Calvert
Responsible Municipal Income Fund
September 30, 2023
Schedule of Investments (Unaudited)
Corporate Bonds — 2.1% |
Security | Principal Amount (000’s omitted) | Value | |
Consumer, Non-cyclical — 0.6% | |||
Conservation Fund (The), 3.474%, 12/15/29 | $ | 3,493 | $ 2,951,753 |
$ 2,951,753 | |||
Other Revenue — 1.5% | |||
BlueHub Loan Fund, Inc., 3.099%, 1/1/30 | $ | 5,000 | $ 4,016,370 |
Nature Conservancy (The): | |||
Series A, 0.794%, 7/1/25 | 1,450 | 1,305,089 | |
Series A, 0.944%, 7/1/26 | 1,285 | 1,106,882 | |
$ 6,428,341 | |||
Total Corporate Bonds (identified cost $11,164,184) | $9,380,094 |
Tax-Exempt Mortgage-Backed Securities — 2.1% |
Security | Principal Amount (000's omitted) | Value | |
Housing — 2.1% | |||
California Housing Finance Agency, Municipal Certificates, Series 2021-1, Class A, 3.50%, 11/20/35 | $ | 4,058 | $ 3,561,558 |
National Finance Authority, NH, Municipal Certificates: | |||
Series 2022-1, Class A, 4.375%, 9/20/36 | 2,953 | 2,736,380 | |
Series 2022-2, Class A, 4.00%, 10/20/36 | 2,963 | 2,657,005 | |
Total Tax-Exempt Mortgage-Backed Securities (identified cost $9,747,164) | $ 8,954,943 |
Tax-Exempt Municipal Obligations — 90.8% |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank — 2.8% | |||
California Infrastructure and Economic Development Bank, (Infrastructure State Revolving Fund), Prerefunded to 10/1/25, 5.00%, 10/1/34 | $ | 2,000 | $ 2,055,640 |
Connecticut, (Revolving Fund), Green Bonds, 5.00%, 5/1/34 | 1,140 | 1,191,836 | |
Illinois Finance Authority, (Clean Water Initiative Revolving Fund), 5.00%, 7/1/32 | 1,500 | 1,563,075 | |
Indiana Finance Authority, (Revolving Fund), Green Bonds, 5.00%, 2/1/40 | 1,000 | 1,062,170 | |
Indianapolis Local Public Improvement Bond Bank, Green Bonds, 5.00%, 1/1/52 | 2,000 | 2,043,440 | |
Michigan Finance Authority, (Clean Water Revolving Fund), 3.00%, 10/1/37 | 1,390 | 1,149,071 |
Security | Principal Amount (000's omitted) | Value | |
Bond Bank (continued) | |||
New York State Environmental Facilities Corp., (State Revolving Fund), Green Bonds, 5.25%, 9/15/52 | $ | 3,000 | $ 3,164,880 |
$ 12,230,112 | |||
Education — 7.5% | |||
Arizona State University: | |||
Green Bonds, 5.00%, 7/1/42 | $ | 2,000 | $ 2,013,260 |
Green Bonds, 5.00%, 7/1/43 | 2,100 | 2,158,506 | |
Build NYC Resource Corp., NY, (Academic Leadership Charter School): | |||
4.00%, 6/15/24 | 120 | 118,994 | |
4.00%, 6/15/25 | 110 | 107,863 | |
4.00%, 6/15/26 | 110 | 106,800 | |
4.00%, 6/15/27 | 80 | 77,123 | |
4.00%, 6/15/30 | 100 | 93,783 | |
4.00%, 6/15/31 | 100 | 92,647 | |
Grand Valley State University, MI, 5.00%, 12/1/33 | 1,000 | 1,001,400 | |
Indiana Finance Authority, (Butler University), 5.00%, 2/1/31 | 1,130 | 1,133,831 | |
Kansas Development Finance Authority, (Wichita State University), 3.00%, 6/1/31 | 1,825 | 1,671,226 | |
Maricopa County Industrial Development Authority, AZ, (Arizona Autism Charter Schools), Social Bonds, 4.00%, 7/1/31(1) | 250 | 232,418 | |
Maricopa County Industrial Development Authority, AZ, (Legacy Traditional Schools), 3.00%, 7/1/31(1) | 500 | 434,065 | |
Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 10/1/34 | 1,000 | 1,104,690 | |
Massachusetts Health and Educational Facilities Authority, (University of Massachusetts), 2.45% to 4/1/26 (Put Date), 11/1/30 | 2,250 | 2,163,938 | |
Minnesota Higher Education Facilities Authority, (University of St. Thomas): | |||
Green Bonds, 5.00%, 10/1/28 | 600 | 629,844 | |
Green Bonds, 5.00%, 10/1/29 | 635 | 671,182 | |
Green Bonds, 5.00%, 10/1/30 | 445 | 472,554 | |
Monroe County Industrial Development Corp., NY, (True North Rochester Preparatory Charter School), 5.00%, 6/1/40(1) | 670 | 634,939 | |
