N-Q 1 tcfnqfiled0210.htm THE CALVERT FUND N-Q The Calvert Fund

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-3416

THE CALVERT FUND

(Exact name of registrant as specified in charter)

4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
(Address of Principal Executive Offices)

William M. Tartikoff, Esq.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
(Name and Address of Agent for Service)

 

Registrant's telephone number, including area code: (301) 951-4800

Date of fiscal year end: September 30

Date of reporting period: First quarter ended December 31, 2009

 

 

Item 1. Schedule of Investments.

CALVERT INCOME FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2009

ASSET-BACKED SECURITIES - 1.7%

 

PRINCIPAL AMOUNT

VALUE

ACLC Business Loan Receivables Trust, 0.883%, 10/15/21 (e)(r)

$1,657,471

$1,594,188

AmeriCredit Automobile Receivables Trust, 4.63%, 6/6/12

6,483,528

6,503,388

AmeriCredit Prime Automobile Receivable Trust, 5.27%, 11/8/11

673,617

675,036

Atherton Franchisee Loan Funding LLC, 7.08%, 5/15/20 (e)

707,868

712,171

Capital One Auto Finance Trust, 5.03%, 4/15/12

1,420,770

1,431,039

Captec Franchise Trust:

     Class A2, 8.155%, 6/15/13 (e)

6,015,314

5,207,672

     Class B, 8.155%, 12/15/13 (e)

2,895,000

1,042,200

Centex Home Equity, 7.86%, 7/25/32 (r)

120,536

14,482

Countrywide Asset-Backed Certificates, 0.681%, 11/25/34 (r)

3,746,543

2,759,869

DB Master Finance LLC, 5.779%, 6/20/31 (e)

20,750,000

20,006,112

Enterprise Mortgage Acceptance Co. LLC, 0.65%, 1/15/27 (e)(r)

14,712,456

188,687

FMAC Loan Receivables Trust:

     1.35%, 11/15/18 (e)(r)(u)

10,928,799

150,271

     6.74%, 11/15/20 (e)

952,276

645,672

GE Capital Credit Card Master Note Trust, 0.273%, 3/15/13 (r)

5,340,000

5,335,151

Residential Asset Mortgage Products, Inc., STEP, 4.12% to 7/25/11, 4.62% thereafter to 6/25/33 (r)

137,062

73,477

Triad Auto Receivables Owner Trust, 4.88%, 4/12/13

12,878,867

13,211,589

     Total Asset-Backed Securities (Cost $63,451,144)

59,551,004

COLLATERALIZED MORTGAGE-BACKED OBLIGATIONS (PRIVATELY ORIGINATED) - 1.7%

 

 

 

American Home Mortgage Assets, 0.421%, 12/25/46 (r)

7,444,779

3,628,136

Banc of America Mortgage Securities, Inc.:

     5.00%, 1/25/19

62,034

28,486

     4.875%, 4/25/19

128,866

58,894

     4.798%, 8/25/19 (r)

295,152

91,972

     5.50%, 11/25/33

2,316

2,322

     0.28%, 1/25/34 (r)

96,469,557

633,033

     5.431%, 5/25/34 (r)

887,759

298,004

Chase Funding Mortgage Loan, 4.045%, 5/25/33 (r)

391,350

385,511

Countrywide Home Loan Mortgage Pass Through Trust, 0.571%, 6/25/35 (e)(r)

2,327,506

1,441,735

GMAC Mortgage Corp. Loan Trust, 5.00%, 5/25/18 (e)

169,526

82,716

Impac CMB Trust:

     0.871%, 9/25/34 (r)

1,082,800

707,805

     0.491%, 4/25/35 (r)

5,860,156

3,740,792

     0.541%, 4/25/35 (r)

2,099,889

744,524

     0.771%, 5/25/35 (r)

11,926,224

7,967,214

     0.551%, 8/25/35 (r)

6,360,335

3,278,983

MASTR Alternative Loans Trust, 6.25%, 7/25/36

16,161,711

8,076,198

Morgan Stanley Mortgage Loan Trust, 5.17%, 11/25/33

377,269

154,110

Residential Accredit Loans, Inc., 6.00%, 12/25/35

5,920,403

4,147,659

Residential Asset Securitization Trust, 6.25%, 11/25/36

16,812,701

10,854,167

Residential Funding Mortgage Securities I, 4.75%, 3/25/19

222,496

149,768

Salomon Brothers Mortgage Securities VII, Inc., 3.689%, 9/25/33 (r)

209,523

85,522

Structured Asset Securities Corp.:

     5.00%, 6/25/35

6,737,615

5,281,023

     5.50%, 6/25/35

4,291,000

2,946,887

WaMu Mortgage Pass Through Certificates, 4.825%, 10/25/35 (r)

5,697,000

4,418,047

     Total Collateralized Mortgage-Backed Obligations (Privately Originated) (Cost $78,589,362)

59,203,508

COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.8%

 

 

 

Crown Castle Towers LLC:

     4.643%, 6/15/35 (e)

39,250,000

39,900,282

     5.245%, 11/15/36 (e)

18,600,000

19,159,092

     5.362%, 11/15/36 (e)

11,000,000

11,255,430

GMAC Commercial Mortgage Asset Corp., 6.107%, 8/10/52 (b)(e)

37,050,000

30,288,375

Wachovia Bank Commercial Mortgage Trust, 0.665%, 12/15/35 (e)(r)

85,326,786

379,960

     Total Commercial Mortgage-Backed Securities (Cost $105,611,802)

100,983,139

CORPORATE BONDS - 56.5%

 

 

 

Affiliated Computer Services, Inc., 5.20%, 6/1/15

7,000,000

7,227,500

Alliance Mortgage Investments:

     12.61%, 6/1/10 (b)(r)(x)*

3,077,944

-

     15.36%, 12/1/10 (b)(r)(x)*

17,718,398

-

American Express Credit Corp., 1.631%, 5/27/10 (r)

8,480,000

8,509,841

Anadarko Finance Co., 6.75%, 5/1/11

4,250,000

4,511,473

Anadarko Petroleum Corp., 7.625%, 3/15/14

12,000,000

13,770,186

Anglo American Capital plc, 9.375%, 4/8/19 (e)

8,000,000

10,036,099

Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19 (e)

8,900,000

10,390,255

APL Ltd., 8.00%, 1/15/24

21,057,000

19,372,440

ArcelorMittal:

     5.375%, 6/1/13

4,609,000

4,834,491

     6.125%, 6/1/18

12,603,000

13,004,229

Arrow Electronics, Inc., 6.00%, 4/1/20

2,000,000

1,987,272

Asian Development Bank, 6.22%, 8/15/27

2,470,000

2,702,481

Atlantic Marine Corp. Communities LLC, 6.158%, 12/1/51 (b)(e)

23,670,000

19,028,550

Atlantic Mutual Insurance Co., 8.15%, 2/15/28 (b)(e)(p)*

53,561,000

535,610

AXA SA, 3.983%, 6/8/49 (b)

1,050,000

612,937

BAC Capital Trust VI, 5.625%, 3/8/35 (b)

4,500,000

3,602,011

BAC Capital Trust XV, 1.056%, 6/1/56 (r)

87,170,000

55,278,761

BAE Systems Asset Trust, 6.664%, 9/15/13 (b)(e)

34,532,988

36,417,108

Barclays Bank plc, 5.00%, 9/22/16

5,250,000

5,385,000

Bayview Research Center Finance Trust, 6.33%, 1/15/37 (b)(e)

26,038,308

23,175,656

Bear Stearns Co.'s, Inc.:

     0.357%, 2/23/10 (r)

1,510,000

1,510,468

     0.423%, 10/22/10 (r)

6,000,000

6,001,047

BNSF Funding Trust I, 6.613% to 1/15/26, floating rate thereafter to 12/15/55 (b)(r)

69,876,000

67,430,340

C10 Capital SPV Ltd., 6.722% to 12/31/16, floating rate thereafter to 12/31/49 (e)(r)

8,600,000

6,095,250

C8 Capital SPV Ltd., 6.64% to 12/31/14, floating rate thereafter to 12/31/49 (e)(r)

26,850,000

18,560,062

Calpine Corp. Escrow, 9.875%, 12/1/11 (b)*

375,000

-

Camp Pendleton & Quantico Housing LLC, 5.937%, 10/1/43 (e)

1,070,000

870,959

Cantor Fitzgerald LP, 7.875%, 10/15/19 (e)

5,750,000

5,765,345

Capital One Bank, 8.80%, 7/15/19

4,130,000

4,909,049

Capital One Capital V, 10.25%, 8/15/39

13,520,000

15,756,348

Capital One Capital VI, 8.875%, 5/15/40

10,430,000

11,107,180

Cargill, Inc., 1.533%, 1/21/11 (e)(r)

44,455,000

44,395,653

Caterpillar Financial Services Corp., 0.504%, 12/16/11 (r)

14,000,000

14,027,986

Cellco Partnership, 2.869%, 5/20/11 (r)

33,500,000

34,634,694

Chase Capital VI, 0.906%, 8/1/28 (r)

7,250,000

5,039,348

Chesapeake Energy Corp.:

     7.625%, 7/15/13

9,750,000

10,213,125

     6.875%, 11/15/20

4,000,000

3,860,000

Chugach Electric Association, Inc., 6.55%, 3/15/11

2,780,000

2,927,665

Citigroup Funding, Inc., 0.611%, 4/30/12 (r)

33,170,000

33,474,766

Citigroup, Inc., 6.01%, 1/15/15

39,000,000

40,062,587

Commonwealth Bank of Australia:

     0.579%, 11/4/11 (e)(r)

10,600,000

10,600,241

     3.75%, 10/15/14 (e)

3,000,000

2,988,973

Credit Agricole SA, 6.637% to 5/31/17, floating rate thereafter to 5/29/49 (e)(r)

65,673,000

52,538,400

Credit Suisse USA, Inc., 0.473%, 8/16/11 (r)

3,000,000

2,993,263

CVS Pass-Through Trust, 7.507%, 1/10/32 (e)

3,000,000

3,142,470

Dexus Finance Proprietary Ltd., 7.125%, 10/15/14 (e)

7,000,000

7,194,998

Dime Community Bancshares, Inc.:

     9.25%, 5/1/10

500,000

498,513

     9.25%, 5/1/10 (e)

2,000,000

1,994,050

Discover Financial Services, 0.784%, 6/11/10 (r)

41,210,000

40,851,102

Dominion Resources, Inc.:

     1.303%, 6/17/10 (r)

32,530,000

32,651,762

     6.30% to 9/30/11, floating rate thereafter to 9/30/66 (r)

19,665,000

17,395,659

Dow Chemical Co., 5.90%, 2/15/15

4,000,000

4,303,031

Enterprise Products Operating LLC, 7.00% to 6/1/17, floating rate thereafter to 6/1/67

5,028,000

4,459,356

Enterprise Products Operating LP, 7.034% to 1/15/18, floating rate thereafter to 1/15/68 (r)

67,975,000

62,367,062

First Republic Bank, 7.75%, 9/15/12

500

533

Fleet Capital Trust V, 1.254%, 12/18/28 (r)

10,600,000

7,213,792

FMG Finance Proprietary Ltd., 4.256%, 9/1/11 (b)(e)(r)

56,001,000

55,160,985

Ford Motor Credit Co. LLC:

     1.854%, 1/15/10 (r)

4,000,000

3,999,905

     5.504%, 6/15/11 (r)

10,650,000

10,492,355

     3.034%, 1/13/12 (r)

23,850,000

22,180,500

Fort Knox Military Housing:

     5.815%, 2/15/52 (e)

11,225,000

8,552,103

     5.915%, 2/15/52 (e)

10,455,000

7,754,473

FPL Group Capital, Inc., 0.675%, 11/9/12 (r)

6,000,000

6,025,877

General Motors Corp.:

     7.125%, 7/15/13 (ii)

5,000,000

1,275,000

     7.70%, 4/15/16 (ii)

10,000,000

2,550,000

     8.25%, 7/15/23 (ii)

