Calvert
Global Energy Solutions Fund
December 31, 2019
Schedule of Investments (Unaudited)
Common Stocks — 99.1%
Security | Shares | Value | ||||||
Austria — 1.5% | ||||||||
ANDRITZ AG | 18,501 | $ | 795,362 | |||||
Verbund AG | 10,850 | 544,667 | ||||||
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$ | 1,340,029 | |||||||
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Belgium — 1.0% | ||||||||
Umicore SA | 19,277 | $ | 939,445 | |||||
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Brazil — 1.1% | ||||||||
Omega Geracao SA(1) | 50,300 | $ | 456,397 | |||||
Sao Martinho SA | 97,552 | 575,219 | ||||||
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$ | 1,031,616 | |||||||
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Canada — 3.8% | ||||||||
Boralex, Inc., Class A(2) | 27,601 | $ | 519,904 | |||||
Brookfield Renewable Partners LP | 13,637 | 635,893 | ||||||
Canadian Solar, Inc.(1)(2) | 28,570 | 631,397 | ||||||
Innergex Renewable Energy, Inc.(2) | 41,058 | 533,085 | ||||||
Northland Power, Inc.(2) | 28,003 | 586,563 | ||||||
TransAlta Renewables, Inc.(2) | 45,180 | 539,982 | ||||||
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$ | 3,446,824 | |||||||
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China — 7.6% | ||||||||
BYD Co., Ltd., Class H(2) | 98,500 | $ | 491,251 | |||||
China Everbright International, Ltd. | 747,037 | 599,048 | ||||||
China High Speed Transmission Equipment Group Co., Ltd.(2) | 853,000 | 603,732 | ||||||
China Longyuan Power Group Corp., Ltd., Class H | 968,000 | 612,155 | ||||||
Daqo New Energy Corp. ADR(1)(2) | 14,029 | 718,285 | ||||||
Dongfang Electric Corp., Ltd., Class H | 880,400 | 531,127 | ||||||
Huaneng Renewables Corp., Ltd., Class H | 1,413,955 | 549,829 | ||||||
JinkoSolar Holding Co., Ltd. ADR(1) | 31,678 | 712,438 | ||||||
Tianneng Power International, Ltd. | 838,000 | 638,182 | ||||||
Xinjiang Goldwind Science & Technology Co., Ltd., Class H | 548,700 | 637,619 | ||||||
Xinyi Solar Holdings, Ltd. | 1,136,000 | 807,149 | ||||||
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$ | 6,900,815 | |||||||
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Denmark — 2.6% | ||||||||
Novozymes A/S, Class B | 11,405 | $ | 558,241 | |||||
Orsted A/S(3) | 5,106 | 528,230 | ||||||
Rockwool International A/S, Class B | 2,073 | 491,566 | ||||||
Vestas Wind Systems A/S | 7,334 | 740,781 | ||||||
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$ | 2,318,818 | |||||||
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Finland — 1.1% | ||||||||
Metsa Board Oyj | 75,820 | $ | 510,043 | |||||
Neste Oyj | 14,719 | 512,236 | ||||||
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$ | 1,022,279 | |||||||
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1
Security | Shares | Value | ||||||
France — 4.4% | ||||||||
Albioma SA | 18,934 | $ | 553,006 | |||||
Cie de Saint-Gobain | 13,636 | 558,610 | ||||||
Danone SA | 5,749 | 477,431 | ||||||
Legrand SA | 7,554 | 616,888 | ||||||
Nexans SA | 12,561 | 614,658 | ||||||
Schneider Electric SE | 6,535 | 671,404 | ||||||
Valeo SA | 13,668 | 484,438 | ||||||
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$ | 3,976,435 | |||||||
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Germany — 9.2% | ||||||||
Aumann AG(3) | 29,708 | $ | 511,718 | |||||
Bayerische Motoren Werke AG | 6,351 | 520,183 | ||||||