Ohio Higher Educational Facility Commission, (Oberlin College), Green Bonds, 5.00%, 10/1/48 | 4,000 | 4,081,120 | |
Ohio State University, 5.00%, 12/1/29 | 1,915 | 2,073,485 | |
Pennsylvania Higher Educational Facilities Authority, (State System of Higher Education), 4.00%, 6/15/36 | 1,550 | 1,474,701 | |
Public Finance Authority, WI, (Coral Academy of Science Las Vegas), 4.00%, 7/1/41 | 1,000 | 801,960 | |
Public Finance Authority, WI, (Roseman University of Health Sciences), 4.00%, 4/1/32(1) | 845 | 779,910 | |
Rhode Island Health and Educational Building Corp., (Providence College), 5.00%, 11/1/47 | 3,750 | 3,754,687 | |
University of South Carolina, 5.00%, 5/1/46 | 2,485 | 2,537,458 | |
University of Utah, Green Bonds, 5.00%, 8/1/35 | 2,000 | 2,181,260 | |
$32,603,644 |
1
Calvert
Responsible Municipal Income Fund
September 30, 2023
Schedule of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Electric Utilities — 2.6% | |||
Douglas County Public Utility District No. 1, WA: | |||
4.00%, 9/1/39 | $ | 2,000 | $ 1,880,640 |
4.00%, 9/1/40 | 2,000 | 1,862,540 | |
Grant County Public Utility District No. 2, WA, (Priest Rapids Hydroelectric Project): | |||
5.00%, 1/1/39 | 1,000 | 1,054,670 | |
5.00%, 1/1/40 | 1,525 | 1,602,607 | |
Long Island Power Authority, NY, Green Bonds, 5.00%, 9/1/38 | 1,040 | 1,109,888 | |
Missouri Joint Municipal Electric Utility Commission, Green Bonds, 5.25%, 12/1/43 | 2,000 | 2,035,360 | |
Trinity Public Utilities District Authority, CA, Green Bonds, 4.00%, 4/1/29 | 1,120 | 1,061,133 | |
Utah Associated Municipal Power Systems, 5.00%, 9/1/30 | 655 | 683,257 | |
$11,290,095 | |||
Escrowed/Prerefunded — 1.5% | |||
Build NYC Resource Corp., NY, (YMCA of Greater New York), Prerefunded to 8/1/25, 4.00%, 8/1/36 | $ | 1,915 | $1,923,120 |
Central Puget Sound Regional Transit Authority, WA, Sales Tax Revenue: | |||
Green Bonds, Prerefunded to 11/1/25, 4.00%, 11/1/33 | 1,100 | 1,104,686 | |
Green Bonds, Prerefunded to 11/1/25, 5.00%, 11/1/35 | 1,000 | 1,024,050 | |
Green Bonds, Prerefunded to 11/1/25, 5.00%, 11/1/45 | 2,500 | 2,560,125 | |
Ohio State University, Escrowed to Maturity, 5.00%, 12/1/29 | 85 | 91,936 | |
Public Finance Authority, WI, (Roseman University of Health Sciences), (Escrowed to Maturity), 4.00%, 4/1/32(1) | 15 | 15,177 | |
$6,719,094 | |||
General Obligations — 20.0% | |||
Antelope Valley Community College District, CA, (Election of 2016), 5.25%, 8/1/42 | $ | 3,000 | $3,141,720 |
Atlanta, GA, Social Bonds, 5.00%, 12/1/37 | 3,500 | 3,766,245 | |
Bexar County, TX, Prerefunded to 6/15/25, 4.00%, 6/15/32 | 2,000 | 2,000,940 | |
California: | |||
4.00%, 9/1/32 | 1,000 | 1,005,960 | |
5.00%, 9/1/35 | 4,000 | 4,378,320 | |
5.00%, 9/1/37 | 5,000 | 5,420,300 | |
5.00%, 9/1/42 | 1,105 | 1,143,200 | |
Chicago Board of Education, IL: | |||
5.00%, 12/1/30 | 2,500 | 2,515,000 | |
5.00%, 12/1/32 | 2,000 | 2,011,600 | |
Connecticut: | |||
Green Bonds, 5.00%, 11/15/31 | 1,000 | 1,008,140 | |
Social Bonds, 5.00%, 11/15/36 | 5,000 | 5,379,850 | |
Desert Sands Unified School District, CA, (Election of 2014), 5.00%, 8/1/39 | 2,000 | 2,070,820 | |
Detroit, MI: | |||
Social Bonds, 5.25%, 5/1/31 | 600 | 623,586 | |
Social Bonds, 5.25%, 5/1/32 | 600 | 626,058 | |
Groton, CT, Green Bonds, 4.125%, 4/1/42 | 1,000 | 932,000 |
Security | Principal Amount (000's omitted) | Value | |
General Obligations (continued) | |||
Harris County Flood Control District, TX, Sustainability Bonds, 5.00%, 10/1/35 | $ | 1,250 | $ 1,357,450 |
Hawaii, 4.00%, 10/1/34 | 2,000 | 1,964,100 | |
Houston Independent School District, TX, (PSF Guaranteed), 3.50% to 6/1/25 (Put Date), 6/1/39 | 2,300 | 2,272,584 | |
