/43(1) | 36 | 33,910 | |
Series 2017-2A, Class C, 2.00%, 6/22/43(1) | 45 | 44,250 | |
SolarCity LMC I LLC, Series 2013-1, Class A, 4.80%, 11/20/38(1) | 73 | 69,867 | |
Sunnova Helios II Issuer LLC: | |||
Series 2019-AA, Class C, 5.32%, 6/20/46(1) | 1,023 | 801,726 | |
Series 2021-B, Class B, 2.01%, 7/20/48(1) | 3,093 | 2,565,380 | |
Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A, 2.98%, 6/20/47(1) | 5,788 | 5,338,099 | |
Sunnova Helios V Issuer LLC: | |||
Series 2021-A, Class A, 1.80%, 2/20/48(1) | 2,392 | 2,092,883 | |
Series 2021-A, Class B, 3.15%, 2/20/48(1) | 4,219 | 3,424,161 | |
Sunnova Sol II Issuer LLC: | |||
Series 2020-2A, Class A, 2.73%, 11/1/55(1) | 1,812 | 1,378,529 | |
Series 2020-2A, Class B, 5.47%, 11/1/55(1) | 6,535 | 4,932,059 | |
Sunnova Sol Issuer LLC: | |||
Series 2020-1A, Class A, 3.35%, 2/1/55(1) | 2,626 | 2,283,349 | |
Series 2020-1A, Class B, 5.54%, 2/1/55(1) | 1,515 | 1,212,150 | |
Sunrun Atlas Issuer LLC, Series 2019-2, Class A, 3.61%, 2/1/55(1) | 2,215 | 2,027,997 |
Security | Principal Amount (000's omitted) | Value | |
Sunrun Demeter Issuer LLC, Series 2021-2A, Class A, 2.27%, 1/30/57(1) | $ | 7,328 | $ 5,993,894 |
Sunrun Jupiter Issuer LLC, Series 2022-1A, Class A, 4.75%, 7/30/57(1) | 4,031 | 3,769,913 | |
Sunrun Vulcan Issuer LLC, Series 2021-1A, Class A, 2.46%, 1/30/52(1) | 4,734 | 3,975,131 | |
Sunrun Xanadu Issuer LLC, Series 2019-1A, Class A, 3.98%, 6/30/54(1) | 1,765 | 1,650,113 | |
Tesla Auto Lease Trust, Series 2023-B, Class A3, 6.13%, 9/21/26(1) | 4,986 | 5,033,797 | |
Vivint Solar Financing V LLC, Series 2018-1A, Class A, 4.73%, 4/30/48(1) | 1,322 | 1,234,169 | |
Vivint Solar Financing VII LLC, Series 2020-1A, Class A, 2.21%, 7/31/51(1) | 4,535 | 3,743,649 | |
Total Asset-Backed Securities (identified cost $92,638,740) | $ 79,814,422 |
Commercial Mortgage-Backed Securities — 7.8% |
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 | $ 3,645,478 |
Series KG08, Class A2, 4.134%, 5/25/33(3) | 19,100 | 18,278,036 | |
Federal National Mortgage Association: | |||
Series 2017-M13, Class A2, 2.931%, 9/25/27(3) | 5,200 | 4,912,443 | |
Series 2018-M4, Class A2, 3.064%, 3/25/28(3) | 9,896 | 9,350,609 | |
Series 2018-M13, Class A2, 3.739%, 9/25/30(3) | 5,411 | 5,181,679 | |
Series 2019-M1, Class A2, 3.547%, 9/25/28(3) | 5,018 | 4,801,481 | |
Series 2019-M22, Class A2, 2.522%, 8/25/29 | 6,391 | 5,743,038 | |
Series 2020-M1, Class A2, 2.444%, 10/25/29 | 7,842 | 6,989,208 | |
Total Commercial Mortgage-Backed Securities (identified cost $62,157,870) | $ 58,901,972 |
Corporate Bonds — 54.3% |
Security | Principal Amount* (000’s omitted) | Value | |
Communications — 2.7% | |||
Comcast Corp., 4.65%, 2/15/33(4) | 6,000 | $ 5,890,502 | |
Verizon Communications, Inc.: | |||
1.50%, 9/18/30 | 11,734 | 9,584,938 | |
5.50%, 2/23/54 | 5,000 | 5,057,643 | |
$ 20,533,083 | |||
Consumer, Cyclical — 3.3% | |||
Ford Motor Co., 3.25%, 2/12/32 | 14,521 | $ 12,086,821 |
Security | Principal Amount* (000’s omitted) | Value | |
Consumer, Cyclical (continued) | |||
General Motors Co.: | |||
5.40%, 10/15/29 | 2,300 | $ 2,306,823 | |
5.60%, 10/15/32(4) | 5,177 | 5,240,973 | |
Hyundai Capital America, 5.80%, 6/26/25(1) | 5,280 | 5,293,884 | |
$ 24,928,501 | |||
Consumer, Non-cyclical — 0.9% | |||
Coca-Cola Femsa SAB de CV, 1.85%, 9/1/32 | 3,470 | $ 2,724,948 | |
Conservation Fund, 3.474%, 12/15/29 | 2,345 | 2,128,798 | |
Kaiser Foundation Hospitals, 3.15%, 5/1/27 | 1,208 | 1,151,560 | |
PepsiCo, Inc., 2.875%, 10/15/49 | 1,065 | 742,812 | |
$ 6,748,118 | |||
Energy — 0.6% | |||
Raizen Fuels Finance SA: | |||
6.45%, 3/5/34(1) | 855 | $ 877,754 | |
6.95%, 3/5/54(1) | 1,500 | 1,545,192 | |
TerraForm Power Operating LLC, 4.75%, 1/15/30(1) | 2,165 | 1,986,290 | |
$ 4,409,236 | |||
Financial — 21.3% | |||
Alexandria Real Estate Equities, Inc.: | |||
2.00%, 5/18/32 | 6,900 | $ 5,411,190 | |
4.75%, 4/15/35 | 3,332 | 3,155,346 | |
AXA SA, 1.375% to 4/7/31, 10/7/41(5)(6) | EUR | 3,000 | 2,705,846 |
Banco Santander SA, 0.625% to 6/24/28, 6/24/29(5)(6) | EUR | 4,500 | 4,310,448 |
Bank Hapoalim BM, 3.255% to 10/21/26, 1/21/32(1)(5)(6) | 7,600 | 6,834,718 | |
