Calvert
Global Water Fund
December 31, 2021
Schedule of Investments (Unaudited)
| Common Stocks — 99.4% |
| Security | Shares | Value | |
| Australia — 2.6% | |||
| Reece, Ltd. | 344,529 | $ 6,775,579 | |
| Reliance Worldwide Corp., Ltd. | 2,126,486 | 9,716,778 | |
| $ 16,492,357 | |||
| Brazil — 3.1% | |||
| Cia de Saneamento Basico do Estado de Sao Paulo ADR(1) | 1,104,386 | $ 8,106,193 | |
| Cia de Saneamento de Minas Gerais | 2,331,692 | 5,312,354 | |
| Cia de Saneamento do Parana, PFC Shares | 8,838,782 | 6,136,657 | |
| $ 19,555,204 | |||
| Canada — 1.7% | |||
| Gildan Activewear, Inc. | 80,396 | $3,408,544 | |
| Nutrien, Ltd. | 49,157 | 3,694,887 | |
| Stantec, Inc. | 60,162 | 3,380,144 | |
| $10,483,575 | |||
| Chile — 1.4% | |||
| Aguas Andinas S.A., Class A | 25,478,696 | $4,644,145 | |
| Inversiones Aguas Metropolitanas S.A. | 8,825,462 | 4,010,508 | |
| $8,654,653 | |||
| China — 4.8% | |||
| Beijing Enterprises Water Group, Ltd. | 17,427,452 | $6,771,378 | |
| China Everbright Environment Group, Ltd. | 4,926,666 | 3,957,134 | |
| China Lesso Group Holdings, Ltd. | 3,360,578 | 4,831,407 | |
| China Water Affairs Group, Ltd.(1) | 5,156,421 | 7,394,700 | |
| Guangdong Investment, Ltd. | 5,337,427 | 6,784,750 | |
| $29,739,369 | |||
| Denmark — 0.6% | |||
| Novozymes A/S, Class B | 43,509 | $3,572,515 | |
| $3,572,515 | |||
| Finland — 1.4% | |||
| Kemira Oyj | 566,213 | $8,579,015 | |
| Valmet Oyj | 1,478 | 63,370 | |
| $8,642,385 | |||
| France — 5.1% | |||
| Accor S.A.(2) | 111,126 | $3,601,972 | |
| Eurofins Scientific SE | 25,750 | 3,190,207 | |
| L'Oreal S.A. | 7,316 | 3,488,362 | |
| LVMH Moet Hennessy Louis Vuitton SE | 4,236 | 3,500,773 | |
| Suez S.A. | 354,954 | 8,001,779 | |
| Veolia Environnement S.A. | 271,232 | 9,960,692 | |
| $31,743,785 | |||
| Security | Shares | Value | |
| Germany — 1.1% | |||
| GEA Group AG | 64,439 | $ 3,519,618 | |
| Henkel AG & Co. KGaA, PFC Shares | 41,724 | 3,366,754 | |
| $ 6,886,372 | |||
| Italy — 1.8% | |||
| ACEA SpA | 226,358 | $ 4,836,342 | |
| Interpump Group SpA | 84,573 | 6,195,042 | |
| $ 11,031,384 | |||
| Japan — 8.7% | |||
| Ebara Corp. | 106,356 | $5,908,301 | |
| Hitachi Zosen Corp. | 627,427 | 4,350,451 | |
| Hulic Reit, Inc. | 2,230 | 3,355,286 | |
| Kitz Corp. | 114,300 | 707,528 | |
| Kurita Water Industries, Ltd. | 206,442 | 9,787,114 | |
| Lixil Corp. | 411,200 | 10,969,554 | |
| METAWATER Co., Ltd. | 233,134 | 4,096,097 | |
| Nihon Trim Co., Ltd. | 108,100 | 2,988,250 | |
| Sekisui Chemical Co., Ltd. | 201,500 | 3,369,914 | |
| TOTO, Ltd. | 132,400 | 6,108,606 | |
| Tsukishima Kikai Co., Ltd. | 184,100 | 1,815,116 | |
| Tsurumi Manufacturing Co., Ltd. | 55,900 | 805,130 | |
| $54,261,347 | |||
| Netherlands — 1.6% | |||
| Aalberts NV | 96,143 | $6,375,218 | |
| Arcadis NV | 73,999 | 3,564,967 | |
| $9,940,185 | |||
| Singapore — 0.5% | |||
| City Developments, Ltd.(1) | 641,600 | $3,246,102 | |
| Hyflux, Ltd.(1)(2)(3) | 16,595,483 | 0 | |
| $3,246,102 | |||
| South Korea — 1.0% | |||
| Coway Co., Ltd.(2) | 57,438 | $3,598,564 | |
| LG Chem, Ltd.(2) | 5,603 | 2,896,536 | |
| $6,495,100 | |||
| Spain — 1.1% | |||
| Acciona S.A. | 18,294 | $3,482,050 | |
| Iberdrola S.A. | 293,637 | 3,476,655 | |
| $6,958,705 | |||
