Calvert
Emerging Markets Advancement Fund
June 30, 2023
Schedule of Investments (Unaudited)
| Common Stocks — 95.6% |
| Security | Shares | Value | |
| China — 24.2% | |||
| AAC Technologies Holdings, Inc.(1) | 22,000 | $ 51,998 | |
| Alibaba Health Information Technology, Ltd.(2) | 236,000 | 142,815 | |
| A-Living Smart City Services Co., Ltd.(2)(3) | 24,500 | 15,806 | |
| Bank of Communications Co., Ltd., Class H | 618,000 | 410,037 | |
| BeiGene, Ltd.(2) | 26,000 | 356,501 | |
| Beijing Enterprises Water Group, Ltd. | 136,000 | 32,352 | |
| Blue Moon Group Holdings, Ltd.(3) | 64,000 | 31,910 | |
| BYD Co., Ltd., Class H | 20,500 | 657,325 | |
| BYD Electronic International Co., Ltd. | 20,500 | 62,361 | |
| China Communications Services Corp., Ltd., Class H | 106,000 | 52,335 | |
| China Conch Venture Holdings, Ltd. | 63,500 | 82,967 | |
| China Datang Corp. Renewable Power Co., Ltd., Class H | 77,000 | 25,802 | |
| China Everbright Bank Co., Ltd., Class H | 133,000 | 38,251 | |
| China Everbright Environment Group, Ltd. | 151,000 | 59,685 | |
| China International Capital Corp., Ltd., Class H(2)(3) | 72,800 | 128,340 | |
| China International Marine Containers Group Co., Ltd., Class H | 37,000 | 21,570 | |
| China Jinmao Holdings Group, Ltd. | 186,000 | 27,422 | |
| China Lesso Group Holdings, Ltd. | 42,000 | 27,679 | |
| China Literature, Ltd.(2)(3) | 14,600 | 61,577 | |
| China Medical System Holdings, Ltd. | 31,000 | 50,581 | |
| China Meidong Auto Holdings, Ltd.(1) | 26,000 | 30,129 | |
| China Mengniu Dairy Co., Ltd.(2) | 80,000 | 302,343 | |
| China Merchants Bank Co., Ltd., Class H | 89,000 | 405,937 | |
| China Minsheng Banking Corp., Ltd., Class H | 289,500 | 107,180 | |
| China Overseas Land & Investment, Ltd. | 122,000 | 266,893 | |
| China Pacific Insurance Group Co., Ltd., Class H | 95,600 | 248,193 | |
| China Resources Cement Holdings, Ltd. | 94,000 | 38,882 | |
| China Resources Gas Group, Ltd. | 39,100 | 134,089 | |
| China Resources Land, Ltd. | 82,000 | 348,964 | |
| China Resources Pharmaceutical Group, Ltd.(3) | 39,000 | 34,043 | |
| China Ruyi Holdings, Ltd.(2) | 216,000 | 50,909 | |
| China State Construction International Holdings, Ltd. | 78,000 | 89,156 | |
| China Tower Corp, Ltd., Class H(3) | 1,706,000 | 189,996 | |
| China Vanke Co., Ltd., Class H | 83,100 | 111,945 | |
| Chinasoft International, Ltd.(2) | 96,000 | 60,543 | |
| Chindata Group Holdings, Ltd. ADR(2) | 4,300 | 30,788 | |
| Chongqing Rural Commercial Bank Co., Ltd., Class H | 100,000 | 35,407 | |
| Country Garden Holdings Co., Ltd.(1)(2) | 528,000 | 107,707 | |
| Country Garden Services Holdings Co., Ltd.(1) | 96,000 | 124,575 | |
| CSPC Pharmaceutical Group, Ltd. | 240,000 | 208,867 | |
| Dali Foods Group Co., Ltd.(3) | 66,000 | 29,525 | |
| Dongyue Group, Ltd. | 67,000 | 50,324 | |
| ENN Energy Holdings, Ltd. | 23,900 | 298,943 | |
| Far East Horizon, Ltd. | 59,000 | 46,802 | |
| Flat Glass Group Co., Ltd., Class H(1) | 16,000 | 54,860 | |
| Security | Shares | Value | |
| China (continued) | |||