Bank Leumi Le-Israel BM, 7.129% to 4/18/28, 7/18/33(1)(5)(6) | 2,361 | 2,334,049 | |
Bank of America Corp., 2.456% to 10/22/24, 10/22/25(5) | 27,325 | 26,837,670 | |
BNP Paribas SA: | |||
0.375% to 10/14/26, 10/14/27(5)(6) | EUR | 7,500 | 7,472,384 |
1.675% to 6/30/26, 6/30/27(1)(5) | 1,155 | 1,064,329 | |
CaixaBank SA, 1.25% to 3/18/26, 6/18/31(5)(6) | EUR | 4,000 | 4,045,568 |
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25 | 1,970 | 1,850,226 | |
Cooperatieve Rabobank UA, 1.106% to 2/24/26, 2/24/27(1)(5) | 7,021 | 6,467,537 | |
Digital Dutch Finco BV, 1.50%, 3/15/30(6) | EUR | 6,300 | 5,924,809 |
Equinix, Inc., 1.00%, 9/15/25 | 3,000 | 2,806,734 | |
HAT Holdings I LLC/HAT Holdings II LLC: | |||
3.375%, 6/15/26(1) | 12,396 | 11,688,252 | |
3.75%, 9/15/30(1)(4) | 6,592 | 5,543,332 | |
6.00%, 4/15/25(1) | 76 | 75,755 | |
ING Groep NV: | |||
0.875% to 3/9/27, 6/9/32(5)(6) | EUR | 3,000 | 2,922,750 |
1.40% to 7/1/25, 7/1/26(1)(5) | 6,632 | 6,299,939 | |
4.625%, 1/6/26(1) | 4,025 | 3,982,741 | |
Intesa Sanpaolo SpA, 6.50% to 3/14/28, 3/14/29(5)(6) | GBP | 3,000 | 3,878,176 |
JPMorgan Chase & Co., 6.07% to 10/22/26, 10/22/27(5) | 8,300 | 8,471,107 | |
Kimco Realty OP LLC, 2.70%, 10/1/30 | 3,000 | 2,594,560 | |
Metropolitan Life Global Funding I, 0.95%, 7/2/25(1) | 2,720 | 2,581,049 |
Security | Principal Amount* (000’s omitted) | Value | |
Financial (continued) | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 1.25% to 11/26/30, 5/26/41(5)(6) | EUR | 3,200 | $ 2,900,533 |
PNC Financial Services Group, Inc.: | |||
2.20%, 11/1/24 | 7,377 | 7,230,468 | |
4.758% to 1/26/26, 1/26/27(5) | 920 | 911,734 | |
Prologis Euro Finance LLC, 0.375%, 2/6/28 | EUR | 6,700 | 6,440,078 |
Prologis LP, 1.25%, 10/15/30(4) | 1,477 | 1,185,368 | |
Prudential Financial, Inc., 1.50%, 3/10/26 | 3,431 | 3,212,355 | |
REC Ltd., 5.625%, 4/11/28(1) | 3,841 | 3,865,089 | |
Regency Centers LP, 3.75%, 6/15/24 | 2,500 | 2,485,914 | |
Toronto-Dominion Bank, 5.264%, 12/11/26 | 2,625 | 2,643,203 | |
Welltower OP LLC, 2.70%, 2/15/27 | 1,280 | 1,200,850 | |
$161,334,107 | |||
Government - Multinational — 7.9% | |||
Asian Development Bank: | |||
2.125%, 3/19/25 | 750 | $ 729,261 | |
2.375%, 8/10/27 | 4,000 | 3,744,110 | |
3.125%, 9/26/28(4) | 800 | 760,599 | |
European Bank for Reconstruction & Development: | |||
1.50%, 2/13/25 | 7,515 | 7,283,240 | |
1.625%, 9/27/24 | 2,635 | 2,586,336 | |
European Investment Bank: | |||
0.75%, 9/23/30 | 4,000 | 3,211,089 | |
1.625%, 5/13/31 | 3,960 | 3,325,703 | |
2.375%, 5/24/27 | 8,671 | 8,151,399 | |
2.50%, 10/15/24 | 6,200 | 6,108,738 | |
2.875%, 6/13/25(1) | 8,202 | 8,010,451 | |
International Bank for Reconstruction & Development: | |||
2.125%, 3/3/25 | 5,536 | 5,388,698 | |
3.125%, 11/20/25 | 4,150 | 4,042,815 | |
6.875%, 2/9/29 | MXN | 70,000 | 3,873,801 |
International Finance Corp., 2.125%, 4/7/26 | 2,879 | 2,738,509 | |
$ 59,954,749 | |||
Government - Regional — 1.2% | |||
Kommuninvest I Sverige AB, 0.375%, 6/19/24(1) | 8,785 | $ 8,688,941 | |
$ 8,688,941 | |||
Industrial — 2.9% | |||
AP Moller - Maersk AS, 5.875%, 9/14/33(1) | 2,875 | $ 2,959,625 | |
Jabil, Inc., 4.25%, 5/15/27 | 5,000 | 4,848,539 | |
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 9/15/30 | 4,650 | 3,828,183 | |
Owens Corning, 3.95%, 8/15/29 | 1,382 | 1,307,589 | |
Smurfit Kappa Treasury ULC, 5.777%, 4/3/54(1)(7) | 4,185 | 4,245,090 |
Security | Principal Amount* (000’s omitted) | Value | |
Industrial (continued) | |||
Xylem, Inc.: | |||
1.95%, 1/30/28 | 3,400 | $ 3,057,895 | |
2.25%, 1/30/31 | 1,821 | 1,536,473 | |
$ 21,783,394 | |||
Technology — 2.9% | |||
Apple, Inc., 3.00%, 6/20/27 | 14,550 | $ 13,864,736 | |
NXP BV/NXP Funding LLC/NXP USA, Inc.: | |||
2.50%, 5/11/31 | 6,100 | 5,109,669 | |
3.40%, 5/1/30 | 2,861 | 2,598,032 | |
$ 21,572,437 | |||
Utilities — 10.6% | |||
AES Corp., 2.45%, 1/15/31 | 10,727 | $ 8,784,276 | |
Avangrid, Inc., 3.15%, 12/1/24 | 3,029 | 2,977,797 | |
Clearway Energy Operating LLC, 3.75%, 1/15/32(1) | 2,313 | 1,946,512 | |
Constellation Energy Generation LLC, 5.75%, 3/15/54 | 4,300 | 4,310,258 | |
Enel Finance International NV: | |||
