Calvert International Equity Fund (CWVGX) NPORT-P Calvert Emerging Markets Equity Fund (Dec 2019 report)

Calvert

Emerging Markets Equity Fund

December 31, 2019

Schedule of Investments (Unaudited)

Common Stocks — 98.3%

Security	Shares		Value
Brazil — 8.6%
BB Seguridade Participacoes SA		5,036,367	$	47,199,900
Duratex SA		10,115,941		42,046,022
Hapvida Participacoes e Investimentos SA(1)		1,806,000		28,688,045
IRB Brasil Resseguros SA		2,872,300		27,811,193
Itau Unibanco Holding SA, PFC Shares		5,878,757		54,217,785
Notre Dame Intermedica Participacoes SA		1,866,256		31,663,304
			$	231,626,249
China — 24.3%
Aier Eye Hospital Group Co., Ltd., Class A		3,792,716	$	21,573,906
Alibaba Group Holding, Ltd. ADR(2)		917,174		194,532,605
Autohome, Inc. ADR(2)(3)		366,592		29,331,026
Baozun, Inc. ADR(2)(3)		1,252,005		41,466,406
China Communications Services Corp., Ltd., Class H		67,190,000		48,980,366
China Mengniu Dairy Co., Ltd.		12,432,310		50,289,835
Gree Electric Appliances, Inc. of Zhuhai, Class A		3,035,925		28,631,038
NARI Technology Co., Ltd., Class A		25,106,300		76,441,606
Shenzhen International Holdings Ltd.		21,170,873		46,510,802
Tencent Holdings, Ltd.		2,350,096		113,218,516
			$	650,976,106
Egypt — 1.4%
Commercial International Bank Egypt SAE		7,189,378	$	37,168,825
Hong Kong — 6.6%
AIA Group, Ltd.		6,058,943	$	63,727,721
Samsonite International SA(1)		16,746,731		40,280,275
Techtronic Industries Co. Ltd.		9,074,790		74,065,651
			$	178,073,647
Hungary — 1.8%
Richter Gedeon Nyrt		2,196,992	$	47,775,170
India — 13.6%
Bharat Forge, Ltd.		4,437,572	$	30,063,326
Container Corp. of India, Ltd.		3,232,302		25,944,449
HCL Technologies, Ltd.		4,852,650		38,691,292
HDFC Bank, Ltd. ADR		1,033,168		65,471,856
Hero MotoCorp, Ltd.		1,025,281		35,143,167
ICICI Bank, Ltd.		5,522,975		41,865,490
Motherson Sumi Systems, Ltd.		18,163,821		37,340,529
Power Grid Corp. of India, Ltd.		11,124,194		29,708,124
SBI Life Insurance Co., Ltd.(1)		2,156,461		29,050,277
Tech Mahindra, Ltd.		3,095,826		33,023,620
			$	366,302,130

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Security	Shares		Value
Indonesia — 2.9%
Bank Rakyat Indonesia Persero Tbk PT		249,890,762	$	79,096,884
Mexico — 1.5%
Wal-Mart de Mexico SAB de CV		13,875,496	$	39,834,030
Netherlands — 2.7%
Prosus NV(2)		960,106	$	72,294,796
Peru — 1.1%
Credicorp, Ltd.		140,418	$	29,927,288
Russia — 2.7%
Mail.ru Group, Ltd., GDR(2)		1,470,759	$	32,773,031
Yandex NV, Class A(2)		942,236		40,977,844
			$	73,750,875
South Africa — 2.3%
Foschini Group, Ltd. (The)(3)		3,047,574	$	32,552,666
Shoprite Holdings, Ltd.		3,190,400		28,694,578
			$	61,247,244
South Korea — 11.1%
KB Financial Group, Inc.(2)		1,533,451	$	63,175,047
NCSoft Corp.		94,705		44,189,823
Samsung Electronics Co., Ltd.		3,936,874		189,705,529
			$	297,070,399
Taiwan — 14.1%
Accton Technology Corp.		8,563,000	$	48,068,583
Advantech Co., Ltd.		3,321,983		33,497,944
Chipbond Technology Corp.		16,264,000		36,549,549
Delta Electronics, Inc.		14,800,000		74,893,534
LandMark Optoelectronics Corp.		2,880,900		29,763,506
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		2,667,867		155,003,073
			$	377,776,189
Turkey — 1.4%
BIM Birlesik Magazalar AS		4,769,284	$	37,395,795
United Kingdom — 2.2%
NMC Health PLC(3)		2,487,578	$	58,282,373
Total Common Stocks (identified cost $2,334,540,753)			$	2,638,598,000

