Calvert
International Opportunities Fund
June 30, 2024
Schedule of Investments (Unaudited)
Common Stocks — 100.2% |
Security | Shares | Value | |
Australia — 7.9% | |||
BlueScope Steel Ltd. | 109,887 | $ 1,491,676 | |
CAR Group Ltd. | 280,596 | 6,569,350 | |
Data#3 Ltd. | 724,309 | 4,031,713 | |
Dexus(1) | 782,899 | 3,377,339 | |
Dicker Data Ltd.(1) | 518,525 | 3,334,541 | |
EBOS Group Ltd. | 210,050 | 4,122,635 | |
Steadfast Group Ltd. | 1,127,591 | 4,627,783 | |
$ 27,555,037 | |||
Austria — 1.0% | |||
BAWAG Group AG(2) | 57,764 | $3,651,559 | |
$3,651,559 | |||
Belgium — 2.5% | |||
Azelis Group NV(1) | 225,574 | $4,038,860 | |
KBC Group NV | 31,056 | 2,188,284 | |
VGP NV(1) | 21,881 | 2,439,042 | |
$8,666,186 | |||
Canada — 4.0% | |||
Agnico Eagle Mines Ltd. | 30,405 | $1,988,699 | |
ATS Corp.(3) | 136,566 | 4,419,266 | |
Descartes Systems Group, Inc.(3) | 32,574 | 3,156,086 | |
Lumine Group, Inc.(3)(4) | 34,329 | 926,698 | |
TMX Group Ltd. | 118,129 | 3,288,149 | |
$13,778,898 | |||
France — 1.4% | |||
IPSOS SA | 77,138 | $4,859,291 | |
$4,859,291 | |||
Germany — 2.5% | |||
Jenoptik AG | 121,130 | $3,499,228 | |
LEG Immobilien SE | 28,577 | 2,334,631 | |
Sartorius AG, PFC Shares | 6,163 | 1,442,672 | |
Schott Pharma AG & Co. KGaA | 47,314 | 1,553,296 | |
$8,829,827 | |||
Ireland — 0.7% | |||
Kerry Group PLC, Class A | 30,262 | $2,452,406 | |
$2,452,406 | |||
Italy — 7.8% | |||
Amplifon SpA(1) | 128,541 | $4,570,910 | |
BFF Bank SpA(1)(2) | 443,331 | 4,207,322 | |
DiaSorin SpA(1) | 30,105 | 2,994,841 | |
FinecoBank Banca Fineco SpA | 254,686 | 3,784,444 | |
Interpump Group SpA | 88,315 | 3,918,284 | |
Moncler SpA | 70,320 | 4,313,702 |
Security | Shares | Value | |
Italy (continued) | |||
Reply SpA(1) | 22,665 | $ 3,341,932 | |
$ 27,131,435 | |||
Japan — 26.8% | |||
As One Corp. | 236,718 | $ 4,231,215 | |
Asahi Intecc Co. Ltd. | 286,873 | 4,027,414 | |
Azbil Corp. | 106,568 | 2,976,688 | |
BayCurrent Consulting, Inc. | 186,541 | 3,776,428 | |
Chiba Bank Ltd. | 785,221 | 7,038,159 | |
Cosmos Pharmaceutical Corp. | 46,467 | 3,746,660 | |
Daiseki Co. Ltd. | 104,733 | 2,447,341 | |
dip Corp. | 160,383 | 2,729,418 | |
Fukuoka Financial Group, Inc. | 240,344 | 6,472,249 | |
Goldwin, Inc. | 70,783 | 3,876,592 | |
Hoshino Resorts REIT, Inc.(1) | 1,005 | 3,259,356 | |
Hoshizaki Corp. | 127,680 | 4,061,207 | |
JMDC, Inc.(1) | 78,066 | 1,618,144 | |
LaSalle Logiport REIT | 3,989 | 3,666,805 | |
Miura Co. Ltd. | 111,508 | 2,262,085 | |
NOF Corp. | 356,767 | 4,893,101 | |
Riken Keiki Co. Ltd. | 221,874 | 5,832,114 | |
Sanwa Holdings Corp. | 262,884 | 4,824,194 | |
SHIFT, Inc.(3) | 17,043 | 1,545,697 | |
SUMCO Corp.(1) | 345,857 | 5,003,101 | |
T Hasegawa Co. Ltd. | 154,918 | 3,245,458 | |
TechnoPro Holdings, Inc. | 112,452 | 1,841,841 | |
Tosei Corp. | 276,300 | 4,192,206 | |
Toyo Suisan Kaisha Ltd. | 46,294 | 2,757,375 | |
USS Co. Ltd. | 365,510 | 3,077,886 | |
$93,402,734 | |||
Luxembourg — 0.2% | |||
APERAM SA | 27,653 | $714,917 | |
$714,917 | |||
Netherlands — 5.1% | |||
BE Semiconductor Industries NV(1) | 23,005 | $3,843,016 | |
Euronext NV(2) | 58,649 | 5,435,025 | |
IMCD NV | 35,675 | 4,917,707 | |
NN Group NV | 56,631 | 2,632,121 | |
Topicus.com, Inc. | 10,340 | 884,310 | |
$17,712,179 | |||
New Zealand — 0.8% | |||
Spark New Zealand Ltd. | 1,078,888 | $2,735,123 | |
