Calvert
Small-Cap Fund
June 30, 2023
Schedule of Investments (Unaudited)
Common Stocks — 97.4% |
Security | Shares | Value | |
Aerospace & Defense — 2.9% | |||
Hexcel Corp. | 302,239 | $ 22,976,209 | |
Woodward, Inc. | 553,733 | 65,844,391 | |
$ 88,820,600 | |||
Automobile Components — 3.6% | |||
Atmus Filtration Technologies, Inc.(1) | 481,243 | $ 10,568,096 | |
Dorman Products, Inc.(1) | 987,477 | 77,842,812 | |
Visteon Corp.(1) | 137,427 | 19,735,892 | |
$ 108,146,800 | |||
Automobiles — 0.4% | |||
Harley-Davidson, Inc. | 349,668 | $12,311,810 | |
$12,311,810 | |||
Banks — 5.1% | |||
Commerce Bancshares, Inc. | 1,026,289 | $49,980,274 | |
Community Bank System, Inc. | 1,116,355 | 52,334,722 | |
SouthState Corp. | 635,801 | 41,835,706 | |
Stock Yards Bancorp, Inc. | 186,831 | 8,476,523 | |
$152,627,225 | |||
Building Products — 6.0% | |||
AAON, Inc. | 529,840 | $50,234,130 | |
AZEK Co., Inc. (The)(1) | 2,069,640 | 62,689,396 | |
CSW Industrials, Inc. | 302,913 | 50,341,112 | |
Hayward Holdings, Inc.(1) | 1,337,079 | 17,181,465 | |
$180,446,103 | |||
Capital Markets — 2.5% | |||
Cohen & Steers, Inc. | 684,390 | $39,687,776 | |
Stifel Financial Corp. | 600,923 | 35,857,075 | |
$75,544,851 | |||
Chemicals — 2.6% | |||
Minerals Technologies, Inc. | 247,100 | $14,255,199 | |
Quaker Chemical Corp. | 322,692 | 62,892,671 | |
$77,147,870 | |||
Consumer Staples Distribution & Retail — 4.1% | |||
Casey's General Stores, Inc. | 201,465 | $49,133,284 | |
Chefs' Warehouse, Inc. (The)(1) | 686,760 | 24,558,537 | |
Performance Food Group Co.(1) | 819,786 | 49,383,909 | |
$123,075,730 |
Security | Shares | Value | |
Containers & Packaging — 2.0% | |||
AptarGroup, Inc. | 514,965 | $ 59,663,845 | |
$ 59,663,845 | |||
Diversified Consumer Services — 1.4% | |||
Bright Horizons Family Solutions, Inc.(1) | 471,873 | $ 43,624,659 | |
$ 43,624,659 | |||
Diversified REITs — 2.6% | |||
Essential Properties Realty Trust, Inc. | 3,334,846 | $ 78,502,275 | |
$ 78,502,275 | |||
Electric Utilities — 1.2% | |||
IDACORP, Inc. | 357,411 | $36,670,369 | |
$36,670,369 | |||
Financial Services — 2.0% | |||
Euronet Worldwide, Inc.(1) | 511,366 | $60,019,027 | |
$60,019,027 | |||
Food Products — 1.6% | |||
J&J Snack Foods Corp. | 236,721 | $37,487,137 | |
Lancaster Colony Corp. | 48,054 | 9,663,179 | |
$47,150,316 | |||
Gas Utilities — 2.6% | |||
ONE Gas, Inc. | 1,035,473 | $79,534,681 | |
$79,534,681 | |||
Ground Transportation — 1.0% | |||
Landstar System, Inc. | 153,658 | $29,585,311 | |
$29,585,311 | |||
Health Care Equipment & Supplies — 7.4% | |||
Envista Holdings Corp.(1) | 1,759,912 | $59,555,422 | |
ICU Medical, Inc.(1) | 151,987 | 27,082,564 | |
Integer Holdings Corp.(1) | 353,453 | 31,319,470 | |
Integra LifeSciences Holdings Corp.(1) | 1,000,969 | 41,169,855 | |
Neogen Corp.(1) | 2,988,503 | 64,999,940 | |
$224,127,251 | |||
Health Care Providers & Services — 11.8% | |||
Addus HomeCare Corp.(1) | 307,442 | $28,499,873 | |
Agiliti, Inc.(1)(2) | 3,096,343 | 51,089,660 | |
Chemed Corp. | 158,543 | 85,877,987 | |
Premier, Inc., Class A | 1,561,357 | 43,187,135 | |
R1 RCM, Inc.(1) | 3,734,103 | 68,894,200 |
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Calvert
Small-Cap Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
Security | Shares | Value | |
Health Care Providers & Services (continued) | |||
US Physical Therapy, Inc. | 651,503 | $ 79,085,949 | |
$ 356,634,804 | |||
Hotels, Restaurants & Leisure — 4.2% | |||
Papa John's International, Inc. | 446,483 | $ 32,963,840 | |
Texas Roadhouse, Inc. | 164,431 | 18,462,313 | |
Wyndham Hotels & Resorts, Inc. | 1,085,543 | 74,435,683 | |
$ 125,861,836 | |||
Industrial REITs — 4.3% | |||
EastGroup Properties, Inc. | 362,045 | $62,851,012 | |
Rexford Industrial Realty, Inc. | 489,052 | 25,538,296 | |
Terreno Realty Corp. | 706,314 | 42,449,471 | |
$130,838,779 | |||
Insurance — 8.3% | |||
AMERISAFE, Inc. | 458,149 | $24,428,505 | |
RLI Corp. | 369,222 | 50,387,726 | |
Ryan Specialty Holdings, Inc.(1) | 1,043,127 | 46,825,971 | |
Selective Insurance Group, Inc. | 697,426 | 66,918,025 | |
White Mountains Insurance Group, Ltd. | 44,902 | 62,364,837 | |
$250,925,064 | |||
Interactive Media & Services — 0.1% | |||
CarGurus, Inc.(1) | 121,077 | $2,739,972 | |
$2,739,972 | |||
Leisure Products — 0.8% | |||
Brunswick Corp. | 274,644 | $23,795,156 | |
$23,795,156 | |||
Machinery — 2.3% | |||
Albany International Corp., Class A | 73,421 | $6,848,711 | |
