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MAR24 000000000 -217.00000000 NC USD -959104.59000000 -0.13103411547 N/A DIR US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Short Ultra 10-Year U.S. Treasury Notes Futures UXYH4 Comdty 2024-03-19 -24650286.04000000 USD -959104.59000000 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US LONG BOND(CBT) MAR24 000000000 249.00000000 NC USD 2300839.18000000 0.314343638782 N/A DIR US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Long CBOT U.S. Long Bond Futures USH4 Comdty 2024-03-19 28808598.32000000 USD 2300839.18000000 N N N PATTERN ENERGY OP LP/PAT N/A Pattern Energy Operations LP / Pattern Energy Operations Inc 70339PAA7 2075000.00000000 PA USD 1964287.42000000 0.268363499971 Long DBT CORP US N 2 2028-08-15 Fixed 4.50000000 N N N N N N Commonwealth of Massachusetts 5493001N1YCXNI1O7K10 MASSACHUSETTS ST 57582RJN7 8240000.00000000 PA USD 6646631.20000000 0.908071392043 Long DBT MUN US N 2 2046-06-01 Fixed 3.27700000 N N N N N N Sunnova Sol Issuer,LLC N/A Sunnova Sol Issuer LLC 86745NAA6 2644631.11000000 PA USD 2313006.27000000 0.316005922429 Long ABS-O CORP US N 2 2055-02-01 Fixed 3.35000000 N N N N N N BROOKFIELD PROPERTY PART 5493004J5Z0TZW83NU62 Brookfield Property Partners LP 000000000 92000.00000000 NS USD 1057080.00000000 0.144419643307 Long EP CORP BM N 1 N N N CONSERVATION FUND N/A Conservation Fund A Nonprofit Corp/The 20848FAA8 2345000.00000000 PA USD 2070070.72000000 0.282815751886 Long DBT CORP US N 2 2029-12-15 Fixed 3.47400000 N N N N N N PROLOGIS EURO FINANCE 549300MI5D1784PRQH06 Prologis Euro Finance LLC 000000000 6700000.00000000 PA 6606590.85000000 0.902601027392 Long DBT US N 2 2028-02-06 Fixed 0.37500000 N N N N N N 2024-01-26 CALVERT IMPACT FUND INC James Kirchner James Kirchner Treasurer XXXX NPORT-EX 2 NPORT_D8E3_26404454_1223.htm
Calvert
Green Bond Fund
December 31, 2023
Schedule of Investments (Unaudited)

