Calvert
Mid-Cap Fund
December 31, 2022
Schedule of Investments (Unaudited)
| Common Stocks — 98.6% |
| Security | Shares | Value | |
| Auto Components — 3.9% | |||
| Aptiv PLC(1) | 54,950 | $ 5,117,493 | |
| Dorman Products, Inc.(1) | 58,418 | 4,724,264 | |
| $ 9,841,757 | |||
| Banks — 3.9% | |||
| Commerce Bancshares, Inc. | 52,980 | $ 3,606,348 | |
| First Republic Bank | 27,040 | 3,295,906 | |
| M&T Bank Corp. | 20,361 | 2,953,567 | |
| $ 9,855,821 | |||
| Building Products — 1.6% | |||
| Trex Co., Inc.(1) | 93,356 | $3,951,759 | |
| $3,951,759 | |||
| Capital Markets — 6.0% | |||
| LPL Financial Holdings, Inc. | 12,941 | $2,797,456 | |
| MarketAxess Holdings, Inc. | 14,980 | 4,177,772 | |
| Raymond James Financial, Inc. | 41,068 | 4,388,116 | |
| Tradeweb Markets, Inc., Class A | 63,249 | 4,106,758 | |
| $15,470,102 | |||
| Chemicals — 2.3% | |||
| Quaker Chemical Corp. | 35,390 | $5,906,591 | |
| $5,906,591 | |||
| Commercial Services & Supplies — 3.3% | |||
| Copart, Inc.(1) | 47,882 | $2,915,535 | |
| Rentokil Initial PLC ADR | 179,368 | 5,526,328 | |
| $8,441,863 | |||
| Communications Equipment — 3.1% | |||
| F5, Inc.(1) | 25,025 | $3,591,338 | |
| Motorola Solutions, Inc. | 17,273 | 4,451,425 | |
| $8,042,763 | |||
| Containers & Packaging — 2.2% | |||
| AptarGroup, Inc. | 51,730 | $5,689,265 | |
| $5,689,265 | |||
| Distributors — 0.9% | |||
| Pool Corp. | 7,556 | $2,284,405 | |
| $2,284,405 | |||
| Security | Shares | Value | |
| Electric Utilities — 2.0% | |||
| Alliant Energy Corp. | 92,486 | $ 5,106,152 | |
| $ 5,106,152 | |||
| Electrical Equipment — 2.8% | |||
| AMETEK, Inc. | 41,593 | $ 5,811,374 | |
| Generac Holdings, Inc.(1) | 14,529 | 1,462,489 | |
| $ 7,273,863 | |||
| Electronic Equipment, Instruments & Components — 1.3% | |||
| TE Connectivity, Ltd. | 29,626 | $ 3,401,065 | |
| $3,401,065 | |||
| Entertainment — 2.3% | |||
| Electronic Arts, Inc. | 47,775 | $5,837,150 | |
| $5,837,150 | |||
| Equity Real Estate Investment Trusts (REITs) — 8.3% | |||
| Equity LifeStyle Properties, Inc. | 91,628 | $5,919,169 | |
| Lamar Advertising Co., Class A | 58,759 | 5,546,850 | |
| Mid-America Apartment Communities, Inc. | 30,857 | 4,844,240 | |
| Rexford Industrial Realty, Inc. | 91,025 | 4,973,606 | |
| $21,283,865 | |||
| Food & Staples Retailing — 2.8% | |||
| Sysco Corp. | 93,339 | $7,135,767 | |
| $7,135,767 | |||
| Health Care Equipment & Supplies — 6.9% | |||
| Cooper Cos., Inc. (The) | 20,794 | $6,875,952 | |
| IDEXX Laboratories, Inc.(1) | 7,461 | 3,043,790 | |
| Teleflex, Inc. | 30,962 | 7,729,044 | |
| $17,648,786 | |||
| Health Care Providers & Services — 0.8% | |||
| R1 RCM, Inc.(1) | 194,636 | $2,131,264 | |
| $2,131,264 | |||
| Hotels, Restaurants & Leisure — 2.3% | |||
| Domino's Pizza, Inc. | 8,595 | $2,977,308 | |
| Wyndham Hotels & Resorts, Inc. | 40,611 | 2,895,970 | |
| $5,873,278 | |||
| Insurance — 4.1% | |||
| RLI Corp. | 47,059 | $6,177,435 | |
| Ryan Specialty Holdings, Inc.(1) | 105,577 | 4,382,501 | |
| $10,559,936 | |||
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Calvert
Mid-Cap Fund
December 31, 2022
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| Interactive Media & Services — 0.6% | |||
| CarGurus, Inc.(1) | 103,221 | $ 1,446,126 | |
| $ 1,446,126 | |||
| IT Services — 2.6% | |||
| VeriSign, Inc.(1) | 32,524 | $ 6,681,731 | |
| $ 6,681,731 | |||
| Life Sciences Tools & Services — 2.2% | |||
| Waters Corp.(1) | 16,223 | $ 5,557,675 | |
| $ 5,557,675 | |||
| Machinery — 7.3% | |||
| Graco, Inc. | 99,578 | $6,697,616 | |
| Nordson Corp. | 29,495 | 7,011,551 | |
| Westinghouse Air Brake Technologies Corp. | 49,560 | 4,946,584 | |
| $18,655,751 | |||
| Multiline Retail — 2.1% | |||
| Dollar General Corp. | 21,712 | $5,346,580 | |
| $5,346,580 | |||
| Multi-Utilities — 2.0% | |||
| CMS Energy Corp. | 80,944 | $5,126,184 | |
| $5,126,184 | |||
| Pharmaceuticals — 1.9% | |||
| Royalty Pharma PLC, Class A | 125,092 | $4,943,636 | |
| $4,943,636 | |||