Daimler AG | 9,050 | 500,323 | ||||||
Deutsche Post AG | 13,309 | 506,063 | ||||||
Encavis AG | 51,394 | 539,406 | ||||||
Evonik Industries AG | 17,149 | 523,770 | ||||||
HeidelbergCement AG | 6,529 | 474,429 | ||||||
Infineon Technologies AG | 43,553 | 984,052 | ||||||
Nordex SE(1) | 45,229 | 605,665 | ||||||
OSRAM Licht AG(1) | 11,829 | 538,041 | ||||||
Siemens AG | 5,180 | 676,464 | ||||||
SMA Solar Technology AG(1) | 15,696 | 605,855 | ||||||
Varta AG(1) | 5,404 | 732,603 | ||||||
VERBIO Vereinigte BioEnergie AG | 42,383 | 555,309 | ||||||
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$ | 8,273,881 | |||||||
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Hong Kong — 0.6% | ||||||||
Cathay Pacific Airways, Ltd.(2) | 364,000 | $ | 538,129 | |||||
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Ireland — 1.2% | ||||||||
CRH PLC | 13,137 | $ | 526,911 | |||||
Kingspan Group PLC | 9,677 | 592,548 | ||||||
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$ | 1,119,459 | |||||||
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Italy — 2.0% | ||||||||
Enel SpA | 104,257 | $ | 828,199 | |||||
ERG SpA | 22,816 | 492,028 | ||||||
Falck Renewables SpA | 84,984 | 454,166 | ||||||
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$ | 1,774,393 | |||||||
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Japan — 6.5% | ||||||||
Daikin Industries, Ltd. | 4,200 | $ | 592,577 | |||||
Ferrotec Holdings Corp. | 61,500 | 519,761 | ||||||
GS Yuasa Corp. | 32,200 | 694,049 | ||||||
Hitachi Metals, Ltd. | 35,500 | 522,550 | ||||||
Meidensha Corp. | 30,000 | 661,491 | ||||||
Mitsubishi Electric Corp. | 43,200 | 588,197 | ||||||
Nidec Corp. | 3,300 | 450,726 | ||||||
Nippon Express Co., Ltd. | 7,900 | 463,090 | ||||||
Nissan Motor Co., Ltd. | 77,500 | 449,092 | ||||||
Sumitomo Chemical Co., Ltd. | 105,700 | 479,938 | ||||||
Yokogawa Electric Corp. | 27,000 | 474,149 | ||||||
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$ | 5,895,620 | |||||||
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Netherlands — 0.5% | ||||||||
Signify NV(3) | 15,600 | $ | 488,261 | |||||
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2
Security | Shares | Value | ||||||
New Zealand — 1.4% | ||||||||
Mercury NZ, Ltd. | 173,501 | $ | 590,194 | |||||
Meridian Energy, Ltd. | 189,760 | 639,207 | ||||||
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$ | 1,229,401 | |||||||
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Norway — 1.2% | ||||||||
Norsk Hydro ASA | 138,242 | $ | 514,068 | |||||
Scatec Solar ASA(3) | 41,068 | 583,013 | ||||||
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$ | 1,097,081 | |||||||
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Portugal — 2.0% | ||||||||
Altri SGPS SA | 76,314 | $ | 487,134 | |||||
EDP Renovaveis SA | 48,851 | 576,818 | ||||||
EDP-Energias de Portugal SA | 165,079 | 716,343 | ||||||
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$ | 1,780,295 | |||||||
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Singapore — 0.6% | ||||||||
City Developments, Ltd. | 64,500 | $ | 524,955 | |||||
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South Korea — 2.6% | ||||||||
LG Chem, Ltd. | 1,920 | $ | 526,184 | |||||
LG Display Co., Ltd.(1) | 37,152 | 519,761 | ||||||
Samsung SDI Co., Ltd. | 4,238 | 863,337 | ||||||
Seoul Semiconductor Co., Ltd. | 31,730 | 444,630 | ||||||
