Calvert
Small-Cap Fund
June 30, 2024
Schedule of Investments (Unaudited)
| Common Stocks — 99.2% |
| Security | Shares | Value | |
| Aerospace & Defense — 2.9% | |||
| Hexcel Corp. | 485,808 | $ 30,338,710 | |
| Woodward, Inc. | 311,454 | 54,311,348 | |
| $ 84,650,058 | |||
| Automobile Components — 3.5% | |||
| Dorman Products, Inc.(1) | 942,967 | $ 86,262,621 | |
| Visteon Corp.(1) | 126,949 | 13,545,458 | |
| $ 99,808,079 | |||
| Banks — 8.6% | |||
| Commerce Bancshares, Inc. | 1,368,033 | $76,308,881 | |
| Community Financial System, Inc. | 1,279,937 | 60,425,826 | |
| First Financial Bankshares, Inc. | 1,529,991 | 45,180,634 | |
| SouthState Corp. | 733,866 | 56,082,040 | |
| Stock Yards Bancorp, Inc. | 195,450 | 9,708,001 | |
| $247,705,382 | |||
| Building Products — 7.1% | |||
| AAON, Inc. | 503,251 | $43,903,617 | |
| AZEK Co., Inc.(1) | 1,255,797 | 52,906,728 | |
| CSW Industrials, Inc. | 209,075 | 55,469,688 | |
| Hayward Holdings, Inc.(1) | 1,671,517 | 20,559,659 | |
| Janus International Group, Inc.(1) | 2,584,283 | 32,639,494 | |
| $205,479,186 | |||
| Capital Markets — 3.8% | |||
| Cohen & Steers, Inc. | 748,851 | $54,336,628 | |
| Stifel Financial Corp. | 657,658 | 55,341,921 | |
| $109,678,549 | |||
| Chemicals — 2.7% | |||
| Balchem Corp. | 144,018 | $22,171,571 | |
| Quaker Chemical Corp. | 321,375 | 54,537,338 | |
| $76,708,909 | |||
| Consumer Staples Distribution & Retail — 3.4% | |||
| Casey's General Stores, Inc. | 52,951 | $20,203,984 | |
| Chefs' Warehouse, Inc.(1) | 603,450 | 23,600,929 | |
| Performance Food Group Co.(1) | 827,710 | 54,719,908 | |
| $98,524,821 | |||
| Containers & Packaging — 3.2% | |||
| AptarGroup, Inc. | 645,769 | $90,930,733 | |
| $90,930,733 | |||
| Diversified Consumer Services — 0.6% | |||
| Bright Horizons Family Solutions, Inc.(1) | 152,822 | $16,822,646 | |
| $16,822,646 | |||
| Security | Shares | Value | |
| Diversified REITs — 2.9% | |||
| Essential Properties Realty Trust, Inc. | 3,010,215 | $ 83,413,058 | |
| $ 83,413,058 | |||
| Electric Utilities — 2.4% | |||
| IDACORP, Inc. | 729,331 | $ 67,937,183 | |
| $ 67,937,183 | |||
| Electronic Equipment, Instruments & Components — 1.0% | |||
| Badger Meter, Inc. | 152,267 | $ 28,374,955 | |
| $ 28,374,955 | |||
| Financial Services — 1.8% | |||
| Euronet Worldwide, Inc.(1) | 513,029 | $53,098,501 | |
| $53,098,501 | |||
| Food Products — 1.3% | |||
| J&J Snack Foods Corp. | 137,935 | $22,396,506 | |
| Lancaster Colony Corp. | 81,375 | 15,377,434 | |
| $37,773,940 | |||
| Ground Transportation — 1.6% | |||
| Landstar System, Inc. | 255,743 | $47,179,469 | |
| $47,179,469 | |||
| Health Care Equipment & Supplies — 2.5% | |||
| Integer Holdings Corp.(1) | 337,294 | $39,055,272 | |
| Neogen Corp.(1) | 2,122,435 | 33,173,659 | |
| $72,228,931 | |||
| Health Care Providers & Services — 8.5% | |||
| Addus HomeCare Corp.(1) | 354,172 | $41,122,911 | |
| Chemed Corp. | 154,221 | 83,677,230 | |
| Option Care Health, Inc.(1) | 1,677,841 | 46,476,196 | |
| U.S. Physical Therapy, Inc.(2) | 787,311 | 72,763,282 | |
| $244,039,619 | |||
| Hotels, Restaurants & Leisure — 6.8% | |||
| Aramark | 2,369,738 | $80,618,487 | |
| Choice Hotels International, Inc. | 238,028 | 28,325,332 | |
| Texas Roadhouse, Inc. | 119,260 | 20,478,134 | |
| Wyndham Hotels & Resorts, Inc. | 908,320 | 67,215,680 | |
| $196,637,633 | |||
| Industrial REITs — 3.8% | |||
| EastGroup Properties, Inc. | 372,383 | $63,342,348 | |
| Terreno Realty Corp. | 772,914 | 45,741,051 | |
| $109,083,399 | |||
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Calvert
Small-Cap Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| Insurance — 6.2% | |||
| AMERISAFE, Inc. | 500,289 | $ 21,957,684 | |
| First American Financial Corp. | 457,097 | 24,660,383 | |
| Selective Insurance Group, Inc. | 694,790 | 65,192,146 | |
| White Mountains Insurance Group Ltd. | 35,996 | 65,420,930 | |
| $ 177,231,143 | |||
| Machinery — 5.0% | |||
| Albany International Corp., Class A | 556,201 | $ 46,971,175 | |
| Atmus Filtration Technologies, Inc.(1) | 1,006,663 | 28,971,761 | |
| Franklin Electric Co., Inc. | 261,023 | 25,141,735 | |
| Middleby Corp.(1) | 342,737 | 42,022,984 | |
| $143,107,655 | |||
| Professional Services — 2.8% | |||
| CBIZ, Inc.(1) | 1,083,429 | $80,282,089 | |
| $80,282,089 | |||
| Retail REITs — 1.8% | |||
