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 | |
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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 | ||
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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:
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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.
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