Calvert
Global Small-Cap Equity Fund
December 31, 2023
Schedule of Investments (Unaudited)
Common Stocks — 98.5% |
Security | Shares | Value | |
Australia — 3.0% | |||
BlueScope Steel, Ltd. | 3,795 | $ 60,502 | |
CAR Group, Ltd. | 14,868 | 315,072 | |
Data#3, Ltd. | 37,567 | 216,072 | |
IGO, Ltd. | 10,504 | 64,737 | |
Steadfast Group, Ltd. | 41,358 | 164,271 | |
$ 820,654 | |||
Belgium — 1.5% | |||
Azelis Group NV | 9,022 | $ 221,505 | |
KBC Ancora | 4,140 | 190,004 | |
$411,509 | |||
Canada — 2.7% | |||
Agnico Eagle Mines, Ltd. | 1,114 | $61,079 | |
ATS Corp.(1) | 5,407 | 233,043 | |
Descartes Systems Group, Inc. (The)(1) | 1,956 | 164,342 | |
Granite Real Estate Investment Trust | 2,571 | 148,006 | |
Killam Apartment Real Estate Investment Trust | 10,016 | 135,759 | |
$742,229 | |||
France — 0.7% | |||
IPSOS S.A. | 2,985 | $187,423 | |
$187,423 | |||
Germany — 1.2% | |||
Encavis AG(1) | 7,171 | $123,347 | |
Jenoptik AG | 6,730 | 211,073 | |
$334,420 | |||
Italy — 2.7% | |||
Amplifon SpA | 4,768 | $165,214 | |
BFF Bank SpA(2) | 17,836 | 203,484 | |
DiaSorin SpA | 979 | 100,899 | |
FinecoBank Banca Fineco SpA | 7,275 | 109,446 | |
MARR SpA | 8,319 | 105,573 | |
Moncler SpA | 1,083 | 66,680 | |
$751,296 | |||
Japan — 10.9% | |||
As One Corp. | 4,087 | $161,915 | |
Asahi Intecc Co., Ltd. | 6,419 | 130,170 | |
BayCurrent Consulting, Inc. | 6,497 | 227,434 | |
Chiba Bank, Ltd. (The) | 16,754 | 120,706 | |
Cosmos Pharmaceutical Corp. | 2,242 | 258,748 | |
Fukuoka Financial Group, Inc. | 5,922 | 139,293 | |
Goldwin, Inc. | 1,895 | 135,869 | |
JMDC, Inc. | 1,857 | 56,005 | |
Kose Corp. | 1,636 | 122,283 | |
LaSalle Logiport REIT | 141 | 151,819 | |
Lion Corp. | 13,958 | 129,445 |
Security | Shares | Value | |
Japan (continued) | |||
Miura Co., Ltd. | 7,265 | $ 144,254 | |
Nihon M&A Center Holdings, Inc. | 13,682 | 75,292 | |
NOF Corp. | 4,378 | 217,187 | |
Riken Keiki Co., Ltd. | 5,167 | 251,619 | |
Sanwa Holdings Corp. | 19,576 | 295,951 | |
Sumco Corp. | 9,611 | 143,773 | |
USS Co., Ltd. | 12,232 | 245,572 | |
$ 3,007,335 | |||
Luxembourg — 0.1% | |||
APERAM S.A. | 640 | $23,280 | |
$23,280 | |||
Netherlands — 1.9% | |||
BE Semiconductor Industries NV | 1,015 | $153,241 | |
Euronext NV(2) | 1,431 | 124,363 | |
IMCD NV | 1,425 | 248,183 | |
$525,787 | |||
New Zealand — 0.5% | |||
Spark New Zealand, Ltd. | 45,494 | $148,937 | |
$148,937 | |||
Norway — 0.4% | |||
SmartCraft ASA(1) | 50,945 | $113,572 | |
$113,572 | |||
Singapore — 0.4% | |||
Daiwa House Logistics Trust | 205,782 | $102,092 | |
$102,092 | |||
Spain — 0.5% | |||
Inmobiliaria Colonial Socimi S.A. | 17,510 | $126,710 | |
$126,710 | |||
Sweden — 2.6% | |||
AddTech AB, Class B | 12,071 | $265,593 | |
Autoliv, Inc. | 1,343 | 147,985 | |
Boliden AB | 1,057 | 33,084 | |
Sdiptech AB, Class B(1) | 10,457 | 280,472 | |
$727,134 | |||
Switzerland — 0.4% | |||
Galenica AG(2) | 1,428 | $123,528 | |
$123,528 | |||
United Kingdom — 9.0% | |||
Cranswick PLC | 3,068 | $148,620 | |
Diploma PLC | 7,387 | 337,377 | |
DiscoverIE Group PLC | 35,596 | 358,191 | |
Games Workshop Group PLC | 926 | 116,375 | |
Greggs PLC | 3,581 | 118,708 |
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Calvert
Global Small-Cap Equity Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
Security | Shares | Value | |
