Calvert
International Opportunities Fund
December 31, 2022
Schedule of Investments (Unaudited)
Common Stocks — 94.2% |
Security | Shares | Value | |
Australia — 8.4% | |||
Bapcor, Ltd.(1) | 873,738 | $ 3,828,832 | |
BlueScope Steel, Ltd. | 116,107 | 1,323,298 | |
carsales.com, Ltd. | 411,992 | 5,797,774 | |
Data#3, Ltd. | 842,089 | 3,888,885 | |
Dexus | 611,577 | 3,210,817 | |
Dicker Data, Ltd.(1) | 580,426 | 4,022,446 | |
EBOS Group, Ltd. | 155,000 | 4,309,554 | |
Steadfast Group, Ltd.(1) | 1,042,088 | 3,870,320 | |
WiseTech Global, Ltd. | 62,881 | 2,162,631 | |
$32,414,557 | |||
Austria — 1.7% | |||
ams-OSRAM AG(2) | 294,478 | $2,157,529 | |
BAWAG Group AG(3) | 85,416 | 4,551,841 | |
$6,709,370 | |||
Belgium — 2.5% | |||
Azelis Group NV(1) | 237,130 | $6,717,074 | |
KBC Group NV | 27,891 | 1,795,770 | |
VGP NV | 13,605 | 1,138,371 | |
$9,651,215 | |||
Canada — 2.9% | |||
Agnico Eagle Mines, Ltd. | 32,126 | $1,669,413 | |
ATS Corp.(2) | 158,406 | 4,924,157 | |
CAE, Inc.(2) | 107,754 | 2,084,252 | |
TMX Group, Ltd. | 24,963 | 2,498,512 | |
$11,176,334 | |||
Germany — 1.8% | |||
Encavis AG | 108,237 | $2,140,287 | |
Jenoptik AG | 97,637 | 2,655,558 | |
LEG Immobilien SE | 31,066 | 2,026,084 | |
$6,821,929 | |||
Ireland — 1.2% | |||
Irish Residential Properties REIT PLC(1) | 1,917,673 | $2,269,101 | |
Kerry Group PLC, Class A | 28,195 | 2,546,861 | |
$4,815,962 | |||
Italy — 6.0% | |||
Amplifon SpA(1) | 111,737 | $3,336,441 | |
BFF Bank SpA(3) | 575,948 | 4,569,478 | |
DiaSorin SpA(1) | 27,344 | 3,826,124 | |
FinecoBank Banca Fineco SpA | 243,676 | 4,046,508 | |
MARR SpA | 240,786 | 2,939,661 |
Security | Shares | Value | |
Italy (continued) | |||
Moncler SpA | 87,371 | $ 4,642,618 | |
$ 23,360,830 | |||
Japan — 27.9% | |||
As One Corp. | 136,655 | $ 5,970,106 | |
Asahi Intecc Co., Ltd.(1) | 199,290 | 3,250,871 | |
BayCurrent Consulting, Inc. | 64,990 | 2,023,138 | |
Chiba Bank, Ltd. (The) | 617,773 | 4,507,361 | |
Cosmos Pharmaceutical Corp. | 43,745 | 4,444,639 | |
Daiseki Co., Ltd. | 80,178 | 2,751,967 | |
Dip Corp. | 132,935 | 3,801,726 | |
Fukuoka Financial Group, Inc. | 219,463 | 4,985,725 | |
Goldwin, Inc. | 68,305 | 4,942,671 | |
JMDC, Inc. | 61,115 | 1,753,107 | |
Kewpie Corp. | 123,093 | 2,233,407 | |
Kose Corp. | 38,906 | 4,227,262 | |
Kyoritsu Maintenance Co., Ltd.(1) | 87,168 | 3,891,657 | |
LaSalle Logiport REIT | 3,010 | 3,670,232 | |
Lion Corp. | 477,111 | 5,487,953 | |
Mitsubishi Research Institute, Inc. | 77,695 | 2,879,524 | |
Mitsui Fudosan Logistics Park, Inc. | 1,003 | 3,666,457 | |
Miura Co., Ltd. | 246,186 | 5,645,659 | |
Nihon M&A Center Holdings, Inc. | 423,185 | 5,207,184 | |
Nissan Chemical Corp. | 71,795 | 3,130,779 | |
Nomura Co., Ltd. | 346,239 | 2,516,931 | |
Sakata Seed Corp. | 125,437 | 4,157,972 | |
Sanwa Holdings Corp. | 587,270 | 5,406,970 | |
SUMCO Corp. | 322,588 | 4,273,836 | |
T Hasegawa Co., Ltd. | 91,685 | 2,022,489 | |
Tosei Corp. | 352,390 | 3,646,433 | |
USS Co., Ltd. | 217,270 | 3,447,438 | |
Yamaha Corp. | 112,897 | 4,189,359 | |
$108,132,853 | |||
Luxembourg — 0.2% | |||
APERAM S.A. | 30,061 | $953,342 | |
$953,342 | |||
Netherlands — 4.0% | |||
BE Semiconductor Industries NV | 41,785 | $2,546,415 | |
Euronext NV(1)(3) | 58,578 | 4,336,598 | |
IMCD NV(1) | 42,716 | 6,110,159 | |
NN Group NV | 61,561 | 2,517,364 | |
$15,510,536 | |||
New Zealand — 1.4% | |||
Fisher & Paykel Healthcare Corp., Ltd. | 198,935 | $2,846,380 |
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Calvert
International Opportunities Fund
December 31, 2022
Schedule of Investments (Unaudited) — continued
Security | Shares | Value | |
New Zealand (continued) | |||
Spark New Zealand, Ltd. | 731,026 | $ 2,502,865 | |
$ 5,349,245 | |||
