Calvert
Emerging Markets Equity Fund
December 31, 2023
Schedule of Investments (Unaudited)
Common Stocks — 99.5% |
Security | Shares | Value | |
Brazil — 4.5% | |||
Itausa S.A., PFC Shares | 26,256,034 | $ 55,988,463 | |
Localiza Rent a Car S.A. | 2,339,903 | 30,635,867 | |
WEG S.A. | 753,200 | 5,721,857 | |
$ 92,346,187 | |||
Chile — 2.8% | |||
Banco de Chile | 376,007,674 | $ 44,190,704 | |
Falabella S.A.(1) | 5,801,192 | 14,487,744 | |
$ 58,678,448 | |||
China — 17.8% | |||
Alibaba Group Holding, Ltd. | 7,714,059 | $74,305,943 | |
BYD Co., Ltd., Class H | 1,160,000 | 31,998,173 | |
Centre Testing International Group Co., Ltd., Class A | 2,321,000 | 4,648,699 | |
China Overseas Property Holdings, Ltd. | 24,081,624 | 18,072,305 | |
H World Group, Ltd. ADR | 627,462 | 20,982,329 | |
Hangzhou Tigermed Consulting Co., Ltd., Class A | 3,178,661 | 24,614,990 | |
Hangzhou Tigermed Consulting Co., Ltd., Class H(2) | 19,600 | 88,756 | |
JD.com, Inc., Class A | 2,125,287 | 30,695,686 | |
NARI Technology Co., Ltd., Class A | 14,660,891 | 46,126,700 | |
Shenzhen Inovance Technology Co., Ltd., Class A | 4,157,164 | 37,028,981 | |
Tencent Holdings, Ltd. | 2,119,771 | 80,031,637 | |
$368,594,199 | |||
Hong Kong — 5.4% | |||
AIA Group, Ltd. | 7,153,817 | $62,258,804 | |
Hong Kong Exchanges & Clearing, Ltd. | 1,145,000 | 39,273,796 | |
Samsonite International S.A.(1)(2) | 3,258,182 | 10,749,465 | |
$112,282,065 | |||
Hungary — 2.3% | |||
Richter Gedeon Nyrt | 1,904,574 | $48,044,084 | |
$48,044,084 | |||
India — 16.1% | |||
Bajaj Finserv, Ltd. | 1,226,590 | $24,863,423 | |
Bharat Forge, Ltd. | 772,154 | 11,480,632 | |
HDFC Bank, Ltd. | 2,374,940 | 48,612,247 | |
Hero MotoCorp, Ltd. | 576,790 | 28,715,509 | |
ICICI Bank, Ltd. | 3,750,806 | 44,902,330 | |
Infosys, Ltd. | 2,985,989 | 55,263,133 | |
Maruti Suzuki India, Ltd. | 368,885 | 45,640,097 | |
Max Healthcare Institute, Ltd. | 2,647,288 | 21,815,674 | |
Samvardhana Motherson International, Ltd. | 13,743,904 | 16,769,841 | |
SBI Life Insurance Co., Ltd.(2) | 2,095,465 | 36,049,861 | |
$334,112,747 | |||
Indonesia — 3.3% | |||
Bank Rakyat Indonesia Persero Tbk PT | 181,795,513 | $67,567,512 | |
$67,567,512 |
Security | Shares | Value | |
Malaysia — 1.9% | |||
Press Metal Aluminium Holdings Bhd | 38,438,400 | $ 40,217,734 | |
$ 40,217,734 | |||
Mexico — 3.6% | |||
Grupo Financiero Banorte SAB de CV, Class O | 3,974,742 | $ 40,049,370 | |
Wal-Mart de Mexico SAB de CV | 8,103,948 | 34,069,893 | |
$ 74,119,263 | |||
South Africa — 7.6% | |||
Clicks Group, Ltd. | 2,118,831 | $ 37,975,312 | |
FirstRand, Ltd. | 7,187,292 | 28,835,303 | |
Prosus NV(3) | 2,957,999 | 90,942,412 | |
$157,753,027 | |||
South Korea — 11.8% | |||
KB Financial Group, Inc. | 631,928 | $26,365,157 | |
LG Chem, Ltd. | 56,995 | 21,921,603 | |
Samsung Electronics Co., Ltd. | 3,242,095 | 196,784,767 | |
$245,071,527 | |||
Sweden — 1.1% | |||
Epiroc AB, Class A | 1,144,685 | $23,041,232 | |
$23,041,232 | |||
Taiwan — 17.4% | |||
Accton Technology Corp. | 1,560,000 | $26,514,977 | |
Airtac International Group | 816,000 | 26,812,235 | |
Chailease Holding Co., Ltd. | 3,743,380 | 23,522,436 | |
Delta Electronics, Inc. | 2,686,000 | 27,392,986 | |
Lotes Co., Ltd. | 1,243,000 | 43,223,364 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 9,612,000 | 184,276,823 | |
Wiwynn Corp. | 500,000 | 29,605,252 | |
$361,348,073 | |||
United Arab Emirates — 1.7% | |||