5,000,000

1,325,000

     8.10%, 6/15/24 (ii)

7,150,000

1,876,875

     7.40%, 9/1/25 (ii)

2,950,000

767,000

Glitnir Banki HF:

     2.95%, 10/15/08 (b)(y)*

30,230,000

6,801,750

     3.046%, 4/20/10 (b)(e)(r)(y)*

42,295,000

9,516,375

     4.75%, 10/15/10 (b)(e)(y)*

6,000,000

1,350,000

     3.226%, 1/21/11 (b)(e)(r)(y)*

32,920,000

7,407,000

     6.375%, 9/25/12 (b)(e)(y)*

600,000

135,000

     6.693% to 6/15/11, floating rate thereafter to 6/15/16 (b)(e)(r)(y)*

8,400,000

84,000

Golden State Petroleum Transport Corp., 8.04%, 2/1/19

10,991,543

11,380,204

Great River Energy:

     5.829%, 7/1/17 (e)

46,865,727

51,125,137

     6.254%, 7/1/38 (e)

6,900,000

6,641,683

Hewlett-Packard Co., 1.306%, 5/27/11 (r)

7,200,000

7,298,961

Holcim US Finance Sarl & Cie SCS, 6.00%, 12/30/19 (e)

2,000,000

2,054,652

Howard Hughes Medical Institute, 3.45%, 9/1/14

5,000,000

5,067,750

HRPT Properties Trust, 0.854%, 3/16/11 (r)

39,710,000

37,476,666

Idearc, Inc., 8.00%, 11/15/16 (f)

150,000

10,688

Ingersoll-Rand Global Holding Co. Ltd., 1.773%, 8/13/10 (b)(r)

39,650,000

39,848,250

ION Media Networks, Inc., 11.00%, 7/31/13 (w)*

325,940

33

JET Equipment Trust, 7.63%, 8/15/12 (b)(e)(w)*

109,297

601

John Deere Capital Corp.:

     0.706%, 2/26/10 (r)

13,000,000

13,006,530

     0.984%, 1/18/11 (r)

3,300,000

3,320,084

JPMorgan Chase & Co.:

     0.783%, 1/22/10 (r)

36,900,000

36,910,204

     0.501%, 12/26/12 (r)

15,000,000

15,108,039

JPMorgan Chase Capital XXIII, 1.273%, 5/15/47 (r)

12,800,000

8,836,096

Kansas City Southern de Mexico SA de CV, 7.375%, 6/1/14

150,000

146,250

Kaupthing Bank HF:

     3.491%, 1/15/10 (e)(r)(y)*

39,000,000

9,652,500

     5.75%, 10/4/11 (e)(y)*

3,350,000

829,125

Kern River Funding Corp., 6.676%, 7/31/16 (e)

91,520

98,163

Koninklijke Philips Electronics NV, 1.405%, 3/11/11 (r)

62,930,000

63,034,412

Kraft Foods, Inc., 0.773%, 8/11/10 (r)

2,300,000

2,297,700

Land O'Lakes Capital Trust I, 7.45%, 3/15/28 (e)

56,369,000

49,604,720

Leucadia National Corp., 8.125%, 9/15/15

12,520,000

12,546,911

LL & P Wind Energy, Inc. Washington Revenue Bonds:

     5.733%, 12/1/17 (e)

8,060,000

7,591,311

     5.983%, 12/1/22 (e)

14,695,000

13,355,551

     6.192%, 12/1/27 (e)

3,925,000

3,437,162

Lumbermens Mutual Casualty Co.:

     9.15%, 7/1/26 (e)(m)*

51,271,000

512,710

     8.30%, 12/1/37 (e)(m)*

33,720,000

337,200

     8.45%, 12/1/49 (e)(m)*

1,000,000

10,000

MBNA Capital, 1.081%, 2/1/27 (r)

900,000

619,293

McGuire Air Force Base Military Housing Project, 5.611%, 9/15/51 (e)

11,420,000

8,395,070

Medco Health Solutions, Inc., 6.125%, 3/15/13

4,875,000

5,228,417

Metropolitan Life Global Funding I, 0.984%, 4/14/11 (e)(r)

12,280,000

12,296,357

Mid-Atlantic Family Military Communities LLC, 5.24%, 8/1/50 (e)

8,250,000

5,896,275

MMA Financial Holdings, Inc., 0.75%, 5/3/34 (b)

50,800,000

10,160,000

Morgan Stanley, 0.554%, 2/10/12 (r)

5,770,000

5,811,725

National Fuel Gas Co., 6.50%, 4/15/18

4,800,000

5,007,276

National Semiconductor Corp., 6.15%, 6/15/12

2,150,000

2,237,285

NationsBank Cap Trust III, 0.834%, 1/15/27 (r)

1,677,000

1,166,503

Nationwide Health Properties, Inc.:

     6.50%, 7/15/11

20,379,000

21,168,356

     6.90%, 10/1/37

10,460,000

10,657,328

     6.59%, 7/7/38

4,023,000

4,079,173

New York University, 5.236%, 7/1/32

5,900,000

5,721,702

Noble Group Ltd., 6.75%, 1/29/20 (b)(e)

9,000,000

9,270,000

Ohana Military Communities LLC:

     5.88%, 10/1/51 (b)(e)

20,000,000

15,679,200

     6.00%, 10/1/51 (b)(e)

31,930,000

25,339,329

     6.15%, 10/1/51 (b)(e)

10,000,000

8,096,400

OPTI Canada, Inc.:

     7.875%, 12/15/14

2,650,000

2,146,500

     8.25%, 12/15/14

5,887,000

4,886,210

Orkney Re II plc, Series B, 6.096%, 12/21/35 (b)(e)(r)(z)*

19,550,000

-

Overseas Shipholding Group, Inc., 7.50%, 2/15/24

5,080,000

4,318,000

Pacific Pilot Funding Ltd., 1.034%, 10/20/16 (e)(r)

6,087,317

4,680,958

Pepco Holdings, Inc.:

     0.881%, 6/1/10 (r)

17,600,000

17,481,202

     6.45%, 8/15/12

5,000,000

5,373,225

Pioneer Natural Resources Co.:

     5.875%, 7/15/16

12,285,000

11,797,984

     6.65%, 3/15/17 (b)

12,695,000

12,536,312

     7.50%, 1/15/20

13,880,000

13,914,700

     7.20%, 1/15/28

1,000,000

899,295

Potlatch Corp., 7.50%, 11/1/19 (e)

1,200,000

1,224,000

PPF Funding, Inc., 5.35%, 4/15/12 (e)

3,000,000

2,715,218

Preferred Term Securities IX Ltd., 1.033%, 4/3/33 (e)(r)

733,534

359,431

Prime Property Fund, Inc., 5.50%, 1/15/14 (e)

500,000

409,587

Public Steers Trust, 6.646%, 11/15/18 (b)

3,846,416

3,659,634

Puget Sound Energy, Inc., 7.02%, 12/1/27 (b)

571,000

609,622

Rabobank Nederland NV, 11.00% to 6/30/19, floating rate thereafter to 6/29/49 (e)(r)

3,530,000

4,385,178

Roper Industries, Inc., 6.625%, 8/15/13

13,830,000

15,094,190

Royal Bank of Scotland Group plc:

     6.40%, 10/21/19

11,060,000

10,953,507

     7.64% to 9/29/17, floating rate thereafter to 3/29/49 (r)(qq)

29,800,000

15,719,500

Skyway Concession Co. LLC, 0.563%, 6/30/17 (b)(e)(r)

10,140,000

8,603,486

Southern Co., 0.683%, 10/21/11 (r)

2,600,000

2,603,316

SPARCS Trust 99-1, STEP, 0.00% to 4/15/19, 7.697% thereafter to 10/15/97 (b)(e)(r)

26,500,000

7,107,300

State Street Bank and Trust Co., 0.454%, 9/15/11 (r)

8,795,000

8,830,625

Sterling Equipment, Inc., 6.125%, 9/28/19

273,484

301,235

SunTrust Bank:

     0.377%, 5/21/12 (r)

32,780,000

31,349,338

     0.552%, 8/24/15 (r)

3,350,000

2,813,593

TIERS Trust:

     8.45%, 12/1/17 (b)(e)(n)*

8,559,893

85,599

     STEP, 0.00% to 10/15/28, 7.697% thereafter to 10/1/97 (b)(r)

15,000,000

1,551,600

     STEP, 0.00% to 10/15/33, 7.697% thereafter to 10/15/97 (b)(e)(r)

12,295,000

712,126

     7.697%, 10/15/97 (b)(e)(r)

11,001,000

3,266,857

Toll Road Investors Partnership II LP:

     2/15/11 (e)

7,600,000

7,057,634

     2/15/28 (b)(e)

16,737,000

3,048,979

     2/15/29 (b)(e)

12,600,000

2,087,442

     2/15/43 (b)(e)

196,950,000

39,297,433

     2/15/45 (b)(e)

618,495,685

84,393,736

Travelers Insurance Company Ltd., 0.534%, 12/8/11 (b)

3,250,000

3,095,917

United Parcel Services, Inc., Zero Coupon, 3/27/50 (r)

2,030,000

2,004,531

UnitedHealth Group, Inc., 0.433%, 6/21/10 (r)

37,650,000

37,590,438

Wachovia Capital Trust III, 5.80% to 3/15/11, floating rate thereafter to 3/29/49 (r)

28,558,000

21,704,080

Wachovia Corp., 7.574%, 8/1/26 (r)

3,675,000

4,019,334

Wells Fargo Bank Bonds:

     6.584%, 9/1/27 (e)

6,080,000

6,050,451

     6.734%, 9/1/47 (e)

37,970,000

37,728,890

Western Refining, Inc.:

     7.754%, 6/15/14 (e)(r)

400,000

358,000

     11.25%, 6/15/17 (e)

5,500,000

4,977,500

Westpac Banking Corp.:

     0.582%, 10/21/11 (e)(r)

10,000,000

10,000,134

     2.25%, 11/19/12

6,000,000

5,979,755

Williams Co.'s, Inc., 2.29%, 10/1/10 (e)(r)

5,900,000

5,873,612

Windsor Petroleum Transport Corp., 7.84%, 1/15/21 (e)

19,662,520

18,056,623

Yara International ASA, 7.875%, 6/11/19 (e)

5,530,000

6,318,344

     Total Corporate Bonds (Cost $2,295,234,645)

2,023,872,318

TAXABLE MUNICIPAL OBLIGATIONS - 10.4%

 

 

 

Alameda California Corridor Transportation Authority Revenue Bonds, Zero Coupon, 10/1/10 (b)

16,230,000

15,877,971

Allegheny County Pennsylvania Hospital Development Authority Revenue VRDN, 0.24%, 7/15/28 (r)

3,550,000

3,550,000

Anaheim California Redevelopment Agency Tax Allocation Bonds:

     5.759%, 2/1/18

1,795,000

1,808,606

     6.506%, 2/1/31

3,875,000

3,783,317

Azusa California Redevelopment Agency Tax Allocation Bonds, 5.765%, 8/1/17

3,760,000

3,700,592

Baltimore Maryland General Revenue Bonds:

     5.05%, 7/1/14

1,520,000

1,660,022

     5.07%, 7/1/15

1,340,000

1,456,366

Baltimore Maryland MFH Revenue VRDN, 0.30%, 4/15/34 (r)

5,794,000

5,794,000

Boynton Beach Florida Community Redevelopment Agency Tax Allocation Bonds, 5.10%, 10/1/15

1,135,000

1,148,280

Brownsville Texas Utility System Revenue Bonds, 5.084%, 9/1/16

2,000,000

2,091,920

Burlingame California PO Revenue Bonds, 5.285%, 6/1/12

1,775,000

1,898,700

California Statewide Communities Development Authority Revenue Bonds:

     5.61%, 8/1/14

2,270,000

2,454,347

     Zero Coupon, 6/1/15

3,425,000

2,379,895

     Zero Coupon, 6/1/15

1,205,000

837,306

     Zero Coupon, 6/1/16

2,620,000

1,673,420

     Zero Coupon, 6/1/17

2,710,000

1,595,025

     Zero Coupon, 6/1/17

1,835,000

1,080,026

     Zero Coupon, 6/1/18

2,810,000

1,501,552

     Zero Coupon, 6/1/19

1,975,000

963,425

Clark County Nevada Revenue Bonds, 6.881%, 7/1/42

3,500,000

3,373,930

College Park Georgia Revenue Bonds:

     5.631%, 1/1/11

4,965,000

5,042,156

     5.658%, 1/1/12

2,500,000

2,550,475

Collier County Florida MFH Finance Authority Revenue VRDN, 0.26%, 7/15/34 (r)

2,300,000

2,300,000

Colorado State Housing and Finance Authority Revenue VRDN:

     0.23%, 10/15/16 (r)

9,100,000

9,100,000

     0.23%, 10/15/16 (r)

5,300,000

5,300,000

Detroit Michigan GO Bonds, 5.15%, 4/1/25

14,605,000

7,967,027

District of Columbia Housing Finance Agency Revenue VRDN, 0.26%, 11/1/38 (r)

3,300,000

3,300,000

District of Columbia Revenue VRDN:

     0.19%, 4/1/38 (r)

1,000,000

1,000,000

     0.25%, 4/1/38 (r)

4,055,000

4,055,000

Eugene Oregon Electric Utilities Revenue Bonds, Zero Coupon, 8/1/25

1,500,000

476,205

Fairfield California PO Revenue Bonds, 5.34%, 6/1/25

1,960,000

1,709,473

Florida State First Governmental Financing Commission Revenue Bonds:

     5.05%, 7/1/14

285,000

301,433

     5.10%, 7/1/15

300,000

311,883

Fort Wayne Indiana Redevelopment District Revenue Bonds, 5.24%, 6/1/21

1,250,000

1,232,013

Gainesville & Hall County Georgia Development Authority Revenue VRDN, 0.21%, 11/15/33 (r)

2,700,000

2,700,000

Grant County Washington Public Utility District No. 2 Revenue Bonds:

     4.76%, 1/1/13

400,000

419,704

     5.48%, 1/1/21

990,000

920,819

Hamilton County Ohio Revenue Bonds, 6.50%, 12/1/34

2,000,000

2,051,260

Hills City Iowa Health Facilities Revenue VRDN, 0.36%, 8/1/35 (r)

8,690,000

8,690,000

Inglewood California Pension Funding Revenue Bonds:

     4.79%, 9/1/11

235,000

235,127

     4.82%, 9/1/12

250,000

250,045

     4.90%, 9/1/13

260,000

257,468

     4.94%, 9/1/14

275,000

266,849

     4.95%, 9/1/15

285,000

269,864

King County Washington Housing Authority Revenue Bonds, 6.375%, 12/31/46

1,995,000

2,055,528

La Mesa California COPs, 6.32%, 8/1/26

1,305,000

1,313,274

La Verne California Revenue Bonds, 5.62%, 6/1/16

1,000,000

1,026,620

Lancaster Pennsylvania Parking Authority Revenue Bonds, 5.95%, 12/1/25

2,450,000

2,305,866

Long Beach California Bond Finance Authority Revenue Bonds:

     5.34%, 8/1/35

5,000,000

3,135,450

     5.44%, 8/1/40

5,000,000

3,086,600

Maryland State Health & Higher Educational Facilities Authority Revenue VRDN, 0.22%, 7/1/34 (r)

4,500,000

4,500,000

Massachusetts State Development Finance Agency Revenue VRDN, 0.60%, 11/1/42 (r)

2,900,000

2,900,000

Metropolitan Washington DC Airport Authority System Revenue Bonds:

     5.59%, 10/1/25

2,785,000

2,722,059

     5.69%, 10/1/30

2,835,000

2,702,124

Metropolitan Water District of Southern California Revenue Bonds:

     5.906%, 7/1/25

5,000,000

4,879,100

     6.538%, 7/1/39

7,500,000

7,522,875

Mississippi State Home Corp. MFH Revenue VRDN, 0.41%, 8/15/40 (r)

3,800,000

3,800,000

Montgomery County Maryland Housing Opportunities Commission Revenue VRDN, 0.18%, 8/1/15 (r)

5,800,000

5,800,000

Moreno Valley California Public Financing Authority Revenue Bonds, 5.549%, 5/1/27

4,385,000

3,830,955

Nevada State Department of Business & Industry Lease Revenue Bonds, 5.87%, 6/1/27

1,210,000

1,005,534

Nevada State Housing Division Revenue VRDN, 0.30%, 4/15/39 (r)

3,550,000

3,550,000

New York City Housing Development Corp. MFH Revenue VRDN:

     0.25%, 12/1/35 (r)

6,005,000

6,005,000

     0.22%, 11/1/38 (r)

5,300,000

5,300,000

New York City IDA Revenue Bonds, 6.027%, 1/1/46 (b)

11,930,000

8,997,487

New York State Housing Finance Agency Revenue VRDN:

     0.25%, 5/15/33 (r)

9,100,000

9,100,000

     0.17%, 5/15/34 (r)

8,400,000

8,400,000

     0.25%, 5/15/36 (r)

5,200,000

5,200,000

Oakland California Redevelopment Agency Tax Allocation Bonds:

     5.252%, 9/1/16

1,635,000

1,616,966

     5.653%, 9/1/21

19,635,000

19,374,640

Oceanside California PO Revenue Bonds:

     4.95%, 8/15/16

2,215,000

1,995,604

     5.14%, 8/15/18

2,760,000

2,443,097

     5.20%, 8/15/19

3,070,000

2,701,232

     5.25%, 8/15/20

3,395,000

2,968,520

Philadelphia Pennsylvania IDA Revenue Bonds, Zero Coupon, 4/15/19

3,375,000

1,618,515

Pomona California Public Financing Authority Revenue Bonds, 5.718%, 2/1/27

6,015,000

5,574,522

Rhode Island State Student Loan Authority Revenue VRDN, 0.23%, 6/1/48 (r)

6,100,000

6,100,000

Richfield Minnesota MFH Revenue VRDN, 0.23%, 3/1/34 (r)

4,400,000

4,400,000

Rio Rancho New Mexico Event Center Revenue Bonds, 5.00%, 6/1/20

3,260,000

3,156,984

Riverside California Public Financing Authority Tax Allocation Bonds:

     5.19%, 8/1/17

1,690,000

1,552,350

     5.24%, 8/1/17

2,570,000

2,326,518

Sacramento City California Financing Authority Tax Allocation Bonds, 5.54%, 12/1/20

21,940,000

17,699,437

San Bernardino California Joint Powers Financing Authority Tax Allocation Bonds, 5.625%, 5/1/16

5,430,000

5,193,306

San Diego California Redevelopment Agency Tax Allocation Bonds, 6.00%, 9/1/21

2,515,000

2,371,821

San Jose California Redevelopment Agency Tax Allocation Bonds:

     4.54%, 8/1/12

3,105,000

3,116,364

     5.10%, 8/1/20

3,960,000

3,340,339

     5.46%, 8/1/35

5,300,000

4,172,054

Santa Cruz County California Redevelopment Agency Tax Allocation Bonds, 5.60%, 9/1/25

815,000

739,776

Santa Fe Springs California Community Development Commission Tax Allocation Bonds, 5.35%, 9/1/18

1,265,000

1,240,016

Sonoma County California PO Revenue Bonds, 6.625%, 6/1/13

5,660,000

6,014,542

Thousand Oaks California Redevelopment Agency Tax Allocation Bonds:

     5.00%, 12/1/12

675,000

681,824

     5.00%, 12/1/13

710,000

702,822

     5.00%, 12/1/14

745,000

721,018

     5.125%, 12/1/15

785,000

744,321

     5.125%, 12/1/16

830,000

765,053

     5.25%, 12/1/21

5,070,000

4,468,951

     5.375%, 12/1/21

4,880,000

4,351,008

Tucson Arizona IDA Revenue VRDN, 0.24%, 1/15/32 (r)

6,500,000

6,500,000

Utah State Housing Corp. Military Housing Revenue Bonds:

     5.392%, 7/1/50

11,735,000

8,943,713

     5.442%, 7/1/50

3,990,000

3,063,602

Virginia State Housing Development Authority Revenue Bonds, 6.32%, 8/1/19

1,500,000

1,583,310

West Contra Costa California Unified School District COPs:

     5.03%, 1/1/20

3,190,000

2,806,243

     5.15%, 1/1/24

3,630,000

2,985,965

Wilkes-Barre Pennsylvania GO Bonds, 5.28%, 11/15/19

2,025,000

1,823,634

Wisconsin Health & Educational Facilities Authority Revenue VRDN, 0.21%, 4/1/35 (r)

11,450,000

11,450,000

     Total Taxable Municipal Obligations (Cost $399,151,181)

369,782,040

U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 3.5%

 

 

 

AgFirst Farm Credit Bank:

     8.393% to 12/15/11, floating rate thereafter to 12/15/16 (b)(r)

19,175,000

18,216,250

     6.585% to 6/15/12, floating rate thereafter to 6/29/49 (e)(r)

79,480,000

52,854,200

     7.30%, 10/14/49 (b)(e)

19,950,000

14,672,427

AgriBank FCB, 9.125%, 7/15/19

2,380,000

2,615,506

Central American Bank For Economic Integration AID Bonds, Guaranteed by the United States Agency of International Development, 6.79%, 10/1/10

928,189

940,181

Overseas Private Investment Corp., 4.05%, 11/15/14

1,435,200

1,477,954

US AgBank FCB, 6.11% to 7/10/12, floating rate thereafter to 12/31/49 (e)(r)

3,000,000

1,822,500

Vessel Management Services, Inc., 5.125%, 4/16/35

31,900,000

31,882,136

     Total U.S. Government Agencies and Instrumentalities (Cost $147,047,906)

124,481,154

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 0.0%

 

 

 

Ginnie Mae, 11.00%, 10/15/15

446

487

Government National Mortgage Association, 5.50%, 1/16/32

8,894,056

604,585

     Total U.S. Government Agency Mortgage-Backed Securities (Cost $1,135,122)

605,072

U.S. TREASURY - 11.0%

 

 

 

United States Treasury Bonds:

     4.50%, 5/15/38

2,245,000

2,200,451

     3.50%, 2/15/39

9,808,000

8,041,028

     4.25%, 5/15/39

9,700,000

9,105,874

     4.50%, 8/15/39

80,555,000

78,805,446

     4.375%, 11/15/39

79,030,000

75,720,615

United States Treasury Notes:

     1.375%, 10/15/12

1,370,000

1,362,508

     2.375%, 10/31/14

250,000

247,344

     2.125%, 11/30/14

15,520,000

15,158,675

     3.00%, 8/31/16

3,950,000

3,886,430

     3.00%, 9/30/16

2,000,000

1,964,062

     3.125%, 5/15/19

8,839,000

8,376,333

     3.375%, 11/15/19

197,138,000

189,776,122

     Total U.S. Treasury (Cost $404,649,299)

394,644,888

CERTIFICATES OF DEPOSIT - 1.2%

 

 

 

Deutsche Bank, 0.854%, 6/18/10 (r)

44,850,000

44,722,267

     Total Certificates of Deposit (Cost $44,850,000)

44,722,267

EQUITY SECURITIES - 1.1%

 

SHARES

 

Avado Brands, Inc. (b)*

4,803

48

CIT Group, Inc.:

     Common Stock*

106,648

2,944,551

     Contingent Value Rights (b)*

20,132,000

-

     Contingent Value Rights (b)*

2,000,000

-

Conseco, Inc.*

1,204,755

6,023,775

Double Eagle Petroleum Co., Preferred

105,000

2,520,000

First Republic Preferred Capital Corp., Preferred (e)

6,050

5,596,250

Ford Motor Co.*

473,761

4,737,610

Intermet Corp. (b)*

4,772

48

ION Media Networks, Inc., Series B, Preferred (b)*

2

1

Woodbourne Capital:

     Trust I, Preferred (b)(e)

6,450,000

4,539,188

     Trust II, Preferred (b)(e)

6,450,000

4,539,188

     Trust III, Preferred (b)(e)

6,450,000

4,539,188

     Trust IV, Preferred (b)(e)

6,450,000

4,539,188

     Total Equity Securities (Cost $79,588,320)

39,979,035

TIME DEPOSIT - 9.9%

 

PRINCIPAL AMOUNT

 

State Street Corp. Time Deposit, 0.00%, 1/4/10

$352,942,413

352,942,413

     Total Time Deposit (Cost $352,942,413)

352,942,413

          TOTAL INVESTMENTS (Cost $3,972,251,194) - 99.8%

3,570,766,838

          Other assets and liabilities, net - 0.2%

9,300,499

          NET ASSETS - 100%

$3,580,067,337

==============

FUTURES

# OF CONTRACTS

EXPIRATION DATE

UNDERLYING FACE AMOUNT AT VALUE

UNREALIZED APPRECIATION (DEPRECIATION)

Purchased:

     10 Year U.S. Treasury Notes

3,450

3/10

$398,313,281

($3,571,503)

     30 Year U.S. Treasury Bonds

17

3/10

1,961,375

(115,307)

          Total Purchased

($3,686,810)

==============

Sold:

     2 Year U.S. Treasury Notes

9,049

3/10

$1,956,987,650

$8,807,651

     5 Year U.S. Treasury Notes

957

3/10

109,464,352

2,312,742

          Total Sold

$11,120,393

==============

(b) This security was valued by the Board of Trustees. See Note A.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) Idearc, Inc. filed for Chapter 11 bankruptcy on March 31, 2009. This security is no longer accruing interest.

