Calvert
Green Bond Fund
June 30, 2024
Schedule of Investments (Unaudited)
| Asset-Backed Securities — 10.1% |
| Security | Principal Amount (000's omitted) | Value | |
| GoodLeap Sustainable Home Solutions Trust: | |||
| Series 2021-4GS, Class A, 1.93%, 7/20/48(1) | $ | 1,442 | $ 1,124,875 |
| Series 2021-5CS, Class A, 2.31%, 10/20/48(1) | 1,255 | 1,003,019 | |
| Series 2022-2CS, Class A, 4.00%, 4/20/49(1) | 2,978 | 2,656,606 | |
| Loanpal Solar Loan Ltd.: | |||
| Series 2020-1GS, Class C, 2.00%, 6/20/47(1) | 3,745 | 2,204,506 | |
| Series 2020-3GS, Class A, 2.47%, 12/20/47(1) | 1,305 | 1,045,750 | |
| Luminace ABS Issuer LLC, Series 2022-1, Class A, 4.88%, 7/31/62(1) | 2,706 | 2,544,883 | |
| Mill City Solar Loan Ltd., Series 2020-1A, Class C, 2.00%, 6/20/47(1) | 437 | 280,851 | |
| Mosaic Solar Loan Trust: | |||
| Series 2018-1A, Class A, 4.01%, 6/22/43(1) | 428 | 394,656 | |
| Series 2018-1A, Class B, 2.00%, 6/22/43(1) | 1,278 | 1,051,790 | |
| Series 2019-1A, Class A, 4.37%, 12/21/43(1) | 614 | 570,100 | |
| Series 2019-2A, Class A, 2.88%, 9/20/40(1) | 2,266 | 1,984,636 | |
| Series 2019-2A, Class B, 3.28%, 9/20/40(1) | 1,940 | 1,716,393 | |
| Series 2020-1A, Class A, 2.10%, 4/20/46(1) | 928 | 802,837 | |
| Series 2020-1A, Class B, 3.10%, 4/20/46(1) | 1,067 | 912,723 | |
| Series 2020-2A, Class B, 2.21%, 8/20/46(1) | 1,324 | 1,091,019 | |
| Series 2021-1A, Class B, 2.05%, 12/20/46(1) | 768 | 598,998 | |
| Series 2021-1A, Class C, 2.25%, 12/20/46(1) | 591 | 524,774 | |
| Series 2021-2A, Class A, 1.64%, 4/22/47(1) | 1,773 | 1,469,677 | |
| Series 2022-2A, Class B, 5.13%, 1/21/53(1) | 1,738 | 1,578,846 | |
| Mosaic Solar Loans LLC: | |||
| Series 2017-1A, Class A, 4.45%, 6/20/42(1) | 290 | 278,360 | |
| Series 2017-2A, Class A, 3.82%, 6/22/43(1) | 35 | 32,404 | |
| SolarCity LMC I LLC, Series 2013-1, Class A, 4.80%, 11/20/38(1) | 67 | 64,466 | |
| Sunnova Helios II Issuer LLC: | |||
| Series 2019-AA, Class C, 5.32%, 6/20/46(1) | 998 | 803,603 | |
| Series 2021-B, Class B, 2.01%, 7/20/48(1) | 3,059 | 2,526,921 | |
| Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A, 2.98%, 6/20/47(1) | 5,675 | 5,019,549 | |
| Sunnova Helios V Issuer LLC: | |||
| Series 2021-A, Class A, 1.80%, 2/20/48(1) | 2,354 | 1,884,014 | |
| Series 2021-A, Class B, 3.15%, 2/20/48(1) | 4,118 | 2,224,328 | |
| Sunnova Hestia I Issuer LLC, Series 2023-GRID1, Class 1A, 5.75%, 12/20/50(1) | 3,407 | 3,437,446 | |
| Sunnova Sol II Issuer LLC: | |||
| Series 2020-2A, Class A, 2.73%, 11/1/55(1) | 1,308 | 1,063,781 | |
| Series 2020-2A, Class B, 5.47%, 11/1/55(1) | 6,456 | 5,025,436 | |
| Sunnova Sol Issuer LLC: | |||
| Series 2020-1A, Class A, 3.35%, 2/1/55(1) | 2,607 | 2,239,056 | |
| Series 2020-1A, Class B, 5.54%, 2/1/55(1) | 1,496 | 1,205,607 | |
| Sunrun Atlas Issuer LLC, Series 2019-2, Class A, 3.61%, 2/1/55(1) | 2,190 | 2,000,499 | |
| Sunrun Demeter Issuer LLC, Series 2021-2A, Class A, 2.27%, 1/30/57(1) | 7,222 | 5,918,888 | |
| Security | Principal Amount (000's omitted) | Value | |