United Kingdom (continued) | |||
JTC PLC(2) | 26,264 | $ 272,880 | |
Rentokil Initial PLC ADR | 11,526 | 329,759 | |
Shaftesbury Capital PLC | 70,685 | 124,416 | |
SSP Group PLC(1) | 74,482 | 222,759 | |
Volution Group PLC | 27,706 | 152,897 | |
Wise PLC, Class A(1) | 13,572 | 150,941 | |
Zegona Communications PLC(1) | 71,950 | 169,690 | |
$ 2,502,613 | |||
United States — 60.0% | |||
AAON, Inc. | 3,112 | $229,883 | |
Addus HomeCare Corp.(1) | 1,088 | 101,021 | |
Albany International Corp., Class A | 3,022 | 296,821 | |
Alliant Energy Corp. | 6,195 | 317,803 | |
Altair Engineering, Inc., Class A(1) | 1,804 | 151,807 | |
AptarGroup, Inc. | 3,486 | 430,939 | |
Aramark | 4,379 | 123,050 | |
Atmus Filtration Technologies, Inc.(1) | 3,812 | 89,544 | |
AZEK Co., Inc. (The)(1) | 7,450 | 284,962 | |
Brunswick Corp. | 1,015 | 98,201 | |
Burlington Stores, Inc.(1) | 947 | 184,173 | |
Casey's General Stores, Inc. | 438 | 120,336 | |
CBIZ, Inc.(1) | 7,712 | 482,694 | |
Ceridian HCM Holding, Inc.(1) | 2,005 | 134,576 | |
Chemed Corp. | 890 | 520,427 | |
Clearwater Analytics Holdings, Inc., Class A(1) | 6,758 | 135,363 | |
CMS Energy Corp. | 5,383 | 312,591 | |
Commerce Bancshares, Inc. | 6,287 | 335,778 | |
Cooper Cos., Inc. (The) | 1,270 | 480,619 | |
Core & Main, Inc., Class A(1) | 13,018 | 526,057 | |
CubeSmart | 6,566 | 304,334 | |
Diodes, Inc.(1) | 1,792 | 144,292 | |
Domino's Pizza, Inc. | 918 | 378,427 | |
Dorman Products, Inc.(1) | 5,155 | 429,979 | |
EastGroup Properties, Inc. | 2,026 | 371,852 | |
Envestnet, Inc.(1) | 4,985 | 246,857 | |
Envista Holdings Corp.(1) | 6,892 | 165,821 | |
Equity LifeStyle Properties, Inc. | 5,728 | 404,053 | |
Euronet Worldwide, Inc.(1) | 1,353 | 137,316 | |
Fair Isaac Corp.(1) | 142 | 165,289 | |
First American Financial Corp. | 1,290 | 83,128 | |
Generac Holdings, Inc.(1) | 729 | 94,216 | |
Graco, Inc. | 3,389 | 294,030 | |
Harley-Davidson, Inc. | 3,430 | 126,361 | |
Herc Holdings, Inc. | 612 | 91,121 | |
Hexcel Corp. | 1,568 | 115,640 | |
Janus International Group, Inc.(1) | 7,712 | 100,642 | |
Jazz Pharmaceuticals PLC(1) | 1,630 | 200,490 | |
Lancaster Colony Corp. | 448 | 74,543 | |
Landstar System, Inc. | 835 | 161,698 | |
LPL Financial Holdings, Inc. | 1,120 | 254,934 |
Security | Shares | Value | |
United States (continued) | |||
MarketAxess Holdings, Inc. | 960 | $ 281,136 | |
Middleby Corp. (The)(1) | 2,719 | 400,155 | |
Neogen Corp.(1) | 6,246 | 125,607 | |
Neurocrine Biosciences, Inc.(1) | 1,287 | 169,575 | |
Nordson Corp. | 931 | 245,933 | |
NV5 Global, Inc.(1) | 1,764 | 196,016 | |
Papa John's International, Inc. | 1,443 | 110,000 | |
Performance Food Group Co.(1) | 4,501 | 311,244 | |
PowerSchool Holdings, Inc., Class A(1) | 6,581 | 155,048 | |
Progress Software Corp. | 3,283 | 178,267 | |
Quaker Chemical Corp. | 1,597 | 340,832 | |
R1 RCM, Inc.(1) | 13,322 | 140,814 | |
Rexford Industrial Realty, Inc. | 6,897 | 386,922 | |
RH(1) | 302 | 88,027 | |
RLI Corp. | 2,775 | 369,408 | |
Ryan Specialty Holdings, Inc.(1) | 2,876 | 123,726 | |
Selective Insurance Group, Inc. | 2,894 | 287,895 | |
Simply Good Foods Co. (The)(1) | 3,114 | 123,314 | |
SouthState Corp. | 3,491 | 294,815 | |
SPS Commerce, Inc.(1) | 741 | 143,635 | |
Teleflex, Inc. | 1,336 | 333,118 | |
Texas Roadhouse, Inc. | 1,468 | 179,434 | |