| Fuyao Glass Industry Group Co., Ltd., Class H(3) | 23,600 | $ 97,893 | |
| GDS Holdings, Ltd. ADR(2) | 4,000 | 43,960 | |
| Geely Automobile Holdings, Ltd. | 212,000 | 260,303 | |
| Great Wall Motor Co., Ltd., Class H(1) | 132,500 | 152,602 | |
| Greentown China Holdings, Ltd. | 30,500 | 30,679 | |
| Greentown Service Group Co., Ltd.(1) | 52,000 | 24,917 | |
| Guangdong Investment, Ltd. | 126,000 | 108,831 | |
| H World Group, Ltd. ADR(2) | 6,000 | 232,680 | |
| Haichang Ocean Park Holdings, Ltd.(1)(2)(3) | 120,000 | 18,269 | |
| Haidilao International Holding, Ltd.(1)(3) | 43,000 | 95,091 | |
| Haier Smart Home Co., Ltd., Class H | 76,000 | 239,670 | |
| Haitong Securities Co., Ltd., Class H | 118,000 | 72,465 | |
| Hangzhou Tigermed Consulting Co., Ltd., Class H(3) | 3,000 | 17,142 | |
| Hansoh Pharmaceutical Group Co., Ltd.(3) | 26,000 | 41,920 | |
| Hengan International Group Co., Ltd. | 29,500 | 124,385 | |
| Hopson Development Holdings, Ltd. | 30,600 | 21,817 | |
| Hua Hong Semiconductor, Ltd.(2)(3) | 22,000 | 72,391 | |
| Huatai Securities Co., Ltd., Class H(3) | 63,000 | 78,043 | |
| Hygeia Healthcare Holdings Co., Ltd., Class C(3) | 10,000 | 54,316 | |
| Innovent Biologics, Inc.(2)(3) | 33,500 | 127,245 | |
| JD Health International, Inc.(1)(2)(3) | 29,500 | 187,379 | |
| JD Logistics, Inc.(1)(2)(3) | 105,600 | 165,345 | |
| JD.com, Inc. ADR | 21,800 | 744,034 | |
| Jiangsu Expressway Co., Ltd., Class H | 52,000 | 47,954 | |
| Jiumaojiu International Holdings, Ltd.(1)(3) | 31,000 | 50,980 | |
| JS Global Lifestyle Co., Ltd.(2)(3) | 43,500 | 7,587 | |
| Kingboard Chemical Holdings, Ltd. | 29,500 | 80,687 | |
| Kingdee International Software Group Co., Ltd.(2) | 96,000 | 128,913 | |
| Kingsoft Corp., Ltd. | 35,000 | 138,339 | |
| Longfor Group Holdings, Ltd.(3) | 77,500 | 189,250 | |
| Lufax Holding, Ltd. ADR | 29,100 | 41,613 | |
| Meituan, Class B(2)(3) | 76,300 | 1,196,454 | |
| Microport Scientific Corp.(2) | 18,600 | 33,833 | |
| Ming Yuan Cloud Group Holdings, Ltd.(1)(2) | 10,000 | 4,512 | |
| NetEase, Inc. ADR | 8,100 | 783,189 | |
| NIO, Inc. ADR(2) | 39,300 | 380,817 | |
| Nongfu Spring Co., Ltd., Class H(1)(3) | 54,800 | 303,292 | |
| PDD Holdings, Inc. ADR(2) | 9,800 | 677,572 | |
| Pharmaron Beijing Co., Ltd., Class H(2)(3) | 4,700 | 14,573 | |
| Ping An Healthcare and Technology Co., Ltd.(1)(2)(3) | 14,800 | 35,872 | |
| Postal Savings Bank of China Co., Ltd., Class H(3) | 393,000 | 242,346 | |
| Qifu Technology, Inc. ADR | 5,000 | 86,400 | |
| Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 70,400 | 92,375 | |
| Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H(2) | 12,000 | 32,148 | |
| Shanghai Fudan Microelectronics Group Co., Ltd., Class H | 8,000 | 19,737 | |
| Shanghai Junshi Biosciences Co., Ltd., Class H(2)(3) | 2,800 | 8,170 | |
| Shanghai Pharmaceuticals Holding Co., Ltd., Class H | 18,000 | 35,732 | |
1
Calvert
Emerging Markets Advancement Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| China (continued) | |||
| Sino Biopharmaceutical, Ltd. | 285,000 | $ 124,524 | |
| Sinopharm Group Co., Ltd., Class H | 39,200 | 122,715 | |
