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87266J104 32724.00000000 NS USD 1584496.08000000 0.718504798667 Long EC CORP US N 1 N N N Yokogawa Electric Corp 529900MV0U7C9WWF4L22 Yokogawa Electric Corp 000000000 66000.00000000 NS 987059.71000000 0.447591601618 Long EC CORP JP N 2 N N N National Grid PLC 8R95QZMKZLJX5Q2XR704 National Grid PLC 000000000 106895.00000000 NS 1359669.14000000 0.616554887084 Long EC CORP GB N 2 N N N Livent Corp 254900OOLQ2VNMZTJL47 Livent Corp 53814L108 86431.00000000 NS USD 1673304.16000000 0.758775666134 Long EC CORP US N 1 N N Solaria Energia y Medio Ambiente SA 959800PM2YJU406K2789 Solaria Energia y Medio Ambiente SA 000000000 59831.00000000 NS 1082267.36000000 0.490764414892 Long EC CORP ES N 2 N N N NIO Inc 549300JBU4TV5OCKJV96 NIO Inc 62914V106 37390.00000000 NS USD 1989148.00000000 0.901998055595 Long EC CORP KY N 1 N N N Scatec ASA 5967007LIEEXZXIARK36 Scatec ASA 000000000 46282.00000000 NS 1226635.86000000 0.556229682579 Long EC CORP NO Y 2 N N N Aptiv PLC N/A Aptiv PLC 000000000 9258.00000000 NS USD 1456561.14000000 0.660491484864 Long EC CORP JE N 1 N N N XPeng Inc N/A XPeng Inc 98422D105 35535.00000000 NS USD 1578464.70000000 0.715769812113 Long EC CORP KY N 1 N N Equinix Inc 549300EVUN2BTLJ3GT74 Equinix Inc 29444U700 1612.00000000 NS USD 1293791.20000000 0.586681909413 Long EC US N 1 N N N Brookfield Renewable Corp N/A Brookfield Renewable Corp 11284V105 32462.00000000 NS USD 1361456.28000000 0.617365282693 Long EC CORP CA N 1 N N N Croda International PLC 2138004WCNBFJEEOXV26 Croda International PLC 000000000 12080.00000000 NS 1232088.85000000 0.558702392693 Long EC CORP GB N 2 N N N Ormat Technologies Inc 5493000TSHHWY24VHM09 Ormat Technologies Inc 686688102 17897.00000000 NS USD 1244378.41000000 0.564275210414 Long EC CORP US N 1 N N N Whirlpool Corp WHENKOULSSK7WUM60H03 Whirlpool Corp 963320106 5049.00000000 NS USD 1100782.98000000 0.499160498662 Long EC CORP US N 1 N N N Siemens Energy AG 5299005CHJZ14D4FDJ62 Siemens Energy AG 000000000 46149.00000000 NS 1390148.63000000 0.630376101350 Long EC CORP CH N 2 N N N Schneider Electric SE 969500A1YF1XUYYXS284 Schneider Electric SE 000000000 9433.00000000 NS 1487060.94000000 0.674321908893 Long EC CORP FR N 2 N N N Infineon Technologies AG TSI2PJM6EPETEQ4X1U25 Infineon Technologies AG 000000000 35539.00000000 NS 1429494.36000000 0.648217796365 Long EC CORP DE N 2 N N N Voltronic Power Technology Corp N/A Voltronic Power Technology Corp 000000000 37000.00000000 NS 1784885.02000000 0.809373067012 Long EC CORP TW N 2 N N N Algonquin Power & Utilities Corp 549300K5VIUTJXQL7X75 Algonquin Power & Utilities Corp 000000000 93203.00000000 NS 1388721.69000000 0.629729041852 Long EC CORP CA N 1 N N AAON Inc N/A AAON Inc 000360206 15841.00000000 NS USD 991488.19000000 0.449599737941 Long EC CORP US N 1 N N N SMA Solar Technology AG 529900Q6JQHI8X451Q21 SMA Solar Technology AG 000000000 24254.00000000 NS 1391996.80000000 0.631214171592 Long EC CORP DE N 2 N N N Daimler AG 529900R27DL06UVNT076 Daimler AG 000000000 12731.00000000 NS 1137624.24000000 0.515866517965 Long EC CORP DE N 2 N N N BYD Co Ltd 5299005557VL7ULJ7A69 BYD Co Ltd 000000000 57000.00000000 NS 1710928.12000000 0.775836608188 Long EC CORP CN N 2 N N N Maxeon Solar Technologies Ltd 5493007JPB074ITT6Y72 Maxeon Solar Technologies Ltd 000000000 79747.00000000 NS USD 1708978.21000000 0.774952402976 Long EC CORP SG N 1 N N N Eaton Corp PLC 549300VDIGTMXUNT7H71 Eaton Corp PLC 000000000 9910.00000000 NS USD 1468463.80000000 0.665888859105 Long EC CORP IE N 1 N N N SunPower Corp 549300TXO070764WUH65 SunPower Corp 867652406 51465.00000000 NS USD 1503807.30000000 0.681915704910 Long EC CORP US N 1 N N N LG Chem Ltd 988400IES4EIG7O06940 LG Chem Ltd 000000000 3014.00000000 NS 2275840.31000000 1.032001406866 Long EC CORP KR N 2 N N N Covanta Holding Corp 40XIFLS8XDQGGHGPGC04 Covanta Holding Corp 22282E102 78470.00000000 NS USD 1381856.70000000 0.626616046926 Long EC CORP US N 1 N N N 2021-07-26 CALVERT IMPACT FUND INC James Kirchner James Kirchner Treasurer XXXX NPORT-EX 2 NPORT_D883_9198997980.htm
Calvert
Global Energy Solutions Fund
June 30, 2021
Schedule of Investments (Unaudited)

