Calvert
Global Water Fund
June 30, 2024
Schedule of Investments (Unaudited)
Common Stocks — 99.6% |
Security | Shares | Value | |
Australia — 2.1% | |||
Reece Ltd.(1) | 297,226 | $ 4,963,708 | |
Reliance Worldwide Corp. Ltd. | 2,345,632 | 7,012,545 | |
$ 11,976,253 | |||
Austria — 0.8% | |||
Wienerberger AG | 140,911 | $ 4,671,180 | |
$ 4,671,180 | |||
Brazil — 3.7% | |||
Cia de Saneamento Basico do Estado de Sao Paulo (SABESP) ADR(1) | 577,695 | $ 7,769,998 | |
Cia de Saneamento de Minas Gerais Copasa MG | 1,661,492 | 6,208,935 | |
Cia De Sanena Do Parana | 1,323,200 | 6,523,567 | |
$20,502,500 | |||
Canada — 1.2% | |||
Gildan Activewear, Inc. | 83,374 | $3,162,367 | |
Stantec, Inc.(1) | 39,182 | 3,280,227 | |
$6,442,594 | |||
Chile — 1.1% | |||
Aguas Andinas SA, Class A | 21,746,466 | $5,938,942 | |
$5,938,942 | |||
China — 4.8% | |||
Beijing Enterprises Water Group Ltd.(1) | 21,769,452 | $6,686,020 | |
China Everbright Environment Group Ltd. | 6,918,666 | 3,464,888 | |
China Lesso Group Holdings Ltd. | 8,588,578 | 3,426,206 | |
China Water Affairs Group Ltd.(1) | 8,634,421 | 5,545,422 | |
Guangdong Investment Ltd. | 12,813,427 | 7,485,688 | |
$26,608,224 | |||
Denmark — 0.6% | |||
Novonesis (Novozymes), Class B | 54,777 | $3,346,568 | |
$3,346,568 | |||
Finland — 1.4% | |||
Kemira OYJ | 329,184 | $8,015,725 | |
$8,015,725 | |||
France — 3.1% | |||
Eurofins Scientific SE(1) | 52,012 | $2,604,187 | |
L'Oreal SA | 6,486 | 2,854,914 | |
LVMH Moet Hennessy Louis Vuitton SE | 3,987 | 3,061,182 | |
Veolia Environnement SA | 294,954 | 8,834,711 | |
$17,354,994 | |||
Germany — 1.1% | |||
GEA Group AG | 78,788 | $3,275,489 |
Security | Shares | Value | |
Germany (continued) | |||
Henkel AG & Co. KGaA, PFC Shares | 35,382 | $ 3,150,300 | |
$ 6,425,789 | |||
Italy — 1.9% | |||
ACEA SpA(1) | 342,442 | $ 5,542,115 | |
Interpump Group SpA(1) | 109,105 | 4,840,677 | |
$ 10,382,792 | |||
Japan — 7.9% | |||
Daiseki Co. Ltd. | 325,200 | $ 7,599,089 | |
Ebara Corp. | 377,280 | 6,017,622 | |
Kurita Water Industries Ltd. | 198,242 | 8,423,692 | |
Lixil Corp. | 739,300 | 7,792,092 | |
Organo Corp. | 127,000 | 6,525,916 | |
Sekisui Chemical Co. Ltd. | 220,600 | 3,062,504 | |
TOTO Ltd.(1) | 204,000 | 4,806,099 | |
$44,227,014 | |||
Mexico — 0.7% | |||
Orbia Advance Corp. SAB de CV | 2,829,500 | $3,946,917 | |
$3,946,917 | |||
Netherlands — 1.4% | |||
Aalberts NV | 111,789 | $4,526,644 | |
Arcadis NV | 49,093 | 3,106,668 | |
$7,633,312 | |||
Singapore — 1.1% | |||
CDL Hospitality Trusts | 4,319,801 | $3,027,123 | |
City Developments Ltd. | 767,100 | 2,916,090 | |
Hyflux Ltd.(1)(2)(3) | 16,595,483 | 0 | |
$5,943,213 | |||
South Korea — 2.1% | |||
Coway Co. Ltd. | 188,796 | $8,751,245 | |
LG Chem Ltd. | 12,854 | 3,203,149 | |
$11,954,394 | |||
Spain — 1.1% | |||
Acciona SA(1) | 24,653 | $2,917,576 | |
Iberdrola SA | 241,317 | 3,131,070 | |
$6,048,646 | |||
Sweden — 0.5% | |||
Fabege AB | 371,430 | $2,965,052 | |
$2,965,052 | |||
Switzerland — 5.1% | |||
Belimo Holding AG | 11,511 | $5,773,659 | |
Geberit AG | 10,122 | 5,962,383 | |
Georg Fischer AG | 75,616 | 5,058,355 | |
Roche Holding AG | 12,567 | 3,481,797 |
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Calvert
Global Water Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
Security | Shares | Value | |
Switzerland (continued) | |||
Sika AG | 10,603 | $ 3,026,727 | |
Sulzer AG | 36,099 | 4,991,524 | |
$ 28,294,445 | |||
Taiwan — 0.7% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 131,294 | $ 3,889,928 | |
$ 3,889,928 | |||
Thailand — 1.0% | |||
Amata Corp. PCL | 9,602,700 | $ 5,843,762 | |
$5,843,762 | |||
United Kingdom — 8.9% | |||
