Overview

Historical Returns (%) as of Sep 30, 2023

11/30/202309/30/2023
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc. The share class has no sales charge.
 

Fund Facts2 as of Oct 31, 2023

Class I Inception 06/03/2003
Performance Inception 10/31/1994
Investment Objective Long-term capital appreciation
Total Net Assets $215.8M
Minimum Investment $1000000
Expense Ratio (Gross)3 0.98%
Expense Ratio (Net)2,3 0.93%
CUSIP 131649709

Top 10 Holdings (%)4,5 as of Sep 30, 2023

Cooper Cos Inc 2.85
VeriSign Inc 2.85
Rentokil Initial PLC 2.84
Tyler Technologies Inc 2.81
AptarGroup Inc 2.80
Wyndham Hotels & Resorts Inc 2.75
Sysco Corp 2.56
Alliant Energy Corp 2.56
O'Reilly Automotive Inc 2.53
Equity LifeStyle Properties Inc 2.52
Total 27.07
 

Portfolio Management

Michael D. McLean, CFA Managed Fund since 2022
Griff Noble, CFA Managed Fund since 2022
Prachi Samudra Managed Fund since 2022

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Portfolio characteristics exclude 1 security in Calvert's High Impact Investments program, which represented 0.156% of the Fund's portfolio, as of 09/30/2023. The Special Equities program enables the Fund to promote approaches to responsible investment goals through privately placed investments. High Social Impact Investments are investments that, in Calvert's opinion, offer the opportunity for significant sustainability and social impact. These investments are generally illiquid and involve high risks. See the Fund's prospectus for details and calvert.com for a complete list of Fund holdings.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


1. Russell Midcap® Index is an unmanaged index of U.S. mid-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Net Expense Ratio reflects a contractual expense reimbursement that continues through 1/31/24. Without the reimbursement, if applicable, performance would have been lower.
3. Source: Fund prospectus.
4. Top 10 Holdings excludes cash and equivalents.
5. Percent of total net assets.

Performance

Historical Returns (%) as of Sep 30, 2023

10/31/202309/30/2023
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc. The share class has no sales charge.
 

Calendar Year Returns (%)

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Fund at NAV 29.62 8.09 -3.19 6.83 12.14 -4.01 30.91 11.95 14.98 -19.48
Russell Midcap® Index1 34.76 13.22 -2.44 13.80 18.52 -9.06 30.54 17.10 22.58 -17.32
 

Fund Facts2

Class I Inception 06/03/2003
Performance Inception 10/31/1994
Expense Ratio (Gross)3 0.98%
Expense Ratio (Net)2,3 0.93%
Distribution Frequency Annually

Risk Measures (3 Year)7 as of Nov 30, 2023

Alpha (%) -3.52
Beta 0.92
Information Ratio -1.07
R-Squared (%) 96.34
Standard Deviation (%) 17.94
Sharpe Ratio -0.06
 

Morningstar Rating™ as of Oct 31, 2023

Time Period Rating Funds in
Mid-Cap Blend
Category
Overall 385
3 Years 385
5 Years 359
10 Years 239
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

NAV History

Date NAV NAV Change
Dec 04, 2023 $41.72 $0.19
Dec 01, 2023 $41.53 $0.59
Nov 30, 2023 $40.94 $0.33
Nov 29, 2023 $40.61 $0.03
Nov 28, 2023 $40.58 -$0.27
Nov 27, 2023 $40.85 -$0.01
Nov 24, 2023 $40.86 $0.16
Nov 22, 2023 $40.70 $0.20
Nov 21, 2023 $40.50 -$0.02
Nov 20, 2023 $40.52 $0.15
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 15, 2022 $0.08720 $38.73
Dec 07, 2021 $0.07810 $47.14
Dec 08, 2020 $0.08480 $45.31
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus
 

Capital Gain History8

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 07, 2021 $0.63920 $4.54560 $47.14
Dec 08, 2020 $0.32940 $45.31
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Portfolio characteristics exclude 1 security in Calvert's High Impact Investments program, which represented 0.156% of the Fund's portfolio, as of 09/30/2023. The Special Equities program enables the Fund to promote approaches to responsible investment goals through privately placed investments. High Social Impact Investments are investments that, in Calvert's opinion, offer the opportunity for significant sustainability and social impact. These investments are generally illiquid and involve high risks. See the Fund's prospectus for details and calvert.com for a complete list of Fund holdings.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


1. Russell Midcap® Index is an unmanaged index of U.S. mid-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Net Expense Ratio reflects a contractual expense reimbursement that continues through 1/31/24. Without the reimbursement, if applicable, performance would have been lower.
3. Source: Fund prospectus.
6. The Morningstar Mid-Cap Blend Category includes funds that invest primarily in U.S. mid-cap companies where neither strong growth or value characteristics predominate.
7. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. R-Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk.
8. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)5 as of Sep 30, 2023

