Calvert
Emerging Markets Equity Fund
June 30, 2023
Schedule of Investments (Unaudited)
| Common Stocks — 93.8% |
| Security | Shares | Value | |
| Brazil — 4.4% | |||
| Itausa S.A., PFC Shares | 22,222,200 | $ 44,739,570 | |
| Localiza Rent a Car S.A. | 2,090,446 | 29,905,925 | |
| WEG S.A. | 3,718,000 | 29,312,581 | |
| $ 103,958,076 | |||
| Chile — 2.1% | |||
| Banco de Chile | 475,861,810 | $ 49,672,125 | |
| $ 49,672,125 | |||
| China — 23.3% | |||
| Alibaba Group Holding, Ltd.(1) | 7,889,055 | $82,123,701 | |
| BYD Co., Ltd., Class H | 949,500 | 30,445,373 | |
| China Merchants Bank Co., Ltd., Class H | 12,810,000 | 58,427,546 | |
| China Overseas Property Holdings, Ltd. | 2,755,000 | 2,784,288 | |
| Hangzhou Tigermed Consulting Co., Ltd., Class A(1) | 1,842,191 | 16,395,351 | |
| Hundsun Technologies, Inc., Class A | 3,938,877 | 24,062,177 | |
| JD.com, Inc., Class A | 2,177,437 | 37,135,229 | |
| Meituan, Class B(1)(2) | 2,740,195 | 42,968,770 | |
| Midea Group Co., Ltd., Class A | 4,056,734 | 32,975,965 | |
| NARI Technology Co., Ltd., Class A | 18,776,227 | 59,789,777 | |
| Shenzhen Inovance Technology Co., Ltd., Class A | 2,332,658 | 20,675,824 | |
| Silergy Corp. | 1,260,000 | 15,696,060 | |
| Sungrow Power Supply Co., Ltd., Class A | 1,102,229 | 17,754,929 | |
| Tencent Holdings, Ltd. | 2,408,443 | 102,120,803 | |
| Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 1,371,304 | 6,854,929 | |
| $550,210,722 | |||
| Hong Kong — 5.9% | |||
| AIA Group, Ltd. | 6,395,417 | $64,955,030 | |
| Hong Kong Exchanges & Clearing, Ltd. | 644,400 | 24,415,678 | |
| Samsonite International S.A.(1)(2) | 17,308,427 | 48,944,651 | |
| $138,315,359 | |||
| Hungary — 1.2% | |||
| Richter Gedeon Nyrt | 1,179,810 | $29,126,657 | |
| $29,126,657 | |||
| India — 12.8% | |||
| Bajaj Finserv, Ltd. | 1,406,294 | $26,249,739 | |
| Bharat Forge, Ltd. | 772,154 | 7,898,753 | |
| Dabur India, Ltd. | 2,837,374 | 19,884,189 | |
| HDFC Bank, Ltd. | 1,436,777 | 29,805,758 | |
| Hero MotoCorp, Ltd. | 842,496 | 29,895,708 | |
| ICICI Bank, Ltd. | 3,749,035 | 42,895,093 | |
| Maruti Suzuki India, Ltd. | 447,402 | 53,453,810 | |
| Max Healthcare Institute, Ltd.(1) | 2,691,886 | 19,715,094 | |
| Security | Shares | Value | |
| India (continued) | |||
| Samvardhana Motherson International, Ltd. | 27,329,990 | $ 28,575,156 | |
| SBI Life Insurance Co., Ltd.(2) | 2,639,168 | 42,203,396 | |
| $ 300,576,696 | |||
| Indonesia — 3.3% | |||
| Bank Rakyat Indonesia Persero Tbk PT | 214,285,902 | $ 78,233,973 | |
| $ 78,233,973 | |||
| Malaysia — 1.6% | |||
| Press Metal Aluminium Holdings Bhd | 38,438,400 | $ 38,795,962 | |
| $38,795,962 | |||
| Mexico — 3.5% | |||
| Grupo Financiero Banorte SAB de CV, Class O | 4,573,618 | $37,626,739 | |
| Wal-Mart de Mexico SAB de CV | 11,273,795 | 44,714,491 | |
| $82,341,230 | |||
| South Africa — 5.7% | |||
| Clicks Group, Ltd.(3) | 1,807,147 | $25,087,400 | |
| Prosus NV(1) | 1,454,732 | 106,399,041 | |
| Shoprite Holdings, Ltd. | 261,026 | 3,130,897 | |
| $134,617,338 | |||
| South Korea — 10.3% | |||
| KB Financial Group, Inc. | 761,784 | $27,648,703 | |
| LG Chem, Ltd. | 98,211 | 49,995,463 | |
| Samsung Electronics Co., Ltd. | 3,011,213 | 165,807,123 | |
| $243,451,289 | |||
| Sweden — 1.5% | |||
| Epiroc AB, Class A | 1,919,743 | $36,363,495 | |
| $36,363,495 | |||
| Taiwan — 16.1% | |||
| Accton Technology Corp. | 1,579,000 | $17,760,908 | |
| Airtac International Group | 716,000 | 23,662,829 | |
| Chailease Holding Co., Ltd.(1) | 4,598,000 | 30,230,903 | |
| Delta Electronics, Inc. | 5,687,000 | 63,025,190 | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 11,358,000 | 209,819,930 | |
| Wiwynn Corp. | 764,000 | 34,916,663 | |
| $379,416,423 | |||
| United Arab Emirates — 1.1% | |||
| Abu Dhabi Commercial Bank PJSC | 11,685,138 | $25,815,772 | |
| $25,815,772 | |||
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Calvert
Emerging Markets Equity Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| United States — 1.0% | |||
| Micron Technology, Inc. | 355,312 | $ 22,423,740 | |
| $ 22,423,740 | |||
| Total Common Stocks (identified cost $2,099,434,354) | $2,213,318,857 | ||
| High Social Impact Investments — 0.2% |