| Sunrun Jupiter Issuer LLC, Series 2022-1A, Class A, 4.75%, 7/30/57(1) | $ | 4,013 | $ 3,699,323 |
| Sunrun Vulcan Issuer LLC, Series 2021-1A, Class A, 2.46%, 1/30/52(1) | 4,734 | 3,895,622 | |
| Sunrun Xanadu Issuer LLC, Series 2019-1A, Class A, 3.98%, 6/30/54(1) | 1,721 | 1,595,686 | |
| Tesla Auto Lease Trust, Series 2023-B, Class A3, 6.13%, 9/21/26(1) | 4,986 | 5,015,081 | |
| Vivint Solar Financing V LLC, Series 2018-1A, Class A, 4.73%, 4/30/48(1) | 1,296 | 1,195,585 | |
| Vivint Solar Financing VII LLC, Series 2020-1A, Class A, 2.21%, 7/31/51(1) | 4,535 | 3,897,732 | |
| Total Asset-Backed Securities (identified cost $90,504,868) | $ 76,580,326 | ||
| Commercial Mortgage-Backed Securities — 7.6% |
| 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 | $ 3,642,918 |
| Series KG08, Class A2, 4.134%, 5/25/33(2) | 19,100 | 18,166,357 | |
| Federal National Mortgage Association: | |||
| Series 2017-M13, Class A2, 3.028%, 9/25/27(2) | 4,708 | 4,447,686 | |
| Series 2018-M4, Class A2, 3.167%, 3/25/28(2) | 9,403 | 8,876,391 | |
| Series 2018-M13, Class A2, 3.863%, 9/25/30(2) | 5,384 | 5,110,341 | |
| Series 2019-M1, Class A2, 3.665%, 9/25/28(2) | 4,860 | 4,641,235 | |
| Series 2019-M22, Class A2, 2.522%, 8/25/29 | 6,381 | 5,757,288 | |
| Series 2020-M1, Class A2, 2.444%, 10/25/29 | 7,842 | 6,984,462 | |
| Total Commercial Mortgage-Backed Securities (identified cost $61,012,703) | $57,626,678 | ||
| Corporate Bonds — 52.2% |
| Security | Principal Amount* (000’s omitted) | Value | |
| Communications — 2.7% | |||
| Comcast Corp., 4.65%, 2/15/33 | 6,000 | $ 5,795,315 | |
| Verizon Communications, Inc.: | |||
| 1.50%, 9/18/30 | 11,734 | 9,578,979 | |
| 5.50%, 2/23/54 | 5,000 | 4,898,130 | |
| $ 20,272,424 | |||
| Consumer, Cyclical — 3.3% | |||
| Ford Motor Co., 3.25%, 2/12/32 | 14,521 | $ 12,008,102 | |
| General Motors Co.: | |||
| 5.40%, 10/15/29 | 2,300 | 2,289,090 | |
1
Calvert
Green Bond Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
| Security | Principal Amount* (000’s omitted) | Value | |
| Consumer, Cyclical (continued) | |||
| General Motors Co.: (continued) | |||
| 5.60%, 10/15/32 | 5,177 | $ 5,181,002 | |
| Hyundai Capital America, 5.80%, 6/26/25(1) | 5,280 | 5,285,331 | |
| $ 24,763,525 | |||
| Consumer, Non-cyclical — 0.9% | |||
| Coca-Cola Femsa SAB de CV, 1.85%, 9/1/32 | 3,470 | $ 2,695,331 | |
| Conservation Fund, 3.474%, 12/15/29 | 2,345 | 2,121,191 | |
| Kaiser Foundation Hospitals, 3.15%, 5/1/27 | 1,208 | 1,158,259 | |
| PepsiCo, Inc., 2.875%, 10/15/49 | 1,065 | 707,651 | |
| $6,682,432 | |||
| Energy — 0.7% | |||
| Raizen Fuels Finance SA: | |||
| 6.45%, 3/5/34(1) | 855 | $869,042 | |
| 6.95%, 3/5/54(1) | 1,500 | 1,526,821 | |
| TerraForm Power Operating LLC, 4.75%, 1/15/30(1) | 2,940 | 2,682,489 | |
| $5,078,352 | |||
| Financial — 20.4% | |||
| Alexandria Real Estate Equities, Inc.: | |||
| 2.00%, 5/18/32 | 6,900 | $5,402,846 | |
| 4.75%, 4/15/35 | 3,332 | 3,109,894 | |
| AXA SA, 1.375% to 4/7/31, 10/7/41(3)(4) | EUR | 3,000 | 2,639,868 |
| Banco Santander SA, 0.625% to 6/24/28, 6/24/29(3)(4) | EUR | 4,500 | 4,280,475 |