Jackson County Consolidated School District No. 4, MO, 5.00%, 3/1/36 | 3,425 | 3,509,769 | |
Kern Community College District, CA, (Election of 2016): | |||
5.25%, 8/1/38 | 2,000 | 2,224,060 | |
5.25%, 8/1/40 | 1,200 | 1,322,556 | |
Lake Stevens School District No. 4, WA, 4.00%, 12/1/35 | 2,460 | 2,424,232 | |
Los Angeles Unified School District, CA, Sustainability Bonds, 5.25%, 7/1/47 | 5,000 | 5,340,700 | |
Los Rios Community College District, CA, 4.00%, 8/1/33 | 2,000 | 2,008,360 | |
Massachusetts, Green Bonds, 5.00%, 4/1/37 | 2,000 | 2,064,060 | |
Matanuska-Susitna Borough, AK, 4.50%, 7/1/29 | 1,670 | 1,696,553 | |
Mesa Unified School District No. 4, AZ, 5.00%, 7/1/27 | 1,000 | 1,050,330 | |
Metropolitan Water Reclamation District of Greater Chicago, IL, Green Bonds, 5.00%, 12/1/45 | 3,000 | 2,975,160 | |
Passaic County Improvement Authority, NJ, (Paterson Board of Education), Green Bonds, 3.00%, 2/1/42 | 1,175 | 881,755 | |
Renton School District No. 403, WA, 4.00%, 12/1/39 | 1,250 | 1,169,587 | |
Rhode Island and Providence Plantations, 4.00%, 4/1/34 | 2,650 | 2,620,956 | |
Salem-Keizer School District No. 24J, OR, 4.00%, 6/15/37 | 5,000 | 4,797,700 | |
San Diego Unified School District, CA, (Election of 2022), Sustainability Bonds, 5.00%, 7/1/48(2) | 5,000 | 5,250,300 | |
Sarpy County School District 0037, NE, 5.00%, 12/15/27 | 1,500 | 1,533,015 | |
Texas, (AMT), 5.00%, 8/1/34 | 3,185 | 3,388,076 | |
Ypsilanti Community Schools, MI, 5.00%, 5/1/30 | 1,000 | 1,026,340 | |
$86,901,382 | |||
Hospital — 8.2% | |||
California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 4.00%, 8/15/36 | $ | 5,000 | $4,808,950 |
Colorado Health Facilities Authority, (Craig Hospital): | |||
5.00%, 12/1/26 | 1,010 | 1,029,634 | |
5.00%, 12/1/27 | 1,075 | 1,106,584 | |
5.00%, 12/1/28 | 1,125 | 1,167,581 | |
Geisinger Authority, PA, (Geisinger Health System), 5.00% to 2/15/27 (Put Date), 4/1/43 | 5,000 | 5,081,350 | |
Huntsville Health Care Authority, AL, (HH Health System), 5.00% to 6/1/30 (Put Date), 6/1/53 | 5,000 | 5,206,850 | |
Indiana Finance Authority, (Good Samaritan Hospital): | |||
4.00%, 4/1/35 | 1,205 | 1,045,169 | |
4.00%, 4/1/36 | 2,520 | 2,137,741 | |
Indiana Finance Authority, (Indiana University Health), 5.00%, 10/1/41 | 1,250 | 1,306,763 | |
Massachusetts Development Finance Agency, (Boston Medical Center), Green Bonds, 5.00%, 7/1/44 | 3,000 | 2,893,260 |
2
Calvert
Responsible Municipal Income Fund
September 30, 2023
Schedule of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Hospital (continued) | |||
Massachusetts Development Finance Agency, (Dana-Farber Cancer Institute), 5.00%, 12/1/34 | $ | 500 | $ 513,115 |
Michigan Finance Authority, (Beaumont Health Credit Group): | |||
4.00%, 11/1/46 | 2,000 | 1,673,940 | |
5.00%, 11/1/44 | 2,500 | 2,475,275 | |
Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 9/1/45 | 3,000 | 2,901,990 | |
Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Scott & White Health), 5.00% to 11/15/30 (Put Date), 11/15/52 | 2,000 | 2,122,560 | |
$ 35,470,762 | |||
Housing — 14.3% | |||
Alaska Housing Finance Corp.: | |||
Social Bonds, 5.00%, 6/1/28 | $ | 350 | $368,028 |
Social Bonds, 5.00%, 12/1/28 | 400 | 422,936 | |
Social Bonds, 5.00%, 6/1/29 | 440 | 466,167 | |
Social Bonds, 5.00%, 12/1/29 | 360 | 383,015 | |
California Municipal Finance Authority, (Caritas Corp.), Mobile Home Park Revenue, 5.00%, 8/15/28 | 1,240 | 1,290,220 | |
Cuyahoga Metropolitan Housing Authority, OH, Social Bonds, 2.00%, 12/1/31 | 1,250 | 1,051,562 | |
Denver City and County Housing Authority, CO, Sustainability Bonds, 4.50%, 7/1/41 | 2,000 | 1,885,300 | |
District of Columbia Housing Finance Agency, 3.00% to 9/1/26 (Put Date), 9/1/28 | 3,000 | 2,858,520 | |
