Calvert
Global Energy Solutions Fund
June 30, 2020
Schedule of Investments (Unaudited)
Common Stocks — 98.9% |
Security | Shares | Value | |
Australia — 0.5% | |||
AusNet Services(1) | 404,542 | $ 467,398 | |
$ 467,398 | |||
Austria — 0.7% | |||
Verbund AG | 13,197 | $ 592,706 | |
$ 592,706 | |||
Belgium — 1.1% | |||
Umicore S.A. | 21,693 | $ 1,023,998 | |
$ 1,023,998 | |||
Brazil — 1.2% | |||
Omega Geracao S.A.(2) | 85,900 | $595,823 | |
Sao Martinho S.A. | 130,952 | 510,747 | |
$1,106,570 | |||
Canada — 4.1% | |||
Boralex, Inc., Class A | 26,555 | $604,412 | |
Brookfield Renewable Partners L.P. | 14,012 | 671,175 | |
Canadian Solar, Inc.(2) | 38,220 | 736,499 | |
Innergex Renewable Energy, Inc. | 39,412 | 554,485 | |
Northland Power, Inc.(1) | 26,829 | 671,516 | |
TransAlta Renewables, Inc.(1) | 49,790 | 535,088 | |
$3,773,175 | |||
China — 5.0% | |||
BYD Co., Ltd., Class H(1) | 84,500 | $658,787 | |
China Everbright International, Ltd. | 1,078,037 | 571,976 | |
China Longyuan Power Group Corp., Ltd., Class H | 1,087,000 | 612,857 | |
Xinjiang Goldwind Science & Technology Co., Ltd., Class H | 788,300 | 678,291 | |
Xinyi Solar Holdings, Ltd. | 1,162,000 | 1,117,417 | |
Yadea Group Holdings, Ltd.(2)(3) | 702,000 | 481,275 | |
Zhuzhou CRRC Times Electric Co., Ltd., Class H | 161,300 | 413,639 | |
$4,534,242 | |||
Denmark — 2.7% | |||
Novozymes A/S, Class B | 9,897 | $573,787 | |
Orsted A/S(3) | 6,251 | 722,545 | |
Rockwool International A/S, Class B | 1,715 | 466,745 | |
Vestas Wind Systems A/S | 7,194 | 736,685 | |
$2,499,762 | |||
Finland — 1.0% | |||
Metsa Board Oyj(1) | 66,728 | $452,947 | |
Neste Oyj | 11,788 | 462,986 | |
$915,933 |
Security | Shares | Value | |
France — 5.1% | |||
Albioma S.A. | 14,246 | $ 588,898 | |
Cie de Saint-Gobain(2) | 16,700 | 602,552 | |
Danone S.A. | 6,951 | 482,491 | |
Engie S.A.(2) | 39,838 | 494,068 | |
Legrand S.A. | 8,254 | 627,159 | |
Neoen S.A.(2)(3) | 14,334 | 582,690 | |
Nexans S.A.(2) | 11,363 | 528,678 | |
Schneider Electric SE | 6,342 | 705,462 | |
$4,611,998 | |||
Germany — 7.3% | |||
Bayerische Motoren Werke AG | 7,914 | $505,235 | |
Daimler AG | 12,423 | 505,416 | |
Deutsche Post AG | 15,281 | 561,116 | |
Encavis AG | 38,602 | 562,427 | |
Evonik Industries AG | 19,927 | 507,541 | |
Infineon Technologies AG | 28,093 | 658,280 | |
Nordex SE(2) | 70,556 | 704,855 | |
OSRAM Licht AG(2) | 9,358 | 428,897 | |
Siemens AG | 5,981 | 705,382 | |
SMA Solar Technology AG(2) | 21,289 | 660,322 | |
Varta AG(1)(2) | 7,638 | 861,922 | |
$6,661,393 | |||
Greece — 0.5% | |||
Terna Energy S.A. | 40,877 | $441,390 | |
$441,390 | |||
Ireland — 1.8% | |||
CRH PLC | 14,595 | $502,363 | |
Kingspan Group PLC | 8,686 | 560,736 | |
Trane Technologies PLC | 6,359 | 565,824 | |
$1,628,923 | |||
Italy — 2.7% | |||
Enel SpA | 61,968 | $535,927 | |
ERG SpA | 23,501 | 507,822 | |
Falck Renewables SpA | 78,332 | 480,555 | |
Snam SpA | 101,262 | 493,667 | |
Terna Rete Elettrica Nazionale SpA | 69,799 | 481,442 | |
$2,499,413 | |||
Japan — 6.3% | |||
Daikin Industries, Ltd. | 4,100 | $663,380 | |
Ferrotec Holdings Corp. | 84,300 | 511,375 | |
GS Yuasa Corp. | 26,900 | 477,739 | |
Hitachi Metals, Ltd.(1) | 40,900 | 490,220 | |
Meidensha Corp. | 39,500 | 642,173 |
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Calvert
Global Energy Solutions Fund
June 30, 2020
Schedule of Investments (Unaudited) — continued
Security | Shares | Value | |
Japan (continued) | |||
Mitsubishi Electric Corp. | 44,200 | $ 577,308 | |
Nidec Corp. | 7,700 | 518,739 | |
Nippon Express Co., Ltd. | 9,300 | 482,237 | |
Nissan Motor Co., Ltd. | 121,800 | 451,689 | |
