Calvert
Global Energy Solutions Fund
June 30, 2024
Schedule of Investments (Unaudited)
Common Stocks — 99.5% |
Security | Shares | Value | |
Austria — 0.7% | |||
Verbund AG | 14,295 | $ 1,131,054 | |
$ 1,131,054 | |||
Belgium — 0.9% | |||
Elia Group SA(1) | 7,822 | $ 730,549 | |
Umicore SA(1) | 41,335 | 622,041 | |
$ 1,352,590 | |||
Brazil — 1.9% | |||
Energisa SA | 119,100 | $ 971,958 | |
Engie Brasil Energia SA | 119,400 | 945,998 | |
Sao Martinho SA | 174,952 | 1,024,343 | |
$2,942,299 | |||
Canada — 5.4% | |||
Algonquin Power & Utilities Corp. | 182,123 | $1,070,333 | |
Boralex, Inc., Class A | 41,704 | 1,021,528 | |
Brookfield Asset Management Ltd., Class A | 21,038 | 800,891 | |
Brookfield Renewable Partners LP | 43,346 | 1,073,680 | |
Cameco Corp. | 17,953 | 883,313 | |
Canadian Solar, Inc.(2) | 34,752 | 512,592 | |
Innergex Renewable Energy, Inc.(1) | 132,235 | 988,827 | |
NFI Group, Inc.(1)(2) | 61,571 | 712,901 | |
Northland Power, Inc.(1) | 66,284 | 1,139,578 | |
$8,203,643 | |||
Chile — 1.1% | |||
Enel Americas SA | 10,289,367 | $957,812 | |
Sociedad Quimica y Minera de Chile SA ADR(1) | 18,540 | 755,505 | |
$1,713,317 | |||
China — 4.6% | |||
BYD Co. Ltd., Class H | 36,500 | $1,084,008 | |
China Datang Corp. Renewable Power Co. Ltd., Class H | 3,535,000 | 912,515 | |
China Everbright Environment Group Ltd. | 2,151,037 | 1,077,245 | |
Flat Glass Group Co. Ltd., Class H(1) | 326,000 | 478,342 | |
NIO, Inc. ADR(2) | 165,207 | 687,261 | |
Xinyi Solar Holdings Ltd. | 1,194,000 | 599,626 | |
XPENG, Inc. ADR(2) | 104,611 | 766,799 | |
Yadea Group Holdings Ltd.(1)(3) | 474,000 | 596,331 | |
Zhuzhou CRRC Times Electric Co. Ltd., Class H(2) | 196,100 | 772,721 | |
$6,974,848 | |||
Denmark — 2.9% | |||
NKT AS(2) | 9,653 | $842,828 | |
Novonesis (Novozymes), Class B | 13,636 | 833,083 | |
Orsted AS(2)(3) | 20,838 | 1,106,945 | |
Rockwool AS, Class B | 1,931 | 782,787 | |
Vestas Wind Systems AS(2) | 36,002 | 834,813 | |
$4,400,456 |
Security | Shares | Value | |
Finland — 0.8% | |||
Kempower OYJ(1)(2) | 24,055 | $ 578,095 | |
Neste OYJ(1) | 39,380 | 702,716 | |
$ 1,280,811 | |||
France — 5.2% | |||
Alstom SA | 54,433 | $ 918,003 | |
Cie de Saint-Gobain SA | 12,260 | 953,511 | |
Danone SA | 12,492 | 765,132 | |
Dassault Systemes SE | 19,797 | 744,386 | |
Engie SA | 48,420 | 693,392 | |
Legrand SA | 9,406 | 933,594 | |
Neoen SA(1)(3) | 26,818 | 1,084,649 | |
Nexans SA | 6,750 | 742,891 | |
Schneider Electric SE | 4,733 | 1,134,717 | |
$7,970,275 | |||
Germany — 7.6% | |||
Bayerische Motoren Werke AG | 8,005 | $757,205 | |
Daimler Truck Holding AG | 19,382 | 773,015 | |
Deutsche Post AG | 19,481 | 791,064 | |
Encavis AG(2) | 90,042 | 1,648,962 | |
Evonik Industries AG | 38,088 | 777,177 | |
Infineon Technologies AG | 27,561 | 1,011,497 | |
KION Group AG | 17,242 | 720,256 | |
Mercedes-Benz Group AG | 11,235 | 777,591 | |
Nordex SE(2) | 47,487 | 580,526 | |
Siemens AG | 6,273 | 1,167,565 | |
Siemens Energy AG(2) | 35,693 | 930,680 | |