Asset-Backed Securities — 11.7%
    
Security Principal
Amount
(000's omitted)
Value
GoodLeap Sustainable Home Solutions Trust:      
Series 2021-4GS, Class A, 1.93%, 7/20/48(1) $      1,511 $  1,128,696
Series 2021-5CS, Class A, 2.31%, 10/20/48(1)   1,317    1,029,402
Series 2022-2CS, Class A, 4.00%, 4/20/49(1)   3,084    2,713,899
Helios Issuer, LLC, Series 2023-GRID1, Class 1A, 5.75%, 12/20/50(1)        3,507    3,601,955
Loanpal Solar Loan, Ltd.:      
Series 2020-1GS, Class C, 2.00%, 6/20/47(1)        3,973    2,324,112
Series 2020-3GS, Class A, 2.47%, 12/20/47(1)   1,366    1,062,458
Luminace ABS Issuer, LLC, Series 2022-1, Class A, 4.88%, 7/31/62(1)        2,755    2,623,698
Mill City Solar Loan, Ltd., Series 2020-1A, Class C, 2.00%, 6/20/47(1)   461 303,742
Mosaic Solar Loan Trust:      
Series 2018-1A, Class A, 4.01%, 6/22/43(1)   463 429,198
Series 2018-1A, Class B, 2.00%, 6/22/43(1)   1,401 1,197,322
Series 2019-1A, Class A, 4.37%, 12/21/43(1)   668 623,633
Series 2019-2A, Class A, 2.88%, 9/20/40(1)   2,400 2,137,772
Series 2019-2A, Class B, 3.28%, 9/20/40(1)   2,142 1,909,509
Series 2019-2A, Class C, 4.35%, 9/20/40(1)   0(2) 15
Series 2020-1A, Class A, 2.10%, 4/20/46(1)   999 874,163
Series 2020-1A, Class B, 3.10%, 4/20/46(1)   1,148 1,017,331
Series 2020-2A, Class B, 2.21%, 8/20/46(1)   1,427 1,161,299
Series 2021-1A, Class B, 2.05%, 12/20/46(1)   826 644,409
Series 2021-1A, Class C, 2.25%, 12/20/46(1)   653 570,732
Series 2021-2A, Class A, 1.64%, 4/22/47(1)   1,870 1,535,056
Series 2022-2A, Class B, 5.13%, 1/21/53(1)   1,820 1,666,295
Mosaic Solar Loans, LLC:      
Series 2017-1A, Class A, 4.45%, 6/20/42(1)   320 302,044
Series 2017-2A, Class A, 3.82%, 6/22/43(1)   38 34,949
Series 2017-2A, Class C, 2.00%, 6/22/43(1)   93 91,219
SolarCity LMC Series I, LLC, Series 2013-1, Class A, 4.80%, 11/20/38(1)   79 75,844
Sunnova Helios II Issuer, LLC:      
Series 2019-AA, Class C, 5.32%, 6/20/46(1)   1,043 818,955
Series 2021-B, Class B, 2.01%, 7/20/48(1)   3,139 2,624,936
Sunnova Helios IV Issuer, LLC, Series 2020-AA, Class A, 2.98%, 6/20/47(1)   5,879 5,394,676
Sunnova Helios V Issuer, LLC:      
Series 2021-A, Class A, 1.80%, 2/20/48(1)   2,426 2,109,542
Series 2021-A, Class B, 3.15%, 2/20/48(1)   4,293 3,472,258
Sunnova Sol II Issuer, LLC:      
Series 2020-2A, Class A, 2.73%, 11/1/55(1)   1,832 1,492,148
Series 2020-2A, Class B, 5.47%, 11/1/55(1)   6,604 5,448,523
Sunnova Sol Issuer, LLC:      
Series 2020-1A, Class A, 3.35%, 2/1/55(1)   2,645 2,313,006
Series 2020-1A, Class B, 5.54%, 2/1/55(1)   1,542 1,325,474
Sunrun Atlas Issuer, LLC, Series 2019-2, Class A, 3.61%, 2/1/55(1)   2,238 2,053,520
Security Principal
Amount
(000's omitted)
Value
Sunrun Callisto Issuer, LLC, Series 2015-1A, Class B, 5.38%, 7/20/45(1) $        642 $    622,031
Sunrun Demeter Issuer, LLC, Series 2021-2A, Class A, 2.27%, 1/30/57(1)        7,441    6,307,076
Sunrun Jupiter Issuer, LLC, Series 2022-1A, Class A, 4.75%, 7/30/57(1)        4,055    3,719,648
Sunrun Vulcan Issuer, LLC, Series 2021-1A, Class A, 2.46%, 1/30/52(1)        4,893    4,016,794
Sunrun Xanadu Issuer, LLC, Series 2019-1A, Class A, 3.98%, 6/30/54(1)        1,810    1,695,083
Tesla Auto Lease Trust:      
Series 2021-A, Class D, 1.34%, 3/20/25(1)        3,500    3,488,128
Series 2023-B, Class A3, 6.13%, 9/21/26(1)   4,986    5,038,454
Vivint Solar Financing V, LLC, Series 2018-1A, Class A, 4.73%, 4/30/48(1)        1,322    1,237,129
Vivint Solar Financing VII, LLC, Series 2020-1A, Class A, 2.21%, 7/31/51(1)   4,688 3,925,697
Total Asset-Backed Securities
(identified cost $98,613,580)
    $86,161,830
    
Commercial Mortgage-Backed Securities — 8.3%
    
Security Principal
Amount
(000's omitted)
Value
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates:      
Series KG02, Class A2, 2.412%, 8/25/29 $      4,050 $  3,672,271
Series KG03, Class A2, 1.297%, 6/25/30(3)   3,760    3,122,581
Series KG04, Class A1, 0.845%, 6/25/30   3,683    3,243,784
Series KG08, Class A2, 4.134%, 5/25/33(3)   10,000    9,750,147
Federal National Mortgage Association:      
Series 2017-M13, Class A2, 2.932%, 9/25/27(3)        5,219    4,970,554
Series 2018-M4, Class A2, 3.064%, 3/25/28(3)   9,931    9,454,839
Series 2018-M13, Class A2, 3.74%, 9/25/30(3)   5,419    5,221,243
Series 2019-M1, Class A2, 3.547%, 9/25/28(3)   5,034 4,877,679
Series 2019-M22, Class A2, 2.522%, 8/25/29   6,400 5,821,305
Series 2020-M1, Class A2, 2.444%, 10/25/29   7,842 7,079,512
Series 2020-M20, Class A2, 1.435%, 10/25/29   4,250 3,604,201
Total Commercial Mortgage-Backed Securities
(identified cost $64,802,970)
    $60,818,116
    
