The Fund did not have any open derivative instruments at December 31, 2021.
At December 31, 2021, the value of the Fund's investment in Calvert Impact Capital, Inc. (the Notes) and affiliated funds was $9,595,603, which represents 1.8% 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) | $ 550,385 | $ — | $ — | $ — | $(2,111) | $ 548,274 | $2,100 | $ 560,000 |
| Short-Term Investments | | | | | | |
| Calvert Cash Reserves Fund, LLC | 9,284,016 | 32,884,809 | (33,120,780) | (51) | (665) | 9,047,329 | 1,181 | 9,047,329 |
| Totals | | | | $(51) | $(2,776) | $9,595,603 | $3,281 | |
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 | Total |
| Common Stocks: | | | | |
| Australia | $ — | $28,351,678 | $ — | $28,351,678 |
| Austria | — | 8,313,336 | — | 8,313,336 |
| Belgium | — | 13,883,039 | — | 13,883,039 |
| Canada | 14,300,722 | — | — | 14,300,722 |
| France | — | 2,679,358 | — | 2,679,358 |
| Germany | — | 9,630,404 | — | 9,630,404 |
| Ireland | — | 7,509,634 | — | 7,509,634 |
| Italy | — | 36,029,468 | — | 36,029,468 |
| Japan | — | 116,744,417 | — | 116,744,417 |
| Luxembourg | — | 1,681,358 | — | 1,681,358 |
| Netherlands | — | 29,474,392 | — | 29,474,392 |
| New Zealand | — | 3,626,307 | — | 3,626,307 |
| Norway | — | 6,564,588 | — | 6,564,588 |
| Portugal | — | 2,346,338 | — | 2,346,338 |
| Singapore | 4,580,517 | 7,897,704 | — | 12,478,221 |
