Calvert
International Equity Fund
June 30, 2023
Schedule of Investments (Unaudited)
| Common Stocks — 99.4% |
| Security | Shares | Value | |
| Australia — 2.5% | |||
| CSL, Ltd.(1) | 141,734 | $ 26,246,133 | |
| $ 26,246,133 | |||
| Belgium — 2.0% | |||
| KBC Group NV | 307,710 | $ 21,478,402 | |
| $ 21,478,402 | |||
| Denmark — 2.9% | |||
| Novo Nordisk A/S, Class B | 189,244 | $ 30,570,419 | |
| $ 30,570,419 | |||
| France — 10.6% | |||
| LVMH Moet Hennessy Louis Vuitton SE | 36,427 | $34,347,464 | |
| Safran S.A. | 153,148 | 23,999,776 | |
| Sanofi | 271,938 | 29,275,691 | |
| Schneider Electric SE | 130,771 | 23,758,034 | |
| $111,380,965 | |||
| Germany — 6.0% | |||
| Infineon Technologies AG | 499,568 | $20,573,324 | |
| Sartorius AG, PFC Shares | 38,154 | 13,218,786 | |
| Siemens AG | 174,848 | 29,147,315 | |
| $62,939,425 | |||
| Hong Kong — 3.0% | |||
| AIA Group, Ltd. | 3,133,584 | $31,826,235 | |
| $31,826,235 | |||
| India — 2.2% | |||
| HDFC Bank, Ltd. | 1,086,256 | $22,534,244 | |
| $22,534,244 | |||
| Japan — 14.2% | |||
| Dentsu Group, Inc.(1) | 494,838 | $16,273,804 | |
| Kao Corp.(1) | 453,902 | 16,472,059 | |
| Keyence Corp. | 38,828 | 18,449,374 | |
| Kose Corp. | 156,427 | 15,037,230 | |
| Nihon M&A Center Holdings, Inc. | 1,525,300 | 11,735,645 | |
| Olympus Corp. | 1,286,141 | 20,353,628 | |
| Recruit Holdings Co., Ltd. | 683,801 | 21,823,729 | |
| Yamaha Corp. | 747,460 | 28,792,774 | |
| $148,938,243 | |||
| Netherlands — 4.9% | |||
| ASML Holding NV | 45,508 | $33,008,261 | |
| Security | Shares | Value | |
| Netherlands (continued) | |||
| IMCD NV | 126,125 | $ 18,150,773 | |
| $ 51,159,034 | |||
| Singapore — 2.1% | |||
| DBS Group Holdings, Ltd. | 934,131 | $ 21,814,544 | |
| $ 21,814,544 | |||
| South Africa — 1.2% | |||
| Vodacom Group, Ltd. | 2,010,891 | $ 12,530,441 | |
| $ 12,530,441 | |||
| Spain — 8.8% | |||
| Amadeus IT Group S.A.(2) | 326,249 | $24,843,981 | |
| Banco Santander S.A. | 6,531,756 | 24,181,464 | |
| Iberdrola S.A. | 3,275,531 | 42,774,516 | |
| $91,799,961 | |||
| Sweden — 3.0% | |||
| Assa Abloy AB, Class B | 735,156 | $17,670,919 | |
| Indutrade AB | 611,129 | 13,793,487 | |
| $31,464,406 | |||
| Switzerland — 9.8% | |||
| Lonza Group AG | 38,493 | $23,007,748 | |
| Nestle S.A. | 498,361 | 59,948,603 | |
| Straumann Holding AG | 122,127 | 19,858,577 | |
| $102,814,928 | |||
| Taiwan — 1.4% | |||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 146,744 | $14,809,404 | |
| $14,809,404 | |||
| United Kingdom — 24.8% | |||
| Abcam PLC ADR(2) | 589,875 | $14,434,241 | |
| Ashtead Group PLC | 249,687 | 17,311,007 | |
| AstraZeneca PLC | 268,822 | 38,536,763 | |
| Compass Group PLC | 1,062,502 | 29,753,359 | |
| Halma PLC | 586,167 | 16,966,795 | |
| HSBC Holdings PLC | 4,392,504 | 34,779,121 | |
| InterContinental Hotels Group PLC | 433,670 | 29,978,072 | |
| London Stock Exchange Group PLC | 215,907 | 22,979,702 | |
| Reckitt Benckiser Group PLC | 491,327 | 36,923,597 | |
| RELX PLC | 562,979 | 18,781,361 | |
| $260,444,018 | |||
| Total Common Stocks (identified cost $934,396,161) | $1,042,750,802 | ||
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Calvert
International Equity Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
| 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) | $ | 880 | $ 855,043 |