Portfolio Statistics as of Sep 30, 2023

Number of Holdings 54
 

GICS Sector Breakdown (%)5 as of Sep 30, 2023

Assets by Country (%)5 as of Sep 30, 2023

United States 95.58
United Kingdom 2.84
Switzerland 1.58
Cash & Other Assets 0.00
Total 100.00
 

Fund Holdings (%)5,9 as of Oct 31, 2023

Holding % of Net Assets
Wyndham Hotels & Resorts Inc 3.05%
VeriSign Inc 2.99%
Cooper Cos Inc 2.98%
AptarGroup Inc 2.91%
Tyler Technologies Inc 2.89%
Equity LifeStyle Properties Inc 2.77%
O'Reilly Automotive Inc 2.75%
Alliant Energy Corp 2.74%
CMS Energy Corp 2.67%
Tradeweb Markets Inc 2.62%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Portfolio characteristics exclude 1 security in Calvert's High Impact Investments program, which represented 0.156% of the Fund's portfolio, as of 09/30/2023. The Special Equities program enables the Fund to promote approaches to responsible investment goals through privately placed investments. High Social Impact Investments are investments that, in Calvert's opinion, offer the opportunity for significant sustainability and social impact. These investments are generally illiquid and involve high risks. See the Fund's prospectus for details and calvert.com for a complete list of Fund holdings.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


1. Russell Midcap® Index is an unmanaged index of U.S. mid-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
5. Percent of total net assets.
9. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

Management

Michael D. McLean, CFA

Michael D. McLean, CFA

Managing Director, Co-Head of US Small/Mid Cap
Joined Calvert Research and Management 2016

Biography

Mike is a managing director of Morgan Stanley. He is Co-Head of the Eaton Vance U.S. Small/Midcap team and a portfolio manager. He is responsible for buy and sell decisions, portfolio construction and risk management for U.S. small- and midcap equity portfolios as well as coverage of the consumer discretionary and consumer staples sectors. He is also a vice president and portfolio manager for Calvert Research and Management. He began his career in the investment management industry with Eaton Vance in 2001. Morgan Stanley acquired Eaton Vance in March 2021.

Mike earned a B.S. from Providence College. He is a CFA charterholder and holds both the CFA Institute Certificate in ESG Investing and the Fundamentals of Sustainability Accounting FSA Credential.

Education
  • B.S. Providence College

Experience
  • Managed Fund since 2022

 
Griff Noble, CFA

Griff Noble, CFA

Managing Director, Co-Head of US Small/Mid Cap
Joined Calvert Research and Management 2016

Biography

Griff is a managing director of Morgan Stanley. He is Co-Head of the Eaton Vance U.S. Small/Midcap team and a portfolio manager. He is responsible for buy and sell decisions, portfolio construction and risk management for U.S. small- and midcap equity portfolios as well as coverage of the energy and industrials sectors. He is also a vice president and portfolio manager for Calvert Research and Management. He joined Eaton Vance in 2012. Morgan Stanley acquired Eaton Vance in March 2021.

Griff began his career in the investment management industry in 1996. Before joining Eaton Vance, he was an equity analyst with BlackRock, Inc. He was previously affiliated with Byram Capital Management, Emerson Investment Management, Deutsche Asset Management and Putnam Investments.

Griff earned a B.S. from the University of Vermont and an MBA from Babson College. He is a member of CFA Society Boston and is a CFA charterholder.

Education
  • B.S. University of Vermont
  • M.B.A. Babson College

Experience
  • Managed Fund since 2022

 

Prachi Samudra

Executive Director, Co-Portfolio Manager
Joined Calvert Research and Management 2015

Biography

Prachi is an executive director of Morgan Stanley and an analyst on the Eaton Vance U.S. Small/Mid Cap team. She is responsible for coverage of the financial sector. She joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021.

Prachi began her career in the investment management industry in 2007. Before joining Eaton Vance, she was an associate analyst with Fidelity Investments, where she also participated in the General Management Apprentice program. Before entering the investment management industry, she was affiliated with Lowe's Companies, Inc., Infosys Ltd. and Pune Institute of Computer Technology.

Prachi earned a B.Eng. from Walchand College of Engineering (India) and an MBA from The Fuqua School of Business at Duke University.

Education
  • B.Eng. Walchand College of Engineering
  • M.B.A. Duke University

Experience
  • Managed Fund since 2022

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Sep 30, 2023

Commentary

Download Commentary - Last updated: Sep 30, 2023

Annual Report

Download Annual Report - Last updated: Sep 30, 2023

Estimated Year-End Distributions

Download Estimated Year-End Distributions - Last updated: Aug 31, 2023

Full Prospectus

Download Full Prospectus - Last updated: Feb 1, 2023

Q1 Holdings

Download Q1 Holdings - Last updated: Dec 31, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Jun 30, 2023

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Feb 1, 2023

Semi-Annual Report

Download Semi-Annual Report - Last updated: Mar 31, 2023

Summary Prospectus

Download Summary Prospectus - Last updated: Feb 1, 2023