Corporate Bonds — 55.2%
    
Security Principal
Amount*
(000’s omitted)
Value
Communications — 2.8%  
Comcast Corp., 4.65%, 2/15/33        6,000 $  6,038,320
 
1

 

Calvert
Green Bond Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued

Security Principal
Amount*
(000’s omitted)
Value
Communications (continued)  
Verizon Communications, Inc.:      
1.50%, 9/18/30       11,734 $  9,672,786
2.85%, 9/3/41   3,600    2,662,283
3.875%, 3/1/52   2,300   1,865,196
      $ 20,238,585
Consumer, Cyclical — 3.4%  
Ford Motor Co., 3.25%, 2/12/32       14,521 $ 12,083,236
General Motors Co.:      
5.40%, 10/15/29(4)   2,300 2,342,681
5.60%, 10/15/32(4)   5,177 5,295,742
Hyundai Capital America, 5.80%, 6/26/25(1)   5,280 5,310,144
      $25,031,803
Consumer, Non-cyclical — 0.9%  
Coca-Cola Femsa SAB de CV, 1.85%, 9/1/32(4)   3,470 $2,763,150
Conservation Fund (The), 3.474%, 12/15/29   2,345 2,070,071
Kaiser Foundation Hospitals, 3.15%, 5/1/27   1,208 1,156,371
PepsiCo, Inc., 2.875%, 10/15/49   1,065 782,588
      $6,772,180
Energy — 0.3%  
TerraForm Power Operating, LLC, 4.75%, 1/15/30(1)   2,165 $2,015,843
      $2,015,843
Financial — 22.4%  
Alexandria Real Estate Equities, Inc.:      
2.00%, 5/18/32   6,900 $5,540,002
4.75%, 4/15/35   3,332 3,234,772
AXA S.A., 1.375% to 4/7/31, 10/7/41(5)(6) EUR 3,000 2,743,832
Banco Santander S.A., 0.625% to 6/24/28, 6/24/29(5)(6) EUR 4,500 4,404,956
Bank Hapoalim BM, 3.255% to 1/21/27, 1/21/32(1)(5)(6)   7,600 6,606,604
Bank Leumi Le-Israel BM, 7.129% to 4/18/28, 7/18/33(1)(5)(6)   2,361 2,324,688
Bank of America Corp., 2.456% to 10/22/24, 10/22/25(5)   27,325 26,614,006
BNP Paribas S.A.:      
0.375% to 10/14/26, 10/14/27(5)(6) EUR 7,500 7,644,129
1.675% to 6/30/26, 6/30/27(1)(5)   1,155 1,058,456
CaixaBank S.A., 1.25% to 3/18/26, 6/18/31(5)(6) EUR 4,000 4,115,456
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25   1,970 1,840,859
Cooperatieve Rabobank UA, 1.106% to 2/24/26, 2/24/27(1)(5)   7,021 6,433,138
Digital Dutch Finco BV, 1.50%, 3/15/30(6) EUR 6,300 6,060,001
Equinix, Inc., 1.00%, 9/15/25   3,309 3,088,334
HAT Holdings I, LLC/HAT Holdings II, LLC:      
3.375%, 6/15/26(1)   12,396 11,658,365
3.75%, 9/15/30(1)(4)   6,592 5,560,322
6.00%, 4/15/25(1)   76 75,865
ING Groep NV:      
0.875% to 3/9/27, 6/9/32(5)(6) EUR 3,000 2,979,940
1.40% to 7/1/25, 7/1/26(1)(5)   6,632 6,244,866
Security Principal
Amount*
(000’s omitted)
Value
Financial (continued)  
ING Groep NV: (continued)      
4.625%, 1/6/26(1)   4,025 $  3,999,856
Intesa Sanpaolo SpA, 6.50% to 3/14/28, 3/14/29(5)(6) GBP      3,000    3,888,162
JPMorgan Chase & Co., 6.07% to 10/22/26, 10/22/27(5)        8,300    8,541,591
Kimco Realty OP, LLC, 2.70%, 10/1/30        3,000    2,596,726
Metropolitan Life Global Funding I, 0.95%, 7/2/25(1)(4)        2,720    2,565,604
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 1.25% to 11/26/30, 5/26/41(5)(6) EUR      3,200    2,939,577
PNC Financial Services Group, Inc. (The):      
2.20%, 11/1/24   7,377 7,176,467
4.758% to 1/26/26, 1/26/27(5)   920 913,114
Prologis Euro Finance, LLC, 0.375%, 2/6/28 EUR 6,700 6,606,591
Prologis, L.P., 1.25%, 10/15/30(4)   1,477 1,194,343
Prudential Financial, Inc., 1.50%, 3/10/26   3,431 3,200,438
REC, Ltd., 5.625%, 4/11/28(1)   3,841 3,904,242
Regency Centers, L.P., 3.75%, 6/15/24   2,500 2,471,564
Sumitomo Mitsui Financial Group, Inc., 0.508%, 1/12/24   3,000 2,996,088
Toronto-Dominion Bank (The), 5.264%, 12/11/26   2,625 2,677,862
Welltower OP, LLC, 2.70%, 2/15/27   1,280 1,201,021
      $165,101,837
Government - Multinational — 7.5%  
Asian Development Bank:      
2.125%, 3/19/25   750 $727,395
2.375%, 8/10/27   4,000 3,781,305
3.125%, 9/26/28(4)   800 770,572
European Bank for Reconstruction & Development:      
1.50%, 2/13/25   7,515 7,250,043
1.625%, 9/27/24   2,635 2,570,683
European Investment Bank:      
0.75%, 9/23/30   4,000 3,249,656
1.625%, 5/13/31   3,960 3,379,999
2.375%, 5/24/27   8,671 8,215,151
2.50%, 10/15/24   6,200 6,083,620
2.875%, 6/13/25(1)   8,202 8,011,996
International Bank for Reconstruction & Development:      
2.125%, 3/3/25   2,000 1,941,944
3.125%, 11/20/25   4,150 4,054,401
6.875%, 2/9/29 MXN 70,000 3,773,099
International Finance Corp., 2.125%, 4/7/26   1,547 1,477,222
      $55,287,086
Government - Regional — 1.0%  
Kommuninvest I Sverige AB, 0.375%, 6/19/24(1)   7,785 $7,609,801
      $7,609,801
Industrial — 2.8%  
AP Moller - Maersk A/S, 5.875%, 9/14/33(1)   2,875 $3,002,520
Cemex SAB de CV, 9.125% to 3/14/28(1)(5)(7)   2,461 2,624,041
 