| Total High Social Impact Investments (identified cost $880,000) | $ 855,043 | ||
| Preferred Stocks — 0.0%(5) |
| Security | Shares | Value | |
| Venture Capital — 0.0%(5) | |||
| Bioceptive, Inc.: | |||
| Series A(2)(4)(6) | 582,574 | $ 0 | |
| Series B(2)(4)(6) | 40,523 | 0 | |
| FINAE, Series D(2)(4)(6) | 2,597,442 | 151,747 | |
| Total Preferred Stocks (identified cost $491,304) | $ 151,747 | ||
| Venture Capital Limited Partnership Interests — 0.1% |
| Security | Value | ||
| Africa Renewable Energy Fund L.P.(2)(4)(6) | $ 888,730 | ||
| Emerald Sustainability Fund I L.P.(2)(4)(6) | 46,690 | ||
| gNet Defta Development Holding LLC(2)(3)(4)(6) | 150,301 | ||
| SEAF India International Growth Fund L.P.(2)(4)(6) | 0 | ||
| Total Venture Capital Limited Partnership Interests (identified cost $1,986,717) | $ 1,085,721 |
| Short-Term Investments — 3.3% |
| Affiliated Fund — 0.1% | |||
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.03%(7) | 1,518,367 | $ 1,518,367 | |
| Total Affiliated Fund (identified cost $1,518,367) | $ 1,518,367 | ||
| Securities Lending Collateral — 3.2% | |||
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%(8) | 33,100,050 | $ 33,100,050 | |
| Total Securities Lending Collateral (identified cost $33,100,050) | $ 33,100,050 | ||
| Total Short-Term Investments (identified cost $34,618,417) | $ 34,618,417 | ||
| Total Investments — 102.9% (identified cost $972,372,599) | $1,079,461,730 | |
| Other Assets, Less Liabilities — (2.9)% | $ (30,485,549) | |
| Net Assets — 100.0% | $1,048,976,181 |
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
| (1) | All or a portion of this security was on loan at June 30, 2023. The aggregate market value of securities on loan at June 30, 2023 was $32,157,074 and the total market value of the collateral received by the Fund was $33,604,853, comprised of cash of $33,100,050 and U.S. government and/or agencies securities of $504,803. |
| (2) | Non-income producing security. |
| (3) | May be deemed to be an affiliated company. |
| (4) | Restricted security. Total market value of restricted securities amounts to $2,092,511, which represents 0.2% of the net assets of the Fund as of June 30, 2023. |
| (5) | Amount is less than 0.05%. |
| (6) | For fair value measurement disclosure purposes, security is categorized as Level 3. |
| (7) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2023. |
| (8) | Represents investment of cash collateral received in connection with securities lending. |
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Calvert
International Equity Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
At June 30, 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 |
| Health Care | 20.5% |
| Industrials | 18.7 |
| Financials | 17.1 |
| Consumer Discretionary | 14.1 |
| Consumer Staples | 12.2 |
| Information Technology | 9.9 |
| Utilities | 4.1 |
| Communication Services | 2.8 |
| Venture Capital | 0.1 |
| High Social Impact Investments | 0.1 |
| Total | 99.6% |
Restricted Securities
| Description | Acquisition Dates | Cost |
| Africa Renewable Energy Fund L.P. | 4/17/14-5/13/19 | $997,005 |
| Bioceptive, Inc., Series A | 10/26/12-12/18/13 | 252,445 |
| Bioceptive, Inc., Series B | 1/7/16 | 16,250 |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | 880,000 |