District of Columbia Housing Finance Agency, (Faircliff Plaza East Apartments), 5.00% to 12/1/25 (Put Date), 12/1/26 | 2,775 | 2,794,869 | |
District of Columbia Housing Finance Agency, (Paxton), 4.00% to 9/1/25 (Put Date), 9/1/40 | 3,750 | 3,698,400 | |
Independent Cities Finance Authority, CA, (Union City Tropics): | |||
4.00%, 5/15/31 | 1,020 | 1,005,577 | |
4.00%, 5/15/34 | 1,145 | 1,112,745 | |
Indiana Finance Authority, (CHF-Tippecanoe, LLC - Student Housing), 5.00%, 6/1/38 | 800 | 800,552 | |
Indiana Housing and Community Development Authority, SFMR: | |||
(FHLMC), (FNMA), (GNMA), Social Bonds, 4.35%, 7/1/37 | 1,000 | 977,890 | |
(FHLMC), (FNMA), (GNMA), Social Bonds, 4.60%, 7/1/42 | 1,000 | 963,870 | |
Maine Housing Authority, Social Bonds, 4.15%, 11/15/42 | 1,615 | 1,479,421 | |
Maryland Community Development Administration, Department of Housing and Community Development: | |||
4.05%, 7/1/40 | 1,575 | 1,390,662 | |
4.35%, 7/1/50 | 1,000 | 835,120 | |
Maryland Economic Development Corp., (Morgan State University), Student Housing Revenue, 5.625%, 7/1/43 | 1,000 | 1,050,250 | |
Massachusetts Housing Finance Agency: | |||
(AMT), 3.30%, 12/1/28 | 750 | 701,535 | |
(FHLMC), (FNMA), (GNMA), Social Bonds, 4.40%, 12/1/38 | 1,475 | 1,430,086 | |
(FHLMC), (FNMA), (GNMA), Social Bonds, 4.70%, 12/1/43 | 2,000 | 1,947,500 | |
Sustainability Bonds, 2.30%, 12/1/24 | 1,500 | 1,463,595 |
Security | Principal Amount (000's omitted) | Value | |
Housing (continued) | |||
Massachusetts Housing Finance Agency: (continued) | |||
Sustainability Bonds, 2.80%, 12/1/26 | $ | 1,000 | $ 951,150 |
Sustainability Bonds, 4.00%, 12/1/25 | 2,500 | 2,492,300 | |
New Jersey Housing and Mortgage Finance Agency, SFMR, Social Bonds, 3.85%, 4/1/32 | 3,620 | 3,446,711 | |
New Mexico Mortgage Finance Authority, 5.00% to 6/1/25 (Put Date), 2/1/42 | 525 | 527,530 | |
New York City Housing Development Corp., NY: | |||
0.90% to 1/1/26 (Put Date), 11/1/60 | 3,430 | 3,119,551 | |
Sustainability Bonds, 3.80%, 11/1/30 | 965 | 923,524 | |
Sustainable Development Bonds, 1.70%, 5/1/32 | 2,100 | 1,668,429 | |
Sustainable Development Bonds, 1.75%, 11/1/32 | 1,060 | 835,736 | |
Sustainable Development Bonds, 3.40% to 12/22/26 (Put Date), 11/1/62 | 3,000 | 2,859,450 | |
New York Housing Finance Agency: | |||
Sustainability Bonds, (FHLMC), (FNMA), (GNMA), (SONYMA), 2.85%, 11/1/39 | 1,980 | 1,491,673 | |
Sustainability Bonds, (SONYMA), 2.50% to 5/1/27 (Put Date), 11/1/60 | 2,000 | 1,859,000 | |
Pennsylvania Housing Finance Agency, SFMR: | |||
3.90%, 10/1/35 | 930 | 867,244 | |
Social Bonds, 0.95%, 10/1/28 | 1,125 | 942,964 | |
Social Bonds, 4.30%, 10/1/42 | 3,000 | 2,784,810 | |
Social Bonds, 4.40%, 10/1/38 | 1,500 | 1,454,655 | |
Public Finance Authority, WI, (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/28 | 665 | 669,070 | |
Utah Housing Corp., 4.00%, 1/1/36 | 755 | 722,648 | |
Virginia Housing Development Authority, 4.10%, 10/1/27(2) | 4,000 | 3,985,320 | |
$61,979,585 | |||
Industrial Development Revenue — 1.7% | |||
California Municipal Finance Authority, (Waste Management, Inc.), (AMT), 4.125% to 10/1/25 (Put Date), 10/1/41 | $ | 2,000 | $1,986,580 |
California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 3.00%, 11/1/25 | 850 | 820,386 | |
Henderson, KY, (Pratt Paper, LLC), (AMT), 3.70%, 1/1/32(1) | 2,000 | 1,897,320 | |
Nez Perce County, ID, (Potlatch Corp.), 2.75%, 10/1/24 | 1,000 | 982,240 | |
Niagara Area Development Corp., NY, (Covanta), (AMT), 4.75%, 11/1/42(1) | 2,000 | 1,678,080 | |
$7,364,606 | |||
Insured - Education — 0.2% | |||
New York Dormitory Authority, (School Districts Financing Program), (BAM), 5.00%, 10/1/28 | $ | 750 | $794,985 |