2

 

Calvert
Green Bond Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued

Security Principal
Amount*
(000’s omitted)
Value
Industrial (continued)  
Jabil, Inc., 4.25%, 5/15/27        5,000 $  4,876,132
Johnson Controls International plc/Tyco Fire & Security Finance SCA, 1.75%, 9/15/30        4,650    3,864,808
Owens Corning, 3.95%, 8/15/29        1,382    1,317,721
Xylem, Inc.:      
1.95%, 1/30/28        3,400    3,075,098
2.25%, 1/30/31   1,821   1,560,948
      $ 20,321,268
Technology — 3.0%  
Apple, Inc., 3.00%, 6/20/27   14,550 $13,997,508
NXP BV/NXP Funding, LLC/NXP USA, Inc.:      
2.50%, 5/11/31   6,100 5,185,666
3.40%, 5/1/30   2,861 2,630,523
      $21,813,697
Utilities — 11.1%  
AES Corp. (The), 2.45%, 1/15/31   16,002 $13,453,849
Avangrid, Inc., 3.15%, 12/1/24   3,029 2,961,925
Clearway Energy Operating, LLC, 3.75%, 1/15/32(1)   2,313 2,017,758
Enel Finance International N.V.:      
1.375%, 7/12/26(1)   2,224 2,026,845
4.625%, 6/15/27(1)   6,500 6,436,046
5.00%, 6/15/32(1)   2,692 2,628,016
Liberty Utilities Finance GP 1, 2.05%, 9/15/30(1)   11,594 9,412,902
MidAmerican Energy Co.:      
3.15%, 4/15/50   1,600 1,145,655
3.65%, 8/1/48   4,490 3,568,187
4.25%, 7/15/49   4,190 3,657,044
NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28   16,515 14,666,322
NextEra Energy Operating Partners, L.P., 4.50%, 9/15/27(1)   2,004 1,930,400
Niagara Mohawk Power Corp., 1.96%, 6/27/30(1)   982 815,498
Northern States Power Co., 2.60%, 6/1/51   6,100 4,000,184
NSTAR Electric Co., 3.25%, 5/15/29   4,000 3,766,532
Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(1)   2,075 1,964,287
Public Service Co. of Colorado:      
3.20%, 3/1/50   5,000 3,594,558
4.10%, 6/15/48   1,000 816,068
Tucson Electric Power Co., 1.50%, 8/1/30   3,300 2,676,598
      $81,538,674
Total Corporate Bonds
(identified cost $438,295,634)
    $405,730,774
    