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$ | 2,353,912 | |||||||
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Spain — 3.6% | ||||||||
Acciona SA(2) | 5,120 | $ | 539,836 | |||||
Atlantica Yield PLC | 20,183 | 532,630 | ||||||
Ence Energia y Celulosa SA(2) | 119,180 | 492,091 | ||||||
Iberdrola SA | 49,499 | 510,115 | ||||||
Red Electrica Corp. SA | 25,058 | 504,913 | ||||||
Siemens Gamesa Renewable Energy SA | 35,769 | 629,916 | ||||||
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$ | 3,209,501 | |||||||
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Sweden — 0.6% | ||||||||
Nibe Industrier AB, Class B | 33,085 | $ | 574,004 | |||||
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Switzerland — 3.1% | ||||||||
ABB, Ltd. | 28,655 | $ | 691,249 | |||||
Clariant AG | 24,161 | 539,959 | ||||||
Gurit Holding AG | 385 | 594,912 | ||||||
Landis+Gyr Group AG | 4,524 | 470,254 | ||||||
Meyer Burger Technology AG(1)(2) | 1,198,915 | 465,136 | ||||||
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$ | 2,761,510 | |||||||
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Taiwan — 5.7% | ||||||||
Chroma ATE, Inc. | 106,000 | $ | 515,527 | |||||
Delta Electronics, Inc. | 177,000 | 895,686 | ||||||
Epistar Corp. | 605,000 | 651,859 | ||||||
Everlight Electronics Co., Ltd. | 520,000 | 603,074 | ||||||
Kung Long Batteries Industrial Co., Ltd. | 108,000 | 536,985 | ||||||
OptoTech Corp. | 620,200 | 532,765 | ||||||
Simplo Technology Co., Ltd. | 67,000 | 678,339 | ||||||
Sino-American Silicon Products, Inc. | 233,000 | 773,894 | ||||||
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$ | 5,188,129 | |||||||
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3
Security | Shares | Value | ||||||
Thailand — 1.5% | ||||||||
BCPG PCL | 731,200 | $ | 394,824 | |||||
CK Power PCL | 2,400,500 | 396,646 | ||||||
Energy Absolute PCL, NVDR | 390,100 | 568,245 | ||||||
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$ | 1,359,715 | |||||||
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United Kingdom — 4.0% | ||||||||
Croda International PLC | 7,784 | $ | 528,757 | |||||
easyJet PLC | 28,766 | 541,861 | ||||||
John Laing Group PLC(3) | 100,791 | 508,843 | ||||||
Johnson Matthey PLC | 13,221 | 525,685 | ||||||
SIG PLC | 239,799 | 391,008 | ||||||
Smart Metering Systems PLC(2) | 70,243 | 523,642 | ||||||
United Utilities Group PLC | 45,862 | 573,912 | ||||||
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$ | 3,593,708 | |||||||
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United States — 29.7% | ||||||||
3M Co. | 2,945 | $ | 519,557 | |||||
AAON, Inc. | 8,732 | 431,448 | ||||||
Acuity Brands, Inc. | 3,749 | 517,362 | ||||||
Advanced Emissions Solutions, Inc.(2) | 47,717 | 501,029 | ||||||
Alphabet, Inc., Class A(1) | 383 | 512,986 | ||||||
Ameresco, Inc., Class A(1) | 20,565 | 359,888 | ||||||
American Superconductor Corp.(1)(2) | 58,600 | 460,010 | ||||||
Aptiv PLC | 6,169 | 585,870 | ||||||
BorgWarner, Inc. | 12,316 | 534,268 | ||||||
Clearway Energy, Inc., Class C | 27,229 | 543,219 | ||||||
Covanta Holding Corp. | 34,412 | 510,674 | ||||||
Cree, Inc.(1) | 11,063 | 510,557 | ||||||
Delphi Technologies PLC | 32,695 | 419,477 | ||||||
Eaton Corp. PLC | 6,653 | 630,172 | ||||||
Emerson Electric Co. | 8,666 | 660,869 | ||||||
EnerSys | 10,354 | 774,790 | ||||||
