Calvert
International Opportunities Fund
December 31, 2023
Schedule of Investments (Unaudited)
Common Stocks — 94.5% |
Security | Shares | Value | |
Australia — 8.4% | |||
Bapcor, Ltd.(1) | 873,738 | $ 3,299,198 | |
BlueScope Steel, Ltd. | 116,107 | 1,851,032 | |
CAR Group, Ltd. | 348,777 | 7,391,032 | |
Data#3, Ltd. | 915,431 | 5,265,229 | |
Dexus | 611,577 | 3,196,191 | |
Dicker Data, Ltd.(1) | 547,872 | 4,465,578 | |
EBOS Group, Ltd. | 186,181 | 4,175,516 | |
Steadfast Group, Ltd. | 1,191,407 | 4,732,170 | |
$34,375,946 | |||
Austria — 0.8% | |||
BAWAG Group AG(2) | 61,034 | $3,229,988 | |
$3,229,988 | |||
Belgium — 3.1% | |||
Azelis Group NV | 251,638 | $6,178,129 | |
KBC Group NV | 55,603 | 3,608,598 | |
VGP NV(1) | 23,120 | 2,678,963 | |
$12,465,690 | |||
Canada — 2.9% | |||
Agnico Eagle Mines, Ltd. | 32,126 | $1,761,408 | |
ATS Corp.(3) | 114,543 | 4,936,833 | |
Descartes Systems Group, Inc. (The)(1)(3) | 25,845 | 2,171,484 | |
TMX Group, Ltd. | 124,815 | 3,018,996 | |
$11,888,721 | |||
China — 0.3% | |||
China Overseas Property Holdings, Ltd. | 1,818,725 | $1,364,881 | |
$1,364,881 | |||
France — 1.5% | |||
IPSOS S.A. | 94,887 | $5,957,777 | |
$5,957,777 | |||
Germany — 2.7% | |||
Encavis AG(3) | 105,206 | $1,809,628 | |
Jenoptik AG | 127,986 | 4,014,029 | |
LEG Immobilien SE(3) | 30,195 | 2,642,351 | |
Sartorius AG, PFC Shares | 6,513 | 2,391,709 | |
$10,857,717 | |||
Ireland — 0.6% | |||
Kerry Group PLC, Class A | 27,403 | $2,378,561 | |
$2,378,561 | |||
Italy — 6.3% | |||
Amplifon SpA(1) | 135,817 | $4,706,144 | |
BFF Bank SpA(2) | 515,218 | 5,877,934 | |
DiaSorin SpA(1) | 31,810 | 3,278,455 |
Security | Shares | Value | |
Italy (continued) | |||
FinecoBank Banca Fineco SpA | 229,497 | $ 3,452,590 | |
MARR SpA | 282,940 | 3,590,656 | |
Moncler SpA | 74,301 | 4,574,664 | |
$ 25,480,443 | |||
Japan — 26.6% | |||
As One Corp. | 85,922 | $ 3,403,984 | |
Asahi Intecc Co., Ltd.(1) | 263,360 | 5,340,643 | |
Azbil Corp. | 97,834 | 3,226,768 | |
BayCurrent Consulting, Inc. | 150,378 | 5,264,131 | |
Chiba Bank, Ltd. (The) | 720,866 | 5,193,558 | |
Cosmos Pharmaceutical Corp. | 57,811 | 6,671,944 | |
Daiseki Co., Ltd. | 96,148 | 2,664,019 | |
Dip Corp. | 187,004 | 4,251,361 | |
Fukuoka Financial Group, Inc. | 220,646 | 5,189,891 | |
Goldwin, Inc. | 45,446 | 3,258,417 | |
Hoshizaki Corp. | 105,138 | 3,840,726 | |
JMDC, Inc. | 36,377 | 1,097,091 | |
Kose Corp. | 37,612 | 2,811,317 | |
LaSalle Logiport REIT | 3,662 | 3,942,998 | |
Lion Corp. | 218,900 | 2,030,056 | |
Mitsubishi Research Institute, Inc. | 102,676 | 3,365,127 | |
Mitsui Fudosan Logistics Park, Inc. | 1,219 | 3,951,338 | |
Miura Co., Ltd. | 149,234 | 2,963,182 | |
Nihon M&A Center Holdings, Inc. | 301,172 | 1,657,346 | |
NOF Corp. | 87,436 | 4,337,581 | |
Riken Keiki Co., Ltd. | 85,866 | 4,181,442 | |
Sanwa Holdings Corp. | 355,513 | 5,374,661 | |
Sumco Corp. | 365,225 | 5,463,464 | |
T Hasegawa Co., Ltd. | 123,031 | 2,701,177 | |
TechnoPro Holdings, Inc. | 86,838 | 2,279,612 | |
Tosei Corp. | 428,620 | 6,052,306 | |
USS Co., Ltd. | 385,550 | 7,740,381 | |
$108,254,521 | |||
Luxembourg — 0.3% | |||
APERAM S.A.(1) | 29,219 | $1,062,818 | |
$1,062,818 | |||
Netherlands — 4.6% | |||
BE Semiconductor Industries NV | 24,308 | $3,669,923 | |
Euronext NV(2) | 61,970 | 5,385,602 | |
IMCD NV | 41,521 | 7,231,444 | |
NN Group NV(1) | 59,837 | 2,364,809 | |