1.375%, 7/12/26(1) | 2,224 | 2,035,226 | |
4.625%, 6/15/27(1) | 6,500 | 6,393,262 | |
5.00%, 6/15/32(1) | 2,692 | 2,610,282 | |
Liberty Utilities Finance GP 1, 2.05%, 9/15/30(1) | 11,594 | 9,401,187 | |
MidAmerican Energy Co.: | |||
3.15%, 4/15/50 | 1,600 | 1,117,081 | |
3.65%, 8/1/48 | 4,490 | 3,454,554 | |
4.25%, 7/15/49 | 4,190 | 3,570,375 | |
NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28 | 16,515 | 14,635,065 | |
NextEra Energy Operating Partners LP, 4.50%, 9/15/27(1) | 2,004 | 1,877,136 | |
Niagara Mohawk Power Corp., 1.96%, 6/27/30(1) | 982 | 811,351 | |
Northern States Power Co., 2.60%, 6/1/51 | 6,100 | 3,764,948 | |
NSTAR Electric Co., 3.25%, 5/15/29 | 4,000 | 3,753,853 | |
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28(1) | 2,075 | 1,936,183 | |
Public Service Co. of Colorado: | |||
3.20%, 3/1/50 | 5,000 | 3,406,902 | |
4.10%, 6/15/48 | 1,000 | 791,531 | |
Tucson Electric Power Co., 1.50%, 8/1/30 | 3,300 | 2,670,211 | |
$ 80,247,990 | |||
Total Corporate Bonds (identified cost $443,327,187) | $410,200,556 |
High Social Impact Investments — 0.1% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Climate, Inc., Cut Carbon Notes, 5.50%, 12/15/53(8) | $ | 1,000 | $ 1,000,000 |
Total High Social Impact Investments (identified cost $1,000,000) | $ 1,000,000 |
Preferred Stocks — 1.5% |
Security | Shares | Value | |
Electric Utilities — 1.0% | |||
Brookfield BRP Holdings Canada, Inc.: | |||
4.625% | 316,363 | $ 5,378,171 | |
7.25% (9) | 80,000 | 1,999,200 | |
$ 7,377,371 | |||
Real Estate Management & Development — 0.5% | |||
Brookfield Property Partners LP: | |||
Series A, 5.75% | 92,000 | $ 1,173,920 | |
Series A2, 6.375% | 169,100 | 2,436,731 | |
$ 3,610,651 | |||
Total Preferred Stocks (identified cost $16,484,469) | $ 10,988,022 |
Sovereign Government Bonds — 8.4% |
Security | Principal Amount (000’s omitted) | Value | |
Chile Government International Bonds, 2.55%, 1/27/32(4) | $ | 1,500 | $ 1,269,569 |
Export-Import Bank of Korea, 5.125%, 1/11/33 | 1,429 | 1,459,321 | |
Kommunalbanken AS: | |||
0.50%, 10/21/24(6) | 4,068 | 3,962,371 | |
2.125%, 2/11/25(1) | 3,000 | 2,921,811 | |
2.125%, 2/11/25(6) | 9,592 | 9,342,004 | |
Kreditanstalt fuer Wiederaufbau: | |||
0.75%, 9/30/30 | 8,034 | 6,452,919 | |
1.00%, 10/1/26 | 5,023 | 4,612,004 | |
1.75%, 9/14/29 | 9,697 | 8,511,510 | |
4.375%, 2/28/34 | 4,649 | 4,670,671 | |
Nederlandse Waterschapsbank NV: | |||
1.00%, 5/28/30(1) | 12,100 | 9,866,587 | |
2.375%, 3/24/26(1) | 10,866 | 10,381,528 | |
Total Sovereign Government Bonds (identified cost $65,769,077) | $ 63,450,295 |
Taxable Municipal Obligations — 1.4% |
Security | Principal Amount (000's omitted) | Value | |
General Obligations — 0.9% | |||
Massachusetts, Green Bonds, 3.277%, 6/1/46 | $ | 8,240 | $ 6,677,119 |
$ 6,677,119 | |||
Water and Sewer — 0.5% | |||
District of Columbia Water & Sewer Authority, Green Bonds, 4.814%, 10/1/2114 | $ | 1,665 | $ 1,546,036 |
Massachusetts Water Pollution Abatement Trust, 5.192%, 8/1/40(10) | 120 | 120,016 | |
Narragansett Bay Commission, RI, Wastewater System Revenue: | |||
Green Bonds, 2.094%, 9/1/30 | 620 | 534,818 | |
Green Bonds, 2.184%, 9/1/31 | 500 | 423,155 | |
Green Bonds, 2.264%, 9/1/32 | 445 | 369,786 | |
Green Bonds, 2.344%, 9/1/33 | 1,445 | 1,181,923 | |
$ 4,175,734 | |||
Total Taxable Municipal Obligations (identified cost $13,402,485) | $ 10,852,853 |
U.S. Government Agencies and Instrumentalities — 0.9% |
Security | Principal Amount (000's omitted) | Value | |
U.S. International Development Finance Corp.: | |||
1.79%, 10/15/29 | $ | 3,149 | $ 2,915,971 |
2.36%, 10/15/29 | 2,040 | 1,919,653 | |
3.16%, 6/1/33 | 147 | 135,667 | |
3.52%, 9/20/32 | 2,306 | 2,183,450 | |
Total U.S. Government Agencies and Instrumentalities (identified cost $7,641,813) | $ 7,154,741 |
U.S. Government Agency Mortgage-Backed Securities — 9.1% |
Security | Principal Amount (000's omitted) | Value | |
Federal Home Loan Mortgage Corp.: | |||
5.50%, with various maturities to 2053 | $ | 24,784 | $ 24,697,749 |
6.00%, with various maturities to 2053 | 27,848 | 28,145,036 | |
Federal National Mortgage Association: | |||