| Bank Hapoalim BM, 3.255% to 10/21/26, 1/21/32(1)(3)(4) | 6,551 | 5,896,627 | |
| Bank Leumi Le-Israel BM, 7.129% to 4/18/28, 7/18/33(1)(3)(4) | 2,361 | 2,304,408 | |
| Bank of America Corp., 2.456% to 10/22/24, 10/22/25(3) | 27,325 | 27,043,339 | |
| BNP Paribas SA: | |||
| 0.375% to 10/14/26, 10/14/27(3)(4) | EUR | 7,500 | 7,432,701 |
| 1.675% to 6/30/26, 6/30/27(1)(3) | 1,155 | 1,067,498 | |
| CaixaBank SA, 1.25% to 3/18/26, 6/18/31(3)(4) | EUR | 4,000 | 4,043,196 |
| Canadian Imperial Bank of Commerce, 0.95%, 10/23/25 | 1,970 | 1,860,052 | |
| Cooperatieve Rabobank UA, 1.106% to 2/24/26, 2/24/27(1)(3) | 7,021 | 6,523,733 | |
| Digital Dutch Finco BV, 1.50%, 3/15/30(4) | EUR | 6,300 | 5,905,770 |
| Equinix, Inc., 1.00%, 9/15/25 | 3,000 | 2,840,988 | |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc., 6.375%, 7/1/34(1)(5) | 7,595 | 7,442,412 | |
| HAT Holdings I LLC/HAT Holdings II LLC: | |||
| 3.375%, 6/15/26(1) | 2,824 | 2,665,593 | |
| 3.75%, 9/15/30(1)(6) | 3,759 | 3,282,179 | |
| 6.00%, 4/15/25(1) | 76 | 75,989 | |
| ING Groep NV: | |||
| 0.875% to 3/9/27, 6/9/32(3)(4) | EUR | 3,000 | 2,919,211 |
| 1.40% to 7/1/25, 7/1/26(1)(3) | 6,632 | 6,353,517 | |
| 4.625%, 1/6/26(1) | 4,025 | 3,979,938 | |
| Intesa Sanpaolo SpA, 6.50% to 3/14/28, 3/14/29(3)(4) | GBP | 3,000 | 3,858,986 |
| JPMorgan Chase & Co., 6.07% to 10/22/26, 10/22/27(3) | 8,300 | 8,447,043 | |
| Kimco Realty OP LLC, 2.70%, 10/1/30 | 3,000 | 2,593,901 | |
| Metropolitan Life Global Funding I, 0.95%, 7/2/25(1) | 2,720 | 2,602,949 | |
| Security | Principal Amount* (000’s omitted) | Value | |
| Financial (continued) | |||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 1.25% to 11/26/30, 5/26/41(3)(4) | EUR | 3,200 | $ 2,866,794 |
| PNC Financial Services Group, Inc.: | |||
| 2.20%, 11/1/24 | 7,377 | 7,296,354 | |
| 4.758% to 1/26/26, 1/26/27(3) | 920 | 909,078 | |
| Prologis Euro Finance LLC, 0.375%, 2/6/28 | EUR | 6,700 | 6,400,152 |
| Prologis LP, 1.25%, 10/15/30 | 1,477 | 1,179,100 | |
| Prudential Financial, Inc., 1.50%, 3/10/26 | 3,431 | 3,228,133 | |
| REC Ltd., 5.625%, 4/11/28(1) | 3,841 | 3,864,238 | |
| Toronto-Dominion Bank, 5.264%, 12/11/26 | 2,625 | 2,624,882 | |
| Welltower OP LLC, 2.70%, 2/15/27 | 1,280 | 1,206,555 | |
| $154,148,399 | |||
| Government - Multinational — 8.0% | |||
| Asian Development Bank: | |||
| 2.125%, 3/19/25 | 750 | $733,315 | |
| 2.375%, 8/10/27 | 4,000 | 3,747,414 | |
| 3.125%, 9/26/28(6) | 800 | 758,964 | |
| European Bank for Reconstruction & Development: | |||
| 1.50%, 2/13/25 | 7,515 | 7,338,987 | |
| 1.625%, 9/27/24 | 2,635 | 2,611,051 | |
| European Investment Bank: | |||
| 0.75%, 9/23/30 | 4,000 | 3,213,846 | |
| 1.625%, 5/13/31 | 3,960 | 3,313,693 | |
| 2.375%, 5/24/27 | 8,671 | 8,159,062 | |
| 2.50%, 10/15/24 | 6,200 | 6,148,001 | |
| 2.875%, 6/13/25(1) | 8,202 | 8,031,939 | |
| International Bank for Reconstruction & Development: | |||
| 2.125%, 3/3/25 | 5,536 | 5,423,151 | |
| 3.125%, 11/20/25 | 4,150 | 4,046,983 | |
| 6.875%, 2/9/29 | MXN | 70,000 | 3,429,904 |
