NPORT-EX 2 NPORT_3062666323564001.htm
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.
 
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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
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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
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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.
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