Calvert
Small-Cap Fund
December 31, 2019
Schedule of Investments (Unaudited)
Common Stocks 99.0%
Security | Shares | Value | ||||||
Aerospace & Defense 4.1% |
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Hexcel Corp. |
293,597 | $ | 21,523,596 | |||||
Mercury Systems, Inc.(1) |
195,989 | 13,544,800 | ||||||
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$ | 35,068,396 | |||||||
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Auto Components 1.9% |
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Dorman Products, Inc.(1) |
153,655 | $ | 11,634,757 | |||||
Visteon Corp.(1) |
50,741 | 4,393,663 | ||||||
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$ | 16,028,420 | |||||||
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Banks 8.9% |
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City Holding Co. |
85,461 | $ | 7,003,529 | |||||
Columbia Banking System, Inc. |
354,074 | 14,405,501 | ||||||
Community Bank System, Inc. |
227,330 | 16,126,790 | ||||||
First Citizens BancShares, Inc., Class A |
29,706 | 15,809,830 | ||||||
Independent Bank Corp. |
81,497 | 6,784,625 | ||||||
Sterling Bancorp |
430,177 | 9,068,131 | ||||||
Stock Yards Bancorp, Inc. |
180,745 | 7,421,390 | ||||||
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$ | 76,619,796 | |||||||
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Biotechnology 2.9% |
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Emergent BioSolutions, Inc.(1) |
262,756 | $ | 14,175,686 | |||||
Ligand Pharmaceuticals, Inc.(1)(2) |
104,405 | 10,888,398 | ||||||
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$ | 25,064,084 | |||||||
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Building Products 2.4% |
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CSW Industrials, Inc. |
97,521 | $ | 7,509,117 | |||||
Trex Co., Inc.(1)(2) |
142,921 | 12,845,739 | ||||||
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$ | 20,354,856 | |||||||
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Capital Markets 0.5% |
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Cohen & Steers, Inc.(2) |
68,531 | $ | 4,301,005 | |||||
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Chemicals 3.2% |
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Minerals Technologies, Inc. |
308,155 | $ | 17,758,973 | |||||
Sensient Technologies Corp. |
155,213 | 10,258,027 | ||||||
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$ | 28,017,000 | |||||||
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Commercial Services & Supplies 1.2% |
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Viad Corp. |
152,656 | $ | 10,304,280 | |||||
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Diversified Consumer Services 2.0% |
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Grand Canyon Education, Inc.(1) |
29,636 | $ | 2,838,832 | |||||
K12, Inc.(1) |
264,650 | 5,385,628 | ||||||
ServiceMaster Global Holdings, Inc.(1) |
239,839 | 9,272,176 | ||||||
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$ | 17,496,636 | |||||||
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1
Security | Shares | Value | ||||||
Electric Utilities 1.1% |
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Portland General Electric Co. |
175,128 | $ | 9,770,391 | |||||
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Energy Equipment & Services 1.7% |
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Core Laboratories NV(2) |
83,564 | $ | 3,147,856 | |||||
Oceaneering International, Inc.(1) |
521,902 | 7,781,559 | ||||||
US Silica Holdings, Inc.(2) |
540,717 | 3,325,409 | ||||||
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$ | 14,254,824 | |||||||
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Equity Real Estate Investment Trusts (REITs) 8.9% |
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CubeSmart |
360,191 | $ | 11,338,813 | |||||
EastGroup Properties, Inc. |
113,666 | 15,080,068 | ||||||
Essential Properties Realty Trust, Inc.(2) |
354,763 | 8,801,670 | ||||||
Healthcare Realty Trust, Inc. |
608,128 | 20,293,232 | ||||||
Rexford Industrial Realty, Inc. |
359,380 | 16,412,885 | ||||||
STORE Capital Corp. |
133,888 | 4,985,989 | ||||||
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$ | 76,912,657 | |||||||
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Food & Staples Retailing 1.3% |
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BJs Wholesale Club Holdings, Inc.(1)(2) |
354,376 | $ | 8,058,510 | |||||
Performance Food Group Co.(1) |
60,476 | 3,113,305 | ||||||
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$ | 11,171,815 | |||||||
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Food Products 2.5% |