2.68%, 7/1/26 | 1,901 | 1,811,104 | |
5.00%, 7/1/53 | 7,171 | 7,006,298 | |
5.50%, 7/1/53 | 7,422 | 7,396,273 | |
Total U.S. Government Agency Mortgage-Backed Securities (identified cost $68,561,027) | $ 69,056,460 |
Short-Term Investments — 7.0% | |||
Affiliated Fund — 5.4% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(11) | 41,123,199 | $ 41,123,199 | |
Total Affiliated Fund (identified cost $41,123,199) | $ 41,123,199 | ||
Securities Lending Collateral — 1.6% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.34%(12) | 11,835,780 | $ 11,835,780 | |
Total Securities Lending Collateral (identified cost $11,835,780) | $ 11,835,780 | ||
Total Short-Term Investments (identified cost $52,958,979) | $ 52,958,979 | ||
Total Investments — 101.1% (identified cost $823,941,647) | $764,378,300 | ||
Other Assets, Less Liabilities — (1.1)% | $ (8,666,051) | ||
Net Assets — 100.0% | $ 755,712,249 |
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 March 31, 2024, the aggregate value of these securities is $214,339,504 or 28.4% of the Fund's net assets. |
(2) | Principal amount is less than $500. |
(3) | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at March 31, 2024. |
(4) | All or a portion of this security was on loan at March 31, 2024. The aggregate market value of securities on loan at March 31, 2024 was $13,537,151. |
(5) | Security converts to variable rate after the indicated fixed-rate coupon period. |
(6) | 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 March 31, 2024, the aggregate value of these securities is $56,633,656 or 7.5% of the Fund's net assets. |
(7) | When-issued security. |
(8) | Restricted security. Total market value of restricted securities amounts to $1,000,000, which represents 0.1% of the net assets of the Fund as of March 31, 2024. |
(9) | Non-income producing security. |
(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) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2024. |
(12) | Represents investment of cash collateral received in connection with securities lending. |
Country Allocation (% of Total Investments) | |
United States | 69.3% |
Netherlands | 6.0 |
Luxembourg | 4.8 |
Germany | 3.5 |
Other (less than 3.0% each) | 16.4 |
Total | 100.0% |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 116,195 | CAD | 156,951 | State Street Bank and Trust Company | 4/30/24 | $ 276 | $ — |
USD | 33,346,259 | EUR | 30,930,044 | Credit Agricole Corporate and Investment Bank | 4/30/24 | — | (58,683) |
USD | 3,638,722 | GBP | 2,891,089 | Barclays Bank PLC | 4/30/24 | — | (10,803) |
USD | 190,573 | SEK | 2,007,289 | Credit Agricole Corporate and Investment Bank | 4/30/24 | 2,844 | — |
$3,120 | $(69,486) |
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) |
Interest Rate Futures | |||||
U.S. 2-Year Treasury Note | 582 | Long | 6/28/24 | $119,009,907 | $ (50,711) |
U.S. 5-Year Treasury Note | 641 | Long | 6/28/24 | 68,597,015 | 144,854 |
U.S. 10-Year Treasury Note | 328 | Long | 6/18/24 | 36,341,375 | 180,464 |
U.S. Long Treasury Bond | 255 | Long | 6/18/24 | 30,711,563 | 599,172 |
U.S. Ultra-Long Treasury Bond | 154 | Long | 6/18/24 | 19,866,000 | 435,750 |
U.S. Ultra 10-Year Treasury Note | (275) | Short | 6/18/24 | (31,517,578) | (303,682) |
$1,005,847 |
Description | Acquisition Date | Cost |
Calvert Impact Climate, Inc., Cut Carbon Notes, 5.50%, 12/15/53 | 10/18/23 | $1,000,000 |
Currency Abbreviations: | |
CAD | – Canadian Dollar |
EUR | – Euro |
GBP | – British Pound Sterling |
MXN | – Mexican Peso |
SEK | – Swedish Krona |
USD | – United States Dollar |
March 31, 2024 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $782,818,448) - including $13,537,151 of securities on loan | $ 723,255,101 |
Investments in securities of affiliated issuers, at value (identified cost $41,123,199) | 41,123,199 |
Receivable for open forward foreign currency exchange contracts | 3,120 |
Cash | 529,716 |
Deposits at broker for futures contracts | 3,874,313 |
Receivable for investments sold | 493,005 |
Receivable for capital shares sold | 886,960 |
Dividends and interest receivable | 4,676,538 |