Common Stocks — 99.1%
    
Security Shares Value
Australia — 0.5%  
AusNet Services, Ltd.(1)   884,581 $  1,159,394
      $  1,159,394
Austria — 0.6%  
Verbund AG   14,740 $  1,357,862
      $  1,357,862
Belgium — 0.9%  
Umicore S.A.   32,974 $  2,017,288
      $  2,017,288
Brazil — 1.0%  
Omega Geracao S.A.(2)   144,600 $1,104,749
Sao Martinho S.A.   164,952 1,198,553
      $2,303,302
Canada — 4.4%  
Algonquin Power & Utilities Corp.(1)   93,203 $1,388,722
Boralex, Inc., Class A   41,373 1,259,947
Brookfield Renewable Partners L.P.   36,228 1,397,314
Canadian Solar, Inc.(1)(2)   40,728 1,826,244
Innergex Renewable Energy, Inc.(1)   72,070 1,252,911
Northland Power, Inc.(1)   41,636 1,420,447
TransAlta Renewables, Inc.(1)   73,110 1,228,526
      $9,774,111
China — 7.5%  
BYD Co., Ltd., Class H   57,000 $1,710,928
China Everbright Environment Group, Ltd.   1,995,037 1,130,569
China High Speed Transmission Equipment Group Co., Ltd.(2)   1,805,000 1,145,541
China Longyuan Power Group Corp., Ltd., Class H   913,000 1,571,922
NIO, Inc. ADR(2)   37,390 1,989,148
Xinjiang Goldwind Science & Technology Co., Ltd., Class H(1)   910,100 1,421,972
Xinyi Energy Holdings, Ltd.   2,192,000 1,306,958
Xinyi Solar Holdings, Ltd.   1,072,000 2,307,396
XPENG, Inc. ADR(1)(2)   35,535 1,578,465
Yadea Group Holdings, Ltd.(3)   476,000 1,022,397
Zhuzhou CRRC Times Electric Co., Ltd., Class H(2)   217,300 1,283,491
      $16,468,787
Denmark — 2.5%  
Novozymes A/S, Class B   17,292 $1,304,674
Orsted A/S(3)   10,457 1,467,759
ROCKWOOL International A/S, Class B   2,351 1,144,988
Vestas Wind Systems A/S   42,115 1,645,518
      $5,562,939
Security Shares Value
Finland — 0.5%  
Neste Oyj   18,163 $  1,114,156
      $  1,114,156
France — 5.0%  
Albioma S.A.   24,883 $  1,018,641
Alstom S.A.(2)   21,202   1,071,247
Cie de Saint-Gobain   20,456   1,350,011
Danone S.A.   16,945   1,192,164
Engie S.A.   80,111   1,098,527
Legrand S.A.   12,802 1,356,798
Neoen S.A.(2)(3)   27,979 1,258,000
Nexans S.A.   13,634 1,244,121
Schneider Electric SE   9,433 1,487,061
      $11,076,570
Germany — 6.4%  
Bayerische Motoren Werke AG   11,163 $1,183,451
Daimler AG   12,731 1,137,624
Deutsche Post AG   17,763 1,209,744
Encavis AG   63,915 1,209,134
Evonik Industries AG   32,585 1,093,989
Infineon Technologies AG   35,539 1,429,494
Nordex SE(2)   68,592 1,668,997
Siemens AG   9,428 1,496,966
Siemens Energy AG(2)   46,149 1,390,149
SMA Solar Technology AG   24,254 1,391,997
VERBIO Vereinigte BioEnergie AG   19,922 1,008,653
      $14,220,198
Greece — 0.5%  
Terna Energy S.A.   70,307 $992,000
      $992,000
Ireland — 1.1%  
CRH PLC   23,020 $1,168,704
Kingspan Group PLC   13,327 1,259,578
      $2,428,282
Italy — 2.6%  
Enel SpA   120,664 $1,121,315
ERG SpA   38,225 1,133,742
Falck Renewables SpA(1)   153,761 1,014,494
Snam SpA(1)   205,057 1,186,204
Terna SpA   157,968 1,178,075
      $5,633,830
Japan — 4.3%  
Daikin Industries, Ltd.   7,000 $1,304,448
 