| International Finance Corp., 2.125%, 4/7/26 | 3,987 | 3,805,189 | |
| $60,761,499 | |||
| Industrial — 2.9% | |||
| AP Moller - Maersk AS, 5.875%, 9/14/33(1) | 2,875 | $2,940,538 | |
| Jabil, Inc., 4.25%, 5/15/27 | 5,000 | 4,845,823 | |
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 9/15/30 | 4,650 | 3,843,922 | |
| Owens Corning, 3.95%, 8/15/29 | 1,382 | 1,307,634 | |
| Smurfit Kappa Treasury ULC: | |||
| 5.438%, 4/3/34(1) | 900 | 892,656 | |
| 5.777%, 4/3/54(1) | 3,285 | 3,269,447 | |
| Xylem, Inc.: | |||
| 1.95%, 1/30/28 | 3,400 | 3,052,182 | |
| 2.25%, 1/30/31 | 1,821 | 1,529,059 | |
| $21,681,261 | |||
2
Calvert
Green Bond Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
| Security | Principal Amount* (000’s omitted) | Value | |
| Technology — 2.8% | |||
| Apple, Inc., 3.00%, 6/20/27 | 14,550 | $ 13,863,833 | |
| NXP BV/NXP Funding LLC/NXP USA, Inc.: | |||
| 2.50%, 5/11/31 | 6,100 | 5,113,922 | |
| 3.40%, 5/1/30 | 2,861 | 2,593,138 | |
| $ 21,570,893 | |||
| Utilities — 10.5% | |||
| AES Corp., 2.45%, 1/15/31 | 10,727 | $ 8,836,434 | |
| Avangrid, Inc., 3.15%, 12/1/24 | 3,029 | 2,996,066 | |
| Clearway Energy Operating LLC, 3.75%, 1/15/32(1) | 2,313 | 1,970,281 | |
| Constellation Energy Generation LLC, 5.75%, 3/15/54 | 4,300 | 4,171,012 | |
| Enel Finance International NV: | |||
| 1.375%, 7/12/26(1) | 2,224 | 2,060,121 | |
| 4.625%, 6/15/27(1) | 6,500 | 6,376,502 | |
| 5.00%, 6/15/32(1) | 2,692 | 2,559,227 | |
| Liberty Utilities Finance GP 1, 2.05%, 9/15/30(1) | 11,594 | 9,491,295 | |
| MidAmerican Energy Co.: | |||
| 3.15%, 4/15/50 | 1,600 | 1,069,738 | |
| 3.65%, 8/1/48 | 4,490 | 3,384,459 | |
| 4.25%, 7/15/49 | 4,190 | 3,446,168 | |
| NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28 | 16,515 | 14,607,670 | |
| NextEra Energy Operating Partners LP, 4.50%, 9/15/27(1) | 2,004 | 1,898,391 | |
| Niagara Mohawk Power Corp., 1.96%, 6/27/30(1) | 982 | 817,094 | |
| Northern States Power Co., 2.60%, 6/1/51 | 6,100 | 3,649,285 | |
| NSTAR Electric Co., 3.25%, 5/15/29 | 4,000 | 3,718,615 | |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28(1) | 2,075 | 1,922,688 | |
| Public Service Co. of Colorado: | |||
| 3.20%, 3/1/50 | 5,000 | 3,291,860 | |
| 4.10%, 6/15/48 | 1,000 | 766,118 | |
| Tucson Electric Power Co., 1.50%, 8/1/30 | 3,300 | 2,682,287 | |
| $79,715,311 | |||
| Total Corporate Bonds (identified cost $428,101,622) | $394,674,096 | ||
| 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(7) | $ | 998 | $ 998,333 |
| Total High Social Impact Investments (identified cost $998,333) | $ 998,333 | ||
| Preferred Stocks — 1.1% |
| Security | Shares | Value | |
| Electric Utilities — 0.7% | |||
| Brookfield BRP Holdings Canada, Inc., 4.625% | 315,384 | $ 4,885,298 | |
| $ 4,885,298 | |||
| Real Estate Management & Development — 0.4% | |||
| Brookfield Property Partners LP: | |||
| Series A, 5.75% | 92,000 | $ 1,091,120 | |
| Series A2, 6.375% | 169,100 | 2,223,665 | |
| $ 3,314,785 | |||
| Total Preferred Stocks (identified cost $14,459,994) | $ 8,200,083 | ||