SMA Solar Technology AG | 13,019 | 367,652 | |
Verbio SE | 34,402 | 641,703 | |
Vitesco Technologies Group AG | 9,022 | 580,511 | |
$11,525,404 | |||
Greece — 0.7% | |||
Terna Energy SA(2) | 47,656 | $995,637 | |
$995,637 | |||
Hong Kong — 0.5% | |||
MTR Corp. Ltd. | 253,000 | $798,576 | |
$798,576 | |||
India — 2.3% | |||
Exide Industries Ltd. | 133,000 | $899,310 | |
Olectra Greentech Ltd. | 32,500 | 692,172 | |
Siemens Ltd. | 10,497 | 969,371 | |
Suzlon Energy Ltd.(2) | 1,525,000 | 962,394 | |
$3,523,247 | |||
Ireland — 0.6% | |||
Kingspan Group PLC | 10,028 | $852,257 | |
$852,257 |
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Calvert
Global Energy Solutions Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
Security | Shares | Value | |
Italy — 2.6% | |||
Enel SpA | 112,900 | $ 783,390 | |
ERG SpA | 34,971 | 876,638 | |
Prysmian SpA | 12,675 | 782,516 | |
Snam SpA(1) | 172,728 | 762,769 | |
Terna - Rete Elettrica Nazionale(1) | 97,997 | 755,423 | |
$ 3,960,736 | |||
Japan — 5.4% | |||
Azbil Corp. | 29,200 | $ 815,623 | |
Central Japan Railway Co. | 44,100 | 955,961 | |
Daikin Industries Ltd. | 7,200 | 1,002,353 | |
East Japan Railway Co.(1) | 55,500 | 924,056 | |
Fuji Electric Co. Ltd. | 14,700 | 839,967 | |
GS Yuasa Corp. | 38,200 | 761,904 | |
Mitsubishi Electric Corp. | 59,300 | 950,289 | |
Nidec Corp. | 16,200 | 728,992 | |
Toyota Motor Corp. | 58,000 | 1,190,013 | |
$8,169,158 | |||
Netherlands — 0.7% | |||
Alfen NV(1)(2)(3) | 16,835 | $311,158 | |
Signify NV(1)(3) | 29,713 | 737,938 | |
$1,049,096 | |||
New Zealand — 2.1% | |||
Contact Energy Ltd. | 199,237 | $1,091,293 | |
Mercury NZ Ltd.(1) | 260,845 | 1,043,107 | |
Meridian Energy Ltd.(1) | 279,101 | 1,069,075 | |
$3,203,475 | |||
Norway — 1.1% | |||
Norsk Hydro ASA | 122,014 | $760,694 | |
Scatec ASA(2)(3) | 111,595 | 903,498 | |
$1,664,192 | |||
Portugal — 0.8% | |||
EDP - Energias de Portugal SA | 314,948 | $1,180,834 | |
$1,180,834 | |||
Singapore — 0.5% | |||
City Developments Ltd. | 197,000 | $748,885 | |
$748,885 | |||
South Korea — 3.5% | |||
CS Wind Corp. | 17,532 | $626,292 | |
Doosan Fuel Cell Co. Ltd.(2) | 36,867 | 562,732 | |
LG Chem Ltd. | 3,698 | 921,522 | |
LG Display Co. Ltd.(2) | 106,729 | 886,915 | |
LG Energy Solution Ltd.(2) | 3,787 | 892,572 | |
LS Electric Co. Ltd. | 4,840 | 769,071 | |
SK IE Technology Co. Ltd.(2)(3) | 21,333 | 679,495 | |
$5,338,599 |
Security | Shares | Value | |
Spain — 5.1% | |||
Acciona SA(1) | 8,319 | $ 984,518 | |
Atlantica Sustainable Infrastructure PLC | 44,541 | 977,675 | |
Construcciones y Auxiliar de Ferrocarriles SA | 17,222 | 647,382 | |
Corp. ACCIONA Energias Renovables SA(1) | 41,042 | 844,424 | |
EDP Renovaveis SA(1) | 71,150 | 994,196 | |
Ence Energia y Celulosa SA(1)(2) | 232,124 | 850,366 | |
Iberdrola SA | 60,897 | 790,134 | |
Redeia Corp. SA(1) | 45,369 | 793,341 | |
Solaria Energia y Medio Ambiente SA(2) | 73,254 | 906,882 | |
$7,788,918 | |||
Sweden — 3.2% | |||