| Sunny Optical Technology Group Co., Ltd. | 25,000 | 250,665 | |
| Tencent Holdings, Ltd. | 103,500 | 4,388,521 | |
| Tencent Music Entertainment Group ADR(2) | 25,700 | 189,666 | |
| Tingyi Cayman Islands Holding Corp. | 68,000 | 105,884 | |
| Tongcheng Travel Holdings, Ltd.(2) | 43,600 | 91,580 | |
| Topsports International Holdings, Ltd.(3) | 135,000 | 117,453 | |
| TravelSky Technology, Ltd., Class H | 28,000 | 47,699 | |
| Trip.com Group, Ltd. ADR(2) | 13,100 | 458,500 | |
| Vipshop Holdings, Ltd. ADR(2) | 15,600 | 257,400 | |
| Want Want China Holdings, Ltd. | 184,000 | 122,378 | |
| Weibo Corp. ADR | 4,500 | 58,995 | |
| Weichai Power Co., Ltd., Class H | 87,000 | 128,001 | |
| WuXi AppTec Co., Ltd., Class H(3) | 10,200 | 81,747 | |
| WuXi Biologics Cayman, Inc.(2)(3) | 81,000 | 389,290 | |
| Xinyi Energy Holdings, Ltd. | 80,000 | 26,206 | |
| Xinyi Solar Holdings, Ltd. | 216,000 | 250,775 | |
| XPENG, Inc. ADR(2) | 23,000 | 308,660 | |
| Xtep International Holdings, Ltd.(1) | 58,500 | 59,878 | |
| Yadea Group Holdings, Ltd.(3) | 50,000 | 114,059 | |
| Yihai International Holding, Ltd.(1)(2) | 13,000 | 28,001 | |
| Yuexiu Property Co., Ltd. | 73,000 | 85,057 | |
| Yum China Holdings, Inc. | 8,900 | 502,850 | |
| Zai Lab, Ltd. ADR(2) | 2,300 | 63,779 | |
| Zhongsheng Group Holdings, Ltd. | 25,000 | 95,972 | |
| Zhuzhou CRRC Times Electric Co., Ltd. | 22,700 | 84,791 | |
| Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H(2) | 48,800 | 25,315 | |
| $21,968,397 | |||
| Cyprus — 2.2% | |||
| Bank of Cyprus Holdings PLC(1) | 600,026 | $2,007,048 | |
| $2,007,048 | |||
| Georgia — 6.4% | |||
| Bank of Georgia Group PLC | 55,000 | $2,045,285 | |
| Georgia Capital PLC(2) | 213,400 | 2,253,814 | |
| TBC Bank Group PLC | 47,000 | 1,474,386 | |
| $5,773,485 | |||
| Greece — 20.0% | |||
| Alpha Services and Holdings S.A.(2) | 1,511,300 | $2,475,443 | |
| Athens Water Supply & Sewage Co. S.A. | 30,819 | 233,008 | |
| Eurobank Ergasias S.A., Class A(2) | 1,634,182 | 2,692,457 | |
| GEK Terna Holding Real Estate Construction S.A.(2) | 36,300 | 567,837 | |
| Hellenic Telecommunications Organization S.A. | 144,584 | 2,478,608 | |
| JUMBO S.A. | 77,779 | 2,139,278 | |
| Security | Shares | Value | |
| Greece (continued) | |||
| LAMDA Development S.A.(2) | 48,184 | $ 354,408 | |
| National Bank of Greece S.A.(2) | 152,621 | 992,098 | |
| Piraeus Financial Holdings S.A.(2) | 901,300 | 2,958,875 | |
| Public Power Corp. S.A.(2) | 122,400 | 1,395,955 | |
| Star Bulk Carriers Corp. | 61,600 | 1,090,320 | |
| Terna Energy S.A. | 37,170 | 818,907 | |
| $18,197,194 | |||
| Hong Kong — 0.0%(4) | |||
| Yuexiu Real Estate Investment Trust(1) | 4,526 | $966 | |
| $966 | |||
| India — 5.7% | |||
| Aarti Industries, Ltd. | 4,236 | $26,076 | |
| Aarti Pharmalabs, Ltd.(2) | 932 | 4,217 | |
| Apollo Hospitals Enterprise, Ltd. | 1,332 | 82,938 | |
| Ashok Leyland, Ltd. | 17,001 | 34,764 | |
| Asian Paints, Ltd. | 3,392 | 139,204 | |
| AU Small Finance Bank, Ltd.(3) | 2,829 | 26,084 | |
| Avenue Supermarts, Ltd.(2)(3) | 1,696 | 80,717 | |