Enviva Partners LP | 13,352 | 498,163 | ||||||
First Solar, Inc.(1)(2) | 13,632 | 762,847 | ||||||
General Mills, Inc. | 9,370 | 501,857 | ||||||
Gibraltar Industries, Inc.(1) | 8,362 | 421,779 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(2) | 16,698 | 537,342 | ||||||
Ingersoll-Rand PLC | 4,680 | 622,066 | ||||||
International Business Machines Corp. | 3,523 | 472,223 | ||||||
Itron, Inc.(1) | 5,842 | 490,436 | ||||||
Johnson Controls International PLC | 14,179 | 577,227 | ||||||
Livent Corp.(1)(2) | 82,266 | 703,374 | ||||||
Microsoft Corp. | 3,317 | 523,091 | ||||||
NextEra Energy Partners LP | 10,950 | 576,517 | ||||||
NextEra Energy, Inc. | 2,121 | 513,621 | ||||||
ON Semiconductor Corp.(1) | 24,582 | 599,309 | ||||||
Ormat Technologies, Inc. | 7,640 | 569,333 | ||||||
Owens Corning | 7,771 | 506,048 | ||||||
Pattern Energy Group, Inc., Class A | 20,346 | 544,357 | ||||||
Plug Power, Inc.(1)(2) | 126,149 | 398,631 | ||||||
Power Integrations, Inc. | 7,788 | 770,311 | ||||||
Renewable Energy Group, Inc.(1)(2) | 26,912 | 725,278 | ||||||
Rockwell Automation, Inc. | 3,051 | 618,346 |
4
Security | Shares | Value | ||||||
Sensata Technologies Holding PLC(1) | 10,266 | $ | 553,029 | |||||
SolarEdge Technologies, Inc.(1) | 9,214 | 876,159 | ||||||
SunPower Corp.(1)(2) | 58,150 | 453,570 | ||||||
Sunrun, Inc.(1)(2) | 36,858 | 509,009 | ||||||
Tenneco, Inc., Class A | 30,784 | 403,270 | ||||||
TerraForm Power, Inc., Class A | 36,598 | 563,243 | ||||||
Tesla, Inc.(1) | 1,887 | 789,389 | ||||||
Universal Display Corp. | 4,251 | 876,004 | ||||||
Vivint Solar, Inc.(1)(2) | 54,779 | 397,696 | ||||||
Waste Management, Inc. | 4,509 | 513,846 | ||||||
Whirlpool Corp.(2) | 3,364 | 496,291 | ||||||
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$ | 26,835,838 | |||||||
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Total Common Stocks | $ | 89,574,053 | ||||||
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High Social Impact Investments — 0.4% | ||||||||
Security | Principal Amount (000’s omitted) | Value | ||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(4)(5) | $ | 264 | $ | 258,766 | ||||
ImpactAssets Inc., Global Sustainable Agriculture Notes, 3.39%, 11/3/20(4)(6) | 53 | 52,869 | ||||||
ImpactAssets Inc., Microfinance Plus Notes, 1.98%, 11/3/20(4)(6) | 68 | 66,974 | ||||||
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Total High Social Impact Investments | $ | 378,609 | ||||||
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Short-Term Investments — 4.1% | ||||||||
Securities Lending Collateral — 4.1% | ||||||||
Security | Shares | Value | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56%(7) | 3,675,189 | $ | 3,675,189 | |||||
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Total Securities Lending Collateral | $ | 3,675,189 | ||||||
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Total Short-Term Investments | $ | 3,675,189 | ||||||
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Total Investments | $ | 93,627,851 | ||||||
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Other Assets, Less Liabilities — (3.6%) | $ | (3,257,799 | ) | |||||
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Net Assets — 100.0% | $ | 90,370,052 | ||||||
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The percentage shown for each investment category in the Schedule of Investments is based on net assets.