$794,985 | |||
Insured - General Obligations — 0.5% | |||
Long Beach Unified School District, CA, (AGC), 0.00%, 8/1/25 | $ | 1,000 | $931,620 |
3
Calvert
Responsible Municipal Income Fund
September 30, 2023
Schedule of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Insured - General Obligations (continued) | |||
Riverside Elementary School District No. 2, AZ, (AGM), 5.00%, 7/1/33 | $ | 1,000 | $ 1,087,690 |
$ 2,019,310 | |||
Insured - Lease Revenue/Certificates of Participation — 0.6% | |||
New York Dormitory Authority, (School Districts Financing Program), (AGM), 5.00%, 10/1/37 | $ | 2,300 | $ 2,416,403 |
$ 2,416,403 | |||
Insured - Solid Waste — 0.3% | |||
South Bayside Waste Management Authority, CA, (Shoreway Environmental Center): | |||
Green Bonds, (AGM), (AMT), 5.00%, 9/1/25 | $ | 1,465 | $ 1,483,049 |
Green Bonds, (AGM), (AMT), Escrowed to Maturity, 5.00%, 9/1/28 | 15 | 15,855 | |
Green Bonds, (AGM), (AMT), Escrowed to Maturity, 5.00%, 9/1/30 | 15 | 15,869 | |
$1,514,773 | |||
Insured - Transportation — 0.2% | |||
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/30 | $ | 1,000 | $1,005,230 |
$1,005,230 | |||
Insured - Water and Sewer — 1.4% | |||
Chicago, IL, Wastewater Transmission Revenue, (AGM), 5.00%, 1/1/39 | $ | 1,000 | $1,038,170 |
Chicago, IL, Water Revenue, (AGM), 5.00%, 11/1/38 | 1,000 | 1,041,900 | |
Eagle River Water and Sanitation District, CO, (AGM), 4.00%, 12/1/52 | 2,000 | 1,759,740 | |
Fort Wayne, IN, Sewage Works Revenue: | |||
Green Bonds, (BAM), 5.00%, 8/1/28 | 1,020 | 1,075,610 | |
Green Bonds, (BAM), 5.00%, 8/1/29 | 975 | 1,037,566 | |
$5,952,986 | |||
Lease Revenue/Certificates of Participation — 5.4% | |||
Battery Park City Authority, NY, Sustainability Bonds, 5.00%, 11/1/48 | $ | 4,000 | $4,156,240 |
California Housing Finance Agency, Social Bonds, 4.00%, 4/1/45 | 4,380 | 3,894,258 | |
California Public Works Board, 5.00%, 9/1/37(2) | 4,000 | 4,343,000 | |
Connecticut Health and Educational Facilities Authority, (State Supported Child Care), 4.00%, 7/1/38 | 1,170 | 1,070,070 | |
Kansas City, MO, Special Obligation Bonds: | |||
4.00%, 10/1/34 | 500 | 494,495 | |
4.00%, 10/1/35 | 600 | 587,136 | |
Los Angeles Unified School District, CA: | |||
Sustainability Bonds, 5.00%, 10/1/24 | 1,100 | 1,112,463 | |
Sustainability Bonds, 5.00%, 10/1/25 | 1,100 | 1,126,554 | |
New Jersey Economic Development Authority, (Portal North Bridge), 5.00%, 11/1/35 | 1,200 | 1,264,524 |
Security | Principal Amount (000's omitted) | Value | |
Lease Revenue/Certificates of Participation (continued) | |||
University of North Dakota, Certificates of Participation, Green Certificates, 5.00%, 4/1/48 | $ | 1,500 | $ 1,504,635 |
Wasatch County School District Local Building Authority, UT, 5.50%, 6/1/47 | 3,500 | 3,678,255 | |
$ 23,231,630 | |||
Other Revenue — 3.9% | |||
California Community Choice Financing Authority, Clean Energy Project Revenue, Green Bonds, 5.00% to 8/1/29 (Put Date), 12/1/53 | $ | 1,500 | $ 1,511,460 |
California Community Choice Financing Authority, Green Bonds, 4.00% to 12/1/27 (Put Date), 10/1/52 | 2,000 | 1,938,940 | |
California Infrastructure and Economic Development Bank, (California Academy of Sciences), Sustainability Bonds, 4.33%, (SIFMA + 0.35%), 8/1/47(3) | 2,630 | 2,605,225 | |
California Municipal Finance Authority, (Republic Services, Inc.), (AMT), 4.375% to 9/1/33 (Put Date), 9/1/53 | 1,000 | 984,560 | |
Fairfax County Economic Development Authority, VA, (National Wildlife Federation): | |||
Green Bonds, 5.00%, 9/1/34 | 1,310 | 1,377,268 | |
Green Bonds, 5.00%, 9/1/36 | 1,445 | 1,506,355 | |
Hudson Yards Infrastructure Corp., NY: | |||