| NETSTREIT Corp.(3) | 3,202,079 | $51,553,472 | |
| $51,553,472 | |||
| Semiconductors & Semiconductor Equipment — 3.1% | |||
| Allegro MicroSystems, Inc.(1) | 955,729 | $26,989,787 | |
| Axcelis Technologies, Inc.(1) | 227,955 | 32,412,922 | |
| Diodes, Inc.(1) | 412,637 | 29,680,979 | |
| $89,083,688 | |||
| Software — 5.9% | |||
| Altair Engineering, Inc., Class A(1) | 200,078 | $19,623,650 | |
| CCC Intelligent Solutions Holdings, Inc.(1) | 1,740,741 | 19,339,633 | |
| Clearwater Analytics Holdings, Inc., Class A(1) | 1,469,964 | 27,223,733 | |
| Envestnet, Inc.(1) | 702,470 | 43,967,597 | |
| Progress Software Corp. | 606,762 | 32,922,906 | |
| SPS Commerce, Inc.(1) | 149,296 | 28,091,536 | |
| $171,169,055 | |||
| Specialized REITs — 1.3% | |||
| CubeSmart | 840,472 | $37,964,120 | |
| $37,964,120 | |||
| Specialty Retail — 0.6% | |||
| Burlington Stores, Inc.(1) | 67,535 | $16,208,400 | |
| $16,208,400 | |||
| Textiles, Apparel & Luxury Goods — 1.1% | |||
| Steven Madden Ltd. | 774,465 | $32,759,870 | |
| $32,759,870 | |||
| Security | Shares | Value | |
| Trading Companies & Distributors — 3.0% | |||
| Core & Main, Inc., Class A(1) | 1,428,029 | $ 69,887,739 | |
| Herc Holdings, Inc. | 113,356 | 15,109,221 | |
| $ 84,996,960 | |||
| Total Common Stocks (identified cost $2,401,394,977) | $2,854,431,503 | ||
| Short-Term Investments — 0.2% | |||
| Affiliated Fund — 0.0%(4) | |||
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(5) | 3,320 | $ 3,320 | |
| Total Affiliated Fund (identified cost $3,320) | $ 3,320 | ||
| Securities Lending Collateral — 0.2% | |||
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(6) | 4,803,150 | $ 4,803,150 | |
| Total Securities Lending Collateral (identified cost $4,803,150) | $ 4,803,150 | ||
| Total Short-Term Investments (identified cost $4,806,470) | $ 4,806,470 | ||
| Total Investments — 99.4% (identified cost $2,406,201,447) | $2,859,237,973 | ||
| Other Assets, Less Liabilities — 0.6% | $ 16,974,330 | ||
| Net Assets — 100.0% | $2,876,212,303 | ||
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
| (1) | Non-income producing security. |
| (2) | Affiliated company. |
| (3) | 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 $4,686,710 and the total market value of the collateral received by the Fund was $4,803,150, comprised of cash. |
| (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 June 30, 2024. |
| (6) | Represents investment of cash collateral received in connection with securities lending. |
| Abbreviations: | |
| REITs | – Real Estate Investment Trusts |
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Calvert
Small-Cap Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
The Fund did not have any open derivative instruments at June 30, 2024.
Affiliated Investments
An affiliated company is a company in which a fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares, or a company that is under common ownership or control with a fund.
At June 30, 2024, the value of the Fund's investment in Calvert Impact Capital, Inc. and affiliated companies and in funds that may be deemed to be affiliated was $72,766,602, which represents 2.5% 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 | $ 2,485,451 | $ — | $ (2,520,000) | $ — | $ 34,549 | $ — | $ 7,770 | $ — |
| Common Stocks* | ||||||||
| U.S. Physical Therapy, Inc. | 62,396,764 | 10,026,473 | — | — | 340,045 | 72,763,282 | 1,001,489 | 787,311 |
| Short-Term Investments | ||||||||
| Liquidity Fund, Institutional Class(1) | 48,525,331 | 376,935,485 | (425,457,496) | — | — | 3,320 | 740,627 | 3,320 |
| Total | $ — | $374,594 | $72,766,602 | $1,749,886 | ||||
| (1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
| * | The related industry is the same as the presentation in the Portfolio of Investments. |
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 June 30, 2024, based on the inputs used to value them:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $2,854,431,503(1) | $ — | $ — | $2,854,431,503 |
| Short-Term Investments: | ||||
| Affiliated Fund | 3,320 | — | — | 3,320 |
| Securities Lending Collateral | 4,803,150 | — | — | 4,803,150 |
| Total Investments | $2,859,237,973 | $ — | $ — | $2,859,237,973 |
| (1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
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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