| Emerald Sustainability Fund I L.P. | 7/19/01-5/17/11 | 393,935 |
| FINAE, Series D | 2/28/11-11/16/15 | 222,609 |
| gNet Defta Development Holding LLC | 8/30/05 | 400,000 |
| SEAF India International Growth Fund L.P. | 3/22/05-5/24/10 | 195,777 |
| Abbreviations: | |
| ADR | – American Depositary Receipt |
| PFC Shares | – Preference Shares |
Affiliated Investments
At June 30, 2023, the value of the Fund's investment in Calvert Impact Capital, Inc. and in companies and funds that may be deemed to be affiliated was $2,523,711, which represents 0.2% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended June 30, 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) | $ 817,309 | $ — | $ — | $ — | $ 37,734 | $ 855,043 | $ 9,900 | $ 880,000 |
| Venture Capital Limited Partnership Interests | ||||||||
| gNet Defta Development Holding LLC(1) | 194,151 | — | — | — | (43,850) | 150,301 | — | — |
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Calvert
International Equity Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
| 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 |
| Short-Term Investments | ||||||||
| Liquidity Fund, Institutional Class(2) | $ 3,030,574 | $ 263,029,386 | $(264,541,593) | $ — | $ — | $1,518,367 | $213,762 | 1,518,367 |
| Total | $ — | $ (6,116) | $2,523,711 | $223,662 | ||||
| (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 June 30, 2023, based on the inputs used to value them:
| Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
| Common Stocks: | ||||
| Australia | $ — | $26,246,133 | $ — | $26,246,133 |
| Belgium | — | 21,478,402 | — | 21,478,402 |
| Denmark | — | 30,570,419 | — | 30,570,419 |
| France | — | 111,380,965 | — | 111,380,965 |
| Germany | — | 62,939,425 | — | 62,939,425 |
| Hong Kong | — | 31,826,235 | — | 31,826,235 |
| India | — | 22,534,244 | — | 22,534,244 |
| Japan | — | 148,938,243 | — | 148,938,243 |
| Netherlands | — | 51,159,034 | — | 51,159,034 |
| Singapore | — | 21,814,544 | — | 21,814,544 |
| South Africa | — | 12,530,441 | — | 12,530,441 |
| Spain | — | 91,799,961 | — | 91,799,961 |
| Sweden | — | 31,464,406 | — | 31,464,406 |
| Switzerland | — | 102,814,928 | — | 102,814,928 |
| Taiwan | 14,809,404 | — | — | 14,809,404 |
| United Kingdom | 14,434,241 | 246,009,777 | — | 260,444,018 |
| Total Common Stocks | $29,243,645 | $1,013,507,157(2) | $ — | $1,042,750,802 |
| High Social Impact Investments | $ — | $855,043 | $ — | $855,043 |
| Preferred Stocks - Venture Capital | — | — | 151,747 | 151,747 |
| Venture Capital Limited Partnership Interests | — | — | 1,085,721 | 1,085,721 |
| Short-Term Investments: | ||||
| Affiliated Fund | 1,518,367 | — | — | 1,518,367 |
4
Calvert
International Equity Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Asset Description (continued) | Level 1 | Level 2 | Level 3(1) | Total |
| Securities Lending Collateral | $33,100,050 | $ — | $ — | $33,100,050 |
| Total Investments | $63,862,062 | $1,014,362,200 | $1,237,468 | $1,079,461,730 |
| (1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
| (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. |
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended June 30, 2023 is not presented.
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.
5