Calvert
Emerging Markets Focused Growth Fund
March 31, 2024
Schedule of Investments (Unaudited)
Common Stocks — 97.3% |
Security | Shares | Value | |
Brazil — 24.5% | |||
Banco BTG Pactual SA | 10,889 | $ 79,094 | |
Itau Unibanco Holding SA, PFC Shares | 13,280 | 91,721 | |
Localiza Rent a Car SA | 21,007 | 229,027 | |
MercadoLibre, Inc.(1) | 277 | 418,813 | |
NU Holdings Ltd., Class A(1) | 35,845 | 427,631 | |
Raia Drogasil SA | 31,779 | 173,424 | |
WEG SA | 376 | 2,864 | |
$1,422,574 | |||
India — 37.1% | |||
Aarti Industries Ltd. | 31,617 | $252,096 | |
Astral Ltd. | 8,705 | 208,375 | |
Avenue Supermarts Ltd.(1)(2) | 4,702 | 255,800 | |
Bajaj Finance Ltd. | 2,524 | 220,082 | |
GMR Airports Infrastructure Ltd.(1) | 135,475 | 133,257 | |
HDFC Bank Ltd. | 3,244 | 56,532 | |
ICICI Bank Ltd. | 14,720 | 194,552 | |
Laurus Labs Ltd.(2) | 1,801 | 8,492 | |
Timken India Ltd. | 1,508 | 51,880 | |
Titan Co. Ltd. | 4,818 | 220,137 | |
Trent Ltd. | 7,348 | 348,248 | |
TVS Motor Co. Ltd. | 7,982 | 207,850 | |
$2,157,301 | |||
Indonesia — 2.2% | |||
Bank Central Asia Tbk. PT | 95,600 | $60,796 | |
Bank Mandiri Persero Tbk. PT | 145,500 | 66,201 | |
$126,997 | |||
Mexico — 5.6% | |||
Fomento Economico Mexicano SAB de CV ADR | 626 | $81,549 | |
Grupo Aeroportuario del Sureste SAB de CV, Class B | 2,357 | 74,744 | |
Grupo Financiero Banorte SAB de CV, Class O | 11,896 | 126,560 | |
Wal-Mart de Mexico SAB de CV | 9,985 | 40,318 | |
$323,171 | |||
Poland — 0.8% | |||
Dino Polska SA(1)(2) | 501 | $48,603 | |
$48,603 | |||
South Korea — 8.0% | |||
Samsung Electronics Co. Ltd. | 3,307 | $198,743 | |
SK Hynix, Inc. | 2,016 | 267,070 | |
$465,813 | |||
Taiwan — 15.1% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 23,000 | $550,993 | |
Unimicron Technology Corp. | 29,000 | 172,410 | |
Voltronic Power Technology Corp. | 3,000 | 154,732 | |
$878,135 |
Security | Shares | Value | |
Uruguay — 4.0% | |||
Globant SA(1) | 1,151 | $ 232,387 | |
$ 232,387 | |||
Total Common Stocks (identified cost $4,564,084) | $5,654,981 |
Short-Term Investments — 3.5% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(3) | 205,842 | $ 205,842 | |
Total Short-Term Investments (identified cost $205,842) | $ 205,842 |
Total Investments — 100.8% (identified cost $4,769,926) | $5,860,823 | |
Other Assets, Less Liabilities — (0.8)% | $ (46,032) | |
Net Assets — 100.0% | $5,814,791 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(1) | Non-income producing security. |
(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 March 31, 2024, the aggregate value of these securities is $312,895 or 5.4% of the Fund's net assets. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2024. |
At March 31, 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 |
Information Technology | 24.5% |
Financials | 22.8 |
Consumer Discretionary | 20.6 |
Industrials | 14.7 |
Consumer Staples | 10.3 |
Materials | 4.3 |
Health Care | 0.1 |
Total | 97.3% |
Abbreviations: | |
ADR | – American Depositary Receipt |
PFC Shares | – Preference Shares |
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Calvert
Emerging Markets Focused Growth Fund
March 31, 2024
Schedule of Investments (Unaudited) — continued
The Fund did not have any open derivative instruments at March 31, 2024.
Affiliated Investments
At March 31, 2024, the value of the Fund’s investment in funds that may be deemed to be affiliated was $205,842, which represents 3.5% of the Fund’s net assets. Transactions in such investments by the Fund for the fiscal year to date ended March 31, 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 | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(1) | $116,094 | $476,733 | $(386,985) | $ — | $ — | $205,842 | $2,503 | 205,842 |
(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 March 31, 2024, based on the inputs used to value them:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Brazil | $1,422,574 | $ — | $ — | $1,422,574 |
India | — | 2,157,301 | — | 2,157,301 |
Indonesia | — | 126,997 | — | 126,997 |
Mexico | 81,549 | 241,622 | — | 323,171 |
Poland | — | 48,603 | — | 48,603 |
South Korea | — | 465,813 | — | 465,813 |
Taiwan | — | 878,135 | — | 878,135 |
Uruguay | 232,387 | — | — | 232,387 |
Total Common Stocks | $1,736,510 | $3,918,471(1) | $ — | $5,654,981 |
Short-Term Investments | $205,842 | $ — | $ — | $205,842 |
Total Investments | $1,942,352 | $3,918,471 | $ — | $5,860,823 |
(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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