Calvert International Equity Fund (CWVGX) NPORT-P Calvert Mid-Cap Fund (Dec 2019 report)

Calvert

Mid-Cap Fund

December 31, 2019

Schedule of Investments (Unaudited)

Common Stocks — 98.1%

Security	Shares		Value
Aerospace & Defense — 2.2%
CAE, Inc.		85,600	$	2,266,319
Hexcel Corp.		37,952		2,782,261
			$	5,048,580
Auto Components — 1.8%
Aptiv PLC		42,812	$	4,065,856
Banks — 0.8%
First Republic Bank		14,725	$	1,729,451
Biotechnology — 1.1%
Emergent BioSolutions, Inc.(1)		48,711	$	2,627,959
Building Products — 2.2%
Fortune Brands Home & Security, Inc.		49,506	$	3,234,722
Trex Co., Inc.(1)(2)		20,059		1,802,903
			$	5,037,625
Capital Markets — 5.3%
Cboe Global Markets, Inc.		28,100	$	3,372,000
Northern Trust Corp.		37,067		3,937,998
SEI Investments Co.		35,446		2,321,004
Tradeweb Markets, Inc., Class A		55,744		2,583,735
			$	12,214,737
Chemicals — 1.7%
Sherwin-Williams Co. (The)		6,900	$	4,026,426
Commercial Services & Supplies — 2.0%
Republic Services, Inc., Class A		31,600	$	2,832,308
Tetra Tech, Inc.		21,100		1,817,976
			$	4,650,284
Communications Equipment — 1.0%
Motorola Solutions, Inc.		14,117	$	2,274,813
Consumer Finance — 1.3%
Discover Financial Services		36,200	$	3,070,484
Containers & Packaging — 0.9%
Ball Corp.		31,922	$	2,064,396

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Security	Shares		Value
Diversified Consumer Services — 2.1%
Bright Horizons Family Solutions, Inc.(1)		16,106	$	2,420,571
ServiceMaster Global Holdings, Inc.(1)		63,114		2,439,987
			$	4,860,558
Electric Utilities — 2.2%
Xcel Energy, Inc.		80,466	$	5,108,786
Electrical Equipment — 1.5%
AMETEK, Inc.		34,632	$	3,454,196
Electronic Equipment, Instruments & Components — 2.2%
CDW Corp.		23,582	$	3,368,453
Zebra Technologies Corp., Class A(1)		6,876		1,756,405
			$	5,124,858
Energy Equipment & Services — 0.9%
Oceaneering International, Inc.(1)		131,615	$	1,962,380
Entertainment — 0.7%
Electronic Arts, Inc.(1)		15,977	$	1,717,687
Equity Real Estate Investment Trusts (REITs) — 9.6%
AvalonBay Communities, Inc.		22,032	$	4,620,110
Extra Space Storage, Inc.		42,553		4,494,448
Lamar Advertising Co., Class A		49,533		4,421,316
Mid-America Apartment Communities, Inc.		32,300		4,259,078
National Retail Properties, Inc.		81,952		4,394,266
			$	22,189,218
Food & Staples Retailing — 0.8%
BJ’s Wholesale Club Holdings, Inc.(1)(2)		81,773	$	1,859,518
Food Products — 3.4%
Conagra Brands, Inc.		62,914	$	2,154,175
Lamb Weston Holdings, Inc.		35,218		3,029,805
Nomad, Foods, Ltd.(1)		114,250		2,555,772
			$	7,739,752
Health Care Equipment & Supplies — 3.3%
Cooper Cos., Inc. (The)		8,444	$	2,712,973
Haemonetics Corp.(1)		11,600		1,332,840
Teleflex, Inc.		9,225		3,472,659
			$	7,518,472
Health Care Providers & Services — 4.2%
Amedisys, Inc.(1)		15,319	$	2,557,047
Centene Corp.(1)		74,693		4,695,949
Chemed Corp.		5,500		2,415,930
			$	9,668,926
Independent Power and Renewable Electricity Producers — 1.2%
NextEra Energy Partners LP		51,408	$	2,706,631