AddTech AB, Class B | 37,058 | $924,137 | |
Castellum AB(2) | 65,333 | 797,321 | |
Fabege AB | 95,579 | 762,988 | |
Munters Group AB(3) | 37,280 | 702,122 | |
Nibe Industrier AB, Class B(1) | 178,709 | 753,713 | |
OX2 AB(2) | 162,590 | 911,378 | |
$4,851,659 | |||
Switzerland — 1.7% | |||
ABB Ltd. | 20,708 | $1,148,277 | |
Accelleron Industries AG | 20,647 | 808,721 | |
Landis & Gyr Group AG | 8,677 | 700,614 | |
$2,657,612 | |||
Taiwan — 4.5% | |||
Advanced Energy Solution Holding Co. Ltd. | 32,000 | $620,822 | |
Chroma ATE, Inc. | 92,000 | 899,545 | |
Chung-Hsin Electric & Machinery Manufacturing Corp. | 153,000 | 883,250 | |
Delta Electronics, Inc. | 98,000 | 1,168,895 | |
Everlight Electronics Co. Ltd. | 305,000 | 717,902 | |
Simplo Technology Co. Ltd. | 61,000 | 800,736 | |
Taiwan High Speed Rail Corp. | 830,000 | 777,400 | |
Voltronic Power Technology Corp. | 16,000 | 947,302 | |
$6,815,852 | |||
Thailand — 0.3% | |||
Energy Absolute PCL NVDR | 1,545,200 | $468,379 | |
$468,379 | |||
United Kingdom — 4.3% | |||
Croda International PLC | 14,164 | $704,645 | |
Drax Group PLC | 160,174 | 997,539 | |
Johnson Matthey PLC | 36,771 | 729,129 | |
Linde PLC | 1,886 | 827,596 | |
National Grid PLC | 97,123 | 1,084,488 | |
SSE PLC | 61,112 | 1,380,128 | |
United Utilities Group PLC | 62,215 | 772,873 | |
$6,496,398 |
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Calvert
Global Energy Solutions Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
Security | Shares | Value | |
United States — 28.5% | |||
AAON, Inc. | 11,509 | $ 1,004,045 | |
Acuity Brands, Inc. | 3,440 | 830,554 | |
AECOM | 9,352 | 824,285 | |
AES Corp. | 38,045 | 668,451 | |
Alaska Air Group, Inc.(2) | 19,173 | 774,589 | |
Alphabet, Inc., Class A | 4,673 | 851,187 | |
Ameresco, Inc., Class A(2) | 19,098 | 550,213 | |
Applied Materials, Inc. | 3,819 | 901,246 | |
Aptiv PLC(2) | 11,961 | 842,294 | |
Arcadium Lithium PLC(1)(2) | 187,140 | 628,790 | |
Array Technologies, Inc.(2) | 54,008 | 554,122 | |
Autodesk, Inc.(2) | 4,074 | 1,008,111 | |
Bloom Energy Corp., Class A(1)(2) | 49,361 | 604,179 | |
BorgWarner, Inc. | 25,229 | 813,383 | |
Brookfield Renewable Corp., Class A(1) | 36,052 | 1,023,156 | |
ChargePoint Holdings, Inc.(1)(2) | 380,203 | 574,106 | |
Clearway Energy, Inc., Class C | 39,181 | 967,379 | |
CRH PLC | 10,046 | 753,249 | |
Cummins, Inc. | 2,859 | 791,743 | |
Eaton Corp. PLC | 3,586 | 1,124,390 | |
EnerSys | 7,601 | 786,855 | |
Enphase Energy, Inc.(2) | 7,606 | 758,394 | |
Equinix, Inc. | 1,077 | 814,858 | |
FedEx Corp. | 3,234 | 969,683 | |
First Solar, Inc.(2) | 3,761 | 847,955 | |
General Mills, Inc. | 11,714 | 741,028 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 24,674 | 730,350 | |
Hubbell, Inc. | 2,557 | 934,532 | |
International Business Machines Corp. | 4,923 | 851,433 | |
Itron, Inc.(2) | 7,991 | 790,789 | |
Johnson Controls International PLC | 14,951 | 993,793 | |
Microsoft Corp. | 1,944 | 868,871 | |
MYR Group, Inc.(2) | 4,946 | 671,222 | |