Green Bonds, 4.00%, 2/15/38 | 2,360 | 2,282,309 | |
Green Bonds, 4.00%, 2/15/40 | 3,000 | 2,822,730 | |
Illinois Educational Facilities Authority, (Field Museum of Natural History): | |||
4.00%, 11/1/36 | 1,000 | 930,690 | |
4.45%, 11/1/36 | 1,000 | 988,060 | |
$16,947,597 | |||
Senior Living/Life Care — 0.4% | |||
Vermont Economic Development Authority, (Wake Robin Corp.), 5.00%, 5/1/24 | $ | 1,875 | $1,875,656 |
$1,875,656 | |||
Special Tax Revenue — 4.6% | |||
Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/50 | $ | 1,000 | $1,035,850 |
Metropolitan Transportation Authority, NY, Dedicated Tax Revenue: | |||
Series A, Green Bonds, 5.00%, 11/15/35 | 1,000 | 1,036,740 | |
Series B1, Green Bonds, 5.00%, 11/15/35 | 2,275 | 2,376,397 | |
Regional Transportation District, CO, Sales Tax Revenue, Green Bonds, 4.00%, 11/1/39 | 1,000 | 932,120 | |
Sales Tax Securitization Corp., IL, Social Bonds, 4.00%, 1/1/42 | 3,000 | 2,703,840 | |
Southeastern Pennsylvania Transportation Authority, 5.25%, 6/1/39 | 3,000 | 3,219,660 | |
Triborough Bridge and Tunnel Authority, NY: | |||
Green Bonds, 4.00%, 11/15/29 | 2,000 | 2,047,440 | |
Green Bonds, 4.00%, 11/15/30 | 2,000 | 2,048,840 |
4
Calvert
Responsible Municipal Income Fund
September 30, 2023
Schedule of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Special Tax Revenue (continued) | |||
Triborough Bridge and Tunnel Authority, NY: (continued) | |||
Green Bonds, 5.00%, 11/15/32 | $ | 1,500 | $ 1,635,630 |
Washington Metropolitan Area Transit Authority, D.C.: | |||
Green Bonds, 4.125%, 7/15/47 | 2,000 | 1,808,360 | |
Sustainability Bonds, 5.00%, 7/15/38 | 1,000 | 1,064,200 | |
$ 19,909,077 | |||
Student Loan — 1.2% | |||
Iowa Student Loan Liquidity Corp., (AMT), 5.00%, 12/1/30 | $ | 3,000 | $ 3,085,710 |
Massachusetts Educational Financing Authority: | |||
(AMT), 5.00%, 7/1/30 | 1,000 | 1,021,370 | |
(AMT), 5.00%, 7/1/31 | 1,000 | 1,023,860 | |
$5,130,940 | |||
Transportation — 4.7% | |||
Atlanta, GA, (Airport Passenger Facility Charge): | |||
Green Bonds, 5.00%, 7/1/44 | $ | 1,460 | $1,517,699 |
Green Bonds, (AMT), 5.25%, 7/1/41 | 1,500 | 1,567,065 | |
Los Angeles Department of Airports, CA, (Los Angeles International Airport): | |||
Green Bonds, (AMT), 5.00%, 5/15/34 | 5,000 | 5,303,050 | |
Green Bonds, (AMT), 5.00%, 5/15/38 | 1,800 | 1,839,546 | |
Green Bonds, (AMT), 5.50%, 5/15/39 | 3,200 | 3,391,040 | |
Massachusetts Port Authority, Green Bonds, (AMT), 5.00%, 7/1/35 | 4,000 | 4,191,320 | |
Massachusetts, (Rail Enhancement Program), Sustainability Bonds, 5.00%, 6/1/53(2) | 1,000 | 1,040,630 | |
Port of Portland, OR, (Portland International Airport), Green Bonds, (AMT), 5.25%, 7/1/39 | 1,500 | 1,557,945 | |
$20,408,295 | |||
Water and Sewer — 8.8% | |||
Austin, TX, Water & Wastewater System Revenue, 5.00%, 11/15/33 | $ | 2,000 | $2,083,680 |
Beaverton, OR, Water Revenue, 5.00%, 4/1/27 | 1,490 | 1,558,808 | |
Discovery Clean Water Alliance, WA, Sewer Revenue: | |||
5.00%, 12/1/33 | 2,180 | 2,402,011 | |
5.00%, 12/1/34 | 2,290 | 2,506,474 | |
Indiana Finance Authority, (CWA Authority), Green Bonds, 5.00%, 10/1/44 | 3,000 | 3,047,460 | |
Los Angeles, CA, Wastewater System Revenue, Green Bonds, 5.00%, 6/1/34 | 1,000 | 1,069,210 | |
Massachusetts Clean Water Trust, Green Bonds, 5.00%, 2/1/43 | 3,000 | 3,164,790 | |
New York City Municipal Water Finance Authority, NY, (Water and Sewer System): | |||
5.00%, 6/15/47 | 1,000 | 1,025,010 | |
(SPA: JPMorgan Chase Bank, N.A.), 4.75%, 6/15/44(4) | 2,000 | 2,000,000 | |
(SPA: JPMorgan Chase Bank, N.A.), 4.75%, 6/15/50(4) | 2,000 | 2,000,000 |
Security | Principal Amount (000's omitted) | Value | |
Water and Sewer (continued) | |||