$2,735,123 | |||
Norway — 1.7% | |||
Norsk Hydro ASA | 123,729 | $771,386 | |
SmartCraft ASA(3) | 1,822,876 | 5,262,656 | |
$6,034,042 |
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Calvert
International Opportunities Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
Security | Shares | Value | |
Portugal — 0.6% | |||
NOS SGPS SA | 541,603 | $ 1,918,377 | |
$ 1,918,377 | |||
Singapore — 0.9% | |||
Daiwa House Logistics Trust | 7,586,821 | $ 3,193,850 | |
$ 3,193,850 | |||
Spain — 1.8% | |||
Acciona SA(1) | 29,947 | $ 3,544,098 | |
Inmobiliaria Colonial Socimi SA(1) | 443,591 | 2,585,190 | |
$6,129,288 | |||
Sweden — 7.7% | |||
AddTech AB, Class B | 199,768 | $4,981,732 | |
Autoliv, Inc. | 29,379 | 3,143,259 | |
Boliden AB | 38,213 | 1,228,961 | |
Cibus Nordic Real Estate AB publ(1) | 379,197 | 5,638,802 | |
Indutrade AB | 133,275 | 3,423,123 | |
Lagercrantz Group AB, Class B | 198,197 | 3,229,479 | |
Sdiptech AB, Class B(3) | 167,375 | 5,114,867 | |
$26,760,223 | |||
Switzerland — 2.0% | |||
Galenica AG(2) | 34,002 | $2,784,643 | |
Straumann Holding AG | 15,999 | 1,974,892 | |
VZ Holding AG | 16,964 | 2,175,221 | |
$6,934,756 | |||
United Kingdom — 24.8% | |||
Allfunds Group PLC | 304,460 | $1,697,007 | |
Ashtead Group PLC | 45,446 | 3,030,051 | |
Compass Group PLC | 104,330 | 2,842,294 | |
Cranswick PLC | 64,770 | 3,646,684 | |
Diploma PLC | 129,660 | 6,777,558 | |
DiscoverIE Group PLC | 621,015 | 5,254,473 | |
Games Workshop Group PLC | 41,968 | 5,652,615 | |
Grainger PLC | 699,562 | 2,146,612 | |
Greggs PLC | 143,485 | 5,014,259 | |
Halma PLC | 160,509 | 5,471,036 | |
Hilton Food Group PLC | 156,071 | 1,766,726 | |
Howden Joinery Group PLC | 267,527 | 2,958,832 | |
InterContinental Hotels Group PLC | 31,253 | 3,283,950 | |
Intermediate Capital Group PLC | 88,879 | 2,437,442 | |
JTC PLC(2) | 568,865 | 6,890,369 | |
Judges Scientific PLC | 35,028 | 4,483,187 | |
Premier Foods PLC | 858,807 | 1,720,317 | |
Shaftesbury Capital PLC | 1,465,176 | 2,562,427 | |
SSP Group PLC | 1,576,392 | 2,936,927 | |
Vistry Group PLC(3) | 200,122 | 2,984,110 | |
Volution Group PLC | 778,115 | 4,426,950 | |
Wise PLC, Class A(3) | 465,997 | 3,996,688 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Zegona Communications PLC(3) | 1,310,961 | $ 4,356,642 | |
$ 86,337,156 | |||
Total Common Stocks (identified cost $312,307,650) | $348,797,284 |
Short-Term Investments — 4.5% |
Affiliated Fund — 0.3% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(5) | 1,086,053 | $ 1,086,053 | |
Total Affiliated Fund (identified cost $1,086,053) | $ 1,086,053 | ||
Securities Lending Collateral — 4.2% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(6) | 14,834,862 | $ 14,834,862 | |
Total Securities Lending Collateral (identified cost $14,834,862) | $ 14,834,862 | ||
Total Short-Term Investments (identified cost $15,920,915) | $ 15,920,915 |
Total Investments — 104.7% (identified cost $328,228,565) | $364,718,199 | |
Other Assets, Less Liabilities — (4.7)% | $(16,522,935) | |
Net Assets — 100.0% | $348,195,264 |
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, 2024. The aggregate market value of securities on loan at June 30, 2024 was $34,801,572 and the total market value of the collateral received by the Fund was $37,094,126, comprised of cash of $14,834,862 and U.S. government and/or agencies securities of $22,259,264. |
