NPORT-EX 2 NPORT_8757983362033390.htm HTML

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  
     

 

 

  
      $ 1,340,029  
     

 

 

  

Belgium — 1.0%

      

Umicore SA

      19,277      $ 939,445  
     

 

 

  

Brazil — 1.1%

      

Omega Geracao SA(1)

      50,300      $ 456,397  

Sao Martinho SA

      97,552        575,219  
     

 

 

  
      $ 1,031,616  
     

 

 

  

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  
     

 

 

  
      $ 3,446,824  
     

 

 

  

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  
     

 

 

  
      $ 6,900,815  
     

 

 

  

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  
     

 

 

  
      $ 2,318,818  
     

 

 

  

Finland — 1.1%

      

Metsa Board Oyj

      75,820      $ 510,043  

Neste Oyj

      14,719        512,236  
     

 

 

  
      $ 1,022,279  
     

 

 

  

 

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  
     

 

 

  
      $ 3,976,435  
     

 

 

  

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  
     

 

 

  
      $ 8,273,881  
     

 

 

  

Hong Kong — 0.6%

      

Cathay Pacific Airways, Ltd.(2)

      364,000      $ 538,129  
     

 

 

  

Ireland — 1.2%

      

CRH PLC

      13,137      $ 526,911  

Kingspan Group PLC

      9,677        592,548  
     

 

 

  
      $ 1,119,459  
     

 

 

  

Italy — 2.0%

      

Enel SpA

      104,257      $ 828,199  

ERG SpA

      22,816        492,028  

Falck Renewables SpA

      84,984        454,166  
     

 

 

  
      $ 1,774,393  
     

 

 

  

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  
     

 

 

  
      $ 5,895,620  
     

 

 

  

Netherlands — 0.5%

      

Signify NV(3)

      15,600      $ 488,261  
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

New Zealand — 1.4%

      

Mercury NZ, Ltd.

      173,501      $ 590,194  

Meridian Energy, Ltd.

      189,760        639,207  
     

 

 

  
      $ 1,229,401  
     

 

 

  

Norway — 1.2%

      

Norsk Hydro ASA

      138,242      $ 514,068  

Scatec Solar ASA(3)

      41,068        583,013  
     

 

 

  
      $ 1,097,081  
     

 

 

  

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  
     

 

 

  
      $ 1,780,295  
     

 

 

  

Singapore — 0.6%

      

City Developments, Ltd.

      64,500      $ 524,955  
     

 

 

  

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  
     

 

 

  
      $ 2,353,912  
     

 

 

  

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  
     

 

 

  
      $ 3,209,501  
     

 

 

  

Sweden — 0.6%

      

Nibe Industrier AB, Class B

      33,085      $ 574,004  
     

 

 

  

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  
     

 

 

  
      $ 2,761,510  
     

 

 

  

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  
     

 

 

  
      $ 5,188,129  
     

 

 

  

 

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  
     

 

 

  
      $ 1,359,715  
     

 

 

  

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  
     

 

 

  
      $ 3,593,708  
     

 

 

  

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  
     

 

 

  
      $ 26,835,838  
     

 

 

  

Total Common Stocks
(identified cost $76,215,194)

       $ 89,574,053  
     

 

 

  
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  
     

 

 

  

Total High Social Impact Investments
(identified cost $384,568)

       $ 378,609  
     

 

 

  
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  
     

 

 

  

Total Securities Lending Collateral
(identified cost $3,675,189)

       $ 3,675,189  
     

 

 

  

Total Short-Term Investments
(identified cost $3,675,189)

       $ 3,675,189  
     

 

 

  

Total Investments
(identified cost $80,274,951) — 103.6%

       $ 93,627,851  
     

 

 

  

Other Assets, Less Liabilities — (3.6%)

       $ (3,257,799 ) 
     

 

 

  

Net Assets — 100.0%

       $ 90,370,052  
     

 

 

  

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  
  

 

 

  

Total

      99.5 % 
  

 

 

  

 

                                                 

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
Gain (Loss)

      Change in
Unrealized
Appreciation
(Depreciation)		     Value,
end of period		     

Interest

Income

      Capital Gain
Distributions
Received		     

Principal

amount,
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        —       —        (4,802 )      258,766        110        —        263,568  
          

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

Total

            $ —      $ 4,720     $     258,766      $     5,360      $ —     
          

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

(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