| Sovereign Government Bonds — 9.3% |
| Security | Principal Amount (000’s omitted) | Value | |
| Chile Government International Bonds, 2.55%, 1/27/32 | $ | 1,500 | $ 1,261,722 |
| Export-Import Bank of Korea, 5.125%, 1/11/33 | 1,429 | 1,445,937 | |
| Kommunalbanken AS: | |||
| 0.50%, 10/21/24(4) | 4,068 | 4,009,677 | |
| 2.125%, 2/11/25(1) | 3,000 | 2,940,255 | |
| 2.125%, 2/11/25(4) | 9,592 | 9,400,975 | |
| Kommuninvest I Sverige AB, 4.625%, 9/29/28(1) | 4,000 | 4,024,520 | |
| Kreditanstalt fuer Wiederaufbau: | |||
| 1.00%, 10/1/26 | 5,023 | 4,634,053 | |
| 4.375%, 2/28/34 | 22,413 | 22,249,252 | |
| Nederlandse Waterschapsbank NV: | |||
| 1.00%, 5/28/30(1) | 12,100 | 9,900,155 | |
| 2.375%, 3/24/26(1) | 10,866 | 10,408,987 | |
| Total Sovereign Government Bonds (identified cost $71,506,088) | $70,275,533 | ||
| Taxable Municipal Obligations — 1.4% |
| Security | Principal Amount (000's omitted) | Value | |
| General Obligations — 0.9% | |||
| Massachusetts, Green Bonds, 3.277%, 6/1/46 | $ | 8,240 | $ 6,436,099 |
| $ 6,436,099 | |||
| Water and Sewer — 0.5% | |||
| District of Columbia Water & Sewer Authority, Green Bonds, 4.814%, 10/1/2114 | $ | 1,665 | $ 1,497,301 |
| Massachusetts Water Pollution Abatement Trust, 5.192%, 8/1/40(8) | 105 | 103,920 | |
3
Calvert
Green Bond Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
| Security | Principal Amount (000's omitted) | Value | |
| Water and Sewer (continued) | |||
| Narragansett Bay Commission, RI, Wastewater System Revenue: | |||
| Green Bonds, 2.094%, 9/1/30 | $ | 620 | $ 534,707 |
| Green Bonds, 2.184%, 9/1/31 | 500 | 422,995 | |
| Green Bonds, 2.264%, 9/1/32 | 445 | 369,612 | |
| Green Bonds, 2.344%, 9/1/33 | 1,445 | 1,178,080 | |
| $ 4,106,615 | |||
| Total Taxable Municipal Obligations (identified cost $13,384,765) | $ 10,542,714 | ||
| U.S. Government Agencies and Instrumentalities — 0.9% |
| Security | Principal Amount (000's omitted) | Value | |
| U.S. International Development Finance Corp.: | |||
| 1.79%, 10/15/29 | $ | 2,890 | $ 2,646,356 |
| 2.36%, 10/15/29 | 1,872 | 1,742,458 | |
| 3.16%, 6/1/33 | 141 | 130,954 | |
| 3.52%, 9/20/32 | 2,239 | 2,130,908 | |
| Total U.S. Government Agencies and Instrumentalities (identified cost $7,142,212) | $ 6,650,676 | ||
| U.S. Government Agency Mortgage-Backed Securities — 11.8% |
| Security | Principal Amount (000's omitted) | Value | |
| Federal Home Loan Mortgage Corp.: | |||
| 5.00%, 4/1/54 | $ | 14,796 | $ 14,331,480 |
| 5.50%, with various maturities to 2054 | 28,120 | 27,765,614 | |
| 6.00%, with various maturities to 2053 | 27,138 | 27,253,381 | |
| Federal National Mortgage Association: | |||
| 2.68%, 7/1/26 | 1,891 | 1,810,600 | |
| 5.00%, 7/1/53 | 7,131 | 6,899,800 | |
| 5.50%, with various maturities to 2054 | 11,009 | 10,869,001 | |
| Total U.S. Government Agency Mortgage-Backed Securities (identified cost $88,998,855) | $ 88,929,876 | ||
| Short-Term Investments — 8.3% | |||
| Affiliated Fund — 8.2% | |||
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(9) | 62,014,803 | $ 62,014,803 | |