High Social Impact Investments — 0.1%
    
Security Principal
Amount
(000's omitted)
Value
Calvert Impact Climate, Inc., Cut Carbon Notes, 5.50%, 12/15/53(8)(9) $      1,000 $  1,000,000
Total High Social Impact Investments
(identified cost $1,000,000)
    $  1,000,000
    
Preferred Stocks — 1.2%
    
Security Shares Value
Electric Utilities — 0.8%  
Brookfield BRP Holdings Canada, Inc.,4.625%      353,000 $  5,524,450
      $  5,524,450
Real Estate Management & Development — 0.4%  
Brookfield Property Partners, L.P.:      
Series A, 5.75%       92,000 $  1,057,080
Series A2, 6.375%   169,100   2,181,390
      $  3,238,470
Total Preferred Stocks
(identified cost $15,400,394)
    $  8,762,920
    
Sovereign Government Bonds — 6.6%
    
Security Principal
Amount
(000’s omitted)
Value
Chile Government International Bond, 2.55%, 1/27/32 $      1,500 $  1,292,583
Export-Import Bank of Korea, 5.125%, 1/11/33        1,429    1,486,394
Kommunalbanken AS:      
0.50%, 10/21/24(6)        4,068    3,924,301
2.125%, 2/11/25(1)   3,000    2,912,157
2.125%, 2/11/25(6)   7,238    7,026,064
Kreditanstalt fuer Wiederaufbau:      
0.75%, 9/30/30        3,034    2,465,597
1.00%, 10/1/26   5,023    4,622,944
1.75%, 9/14/29   9,697 8,618,831
Nederlandse Waterschapsbank NV:      
1.00%, 5/28/30(1)   7,100 5,847,504
2.375%, 3/24/26(1)   10,866 10,413,680
Total Sovereign Government Bonds
(identified cost $50,616,865)
    $48,610,055
    
 
3

 

Calvert
Green Bond Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued

Taxable Municipal Obligations — 1.6%
    
Security Principal
Amount
(000's omitted)
Value
General Obligations — 0.9%  
Massachusetts, Green Bonds, 3.277%, 6/1/46 $      8,240 $  6,646,631
      $  6,646,631
Water and Sewer — 0.7%  
District of Columbia Water & Sewer Authority, Green Bonds, 4.814%, 10/1/2114 $      1,665 $  1,661,587
Massachusetts Water Pollution Abatement Trust, 5.192%, 8/1/40(10)          120      120,939
Narragansett Bay Commission, RI, Wastewater System Revenue:      
Green Bonds, 2.094%, 9/1/30          620      535,302
Green Bonds, 2.184%, 9/1/31   500      423,645
Green Bonds, 2.264%, 9/1/32   445 370,614
Green Bonds, 2.344%, 9/1/33   1,445 1,185,319
New York City Municipal Water Finance Authority, NY, (Water and Sewer System), 5.882%, 6/15/44(10)   605 675,065
      $4,972,471
Total Taxable Municipal Obligations
(identified cost $14,150,850)
    $11,619,102
    