Dividends and interest receivable - affiliated | 179,166 |
Securities lending income receivable | 7,688 |
Receivable from affiliate | 47,060 |
Directors' deferred compensation plan | 102,794 |
Total assets | $ 775,178,660 |
Liabilities | |
Payable for variation margin on open futures contracts | $ 87,205 |
Payable for open forward foreign currency exchange contracts | 69,486 |
Due to custodian - foreign currency, at value (cost $4,695) | 4,833 |
Payable for when-issued securities | 4,185,000 |
Payable for capital shares redeemed | 587,496 |
Distributions payable | 2,100,863 |
Deposits for securities loaned | 11,835,780 |
Payable to affiliates: | |
Investment advisory fee | 153,950 |
Administrative fee | 76,380 |
Distribution and service fees | 14,230 |
Sub-transfer agency fee | 3,076 |
Directors' deferred compensation plan | 102,794 |
Accrued expenses | 245,318 |
Total liabilities | $ 19,466,411 |
Net Assets | $ 755,712,249 |
Sources of Net Assets | |
Paid-in capital | $ 877,783,110 |
Accumulated loss | (122,070,861) |
Net Assets | $ 755,712,249 |
Class A Shares | |
Net Assets | $ 67,560,611 |
Shares Outstanding | 4,848,967 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.93 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 14.40 |
Class I Shares | |
Net Assets | $ 640,005,022 |
Shares Outstanding | 45,868,388 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.95 |
March 31, 2024 | |
Class R6 Shares | |
Net Assets | $ 48,146,616 |
Shares Outstanding | 3,448,653 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.96 |
Six Months Ended | |
March 31, 2024 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $17,049) | $ 387,906 |
Dividend income - affiliated issuers | 654,208 |
Interest income | 12,767,381 |
Interest income - affiliated issuers | 5,242 |
Securities lending income, net | 48,923 |
Other income | 3,999 |
Total investment income | $ 13,867,659 |
Expenses | |
Investment advisory fee | $ 912,103 |
Administrative fee | 437,809 |
Distribution and service fees: | |
Class A | 82,298 |
Directors' fees and expenses | 19,109 |
Custodian fees | 12,657 |
Transfer agency fees and expenses | 343,696 |
Accounting fees | 83,499 |
Professional fees | 30,726 |
Registration fees | 34,307 |
Reports to shareholders | 34,516 |
Miscellaneous | 45,815 |
Total expenses | $ 2,036,535 |
Waiver and/or reimbursement of expenses by affiliates | $ (221,735) |
Net expenses | $ 1,814,800 |
Net investment income | $ 12,052,859 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ (16,989,335) |
Futures contracts | 913,559 |
Foreign currency transactions | (347,398) |
Forward foreign currency exchange contracts | 3,808,600 |
Net realized loss | $(12,614,574) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 45,607,767 |
Investment securities - affiliated issuers | 23,307 |
Futures contracts | 3,253,540 |
Foreign currency | 6,670 |
Forward foreign currency exchange contracts | (4,366,991) |
Net change in unrealized appreciation (depreciation) | $ 44,524,293 |
Net realized and unrealized gain | $ 31,909,719 |
Net increase in net assets from operations | $ 43,962,578 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 12,052,859 | $ 19,302,590 |
Net realized loss | (12,614,574) | (63,987,261) |
Net change in unrealized appreciation (depreciation) | 44,524,293 | 56,930,852 |
Net increase in net assets from operations | $ 43,962,578 | $ 12,246,181 |
Distributions to shareholders: | ||
Class A | $ (1,235,933) | $ (1,696,277) |
Class I | (12,326,955) | (17,290,487) |
Class R6 | (888,202) | (1,101,630) |
Total distributions to shareholders | $ (14,451,090) | $ (20,088,394) |
Capital share transactions: | ||
Class A | $ 239,661 | $ (5,830,686) |
Class I | (2,904,174) | (37,057,031) |
Class R6 | 5,500,201 | 3,270,565 |
Net increase (decrease) in net assets from capital share transactions | $ 2,835,688 | $ (39,617,152) |
Net increase (decrease) in net assets | $ 32,347,176 | $ (47,459,365) |
Net Assets | ||
At beginning of period | $ 723,365,073 | $ 770,824,438 |
At end of period | $755,712,249 | $723,365,073 |