Tradeweb Markets, Inc., Class A | 3,893 | 353,796 | |
Tyler Technologies, Inc.(1) | 530 | 221,604 | |
Visteon Corp.(1) | 695 | 86,805 | |
W.R. Berkley Corp. | 5,339 | 377,574 | |
White Mountains Insurance Group, Ltd. | 203 | 305,517 | |
Woodward, Inc. | 1,509 | 205,420 | |
Wyndham Hotels & Resorts, Inc. | 4,615 | 371,092 | |
$16,608,397 | |||
Total Common Stocks (identified cost $21,808,834) | $27,256,916 |
Short-Term Investments — 1.7% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(3) | 460,957 | $ 460,957 | |
Total Short-Term Investments (identified cost $460,957) | $ 460,957 |
Total Investments — 100.2% (identified cost $22,269,791) | $27,717,873 | |
Other Assets, Less Liabilities — (0.2)% | $ (47,524) | |
Net Assets — 100.0% | $27,670,349 |
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Calvert
Global Small-Cap Equity Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | 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 December 31, 2023, the aggregate value of these securities is $724,255 or 2.6% of the Fund's net assets. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of December 31, 2023. |
At December 31, 2023, 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 | 25.4% |
Financials | 16.9 |
Consumer Discretionary | 12.0 |
Health Care | 10.8 |
Information Technology | 10.1 |
Real Estate | 8.2 |
Consumer Staples | 5.0 |
Materials | 4.4 |
Communication Services | 3.0 |
Utilities | 2.7 |
Total | 98.5% |
Abbreviations: | |
ADR | – American Depositary Receipt |
The Fund did not have any open derivative instruments at December 31, 2023.
Affiliated Investments
At December 31, 2023, the value of the Fund's investment in funds that may be deemed to be affiliated was $460,957, which represents 1.7% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended December 31, 2023 were as follows:
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(1) | $119,406 | $3,761,807 | $(3,420,256) | $ — | $ — | $460,957 | $4,398 | 460,957 |
(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.
The following table summarizes the market value of the Fund's holdings as of December 31, 2023, based on the inputs used to value them:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Australia | $ — | $820,654 | $ — | $820,654 |
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Calvert
Global Small-Cap Equity Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
Belgium | $ — | $411,509 | $ — | $411,509 |
Canada | 742,229 | — | — | 742,229 |
France | — | 187,423 | — | 187,423 |
Germany | — | 334,420 | — | 334,420 |
Italy | — | 751,296 | — | 751,296 |
Japan | — | 3,007,335 | — | 3,007,335 |
Luxembourg | — | 23,280 | — | 23,280 |
Netherlands | — | 525,787 | — | 525,787 |
New Zealand | — | 148,937 | — | 148,937 |
Norway | — | 113,572 | — | 113,572 |
Singapore | — | 102,092 | — | 102,092 |
Spain | — | 126,710 | — | 126,710 |
Sweden | 147,985 | 579,149 | — | 727,134 |
Switzerland | — | 123,528 | — | 123,528 |
United Kingdom | 329,759 | 2,172,854 | — | 2,502,613 |
United States | 16,608,397 | — | — | 16,608,397 |
Total Common Stocks | $17,828,370 | $9,428,546(1) | $ — | $27,256,916 |
Short-Term Investments | $460,957 | $ — | $ — | $460,957 |
Total Investments | $18,289,327 | $9,428,546 | $ — | $27,717,873 |
(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.
4