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Security	Shares		Value
Insurance — 7.2%
Alleghany Corp.(1)		3,234	$	2,585,809
Allstate Corp. (The)		23,800		2,676,310
American Financial Group, Inc.		27,053		2,966,361
Assurant, Inc.		30,331		3,975,788
First American Financial Corp.		38,918		2,269,698
RLI Corp.		25,001		2,250,590
			$	16,724,556
Interactive Media & Services — 0.8%
IAC/InterActiveCorp.(1)		7,135	$	1,777,400
IT Services — 6.4%
Amdocs, Ltd.		39,488	$	2,850,639
Black Knight, Inc.(1)		74,800		4,823,104
Cognizant Technology Solutions Corp., Class A		70,117		4,348,656
CSG Systems International, Inc.		55,000		2,847,900
			$	14,870,299
Life Sciences Tools & Services — 2.0%
Agilent Technologies, Inc.		55,401	$	4,726,259
Machinery — 2.5%
Fortive Corp.		40,317	$	3,079,816
Xylem, Inc.		34,067		2,684,139
			$	5,763,955
Metals & Mining — 2.0%
Steel Dynamics, Inc.		136,139	$	4,634,172
Multi-Utilities — 4.4%
CMS Energy Corp.		76,671	$	4,818,006
Sempra Energy		35,747		5,414,955
			$	10,232,961
Pharmaceuticals — 1.6%
Jazz Pharmaceuticals PLC(1)		24,225	$	3,616,308
Professional Services — 2.9%
IHS Markit, Ltd.(1)		48,815	$	3,678,210
Verisk Analytics, Inc.		20,051		2,994,417
			$	6,672,627
Semiconductors & Semiconductor Equipment — 4.3%
Analog Devices, Inc.		23,414	$	2,782,520
NXP Semiconductors NV		22,525		2,866,531
Skyworks Solutions, Inc.		35,441		4,284,108
			$	9,933,159

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Security	Shares		Value
Software — 5.1%
ACI Worldwide, Inc.(1)		92,269	$	3,495,611
ANSYS, Inc.(1)		11,227		2,889,942
Bill.Com Holdings, Inc.(1)		15,355		584,258
CDK Global, Inc.		61,800		3,379,224
RealPage, Inc.(1)		25,300		1,359,875
			$	11,708,910
Specialty Retail — 3.9%
Best Buy Co., Inc.		49,825	$	4,374,635
National Vision Holdings, Inc.(1)		80,300		2,604,129
Tiffany & Co.		14,791		1,976,817
			$	8,955,581
Textiles, Apparel & Luxury Goods — 2.6%
Columbia Sportswear Co.(2)		23,200	$	2,324,408
Gildan Activewear, Inc.		121,904		3,599,825
			$	5,924,233
Total Common Stocks (identified cost $183,447,068)			$	226,262,013
High Social Impact Investments — 0.6%
Security	Principal Amount (000’s omitted)		Value
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(3)(4)	$	697	$	684,205
ImpactAssets Inc., Global Sustainable Agriculture Notes, 3.39%, 11/3/20(4)(5)		309		308,237
ImpactAssets Inc., Microfinance Plus Notes, 1.98%, 11/3/20(4)(5)		398		391,994
Total High Social Impact Investments (identified cost $1,403,903)			$	1,384,436
Total Investments (identified cost $184,850,971) — 98.7%			$	227,646,449
Other Assets, Less Liabilities — 1.3%			$	3,098,426
Net Assets — 100.0%			$	230,744,875

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

NOTES TO SCHEDULE OF INVESTMENTS

(1) Non-income producing security.

(2) All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $5,575,217 and the total market value of the collateral received by the Fund was $5,687,894, comprised of U.S. government and/or agencies securities.

(3) Affiliated company.

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(4) Restricted security. Total market value of restricted securities amounts to $1,384,436, which represents 0.6% of the net assets of the Fund as of December 31, 2019.

(5) Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at December 31, 2019.

Restricted Securities

Description	Acquisition Dates		Cost
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20		12/13/19	$	696,903
ImpactAssets Inc., Global Sustainable Agriculture Notes, 3.39%, 11/3/20		11/13/15		309,000
ImpactAssets Inc., Microfinance Plus Notes, 1.98%, 11/3/20		11/13/15		398,000

At December 31, 2019, the value of the Fund’s investment in Calvert Impact Capital, Inc. (the Notes) was $684,205, which represents 0.3% of the Fund’s net assets. Transactions in the Notes by the Fund for the fiscal year to date ended December 31, 2019 were as follows:

Name of Issuer	Value, beginning of period		Purchases		Sales Proceeds			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value, end of period		Interest Income		Capital Gain Distributions Received		Principal amount, end of period
High Social Impact Investments
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1)	$	2,605,631	$	—	$	(2,619,488	)	$	—	$	13,857		$	—	$	7,640	$	—	$	—
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1)		—		696,903		—			—		(12,698	)		684,205		290		—		696,903
Total								$	—	$	1,159		$	684,205	$	7,930	$	—

(1) Restricted security

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.

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The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:

Assets	Level 1			Level 2		Level 3		Total
Common Stocks	$	226,262,013	(1)	$	—	$	—	$	226,262,013
High Social Impact Investments		—			1,384,436		—		1,384,436
Total Investments	$	226,262,013		$	1,384,436	$	—	$	227,646,449

(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 semiannual or annual report to shareholders.

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