Abu Dhabi Commercial Bank PJSC | 13,801,851 | $34,511,102 | |
$34,511,102 | |||
United States — 2.2% | |||
Micron Technology, Inc. | 520,690 | $44,435,685 | |
$44,435,685 | |||
Total Common Stocks (identified cost $1,883,386,685) | $2,062,122,885 |
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Calvert
Emerging Markets Equity Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
Rights — 0.0%(4) |
Security | Shares | Value | |
Brazil — 0.0%(4) | |||
Localiza Rent a Car S.A., Exp. 2/5/24(1) | 8,395 | $ 34,564 | |
Total Rights (identified cost $0) | $ 34,564 |
Short-Term Investments — 0.0%(4) |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(5) | 3,686 | $ 3,686 | |
Total Short-Term Investments (identified cost $3,686) | $ 3,686 |
Total Investments — 99.5% (identified cost $1,883,390,371) | $2,062,161,135 | |
Other Assets, Less Liabilities — 0.5% | $ 10,386,107 | |
Net Assets — 100.0% | $2,072,547,242 |
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 December 31, 2023, the aggregate value of these securities is $46,888,082 or 2.3% of the Fund's net assets. |
(3) | 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 $3,688,488 and the total market value of the collateral received by the Fund was $3,744,427, comprised of U.S. government and/or agencies securities. |
(4) | Amount is less than 0.05%. |
(5) | 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 |
Information Technology | 29.3% |
Financials | 27.8 |
Consumer Discretionary | 18.2 |
Industrials | 8.4 |
Health Care | 4.6 |
Communication Services | 3.8 |
Consumer Staples | 3.5 |
Materials | 3.0 |
Real Estate | 0.9 |
Total | 99.5% |
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 Calvert Impact Capital, Inc. and in funds that may be deemed to be affiliated was $3,686, which represents less than 0.05% 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) | $5,099,119 | $ — | $ (5,170,000) | $ — | $70,881 | $ — | $ 15,941 | $ — |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(2) | 7,808 | 93,690,968 | (93,695,090) | — | — | 3,686 | 127,901 | 3,686 |
Total | $ — | $70,881 | $3,686 | $143,842 |
(1) | Restricted security. |
(2) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
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Calvert
Emerging Markets Equity Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued
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: | ||||
Brazil | $ — | $92,346,187 | $ — | $92,346,187 |
Chile | — | 58,678,448 | — | 58,678,448 |
China | 20,982,329 | 347,611,870 | — | 368,594,199 |
Hong Kong | — | 112,282,065 | — | 112,282,065 |
Hungary | — | 48,044,084 | — | 48,044,084 |
India | — | 334,112,747 | — | 334,112,747 |
Indonesia | — | 67,567,512 | — | 67,567,512 |
Malaysia | — | 40,217,734 | — | 40,217,734 |
Mexico | 74,119,263 | — | — | 74,119,263 |
South Africa | — | 157,753,027 | — | 157,753,027 |
South Korea | — | 245,071,527 | — | 245,071,527 |
Sweden | — | 23,041,232 | — | 23,041,232 |
Taiwan | — | 361,348,073 | — | 361,348,073 |
United Arab Emirates | — | 34,511,102 | — | 34,511,102 |
United States | 44,435,685 | — | — | 44,435,685 |
Total Common Stocks | $139,537,277 | $1,922,585,608(1) | $ — | $2,062,122,885 |
Rights | $34,564 | $ — | $ — | $34,564 |
Short-Term Investments | 3,686 | — | — | 3,686 |
Total Investments | $139,575,527 | $1,922,585,608 | $ — | $2,062,161,135 |
(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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