U.S. Government Agencies and Instrumentalities — 1.0%
    
Security Principal
Amount
(000's omitted)
Value
U.S. International Development Finance Corp.:      
1.79%, 10/15/29 $      3,149 $  2,939,183
2.36%, 10/15/29        2,040    1,937,490
3.16%, 6/1/33          147      137,764
3.52%, 9/20/32        2,374   2,280,794
Total U.S. Government Agencies and Instrumentalities
(identified cost $7,709,652)
    $  7,295,231
    
U.S. Government Agency Mortgage-Backed Securities — 9.5%
    
Security Principal
Amount
(000's omitted)
Value
Federal Home Loan Mortgage Corp.:      
5.50%, with various maturities to 2053 $     25,277 $ 25,418,576
6.00%, with various maturities to 2053   27,971   28,442,423
Federal National Mortgage Association:      
2.68%, 7/1/26        1,910    1,827,869
5.00%, 7/1/53   7,207    7,140,554
Security Principal
Amount
(000's omitted)
Value
Federal National Mortgage Association: (continued)      
5.50%, 7/1/53 $ 7,464 $  7,505,799
Total U.S. Government Agency Mortgage-Backed Securities
(identified cost $69,255,098)
  $ 70,335,221
    
Short-Term Investments — 4.7%      
Affiliated Fund — 3.6%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(11)   26,406,751 $ 26,406,751
Total Affiliated Fund
(identified cost $26,406,751)
    $ 26,406,751
Securities Lending Collateral — 1.1%
Security Shares Value
State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(12)    7,944,994 $  7,944,994
Total Securities Lending Collateral
(identified cost $7,944,994)
    $  7,944,994
Total Short-Term Investments
(identified cost $34,351,745)
    $ 34,351,745
Total Investments — 99.9%
(identified cost $794,196,788)
    $734,684,994
Other Assets, Less Liabilities — 0.1%     $    765,045
Net Assets — 100.0%     $735,450,039
    
The percentage shown for each investment category in the Schedule of Investments is based on net assets.
* In U.S. dollars unless otherwise indicated.
(1) 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, 2023, the aggregate value of these securities is $211,573,274 or 28.8% of the Fund's net assets.
(2) Principal amount is less than $500.
(3) Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at December 31, 2023.
(4) All or a portion of this security was on loan at December 31, 2023. The aggregate market value of securities on loan at December 31, 2023 was $9,822,390 and the total market value of the collateral received by the Fund was $10,114,933, comprised of cash of $7,944,994 and U.S. government and/or agencies securities of $2,169,939.
(5) Security converts to variable rate after the indicated fixed-rate coupon period.
 
4

 

Calvert
Green Bond Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued

(6) Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At December 31, 2023, the aggregate value of these securities is $54,657,710 or 7.4% of the Fund's net assets.
(7) Perpetual security with no stated maturity date but may be subject to calls by the issuer.
(8) May be deemed to be an affiliated company.
(9) Restricted security. Total market value of restricted securities amounts to $1,000,000, which represents 0.1% of the net assets of the Fund as of December 31, 2023.
(10) Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.
(11) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of December 31, 2023.
(12) Represents investment of cash collateral received in connection with securities lending.
    
Country Allocation (% of Total Investments)  
United States 70.6%
Netherlands 5.7
Luxembourg 5.0
Other (less than 3.0% each) 18.7
Total 100.0%
 
Forward Foreign Currency Exchange Contracts (OTC)
Currency Purchased Currency Sold Counterparty Settlement
Date
Unrealized
Appreciation
Unrealized
(Depreciation)
CAD 2,919,282 USD 2,154,968 BNP Paribas 2/8/24 $49,317 $ —
CAD 988,117 USD 727,645 State Street Bank and Trust Company 2/8/24 18,461  —
EUR 2,439,041 USD 2,657,154 State Street Bank and Trust Company 2/8/24 39,227  —
EUR 17,080,797 USD 18,399,315 UBS AG 2/8/24 483,657  —
EUR 1,619,600 USD 1,734,538 UBS AG 2/8/24 55,944  —
EUR 1,062,410 USD 1,144,662 UBS AG 2/8/24 29,842  —
USD 2,973,690 CAD 4,064,351 State Street Bank and Trust Company 2/8/24  — (95,211)
USD 57,274,001 EUR 53,131,892 UBS AG 2/8/24  — (1,463,774)
USD 3,579,074 GBP 2,891,089 Citibank, N.A. 2/8/24  — (106,767)
USD 185,009 SEK 2,007,289 JPMorgan Chase Bank, N.A. 2/8/24  — (14,292)
            $676,448 $(1,680,044)
Futures Contracts
Description Number of
Contracts
Position Expiration
Date
Notional
Amount
Value/
Unrealized
Appreciation
(Depreciation)
Interest Rate Futures          
U.S. 2-Year Treasury Note 446 Long 3/28/24 $91,837,672 $921,175
U.S. 5-Year Treasury Note 340 Long 3/28/24 36,982,969 849,416
U.S. 10-Year Treasury Note 403 Long 3/19/24 45,494,922 1,652,197
U.S. Long Treasury Bond 249 Long 3/19/24 31,109,437 2,300,839
U.S. Ultra-Long Treasury Bond 221 Long 3/19/24 29,524,219 2,630,361
U.S. Ultra 10-Year Treasury Note (217) Short 3/19/24 (25,609,391) (959,105)
          $7,394,883
5