Sumitomo Chemical Co., Ltd. | 152,000 | 457,337 | |
Yokogawa Electric Corp.(1) | 32,100 | 502,965 | |
$ 5,775,162 | |||
Netherlands — 0.6% | |||
Signify NV(2)(3) | 21,224 | $545,669 | |
$545,669 | |||
New Zealand — 2.0% | |||
Infratil, Ltd. | 187,734 | $572,718 | |
Mercury NZ, Ltd. | 195,242 | 594,831 | |
Meridian Energy, Ltd. | 207,442 | 646,660 | |
$1,814,209 | |||
Norway — 1.1% | |||
Norsk Hydro ASA(2) | 182,002 | $507,764 | |
Scatec Solar ASA(3) | 32,420 | 529,879 | |
$1,037,643 | |||
Portugal — 0.7% | |||
EDP Renovaveis S.A. | 42,702 | $590,260 | |
$590,260 | |||
Singapore — 0.6% | |||
City Developments, Ltd. | 86,600 | $529,219 | |
$529,219 | |||
South Korea — 3.2% | |||
Ecopro BM Co., Ltd. | 7,303 | $740,344 | |
LG Chem, Ltd. | 1,507 | 621,907 | |
LG Display Co., Ltd.(2) | 52,453 | 502,200 | |
Samsung SDI Co., Ltd. | 3,548 | 1,084,842 | |
$2,949,293 | |||
Spain — 4.5% | |||
Acciona S.A.(1) | 5,650 | $555,821 | |
Atlantica Sustainable Infrastructure PLC | 20,560 | 598,296 | |
Ence Energia y Celulosa S.A.(1) | 145,207 | 477,045 | |
Iberdrola S.A. | 44,163 | 515,589 | |
Red Electrica Corp. S.A.(1) | 26,883 | 502,968 | |
Siemens Gamesa Renewable Energy S.A.(1)(2) | 52,031 | 926,409 | |
Solaria Energia y Medio Ambiente S.A.(2) | 43,887 | 558,726 | |
$4,134,854 |
Security | Shares | Value | |
Sweden — 1.1% | |||
Fabege AB | 38,936 | $ 457,910 | |
Nibe Industrier AB, Class B(2) | 23,698 | 525,618 | |
$ 983,528 | |||
Switzerland — 1.9% | |||
ABB, Ltd. | 30,750 | $ 697,500 | |
Gurit Holding AG | 439 | 643,049 | |
Landis+Gyr Group AG(2) | 6,496 | 420,812 | |
$ 1,761,361 | |||
Taiwan — 5.7% | |||
Chroma ATE, Inc. | 109,000 | $564,096 | |
Delta Electronics, Inc. | 209,000 | 1,192,636 | |
Epistar Corp. | 637,000 | 801,392 | |
Everlight Electronics Co., Ltd. | 341,000 | 360,432 | |
OptoTech Corp. | 844,200 | 590,521 | |
Simplo Technology Co., Ltd. | 73,000 | 796,411 | |
Sino-American Silicon Products, Inc. | 265,000 | 859,376 | |
$5,164,864 | |||
Thailand — 1.5% | |||
BCPG PCL | 797,300 | $405,947 | |
CK Power PCL | 2,942,200 | 394,680 | |
Energy Absolute PCL NVDR | 476,700 | 610,023 | |
$1,410,650 | |||
United Kingdom — 3.6% | |||
Croda International PLC | 7,420 | $481,935 | |
easyJet PLC(1) | 56,059 | 473,268 | |
John Laing Group PLC(3) | 109,201 | 473,028 | |
Johnson Matthey PLC | 18,746 | 488,219 | |
Linde PLC | 2,329 | 494,004 | |
Smart Metering Systems PLC | 61,167 | 449,061 | |
United Utilities Group PLC | 41,954 | 471,426 | |
$3,330,941 | |||
United States — 32.4% | |||
3M Co. | 3,042 | $474,522 | |
AAON, Inc. | 8,373 | 454,570 | |
Acuity Brands, Inc. | 5,422 | 519,102 | |
AES Corp. (The) | 37,733 | 546,751 | |
Alaska Air Group, Inc. | 13,784 | 499,808 | |
Alphabet, Inc., Class A(2) | 332 | 470,793 | |
Ameresco, Inc., Class A(2) | 16,355 | 454,342 | |
American Superconductor Corp.(2) | 65,640 | 533,653 | |
Aptiv PLC | 7,536 | 587,205 | |
BorgWarner, Inc. | 15,884 | 560,705 | |
Clearway Energy, Inc., Class C | 26,184 | 603,803 |
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Calvert
Global Energy Solutions Fund
June 30, 2020
Schedule of Investments (Unaudited) — continued
Security | Shares | Value | |
United States (continued) | |||
Covanta Holding Corp. | 57,039 | $ 547,004 | |
Cree, Inc.(2) | 9,506 | 562,660 | |
Cummins, Inc. | 2,779 | 481,490 | |
Delphi Technologies PLC(2) | 30,268 | 430,108 | |
Eaton Corp. PLC | 6,907 | 604,224 | |
Emerson Electric Co. | 9,811 | 608,576 | |
EnerSys | 13,243 | 852,584 | |
Enphase Energy, Inc.(2) | 8,341 | 396,781 | |
Enviva Partners L.P. | 13,352 | 481,206 | |
First Solar, Inc.(2) | 18,645 | 922,927 | |
General Mills, Inc. | 7,553 | 465,642 | |
