Calvert-Lewin and Holgate's Goodison Park careers have plotted similar paths, both intermittently dipped in the team over their opening seasons but established this term as integral cogs in Ancelotti's side.
The pair have been virtual ever presents under the Italian manager and in Everton's two most recent games were joined in the team by 21-year-old Davies.
“It is a unique situation and I have shared special moments with Mason and Tom," said Calvert-Lewin to evertonfc.com.
“The three of us have come through at similar times and had the ups and down of being young professional footballers in the Premier League.
“It has been nice to enjoy the good experiences with them but also to share the tough times we have had.
“We have pulled each other through and enjoy each other's successes as much as our own.
“It is positive for all of us that we've committed our futures to the Club.
“Everton is where we want to be and we are enjoying our football.
“All of us are open about how much we want to win trophies here.
“We have been on our journeys with this club and there is a connection between us and the fans.
“It would be even more special winning something with people who are my genuine friends."
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