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Calavo Growers, Inc. |
40,060 | $ | 3,629,036 | |||||
J&J Snack Foods Corp. |
22,915 | 4,222,547 | ||||||
Lancaster Colony Corp. |
33,512 | 5,365,271 | ||||||
Nomad Foods, Ltd.(1) |
383,019 | 8,568,135 | ||||||
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$ | 21,784,989 | |||||||
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Gas Utilities 2.5% |
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ONE Gas, Inc. |
226,486 | $ | 21,192,295 | |||||
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Health Care Equipment & Supplies 6.3% |
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Envista Holdings Corp.(1) |
305,830 | $ | 9,064,801 | |||||
Haemonetics Corp.(1) |
125,089 | 14,372,726 | ||||||
ICU Medical, Inc.(1) |
92,697 | 17,345,463 | ||||||
Integra LifeSciences Holdings Corp.(1) |
235,876 | 13,746,853 | ||||||
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$ | 54,529,843 | |||||||
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Health Care Providers & Services 7.1% |
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Addus HomeCare Corp.(1) |
146,627 | $ | 14,255,077 | |||||
Amedisys, Inc.(1) |
118,456 | 19,772,676 | ||||||
Chemed Corp. |
38,078 | 16,726,142 | ||||||
R1 RCM, Inc.(1) |
813,679 | 10,561,553 | ||||||
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$ | 61,315,448 | |||||||
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Hotels, Restaurants & Leisure 2.8% |
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Choice Hotels International, Inc.(2) |
233,637 | $ | 24,165,075 | |||||
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2
Security | Shares | Value | ||||||
Insurance 5.9% |
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AMERISAFE, Inc. |
146,958 | $ | 9,703,637 | |||||
First American Financial Corp. |
120,182 | 7,009,014 | ||||||
Horace Mann Educators Corp. |
339,694 | 14,831,040 | ||||||
RLI Corp. |
91,662 | 8,251,413 | ||||||
Selective Insurance Group, Inc. |
168,335 | 10,973,759 | ||||||
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$ | 50,768,863 | |||||||
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IT Services 1.9% |
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NIC, Inc. |
717,365 | $ | 16,033,108 | |||||
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Machinery 6.4% |
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Mueller Water Products, Inc., Class A |
1,792,429 | $ | 21,473,299 | |||||
RBC Bearings, Inc.(1) |
71,232 | 11,278,875 | ||||||
Welbilt, Inc.(1)(2) |
344,839 | 5,382,937 | ||||||
Woodward, Inc. |
147,401 | 17,458,174 | ||||||
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$ | 55,593,285 | |||||||
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Pharmaceuticals 1.1% |
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Catalent, Inc.(1) |
176,262 | $ | 9,923,551 | |||||
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Professional Services 1.6% |
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CBIZ, Inc.(1) |
524,306 | $ | 14,135,290 | |||||
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Road & Rail 1.8% |
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Landstar System, Inc. |
133,324 | $ | 15,181,604 | |||||
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Software 11.9% |
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ACI Worldwide, Inc.(1) |
703,559 | $ | 26,654,333 | |||||
Altair Engineering, Inc., Class A(1)(2) |
527,662 | 18,948,342 | ||||||
CDK Global, Inc. |
290,324 | 15,874,916 | ||||||
Envestnet, Inc.(1) |
259,913 | 18,097,742 | ||||||
RealPage, Inc.(1) |
438,069 | 23,546,209 | ||||||
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$ | 103,121,542 | |||||||
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Specialty Retail 2.7% |
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Hudson, Ltd., Class A(1) |
258,534 | $ | 3,965,911 | |||||
Monro, Inc.(2) |
46,434 | 3,631,139 | ||||||
National Vision Holdings, Inc.(1) |
489,409 | 15,871,534 | ||||||
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$ | 23,468,584 | |||||||
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Textiles, Apparel & Luxury Goods 0.5% |
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Columbia Sportswear Co.(2) |
41,357 | $ | 4,143,558 | |||||
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Thrifts & Mortgage Finance 0.9% |
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Essent Group, Ltd. |
156,448 | $ | 8,133,731 | |||||
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Trading Companies & Distributors 1.5% |
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Applied Industrial Technologies, Inc. |
194,850 | $ | 12,994,546 | |||||