(m) The Illinois Insurance Department prohibited Lumbermens from making interest payments. This security is no longer accruing interest.

(n) The Illinois Insurance Department prohibited Lumbermens from making interest payments. This TIERS security is based on interest payments from Lumbermens. This security is no longer accruing interest.

(p) The State of New York Insurance Department has prohibited Atlantic Mutual Insurance Co. from making interest payments. This security is no longer accruing interest.

(r) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(u) This security is no longer accruing interest.

(w) Security is in default and is no longer accruing interest.

(x) Alliance Bancorp and its affiliates filed for Chapter 7 bankruptcy on July 13, 2007. This security is no longer accruing interest.

(y) The government of Iceland took control of Glitnir Bank HF and Kaupthing Bank HF (the "Banks") on October 8, 2008 and October 9, 2008, respectively. The government has prohibited the Banks from paying any claims owed to foreign entities. As of October 9, 2008, these securities are no longer accruing interest.

(z) Orkney Re II plc is in default and no longer accruing interest.

(ii) General Motors filed for Chapter 11 bankruptcy on June 1, 2009. This security is no longer accruing interest.

(qq) Royal Bank Of Scotland Group plc is in default and is no longer accruing interest. During the period, $407,244 of interest was written off.

* Non-income producing security.

Abbreviations:

COPs: Certificates of Participation
FCB: Farm Credit Bank
GO: General Obligation
IDA: Industrial Development Authority
LLC: Limited Liability Corporation
LP: Limited Partnership
MFH: Multi-Family Housing
PO: Pension Obligation
STEP: Stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)
VRDN: Variable Rate Demand Notes

This Schedule of Investments is unaudited and is intended to provide information about the Fund's portfolio holdings as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

CALVERT SHORT-TERM GOVERNMENT FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2009

FDIC GUARANTEED CORPORATE BONDS - 29.1%

 

PRINCIPAL AMOUNT

VALUE

Bank of America Corp., 0.581%, 4/30/12 (r)

$1,000,000

$1,008,727

Citibank:

     0.284%, 7/12/11 (r)

300,000

300,196

     0.305%, 5/7/12 (r)

200,000

200,240

Citigroup Funding, Inc., 0.611%, 4/30/12 (r)

1,000,000

1,009,188

GMAC LLC, 0.253%, 12/19/12 (r)

1,000,000

999,707

Goldman Sachs Group, Inc., 0.525%, 11/9/11 (r)

1,000,000

1,005,721

JPMorgan Chase & Co.:

     0.42%, 4/1/11 (r)

300,000

300,631

     0.484%, 6/15/12 (r)

1,000,000

1,007,173

     0.501%, 12/26/12 (r)

200,000

201,441

MetLife, Inc., 0.571%, 6/29/12 (r)

800,000

803,199

Morgan Stanley, 0.554%, 2/10/12 (r)

1,000,000

1,007,231

PNC Funding Corp., 0.49%, 4/1/12 (r)

500,000

502,569

State Street Bank and Trust Co., 0.454%, 9/15/11 (r)

600,000

602,430

Wells Fargo & Co., 0.474%, 6/15/12 (r)

810,000

814,801

     Total FDIC Guaranteed Corporate Bonds (Cost $9,710,158)

9,763,254

MUNICIPAL OBLIGATIONS - 1.8%

 

 

 

New York State Housing Finance Agency Revenue VRDN, 0.25%, 5/15/33 (r)

600,000

600,000

     Total Municipal Obligations (Cost $600,000)

600,000

U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 31.3%

 

COP I LLC, 3.613%, 12/5/21

200,000

190,458

Fannie Mae, 1.75%, 3/23/11

900,000

909,215

Federal Home Loan Bank, 5.00%, 11/17/17

1,000,000

1,078,173

New Valley Generation V, 4.929%, 1/15/21

377,569

384,459

Private Export Funding Corp.:

     4.90%, 12/15/11

2,970,000

3,174,125

     3.05%, 10/15/14

1,000,000

993,997

     4.55%, 5/15/15

1,102,000

1,161,595

Tennessee Valley Authority, 4.375%, 6/15/15

1,000,000

1,060,062

Vessel Management Services, Inc.:

     5.85%, 5/1/27

500,000

534,015

     5.125%, 4/16/35

1,000,000

999,440

     Total U.S. Government Agencies and Instrumentalities (Cost $10,426,305)

10,485,539

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 29.4%

 

Fannie Mae:

     5.50%, 5/1/12

58,933

62,764

     4.50%, 8/25/18

785,017

797,963

     7.00%, 12/1/29

402,218

443,320

     3.373%, 3/1/31 (r)

130,408

133,256

     5.50%, 11/25/31

614,361

641,946

     3.012%, 8/1/32 (r)

127,788

130,977

Freddie Mac:

     4.00%, 10/15/16

613,866

635,522

     5.00%, 5/1/18

196,150

206,718

     4.50%, 1/15/20

1,167,951

1,184,009

     6.00%, 3/15/27

418,952

423,415

     5.50%, 6/15/27

1,352,418

1,368,220

     5.00%, 11/15/28

759,851

791,524

     0.583%, 11/15/32 (r)

381,517

380,144

     0.633%, 10/15/34 (r)

377,470

371,249

     0.533%, 3/15/35 (r)

989,482

968,028

     0.483%, 7/15/35 (r)

1,366,781

1,337,632

     Total U.S. Government Agency Mortgage-Backed Securities (Cost $9,787,857)

9,876,687

U.S. TREASURY - 8.4%

 

 

 

United States Treasury Bonds, 4.375%, 11/15/39

160,000

153,300

United States Treasury Notes:

     4.25%, 1/15/10

1,927,275

1,929,383

     3.125%, 5/15/19

535,000

506,996

     3.375%, 11/15/19

240,000

231,037

     Total U.S. Treasury (Cost $2,833,644)

2,820,716

          TOTAL INVESTMENTS (Cost $33,357,964) - 100.0%

33,546,196

          Other assets and liabilities, net - 0.0%

12,576

          NET ASSETS - 100%

$33,558,772

=============

FUTURES

# OF CONTRACTS

EXPIRATION DATE

UNDERLYING FACE AMOUNT AT VALUE

UNREALIZED APPRECIATION (DEPRECIATION)

Purchased:

     10 Year U.S. Treasury Notes

13

3/10

$1,500,891

($27,035)

     30 Year U.S. Treasury Bonds

5

3/10

576,875

(29,110)

          Total Purchased

($56,145)

===============

Sold:

     2 Year U.S. Treasury Notes

90

3/10

$19,463,906

$89,537

     5 Year U.S. Treasury Notes

4

3/10

457,531

9,369

          Total Sold

$98,906

===============

(r) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

Abbreviations:

LLC: Limited Liability Corporation
VRDN: Variable Rate Demand Notes

This Schedule of Investments is unaudited and is intended to provide information about the Fund's portfolio holdings as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

CALVERT GOVERNMENT FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2009

FDIC GUARANTEED CORPORATE BONDS - 27.6%

 

PRINCIPAL AMOUNT

VALUE

Bank of America Corp., 0.581%, 4/30/12 (r)

$30,000

$30,262

BankBoston Capital Trust III, 1.004%, 6/15/27 (r)

50,000

33,778

Citibank, 0.284%, 7/12/11 (r)

25,000

25,016

Citigroup Funding, Inc., 0.611%, 4/30/12 (r)

30,000

30,276

General Electric Capital Corp., 0.557%, 6/8/12 (r)

20,000

20,160

GMAC LLC, 0.253%, 12/19/12 (r)

40,000

39,988

GMAC, Inc., 1.75%, 10/30/12

30,000

29,875

Goldman Sachs Group, Inc.:

     0.525%, 11/9/11 (r)

30,000

30,172

     0.454%, 3/15/12 (r)

80,000

80,322

JPMorgan Chase & Co.:

     0.42%, 4/1/11 (r)

15,000

15,031

     0.484%, 6/15/12 (r)

30,000

30,215

     0.501%, 12/26/12 (r)

50,000

50,360

MetLife, Inc., 0.571%, 6/29/12 (r)

50,000

50,200

Morgan Stanley, 0.554%, 2/10/12 (r)

30,000

30,217

PNC Funding Corp., 0.49%, 4/1/12 (r)

30,000

30,154

State Street Bank and Trust Co., 0.454%, 9/15/11 (r)

35,000

35,142

Wells Fargo & Co., 0.474%, 6/15/12 (r)

30,000

30,178

     Total FDIC Guaranteed Corporate Bonds (Cost $576,681)

591,346

COLLATERALIZED MORTGAGE-BACKED OBLIGATIONS (PRIVATELY ORIGINATED) - 5.4%

American Home Mortgage Assets, 0.421%, 12/25/46 (r)

87,352

42,570

JP Morgan Mortgage Trust, 5.292%, 7/25/35 (r)

23,927

22,273

Merrill Lynch Mortgage Investors, Inc., 5.149%, 12/25/35 (r)

52,801

50,286

     Total Collateralized Mortgage-Backed Obligations (Privately Originated) (Cost $114,106)

115,129

CORPORATE BONDS - 8.7%

 

 

 

BAE Systems Asset Trust, 6.664%, 9/15/13 (b)(e)

31,939

33,682

Capital One Capital VI, 8.875%, 5/15/40

20,000

21,298

Howard Hughes Medical Institute, 3.45%, 9/1/14

40,000

40,542

McGuire Air Force Base Military Housing Project, 5.611%, 9/15/51 (e)

35,000

25,729

Pioneer Natural Resources Co., 7.50%, 1/15/20

20,000

20,050

Toll Road Investors Partnership II LP, Zero Coupon:

     2/15/43 (b)(e)

70,000

13,967

     2/15/45 (b)(e)

234,064

31,938

     Total Corporate Bonds (Cost $157,348)

187,206

U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 32.3%

 

 

AgFirst Farm Credit Bank, 6.585% to 6/15/12, floating rate thereafter to 6/29/49 (e)(r)

50,000

33,250

COP I LLC, 3.613%, 12/5/21

100,000

95,229

Fannie Mae, 1.75%, 3/23/11

100,000

101,024

Federal Home Loan Bank, 5.00%, 11/17/17

60,000

64,690

New Valley Generation V, 4.929%, 1/15/21

29,613

30,154

Private Export Funding Corp.:

     4.90%, 12/15/11

30,000

32,062

     3.05%, 10/15/14

70,000

69,580

     4.55%, 5/15/15

30,000

31,622

Tennessee Valley Authority, 4.375%, 6/15/15

100,000

106,006

US AgBank FCB, 6.11% to 7/10/12, floating rate thereafter to 12/31/49 (e)(r)

40,000

24,300

Vessel Management Services, Inc.:

     5.85%, 5/1/27

50,000

53,402

     5.125%, 4/16/35

50,000

49,972

     Total U.S. Government Agencies and Instrumentalities (Cost $671,497)

691,291

U.S. TREASURY - 11.8%

 

 

 

United States Treasury Bonds, 3.50%, 2/15/39

110,000

90,183

United States Treasury Notes:

     3.125%, 5/15/19

120,000

113,718

     3.375%, 11/15/19

50,000

48,133

     Total U.S. Treasury (Cost $266,661)

252,034

          TOTAL INVESTMENTS (Cost $1,786,293) - 85.8%

1,837,006

          Other assets and liabilities, net - 14.2%

302,916

          NET ASSETS - 100%

$2,139,922

==========

FUTURES

# OF CONTRACTS

EXPIRATION DATE

UNDERLYING FACE AMOUNT AT VALUE

UNREALIZED APPRECIATION (DEPRECIATION)

Purchased:

     10 Year U.S. Treasury Notes

2

3/10

$230,906

($3,722)

     30 Year U.S. Treasury Bonds

1

3/10

115,375

(6,775)

          Total Purchased

($10,497)

=============

Sold:

     2 Year U.S. Treasury Notes

6

3/10

$1,297,594

$7,772

     5 Year U.S. Treasury Notes

4

3/10

457,531

8,682

          Total Sold

$16,454

=============

(b) This security was valued by the Board of Trustees.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(r) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

Abbreviations:

FCB: Farm Credit Bank
LLC: Limited Liability Corporation
LP: Limited Partnership

This Schedule of Investments is unaudited and is intended to provide information about the Fund's portfolio holdings as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

CALVERT LONG-TERM INCOME FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2009

ASSET-BACKED SECURITIES - 2.6%

 

PRINCIPAL AMOUNT

VALUE

AmeriCredit Automobile Receivables Trust, 4.47%, 1/12/12

$325,884

$330,881

Americredit Prime Automobile Receivable, 5.22%, 6/8/12

944,318

952,727

Capital Auto Receivables Asset Trust:

     1.193%, 12/15/10 (b)(e)(r)

207,865

208,515

     5.00%, 4/15/11

49,139

49,553

     0.933%, 11/15/11 (r)

143,234

143,439

Triad Auto Receivables Owner Trust, 5.28%, 2/13/12

645,576

647,712

     Total Asset-Backed Securities (Cost $2,330,417)

2,332,827

COLLATERALIZED MORTGAGE-BACKED OBLIGATIONS (PRIVATELY ORIGINATED) - 2.9%

American Home Mortgage Assets:

     1.504%, 9/25/46 (r)

124,871

61,064

     0.421%, 12/25/46 (r)

1,032,343

503,101

     0.356%, 3/25/47 (r)

238,771

122,963

Countrywide Home Loan Mortgage Pass Through Trust, 0.571%, 6/25/35 (e)(r)

152,267

94,319

CS First Boston Mortgage Securities Corp., 5.25%, 12/25/35

190,450

166,068

Impac CMB Trust, 0.771%, 5/25/35 (r)

155,898

104,147

JP Morgan Mortgage Trust, 5.292%, 7/25/35 (r)

239,269

222,725

MASTR Alternative Loans Trust, 6.25%, 7/25/36

82,892

41,422

Residential Funding Mortgage Securities I, Inc., 5.665%, 2/25/36 (r)

826,685

624,228

Structured Asset Securities Corp.:

     5.00%, 6/25/35

37,843

29,662

     5.50%, 6/25/35

1,000,000

686,760

     Total Collateralized Mortgage-Backed Obligations (Privately Originated) (Cost $2,229,457)

2,656,459

CORPORATE BONDS - 47.1%

 

 

 

Alliance Mortgage Investments, 12.61%, 6/1/10 (b)(r)(x)*

4,817

-

American Express Centurion Bank, 0.314%, 7/13/10 (r)

100,000

99,808

Anadarko Petroleum Corp., 6.95%, 6/15/19

500,000

567,292

Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19 (e)

100,000

116,744

APL Ltd., 8.00%, 1/15/24

700,000

644,000

ArcelorMittal, 5.375%, 6/1/13

600,000

629,354

Army Hawaii Family Housing, 5.524%, 6/15/50 (e)

100,000

74,084

Asian Development Bank, 6.22%, 8/15/27

30,000

32,824

Atlantic Marine Corp. Communities LLC, 6.158%, 12/1/51 (b)(e)

60,000

48,235

Atlantic Mutual Insurance Co., 8.15%, 2/15/28 (b)(e)(p)*

30,000

300

BAC Capital Trust VI, 5.625%, 3/8/35 (b)

500,000

400,224

BAC Capital Trust XV, 1.056%, 6/1/56 (r)

1,100,000

697,564

BAE Systems Asset Trust, 6.664%, 9/15/13 (b)(e)

746,577

787,310

Barclays Bank plc, 5.00%, 9/22/16

500,000

512,857

Bayview Research Center Finance Trust, 6.33%, 1/15/37 (b)(e)

49,918

44,430

BellSouth Telecommunications, Inc., 7.00%, 12/1/95

500,000

497,451

Bemis Co., Inc., 6.80%, 8/1/19

500,000

548,502

BNSF Funding Trust I, 6.613% to 1/15/26, floating rate thereafter to 12/15/55 (b)(r)

1,485,000

1,433,025

BP Capital Markets plc, 1.253%, 3/17/11 (r)

350,000

354,305

C10 Capital SPV Ltd., 6.722% to 12/31/16, floating rate thereafter to 12/31/49 (e)(r)

1,000,000

708,750

Camp Pendleton & Quantico Housing LLC, 5.937%, 10/1/43 (e)

50,000

40,699

Cantor Fitzgerald LP, 7.875%, 10/15/19 (e)

700,000

701,868

Capital One Capital V, 10.25%, 8/15/39

500,000

582,705

Capital One Capital VI, 8.875%, 5/15/40

600,000

638,956

Cargill, Inc., 1.533%, 1/21/11 (e)(r)

70,000

69,907

CC Holdings GS V LLC, 7.75%, 5/1/17 (e)

300,000

315,375

Cellco Partnership, 2.869%, 5/20/11 (r)

500,000

516,936

Centennial Communications Corp., 6.04%, 1/1/13 (r)

590,000

590,000

Chase Capital II, 0.781%, 2/1/27 (r)

500,000

350,162

Chase Capital VI, 0.906%, 8/1/28 (r)

500,000

347,541

Chesapeake Energy Corp., 7.625%, 7/15/13

500,000

523,750

Citigroup Funding, Inc., 0.334%, 7/12/12 (r)

500,000

500,662

Citigroup, Inc., 6.01%, 1/15/15

500,000

513,623

Credit Agricole SA, 6.637% to 5/31/17, floating rate thereafter to 5/29/49 (e)(r)

820,000

656,000

Credit Suisse USA, Inc., 0.473%, 8/16/11 (r)

500,000

498,877

CVS Pass-Through Trust, 7.507%, 1/10/32 (e)

1,000,000

1,047,490

Dexia Credit Local, 0.899%, 9/23/11 (e)(r)

300,000

302,540

Discover Financial Services, 0.784%, 6/11/10 (r)

600,000

594,775

Dominion Resources, Inc.:

     1.303%, 6/17/10 (r)

80,000

80,299

     6.30% to 9/30/11, floating rate thereafter to 9/30/66 (r)

500,000

442,300

Enterprise Products Operating LP, 7.034% to 1/15/18, floating rate thereafter to 1/15/68 (r)

340,000

311,950

Fleet Capital Trust V, 1.254%, 12/18/28 (r)

1,000,000

680,546

FMG Finance Proprietary Ltd., 4.256%, 9/1/11 (b)(e)(r)

1,000,000

985,000

Ford Motor Credit Co. LLC:

     5.504%, 6/15/11 (r)

500,000

492,599

     3.034%, 1/13/12 (r)

400,000

372,000

Fort Knox Military Housing, 5.915%, 2/15/52 (e)

130,000

96,421

General Motors Corp.:

     8.25%, 7/15/23 (kk)

200,000

53,000

     7.40%, 9/1/25 (kk)

200,000

52,000

     8.375%, 7/15/33 (kk)

500,000

135,000

Glitnir Banki HF:

     3.046%, 4/20/10 (b)(e)(r)(y)*

75,000

16,875

     6.693% to 6/15/11, floating rate thereafter to 6/15/16 (b)(e)(r)(y)*

150,000

1,500

Great River Energy, 6.254%, 7/1/38 (e)

100,000

96,256

Greif, Inc., 6.75%, 2/1/17

500,000

490,000

HJ Heinz Finance Co., 7.125%, 8/1/39 (e)

625,000

695,971

Holcim US Finance Sarl & Cie SCS, 6.00%, 12/30/19 (e)

500,000

513,663

Ingersoll-Rand Global Holding Co. Ltd., 1.773%, 8/13/10 (b)(r)

200,000

201,000

Irwin Land LLC:

     5.03%, 12/15/25 (e)

758,000

641,511

     5.30%, 12/15/35 (e)

100,000

77,355

     5.40%, 12/15/47 (e)

125,000

86,796

JPMorgan Chase & Co.:

     0.783%, 1/22/10 (r)

50,000

50,014

     0.501%, 12/26/12 (r)

500,000

503,601

JPMorgan Chase Capital XXIII, 1.273%, 5/15/47 (r)

500,000

345,160

Koninklijke Philips Electronics NV, 1.405%, 3/11/11 (r)

300,000

300,498

Land O'Lakes Capital Trust I, 7.45%, 3/15/28 (e)

1,000,000

880,000

Leucadia National Corp., 7.00%, 8/15/13

500,000

502,500

LL & P Wind Energy, Inc. Washington Revenue Bonds, 6.192%, 12/1/27 (e)

100,000

87,571

Mack-Cali Realty Corp., 7.75%, 8/15/19

500,000

517,378

Massachusetts Institute of Technology, 7.25%, 11/2/96

25,000

27,553

McGuire Air Force Base Military Housing Project, 5.611%, 9/15/51 (e)

1,445,000

1,062,248

MetLife, Inc., 0.571%, 6/29/12 (r)

300,000

301,200

Metropolitan Life Global Funding I, 0.984%, 4/14/11 (e)(r)

190,000

190,253

National Fuel Gas Co., 6.50%, 4/15/18

100,000

104,318

NationsBank Cap Trust III, 0.834%, 1/15/27 (r)

65,000

45,213

Nationwide Health Properties, Inc.:

     6.90%, 10/1/37

390,000

397,357

     6.59%, 7/7/38

30,000

30,419

New York University, 5.236%, 7/1/32

800,000

775,824

Nordea Bank AB, 3.70%, 11/13/14 (e)

750,000

739,528

Ohana Military Communities LLC:

     5.675%, 10/1/26 (e)

70,000

66,392

     6.00%, 10/1/51 (b)(e)

1,250,000

991,987

OPTI Canada, Inc., 7.875%, 12/15/14

100,000

81,000

Overseas Shipholding Group, Inc., 7.50%, 2/15/24

150,000

127,500

Pacific Beacon LLC, 5.628%, 7/15/51 (e)

40,000

28,400

Pepco Holdings, Inc.:

     0.881%, 6/1/10 (r)

700,000

695,275

     6.45%, 8/15/12

400,000

429,858

Pioneer Natural Resources Co.:

     5.875%, 7/15/16

100,000

96,036

     7.50%, 1/15/20

400,000

401,000

     7.20%, 1/15/28

600,000

539,577

Potlatch Corp., 7.50%, 11/1/19 (e)