1

 

Calvert
Global Energy Solutions Fund
June 30, 2021
Schedule of Investments (Unaudited) — continued

Security Shares Value
Japan (continued)  
GS Yuasa Corp.   42,100 $  1,076,589
Hitachi Metals, Ltd.(1)(2)   62,200   1,188,638
Meidensha Corp.   66,500   1,321,667
Mitsubishi Electric Corp.   85,600   1,242,675
Nidec Corp.   10,400   1,195,898
West Holdings Corp.   31,900   1,124,775
Yokogawa Electric Corp.   66,000     987,060
      $  9,441,750
Netherlands — 1.3%  
Alfen Beheer B.V.(2)(3)   18,435 $1,730,105
Signify NV(3)   19,192 1,218,267
      $2,948,372
New Zealand — 1.8%  
Infratil, Ltd.   237,969 $1,280,694
Mercury NZ, Ltd.   262,862 1,225,041
Meridian Energy, Ltd.   380,233 1,417,688
      $3,923,423
Norway — 1.1%  
Norsk Hydro ASA   184,609 $1,178,617
Scatec ASA(3)   46,282 1,226,636
      $2,405,253
Singapore — 1.8%  
City Developments, Ltd.   209,300 $1,136,621
Maxeon Solar Technologies, Ltd.(2)   79,747 1,708,978
XP Power, Ltd.   15,440 1,191,915
      $4,037,514
South Korea — 1.9%  
Ecopro BM Co., Ltd.   9,846 $1,853,679
LG Chem, Ltd.   3,014 2,275,840
      $4,129,519
Spain — 4.5%  
Acciona S.A.   7,572 $1,143,585
Atlantica Sustainable Infrastructure PLC   33,474 1,245,902
EDP Renovaveis S.A.   56,726 1,316,143
Ence Energia y Celulosa S.A.(2)   233,798 951,550
Iberdrola S.A.   86,921 1,059,972
Red Electrica Corp. S.A.   60,321 1,119,931
Siemens Gamesa Renewable Energy S.A.(1)(2)   57,171 1,911,436
Solaria Energia y Medio Ambiente S.A.(2)   59,831 1,082,267
      $9,830,786
Security Shares Value
Sweden — 2.0%  
AddTech AB   66,855 $  1,109,793
Fabege AB   73,778   1,183,032
Munters Group AB(3)   94,450     844,840
Nibe Industrier AB, Class B   121,630   1,281,663
      $  4,419,328
Switzerland — 1.6%  
ABB, Ltd.   42,370 $  1,439,506
Gurit Holding AG   532   1,161,267
Landis+Gyr Group AG   13,376 934,203
      $3,534,976
Taiwan — 5.3%  
Chroma ATE, Inc.   173,000 $1,188,319
Delta Electronics, Inc.   199,000 2,161,908
Everlight Electronics Co., Ltd.   509,000 962,146
Kung Long Batteries Industrial Co., Ltd.   235,000 1,269,214
OptoTech Corp.   790,200 724,401
Simplo Technology Co., Ltd.   123,000 1,583,947
Sino-American Silicon Products, Inc.   285,000 1,974,445
Voltronic Power Technology Corp.   37,000 1,784,885
      $11,649,265
Thailand — 1.0%  
BCPG PCL   2,117,837 $872,995
Energy Absolute PCL NVDR   667,200 1,271,700
      $2,144,695
United Kingdom — 4.4%  
Croda International PLC   12,080 $1,232,089
easyJet PLC(2)   83,876 1,040,285
John Laing Group PLC(3)   211,485 1,170,620
Johnson Matthey PLC   27,373 1,165,439
Linde PLC   3,982 1,151,196
National Grid PLC   106,895 1,359,669
Smart Metering Systems PLC   123,282 1,482,521
United Utilities Group PLC   86,514 1,167,697
      $9,769,516
United States — 34.6%  
3M Co.   5,895 $1,170,924
AAON, Inc.   15,841 991,488
Acuity Brands, Inc.   6,212 1,161,830
AES Corp. (The)   46,765 1,219,164
Alaska Air Group, Inc.(2)   17,298 1,043,242
Alphabet, Inc., Class A(2)   505 1,233,104
Ameresco, Inc., Class A(2)   17,230 1,080,666
American Superconductor Corp.(2)   79,946 1,390,261
 