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High Social Impact Investments — 0.3%
Security	Principal Amount (000’s omitted)		Value
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(4)(5)	$	7,467	$	7,330,823
ImpactAssets Inc., Global Sustainable Agriculture Notes, 3.39%, 11/3/20(4)(6)		43		42,894
ImpactAssets Inc., Microfinance Plus Notes, 1.98%, 11/3/20(4)(6)		56		55,155
Total High Social Impact Investments (identified cost $7,565,870)			$	7,428,872
Short-Term Investments — 2.7%
Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56%(7)		71,442,606	$	71,442,606
Total Short-Term Investments (identified cost $71,442,606)			$	71,442,606
Total Investments (identified cost $2,413,549,229) — 101.3%			$	2,717,469,478
Other Assets, Less Liabilities — (1.3%)			$	(34,636,714	)
Net Assets — 100.0%			$	2,682,832,764

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

Notes to Schedule of Investments

(1) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $98,018,597, which represents 3.7% of the net assets of the Fund as of December 31, 2019.

(2) Non-income producing security.

(3) 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 $114,789,248 and the total market value of the collateral received by the Fund was $120,241,945, comprised of cash of $71,442,606 and U.S. government and/or agencies securities of $48,799,339.

(4) Restricted security. Total market value of restricted securities amounts to $7,428,872, which represents 0.3% of the net assets of the Fund as of December 31, 2019.

(5) Affiliated company.

(6) 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.

(7) Represents investment of cash collateral received in connection with securities lending.

Abbreviations:

ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipts
PFC Shares	-	Preference Shares

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At December 31, 2019, 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		23.8	%
Financials		20.1
Consumer Discretionary		19.1
Industrials		10.1
Communication Services		9.7
Health Care		7.0
Consumer Staples		5.8
Materials		1.6
Utilities		1.1
High Social Impact Investments		0.3
Short-Term Investments		2.7
Total		101.3	%

Restricted Securities

Description	ACQUISITION DATES		COST
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20		12/13/19	$	7,466,870
ImpactAssets Inc., Global Sustainable Agriculture Notes, 3.39%, 11/3/20		11/13/15		43,000
ImpactAssets Inc., Microfinance Plus Notes, 1.98%, 11/3/20		11/13/15		56,000

At December 31, 2019, the value of the Fund’s investment in Calvert Impact Capital, Inc. (the Notes) was $7,330,823, 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)	$	1,989,420	$	—	$	(2,000,000	)	$	—	$	10,580		$	—	$	6,250	$	—	$	—
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1)		—		7,466,870		—			—		(136,047	)		7,330,823		3,111		—		7,466,870
Totals								$	—	$	(125,467	)	$	7,330,823	$	9,361	$	—

(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:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Brazil	$	231,626,249	$	—		$	—	$	231,626,249
China		265,330,037		385,646,069			—		650,976,106
India		65,471,856		300,830,274			—		366,302,130
Mexico		39,834,030		—			—		39,834,030
Peru		29,927,288		—			—		29,927,288
Russia		40,977,844		32,773,031			—		73,750,875
Taiwan		155,003,073		222,773,116			—		377,776,189
Other Countries(1)		—		868,405,133			—		868,405,133
Total Common Stocks	$	828,170,377	$	1,810,427,623	(2)	$	—	$	2,638,598,000
High Social Impact Investments		—		7,428,872			—		7,428,872
Short-Term Investments		71,442,606		—			—		71,442,606
Total	$	899,612,983	$	1,817,856,495		$	—	$	2,717,469,478

(1) For further breakdown of equity securities by country, please refer to the Schedule of Investments.

(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.

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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