Calvert
Global Real Estate Fund
September 30, 2023
Schedule of Investments (Unaudited)
Common Stocks — 99.5% |
Security | Shares | Value | |
Australia — 4.4% | |||
Goodman Group | 5,276 | $ 72,312 | |
National Storage REIT | 41,276 | 57,437 | |
Region Group | 20,453 | 26,405 | |
Stockland | 12,958 | 32,431 | |
$ 188,585 | |||
Belgium — 2.0% | |||
Aedifica S.A. | 517 | $ 29,384 | |
Shurgard Self Storage, Ltd. | 720 | 28,506 | |
Warehouses De Pauw CVA | 1,221 | 30,175 | |
$88,065 | |||
Canada — 3.1% | |||
Boardwalk Real Estate Investment Trust | 1,155 | $56,813 | |
Chartwell Retirement Residences | 7,420 | 56,159 | |
InterRent Real Estate Investment Trust | 2,409 | 22,152 | |
$135,124 | |||
France — 1.3% | |||
Gecina S.A. | 212 | $21,615 | |
Klepierre S.A. | 1,329 | 32,541 | |
$54,156 | |||
Germany — 1.8% | |||
LEG Immobilien SE(1) | 598 | $41,123 | |
Vonovia SE | 1,577 | 37,782 | |
$78,905 | |||
Hong Kong — 2.8% | |||
Link REIT | 11,320 | $55,349 | |
Sun Hung Kai Properties, Ltd. | 3,500 | 37,345 | |
Wharf Real Estate Investment Co., Ltd. | 7,000 | 26,978 | |
$119,672 | |||
Japan — 10.7% | |||
Invincible Investment Corp. | 207 | $85,497 | |
Japan Metropolitan Fund Investment Corp. | 50 | 32,428 | |
Mitsubishi Estate Co., Ltd. | 6,900 | 90,018 | |
Mitsui Fudosan Co., Ltd. | 6,600 | 145,358 | |
Mitsui Fudosan Logistics Park, Inc. | 10 | 31,495 | |
Nippon Building Fund, Inc. | 8 | 32,396 | |
Nomura Real Estate Master Fund, Inc. | 39 | 43,680 | |
$460,872 | |||
Netherlands — 0.4% | |||
CTP NV | 1,240 | $17,712 | |
$17,712 |
Security | Shares | Value | |
Singapore — 1.1% | |||
Frasers Logistics & Commercial Trust | 62,200 | $ 48,569 | |
$ 48,569 | |||
Spain — 0.7% | |||
Merlin Properties Socimi S.A. | 3,857 | $ 32,452 | |
$ 32,452 | |||
Sweden — 1.1% | |||
Castellum AB | 3,093 | $ 31,352 | |
Pandox AB | 1,599 | 16,969 | |
$48,321 | |||
Switzerland — 0.6% | |||
PSP Swiss Property AG | 205 | $24,186 | |
$24,186 | |||
United Kingdom — 2.4% | |||
Segro PLC | 6,130 | $53,601 | |
UNITE Group PLC (The) | 4,555 | 49,659 | |
$103,260 | |||
United States — 67.1% | |||
Alexandria Real Estate Equities, Inc. | 243 | $24,324 | |
American Tower Corp. | 1,258 | 206,878 | |
Americold Realty Trust, Inc. | 1,572 | 47,805 | |
AvalonBay Communities, Inc. | 1,076 | 184,792 | |
Brixmor Property Group, Inc. | 2,979 | 61,904 | |
CareTrust REIT, Inc. | 2,131 | 43,686 | |
Crown Castle, Inc. | 471 | 43,346 | |
Digital Realty Trust, Inc. | 1,322 | 159,988 | |
Equinix, Inc. | 349 | 253,465 | |
Equity Residential | 1,230 | 72,213 | |
Essex Property Trust, Inc. | 391 | 82,927 | |
Extra Space Storage, Inc. | 359 | 43,647 | |
Federal Realty Investment Trust | 516 | 46,765 | |
Hilton Worldwide Holdings, Inc. | 154 | 23,128 | |
Host Hotels & Resorts, Inc. | 3,276 | 52,645 | |
Iron Mountain, Inc. | 1,426 | 84,776 | |
Mid-America Apartment Communities, Inc. | 607 | 78,091 | |
Prologis, Inc. | 3,017 | 338,538 | |
Public Storage | 554 | 145,990 | |
Rayonier, Inc. | 1,118 | 31,818 | |
Realty Income Corp. | 4,116 | 205,553 | |