NextEra Energy Partners LP | 32,465 | 897,333 | |
NextEra Energy, Inc. | 10,265 | 726,865 | |
NEXTracker, Inc., Class A(2) | 16,142 | 756,737 | |
ON Semiconductor Corp.(2) | 14,173 | 971,559 | |
Ormat Technologies, Inc. | 15,011 | 1,076,289 | |
Owens Corning | 5,393 | 936,872 | |
Power Integrations, Inc. | 10,775 | 756,297 | |
Quanta Services, Inc. | 2,922 | 742,451 | |
Rockwell Automation, Inc. | 3,130 | 861,626 | |
Shoals Technologies Group, Inc., Class A(2) | 91,165 | 568,870 | |
SolarEdge Technologies, Inc.(1)(2) | 16,193 | 409,035 | |
Stanley Black & Decker, Inc. | 9,304 | 743,297 | |
Sunrun, Inc.(1)(2) | 75,810 | 899,107 | |
Tesla, Inc.(2) | 7,450 | 1,474,206 | |
Trane Technologies PLC | 3,464 | 1,139,413 | |
Universal Display Corp. | 5,018 | 1,055,034 | |
Waste Management, Inc. | 3,823 | 815,599 | |
Whirlpool Corp. | 8,829 | 902,324 |
Security | Shares | Value | |
United States (continued) | |||
Wolfspeed, Inc.(1)(2) | 30,787 | $ 700,712 | |
$ 43,282,861 | |||
Total Common Stocks (identified cost $181,773,600) | $151,341,068 |
Short-Term Investments — 7.0% |
Affiliated Fund — 0.3% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(4) | 391,041 | $ 391,041 | |
Total Affiliated Fund (identified cost $391,041) | $ 391,041 | ||
Securities Lending Collateral — 6.7% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(5) | 10,244,571 | $ 10,244,571 | |
Total Securities Lending Collateral (identified cost $10,244,571) | $ 10,244,571 | ||
Total Short-Term Investments (identified cost $10,635,612) | $ 10,635,612 |
Total Investments — 106.5% (identified cost $192,409,212) | $161,976,680 | |
Other Assets, Less Liabilities — (6.5)% | $ (9,936,482) | |
Net Assets — 100.0% | $152,040,198 |
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, 2024. The aggregate market value of securities on loan at June 30, 2024 was $17,515,387 and the total market value of the collateral received by the Fund was $18,865,454, comprised of cash of $10,244,571 and U.S. government and/or agencies securities of $8,620,883. |
(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 June 30, 2024, the aggregate value of these securities is $6,122,136 or 4.0% of the Fund's net assets. |
(4) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2024. |
3
Calvert
Global Energy Solutions Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
(5) | Represents investment of cash collateral received in connection with securities lending. |
At June 30, 2024, 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 | 39.7% |
Utilities | 27.1 |
Information Technology | 12.9 |
Consumer Discretionary | 7.5 |
Materials | 5.5 |
Real Estate | 2.0 |
Consumer Staples | 1.7 |
Energy | 1.5 |
Financials | 1.0 |
Communication Services | 0.6 |
Total | 99.5% |
Abbreviations: | |
ADR | – American Depositary Receipt |
NVDR | – Non-Voting Depository Receipt |
PCL | – Public Company Limited |
The Fund did not have any open derivative instruments at June 30, 2024.