| Road & Rail — 1.7% | |||
| Landstar System, Inc. | 27,139 | $4,420,943 | |
| $4,420,943 | |||
| Semiconductors & Semiconductor Equipment — 2.6% | |||
| Microchip Technology, Inc. | 92,725 | $6,513,931 | |
| $6,513,931 | |||
| Software — 8.0% | |||
| Fair Isaac Corp.(1) | 13,877 | $8,306,495 | |
| Synopsys, Inc.(1) | 21,475 | 6,856,753 | |
| Tyler Technologies, Inc.(1) | 16,855 | 5,434,220 | |
| $20,597,468 | |||
| Specialty Retail — 3.9% | |||
| Five Below, Inc.(1) | 14,565 | $2,576,112 | |
| Floor & Decor Holdings, Inc., Class A(1)(2) | 37,226 | 2,592,046 | |
| Security | Shares | Value | |
| Specialty Retail (continued) | |||
| O'Reilly Automotive, Inc.(1) | 4,178 | $ 3,526,357 | |
| RH(1)(2) | 5,231 | 1,397,671 | |
| $ 10,092,186 | |||
| Trading Companies & Distributors — 2.9% | |||
| Core & Main, Inc., Class A(1) | 181,659 | $ 3,507,835 | |
| United Rentals, Inc.(1) | 10,868 | 3,862,705 | |
| $ 7,370,540 | |||
| Total Common Stocks (identified cost $243,836,274) | $252,488,203 | ||
| High Social Impact Investments — 0.1% |
| Security | Principal Amount (000's omitted) | Value | |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(3)(4) | $ | 360 | $ 340,466 |
| Total High Social Impact Investments (identified cost $360,000) | $ 340,466 | ||
| Short-Term Investments — 1.3% | |||
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.11%(5) | 3,410,099 | $ 3,410,099 | |
| Total Short-Term Investments (identified cost $3,410,099) | $ 3,410,099 | ||
| Total Investments — 100.0% (identified cost $247,606,373) | $256,238,768 | ||
| Other Assets, Less Liabilities — (0.0)%(6) | $ (75,788) | ||
| Net Assets — 100.0% | $256,162,980 | ||
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
| (1) | Non-income producing security. |
| (2) | All or a portion of this security was on loan at December 31, 2022. The aggregate market value of securities on loan at December 31, 2022 was $3,949,584 and the total market value of the collateral received by the Fund was $4,133,835, comprised of U.S. government and/or agencies securities. |
| (3) | May be deemed to be an affiliated company. |
| (4) | Restricted security. Total market value of restricted securities amounts to $340,466, which represents 0.1% of the net assets of the Fund as of December 31, 2022. |
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Calvert
Mid-Cap Fund
December 31, 2022
Schedule of Investments (Unaudited) — continued
| (5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of December 31, 2022. |
| (6) | Amount is less than (0.05)%. |
| Abbreviations: | |
| ADR | – American Depositary Receipt |
The Fund did not have any open derivative instruments at December 31, 2022.
Restricted Securities
| Description | Acquisition Date | Cost |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $360,000 |
Affiliated Investments
At December 31, 2022, the value of the Fund's investment in Calvert Impact Capital, Inc. and in funds that may be deemed to be affiliated was $3,750,565, which represents 1.4% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended December 31, 2022 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) | $ 334,354 | $ — | $ — | $ — | $6,112 | $ 340,466 | $ 1,350 | $ 360,000 |
| Short-Term Investments | ||||||||
| Liquidity Fund, Institutional Class(2) | 5,423,426 | 5,785,802 | (7,799,129) | — | — | 3,410,099 | 37,847 | 3,410,099 |
| Total | $ — | $6,112 | $3,750,565 | $39,197 | ||||
| (1) | Restricted security. |
| (2) | 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 December 31, 2022, based on the inputs used to value them:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $252,488,203(1) | $ — | $ — | $252,488,203 |
| High Social Impact Investments | — | 340,466 | — | 340,466 |
| Short-Term Investments | 3,410,099 | — | — | 3,410,099 |
| Total Investments | $255,898,302 | $340,466 | $ — | $256,238,768 |
| (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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