Middleby Corp. (The)(1) | 416,263 | 61,536,159 | |
$68,384,870 | |||
Professional Services — 3.2% | |||
CBIZ, Inc.(1) | 1,782,920 | $94,993,978 | |
$94,993,978 | |||
Retail REITs — 1.3% | |||
NETSTREIT Corp. | 2,266,190 | $40,496,815 | |
$40,496,815 | |||
Software — 7.2% | |||
Altair Engineering, Inc., Class A(1) | 432,854 | $32,827,647 |
Security | Shares | Value | |
Software (continued) | |||
Clearwater Analytics Holdings, Inc., Class A(1) | 1,791,808 | $ 28,435,993 | |
Envestnet, Inc.(1) | 1,071,618 | 63,600,528 | |
Progress Software Corp. | 743,644 | 43,205,716 | |
SPS Commerce, Inc.(1) | 261,124 | 50,151,476 | |
$ 218,221,360 | |||
Specialized REITs — 1.5% | |||
CubeSmart | 997,736 | $ 44,558,890 | |
$ 44,558,890 | |||
Specialty Retail — 0.8% | |||
RH(1)(2) | 69,920 | $23,044,933 | |
$23,044,933 | |||
Trading Companies & Distributors — 2.6% | |||
Core & Main, Inc., Class A(1) | 2,075,391 | $65,042,754 | |
Herc Holdings, Inc. | 105,176 | 14,393,336 | |
$79,436,090 | |||
Total Common Stocks (identified cost $2,590,233,302) | $2,936,931,270 |
High Social Impact Investments — 0.1% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(3)(4) | $ | 2,520 | $ 2,448,533 |
Total High Social Impact Investments (identified cost $2,520,000) | $ 2,448,533 |
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Calvert
Small-Cap Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
Short-Term Investments — 4.2% | |||
Affiliated Fund — 4.2% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.03%(5) | 127,789,574 | $ 127,789,574 | |
Total Affiliated Fund (identified cost $127,789,574) | $ 127,789,574 | ||
Securities Lending Collateral — 0.0%(6) | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%(7) | 28,475 | $ 28,475 | |
Total Securities Lending Collateral (identified cost $28,475) | $ 28,475 | ||
Total Short-Term Investments (identified cost $127,818,049) | $ 127,818,049 | ||
Total Investments — 101.7% (identified cost $2,720,571,351) | $3,067,197,852 | ||
Other Assets, Less Liabilities — (1.7)% | $ (52,308,211) | ||
Net Assets — 100.0% | $3,014,889,641 |
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 June 30, 2023. The aggregate market value of securities on loan at June 30, 2023 was $28,954,299 and the total market value of the collateral received by the Fund was $29,251,209, comprised of cash of $28,475 and U.S. government and/or agencies securities of $29,222,734. |
(3) | May be deemed to be an affiliated company. |
(4) | Restricted security. Total market value of restricted securities amounts to $2,448,533, which represents 0.1% of the net assets of the Fund as of June 30, 2023. |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2023. |
(6) | Amount is less than 0.05%. |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Abbreviations: | |
REITs | – Real Estate Investment Trusts |
Restricted Securities
Description | Acquisition Date | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $2,520,000 |
The Fund did not have any open derivative instruments at June 30, 2023.
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Calvert
Small-Cap Fund
June 30, 2023
Schedule of Investments (Unaudited) — continued
Affiliated Investments
At June 30, 2023, the value of the Fund's investment in Calvert Impact Capital, Inc. and in funds that may be deemed to be affiliated was $130,238,107, which represents 4.3% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended June 30, 2023 were as follows:
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/ Shares, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | $2,340,475 | $ — | $ — | $ — | $108,058 | $ 2,448,533 | $ 28,350 | $ 2,520,000 |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(2) | 1,117,065 | 706,013,204 | (579,340,695) | — | — | 127,789,574 | 1,999,866 | 127,789,574 |
Total | $ — | $108,058 | $130,238,107 | $2,028,216 |
(1) | Restricted security. |
(2) | 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 June 30, 2023, based on the inputs used to value them:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $2,936,931,270(1) | $ — | $ — | $2,936,931,270 |
High Social Impact Investments | — | 2,448,533 | — | 2,448,533 |
Short-Term Investments: | ||||
Affiliated Fund | 127,789,574 | — | — | 127,789,574 |
Securities Lending Collateral | 28,475 | — | — | 28,475 |
Total Investments | $3,064,749,319 | $2,448,533 | $ — | $3,067,197,852 |
(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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