Calvert
Emerging Markets Focused Growth Fund
March 31, 2026
Schedule of Investments (Unaudited)
Common Stocks — 99.0%
    
Security Shares Value
Brazil — 17.9%  
Banco BTG Pactual SA   34,959 $  379,903
Cia de Saneamento Basico do Estado de Sao Paulo SABESP   7,020    214,455
Itau Unibanco Holding SA, PFC Shares   27,203    228,344
Localiza Rent a Car SA   22,234    201,657
Localiza Rent a Car SA, PFC Shares   3,002     26,248
MercadoLibre, Inc.(1)   91   157,341
      $1,207,948
China — 10.4%  
Contemporary Amperex Technology Co. Ltd., Class A   4,150 $245,539
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A   25,300 204,447
Tencent Holdings Ltd.   4,050 255,443
      $705,429
India — 25.9%  
Apollo Hospitals Enterprise Ltd.   758 $59,883
AU Small Finance Bank Ltd.(2)   15,979 143,078
Bajaj Finance Ltd.   8,351 71,457
Bharti Airtel Ltd.   12,244 232,677
Cholamandalam Investment & Finance Co. Ltd.   13,831 199,970
Eternal Ltd.(1)   70,059 172,361
Global Health Ltd.   19,184 195,912
HDFC Bank Ltd.   14,210 111,308
HDFC Bank Ltd. ADR   1,999 49,735
ICICI Bank Ltd.   15,518 199,208
Laurus Labs Ltd.(2)   18,042 190,353
Mahindra & Mahindra Ltd.   3,965 124,368
      $1,750,310
Mexico — 5.9%  
Grupo Financiero Banorte SAB de CV, Class O   35,768 $396,056
      $396,056
Peru — 2.7%  
Credicorp Ltd.   544 $184,514
      $184,514
Poland — 2.3%  
Budimex SA   859 $154,440
      $154,440
South Africa — 7.4%  
OUTsurance Group Ltd.   41,525 $170,730
Standard Bank Group Ltd.   9,252 167,551
Vodacom Group Ltd.   18,733 160,457
      $498,738
South Korea — 4.7%  
Hyundai Motor Co.   446 $137,395
Security Shares Value
South Korea (continued)  
SK Hynix, Inc.   316 $  179,287
      $  316,682
Taiwan — 21.8%  
Delta Electronics, Inc.   4,950 $  223,198
E Ink Holdings, Inc.   30,700    133,913
eMemory Technology, Inc.   3,055    260,121
Taiwan Semiconductor Manufacturing Co. Ltd.   14,830   857,686
      $1,474,918
Total Common Stocks
(identified cost $5,972,876) 		    $6,689,035
    
Short-Term Investments — 1.7%
    
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.57%(3)   115,533 $  115,533
Total Short-Term Investments
(identified cost $115,533) 		    $  115,533
    
     
Total Investments — 100.7%
(identified cost $6,088,409) 		  $6,804,568
Other Assets, Less Liabilities — (0.7)%   $  (50,205)
Net Assets — 100.0%   $6,754,363
    
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 March 31, 2026, the aggregate value of these securities is $333,431 or 4.9% of the Fund's net assets.
(3) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2026.
 
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Calvert
Emerging Markets Focused Growth Fund
March 31, 2026
Schedule of Investments (Unaudited) — continued
At March 31, 2026, 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 34.1%
Information Technology 24.5
Health Care 9.6
Communication Services 9.6
Industrials 9.3
Consumer Discretionary 8.7
Utilities 3.2
Total 99.0%
    
Abbreviations: 
ADR – American Depositary Receipt
PFC Shares – Preference Shares
 
The Fund did not have any open derivative instruments at March 31, 2026.
Affiliated Investments
At March 31, 2026, the value of the Fund’s investment in funds that may be deemed to be affiliated was $115,533, which represents 1.7% of the Fund’s net assets. Transactions in such investments by the Fund for the fiscal year to date ended March 31, 2026 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) $460,430 $973,856 $(1,318,753) $ — $ — $115,533 $2,463 115,533
    
(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 March 31, 2026, based on the inputs used to value them:
Asset Description  Level 1  Level 2  Level 3  Total 
Common Stocks:        
Brazil $1,207,948 $ — $ — $1,207,948
China  — 705,429  — 705,429
India 49,735 1,700,575  — 1,750,310
Mexico 396,056  —  — 396,056
Peru 184,514  —  — 184,514
Poland  — 154,440  — 154,440
South Africa  — 498,738  — 498,738
South Korea  — 316,682  — 316,682
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Calvert
Emerging Markets Focused Growth Fund
March 31, 2026
Schedule of Investments (Unaudited) — continued
Asset Description (continued) Level 1  Level 2  Level 3  Total 
Taiwan $ — $1,474,918 $ — $1,474,918
Total Common Stocks $1,838,253 $4,850,782(1) $ — $6,689,035
Short-Term Investments $115,533 $ — $ — $115,533
Total Investments $1,953,786 $4,850,782 $ — $6,804,568
    
(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.
Subsequent Event
In March 2026, the Fund's Trustees approved the liquidation of the Fund. Effective as of the close of business on May 4, 2026, shares of the Fund were no longer available for purchase or exchange. All of the Fund’s outstanding shares were redeemed and the Fund was liquidated at the close of business on May 11, 2026.
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 annual or semi-annual financial statements.
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