Gibraltar Industries, Inc.(2) | 9,480 | 455,135 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 15,381 | 437,743 | |
Ingersoll Rand, Inc.(2) | 18,805 | 528,797 | |
International Business Machines Corp. | 3,812 | 460,375 | |
Itron, Inc.(2) | 6,867 | 454,939 | |
Johnson Controls International PLC | 18,411 | 628,552 | |
Livent Corp.(2) | 108,711 | 669,660 | |
Microsoft Corp. | 2,596 | 528,312 | |
NextEra Energy Partners, L.P. | 11,660 | 597,925 | |
NextEra Energy, Inc. | 1,863 | 447,437 | |
ON Semiconductor Corp.(2) | 56,819 | 1,126,153 | |
Ormat Technologies, Inc. | 8,296 | 526,713 | |
Owens Corning | 9,166 | 511,096 | |
Plug Power, Inc.(1)(2) | 182,280 | 1,496,519 | |
Power Integrations, Inc. | 7,943 | 938,307 | |
Renewable Energy Group, Inc.(2) | 18,281 | 453,003 | |
Rockwell Automation, Inc. | 2,715 | 578,295 | |
SolarEdge Technologies, Inc.(2) | 6,624 | 919,279 | |
SunPower Corp.(1)(2) | 65,000 | 497,900 | |
Sunrun, Inc.(2) | 33,249 | 655,670 | |
Tenneco, Inc., Class A(1)(2) | 50,993 | 385,507 | |
TerraForm Power, Inc., Class A | 33,977 | 626,536 | |
Tesla, Inc.(2) | 812 | 876,806 | |
Universal Display Corp. | 6,349 | 949,937 | |
Vivint Solar, Inc.(1)(2) | 82,045 | 812,245 | |
Waste Management, Inc. | 4,461 | 472,465 | |
Whirlpool Corp. | 3,907 | 506,074 | |
$29,599,836 | |||
Total Common Stocks (identified cost $80,342,094) | $90,384,390 |
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 | $ 259,686 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20(5)(6) | 53 | 51,087 | |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20(5)(6) | 68 | 58,204 | |
Total High Social Impact Investments (identified cost $384,568) | $ 368,977 |
Short-Term Investments — 7.3% |
Other — 0.2% | |||
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.13%(7) | 192,592 | $ 192,592 | |
Total Other (identified cost $192,592) | $ 192,592 |
Securities Lending Collateral — 7.1% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.13%(8) | 6,455,246 | $ 6,455,246 | |
Total Securities Lending Collateral (identified cost $6,455,246) | $ 6,455,246 | ||
Total Short-Term Investments (identified cost $6,647,838) | $ 6,647,838 |
Total Investments — 106.6% (identified cost $87,374,500) | $97,401,205 | |
Other Assets, Less Liabilities — (6.6)% | $(5,991,669) | |
Net Assets — 100.0% | $91,409,536 |
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 June 30, 2020. The aggregate market value of securities on loan at June 30, 2020 was $9,231,621 and the total market value of the collateral received by the Fund was $9,463,882, comprised of cash of $6,455,246 and U.S. government and/or agencies securities of $3,008,636. | |
(2) | Non-income producing security. |
3
Calvert
Global Energy Solutions Fund
June 30, 2020
Schedule of Investments (Unaudited) — continued
(3) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $3,335,086, which represents 3.6% of the net assets of the Fund as of June 30, 2020. |
(4) | Affiliated company. |
(5) | Restricted security. Total market value of restricted securities amounts to $368,977, which represents 0.4% of the net assets of the Fund as of June 30, 2020. |
(6) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at June 30, 2020. |
(7) | Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of June 30, 2020. |
(8) | Represents investment of cash collateral received in connection with securities lending. |
At June 30, 2020, the concentration of the Fund’s investments in the various sectors, determined as a percentage of net assets, was as follows:
Economic Sectors | % of Net Assets |
Industrials | 32.8% |
Utilities | 24.2 |
Information Technology | 21.0 |
Materials | 9.2 |