| Switzerland — 4.3% | |||
| Geberit AG | 9,041 | $7,369,623 | |
| Georg Fischer AG | 4,048 | 6,124,692 | |
| Medmix AG(2)(4) | 27,103 | 1,339,271 | |
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Calvert
Global Water Fund
December 31, 2021
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| Switzerland (continued) | |||
| Roche Holding AG PC | 8,423 | $ 3,494,375 | |
| Sika AG(1) | 8,322 | 3,458,766 | |
| Sulzer AG | 52,835 | 5,190,334 | |
| $ 26,977,061 | |||
| Taiwan — 0.5% | |||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 147,294 | $ 3,258,290 | |
| $ 3,258,290 | |||
| Thailand — 1.2% | |||
| Eastern Water Resources Development and Management PCL | 1,561,500 | $434,811 | |
| Eastern Water Resources Development and Management PCL, Foreign Shares | 2,825,800 | 786,865 | |
| TTW PCL, Foreign Shares | 15,724,200 | 5,366,118 | |
| WHA Utilities and Power PCL, Foreign Shares | 9,358,000 | 1,143,902 | |
| $7,731,696 | |||
| United Kingdom — 8.2% | |||
| CNH Industrial NV(1) | 197,769 | $3,842,652 | |
| Croda International PLC | 24,237 | 3,319,777 | |
| Ferguson PLC | 46,245 | 8,214,343 | |
| Genuit Group PLC | 667,836 | 5,336,962 | |
| Halma PLC | 82,448 | 3,574,851 | |
| Mondi PLC | 143,894 | 3,569,134 | |
| Pennon Group PLC | 452,229 | 7,159,770 | |
| Severn Trent PLC | 207,416 | 8,282,519 | |
| United Utilities Group PLC | 556,017 | 8,204,277 | |
| $51,504,285 | |||
| United States — 48.7% | |||
| Advanced Drainage Systems, Inc. | 48,133 | $6,552,345 | |
| American States Water Co. | 75,203 | 7,778,998 | |
| American Water Works Co., Inc. | 53,482 | 10,100,611 | |
| Badger Meter, Inc. | 89,443 | 9,531,046 | |
| Ball Corp. | 35,029 | 3,372,242 | |
| Brookfield Renewable Corp., Class A | 88,400 | 3,255,772 | |
| California Water Service Group | 111,769 | 8,031,720 | |
| Chemed Corp. | 12,851 | 6,798,693 | |
| CMS Energy Corp. | 55,623 | 3,618,276 | |
| Cousins Properties, Inc. | 84,611 | 3,408,131 | |
| Danaher Corp. | 9,884 | 3,251,935 | |
| Ecolab, Inc. | 56,484 | 13,250,582 | |
| Energy Recovery, Inc.(2) | 364,442 | 7,831,859 | |
| Entegris, Inc. | 22,194 | 3,075,645 | |
| Essential Utilities, Inc. | 169,015 | 9,074,415 | |
| Evoqua Water Technologies Corp.(2) | 217,686 | 10,176,820 | |
| Flowserve Corp. | 186,373 | 5,703,014 | |
| Forterra, Inc.(2) | 184,991 | 4,399,086 | |
| Security | Shares | Value | |
| United States (continued) | |||
| Fortune Brands Home & Security, Inc. | 63,702 | $ 6,809,744 | |
| Franklin Electric Co., Inc. | 61,816 | 5,845,321 | |
| Gorman-Rupp Co. (The) | 106,910 | 4,762,840 | |
| Hawkins, Inc. | 222,642 | 8,783,227 | |
| Hyatt Hotels Corp., Class A(2) | 41,187 | 3,949,833 | |
| IDEX Corp. | 49,687 | 11,742,032 | |
| IDEXX Laboratories, Inc.(2) | 5,383 | 3,544,490 | |
| Intel Corp. | 66,533 | 3,426,450 | |
| Itron, Inc.(2) | 52,874 | 3,622,926 | |
| Levi Strauss & Co., Class A | 128,019 | 3,204,316 | |
| Lindsay Corp. | 34,216 | 5,200,832 | |
| Masco Corp. | 98,847 | 6,941,036 | |
| Middlesex Water Co. | 63,363 | 7,622,569 | |
| Minerals Technologies, Inc. | 49,847 | 3,646,308 | |
| Mondelez International, Inc., Class A | 55,539 | 3,682,791 | |
| Mueller Industries, Inc. | 97,606 | 5,793,892 | |
| Mueller Water Products, Inc., Class A | 379,025 | 5,457,960 | |