| Total Affiliated Fund (identified cost $62,014,803) | $ 62,014,803 | ||
| Securities Lending Collateral — 0.1% | |||
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(10) | 1,123,613 | $ 1,123,613 | |
| Total Securities Lending Collateral (identified cost $1,123,613) | $ 1,123,613 | ||
| Total Short-Term Investments (identified cost $63,138,416) | $ 63,138,416 | ||
| Total Investments — 102.8% (identified cost $839,247,856) | $777,616,731 | ||
| Other Assets, Less Liabilities — (2.8)% | $(21,501,796) | ||
| Net Assets — 100.0% | $756,114,935 | ||
| 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 June 30, 2024, the aggregate value of these securities is $202,507,186 or 26.8% of the Fund's net assets. |
| (2) | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at June 30, 2024. |
| (3) | Security converts to variable rate after the indicated fixed-rate coupon period. |
| (4) | 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 June 30, 2024, the aggregate value of these securities is $55,558,688 or 7.5% of the Fund's net assets. |
| (5) | When-issued security. |
| (6) | 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 $3,255,640 and the total market value of the collateral received by the Fund was $3,472,841, comprised of cash of $1,123,613 and U.S. government and/or agencies securities of $2,349,228. |
4
Calvert
Green Bond Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
| (7) | Restricted security. Total market value of restricted securities amounts to $998,333, which represents 0.1% of the net assets of the Fund as of June 30, 2024. |
| (8) | 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. |
| (9) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2024. |
| (10) | Represents investment of cash collateral received in connection with securities lending. |
| Country Allocation (% of Total Investments) | |
| United States | 70.6% |
| Netherlands | 5.9 |
| Luxembourg | 4.7 |
| Germany | 3.8 |
| Other (less than 3.0% each) | 15.0 |
| Total | 100.0% |
Forward Foreign Currency Exchange Contracts (OTC)
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
| USD | 114,561 | CAD | 156,951 | BNP Paribas | 7/24/24 | $ — | $(223) |
| USD | 33,209,557 | EUR | 30,930,044 | UBS AG | 7/24/24 | 50,818 | — |
| USD | 3,599,731 | GBP | 2,891,089 | Bank of America, N.A. | 7/24/24 | — | (55,366) |
| USD | 186,424 | SEK | 2,007,289 | Barclays Bank PLC | 7/24/24 | — | (3,167) |
| $50,818 | $(58,756) | ||||||
Futures Contracts
| Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) |
| Interest Rate Futures | |||||
| U.S. 2-Year Treasury Note | 753 | Long | 9/30/24 | $153,776,719 | $448,617 |
| U.S. 5-Year Treasury Note | 776 | Long | 9/30/24 | 82,704,625 | 738,152 |
| U.S. 10-Year Treasury Note | 404 | Long | 9/19/24 | 44,433,688 | 385,519 |
| U.S. Long Treasury Bond | 248 | Long | 9/19/24 | 29,341,500 | 603,067 |
| U.S. Ultra-Long Treasury Bond | 167 | Long | 9/19/24 | 20,932,406 | 600,492 |
| U.S. Ultra 10-Year Treasury Note | (392) | Short | 9/19/24 | (44,504,250) | (147,849) |