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3
Security | Shares | Value | ||||||
Water Utilities 1.5% |
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Middlesex Water Co. |
203,570 | $ | 12,940,945 | |||||
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Total Common Stocks |
$ | 854,790,417 | ||||||
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High Social Impact Investments 0.3% | ||||||||
Security | Principal Amount (000s omitted) |
Value | ||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(3)(4) |
$ | 2,516 | $ | 2,469,769 | ||||
ImpactAssets Inc., Global Sustainable Agriculture Notes, 3.39%, 11/3/20(4)(5) |
152 | 151,625 | ||||||
ImpactAssets Inc., Microfinance Plus Notes, 1.98%, 11/3/20(4)(5) |
195 | 192,057 | ||||||
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Total High Social Impact Investments |
$ | 2,813,451 | ||||||
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Short-Term Investments 0.3% | ||||||||
Security | Shares | Value | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56%(6) |
2,457,018 | $ | 2,457,018 | |||||
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Total Short-Term Investment |
$ | 2,457,018 | ||||||
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Total Investments |
$ | 860,060,886 | ||||||
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Other Assets, Less Liabilities 0.4% |
$ | 3,485,371 | ||||||
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Net Assets 100.0% |
$ | 863,546,257 | ||||||
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The percentage shown for each investment category in the Schedule of Investments is based on net assets.
Notes to Schedule of Investments
(1) | Non-income producing security. |
(2) | All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $81,249,666 and the total market value of the collateral received by the Fund was $83,442,834, comprised of cash of $2,457,018 and U.S. government and/or agencies securities of $80,985,816. |
(3) | Affiliated company. |
(4) | Restricted security. Total market value of restricted securities amounts to $2,813,451, which represents 0.3% of the net assets of the Fund as of December 31, 2019. |
(5) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at December 31, 2019. |
(6) | Represents investment of cash collateral received in connection with securities lending. |
4
Restricted Securities
Description |
Acquisition Dates |
Cost | ||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 |
12/13/19 | $ | 2,515,603 | |||||
ImpactAssets Inc., Global Sustainable Agriculture Notes, 3.39%, 11/3/20 |
11/13/15 | 152,000 | ||||||
ImpactAssets Inc., Microfinance Plus Notes, 1.98%, 11/3/20 |
11/13/15 | 195,000 |
At December 31, 2019, the value of the Funds investment in Calvert Impact Capital, Inc. (the Notes) was $2,469,769, which represents 0.3% of the Funds net assets. Transactions in the Notes by the Fund for the fiscal year to date ended December 31, 2019 were as follows:
Name of Issuer |
Value, beginning of period |
Purchases | Sales Proceeds |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value, end of period |
Interest Income |
Capital Gain Distributions Received |
Principal, Amount end of period |
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High Social Impact Investments |
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Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) |
$ | 1,394,489 | $ | | $ | (1,401,905 | ) | $ | | $ | 7,416 | $ | | $ | 4,089 | $ | | $ | | |||||||||||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) |
| 2,515,603 | | | (45,834 | ) | 2,469,769 | 1,048 | | 2,515,600 | ||||||||||||||||||||||||||
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Totals |
$ | | $ | (38,418 | ) | $ | 2,469,769 | $ | 5,137 | $ | | |||||||||||||||||||||||||
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(1) | Restricted security. |
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 Funds 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 Funds holdings as of December 31, 2019, based on the inputs used to value them:
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks |
$ | 854,790,417 | (1) | $ | | $ | | $ | 854,790,417 | |||||||
High Social Impact Investments |
| 2,813,451 | | 2,813,451 | ||||||||||||
Short-Term Investments |
2,457,018 | | | 2,457,018 | ||||||||||||
Total Investments |
$ | 857,247,435 | $ | 2,813,451 | $ | | $ | 860,060,886 |
(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 Funds policy regarding the valuation of investments and other significant accounting policies, please refer to the Funds most recent financial statements included in its semiannual or annual report to shareholders.
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