0001752724-24-046102.txt : 20240228 0001752724-24-046102.hdr.sgml : 20240228 20240228145441 ACCESSION NUMBER: 0001752724-24-046102 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240228 DATE AS OF CHANGE: 20240228 PERIOD START: 20240930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALVERT WORLD VALUES FUND INC CENTRAL INDEX KEY: 0000884110 ORGANIZATION NAME: IRS NUMBER: 521771206 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-06563 FILM NUMBER: 24694186 BUSINESS ADDRESS: STREET 1: 1825 CONNECTICUT AVENUE NW STREET 2: SUITE 400 CITY: WASHINGTON STATE: DC ZIP: 20009 BUSINESS PHONE: 8002256265 MAIL ADDRESS: STREET 1: 1825 CONNECTICUT AVENUE NW STREET 2: SUITE 400 CITY: WASHINGTON STATE: DC ZIP: 20009 0000884110 S000008724 Calvert International Equity Fund C000023776 Class A CWVGX C000023778 Class C CWVCX C000023779 Class I CWVIX C000211925 Calvert 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Calvert
International Equity Fund
December 31, 2023
Schedule of Investments (Unaudited)
Common Stocks — 99.7%
    
Security Shares Value
Australia — 3.0%  
CSL, Ltd.   156,457 $   30,501,156
      $   30,501,156
Belgium — 2.5%  
KBC Group NV   390,588 $   25,348,905
      $   25,348,905
Denmark — 3.5%  
Novo Nordisk A/S, Class B   343,425 $   35,589,529
      $   35,589,529
France — 11.5%  
LVMH Moet Hennessy Louis Vuitton SE   36,811 $29,910,294
Safran S.A.   154,771 27,287,726
Sanofi   330,736 32,866,154
Schneider Electric SE   132,157 26,604,021
      $116,668,195
Germany — 7.7%  
Infineon Technologies AG   588,161 $24,563,142
Sartorius AG, PFC Shares   47,126 17,305,647
Siemens AG   196,275 36,823,012
      $78,691,801
Hong Kong — 2.9%  
AIA Group, Ltd.   3,450,261 $30,027,204
      $30,027,204
India — 2.5%  
HDFC Bank, Ltd.   1,232,180 $25,221,285
      $25,221,285
Japan — 8.8%  
Kao Corp.   458,709 $18,855,503
Keyence Corp.   51,730 22,727,899
Kose Corp.   138,560 10,356,698
Nihon M&A Center Holdings, Inc.(1)   1,541,458 8,482,626
Recruit Holdings Co., Ltd.   691,045 28,893,364
      $89,316,090
Netherlands — 6.9%  
ASML Holding NV   45,989 $34,716,521
IMCD NV   200,979 35,003,214
      $69,719,735
Singapore — 2.3%  
DBS Group Holdings, Ltd.   944,025 $23,873,277
      $23,873,277
Security Shares Value
South Africa — 1.2%  
Vodacom Group, Ltd.   2,032,190 $   11,789,901
      $   11,789,901
Spain — 9.3%  
Amadeus IT Group S.A.   329,704 $   23,679,849
Banco Santander S.A.   6,600,934     27,609,598
Iberdrola S.A.   3,310,223    43,419,475
      $   94,708,922
Sweden — 1.9%  
Indutrade AB   738,500 $19,247,190
      $19,247,190
Switzerland — 9.3%  
Lonza Group AG   38,900 $16,399,702
Nestle S.A.   503,640 58,381,878
Straumann Holding AG   123,421 19,945,187
      $94,726,767
Taiwan — 1.5%  
Taiwan Semiconductor Manufacturing Co., Ltd. ADR   148,298 $15,422,992
      $15,422,992
United Kingdom — 24.9%  
Ashtead Group PLC   306,499 $21,303,869
AstraZeneca PLC   310,053 41,823,001
Compass Group PLC   1,159,676 31,732,584
Halma PLC   699,193 20,329,659
HSBC Holdings PLC   3,597,254 29,101,640
InterContinental Hotels Group PLC   260,243 23,467,637
London Stock Exchange Group PLC   218,195 25,793,164
Reckitt Benckiser Group PLC   538,529 37,160,337
RELX PLC   568,943 22,572,135
      $253,284,026
Total Common Stocks
(identified cost $880,107,329) 		    $1,014,136,975
    
Preferred Stocks — 0.0%
    
Security Shares Value
Venture Capital — 0.0%  
Bioceptive, Inc.:      
Series A(2)(3)(4)     582,574 $            0
Series B(2)(3)(4)   40,523              0
FINAE, Series D(2)(3)(4)   2,597,442             0
Total Preferred Stocks
(identified cost $491,304) 		    $            0
    