| $2,627,998 |
Restricted Securities
| Description | Acquisition Date | Cost |
| Calvert Impact Climate, Inc., Cut Carbon Notes, 5.50%, 12/15/53 | 10/18/23 | $998,333 |
| Abbreviations: | |
| OTC | – Over-the-counter |
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Calvert
Green Bond Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
| Currency Abbreviations: | |
| CAD | – Canadian Dollar |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| MXN | – Mexican Peso |
| SEK | – Swedish Krona |
| USD | – United States Dollar |
At June 30, 2024, 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 June 30, 2024, 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 June 30, 2024, the Fund used futures contracts to hedge interest rate risk and to manage duration.
Affiliated Investments
At June 30, 2024, the value of the Fund's investment in Calvert Impact Capital, Inc. and funds that may be deemed to be affiliated was $62,014,803, which represents 8.2% 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 | $1,676,693 | $ — | $ (1,700,000) | $ — | $23,307 | $ — | $ 5,242 | $ — |
| Short-Term Investments | ||||||||
| Liquidity Fund, Institutional Class(1) | 78,920 | 202,690,475 | (140,754,592) | — | — | 62,014,803 | 1,195,886 | 62,014,803 |
| Total | $ — | $23,307 | $62,014,803 | $1,201,128 | ||||
| (1) | 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.
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 |
| Asset-Backed Securities | $ — | $76,580,326 | $ — | $76,580,326 |
| Commercial Mortgage-Backed Securities | — | 57,626,678 | — | 57,626,678 |
| Corporate Bonds | — | 394,674,096 | — | 394,674,096 |
| High Social Impact Investments | — | 998,333 | — | 998,333 |
| Preferred Stocks | 8,200,083 | — | — | 8,200,083 |
| Sovereign Government Bonds | — | 70,275,533 | — | 70,275,533 |
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Calvert
Green Bond Fund
June 30, 2024
Schedule of Investments (Unaudited) — continued
| Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
| Taxable Municipal Obligations | $ — | $10,542,714 | $ — | $10,542,714 |
| U.S. Government Agencies and Instrumentalities | — | 6,650,676 | — | 6,650,676 |
| U.S. Government Agency Mortgage-Backed Securities | — | 88,929,876 | — | 88,929,876 |
| Short-Term Investments: | ||||
| Affiliated Fund | 62,014,803 | — | — | 62,014,803 |
| Securities Lending Collateral | 1,123,613 | — | — | 1,123,613 |
| Total Investments | $71,338,499 | $706,278,232 | $ — | $777,616,731 |
| Forward Foreign Currency Exchange Contracts | $ — | $50,818 | $ — | $50,818 |
| Futures Contracts | 2,775,847 | — | — | 2,775,847 |
| Total | $74,114,346 | $706,329,050 | $ — | $780,443,396 |
| Liability Description | ||||
| Forward Foreign Currency Exchange Contracts | $ — | $(58,756) | $ — | $(58,756) |
| Futures Contracts | (147,849) | — | — | (147,849) |
| Total | $(147,849) | $(58,756) | $ — | $(206,605) |
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.
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