Philadelphia, PA, Water and Wastewater Revenue, 5.00%, 6/1/35 | $ | 1,000 | $ 1,078,000 |
San Diego County Water Authority, CA, Green Bonds, 4.00%, 5/1/36 | �� | 5,000 | 5,080,650 |
Santa Clara Valley Water District, CA: | |||
5.00%, 8/1/42 | 1,000 | 1,066,640 | |
5.00%, 8/1/47 | 2,100 | 2,224,635 | |
Tacoma, WA, Sewer Revenue, 4.00%, 12/1/48 | 2,500 | 2,176,300 | |
Tampa Bay Water, FL, Sustainability Bonds, 5.25%, 10/1/47 | 3,500 | 3,670,800 | |
Tampa, FL, Water and Wastewater Systems Revenue, Green Bonds, 5.00%, 10/1/41 | 2,000 | 2,129,160 | |
$38,283,628 | |||
Total Tax-Exempt Municipal Obligations (identified cost $412,864,632) | $394,049,790 |
Taxable Municipal Obligations — 4.8% |
Security | Principal Amount (000's omitted) | Value | |
Education — 0.8% | |||
San Antonio Education Facilities Corp., TX, (University of the Incarnate Word): | |||
1.74%, 4/1/25 | $ | 600 | $ 559,152 |
1.99%, 4/1/26 | 550 | 494,642 | |
2.19%, 4/1/27 | 600 | 523,194 | |
2.38%, 4/1/28 | 1,190 | 1,007,133 | |
2.50%, 4/1/29 | 1,000 | 818,100 | |
$ 3,402,221 | |||
Electric Utilities — 0.4% | |||
Confederated Tribes of Warm Springs Reservation, OR, (Pelton-Round Butte Hydroelectric Project): | |||
Green Bonds, 2.015%, 11/1/25(1) | $ | 745 | $688,067 |
Green Bonds, 2.52%, 11/1/28(1) | 1,205 | 1,036,878 | |
$1,724,945 | |||
General Obligations — 1.7% | |||
Alameda County, CA, Social Bonds, 3.36%, 8/1/24 | $ | 2,000 | $1,964,040 |
Detroit, MI: | |||
Social Bonds, 2.189%, 4/1/24 | 500 | 486,965 | |
Social Bonds, 2.96%, 4/1/27 | 750 | 651,577 | |
Larkspur-Corte Madera School District, CA, (Election of 2011 and 2014): | |||
1.702%, 8/1/30 | 415 | 331,768 | |
1.802%, 8/1/31 | 400 | 311,276 | |
Los Angeles, CA, Social Bonds, 5.00%, 9/1/26 | 3,000 | 2,989,890 | |
Tustin Unified School District, CA, 1.554%, 8/1/29 | 535 | 439,433 | |
$7,174,949 |
5
Calvert
Responsible Municipal Income Fund
September 30, 2023
Schedule of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted) | Value | |
Hospital — 0.1% | |||
University of Wisconsin Hospitals and Clinics Authority, 2.09%, 4/1/28 | $ | 590 | $ 513,979 |
$ 513,979 | |||
Housing — 0.1% | |||
Independent Cities Finance Authority, CA, (Sahara Mobile Home Park), 2.51%, 6/15/31 | $ | 500 | $ 424,655 |
$ 424,655 | |||
Insured - Housing — 0.2% | |||
Oregon Facilities Authority, (CHF-Ashland, LLC - Southern Oregon University): | |||
(AGM), 1.509%, 7/1/25 | $ | 150 | $ 138,415 |
(AGM), 2.005%, 7/1/27 | 185 | 159,777 | |
(AGM), 2.429%, 7/1/29 | 275 | 225,712 | |
(AGM), 2.679%, 7/1/31 | 350 | 272,601 | |
$796,505 | |||
Lease Revenue/Certificates of Participation — 0.3% | |||
New Jersey Economic Development Authority, (Offshore Wind Port): | |||
Green Bonds, 5.198%, 3/1/31 | $ | 500 | $486,900 |
Green Bonds, 5.298%, 3/1/32 | 500 | 486,995 | |
Green Bonds, 5.398%, 3/1/33 | 500 | 487,820 | |
$1,461,715 | |||
Senior Living/Life Care — 0.1% | |||
California Public Finance Authority, (Enso Village), Green Bonds, 2.875%, 5/15/27(1) | $ | 350 | $315,581 |
$315,581 | |||
Special Tax Revenue — 1.0% | |||
California Health Facilities Financing Authority, (No Place Like Home Program): | |||
Social Bonds, 2.02%, 6/1/24 | $ | 1,000 | $976,980 |
Social Bonds, 2.211%, 6/1/25 | 1,500 | 1,423,410 | |
Social Bonds, 2.361%, 6/1/26 | 2,000 | 1,857,180 | |
$4,257,570 | |||
Water and Sewer — 0.1% | |||
Narragansett Bay Commission, RI, Wastewater System Revenue, Green Bonds, 1.497%, 9/1/24 | $ | 660 | $635,976 |
$635,976 | |||
Total Taxable Municipal Obligations (identified cost $22,540,727) | $20,708,096 |
Short-Term Investments — 3.4% | |||
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(5) | 14,543,037 | $ 14,543,037 | |
Total Short-Term Investments (identified cost $14,543,037) | $ 14,543,037 | ||