| Nucor Corp. | 30,806 | 3,516,505 | |
| Parker-Hannifin Corp. | 10,740 | 3,416,609 | |
| Pentair PLC | 146,207 | 10,677,497 | |
| Procter & Gamble Co. (The) | 22,449 | 3,672,207 | |
| Roper Technologies, Inc. | 7,053 | 3,469,089 | |
| Sherwin-Williams Co. (The) | 9,793 | 3,448,703 | |
| SJW Group | 97,592 | 7,143,734 | |
| Tetra Tech, Inc. | 56,820 | 9,648,036 | |
| Trimble, Inc.(2) | 38,121 | 3,323,770 | |
| Valmont Industries, Inc. | 24,059 | 6,026,779 | |
| Watts Water Technologies, Inc., Class A | 51,698 | 10,038,201 | |
| Xylem, Inc. | 94,443 | 11,325,605 | |
| York Water Co. (The) | 119,374 | 5,942,438 | |
| Zurn Water Solutions Corp. | 272,029 | 9,901,856 | |
| $304,798,786 | |||
| Total Common Stocks (identified cost $419,043,141) | $621,973,156 | ||
| 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(5)(6) | $ | 630 | $ 616,808 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 0.00%, 11/3/22(6)(7) | 27 | 25,879 | |
| Total High Social Impact Investments (identified cost $657,000) | $ 642,687 | ||
2
Calvert
Global Water Fund
December 31, 2021
Schedule of Investments (Unaudited) — continued
| Short-Term Investments — 1.0% |
| Affiliated Fund — 0.3% | |||
| Description | Units | Value | |
| Calvert Cash Reserves Fund, LLC, 0.06%(8) | 1,635,029 | $ 1,635,029 | |
| Total Affiliated Fund (identified cost $1,635,029) | $ 1,635,029 | ||
| Securities Lending Collateral — 0.7% | |||
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%(9) | 4,653,019 | $ 4,653,019 | |
| Total Securities Lending Collateral (identified cost $4,653,019) | $ 4,653,019 | ||
| Total Short-Term Investments (identified cost $6,288,048) | $ 6,288,048 | ||
| Total Investments — 100.5% (identified cost $425,988,189) | $628,903,891 | |
| Other Assets, Less Liabilities — (0.5)% | $ (3,078,400) | |
| Net Assets — 100.0% | $625,825,491 |
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
| (1) | All or a portion of this security was on loan at December 31, 2021. The aggregate market value of securities on loan at December 31, 2021 was $10,079,396 and the total market value of the collateral received by the Fund was $10,946,155, comprised of cash of $4,653,019 and U.S. government and/or agencies securities of $6,293,136. |
| (2) | Non-income producing security. |
| (3) | For fair value measurement disclosure purposes, security is categorized as Level 3. |
| (4) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At December 31, 2021, the aggregate value of these securities is $1,339,271 or 0.2% of the Fund's net assets. |
| (5) | May be deemed to be an affiliated company. |
| (6) | Restricted security. Total market value of restricted securities amounts to $642,687, which represents 0.1% of the net assets of the Fund as of December 31, 2021. |
| (7) | 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, 2021. |
| (8) | 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, 2021. |
| (9) | Represents investment of cash collateral received in connection with securities lending. |
At December 31, 2021, the concentration of the Fund’s investments in the various sectors, determined as a percentage of net assets, was as follows:
| Economic Sectors | % of Net Assets |
| Industrials | 44.1% |