 

Calvert
Green Bond Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued

Restricted Securities
Description Acquisition Date Cost
Calvert Impact Climate, Inc., Cut Carbon Notes, 5.50%, 12/15/53 10/18/23 $1,000,000
    
Abbreviations: 
OTC – Over-the-counter
Currency Abbreviations: 
CAD – Canadian Dollar
EUR – Euro
GBP – British Pound Sterling
MXN – Mexican Peso
SEK – Swedish Krona
USD – United States Dollar
At December 31, 2023, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.
In the normal course of pursuing its investment objective, the Fund is subject to the following risks:
Foreign Exchange Risk: During the fiscal year to date ended December 31, 2023, the Fund entered into forward foreign currency exchange contracts to seek to hedge against the decline in the value of currencies in which its portfolio holdings are denominated against the U.S. dollar.
Interest Rate Risk: During the fiscal year to date ended December 31, 2023, the Fund used futures contracts to hedge interest rate risk and to manage duration.
Affiliated Investments
At December 31, 2023, the value of the Fund's investment in issuers and funds that may be deemed to be affiliated was $27,406,751, which represents 3.7% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended December 31, 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) $1,676,693 $ — $ (1,700,000) $ — $23,307 $ — $  5,242 $ —
Calvert Impact Climate, Inc., Cut Carbon Notes, 5.50%, 12/15/53(1)  —  1,000,000   —  —  —  1,000,000  11,153    1,000,000
Short-Term Investments            
Liquidity Fund, Institutional Class(2)    78,920 77,910,490 (51,582,659)  —  — 26,406,751 131,811 26,406,751
Total       $ — $23,307 $27,406,751 $148,206  
    
(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.
6

 

Calvert
Green Bond Fund
December 31, 2023
Schedule of Investments (Unaudited) — continued

The following table summarizes the market value of the Fund's holdings as of December 31, 2023, based on the inputs used to value them:
Asset Description Level 1 Level 2 Level 3 Total
Asset-Backed Securities $ — $86,161,830 $ — $86,161,830
Commercial Mortgage-Backed Securities  — 60,818,116  — 60,818,116
Corporate Bonds  — 405,730,774  — 405,730,774
High Social Impact Investments  — 1,000,000  — 1,000,000
Preferred Stocks 8,762,920  —  — 8,762,920
Sovereign Government Bonds  — 48,610,055  — 48,610,055
Taxable Municipal Obligations  — 11,619,102  — 11,619,102
U.S. Government Agencies and Instrumentalities  — 7,295,231  — 7,295,231
U.S. Government Agency Mortgage-Backed Securities  — 70,335,221  — 70,335,221
Short-Term Investments:        
Affiliated Fund 26,406,751  —  — 26,406,751
Securities Lending Collateral 7,944,994  —  — 7,944,994
Total Investments $43,114,665 $691,570,329 $ — $734,684,994
Forward Foreign Currency Exchange Contracts $ — $676,448 $ — $676,448
Futures Contracts 8,353,988  —  — 8,353,988
Total $51,468,653 $692,246,777 $ — $743,715,430
Liability Description        
Forward Foreign Currency Exchange Contracts $ — $(1,680,044) $ — $(1,680,044)
Futures Contracts (959,105)  —  — (959,105)
Total $(959,105) $(1,680,044) $ — $(2,639,149)
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.
7