 
1

 

Calvert
International Equity Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
Venture Capital Limited Partnership Interests — 0.1%
    
Security     Value
Africa Renewable Energy Fund L.P.(2)(3)(4)     $      836,047
Emerald Sustainability Fund I L.P.(2)(3)(4)             61,171
gNet Defta Development Holding LLC(2)(3)(4)(5)            139,090
SEAF India International Growth Fund L.P.(2)(3)(4)                 0
Total Venture Capital Limited Partnership Interests
(identified cost $1,986,717) 		    $    1,036,308
    
Short-Term Investments — 0.3%
    
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(6)   3,050,174 $    3,050,174
Total Short-Term Investments
(identified cost $3,050,174) 		    $    3,050,174
    
     
Total Investments — 100.1%
(identified cost $885,635,524) 		  $1,018,223,457
Other Assets, Less Liabilities — (0.1)%   $     (712,619)
Net Assets — 100.0%   $1,017,510,838
    
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 $377,505 and the total market value of the collateral received by the Fund was $396,116, comprised of U.S. government and/or agencies securities.
(2) For fair value measurement disclosure purposes, security is categorized as Level 3.
(3) Non-income producing security.
(4) Restricted security. Total market value of restricted securities amounts to $1,036,308, which represents 0.1% of the net assets of the Fund as of December 31, 2023.
(5) May be deemed to be an affiliated company.
(6) 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 22.2%
Health Care 19.1
Financials 18.4
Consumer Staples 12.3
Information Technology 11.6
Consumer Discretionary 10.7
Utilities 4.3
Communication Services 1.1
Venture Capital 0.1
Total 99.8%
 
Restricted Securities
Description Acquisition Dates Cost
Africa Renewable Energy Fund L.P. 4/17/14-5/13/19 $997,005
Bioceptive, Inc., Series A 10/26/12-12/18/13 252,445
Bioceptive, Inc., Series B 1/7/16 16,250
Emerald Sustainability Fund I L.P. 7/19/01-5/17/11 393,935
FINAE, Series D 2/28/11-11/16/15 222,609
2

 

Calvert
International Equity Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
Restricted Securities — continued
Description Acquisition Dates Cost
gNet Defta Development Holding LLC 8/30/05 $400,000
SEAF India International Growth Fund L.P. 3/22/05-5/24/10 195,777
    
Abbreviations: 
ADR – American Depositary Receipt
PFC Shares – Preference Shares
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 companies and funds that may be deemed to be affiliated was $3,189,264, which represents 0.3% 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) $  867,935 $ — $   (880,000) $ — $12,065 $ — $ 2,713 $ —
Venture Capital Limited Partnership Interests                
gNet Defta Development Holding LLC(1)   145,341  —   —  — (6,251)   139,090  —      400,000
Short-Term Investments            
Liquidity Fund, Institutional Class(2) 7,548,628 49,451,986 (53,950,440)  —  — 3,050,174 94,310 3,050,174
Total       $ — $ 5,814 $3,189,264 $97,023  
    
(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(1)  Total 
Common Stocks:        
Australia $ — $30,501,156 $ — $30,501,156
Belgium  — 25,348,905  — 25,348,905
Denmark  — 35,589,529  — 35,589,529
France  — 116,668,195  — 116,668,195
Germany  — 78,691,801  — 78,691,801
Hong Kong  — 30,027,204  — 30,027,204
3

 

Calvert
International Equity Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
Asset Description (continued) Level 1  Level 2  Level 3(1)  Total 
India $ — $25,221,285 $ — $25,221,285
Japan  — 89,316,090  — 89,316,090
Netherlands  — 69,719,735  — 69,719,735
Singapore  — 23,873,277  — 23,873,277
South Africa  — 11,789,901  — 11,789,901
Spain  — 94,708,922  — 94,708,922
Sweden  — 19,247,190  — 19,247,190
Switzerland  — 94,726,767  — 94,726,767
Taiwan 15,422,992  —  — 15,422,992
United Kingdom  — 253,284,026  — 253,284,026
Total Common Stocks $15,422,992 $998,713,983(2) $ — $1,014,136,975
Preferred Stocks - Venture Capital $ — $ — $0 $0
Venture Capital Limited Partnership Interests  —  — 1,036,308 1,036,308
Short-Term Investments 3,050,174  —  — 3,050,174
Total Investments $18,473,166 $998,713,983 $1,036,308 $1,018,223,457
    
(1) None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.
(2) 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.
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended December 31, 2023 is not presented.
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