5
Notes to Schedule of Investments
(1) | Non-income producing security. |
(2) | All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $10,622,479 and the total market value of the collateral received by the Fund was $11,116,580, comprised of cash of $3,675,189 and U.S. government and/or agency securities of $7,441,391. |
(3) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $2,620,065, which represents 2.9% of the net assets of the Fund as of December 31, 2019. |
(4) | Restricted security. Total market value of restricted securities amounts to $378,609, which represents 0.4% of the net assets of the Fund as of December 31, 2019. |
(5) | Affiliated company. |
(6) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at December 31, 2019. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Abbreviations:
ADR | - | American Depositary Receipt | ||
NVDR | - | Non-Voting Depository Receipt | ||
PCL | - | Public Company Limited |
At December 31, 2019, the concentration of the Fund’s investments in the various sectors, determined as a percentage of net assets, was as follows:
Sector Allocation (% of net assets) | ||||
Industrials | 32.5 | % | ||
Information Technology | 21.8 | |||
Utilities | 20.8 | |||
Materials | 11.0 | |||
Consumer Discretionary | 7.0 | |||
Energy | 2.5 | |||
Consumer Staples | 1.7 | |||
Real Estate | 1.2 | |||
Communication Services | 0.6 | |||
High Social Impact Investments | 0.4 | |||
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Total | 99.5 | % | ||
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|
Restricted Securities | Acquisition Dates | Cost | ||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | $ | 263,568 | |||||
ImpactAssets Inc., Global Sustainable Agriculture Notes, 3.39%, 11/3/20 | 11/13/15 | 53,000 | ||||||
ImpactAssets Inc., Microfinance Plus Notes, 1.98%, 11/3/20 | 11/13/15 | 68,000 |
6
At December 31, 2019, the value of the Fund’s investment in Calvert Impact Capital, Inc., (the Notes) was $258,766, which represents 0.3% of the Fund’s net assets. Transactions in the Notes by the Fund for the fiscal year to date ended December 31, 2019 were as follows:
Name of Issuer | Value, beginning of period | Purchases | Sales proceeds | Net Realized | Change in Unrealized Appreciation (Depreciation) | Value, end of period | Interest Income | Capital Gain Distributions Received | Principal amount, period | |||||||||||||||||||||||||||
High Social Impact Investments | ||||||||||||||||||||||||||||||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $ | 1,790,478 | $ | — | ($ | 1,800,000 | ) | $ | — | $ | 9,522 | $ | — | $ | 5,250 | $ | — | $ | — | |||||||||||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | — | 263,568 | — | — | (4,802 | ) | 258,766 | 110 | — | 263,568 | ||||||||||||||||||||||||||
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Total | $ | — | $ | 4,720 | $ | 258,766 | $ | 5,360 | $ | — | ||||||||||||||||||||||||||
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(1) | Restricted security. |
U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
• | Level 1 — quoted prices in active markets for identical securities |
• | Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Brazil | $ | 1,031,616 | $ | — | $ | — | $ | 1,031,616 | ||||||||
Canada | 3,446,824 | — | — | 3,446,824 | ||||||||||||
China | 1,430,723 | 5,470,092 | — | 6,900,815 | ||||||||||||
Germany | 538,041 | 7,735,840 | — | 8,273,881 | ||||||||||||
Spain | 532,630 | 2,676,871 | — | 3,209,501 | ||||||||||||
United States | 26,835,838 | — | — | 26,835,838 | ||||||||||||
Other Countries(1) | — | 39,875,578 | — | 39,875,578 | ||||||||||||
Total Common Stocks | $ | 33,815,672 | $ | 55,758,381 | (2) | $ | — | $ | 89,574,053 | |||||||
High Social Impact Investments | — | 378,609 | — | 378,609 | ||||||||||||
Short-Term Investments | 3,675,189 | — | — | 3,675,189 | ||||||||||||
Total Investments | $ | 37,490,861 | $ | 56,136,990 | $ | — | $ | 93,627,851 |
7
(1) | For further breakdown of equity securities by country, please refer to the Schedule of Investments. |
(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. |
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended December 31, 2019 is not presented.
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
8