CNH Industrial NV | 302,290 | $3,062,198 | |
Croda International PLC | 55,047 | 2,738,535 | |
Ferguson PLC | 32,521 | 6,297,691 | |
Genuit Group PLC | 787,929 | 4,269,278 | |
Halma PLC | 111,303 | 3,793,823 | |
Marlowe PLC(1) | 452,879 | 2,460,273 | |
Mondi PLC | 161,522 | 3,095,886 | |
Pennon Group PLC | 945,279 | 6,863,567 | |
Severn Trent PLC | 289,712 | 8,720,124 | |
United Utilities Group PLC | 680,726 | 8,456,399 | |
$49,757,774 | |||
United States — 47.3% | |||
A.O. Smith Corp. | 69,401 | $5,675,614 | |
Advanced Drainage Systems, Inc. | 34,083 | 5,466,572 | |
AECOM | 67,603 | 5,958,528 | |
Agilent Technologies, Inc. | 24,478 | 3,173,083 | |
American States Water Co. | 103,659 | 7,522,534 | |
American Water Works Co., Inc. | 74,893 | 9,673,180 | |
Badger Meter, Inc. | 44,437 | 8,280,835 | |
Ball Corp. | 45,975 | 2,759,419 | |
Brookfield Renewable Corp., Class A(1) | 101,206 | 2,872,226 | |
California Water Service Group | 153,885 | 7,461,884 | |
Chemed Corp. | 10,236 | 5,553,849 | |
CMS Energy Corp. | 50,724 | 3,019,600 | |
Core & Main, Inc., Class A(3) | 101,800 | 4,982,092 | |
Cousins Properties, Inc. | 135,944 | 3,147,104 | |
Ecolab, Inc. | 46,990 | 11,183,620 | |
Energy Recovery, Inc.(3) | 490,132 | 6,513,854 | |
Entegris, Inc. | 25,264 | 3,420,746 | |
Essential Utilities, Inc. | 236,392 | 8,824,513 | |
FMC Corp. | 52,371 | 3,013,951 | |
Fortune Brands Innovations, Inc. | 81,532 | 5,294,688 | |
Franklin Electric Co., Inc. | 52,390 | 5,046,205 | |
Gorman-Rupp Co. | 119,758 | 4,396,316 | |
Hawkins, Inc. | 84,314 | 7,672,574 | |
Hilton Worldwide Holdings, Inc. | 15,913 | 3,472,217 | |
IDEXX Laboratories, Inc.(3) | 6,424 | 3,129,773 |
Security | Shares | Value | |
United States (continued) | |||
Ingersoll Rand, Inc. | 34,007 | $ 3,089,196 | |
Intel Corp. | 103,474 | 3,204,590 | |
Itron, Inc.(3) | 29,680 | 2,937,133 | |
Levi Strauss & Co., Class A | 132,946 | 2,563,199 | |
Lindsay Corp. | 39,122 | 4,807,311 | |
Masco Corp. | 86,784 | 5,785,889 | |
Middlesex Water Co. | 123,394 | 6,448,570 | |
Mondelez International, Inc., Class A | 46,581 | 3,048,261 | |
Mueller Industries, Inc. | 93,742 | 5,337,669 | |
Mueller Water Products, Inc., Class A | 269,648 | 4,832,092 | |
Nucor Corp. | 18,905 | 2,988,502 | |
Parker-Hannifin Corp. | 6,006 | 3,037,895 | |
Pentair PLC | 115,970 | 8,891,420 | |
Procter & Gamble Co. | 19,510 | 3,217,589 | |
Roper Technologies, Inc. | 5,992 | 3,377,451 | |
SJW Group | 131,124 | 7,109,543 | |
Tetra Tech, Inc. | 44,170 | 9,031,882 | |
Trimble, Inc.(3) | 57,331 | 3,205,949 | |
Valmont Industries, Inc. | 21,314 | 5,849,627 | |
Veralto Corp. | 101,310 | 9,672,066 | |
Waters Corp.(3) | 10,334 | 2,998,100 | |
Watts Water Technologies, Inc., Class A | 42,813 | 7,850,620 | |
Xylem, Inc. | 73,467 | 9,964,329 | |
Zurn Elkay Water Solutions Corp., Class C | 266,804 | 7,844,038 | |
$264,607,898 | |||
Total Common Stocks (identified cost $435,410,543) | $556,777,916 |
Short-Term Investments — 0.8% |
Affiliated Fund — 0.0%(4) | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(5) | 3,921 | $ 3,921 | |
Total Affiliated Fund (identified cost $3,921) | $ 3,921 | ||
Securities Lending Collateral — 0.8% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(6) | 4,399,104 | $ 4,399,104 | |
Total Securities Lending Collateral (identified cost $4,399,104) | $ 4,399,104 | ||
Total Short-Term Investments (identified cost $4,403,025) | $ 4,403,025 |
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Calvert
Global Water Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
Value | ||
Total Investments — 100.4% (identified cost $439,813,568) | $561,180,941 | |