Consumer Discretionary | 6.5 |
Consumer Staples | 1.6 |
Energy | 1.5 |
Real Estate | 1.1 |
Communication Services | 0.5 |
Financials | 0.5 |
High Social Impact Investments | 0.4 |
Total | 99.3% |
Restricted Securities
Description | Acquisition Dates | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | $263,568 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 3.48%, 11/3/20 | 11/13/15 | 53,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 1.20%, 11/3/20 | 11/13/15 | 68,000 |
Abbreviations: | |
NVDR | – Non-Voting Depository Receipt |
PCL | – Public Company Limited |
4
Calvert
Global Energy Solutions Fund
June 30, 2020
Schedule of Investments (Unaudited) — continued
At June 30, 2020, the value of the Fund's investment in Calvert Impact Capital, Inc. (the Notes) and affiliated funds was $452,278, which represents 0.5% of the Fund's net assets. Transactions in the Notes and affiliated funds by the Fund for the fiscal year to date ended June 30, 2020 were as follows:
Name of issuer/affiliated fund | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $1,790,478 | $ — | $(1,800,000) | $ — | $9,522 | $ — | $5,250 | $ — |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | — | 263,568 | — | — | (3,882) | 259,686 | 2,141 | 263,568 |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | — | 2,457,882 | (2,265,290) | — | — | 192,592 | 31 | 192,592 |
Totals | $ — | $5,640 | $452,278 | $7,422 |
(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 June 30, 2020, based on the inputs used to value them:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $— | $ 467,398 | $ — | $467,398 |
Austria | — | 592,706 | — | 592,706 |
Belgium | — | 1,023,998 | — | 1,023,998 |
Brazil | 1,106,570 | — | — | 1,106,570 |
Canada | 3,773,175 | — | — | 3,773,175 |
China | — | 4,534,242 | — | 4,534,242 |
Denmark | — | 2,499,762 | — | 2,499,762 |
Finland | — | 915,933 | — | 915,933 |
France | — | 4,611,998 | — | 4,611,998 |
Germany | — | 6,661,393 | — | 6,661,393 |
Greece | — | 441,390 | — | 441,390 |
Ireland | 565,824 | 1,063,099 | — | 1,628,923 |
Italy | — | 2,499,413 | — | 2,499,413 |
Japan | — | 5,775,162 | — | 5,775,162 |
Netherlands | — | 545,669 | — | 545,669 |
New Zealand | — | 1,814,209 | — | 1,814,209 |
Norway | — | 1,037,643 | — | 1,037,643 |
Portugal | — | 590,260 | — | 590,260 |
5
Calvert
Global Energy Solutions Fund
June 30, 2020
Schedule of Investments (Unaudited) — continued
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Singapore | $— | $ 529,219 | $ — | $529,219 |
South Korea | — | 2,949,293 | — | 2,949,293 |
Spain | 598,296 | 3,536,558 | — | 4,134,854 |
Sweden | — | 983,528 | — | 983,528 |
Switzerland | — | 1,761,361 | — | 1,761,361 |
Taiwan | — | 5,164,864 | — | 5,164,864 |
Thailand | — | 1,410,650 | — | 1,410,650 |
United Kingdom | 494,004 | 2,836,937 | — | 3,330,941 |
United States | 29,599,836 | — | — | 29,599,836 |
Total Common Stocks | $36,137,705 | $54,246,685(1) | $— | $90,384,390 |
High Social Impact Investments | $— | $368,977 | $— | $368,977 |
Short-Term Investments: | ||||
Other | — | 192,592 | — | 192,592 |
Securities Lending Collateral | 6,455,246 | — | — | 6,455,246 |
Total Investments | $42,592,951 | $54,808,254 | $ — | $97,401,205 |
(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. |
Affiliated Fund. The Fund may invest in Calvert Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Calvert Research and Management (CRM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day and are categorized as Level 2 in the hierarchy. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.
For additional 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.
6