| Utilities | 27.6 |
| Materials | 11.1 |
| Information Technology | 4.8 |
| Consumer Discretionary | 4.4 |
| Health Care | 3.5 |
| Consumer Staples | 2.3 |
| Real Estate | 1.6 |
| High Social Impact Investments | 0.1 |
| Total | 99.5% |
Restricted Securities
| Description | Acquisition Dates | Cost |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $630,000 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 0.00%, 11/3/22 | 11/13/15 | 27,000 |
| Abbreviations: | |
| ADR | – American Depositary Receipt |
| PC | – Participation Certificate |
| PCL | – Public Company Limited |
| PFC Shares | – Preference Shares |
3
Calvert
Global Water Fund
December 31, 2021
Schedule of Investments (Unaudited) — continued
At December 31, 2021, the value of the Fund's investment in Calvert Impact Capital, Inc. (the Notes) and affiliated funds was $2,251,837, which represents 0.4% 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, 2021 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/Units, end of period |
| High Social Impact Investments | ||||||||
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | $ 619,183 | $ — | $ — | $ — | $(2,375) | $ 616,808 | $2,363 | $ 630,000 |
| Short-Term Investments | ||||||||
| Calvert Cash Reserves Fund, LLC | 2,930,857 | 15,982,709 | (17,278,476) | 125 | (186) | 1,635,029 | 194 | 1,635,029 |
| Totals | $125 | $(2,561) | $2,251,837 | $2,557 | ||||
| (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, 2021, based on the inputs used to value them:
| Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
| Common Stocks: | ||||
| Australia | $ — | $16,492,357 | $ — | $16,492,357 |
| Brazil | 8,106,193 | 11,449,011 | — | 19,555,204 |
| Canada | 10,483,575 | — | — | 10,483,575 |
| Chile | — | 8,654,653 | — | 8,654,653 |
| China | — | 29,739,369 | — | 29,739,369 |
| Denmark | — | 3,572,515 | — | 3,572,515 |
| Finland | — | 8,642,385 | — | 8,642,385 |
| France | — | 31,743,785 | — | 31,743,785 |
| Germany | — | 6,886,372 | — | 6,886,372 |
| Italy | — | 11,031,384 | — | 11,031,384 |
| Japan | — | 54,261,347 | — | 54,261,347 |
| Netherlands | — | 9,940,185 | — | 9,940,185 |
| Singapore | — | 3,246,102 | 0 | 3,246,102 |
| South Korea | — | 6,495,100 | — | 6,495,100 |
| Spain | — | 6,958,705 | — | 6,958,705 |
| Switzerland | — | 26,977,061 | — | 26,977,061 |
| Taiwan | — | 3,258,290 | — | 3,258,290 |
| Thailand | — | 7,731,696 | — | 7,731,696 |
| United Kingdom | 3,842,652 | 47,661,633 | — | 51,504,285 |
| United States | 304,798,786 | — | — | 304,798,786 |
| Total Common Stocks | $327,231,206 | $294,741,950(2) | $0 | $621,973,156 |
4
Calvert
Global Water Fund
December 31, 2021
Schedule of Investments (Unaudited) — continued
| Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
| High Social Impact Investments | $ — | $642,687 | $ — | $642,687 |
| Short-Term Investments: | ||||
| Affiliated Fund | — | 1,635,029 | — | 1,635,029 |
| Securities Lending Collateral | 4,653,019 | — | — | 4,653,019 |
| Total Investments | $331,884,225 | $297,019,666 | $0 | $628,903,891 |
| (1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
| (2) | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended December 31, 2021 is not presented.
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.
5