Class A | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 13.38 | $ 13.51 | $ 16.15 | $ 16.36 | $ 15.87 | $ 14.82 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.21 | $ 0.32 | $ 0.22 | $ 0.21 | $ 0.28 | $ 0.34 |
Net realized and unrealized gain (loss) | 0.60 | (0.11) | (2.57) | (0.18) | 0.55 | 1.05 |
Total income (loss) from operations | $ 0.81 | $ 0.21 | $ (2.35) | $ 0.03 | $ 0.83 | $ 1.39 |
Less Distributions | ||||||
From net investment income | $ (0.26) | $ (0.33) | $ (0.24) | $ (0.24) | $ (0.32) | $ (0.34) |
From net realized gain | — | (0.01) | (0.05) | — | (0.02) | — |
Total distributions | $ (0.26) | $ (0.34) | $ (0.29) | $ (0.24) | $ (0.34) | $ (0.34) |
Net asset value — End of period | $ 13.93 | $ 13.38 | $ 13.51 | $ 16.15 | $ 16.36 | $ 15.87 |
Total Return(2) | 6.06% (3) | 1.49% | (14.67)% | 0.17% | 5.27% | 9.53% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $67,561 | $64,700 | $71,019 | $89,164 | $77,991 | $58,422 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 0.79% (5) | 0.78% | 0.77% | 0.76% | 0.79% | 0.86% |
Net expenses | 0.73% (5)(6) | 0.73% (6) | 0.73% (6) | 0.73% | 0.73% | 0.77% |
Net investment income | 3.07% (5) | 2.34% | 1.49% | 1.28% | 1.77% | 2.21% |
Portfolio Turnover | 12% (3) | 32% | 19% | 23% | 26% | 21% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended March 31, 2024 and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class I | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net asset value — Beginning of period | $ 13.39 | $ 13.53 | $ 16.17 | $ 16.38 | $ 15.89 | $ 14.83 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.23 | $ 0.36 | $ 0.26 | $ 0.25 | $ 0.32 | $ 0.38 |
Net realized and unrealized gain (loss) | 0.61 | (0.12) | (2.57) | (0.18) | 0.55 | 1.06 |
Total income (loss) from operations | $ 0.84 | $ 0.24 | $ (2.31) | $ 0.07 | $ 0.87 | $ 1.44 |
Less Distributions | ||||||
From net investment income | $ (0.28) | $ (0.37) | $ (0.28) | $ (0.28) | $ (0.36) | $ (0.38) |
From net realized gain | — | (0.01) | (0.05) | — | (0.02) | — |
Total distributions | $ (0.28) | $ (0.38) | $ (0.33) | $ (0.28) | $ (0.38) | $ (0.38) |
Net asset value — End of period | $ 13.95 | $ 13.39 | $ 13.53 | $ 16.17 | $ 16.38 | $ 15.89 |
Total Return(2) | 6.27% (3) | 1.67% | (14.44)% | 0.42% | 5.53% | 9.84% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $640,005 | $617,734 | $661,646 | $863,670 | $532,149 | $285,796 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 0.54% (5) | 0.53% | 0.52% | 0.51% | 0.54% | 0.61% |
Net expenses | 0.48% (5)(6) | 0.48% (6) | 0.48% (6) | 0.48% | 0.48% | 0.48% |
Net investment income | 3.32% (5) | 2.59% | 1.73% | 1.52% | 2.00% | 2.47% |
Portfolio Turnover | 12% (3) | 32% | 19% | 23% | 26% | 21% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(3) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended March 31, 2024 and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
Class R6 | ||||||
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, | Period Ended September 30, 2019(1) | ||||
2023 | 2022 | 2021 | 2020 | |||
Net asset value — Beginning of period | $ 13.40 | $ 13.54 | $ 16.18 | $ 16.39 | $ 15.90 | $ 15.01 |
Income (Loss) From Operations | ||||||
Net investment income(2) | $ 0.23 | $ 0.36 | $ 0.29 | $ 0.26 | $ 0.32 | $ 0.26 |
Net realized and unrealized gain (loss) | 0.61 | (0.12) | (2.59) | (0.18) | 0.55 | 0.89 |
Total income (loss) from operations | $ 0.84 | $ 0.24 | $ (2.30) | $ 0.08 | $ 0.87 | $ 1.15 |
Less Distributions | ||||||
From net investment income | $ (0.28) | $ (0.37) | $ (0.29) | $ (0.29) | $ (0.36) | $ (0.26) |
From net realized gain | — | (0.01) | (0.05) | — | (0.02) | — |
Total distributions | $ (0.28) | $ (0.38) | $ (0.34) | $ (0.29) | $ (0.38) | $ (0.26) |
Net asset value — End of period | $ 13.96 | $ 13.40 | $ 13.54 | $16.18 | $16.39 | $15.90 |
Total Return(3) | 6.29% (4) | 1.72% | (14.39)% | 0.47% | 5.58% | 7.68% (4) |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $48,147 | $40,931 | $38,160 | $ 9,277 | $ 3,208 | $ 581 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 0.49% (6) | 0.48% | 0.47% | 0.46% | 0.49% | 0.54% (6) |
Net expenses | 0.43% (6)(7) | 0.43% (7) | 0.43% (7) | 0.43% | 0.43% | 0.43% (6) |