| Axis Bank, Ltd. | 15,913 | 191,749 | |
| Bajaj Finance, Ltd. | 1,961 | 171,845 | |
| Bajaj Finserv, Ltd. | 3,008 | 56,147 | |
| Bandhan Bank, Ltd.(2)(3) | 7,193 | 21,305 | |
| Bank of Baroda | 9,282 | 21,587 | |
| Bharti Airtel, Ltd. | 17,139 | 184,106 | |
| Biocon, Ltd. | 7,574 | 24,498 | |
| Cipla, Ltd. | 6,108 | 75,497 | |
| Coforge, Ltd. | 455 | 26,243 | |
| Dabur India, Ltd. | 4,163 | 29,174 | |
| Dixon Technologies India, Ltd. | 481 | 25,831 | |
| DLF, Ltd. | 9,317 | 55,831 | |
| Dr. Lal PathLabs, Ltd.(3) | 878 | 24,214 | |
| Federal Bank, Ltd. | 13,134 | 20,275 | |
| FSN E-Commerce Ventures, Ltd.(2) | 8,411 | 15,193 | |
| Godrej Consumer Products, Ltd.(2) | 2,487 | 32,822 | |
| Havells India, Ltd. | 3,343 | 52,344 | |
| HCL Technologies, Ltd. | 8,990 | 130,351 | |
| HDFC Asset Management Co., Ltd.(3) | 1,134 | 31,678 | |
| HDFC Bank, Ltd. | 21,750 | 451,201 | |
| HDFC Life Insurance Co., Ltd.(3) | 7,392 | 58,480 | |
| Hero MotoCorp, Ltd. | 1,363 | 48,366 | |
| Hindustan Unilever, Ltd. | 6,029 | 196,963 | |
| Housing Development Finance Corp., Ltd. | 10,374 | 357,715 | |
| ICICI Bank, Ltd. | 30,005 | 343,306 | |
| IDFC First Bank, Ltd.(2) | 40,395 | 39,347 | |
| Indian Energy Exchange, Ltd.(3) | 9,475 | 14,727 | |
2
Calvert
Emerging Markets Advancement Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| India (continued) | |||
| Indian Hotels Co., Ltd. | 12,064 | $ 57,888 | |
| Indian Railway Catering & Tourism Corp., Ltd. | 3,721 | 28,819 | |
| Indus Towers, Ltd.(2) | 11,253 | 22,532 | |
| IndusInd Bank, Ltd. | 4,067 | 68,501 | |
| Info Edge India, Ltd. | 924 | 50,628 | |
| Kotak Mahindra Bank, Ltd. | 7,591 | 170,874 | |
| Laurus Labs, Ltd.(3) | 5,460 | 24,391 | |
| LIC Housing Finance, Ltd. | 3,672 | 17,602 | |
| LTIMindtree, Ltd.(3) | 800 | 50,722 | |
| Mahindra & Mahindra Financial Services, Ltd. | 9,063 | 37,214 | |
| MakeMyTrip, Ltd.(2) | 857 | 23,122 | |
| Marico, Ltd. | 1,455 | 9,447 | |
| Maruti Suzuki India, Ltd. | 1,112 | 132,857 | |
| Mphasis, Ltd. | 1,045 | 24,262 | |
| Nestle India, Ltd. | 381 | 106,596 | |
| One 97 Communications, Ltd.(2) | 2,373 | 25,078 | |
| Patanjali Foods, Ltd. | 2,007 | 28,836 | |
| Punjab National Bank | 27,381 | 17,288 | |
| SBI Cards & Payment Services, Ltd. | 2,376 | 24,634 | |
| SBI Life Insurance Co., Ltd.(3) | 3,436 | 54,946 | |
| Shriram Finance, Ltd. | 2,208 | 46,881 | |
| State Bank of India | 14,368 | 100,544 | |
| Tata Consultancy Services, Ltd. | 6,088 | 245,713 | |
| Tata Elxsi, Ltd. | 387 | 35,896 | |
| Tata Motors, Ltd.(2) | 16,828 | 122,576 | |
| Tata Teleservices Maharashtra, Ltd.(2) | 10,694 | 9,305 | |
| Tech Mahindra, Ltd. | 6,817 | 94,404 | |
| Titan Co., Ltd. | 2,948 | 110,032 | |
| Trent, Ltd. | 1,414 | 30,379 | |
| TVS Motor Co., Ltd. | 1,933 | 31,324 | |
| Vodafone Idea, Ltd.(2) | 119,318 | 10,861 | |
| Voltas, Ltd. | 2,965 | 27,540 | |
| Wipro, Ltd. | 16,537 | 78,703 | |
| WNS Holdings, Ltd. ADR(2) | 586 | 43,200 | |
| Yes Bank, Ltd.(2) | 101,067 | 20,117 | |
| Zee Entertainment Enterprises, Ltd. | 11,487 | 24,894 | |
| Zomato, Ltd.(2) | 60,246 | 55,167 | |
