The Fund did not have any open derivative instruments at June 30, 2024.
Affiliated Investments
An affiliated company is a company in which a fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares, or a company that is under common ownership or control with a fund.
At June 30, 2024, the value of the Fund's investment in Calvert Impact Capital, Inc. and affiliated companies and in funds that may be deemed to be affiliated was $72,766,602, which represents 2.5% 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 | $ 2,485,451 | $ — | $ (2,520,000) | $ — | $ 34,549 | $ — | $ 7,770 | $ — |
| Common Stocks* | | | | | | |
| U.S. Physical Therapy, Inc. | 62,396,764 | 10,026,473 | — | — | 340,045 | 72,763,282 | 1,001,489 | 787,311 |
| Short-Term Investments | | | | | | |
| Liquidity Fund, Institutional Class(1) | 48,525,331 | 376,935,485 | (425,457,496) | — | — | 3,320 | 740,627 | 3,320 |
| Total | | | | $ — | $374,594 | $72,766,602 | $1,749,886 | |
| (1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
| * | The related industry is the same as the presentation in the Portfolio of Investments. |
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 | Total |
| Common Stocks | $2,854,431,503(1) | $ — | $ — | $2,854,431,503 |
| Short-Term Investments: | | | | |
| Affiliated Fund | 3,320 | — | — | 3,320 |
| Securities Lending Collateral | 4,803,150 | — | — | 4,803,150 |
| Total Investments | $2,859,237,973 | $ — | $ — | $2,859,237,973 |
| (1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
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.