Net investment income | 3.38% (6) | 2.65% | 1.96% | 1.56% | 1.99% | 2.49% (6) |
Portfolio Turnover | 12% (4) | 32% | 19% | 23% | 26% | 21% (8) |
(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) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended March 31, 2024 and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022). |
(8) | For the year ended September 30, 2019. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Asset-Backed Securities | $ — | $ 79,814,422 | $ — | $ 79,814,422 |
Commercial Mortgage-Backed Securities | — | 58,901,972 | — | 58,901,972 |
Corporate Bonds | — | 410,200,556 | — | 410,200,556 |
High Social Impact Investments | — | 1,000,000 | — | 1,000,000 |
Preferred Stocks | 10,988,022 | — | — | 10,988,022 |
Sovereign Government Bonds | — | 63,450,295 | — | 63,450,295 |
Taxable Municipal Obligations | — | 10,852,853 | — | 10,852,853 |
U.S. Government Agencies and Instrumentalities | — | 7,154,741 | — | 7,154,741 |
U.S. Government Agency Mortgage-Backed Securities | — | 69,056,460 | — | 69,056,460 |
Short-Term Investments: | ||||
Affiliated Fund | 41,123,199 | — | — | 41,123,199 |
Securities Lending Collateral | 11,835,780 | — | — | 11,835,780 |
Total Investments | $63,947,001 | $700,431,299 | $ — | $764,378,300 |
Forward Foreign Currency Exchange Contracts | $ — | $ 3,120 | $ — | $ 3,120 |
Futures Contracts | 1,360,240 | — | — | 1,360,240 |
Total | $65,307,241 | $700,434,419 | $ — | $765,741,660 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $ (69,486) | $ — | $ (69,486) |
Futures Contracts | (354,393) | — | — | (354,393) |
Total | $ (354,393) | $ (69,486) | $ — | $ (423,879) |
Aggregate cost | $823,850,506 |
Gross unrealized appreciation | $ 3,846,363 |
Gross unrealized depreciation | (62,379,088) |
Net unrealized depreciation | $ (58,532,725) |
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 | $ 3,120 | $ (69,486) |
Interest rate | Futures contracts | Accumulated loss | 1,360,240 (1) | (354,393) (1) |
Total | $1,363,360 | $(423,879) | ||
Derivatives not subject to master netting agreement | $1,360,240 | $(354,393) | ||
Total Derivatives subject to master netting agreement | $ 3,120 | $ (69,486) |
(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) |
Credit Agricole Corporate and Investment Bank | $ 2,844 | $ (2,844) | $ — | $ — | $ — |
State Street Bank and Trust Company | 276 | — | — | — | 276 |
$3,120 | $(2,844) | $ — | $ — | $ 276 |
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) |
Barclays Bank PLC | $ (10,803) | $ — | $ — | $ — | $ (10,803) |
Credit Agricole Corporate and Investment Bank | (58,683) | 2,844 | — | — | (55,839) |
$(69,486) | $2,844 | $ — | $ — | $(66,642) |
(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) | $ — | $ 113,668 | $ 113,668 |
Forward foreign currency exchange contracts | 3,808,600 | — | 3,808,600 |
Futures contracts | — | 913,559 | 913,559 |
Total | $ 3,808,600 | $1,027,227 | $ 4,835,827 |
Change in unrealized appreciation (depreciation): | |||
Investment securities(1) | $ — | $ (2,123) | $ (2,123) |
Forward foreign currency exchange contracts | (4,366,991) | — | (4,366,991) |
Futures contracts | — | 3,253,540 | 3,253,540 |
Total | $(4,366,991) | $3,251,417 | $(1,115,574) |
(1) | Relates to purchased options. |
Futures Contracts — Long | Futures Contracts — Short | Forward Foreign Currency Exchange Contracts* |
$237,154,000 | $28,341,000 | $91,704,000 |
* | 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 | $ 10,560,555 | $ — | $ — | $ — | $ 10,560,555 |
Sovereign Government Bonds | 1,275,225 | — | — | — | 1,275,225 |
Total | $11,835,780 | $ — | $ — | $ — | $11,835,780 |
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/ Shares, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | $1,676,693 | $ — | $ (1,700,000) | $ — | $ 23,307 | $ — | $ 5,242 | $ — |
Short-Term Investments | ||||||||
Liquidity Fund | 78,920 | 142,011,766 | (100,967,487) | — | — | 41,123,199 | 654,208 | 41,123,199 |
Total | $ — | $23,307 | $41,123,199 | $659,450 |
Six Months Ended March 31, 2024 (Unaudited) | Year Ended September 30, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 472,089 | $ 6,522,777 | 1,165,520 | $ 15,970,372 | |