$18,651,778 | |||
New Zealand — 0.7% | |||
Spark New Zealand, Ltd. | 932,980 | $3,054,372 | |
$3,054,372 | |||
Norway — 1.3% | |||
Norsk Hydro ASA | 130,732 | $878,729 |
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Calvert
International Opportunities Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
Security | Shares | Value | |
Norway (continued) | |||
SmartCraft ASA(3) | 1,926,040 | $ 4,293,730 | |
$ 5,172,459 | |||
Portugal — 0.5% | |||
NOS SGPS S.A. | 572,255 | $ 2,022,349 | |
$ 2,022,349 | |||
Singapore — 1.0% | |||
Daiwa House Logistics Trust(1) | 8,016,185 | $ 3,976,963 | |
$ 3,976,963 | |||
Spain — 1.5% | |||
Acciona S.A. | 17,597 | $2,591,057 | |
Inmobiliaria Colonial Socimi S.A.(1) | 468,696 | 3,391,695 | |
$5,982,752 | |||
Sweden — 8.6% | |||
AddTech AB, Class B | 283,289 | $6,233,084 | |
Autoliv, Inc. | 44,946 | 4,952,600 | |
Boliden AB | 40,377 | 1,263,780 | |
Cibus Nordic Real Estate AB publ(1) | 400,658 | 5,316,317 | |
Indutrade AB | 220,395 | 5,744,055 | |
Lagercrantz Group AB, Class B | 399,393 | 5,359,614 | |
Sdiptech AB, Class B(3) | 228,836 | 6,137,720 | |
$35,007,170 | |||
Switzerland — 1.9% | |||
Galenica AG(2) | 35,928 | $3,107,923 | |
Straumann Holding AG | 16,906 | 2,732,058 | |
VZ Holding AG | 17,925 | 2,094,451 | |
$7,934,432 | |||
United Kingdom — 20.9% | |||
Allfunds Group PLC | 321,691 | $2,287,418 | |
Ashtead Group PLC | 79,515 | 5,526,860 | |
Bellway PLC | 69,345 | 2,265,038 | |
Compass Group PLC | 110,236 | 3,016,423 | |
Cranswick PLC | 116,635 | 5,650,020 | |
Diploma PLC | 130,075 | 5,940,748 | |
DiscoverIE Group PLC | 656,161 | 6,602,743 | |
Games Workshop Group PLC | 33,105 | 4,160,454 | |
Grainger PLC | 739,153 | 2,491,765 | |
Greggs PLC | 121,830 | 4,038,593 | |
Halma PLC | 177,144 | 5,150,619 | |
InterContinental Hotels Group PLC | 54,790 | 4,940,735 | |
JTC PLC(2) | 601,060 | 6,244,957 | |
Judges Scientific PLC | 48,337 | 5,621,461 | |
Nomad Foods, Ltd.(3) | 100,899 | 1,710,238 | |
Shaftesbury Capital PLC | 1,548,097 | 2,724,878 | |
SSP Group PLC(3) | 983,450 | 2,941,274 | |
Volution Group PLC | 856,150 | 4,724,709 | |
Wise PLC, Class A(3) | 492,370 | 5,475,883 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Zegona Communications PLC(3) | 1,399,159 | $ 3,299,849 | |
$ 84,814,665 | |||
Total Common Stocks (identified cost $334,110,981) | $383,934,003 |
Exchange-Traded Funds — 2.8% |
Security | Shares | Value | |
Equity Funds — 2.8% | |||
iShares MSCI Hong Kong ETF(1) | 389,711 | $ 6,769,280 | |
iShares MSCI Singapore ETF(1) | 247,266 | 4,623,874 | |
Total Exchange-Traded Funds (identified cost $13,788,983) | $ 11,393,154 |
Short-Term Investments — 5.1% |
Affiliated Fund — 2.6% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(4) | 10,453,089 | $ 10,453,089 | |
Total Affiliated Fund (identified cost $10,453,089) | $ 10,453,089 | ||
Securities Lending Collateral — 2.5% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(5) | 10,395,272 | $ 10,395,272 | |
Total Securities Lending Collateral (identified cost $10,395,272) | $ 10,395,272 | ||
Total Short-Term Investments (identified cost $20,848,361) | $ 20,848,361 |
Total Investments — 102.4% (identified cost $368,748,325) | $416,175,518 | |
Other Assets, Less Liabilities — (2.4)% | $ (9,736,031) | |
Net Assets — 100.0% | $406,439,487 |
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Calvert