| $5,158,568 | |||
| Indonesia — 6.3% | |||
| Allo Bank Indonesia Tbk PT(2) | 62,100 | $7,226 | |
| Bank Central Asia Tbk PT | 2,465,100 | 1,511,841 | |
| Bank Jago Tbk PT(2) | 294,000 | 62,895 | |
| Bank Mandiri Persero Tbk PT | 2,117,400 | 736,870 | |
| Bank Negara Indonesia Persero Tbk PT | 351,500 | 215,663 | |
| Bank Rakyat Indonesia Persero Tbk PT | 3,366,343 | 1,229,023 | |
| Berkah Beton Sadaya Tbk PT(2) | 347,000 | 1,153 | |
| Security | Shares | Value | |
| Indonesia (continued) | |||
| Dayamitra Telekomunikasi Tbk PT | 461,300 | $ 20,461 | |
| Elang Mahkota Teknologi Tbk PT | 710,800 | 33,881 | |
| Indah Kiat Pulp & Paper Tbk PT | 191,900 | 109,080 | |
| Kalbe Farma Tbk PT | 909,000 | 124,398 | |
| Merdeka Copper Gold Tbk PT(2) | 1,435,800 | 293,924 | |
| Mitra Keluarga Karyasehat Tbk PT | 101,100 | 18,131 | |
| Sarana Menara Nusantara Tbk PT | 1,930,200 | 136,799 | |
| Sumber Alfaria Trijaya Tbk PT | 1,632,300 | 281,265 | |
| Telkom Indonesia Persero Tbk PT | 2,226,700 | 595,693 | |
| Tower Bersama Infrastructure Tbk PT | 665,600 | 89,379 | |
| Unilever Indonesia Tbk PT | 641,800 | 182,721 | |
| Vale Indonesia Tbk PT | 97,600 | 41,190 | |
| $5,691,593 | |||
| Malaysia — 5.9% | |||
| AMMB Holdings Bhd | 141,200 | $109,702 | |
| Axiata Group Bhd | 229,100 | 130,297 | |
| CelcomDigi Bhd | 274,800 | 242,185 | |
| CIMB Group Holdings Bhd | 538,700 | 584,741 | |
| Hong Leong Bank Bhd | 62,000 | 252,190 | |
| Hong Leong Financial Group Bhd | 20,400 | 77,219 | |
| IHH Healthcare Bhd | 326,600 | 412,487 | |
| Inari Amertron Bhd | 216,000 | 127,402 | |
| Malaysia Airports Holdings Bhd | 179,100 | 264,221 | |
| Maxis Bhd | 195,100 | 171,582 | |
| MR DIY Group M Bhd(3) | 194,800 | 66,465 | |
| Nestle Malaysia Bhd | 10,500 | 294,680 | |
| Petronas Gas Bhd | 75,400 | 269,860 | |
| PPB Group Bhd | 106,200 | 358,277 | |
| Press Metal Aluminium Holdings Bhd | 355,200 | 358,504 | |
| Public Bank Bhd | 1,218,100 | 1,005,716 | |
| RHB Bank Bhd | 309,600 | 360,544 | |
| Telekom Malaysia Bhd | 93,200 | 98,173 | |
| Westports Holdings Bhd | 170,600 | 133,236 | |
| $5,317,481 | |||
| Slovenia — 2.0% | |||
| Nova Ljubljanska Banka dd GDR(5) | 111,200 | $1,782,436 | |
| $1,782,436 | |||
| South Korea — 15.7% | |||
| AMOREPACIFIC Corp. | 930 | $69,225 | |
| AMOREPACIFIC Group | 762 | 15,272 | |
| CJ CheilJedang Corp. | 470 | 96,313 | |
| Coway Co., Ltd. | 1,541 | 51,495 | |
| DB HiTek Co., Ltd. | 800 | 38,569 | |
| Doosan Enerbility Co., Ltd.(2) | 18,940 | 261,703 | |
3
Calvert
Emerging Markets Advancement Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| South Korea (continued) | |||
| Hana Financial Group, Inc. | 9,651 | $ 288,107 | |
| Hanjin Kal Corp. | 519 | 18,515 | |
| Hanmi Pharm Co., Ltd. | 351 | 82,469 | |
| Hanon Systems | 4,247 | 29,613 | |
| Hansol Chemical Co., Ltd. | 361 | 66,150 | |
| HMM Co., Ltd. | 9,728 | 139,881 | |
| Hotel Shilla Co., Ltd. | 887 | 49,638 | |
| HYBE Co., Ltd.(2) | 771 | 166,278 | |
| Hyundai Engineering & Construction Co., Ltd. | 3,874 | 112,613 | |
| Hyundai Engineering & Construction Co., Ltd., PFC Shares | 15 | 731 | |
