Calvert

Small-Cap Fund

December 31, 2019

Schedule of Investments (Unaudited)

Common Stocks — 99.0%

Security	Shares		Value
Aerospace & Defense — 4.1%
Hexcel Corp.		293,597	$	21,523,596
Mercury Systems, Inc.(1)		195,989		13,544,800
			$	35,068,396
Auto Components — 1.9%
Dorman Products, Inc.(1)		153,655	$	11,634,757
Visteon Corp.(1)		50,741		4,393,663
			$	16,028,420
Banks — 8.9%
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
			$	76,619,796
Biotechnology — 2.9%
Emergent BioSolutions, Inc.(1)		262,756	$	14,175,686
Ligand Pharmaceuticals, Inc.(1)(2)		104,405		10,888,398
			$	25,064,084
Building Products — 2.4%
CSW Industrials, Inc.		97,521	$	7,509,117
Trex Co., Inc.(1)(2)		142,921		12,845,739
			$	20,354,856
Capital Markets — 0.5%
Cohen & Steers, Inc.(2)		68,531	$	4,301,005
Chemicals — 3.2%
Minerals Technologies, Inc.		308,155	$	17,758,973
Sensient Technologies Corp.		155,213		10,258,027
			$	28,017,000
Commercial Services & Supplies — 1.2%
Viad Corp.		152,656	$	10,304,280
Diversified Consumer Services — 2.0%
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
			$	17,496,636

1

Security	Shares		Value
Electric Utilities — 1.1%
Portland General Electric Co.		175,128	$	9,770,391
Energy Equipment & Services — 1.7%
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
			$	14,254,824
Equity Real Estate Investment Trusts (REITs) — 8.9%
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
			$	76,912,657
Food & Staples Retailing — 1.3%
BJ’s Wholesale Club Holdings, Inc.(1)(2)		354,376	$	8,058,510
Performance Food Group Co.(1)		60,476		3,113,305
			$	11,171,815
Food Products — 2.5%
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
			$	21,784,989
Gas Utilities — 2.5%
ONE Gas, Inc.		226,486	$	21,192,295
Health Care Equipment & Supplies — 6.3%
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
			$	54,529,843
Health Care Providers & Services — 7.1%
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
			$	61,315,448
Hotels, Restaurants & Leisure — 2.8%
Choice Hotels International, Inc.(2)		233,637	$	24,165,075

2

Security	Shares		Value
Insurance — 5.9%
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
			$	50,768,863
IT Services — 1.9%
NIC, Inc.		717,365	$	16,033,108
Machinery — 6.4%
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
			$	55,593,285
Pharmaceuticals — 1.1%
Catalent, Inc.(1)		176,262	$	9,923,551
Professional Services — 1.6%
CBIZ, Inc.(1)		524,306	$	14,135,290
Road & Rail — 1.8%
Landstar System, Inc.		133,324	$	15,181,604
Software — 11.9%
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
			$	103,121,542
Specialty Retail — 2.7%
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
			$	23,468,584
Textiles, Apparel & Luxury Goods — 0.5%
Columbia Sportswear Co.(2)		41,357	$	4,143,558
Thrifts & Mortgage Finance — 0.9%
Essent Group, Ltd.		156,448	$	8,133,731
Trading Companies & Distributors — 1.5%
Applied Industrial Technologies, Inc.		194,850	$	12,994,546

3

Security	Shares		Value
Water Utilities — 1.5%
Middlesex Water Co.		203,570	$	12,940,945
Total Common Stocks (identified cost $758,779,807)			$	854,790,417
High Social Impact Investments — 0.3%
Security	Principal Amount (000’s 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
Total High Social Impact Investments (identified cost $2,862,603)			$	2,813,451
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
Total Short-Term Investment (identified cost $2,457,018)			$	2,457,018
Total Investments (identified cost $764,099,428) — 99.6%			$	860,060,886
Other Assets, Less Liabilities — 0.4%			$	3,485,371
Net Assets — 100.0%			$	863,546,257

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 Fund’s investment in Calvert Impact Capital, Inc. (the Notes) was $2,469,769, which represents 0.3% of the Fund’s 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
High Social Impact Investments
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
Totals								$	—	$	(38,418	)	$	2,469,769	$	5,137	$	—

⁽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 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 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 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