2

 

Calvert
Global Energy Solutions Fund
June 30, 2021
Schedule of Investments (Unaudited) — continued

Security Shares Value
United States (continued)  
Aptiv PLC(2)   9,258 $  1,456,561
Arcosa, Inc.   26,756   1,571,647
BorgWarner, Inc.   24,100   1,169,814
Brookfield Renewable Corp., Class A   32,462   1,361,456
Clearway Energy, Inc., Class C   44,152   1,169,145
Covanta Holding Corp.   78,470   1,381,857
Cree, Inc.(2)   12,370   1,211,394
Cummins, Inc.   4,653   1,134,448
Eaton Corp. PLC   9,910 1,468,464
Emerson Electric Co.   15,024 1,445,910
EnerSys   18,637 1,821,394
Enphase Energy, Inc.(2)   14,643 2,688,894
Enviva Partners L.P.   21,850 1,145,159
Equinix, Inc.   1,612 1,293,791
FedEx Corp.   3,802 1,134,251
First Solar, Inc.(2)   24,875 2,251,436
General Mills, Inc.   19,198 1,169,734
Gibraltar Industries, Inc.(2)   12,984 990,809
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(1)   24,727 1,388,421
International Business Machines Corp.   8,326 1,220,508
Itron, Inc.(2)   11,515 1,151,270
Johnson Controls International PLC   21,244 1,457,976
Livent Corp.(1)(2)   86,431 1,673,304
Microsoft Corp.   4,843 1,311,969
MYR Group, Inc.(2)   17,704 1,609,648
NextEra Energy Partners, L.P.   19,383 1,480,086
NextEra Energy, Inc.   16,469 1,206,848
ON Semiconductor Corp.(2)   51,548 1,973,257
Ormat Technologies, Inc.   17,897 1,244,378
Owens Corning   11,457 1,121,640
Power Integrations, Inc.   22,063 1,810,490
Renewable Energy Group, Inc.(2)   20,276 1,264,006
Rockwell Automation, Inc.   5,141 1,470,429
SolarEdge Technologies, Inc.(2)   7,864 2,173,374
Stanley Black & Decker, Inc.   5,567 1,141,179
SunPower Corp.(2)   51,465 1,503,807
Sunrun, Inc.(1)(2)   31,219 1,741,396
Tenneco, Inc., Class A(2)   55,906 1,080,104
Tesla, Inc.(2)   2,763 1,878,011
TPI Composites, Inc.(2)   32,724 1,584,496
Trane Technologies PLC   7,538 1,388,047
Universal Display Corp.   8,979 1,996,301
Vicor Corp.(2)   17,811 1,883,335
Waste Management, Inc.   8,508 1,192,056
Whirlpool Corp.   5,049 1,100,783
Security Shares Value
United States (continued)  
Willdan Group, Inc.(2)   32,917 $  1,238,996
      $ 76,442,958
Total Common Stocks
(identified cost $173,752,781)
    $218,786,074
    
High Social Impact Investments — 0.1%
    
Security Principal
Amount
(000's omitted)
Value
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(4)(5) $       200 $    196,004
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/22(5)(6)          53      50,192
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22(5)(6)          68      61,529
Total High Social Impact Investments
(identified cost $321,000)
    $    307,725
    
Short-Term Investments — 1.8%
    
Affiliated Fund — 0.1%
Description Units Value
Calvert Cash Reserves Fund, LLC, 0.07%(7)     299,902 $    299,902
Total Affiliated Fund
(identified cost $299,902)
    $    299,902
    
Securities Lending Collateral — 1.7%
Security Shares Value
State Street Navigator Securities Lending Government Money Market Portfolio, 0.02%(8)   3,613,945 $  3,613,945
Total Securities Lending Collateral
(identified cost $3,613,945)
    $  3,613,945
Total Short-Term Investments
(identified cost $3,913,847)
    $  3,913,847
    