| Hyundai Glovis Co., Ltd. | 531 | 79,945 | |
| Hyundai Marine & Fire Insurance Co., Ltd. | 1,826 | 43,084 | |
| Hyundai Mobis Co., Ltd. | 1,796 | 317,976 | |
| Hyundai Motor Co. | 3,963 | 623,357 | |
| Kakao Corp. | 8,765 | 329,213 | |
| Kakao Games Corp.(2) | 1,157 | 29,116 | |
| Kakaopay Corp.(2) | 451 | 16,217 | |
| KB Financial Group, Inc. | 11,870 | 430,818 | |
| Kia Corp. | 7,495 | 504,871 | |
| Korea Investment Holdings Co., Ltd. | 1,386 | 54,664 | |
| Krafton, Inc.(2) | 713 | 106,187 | |
| KT Corp. | 3,426 | 77,554 | |
| L&F Co., Ltd. | 723 | 134,562 | |
| LG Chem, Ltd. | 1,360 | 692,324 | |
| LG Display Co., Ltd.(2) | 5,999 | 72,100 | |
| LG Electronics, Inc. | 3,415 | 330,533 | |
| LG H&H Co., Ltd. | 296 | 103,442 | |
| LG Innotek Co., Ltd. | 375 | 88,834 | |
| Meritz Financial Group, Inc.(2) | 1,088 | 34,496 | |
| Mirae Asset Securities Co., Ltd. | 8,724 | 48,117 | |
| NAVER Corp. | 3,727 | 521,724 | |
| Netmarble Corp.(2)(3) | 576 | 21,632 | |
| NH Investment & Securities Co., Ltd., Class C | 3,800 | 27,641 | |
| Samsung C&T Corp. | 3,609 | 290,466 | |
| Samsung Electro-Mechanics Co., Ltd. | 1,672 | 184,595 | |
| Samsung Electronics Co., Ltd. | 92,648 | 5,101,498 | |
| Samsung Heavy Industries Co., Ltd.(2) | 27,290 | 138,852 | |
| Samsung SDS Co., Ltd. | 977 | 91,582 | |
| Samsung Securities Co., Ltd. | 1,918 | 52,643 | |
| SD Biosensor, Inc. | 1,600 | 14,897 | |
| Shinhan Financial Group Co., Ltd. | 16,306 | 421,546 | |
| SK Biopharmaceuticals Co., Ltd.(2) | 1,537 | 94,715 | |
| SK Bioscience Co., Ltd.(2) | 1,443 | 87,535 | |
| SK Hynix, Inc. | 12,597 | 1,106,828 | |
| SK IE Technology Co., Ltd.(2)(3) | 871 | 64,529 | |
| SK Square Co., Ltd.(2) | 2,909 | 98,257 | |
| SK Telecom Co., Ltd. | 1,625 | 57,502 | |
| Security | Shares | Value | |
| South Korea (continued) | |||
| Woori Financial Group, Inc. | 18,339 | $ 164,737 | |
| Yuhan Corp. | 3,334 | 153,045 | |
| $14,298,206 | |||
| Taiwan — 2.8% | |||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 140,000 | $ 2,586,264 | |
| $ 2,586,264 | |||
| United Arab Emirates — 4.4% | |||
| Abu Dhabi Commercial Bank PJSC | 116,068 | $ 256,427 | |
| Aldar Properties PJSC | 146,518 | 204,917 | |
| Alpha Dhabi Holding PJSC(2) | 50,500 | 287,476 | |
| Dubai Financial Market PJSC | 61,300 | 25,189 | |
| Dubai Islamic Bank PJSC | 116,847 | 174,664 | |
| Emirates Integrated Telecommunications Co. PJSC | 82,803 | 119,205 | |
| Emirates Telecommunications Group Co. PJSC | 99,969 | 613,445 | |
| Fertiglobe PLC | 34,200 | 31,028 | |
| First Abu Dhabi Bank PJSC | 152,009 | 566,538 | |
| International Holdings Co. PJSC(2) | 15,820 | 1,697,183 | |
| Q Holding PJSC(2) | 55,600 | 35,817 | |
| $4,011,889 | |||
| Total Common Stocks (identified cost $80,603,070) | $86,793,527 | ||
| Short-Term Investments — 2.5% |
| Affiliated Fund — 2.5% | |||
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.03%(6) | 2,241,742 | $ 2,241,742 | |
| Total Affiliated Fund (identified cost $2,241,742) | $ 2,241,742 | ||
4
Calvert