Norway — 2.3% | |||
Entra ASA(3) | 287,036 | $ 3,101,513 | |
Norsk Hydro ASA | 134,498 | 1,005,018 | |
SmartCraft ASA(2) | 1,981,524 | 3,504,767 | |
SpareBank 1 SR-Bank ASA | 121,135 | 1,492,427 | |
$ 9,103,725 | |||
Portugal — 0.6% | |||
NOS SGPS S.A. | 588,740 | $2,381,834 | |
$2,381,834 | |||
Singapore — 1.0% | |||
Daiwa House Logistics Trust | 8,016,185 | $3,800,967 | |
$3,800,967 | |||
Spain — 1.7% | |||
Acciona S.A. | 18,104 | $3,331,708 | |
Inmobiliaria Colonial Socimi S.A. | 482,200 | 3,101,625 | |
$6,433,333 | |||
Sweden — 6.0% | |||
AddTech AB, Class B | 319,131 | $4,555,970 | |
Autoliv, Inc. | 46,240 | 3,541,059 | |
Boliden AB | 41,541 | 1,560,371 | |
Bravida Holding AB(3) | 330,753 | 3,545,112 | |
Indutrade AB | 186,132 | 3,774,661 | |
Lagercrantz Group AB, Class B | 294,699 | 2,919,240 | |
Sdiptech AB, Class B(2) | 154,512 | 3,360,329 | |
$23,256,742 | |||
Switzerland — 2.8% | |||
Galenica AG(3) | 36,964 | $3,015,905 | |
Logitech International S.A. | 49,370 | 3,061,406 | |
PolyPeptide Group AG(3) | 51,174 | 1,404,484 | |
Straumann Holding AG | 30,351 | 3,480,383 | |
$10,962,178 | |||
United Kingdom — 21.8% | |||
Abcam PLC ADR(2) | 254,004 | $3,952,302 | |
Allfunds Group PLC | 425,550 | 2,984,269 | |
Ashtead Group PLC | 81,806 | 4,646,969 | |
Bellway PLC | 71,343 | 1,631,488 | |
Capital & Counties Properties PLC | 1,592,689 | 2,056,135 | |
Compass Group PLC | 113,413 | 2,618,935 | |
Cranswick PLC | 119,996 | 4,449,181 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Dechra Pharmaceuticals PLC | 122,550 | $ 3,862,754 | |
Diploma PLC | 163,588 | 5,499,443 | |
DiscoverIE Group PLC | 629,786 | 5,513,124 | |
Games Workshop Group PLC | 45,804 | 4,728,054 | |
Greggs PLC | 125,340 | 3,521,697 | |
Halma PLC | 162,872 | 3,878,787 | |
InterContinental Hotels Group PLC | 72,867 | 4,181,021 | |
JTC PLC(1)(3) | 422,730 | 3,821,861 | |
Judges Scientific PLC | 43,711 | 4,467,887 | |
Nomad Foods, Ltd.(2) | 103,807 | 1,789,633 | |
RWS Holdings PLC | 1,296,766 | 5,868,097 | |
St. James's Place PLC | 302,872 | 3,989,843 | |
Volution Group PLC | 1,014,623 | 4,475,591 | |
Watches of Switzerland Group PLC(2)(3) | 358,974 | 3,507,340 | |
Wise PLC, Class A(2) | 446,528 | 3,025,129 | |
$84,469,540 | |||
Total Common Stocks (identified cost $372,533,542) | $365,304,492 |
Exchange-Traded Funds — 4.6% |
Security | Shares | Value | |
Equity Funds — 4.6% | |||
iShares MSCI Hong Kong ETF(1) | 389,711 | $ 8,187,828 | |
iShares MSCI Singapore ETF(1) | 247,266 | 4,651,074 | |
Vanguard MSCI Australian Small Companies Index ETF | 117,168 | 4,991,839 | |
Total Exchange-Traded Funds (identified cost $18,857,850) | $ 17,830,741 |
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) | $ | 560 | $ 529,614 |
Total High Social Impact Investments (identified cost $560,000) | $ 529,614 |
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Calvert
International Opportunities Fund
December 31, 2022
Schedule of Investments (Unaudited) — continued
Short-Term Investments — 4.1% |
Affiliated Fund — 1.0% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.11%(6) | 3,655,233 | $ 3,655,233 | |
Total Affiliated Fund (identified cost $3,655,233) | $ 3,655,233 |
Securities Lending Collateral — 3.1% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 4.34%(7) | 12,045,439 | $ 12,045,439 | |
Total Securities Lending Collateral (identified cost $12,045,439) | $ 12,045,439 | ||
Total Short-Term Investments (identified cost $15,700,672) | $ 15,700,672 |
Total Investments — 103.0% (identified cost $407,652,064) | $399,365,519 | |
Other Assets, Less Liabilities — (3.0)% | $(11,595,446) | |
Net Assets — 100.0% | $387,770,073 |