Rexford Industrial Realty, Inc. | 796 | 39,283 | |
SBA Communications Corp. | 231 | 46,239 | |
Simon Property Group, Inc. | 1,191 | 128,664 | |
Sun Communities, Inc. | 430 | 50,886 | |
Urban Edge Properties | 1,424 | 21,730 | |
Welltower, Inc. | 4,019 | 329,237 |
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Calvert
Global Real Estate Fund
September 30, 2023
Schedule of Investments (Unaudited) — continued
Security | Shares | Value | |
United States (continued) | |||
Weyerhaeuser Co. | 1,384 | $ 42,433 | |
$2,890,751 | |||
Total Common Stocks (identified cost $4,888,567) | $4,290,630 |
Short-Term Investments — 1.1% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(2) | 44,295 | $ 44,295 | |
Total Short-Term Investments (identified cost $44,295) | $ 44,295 |
Total Investments — 100.6% (identified cost $4,932,862) | $4,334,925 | |
Other Assets, Less Liabilities — (0.6)% | $ (23,817) | |
Net Assets — 100.0% | $4,311,108 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
At September 30, 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 |
Residential | 15.7% |
Industrial | 14.6 |
Retail | 12.1 |
Diversified | 12.1 |
Health Care | 10.6 |
Data Centers | 9.6 |
Infrastructure REITs | 6.9 |
Self Storage | 6.4 |
Lodging/Resorts | 4.1 |
Specialty | 2.0 |
Industrial/Office Mixed | 1.9 |
Office | 1.8 |
Timber REITs | 1.7 |
Total | 99.5% |
Abbreviations: | |
REITs | – Real Estate Investment Trusts |
The Fund did not have any open derivative instruments at September 30, 2023.
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Calvert
Global Real Estate Fund
September 30, 2023
Schedule of Investments (Unaudited) — continued
Affiliated Investments
At September 30, 2023, the value of the Fund’s investment in funds that may be deemed to be affiliated was $44,295, which represents 1.1% of the Fund’s net assets. Transactions in such investments by the Fund for the fiscal year to date ended September 30, 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) | $54,780 | $1,024,366 | $(1,034,851) | $ — | $ — | $44,295 | $1,232 | 44,295 |
(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 September 30, 2023, based on the inputs used to value them:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Australia | $ — | $188,585 | $ — | $188,585 |
Belgium | — | 88,065 | — | 88,065 |
Canada | 135,124 | — | — | 135,124 |
France | — | 54,156 | — | 54,156 |
Germany | — | 78,905 | — | 78,905 |
Hong Kong | — | 119,672 | — | 119,672 |
Japan | — | 460,872 | — | 460,872 |
Netherlands | — | 17,712 | — | 17,712 |
Singapore | — | 48,569 | — | 48,569 |
Spain | — | 32,452 | — | 32,452 |
Sweden | — | 48,321 | — | 48,321 |
Switzerland | — | 24,186 | — | 24,186 |
United Kingdom | — | 103,260 | — | 103,260 |
United States | 2,890,751 | — | — | 2,890,751 |
Total Common Stocks | $3,025,875 | $1,264,755(1) | $ — | $4,290,630 |
Short-Term Investments | $44,295 | $ — | $ — | $44,295 |
Total Investments | $3,070,170 | $1,264,755 | $ — | $4,334,925 |
(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.
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