International Opportunities 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) | All or a portion of this security was on loan at December 31, 2023. The aggregate market value of securities on loan at December 31, 2023 was $15,718,293 and the total market value of the collateral received by the Fund was $16,343,461, comprised of cash of $10,395,272 and U.S. government and/or agencies securities of $5,948,189. |
(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 $23,846,404 or 5.9% of the Fund's net assets. |
(3) | Non-income producing security. |
(4) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of December 31, 2023. |
(5) | Represents investment of cash collateral received in connection with securities lending. |
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 | 22.9% |
Financials | 14.3 |
Information Technology | 12.5 |
Consumer Discretionary | 11.1 |
Real Estate | 10.3 |
Health Care | 7.4 |
Consumer Staples | 6.1 |
Communication Services | 5.4 |
Materials | 3.4 |
Exchange-Traded Funds | 2.8 |
Utilities | 1.1 |
Total | 97.3% |
Abbreviations: | |
PFC Shares | – Preference Shares |
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Calvert
International Opportunities Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
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 Calvert Impact Capital, Inc., and in funds that may be deemed to be affiliated was $10,453,089, which represents 2.6% 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 | 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) | $552,322 | $ — | $ (560,000) | $ — | $7,678 | $ — | $ 1,727 | $ — |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(2) | 676,424 | 39,254,020 | (29,477,355) | — | — | 10,453,089 | 50,258 | 10,453,089 |
Total | $ — | $7,678 | $10,453,089 | $51,985 |
(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, 2023, based on the inputs used to value them:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Australia | $ — | $34,375,946 | $ — | $34,375,946 |
Austria | — | 3,229,988 | — | 3,229,988 |
Belgium | — | 12,465,690 | — | 12,465,690 |
Canada | 11,888,721 | — | — | 11,888,721 |
China | — | 1,364,881 | — | 1,364,881 |
France | — | 5,957,777 | — | 5,957,777 |
Germany | — | 10,857,717 | — | 10,857,717 |
Ireland | — | 2,378,561 | — | 2,378,561 |
Italy | — | 25,480,443 | — | 25,480,443 |
Japan | — | 108,254,521 | — | 108,254,521 |
Luxembourg | — | 1,062,818 | — | 1,062,818 |
Netherlands | — | 18,651,778 | — | 18,651,778 |
New Zealand | — | 3,054,372 | — | 3,054,372 |
Norway | — | 5,172,459 | — | 5,172,459 |
Portugal | — | 2,022,349 | — | 2,022,349 |
Singapore | — | 3,976,963 | — | 3,976,963 |
Spain | — | 5,982,752 | — | 5,982,752 |
4
Calvert
International Opportunities Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
Sweden | $4,952,600 | $30,054,570 | $ — | $35,007,170 |
Switzerland | — | 7,934,432 | — | 7,934,432 |
United Kingdom | 1,710,238 | 83,104,427 | — | 84,814,665 |
Total Common Stocks | $18,551,559 | $365,382,444(1) | $ — | $383,934,003 |
Exchange-Traded Funds | $11,393,154 | $ — | $ — | $11,393,154 |
Short-Term Investments: | ||||
Affiliated Fund | 10,453,089 | — | — | 10,453,089 |
Securities Lending Collateral | 10,395,272 | — | — | 10,395,272 |
Total Investments | $50,793,074 | $365,382,444 | $ — | $416,175,518 |
(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