NPORT-EX 2 NPORT_950124502065396.htm
Calvert
Small-Cap Fund
December 31, 2020
Schedule of Investments (Unaudited)
Common Stocks — 99.2%
    
Security Shares Value
Aerospace & Defense — 2.6%  
Hexcel Corp.      331,196 $   16,059,694
Mercury Systems, Inc.(1)      431,395    37,988,644
      $   54,048,338
Auto Components — 4.2%  
Dana, Inc.    1,664,648 $   32,493,929
Dorman Products, Inc.(1)      280,994    24,395,899
Visteon Corp.(1)      231,344    29,038,299
      $   85,928,127
Banks — 9.3%  
Commerce Bancshares, Inc.   361,150 $23,727,555
Community Bank System, Inc.   402,893 25,104,263
First Citizens Bancshares, Inc., Class A   28,306 16,255,287
Glacier Bancorp, Inc.   717,848 33,028,186
Independent Bank Corp.   324,053 23,668,831
Pinnacle Financial Partners, Inc.   409,158 26,349,775
South State Corp.   483,955 34,989,946
Stock Yards Bancorp, Inc.   180,745 7,316,558
      $190,440,401
Biotechnology — 2.6%  
Emergent BioSolutions, Inc.(1)   312,530 $28,002,688
Ligand Pharmaceuticals, Inc.(1)(2)   258,150 25,673,017
      $53,675,705
Building Products — 3.8%  
AZEK Co., Inc. (The)(1)   1,336,640 $51,393,808
CSW Industrials, Inc.   240,563 26,921,405
      $78,315,213
Capital Markets — 1.4%  
Cohen & Steers, Inc.   391,976 $29,123,817
      $29,123,817
Chemicals — 3.2%  
Minerals Technologies, Inc.   677,214 $42,068,534
Sensient Technologies Corp.   323,243 23,845,636
      $65,914,170
Commercial Services & Supplies — 2.4%  
Herman Miller, Inc.   561,785 $18,988,333
Kimball International, Inc., Class B   382,524 4,571,162
UniFirst Corp.   62,465 13,223,216
Security Shares Value
Commercial Services & Supplies (continued)  
Viad Corp.      340,137 $   12,302,755
      $   49,085,466
Diversified Consumer Services — 2.4%  
Terminix Global Holdings, Inc.(1)      957,601 $   48,847,227
      $   48,847,227
Energy Equipment & Services — 0.6%  
Core Laboratories NV      498,322 $   13,210,516
      $   13,210,516
Equity Real Estate Investment Trusts (REITs) — 7.3%  
CubeSmart   959,220 $32,239,384
EastGroup Properties, Inc.   210,847 29,109,537
Essential Properties Realty Trust, Inc.   1,334,619 28,293,923
Rexford Industrial Realty, Inc.   532,068 26,129,860
STORE Capital Corp.   979,232 33,274,303
      $149,047,007
Food & Staples Retailing — 2.0%  
Chefs' Warehouse, Inc. (The)(1)   293,123 $7,530,330
Performance Food Group Co.(1)   718,454 34,205,595
      $41,735,925
Food Products — 1.6%  
Nomad Foods, Ltd.(1)   1,255,576 $31,916,742
      $31,916,742
Gas Utilities — 1.7%  
ONE Gas, Inc.   452,217 $34,716,699
      $34,716,699
Health Care Equipment & Supplies — 7.9%  
Envista Holdings Corp.(1)   703,293 $23,722,073
Haemonetics Corp.(1)   355,184 42,178,100
ICU Medical, Inc.(1)   198,313 42,536,155
Integra LifeSciences Holdings Corp.(1)   619,804 40,237,676
Tandem Diabetes Care, Inc.(1)   127,761 12,224,172
      $160,898,176
Health Care Providers & Services — 6.7%  
Addus HomeCare Corp.(1)   236,722 $27,717,779
AMN Healthcare Services, Inc.(1)   220,752 15,066,324
Chemed Corp.   59,699 31,796,284
LHC Group, Inc.(1)   183,555 39,155,953
 
1

 