Emerging Markets Advancement Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Securities Lending Collateral — 0.0%(4) | |||
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%(7) | 3,465 | $ 3,465 | |
| Total Securities Lending Collateral (identified cost $3,465) | $ 3,465 | ||
| Total Short-Term Investments (identified cost $2,245,207) | $ 2,245,207 | ||
| Total Purchased Options — 0.3% (identified cost $93,769) | $ 252,152 | |
| Total Investments — 98.4% (identified cost $82,942,046) | $89,290,886 |
| Total Written Options — (0.0)%(4) (premiums received $33,304) | $ (44,901) | |
| Other Assets, Less Liabilities — 1.6% | $ 1,512,234 | |
| Net Assets — 100.0% | $90,758,219 |
| 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 $1,432,880 and the total market value of the collateral received by the Fund was $1,507,186, comprised of cash of $3,465 and U.S. government and/or agencies securities of $1,503,721. |
| (2) | Non-income producing security. |
| (3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2023, the aggregate value of these securities is $4,737,194 or 5.2% of the Fund's net assets. |
| (4) | Amount is less than 0.05% or (0.05)%, as applicable. |
| (5) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At June 30, 2023, the aggregate value of these securities is $1,782,436 or 2.0% of the Fund's net assets. |
| (6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2023. |
| (7) | Represents investment of cash collateral received in connection with securities lending. |
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 |
| Financials | 35.0% |
| Communication Services | 13.4 |
| Consumer Discretionary | 12.9 |
| Information Technology | 12.5 |
| Industrials | 6.8 |
| Utilities | 3.7 |
| Consumer Staples | 3.6 |
| Health Care | 3.4 |
| Real Estate | 2.2 |
| Materials | 2.1 |
| Total | 95.6% |
| Purchased Currency Options — 0.3% | |||||||
| Description | Counterparty | Notional Amount | Exercise Price | Expiration Date | Value | ||
| Call USD vs. Put CNH | Goldman Sachs International | USD | 8,700,000 | CNH | 7.00 | 1/18/24 | $252,152 |
| Total | $252,152 | ||||||
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Emerging Markets Advancement Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Written Currency Options — (0.0)%(1) | |||||||
| Description | Counterparty | Notional Amount | Exercise Price | Expiration Date | Value | ||
| Call USD vs. Put CNH | Goldman Sachs International | USD | (8,700,000) | CNH | 7.50 | 1/18/24 | $(44,901) |
| Total | $(44,901) | ||||||
| (1) | Amount is less than (0.05)%. |
Forward Foreign Currency Exchange Contracts
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
| USD | 8,760 | IDR | 131,703,787 | Standard Chartered Bank | 7/3/23 | $ — | $(25) |
| USD | 11,148,110 | CNH | 77,600,000 | Goldman Sachs International | 11/24/23 | 347,008 | — |
| $347,008 | $(25) | ||||||
Futures Contracts
| Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) |
| Equity Futures | |||||
| MSCI Emerging Markets Index | 81 | Long | 9/15/23 | $4,041,495 | $(41,929) |
| $(41,929) |
| Abbreviations: | |
| ADR | – American Depositary Receipt |