Affiliated Investments
At June 30, 2024, the value of the Fund's investment in Calvert Impact Capital, Inc., and in funds that may be deemed to be affiliated was $391,041, which represents 0.3% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended June 30, 2024 were as follows:
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, Institutional Class(1) | 551,742 | 12,069,963 | (12,230,664) | — | — | 391,041 | 5,133 | 391,041 |
Total | $ — | $2,742 | $391,041 | $5,750 |
(1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
Fair Value Measurements
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.
4
Calvert
Global Energy Solutions Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
The following table summarizes the market value of the Fund's holdings as of June 30, 2024, based on the inputs used to value them:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Austria | $ — | $1,131,054 | $ — | $1,131,054 |
Belgium | — | 1,352,590 | — | 1,352,590 |
Brazil | 2,942,299 | — | — | 2,942,299 |
Canada | 8,203,643 | — | — | 8,203,643 |
Chile | 1,713,317 | — | — | 1,713,317 |
China | 1,454,060 | 5,520,788 | — | 6,974,848 |
Denmark | — | 4,400,456 | — | 4,400,456 |
Finland | — | 1,280,811 | — | 1,280,811 |
France | — | 7,970,275 | — | 7,970,275 |
Germany | 1,648,962 | 9,876,442 | — | 11,525,404 |
Greece | — | 995,637 | — | 995,637 |
Hong Kong | — | 798,576 | — | 798,576 |
India | — | 3,523,247 | — | 3,523,247 |
Ireland | — | 852,257 | — | 852,257 |
Italy | — | 3,960,736 | — | 3,960,736 |
Japan | — | 8,169,158 | — | 8,169,158 |
Netherlands | — | 1,049,096 | — | 1,049,096 |
New Zealand | — | 3,203,475 | — | 3,203,475 |
Norway | — | 1,664,192 | — | 1,664,192 |
Portugal | — | 1,180,834 | — | 1,180,834 |
Singapore | — | 748,885 | — | 748,885 |
South Korea | — | 5,338,599 | — | 5,338,599 |
Spain | 977,675 | 6,811,243 | — | 7,788,918 |
Sweden | — | 4,851,659 | — | 4,851,659 |
Switzerland | — | 2,657,612 | — | 2,657,612 |
Taiwan | — | 6,815,852 | — | 6,815,852 |
Thailand | — | 468,379 | — | 468,379 |
United Kingdom | 827,596 | 5,668,802 | — | 6,496,398 |
United States | 43,282,861 | — | — | 43,282,861 |
Total Common Stocks | $61,050,413 | $90,290,655(1) | $ — | $151,341,068 |
Short-Term Investments: | ||||
Affiliated Fund | $391,041 | $ — | $ — | $391,041 |
Securities Lending Collateral | 10,244,571 | — | — | 10,244,571 |
Total Investments | $71,686,025 | $90,290,655 | $ — | $161,976,680 |
(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. |
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 semi-annual or annual report to shareholders.
5