Calvert
Small-Cap Fund
December 31, 2020
Schedule of Investments (Unaudited) — continued
Security Shares Value
Health Care Providers & Services (continued)  
R1 RCM, Inc.(1)      957,937 $   23,009,647
      $  136,745,987
Health Care Technology — 0.6%  
Phreesia, Inc.(1)      244,353 $   13,258,594
      $   13,258,594
Hotels, Restaurants & Leisure — 0.7%  
Choice Hotels International, Inc.      132,613 $   14,153,785
      $   14,153,785
Household Durables — 1.0%  
Tempur Sealy International, Inc.(1)   745,340 $20,124,180
      $20,124,180
Independent Power and Renewable Electricity Producers — 0.7%  
Sunnova Energy International, Inc.(1)   316,572 $14,286,894
      $14,286,894
Insurance — 3.6%  
AMERISAFE, Inc.   297,166 $17,066,243
First American Financial Corp.   288,676 14,904,342
RLI Corp.   156,460 16,295,309
Selective Insurance Group, Inc.   385,911 25,848,319
      $74,114,213
Interactive Media & Services — 1.0%  
CarGurus, Inc.(1)   615,963 $19,544,506
      $19,544,506
IT Services — 1.9%  
NIC, Inc.   1,468,646 $37,935,126
      $37,935,126
Leisure Products — 1.7%  
Brunswick Corp.   467,582 $35,648,452
      $35,648,452
Machinery — 5.4%  
Allison Transmission Holdings, Inc.   486,989 $21,003,836
Lydall, Inc.(1)   170,409 5,117,382
Middleby Corp.(1)   144,944 18,686,181
Mueller Water Products, Inc., Class A   3,298,743 40,838,438
Woodward, Inc.   199,323 24,223,724
      $109,869,561
Security Shares Value
Professional Services — 1.6%  
CBIZ, Inc.(1)    1,222,019 $   32,517,926
      $   32,517,926
Road & Rail — 1.6%  
Landstar System, Inc.      240,563 $   32,394,214
      $   32,394,214
Semiconductors & Semiconductor Equipment — 2.6%  
Ambarella, Inc.(1)      266,843 $   24,501,524
Silicon Laboratories, Inc.(1)      217,921    27,750,060
      $52,251,584
Software — 9.9%  
ACI Worldwide, Inc.(1)   1,260,633 $48,446,126
Altair Engineering, Inc., Class A(1)(2)   526,346 30,622,810
CDK Global, Inc.   569,019 29,492,255
Envestnet, Inc.(1)   395,318 32,530,718
RealPage, Inc.(1)   706,569 61,641,080
      $202,732,989
Specialty Retail — 4.6%  
Asbury Automotive Group, Inc.(1)   70,652 $10,296,822
Lithia Motors, Inc., Class A   97,749 28,608,200
National Vision Holdings, Inc.(1)   1,210,900 54,841,661
      $93,746,683
Textiles, Apparel & Luxury Goods — 0.5%  
Capri Holdings, Ltd.(1)   218,529 $9,178,218
      $9,178,218
Trading Companies & Distributors — 0.9%  
Applied Industrial Technologies, Inc.   236,318 $18,430,441
      $18,430,441
Water Utilities — 1.2%  
Middlesex Water Co.   335,372 $24,304,409
      $24,304,409
Total Common Stocks
(identified cost $1,583,453,117) 		    $2,028,141,291
    
 
2

 

Calvert
Small-Cap Fund
December 31, 2020
Schedule of Investments (Unaudited) — continued
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(3)(4) $      2,520 $    2,429,230
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/22(4)(5)          152       145,485
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22(4)(5)          195       161,712
Total High Social Impact Investments
(identified cost $2,867,000) 		    $    2,736,427
    
Short-Term Investments — 2.1%      
Other — 0.9%
Description Units Value
Calvert Cash Reserves Fund, LLC, 0.12%(6)   18,614,055 $   18,615,916
Total Other
(identified cost $18,615,916) 		    $   18,615,916
Securities Lending Collateral — 1.2%
Security Shares Value
State Street Navigator Securities Lending Government Money Market Portfolio, 0.08%(7)   25,420,835 $   25,420,835
Total Securities Lending Collateral
(identified cost $25,420,835) 		    $   25,420,835
Total Short-Term Investments
(identified cost $44,036,751) 		    $   44,036,751
Total Investments — 101.5%
(identified cost $1,630,356,868) 		    $2,074,914,469
Other Assets, Less Liabilities — (1.5)%     $  (30,988,718)
Net Assets — 100.0%     $2,043,925,751
    
The percentage shown for each investment category in the Schedule of Investments is based on net assets.  
(1) Non-income producing security.
(2) All or a portion of this security was on loan at December 31, 2020. The aggregate market value of securities on loan at December 31, 2020 was $24,442,689 and the total market value of the collateral received by the Fund was $25,748,012, comprised of cash of $25,420,835 and U.S. government and/or agencies securities of $327,177.
(3) Affiliated company.
(4) Restricted security. Total market value of restricted securities amounts to $2,736,427, which represents 0.2% of the net assets of the Fund as of December 31, 2020.
(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, 2020.
(6) Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of December 31, 2020.
(7) Represents investment of cash collateral received in connection with securities lending.
 
Restricted Securities
Description Acquisition Dates Cost
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 12/14/20 $2,520,000
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/22 11/13/15 152,000
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22 11/13/15 195,000
At December 31, 2020, the value of the Fund's investment in Calvert Impact Capital, Inc. (the Notes) and affiliated funds was $21,045,146, which represents 1.0% of the Fund's net assets. Transactions in the Notes and affiliated funds by the Fund for the fiscal year to date ended December 31, 2020 were as follows:
3

 

Calvert
Small-Cap Fund
December 31, 2020
Schedule of Investments (Unaudited) — continued
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/Units,
end of period
High Social Impact Investments                
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) $ 2,502,849 $  — $  (2,515,603) $ — $ 12,754 $ — $ 7,861 $ —
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1)  —   2,520,000    —  — (90,770)  2,429,230  1,680    2,520,000
Short-Term Investments                
Calvert Cash Reserves Fund, LLC 20,895,723 220,073,072 (222,352,879) (313)     313 18,615,916  6,171 18,614,055
Totals       $(313) $(77,703) $21,045,146 $15,712  
    
(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, 2020, based on the inputs used to value them:
Asset Description Level 1 Level 2 Level 3 Total
Common Stocks $2,028,141,291(1) $— $— $2,028,141,291
High Social Impact Investments — 2,736,427 — 2,736,427
Short-Term Investments:        
Other  — 18,615,916 — 18,615,916
Securities Lending Collateral 25,420,835 — — 25,420,835
Total Investments $2,053,562,126 $21,352,343 $ — $2,074,914,469
    
(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.
4