Reinvestment of distributions | 74,501 | 1,031,009 | 120,432 | 1,652,381 | |
Shares redeemed | (534,908) | (7,314,125) | (1,704,109) | (23,453,439) | |
Net increase (decrease) | 11,682 | $ 239,661 | (418,157) | $ (5,830,686) | |
Class I | |||||
Shares sold | 7,147,104 | $ 98,547,036 | 14,720,475 | $ 202,312,311 | |
Reinvestment of distributions | 757,363 | 10,490,127 | 1,254,632 | 17,233,934 | |
Shares redeemed | (8,162,142) | (111,941,337) | (18,747,571) | (256,603,276) | |
Net decrease | (257,675) | $ (2,904,174) | (2,772,464) | $ (37,057,031) | |
Class R6 | |||||
Shares sold | 602,068 | $ 8,337,125 | 779,213 | $ 10,723,443 | |
Reinvestment of distributions | 42,966 | 595,769 | 65,020 | 893,595 | |
Shares redeemed | (250,608) | (3,432,693) | (608,213) | (8,346,473) | |
Net increase | 394,426 | $ 5,500,201 | 236,020 | $ 3,270,565 |
Officers |
Hope L. Brown Chief Compliance Officer |
Deidre E. Walsh Secretary, Vice President and Chief Legal Officer |
James F. Kirchner Treasurer |
Directors |
Alice Gresham Bullock Chairperson |
Cari M. Dominguez |
Karen Fang |
Miles D. Harper, III |
Von M. Hughes*(1) |
Joy V. Jones |
Eddie Ramos |
Anthony A. Williams |
* Interested Director and President |
(1) Mr. Hughes began serving as Director effective December 11, 2023. |
U.S. Customer Privacy Notice | March 2024 |
FACTS | WHAT DOES CALVERT DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account information and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Calvert chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Calvert share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No* |
For our affiliates’ everyday business purposes — information about your creditworthiness | Yes | Yes* |
For our affiliates to market to you | Yes | Yes* |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
U.S. Customer Privacy Notice — continued | March 2024 |
Who we are | |
Who is providing this notice? | Calvert Research and Management and our investment management affiliates (“Calvert”) (see Affiliates definition below.) |
What we do | |
How does Calvert protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Calvert collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.) |
What happens when I limit sharing for an account I hold jointly with someone else? | Your choices will apply to everyone on your account. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Calvert Research and Management does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Calvert Research and Management does not jointly market. |
U.S. Customer Privacy Notice — continued | March 2024 |
Other important information | |
*PLEASE NOTE: Calvert does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Calvert enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Calvert from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Item 2. Code of Ethics.
Not required in this filing.
Item 3. Audit Committee Financial Expert.
Not required in this filing.
Item 4. Principal Accountant Fees and Services.
Not required in this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Please see schedule of investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
No material changes.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 Act, as amended (the “1940 Act”) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), as of a date within 90 days of the filing date of this report.
(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
(a)(1) | Registrant’s Code of Ethics- Not applicable (please see Item 2) | |
(a)(2)(i) | Principal Executive Officer’s Section 302 certification. | |
(a)(2)(ii) | Principal Financial Officer’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Calvert Impact Fund, Inc. | ||
By: | /s/ Von M. Hughes | |
Von M. Hughes | ||
Principal Executive Officer | ||
Date: May 22, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Von M. Hughes | |
Von M. Hughes | ||
Principal Executive Officer | ||
Date: | May 22, 2024 | |
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Principal Financial Officer | ||
Date: | May 22, 2024 |