Other Assets, Less Liabilities — (0.4)% | $ (2,296,536) | |
Net Assets — 100.0% | $558,884,405 |
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 June 30, 2024. The aggregate market value of securities on loan at June 30, 2024 was $17,787,617 and the total market value of the collateral received by the Fund was $19,291,931, comprised of cash of $4,399,104 and U.S. government and/or agencies securities of $14,892,827. |
(2) | For fair value measurement disclosure purposes, security is categorized as Level 3. |
(3) | Non-income producing security. |
(4) | Amount is less than 0.05%. |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2024. |
(6) | Represents investment of cash collateral received in connection with securities lending. |
At June 30, 2024, 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 | 25.7 |
Materials | 10.7 |
Information Technology | 5.7 |
Consumer Discretionary | 4.3 |
Health Care | 3.7 |
Real Estate | 3.2 |
Consumer Staples | 2.2 |
Total | 99.6% |
Abbreviations: | |
ADR | – American Depositary Receipt |
PCL | – Public Company Limited |
PFC Shares | – Preference Shares |
The Fund did not have any open derivative instruments at June 30, 2024.
Affiliated Investments
At June 30, 2024, the value of the Fund's investment in Calvert Impact Capital, Inc., and in funds that may be deemed to be affiliated was $3,921, which represents less than 0.05% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended June 30, 2024 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 | $621,363 | $ — | $ (630,000) | $ — | $8,637 | $ — | $ 1,943 | $ — |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(1) | 362,628 | 39,908,179 | (40,266,886) | — | — | 3,921 | 18,037 | 3,921 |
Total | $ — | $8,637 | $3,921 | $19,980 |
(1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
3
Calvert
Global Water Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
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, 2024, based on the inputs used to value them:
Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Common Stocks: | ||||
Australia | $ — | $11,976,253 | $ — | $11,976,253 |
Austria | — | 4,671,180 | — | 4,671,180 |
Brazil | 20,502,500 | — | — | 20,502,500 |
Canada | 6,442,594 | — | — | 6,442,594 |
Chile | 5,938,942 | — | — | 5,938,942 |
China | — | 26,608,224 | — | 26,608,224 |
Denmark | — | 3,346,568 | — | 3,346,568 |
Finland | — | 8,015,725 | — | 8,015,725 |
France | — | 17,354,994 | — | 17,354,994 |
Germany | — | 6,425,789 | — | 6,425,789 |
Italy | — | 10,382,792 | — | 10,382,792 |
Japan | — | 44,227,014 | — | 44,227,014 |
Mexico | 3,946,917 | — | — | 3,946,917 |
Netherlands | — | 7,633,312 | — | 7,633,312 |
Singapore | — | 5,943,213 | 0 | 5,943,213 |
South Korea | — | 11,954,394 | — | 11,954,394 |
Spain | — | 6,048,646 | — | 6,048,646 |
Sweden | — | 2,965,052 | — | 2,965,052 |
Switzerland | — | 28,294,445 | — | 28,294,445 |
Taiwan | — | 3,889,928 | — | 3,889,928 |
Thailand | — | 5,843,762 | — | 5,843,762 |
United Kingdom | 9,359,889 | 40,397,885 | — | 49,757,774 |
United States | 264,607,898 | — | — | 264,607,898 |
Total Common Stocks | $310,798,740 | $245,979,176(2) | $0 | $556,777,916 |
Short-Term Investments: | ||||
Affiliated Fund | $3,921 | $ — | $ — | $3,921 |
Securities Lending Collateral | 4,399,104 | — | — | 4,399,104 |
Total Investments | $315,201,765 | $245,979,176 | $0 | $561,180,941 |
(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 June 30, 2024 is not presented.
4
Calvert
Global Water Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
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 semi-annual or annual report to shareholders.
5