| Security | Principal Amount (000's omitted) | Value | |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(4)(5) | $ | 5,170 | $ 5,023,379 |
| Total High Social Impact Investments (identified cost $5,170,000) | $ 5,023,379 | ||
| Short-Term Investments — 6.4% |
| Affiliated Fund — 5.6% | |||
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.03%(6) | 132,507,141 | $ 132,507,141 | |
| Total Affiliated Fund (identified cost $132,507,141) | $ 132,507,141 | ||
| Securities Lending Collateral — 0.8% | |||
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%(7) | 17,680,338 | $ 17,680,338 | |
| Total Securities Lending Collateral (identified cost $17,680,338) | $ 17,680,338 | ||
| Total Short-Term Investments (identified cost $150,187,479) | $ 150,187,479 | ||
| Total Investments — 100.4% (identified cost $2,254,791,833) | $2,368,529,715 | |
| Other Assets, Less Liabilities — (0.4)% | $ (10,298,093) | |
| Net Assets — 100.0% | $2,358,231,622 |
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
| (1) | Non-income producing security. |
| (2) | 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 $134,116,817 or 5.7% of the Fund's net assets. |
| (3) | 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 $16,753,869 and the total market value of the collateral received by the Fund was $17,680,338, comprised of cash. |
| (4) | May be deemed to be an affiliated company. |
| (5) | Restricted security. Total market value of restricted securities amounts to $5,023,379, which represents 0.2% of the net assets of the Fund as of June 30, 2023. |
| (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 | 24.7% |
| Information Technology | 23.5 |
| Consumer Discretionary | 21.2 |
| Industrials | 9.5 |
| Communication Services | 4.3 |
| Consumer Staples | 3.9 |
| Materials | 3.8 |
| Health Care | 2.8 |
| High Social Impact Investments | 0.2 |
| Real Estate | 0.1 |
| Total | 94.0% |
Restricted Securities
| Description | Acquisition Date | Cost |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $5,170,000 |
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Calvert
Emerging Markets Equity Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Abbreviations: | |
| PFC Shares | – Preference Shares |
The Fund did not have any open derivative instruments at June 30, 2023.
Affiliated Investments
At June 30, 2023, the value of the Fund's investment in Calvert Impact Capital, Inc. and in funds that may be deemed to be affiliated was $137,530,520, which represents 5.8% 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) | $4,801,689 | $ — | $ — | $ — | $221,690 | $ 5,023,379 | $ 58,163 | $ 5,170,000 |
| Short-Term Investments | ||||||||
| Liquidity Fund, Institutional Class(2) | 1,258 | 555,941,847 | (423,435,964) | — | — | 132,507,141 | 1,250,799 | 132,507,141 |
| Total | $ — | $221,690 | $137,530,520 | $1,308,962 | ||||
| (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 | Total |
| Common Stocks: | ||||
| Brazil | $103,958,076 | $ — | $ — | $103,958,076 |
| Chile | 49,672,125 | — | — | 49,672,125 |
| China | — | 550,210,722 | — | 550,210,722 |
| Hong Kong | — | 138,315,359 | — | 138,315,359 |
| Hungary | — | 29,126,657 | — | 29,126,657 |
| India | — | 300,576,696 | — | 300,576,696 |
| Indonesia | — | 78,233,973 | — | 78,233,973 |
| Malaysia | — | 38,795,962 | — | 38,795,962 |
| Mexico | 82,341,230 | — | — | 82,341,230 |
| South Africa | — | 134,617,338 | — | 134,617,338 |
| South Korea | — | 243,451,289 | — | 243,451,289 |
| Sweden | — | 36,363,495 | — | 36,363,495 |
| Taiwan | — | 379,416,423 | — | 379,416,423 |
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Calvert
Emerging Markets Equity Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
| United Arab Emirates | $ — | $25,815,772 | $ — | $25,815,772 |
| United States | 22,423,740 | — | — | 22,423,740 |
| Total Common Stocks | $258,395,171 | $1,954,923,686(1) | $ — | $2,213,318,857 |
| High Social Impact Investments | $ — | $5,023,379 | $ — | $5,023,379 |
| Short-Term Investments: | ||||
| Affiliated Fund | 132,507,141 | — | — | 132,507,141 |
| Securities Lending Collateral | 17,680,338 | — | — | 17,680,338 |
| Total Investments | $408,582,650 | $1,959,947,065 | $ — | $2,368,529,715 |
| (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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