500,000

510,000

PPL Montana LLC, 8.903%, 7/2/20

20,681

20,260

Puget Sound Energy, Inc., 7.02%, 12/1/27 (b)

25,000

26,691

Rabobank Nederland NV, 11.00% to 6/30/19, floating rate thereafter to 6/29/49 (e)(r)

300,000

372,678

Redstone Arsenal Military Housing, 5.45%, 9/1/26 (e)

25,000

21,815

Rochester Gas & Electric Corp., 6.375%, 9/1/33

10,000

10,103

Royal Bank of Scotland Group plc:

     6.40%, 10/21/19

500,000

495,186

     7.64% to 9/29/17, floating rate thereafter to 3/29/49 (r)(qq)

500,000

263,750

Skyway Concession Co. LLC, 0.563%, 6/30/17 (b)(e)(r)

100,000

84,847

SouthTrust Bank, 6.565%, 12/15/27

120,000

124,708

Sunoco, Inc., 6.75%, 4/1/11

143,000

150,706

SunTrust Bank, 0.552%, 8/24/15 (r)

500,000

419,939

Svenska Handelsbanken AB, 1.254%, 9/14/12 (e)(r)

500,000

497,411

Thomas & Betts Corp., 5.625%, 11/15/21

600,000

576,991

Toll Road Investors Partnership II LP:

     2/15/28 (b)(e)

135,000

24,593

     2/15/31 (b)(e)

196,000

26,901

     2/15/43 (b)(e)

4,950,000

987,673

     2/15/45 (b)(e)

8,152,983

1,112,475

UnitedHealth Group, Inc., 0.433%, 6/21/10 (r)

500,000

499,209

Wachovia Capital Trust III, 5.80% to 3/15/11, floating rate thereafter to 3/29/49 (r)

400,000

304,000

Wachovia Corp., 7.574%, 8/1/26 (r)

400,000

437,479

Wells Fargo Bank Bonds:

     6.584%, 9/1/27 (e)

100,000

99,514

     6.734%, 9/1/47 (e)

100,000

99,365

Windsor Petroleum Transport Corp., 7.84%, 1/15/21 (e)

696,018

639,173

Yara International ASA, 7.875%, 6/11/19 (e)

750,000

856,918

     Total Corporate Bonds (Cost $39,088,941)

42,491,012

TAXABLE MUNICIPAL OBLIGATIONS - 2.4%

 

 

 

Adams-Friendship Area Wisconsin School District GO Bonds, 5.47%, 3/1/18

30,000

31,405

Anaheim California Redevelopment Agency Tax Allocation Bonds, 6.506%, 2/1/31

125,000

122,042

California Statewide Communities Development Authority Revenue Bonds, 5.61%, 8/1/14

30,000

32,436

Clark County Nevada Revenue Bonds, 6.881%, 7/1/42

500,000

481,990

Cook County Illinois School District GO Bonds, Zero Coupon, 12/1/24

25,000

7,826

East Lansing Michigan GO Bonds, 5.00%, 4/1/14

85,000

91,549

Ewing Township New Jersey School District GO Bonds, 4.80%, 5/1/16

10,000

10,407

Fairfield California PO Revenue Bonds:

     5.22%, 6/1/20

15,000

13,883

     5.34%, 6/1/25

15,000

13,083

Florida State First Governmental Financing Commission Revenue Bonds, 5.30%, 7/1/19

25,000

24,696

Fort Wayne Indiana Redevelopment District Revenue Bonds, 5.24%, 6/1/21

25,000

24,640

Grant County Washington Public Utility District No. 2 Revenue Bonds, 5.48%, 1/1/21

10,000

9,301

Hammonton New Jersey GO Bonds, 5.90%, 3/1/18

15,000

15,489

Illinois State MFH Development Authority Revenue Bonds, 6.537%, 1/1/33

70,000

70,152

Jackson & Williamson Counties Illinois Community High School District GO Bonds, Zero Coupon, 12/1/21

180,000

78,577

Kern County California PO Revenue Bonds, Zero Coupon, 8/15/20

125,000

60,721

La Mesa California COPs, 6.32%, 8/1/26

30,000

30,190

Lancaster Pennsylvania Parking Authority Revenue Bonds, 5.95%, 12/1/25

50,000

47,058

Leland Stanford Jr. University California Revenue Bonds, 6.875%, 2/1/24

100,000

113,032

Linden New Jersey GO Bonds, 5.63%, 4/1/21

60,000

52,740

Metropolitan Washington DC Airport Authority System Revenue Bonds, 5.69%, 10/1/30

15,000

14,297

Moreno Valley California Public Financing Authority Revenue Bonds, 5.549%, 5/1/27

50,000

43,683

Nashville & Davidson County Tennessee Water & Sewage Revenue Bonds, 4.74%, 1/1/15

80,000

85,270

Nevada State Department of Business & Industry Lease Revenue Bonds, 5.87%, 6/1/27

50,000

41,551

New York City IDA Revenue Bonds, 6.027%, 1/1/46 (b)

30,000

22,626

Oakland California PO Revenue Bonds, Zero Coupon, 12/15/20

120,000

53,636

Oakland California Redevelopment Agency Tax Allocation Bonds, 5.411%, 9/1/21

30,000

25,499

Orange County California PO Revenue Bonds, Zero Coupon, 9/1/14

95,000

75,216

Oregon State Local Governments GO Bonds, Zero Coupon, 6/1/18

100,000

57,726

Oregon State School Boards Association GO Bonds, Zero Coupon, 6/30/16

25,000

18,241

Philadelphia Pennsylvania IDA Revenue Bonds, Zero Coupon, 4/15/20

25,000

10,957

Redlands California PO Revenue Bonds, Zero Coupon:

     8/1/27

250,000

61,245

     8/1/28

175,000

39,505

San Bernardino California Joint Powers Financing Authority Tax Allocation Bonds, 5.625%, 5/1/16

40,000

38,256

San Jose California Redevelopment Agency Tax Allocation Bonds, 5.10%, 8/1/20

15,000

12,653

Santa Cruz County California Redevelopment Agency Tax Allocation Bonds, 5.50%, 9/1/20

40,000

37,835

Schenectady New York Metroplex Development Authority Revenue Bonds, 5.36%, 8/1/16

40,000

41,380

Thorp Wisconsin School District GO Bonds, 6.15%, 4/1/26

40,000

40,637

Thousand Oaks California Redevelopment Agency Tax Allocation Bonds, 5.25%, 12/1/21

50,000

44,072

Utah State Housing Corp. Military Housing Revenue Bonds:

     5.392%, 7/1/50

15,000

11,432

     5.442%, 7/1/50

10,000

7,678

West Contra Costa California Unified School District COPs, 5.03%, 1/1/20

15,000

13,196

West Covina California Public Financing Authority Lease Revenue Bonds, 6.05%, 6/1/26

40,000

33,436

     Total Taxable Municipal Obligations (Cost $2,302,457)

2,161,244

U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 3.1%

 

AgFirst Farm Credit Bank, 8.393% to 12/15/11, floating rate thereafter to 12/15/16 (b)(r)

300,000

285,000

AgriBank FCB, 9.125%, 7/15/19

500,000

549,476

Federal Home Loan Bank, 5.00%, 11/17/17

400,000

431,269

New Valley Generation V, 4.929%, 1/15/21

37,017

37,692

US AgBank FCB, 6.11% to 7/10/12, floating rate thereafter to 12/31/49 (e)(r)

400,000

243,000

Vessel Management Services, Inc.:

     5.85%, 5/1/27

500,000

534,015

     5.125%, 4/16/35

750,000

749,580

     Total U.S. Government Agencies and Instrumentalities (Cost $2,612,081)

2,830,032

U.S. TREASURY - 23.5%

 

 

 

United States Treasury Bonds:

     4.50%, 5/15/38

840,000

823,331

     3.50%, 2/15/39

156,000

127,896

     4.50%, 8/15/39

1,250,000

1,222,852

     4.375%, 11/15/39

2,460,000

2,356,987

United States Treasury Notes:

     3.125%, 5/15/19

3,710,500

3,516,279

     3.375%, 11/15/19

13,706,000

13,194,166

     Total U.S. Treasury (Cost $21,767,767)

21,241,511

SOVEREIGN GOVERNMENT BONDS - 0.3%

 

 

 

Province of Ontario Canada, 0.717%, 5/22/12 (r)

300,000

300,723

     Total Sovereign Government Bonds (Cost $300,000)

300,723

TIME DEPOSIT - 10.2%

 

 

 

State Street Corp. Time Deposit, 0.00%, 1/4/10

9,162,276

9,162,276

     Total Time Deposit (Cost $9,162,276)

9,162,276

EQUITY SECURITIES - 1.9%

 

SHARES

 

CIT Group, Inc.:

     Common Stock*

220

6,074

     Contingent Value Rights (b)*

55,000

-

CoBank ACB, Preferred

10,000

497,188

Conseco, Inc.*

1,712

8,560

First Republic Preferred Capital Corp., Preferred (e)

500

462,500

Woodbourne Capital Trust I, Preferred (b)(e)

1,000,000

703,750

     Total Equity Securities (Cost $1,397,750)

1,678,072

          TOTAL INVESTMENTS (Cost $81,191,146) - 94.0%

84,854,156

          Other assets and liabilities, net - 6.0%

5,428,252

          NET ASSETS - 100%

$90,282,408

============

FUTURES

# OF CONTRACTS

EXPIRATION DATE

UNDERLYING FACE AMOUNT AT VALUE

UNREALIZED APPRECIATION (DEPRECIATION)

Purchased:

     10 Year U.S. Treasury Notes

60

3/10

$6,927,188

($41,090)

     30 Year U.S. Treasury Bonds

59

3/10

6,807,125

(262,668)

          Total Purchased

($303,758)

============

Sold:

     2 Year U.S. Treasury Notes

200

3/10

$43,253,125

$214,965

     5 Year U.S. Treasury Notes

35

3/10

4,003,398

80,260

          Total Sold

$295,225

============

(b) This security was valued by the Board of Trustees. See Note A.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(p) The State of New York Insurance Department has prohibited Atlantic Mutual Insurance Co. from making interest payments. This security is no longer accruing interest.

(r) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(x) Alliance Bancorp and its affiliates filed for Chapter 7 bankruptcy on July 13, 2007. This security is no longer accruing interest.

(y) The government of Iceland took control of Glitnir Bank HF (the "Bank") on October 8, 2008. The government has prohibited the Bank from paying any claims owed to foreign entities. As of October 9, 2008, these securities are no longer accruing interest.

(kk) General Motors filed for Chapter 11 bankruptcy on June 1, 2009. This security is no longer accruing interest.

(qq) Royal Bank Of Scotland Group plc is in default and is no longer accruing interest. During the period, $3,642 of interest was written off.

* Non-income producing security.

Abbreviations:

COPs: Certificates of Participation
FCB: Farm Credit Bank
GO: General Obligation
IDA: Industrial Development Authority
LLC: Limited Liability Corporation
LP: Limited Partnership
MFH: Multi-Family Housing
PO: Pension Obligation

This Schedule of Investments is unaudited and is intended to provide information about the Fund's portfolio holdings as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

CALVERT NEW VISION SMALL CAP FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2009

EQUITY SECURITIES - 84.3%

 

SHARES

VALUE

Aerospace & Defense - 0.7%

Applied Signal Technology, Inc.

32,100

$619,209

Airlines - 1.4%

Hawaiian Holdings, Inc.*

140,800

985,600

Pinnacle Airlines Corp.*

30,727

211,402

1,197,002

Capital Markets - 1.2%

Evercore Partners, Inc.

33,500

1,018,400

Chemicals - 1.1%

H.B. Fuller Co.

38,500

875,875

Commercial Banks - 2.6%

Great Southern Bancorp, Inc.

32,600

696,336

Park National Corp.