(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 June 30, 2024, the aggregate value of these securities is $22,968,918 or 6.6% of the Fund's net assets. |
(3) | Non-income producing security. |
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Calvert
International Opportunities Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
(4) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of these securities is $926,698 or 0.3% of the Fund's net assets. |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2024. |
(6) | Represents investment of cash collateral received in connection with securities lending. |
At June 30, 2024, 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 | 17.4 |
Information Technology | 15.0 |
Consumer Discretionary | 10.7 |
Real Estate | 10.2 |
Health Care | 8.4 |
Communication Services | 5.9 |
Consumer Staples | 4.6 |
Materials | 4.1 |
Utilities | 1.0 |
Total | 100.2% |
Abbreviations: | |
PFC Shares | – Preference Shares |
The Fund did not have any open derivative instruments at June 30, 2024.
Affiliated Investments
At June 30, 2024, the value of the Fund's investment in Calvert Impact Capital, Inc. and in funds that may be deemed to be affiliated was $1,086,053, which represents 0.3% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended June 30, 2024 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 | $552,322 | $ — | $ (560,000) | $ — | $7,678 | $ — | $ 1,727 | $ — |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(1) | 676,424 | 80,977,026 | (80,567,397) | — | — | 1,086,053 | 140,570 | 1,086,053 |
Total | $ — | $7,678 | $1,086,053 | $142,297 |
(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.
3
Calvert
International Opportunities Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
The following table summarizes the market value of the Fund's holdings as of June 30, 2024, based on the inputs used to value them:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Australia | $ — | $27,555,037 | $ — | $27,555,037 |
Austria | — | 3,651,559 | — | 3,651,559 |
Belgium | — | 8,666,186 | — | 8,666,186 |
Canada | 13,778,898 | — | — | 13,778,898 |
France | — | 4,859,291 | — | 4,859,291 |
Germany | — | 8,829,827 | — | 8,829,827 |
Ireland | — | 2,452,406 | — | 2,452,406 |
Italy | — | 27,131,435 | — | 27,131,435 |
Japan | — | 93,402,734 | — | 93,402,734 |
Luxembourg | — | 714,917 | — | 714,917 |
Netherlands | — | 17,712,179 | — | 17,712,179 |
New Zealand | — | 2,735,123 | — | 2,735,123 |
Norway | — | 6,034,042 | — | 6,034,042 |
Portugal | — | 1,918,377 | — | 1,918,377 |
Singapore | — | 3,193,850 | — | 3,193,850 |
Spain | — | 6,129,288 | — | 6,129,288 |
Sweden | 3,143,259 | 23,616,964 | — | 26,760,223 |
Switzerland | — | 6,934,756 | — | 6,934,756 |
United Kingdom | — | 86,337,156 | — | 86,337,156 |
Total Common Stocks | $16,922,157 | $331,875,127(1) | $ — | $348,797,284 |
Short-Term Investments: | ||||
Affiliated Fund | $1,086,053 | $ — | $ — | $1,086,053 |
Securities Lending Collateral | 14,834,862 | — | — | 14,834,862 |
Total Investments | $32,843,072 | $331,875,127 | $ — | $364,718,199 |
(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 semi-annual or annual report to shareholders.
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