Total Investments — 101.0%
(identified cost $177,987,628)
  $223,007,646
Other Assets, Less Liabilities — (1.0)%   $ (2,292,912)
Net Assets — 100.0%   $220,714,734
    
 
3

 

Calvert
Global Energy Solutions Fund
June 30, 2021
Schedule of Investments (Unaudited) — continued

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, 2021. The aggregate market value of securities on loan at June 30, 2021 was $16,256,299 and the total market value of the collateral received by the Fund was $17,029,808, comprised of cash of $3,613,945 and U.S. government and/or agencies securities of $13,415,863.
(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, 2021, the aggregate value of these securities is $9,938,624 or 4.5% of the Fund's net assets.
(4) May be deemed to be an affiliated company.
(5) Restricted security. Total market value of restricted securities amounts to $307,725, which represents 0.1% of the net assets of the Fund as of
June 30, 2021.
(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, 2021.
(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, 2021.
(8) Represents investment of cash collateral received in connection with securities lending.
At June 30, 2021, 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 36.4%
Utilities 23.9
Information Technology 17.4
Materials 8.0
Consumer Discretionary 6.9
Energy 2.1
Real Estate 1.6
Consumer Staples 1.6
Financials 0.6
Communication Services 0.6
High Social Impact Investments 0.1
Total 99.2%
 
Restricted Securities
Description Acquisition Dates Cost
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 12/14/20 $200,000
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/22 11/13/15 53,000
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22 11/13/15 68,000
    
Abbreviations: 
ADR – American Depositary Receipt
NVDR – Non-Voting Depository Receipt
PCL – Public Company Limited
At June 30, 2021, the value of the Fund's investment in Calvert Impact Capital, Inc. (the Notes) and affiliated funds was $495,906, which represents 0.2% 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, 2021 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/Units,
end of period
High Social Impact Investments            
Calvert Impact Capital, Inc., Community Investment Notes:                
1.50%, 12/15/20(1) $262,231 $ — $   (263,568) $ — $ 1,337 $ — $  824 $ —
1.50%, 12/15/23(1)  —     200,000   —  — (3,996) 196,004 1,633 200,000
4

 

Calvert
Global Energy Solutions Fund
June 30, 2021
Schedule of Investments (Unaudited) — continued

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/Units,
end of period
Short-Term Investments            
Calvert Cash Reserves Fund, LLC $   258,630 $ 36,533,921 $(36,492,595) $        (66) $    12 $299,902 $  700 299,902
Totals       $        (66) $(2,647) $495,906 $3,157  
    
(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, 2021, based on the inputs used to value them:
Asset Description Level 1 Level 2 Level 3 Total
Common Stocks        
Australia $ — $1,159,394 $ — $1,159,394
Austria  — 1,357,862  — 1,357,862
Belgium  — 2,017,288  — 2,017,288
Brazil 2,303,302  —  — 2,303,302
Canada 9,774,111  —  — 9,774,111
China 3,567,613 12,901,174  — 16,468,787
Denmark  — 5,562,939  — 5,562,939
Finland  — 1,114,156  — 1,114,156
France  — 11,076,570  — 11,076,570
Germany  — 14,220,198  — 14,220,198
Greece  — 992,000  — 992,000
Ireland  — 2,428,282  — 2,428,282
Italy  — 5,633,830  — 5,633,830
Japan  — 9,441,750  — 9,441,750
Netherlands  — 2,948,372  — 2,948,372
New Zealand  — 3,923,423  — 3,923,423
Norway  — 2,405,253  — 2,405,253
Singapore 1,708,978 2,328,536  — 4,037,514
South Korea  — 4,129,519  — 4,129,519
Spain 1,245,902 8,584,884  — 9,830,786
Sweden  — 4,419,328  — 4,419,328
Switzerland  — 3,534,976  — 3,534,976
Taiwan  — 11,649,265  — 11,649,265
Thailand  — 2,144,695  — 2,144,695
United Kingdom 1,151,196 8,618,320  — 9,769,516
United States 76,442,958  —  — 76,442,958
Total Common Stocks $96,194,060 $122,592,014(1) $ — $218,786,074
High Social Impact Investments $ — $307,725 $ — $307,725
5

 

Calvert
Global Energy Solutions Fund
June 30, 2021
Schedule of Investments (Unaudited) — continued

Asset Description Level 1 Level 2 Level 3 Total
Short-Term Investments:        
Affiliated Fund $ — $299,902 $ — $299,902
Securities Lending Collateral 3,613,945  —  — 3,613,945
Total Investments $99,808,005 $123,199,641 $ — $223,007,646
    
(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 semiannual or annual report to shareholders.
6