11,700

688,896

Westamerica Bancorporation

14,700

813,939

2,199,171

Communications Equipment - 2.1%

Tekelec*

62,200

950,416

Utstarcom, Inc.*

363,300

795,627

1,746,043

Computers & Peripherals - 0.8%

Adaptec, Inc.*

198,300

664,305

Construction & Engineering - 1.3%

EMCOR Group, Inc.*

40,000

1,076,000

Consumer Finance - 1.4%

Nelnet, Inc.

68,600

1,181,978

Electric Utilities - 0.8%

IDACORP, Inc.

20,400

651,780

Electrical Equipment - 5.6%

American Superconductor Corp.*

49,400

2,020,460

GrafTech International Ltd.*

56,700

881,685

Woodward Governor Co.

69,600

1,793,592

4,695,737

Electronic Equipment & Instruments - 6.5%

Mercury Computer Systems, Inc.*

75,600

832,356

Multi-Fineline Electronix, Inc.*

28,300

802,871

SYNNEX Corp.*

66,700

2,045,022

Tech Data Corp.*

38,500

1,796,410

5,476,659

Energy Equipment & Services - 0.6%

Cal Dive International, Inc.*

34,400

260,064

Mitcham Industries, Inc.*

29,790

219,552

479,616

Food Products - 2.6%

American Italian Pasta Co.*

24,700

859,313

Lancaster Colony Corp.

5,714

283,986

TreeHouse Foods, Inc.*

25,500

990,930

2,134,229

Gas Utilities - 1.6%

WGL Holdings, Inc.

40,600

1,361,724

Health Care Equipment & Supplies - 3.0%

American Medical Systems Holdings, Inc.*

54,000

1,041,660

Gen-Probe, Inc.*

18,200

780,780

ICU Medical, Inc.*

19,500

710,580

2,533,020

Health Care Providers & Services - 7.3%

Amedisys, Inc.*

63,067

3,062,534

HealthSpring, Inc.*

63,700

1,121,757

Odyssey HealthCare, Inc.*

71,300

1,110,854

RehabCare Group, Inc.*

26,800

815,524

6,110,669

Hotels, Restaurants & Leisure - 3.4%

Steak N Shake Co.*

3,570

1,157,108

Texas Roadhouse, Inc.*

151,700

1,703,591

2,860,699

Insurance - 2.8%

Amerisafe, Inc.*

74,900

1,345,953

Horace Mann Educators Corp.

3,176

39,700

StanCorp Financial Group, Inc.

22,800

912,456

2,298,109

Internet & Catalog Retail - 3.1%

NetFlix, Inc.*

28,900

1,593,546

priceline.com, Inc.*

4,500

983,250

2,576,796

Internet Software & Services - 3.6%

Earthlink, Inc.

221,182

1,838,022

Equinix, Inc.*

10,925

1,159,689

2,997,711

IT Services - 3.1%

Sapient Corp.*

56,900

470,563

Unisys Corp.*

33,800

1,303,328

Wright Express Corp.*

26,400

841,104

2,614,995

Leisure Equipment & Products - 1.7%

Polaris Industries, Inc.

32,300

1,409,249

Machinery - 1.3%

Valmont Industries, Inc.

13,400

1,051,230

Media - 1.1%

RCN Corp.*

87,900

953,715

Oil, Gas & Consumable Fuels - 2.1%

Crosstex Energy, Inc.

94,700

572,935

World Fuel Services Corp.

45,200

1,210,908

1,783,843

Paper & Forest Products - 2.0%

KapStone Paper and Packaging Corp.*

102,000

1,004,700

Wausau Paper Corp.

58,000

672,800

1,677,500

Pharmaceuticals - 2.7%

Lannett Co., Inc.*

27,129

160,332

Medicis Pharmaceutical Corp.

28,600

773,630

Par Pharmaceutical Co.'s, Inc.*

47,800

1,293,468

2,227,430

Real Estate Investment Trusts - 5.5%

BioMed Realty Trust, Inc.

60,809

959,566

Camden Property Trust

17,900

758,423

First Potomac Realty Trust

12,837

161,361

Hospitality Properties Trust

41,400

981,594

Kilroy Realty Corp.

24,400

748,348

Weingarten Realty Investors

52,000

1,029,080

4,638,372

Software - 3.4%

Concur Technologies, Inc.*

15,100

645,525

Informatica Corp.*

37,000

956,820

S1 Corp.*

194,100

1,265,532

2,867,877

Specialty Retail - 2.4%

Sally Beauty Holdings, Inc.*

149,200

1,141,380

Stein Mart, Inc.*

82,400

878,384

2,019,764

Textiles, Apparel & Luxury Goods - 1.1%

Unifirst Corp.

19,700

947,767

Thrifts & Mortgage Finance - 1.9%

Provident Financial Services, Inc.

69,300

738,045

United Financial Bancorp, Inc.

63,300

829,863

1,567,908

Trading Companies & Distributors - 2.5%

Applied Industrial Technologies, Inc.

95,100

2,098,857

     Total Equity Securities (Cost $58,028,911)

70,613,239

CERTIFICATES OF DEPOSIT - 0.1%

 

PRINCIPAL AMOUNT

 

ShoreBank, 2.13%, 2/11/10 (b)(k)

$100,000

99,820

     Total Certificates of Deposit (Cost $100,000)

99,820

HIGH SOCIAL IMPACT INVESTMENTS - 1.3%

 

 

 

Calvert Social Investment Foundation Notes, 1.76%, 7/1/10 (b)(i)(r)

1,151,905

1,123,418

     Total High Social Impact Investments (Cost $1,151,905)

1,123,418

TIME DEPOSIT - 14.0%

 

 

 

State Street Corp. Time Deposit, 0.00%, 1/4/10

11,718,966

11,718,966

     Total Time Deposit (Cost $11,718,966)

11,718,966

          TOTAL INVESTMENTS (Cost $70,999,782) - 99.7%

83,555,443

          Other assets and liabilities, net - 0.3%

212,310

          NET ASSETS - 100%

$83,767,753

==============

(b) This security was valued by the Board of Trustees. See Note A.

(i) Restricted securities represent 1.3% of the net assets of the Fund.

(k) These certificates of deposit are fully insured by agencies of the federal government.

(r) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

* Non-income producing security.

Restricted Securities

 

ACQUISITION DATES

COST

Calvert Social Investment Foundation Notes, 1.76%, 7/1/10

7/2/07

$1,151,905

This Schedule of Investments is unaudited and is intended to provide information about the Fund's portfolio holdings as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

CALVERT SHORT DURATION INCOME FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2009

ASSET-BACKED SECURITIES - 4.2%

 

PRINCIPAL AMOUNT

VALUE

ACLC Business Loan Receivables Trust, 0.883%, 10/15/21 (e)(r)

$147,331

$141,706

AmeriCredit Automobile Receivables Trust:

     1.985%, 1/12/12 (r)

2,313,774

2,325,948

     4.47%, 1/12/12

358,472

363,969

     0.315%, 5/6/12 (r)

840,931

832,051

     4.63%, 6/6/12

2,153,230

2,159,825

     5.02%, 11/6/12

4,461,524

4,514,992

Americredit Prime Automobile Receivable, 5.22%, 6/8/12

1,187,976

1,198,555

AmeriCredit Prime Automobile Receivable Trust, 5.27%, 11/8/11

790,768

792,434

Capital Auto Receivables Asset Trust:

     1.193%, 12/15/10 (b)(e)(r)

3,727,026

3,738,673

     0.333%, 2/15/11 (r)

6,321,175

6,317,578

     5.00%, 4/15/11

317,604

320,280

     4.98%, 5/15/11

1,005,181

1,016,080

     0.933%, 11/15/11 (r)

8,646,549

8,658,956

Capital One Auto Finance Trust:

     5.03%, 4/15/12

11,082,004

11,162,107

     0.273%, 10/15/12 (r)

2,566,316

2,486,843

Captec Franchise Trust, 8.155%, 6/15/13 (e)

1,086,581

940,692

Carmax Auto Owner Trust, 0.933%, 4/15/11 (r)

636,787

636,885

Countrywide Asset-Backed Certificates, 0.681%, 11/25/34 (r)

127,367

93,824

Daimler Chrysler Auto Trust:

     5.01%, 1/8/11

3,115,150

3,132,143

     4.98%, 2/8/11

465,272

465,399

     4.42%, 10/8/11

1,466,339

1,466,647

     4.98%, 11/8/11

3,542,576

3,599,128

     0.915%, 2/8/12 (r)

500,000

500,810

DB Master Finance LLC, 5.779%, 6/20/31 (e)

17,600,000

16,969,040

Enterprise Mortgage Acceptance Co. LLC, 7.043%, 1/15/27 (e)(r)

7,741,118

3,870,559

FMAC Loan Receivables Trust:

     Zero Coupon, 11/15/18 (e)(r)(u)

10,669,244

146,702

     0.641%, 4/15/19 (e)(r)

13,429,219

428,056

Ford Credit Auto Owner Trust:

     5.07%, 12/15/10

402,835

403,854

     1.133%, 1/15/11 (r)

149,661

149,717

GS Auto Loan Trust:

     5.39%, 12/15/11

4,576,754

4,641,145

     4.56%, 11/15/13

700,758

701,443

Harley-Davidson Motorcycle Trust, 1.133%, 11/15/11 (r)

79,606

79,662

Household Automotive Trust:

     5.61%, 8/17/11

684,337

688,053

     5.28%, 9/17/11

513,188

516,085

     4.94%, 11/19/12

1,419,595

1,427,043

Triad Auto Receivables Owner Trust:

     5.28%, 2/13/12

410,767

412,126

     4.88%, 4/12/13

12,187,422

12,502,280

Wachovia Auto Owner Trust, 5.38%, 3/20/13

2,105,664

2,160,270

     Total Asset-Backed Securities (Cost $99,679,280)

101,961,560

COLLATERALIZED MORTGAGE-BACKED OBLIGATIONS (PRIVATELY ORIGINATED) - 3.5%

American Home Mortgage Assets:

     0.421%, 10/25/46 (r)

7,364,334

3,736,296

     0.421%, 12/25/46 (r)

11,935,470

5,816,627

Banc of America Mortgage Securities, Inc., 6.25%, 10/25/36

2,418,551

340,685

Bella Vista Mortgage Trust, 0.483%, 5/20/45 (r)

23,371

12,610

Chase Funding Mortgage Loan, 4.045%, 5/25/33 (r)

600,722

591,759

Chase Mortgage Finance Corp.:

     5.231%, 12/25/35 (r)

835,233

768,229

     4.463%, 2/25/37 (r)

1,594,445

1,340,599

CS First Boston Mortgage Securities Corp.:

     3.267%, 12/25/33 (r)

2,499,244

1,175,127

     5.25%, 12/25/35

3,193,215

2,784,406

GMAC Mortgage Corp. Loan Trust, 5.50%, 10/25/33

4,190,000

3,997,076

Impac CMB Trust:

     0.871%, 9/25/34 (r)

77,343

50,558

     0.971%, 11/25/34 (r)

56,166

37,435

     0.491%, 4/25/35 (r)

712,986

455,130

     0.541%, 4/25/35 (r)

244,173

86,573

     0.771%, 5/25/35 (r)

3,179,506

2,124,042

     0.551%, 8/25/35 (r)

536,737

276,707

     0.481%, 10/25/35 (r)

2,324,491

967,052

JP Morgan Mortgage Trust:

     3.834%, 7/25/35 (r)

524,478

472,985

     5.292%, 7/25/35 (r)

13,049,748

12,147,429

MASTR Adjustable Rate Mortgages Trust, 0.611%, 11/25/34 (r)

399

398

MASTR Alternative Loans Trust, 6.25%, 7/25/36

4,310,379

2,153,947

Merrill Lynch Mortgage Investors, Inc.:

     4.258%, 2/25/35 (r)

751,833

644,431

     5.149%, 12/25/35 (r)

17,201,024

16,381,773

Residential Accredit Loans, Inc.:

     0.23%, 5/25/19 (r)