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 December 31, 2022. The aggregate market value of securities on loan at December 31, 2022 was $28,073,050 and the total market value of the collateral received by the Fund was $29,505,234, comprised of cash of $12,045,439 and U.S. government and/or agencies securities of $17,459,795. |
(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 December 31, 2022, the aggregate value of these securities is $31,854,132 or 8.2% 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 $529,614, which represents 0.1% of the net assets of the Fund as of December 31, 2022. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of December 31, 2022. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
At December 31, 2022, 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 | 24.0% |
Financials | 12.9 |
Consumer Discretionary | 12.5 |
Health Care | 10.6 |
Information Technology | 10.6 |
Consumer Staples | 8.3 |
Real Estate | 8.2 |
Exchange-Traded Funds | 4.6 |
Materials | 3.0 |
Communication Services | 2.7 |
Utilities | 1.4 |
High Social Impact Investments | 0.1 |
Total | 98.9% |
Restricted Securities
Description | Acquisition Date | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $560,000 |
Abbreviations: | |
ADR | – American Depositary Receipt |
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Calvert
International Opportunities Fund
December 31, 2022
Schedule of Investments (Unaudited) — continued
The Fund did not have any open derivative instruments at December 31, 2022.
Affiliated Investments
At December 31, 2022, the value of the Fund's investment in Calvert Impact Capital, Inc. and in funds that may be deemed to be affiliated was $4,184,847, which represents 1.1% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended December 31, 2022 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(1) | $ 520,106 | $ — | $ — | $ — | $9,508 | $ 529,614 | $ 2,100 | $ 560,000 |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(2) | 7,647,564 | 26,302,116 | (30,294,447) | — | — | 3,655,233 | 24,958 | 3,655,233 |
Total | $ — | $9,508 | $4,184,847 | $27,058 |
(1) | Restricted security. |
(2) | 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, 2022, based on the inputs used to value them:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Australia | $ — | $32,414,557 | $ — | $32,414,557 |
Austria | — | 6,709,370 | — | 6,709,370 |
Belgium | — | 9,651,215 | — | 9,651,215 |
Canada | 11,176,334 | — | — | 11,176,334 |
Germany | — | 6,821,929 | — | 6,821,929 |
Ireland | — | 4,815,962 | — | 4,815,962 |
Italy | — | 23,360,830 | — | 23,360,830 |
Japan | — | 108,132,853 | — | 108,132,853 |
Luxembourg | — | 953,342 | — | 953,342 |
Netherlands | — | 15,510,536 | — | 15,510,536 |
New Zealand | — | 5,349,245 | — | 5,349,245 |
Norway | — | 9,103,725 | — | 9,103,725 |
Portugal | — | 2,381,834 | — | 2,381,834 |
Singapore | — | 3,800,967 | — | 3,800,967 |
Spain | — | 6,433,333 | — | 6,433,333 |
Sweden | 3,541,059 | 19,715,683 | — | 23,256,742 |
Switzerland | — | 10,962,178 | — | 10,962,178 |
4
Calvert
International Opportunities Fund
December 31, 2022
Schedule of Investments (Unaudited) — continued
Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
United Kingdom | $5,741,935 | $78,727,605 | $ — | $84,469,540 |
Total Common Stocks | $20,459,328 | $344,845,164(1) | $ — | $365,304,492 |
Exchange-Traded Funds | $12,838,902 | $4,991,839 | $ — | $17,830,741 |
High Social Impact Investments | — | 529,614 | — | 529,614 |
Short-Term Investments: | ||||
Affiliated Fund | 3,655,233 | — | — | 3,655,233 |
Securities Lending Collateral | 12,045,439 | — | — | 12,045,439 |
Total Investments | $48,998,902 | $350,366,617 | $ — | $399,365,519 |
(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.
5