| GDR | – Global Depositary Receipt |
| PFC Shares | – Preference Shares |
| Currency Abbreviations: | |
| CNH | – Yuan Renminbi Offshore |
| IDR | – Indonesian Rupiah |
| USD | – United States Dollar |
At June 30, 2023, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.
In the normal course of pursuing its investment objective, the Fund is subject to the following risks:
Equity Price Risk: During the fiscal year to date ended June 30, 2023, the Fund entered into equity futures contracts to enhance total return, to manage certain investment risks and/or as a substitute for the purchase of securities.
Foreign Exchange Risk: During the fiscal year to date ended June 30, 2023, the Fund entered into forward foreign currency exchange contracts and currency options to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.
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Emerging Markets Advancement Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
Affiliated Investments
At June 30, 2023, the value of the Fund's investment in funds that may be deemed to be affiliated was $2,241,742, 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, 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 | Dividend income | Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund, Institutional Class(1) | $3,013,623 | $33,235,410 | $(34,007,291) | $ — | $ — | $2,241,742 | $85,816 | 2,241,742 |
| (1) | 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 | Total |
| Common Stocks: | ||||
| China | $4,860,903 | $17,107,494 | $ — | $21,968,397 |
| Cyprus | — | 2,007,048 | — | 2,007,048 |
| Georgia | — | 5,773,485 | — | 5,773,485 |
| Greece | 1,090,320 | 17,106,874 | — | 18,197,194 |
| Hong Kong | — | 966 | — | 966 |
| India | 66,322 | 5,092,246 | — | 5,158,568 |
| Indonesia | — | 5,691,593 | — | 5,691,593 |
| Malaysia | — | 5,317,481 | — | 5,317,481 |
| Slovenia | — | 1,782,436 | — | 1,782,436 |
| South Korea | — | 14,298,206 | — | 14,298,206 |
| Taiwan | — | 2,586,264 | — | 2,586,264 |
| United Arab Emirates | — | 4,011,889 | — | 4,011,889 |
| Total Common Stocks | $6,017,545 | $80,775,982(1) | $ — | $86,793,527 |
| Short-Term Investments: | ||||
| Affiliated Fund | $2,241,742 | $ — | $ — | $2,241,742 |
| Securities Lending Collateral | 3,465 | — | — | 3,465 |
| Purchased Currency Options | — | 252,152 | — | 252,152 |
| Total Investments | $8,262,752 | $81,028,134 | $ — | $89,290,886 |
| Forward Foreign Currency Exchange Contracts | $ — | $347,008 | $ — | $347,008 |
| Total | $8,262,752 | $81,375,142 | $ — | $89,637,894 |
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Emerging Markets Advancement Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Liability Description | ||||
| Forward Foreign Currency Exchange Contracts | $ — | $(25) | $ — | $(25) |
| Futures Contracts | (41,929) | — | — | (41,929) |
| Written Currency Options | — | (44,901) | — | (44,901) |
| Total | $(41,929) | $(44,926) | $ — | $(86,855) |
| (1) | 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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