Total Investments — 103.2% (identified cost $470,859,744) | $447,635,960 | ||
Other Assets, Less Liabilities — (3.2)% | $(13,886,777) | ||
Net Assets — 100.0% | $433,749,183 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | |
(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 September 30, 2023, the aggregate value of these securities is $7,712,435 or 1.8% of the Fund's net assets. |
(2) | When-issued security. |
(3) | Floating rate security. The stated interest rate represents the rate in effect at September 30, 2023. |
(4) | Variable rate demand obligation that may be tendered at par on any day for payment the same or next business day. The stated interest rate, which generally resets daily, is determined by the remarketing agent and represents the rate in effect at September 30, 2023. |
(5) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
At September 30, 2023, the concentration of the Fund's investments in the various states, determined as a percentage of net assets, is as follows: | |
California23.5% | |
New York11.3% | |
Others, representing less than 10% individually62.9% | |
The Fund invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. At September 30, 2023, 0.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 0.5% of total investments. |
6
Calvert
Responsible Municipal Income Fund
September 30, 2023
Schedule of Investments (Unaudited) — continued
Futures Contracts
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) |
Interest Rate Futures | |||||
U.S. 10-Year Treasury Note | (94) | Short | 12/19/23 | $(10,157,875) | $188,563 |
$188,563 |
Abbreviations: | |
AGC | – Assured Guaranty Corp. |
AGM | – Assured Guaranty Municipal Corp. |
AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
BAM | – Build America Mutual Assurance Co. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
PSF | – Permanent School Fund |
SFMR | – Single Family Mortgage Revenue |
SIFMA | – Securities Industry and Financial Markets Association Municipal Swap Index |
SONYMA | – State of New York Mortgage Agency |
SPA | – Standby Bond Purchase Agreement |
At September 30, 2023, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.
During the fiscal year to date ended September 30, 2023, the Fund used futures contracts to hedge interest rate risk and to manage duration.
Affiliated Investments
At September 30, 2023, the value of the Fund's investment in funds that may be deemed to be affiliated was $14,543,037, which represents 3.4% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended September 30, 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 | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(1) | $6,785,252 | $110,750,805 | $(102,993,020) | $ — | $ — | $14,543,037 | $138,850 | 14,543,037 |
(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.
7
Calvert
Responsible Municipal Income Fund
September 30, 2023
Schedule of Investments (Unaudited) — continued
The following table summarizes the market value of the Fund's holdings as of September 30, 2023, based on the inputs used to value them:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ — | $9,380,094 | $ — | $9,380,094 |
Tax-Exempt Mortgage-Backed Securities | — | 8,954,943 | — | 8,954,943 |
Tax-Exempt Municipal Obligations | — | 394,049,790 | — | 394,049,790 |
Taxable Municipal Obligations | — | 20,708,096 | — | 20,708,096 |
Short-Term Investments | 14,543,037 | — | — | 14,543,037 |
Total Investments | $14,543,037 | $433,092,923 | $ — | $447,635,960 |
Futures Contracts | $188,563 | $ — | $ — | $188,563 |
Total | $14,731,600 | $433,092,923 | $ — | $447,824,523 |
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.
8