59,929,873

299,092

     6.00%, 12/25/35

4,057,479

2,842,549

Residential Asset Securitization Trust, 6.25%, 11/25/36

1,819,826

1,174,868

Structured Asset Mortgage Investments, Inc.:

     0.421%, 9/25/36 (r)

4,298,671

2,236,588

     0.411%, 7/25/46 (r)

1,157,532

583,531

Structured Asset Securities Corp., 5.00%, 6/25/35

9,460,817

7,415,501

WaMu Mortgage Pass Through Certificates:

     4.825%, 10/25/35 (r)

18,000,000

13,959,076

     1.944%, 4/25/44 (r)

12,750

7,255

Wells Fargo Mortgage Backed Securities Trust, 0.193%, 10/25/36

53,839,212

168,248

     Total Collateralized Mortgage-Backed Obligations (Privately Originated) (Cost $90,226,508)

85,048,582

COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.4%

 

American Tower Trust, 0.423%, 4/15/37 (e)(r)

1,100,000

862,642

Crown Castle Towers LLC:

     4.643%, 6/15/35 (e)

4,000,000

4,066,271

     5.245%, 11/15/36 (e)

2,720,000

2,801,760

     5.362%, 11/15/36 (e)

1,210,000

1,238,097

     Total Commercial Mortgage-Backed Securities (Cost $8,724,959)

8,968,770

CORPORATE BONDS - 58.2%

 

 

 

Achmea Hypotheekbank NV:

     0.631%, 11/3/14 (e)(r)

4,665,000

4,665,106

     3.20%, 11/3/14 (e)

7,000,000

6,974,075

Affiliated Computer Services, Inc., 5.20%, 6/1/15

3,000,000

3,097,500

Alliance Mortgage Investments:

     12.61%, 6/1/10 (b)(r)(x)*

385,345

-

     15.36%, 12/1/10 (b)(r)(x)*

259,801

-

American Express Centurion Bank:

     0.292%, 3/23/10 (r)

6,450,000

6,444,698

     0.314%, 7/13/10 (r)

1,840,000

1,836,458

American Honda Finance Corp., 1.003%, 6/20/11 (e)(r)

11,900,000

11,865,375

Amphenol Corp., 4.75%, 11/15/14

6,450,000

6,453,940

Anadarko Finance Co., 6.75%, 5/1/11

5,000,000

5,307,615

Anadarko Petroleum Corp.:

     7.625%, 3/15/14

8,000,000

9,180,124

     5.75%, 6/15/14

2,000,000

2,163,574

Analog Devices, Inc., 5.00%, 7/1/14

5,000,000

5,248,687

Anheuser-Busch InBev Worldwide, Inc.:

     3.00%, 10/15/12 (e)

3,000,000

3,024,055

     4.125%, 1/15/15 (e)

5,000,000

5,062,701

     7.75%, 1/15/19 (e)

1,000,000

1,167,444

ANZ National International Ltd., 2.375%, 12/21/12 (e)

2,500,000

2,479,256

APL Ltd., 8.00%, 1/15/24

1,000,000

920,000

ArcelorMittal:

     5.375%, 6/1/13

8,885,000

9,319,690

     6.50%, 4/15/14

8,125,000

8,689,933

Atlantic Mutual Insurance Co., 8.15%, 2/15/28 (b)(e)(p)*

350,000

3,500

Australia & New Zealand Banking Group Ltd., 0.583%, 10/21/11 (e)(r)

4,450,000

4,457,427

BAC Capital Trust XV, 1.056%, 6/1/56 (r)

49,690,000

31,510,860

BAE Systems Asset Trust, 6.664%, 9/15/13 (b)(e)

22,679,578

23,916,976

Bank of America Corp., 0.581%, 4/30/12 (r)

18,470,000

18,631,188

BankBoston Capital Trust III, 1.004%, 6/15/27 (r)

1,450,000

979,553

Barclays Bank plc:

     2.50%, 1/23/13

8,000,000

7,992,178

     5.00%, 9/22/16

2,000,000

2,051,429

Bear Stearns Co.'s, Inc.:

     0.357%, 2/23/10 (r)

3,425,000

3,426,062

     5.30%, 10/30/15

10,000,000

10,639,319

Belvoir Land LLC, 5.35%, 12/15/25 (e)

2,000,000

1,611,240

Bemis Co., Inc., 5.65%, 8/1/14

2,000,000

2,133,582

Berkshire Hathaway Finance Corp., 4.00%, 4/15/12

15,000,000

15,719,550

BNSF Funding Trust I, 6.613% to 1/15/26, floating rate thereafter to 12/15/55 (b)(r)

8,559,000

8,259,435

BP Capital Markets plc, 1.253%, 3/17/11 (r)

4,900,000

4,960,275

C5 Capital SPV Ltd., 6.196% to 12/31/11, floating rate thereafter to 12/31/49 (e)(r)

3,500,000

2,445,625

C8 Capital SPV Ltd., 6.64% to 12/31/14, floating rate thereafter to 12/31/49 (e)(r)

19,110,000

13,209,787

Cantor Fitzgerald LP, 7.875%, 10/15/19 (e)

5,000,000

5,013,344

Capital One Bank, 8.80%, 7/15/19

4,000,000

4,754,527

Capital One Capital V, 10.25%, 8/15/39

1,500,000

1,748,116

Capital One Financial Corp., 4.80%, 2/21/12

2,000,000

2,077,737

CareFusion Corp.:

     4.125%, 8/1/12 (e)

2,000,000

2,068,880

     5.125%, 8/1/14 (e)

2,000,000

2,102,945

Cargill, Inc.:

     1.533%, 1/21/11 (e)(r)

10,000,000

9,986,650

     5.60%, 9/15/12 (e)

3,000,000

3,231,795

Caterpillar Financial Services Corp.:

     0.725%, 2/8/10 (r)

4,950,000

4,952,107

     0.504%, 12/16/11 (r)

10,000,000

10,019,990

     5.85%, 9/1/17

3,000,000

3,153,872

Cellco Partnership, 2.869%, 5/20/11 (r)

15,000,000

15,508,072

Cenovus Energy, Inc., 4.50%, 9/15/14 (e)

2,000,000

2,052,286

Chase Capital II, 0.781%, 2/1/27 (r)

3,282,000

2,298,464

Chase Capital VI, 0.906%, 8/1/28 (r)

1,500,000

1,042,624

Chesapeake Energy Corp., 7.625%, 7/15/13

22,350,000

23,411,625

Chevron Phillips Chemical Co. LLC:

     7.00%, 3/15/11

11,500,000

12,097,828

     7.00%, 6/15/14 (e)

1,000,000

1,100,021

Citibank:

     0.284%, 7/12/11 (r)

4,875,000

4,878,181

     0.305%, 5/7/12 (r)

5,550,000

5,556,673

Citigroup Funding, Inc.:

     0.611%, 4/30/12 (r)

15,000,000

15,137,820

     0.334%, 7/12/12 (r)

8,500,000

8,511,245

Citigroup, Inc.:

     5.25%, 2/27/12

3,000,000

3,119,931

     5.50%, 4/11/13

4,000,000

4,152,844

     6.01%, 1/15/15

20,000,000

20,544,916

Columbia University, 6.83%, 12/15/20

354,839

387,090

Commonwealth Bank of Australia:

     0.579%, 11/4/11 (e)(r)

7,000,000

7,000,159

     3.75%, 10/15/14 (e)

9,000,000

8,966,918

Credit Agricole SA, 6.637% to 5/31/17, floating rate thereafter to 5/29/49 (e)(r)

1,000,000

800,000

Credit Suisse USA, Inc., 0.473%, 8/16/11 (r)

5,850,000

5,836,862

CVS Pass-Through Trust, 7.507%, 1/10/32 (e)

2,200,000

2,304,478

Deutsche Bank Capital Trust, 2.083%, 12/29/49 (b)(r)

2,600,000

1,820,000

Dexia Credit Local, 0.899%, 9/23/11 (e)(r)

2,400,000

2,420,323

Dexus Finance Proprietary Ltd., 7.125%, 10/15/14 (e)

8,000,000

8,222,854

Dime Community Bancshares, Inc., 9.25%, 5/1/10 (e)

1,000,000

997,025

Discover Financial Services, 0.784%, 6/11/10 (r)

36,168,000

35,853,013

Dominion Resources, Inc.:

     1.303%, 6/17/10 (r)

10,000,000

10,037,431

     8.875%, 1/15/19

2,500,000

3,097,330

     6.30% to 9/30/11, floating rate thereafter to 9/30/66 (r)

4,000,000

3,538,400

Dow Chemical Co.:

     2.525%, 8/8/11 (r)

9,500,000

9,673,541

     5.90%, 2/15/15

1,000,000

1,075,758

Enterprise Products Operating LLC:

     4.60%, 8/1/12

3,930,000

4,126,303

     9.75%, 1/31/14

21,450,000

25,602,164

     7.00% to 6/1/17, floating rate thereafter to 6/1/67 (r)

6,000,000

5,321,427

Equity One, Inc., 6.25%, 12/15/14

5,500,000

5,434,495

Express Scripts, Inc., 5.25%, 6/15/12

5,000,000

5,320,311

Fleet Capital Trust V, 1.254%, 12/18/28 (r)

3,200,000

2,177,748

FMG Finance Proprietary Ltd., 4.256%, 9/1/11 (b)(e)(r)

35,594,000

35,060,090

Ford Motor Credit Co. LLC:

     1.854%, 1/15/10 (r)

11,900,000

11,899,719

     5.504%, 6/15/11 (r)

12,900,000

12,709,050

     3.034%, 1/13/12 (r)

16,800,000

15,624,000

Fortune Brands, Inc.:

     5.125%, 1/15/11

5,250,000

5,404,809

     3.00%, 6/1/12

2,100,000

2,082,760

FPL Group Capital, Inc., 0.675%, 11/9/12 (r)

12,700,000

12,754,774

General Electric Capital Corp.:

     0.557%, 6/8/12 (r)

4,830,000

4,868,553

     1.167%, 5/22/13 (r)

4,422,000

4,298,047

General Motors Corp.:

     8.25%, 7/15/23 (kk)

13,316,000

3,528,740

     8.375%, 7/15/33 (kk)

1,500,000

405,000

Glitnir Banki HF:

     2.95%, 10/15/08 (b)(y)*

10,440,000

2,349,000

     3.046%, 4/20/10 (b)(e)(r)(y)*

10,830,000

2,436,750

     4.75%, 10/15/10 (b)(e)(y)*

1,000,000

225,000

     3.226%, 1/21/11 (b)(e)(r)(y)*

1,000,000

225,000

     6.33%, 7/28/11 (e)(y)*

180,000

37,800

GMAC LLC, 0.253%, 12/19/12 (r)

3,360,000

3,359,016

GMAC, Inc., 1.75%, 10/30/12

3,970,000

3,953,503

Goldman Sachs Group, Inc.:

     0.525%, 11/9/11 (r)

12,470,000

12,541,341

     0.454%, 3/15/12 (r)

4,620,000

4,638,591

     3.625%, 8/1/12

3,000,000

3,084,812

Great River Energy, 5.829%, 7/1/17 (e)

18,731,908

20,434,365

Greif, Inc., 6.75%, 2/1/17

300,000

294,000

Hewlett-Packard Co., 1.306%, 5/27/11 (r)

10,000,000

10,137,446

Howard Hughes Medical Institute, 3.45%, 9/1/14

13,700,000

13,885,636

HRPT Properties Trust, 0.854%, 3/16/11 (r)

10,548,000

9,954,769

Ingersoll-Rand Global Holding Co. Ltd., 1.773%, 8/13/10 (b)(r)

10,000,000

10,050,000

Irwin Land LLC, 4.51%, 12/15/15 (e)

1,190,000

1,138,913

ITT Corp., 4.90%, 5/1/14

4,000,000

4,208,731

John Deere Capital Corp.:

     0.706%, 2/26/10 (r)

3,000,000

3,001,507

     0.984%, 1/18/11 (r)

10,000,000

10,060,860

     1.006%, 6/10/11 (r)

4,700,000

4,733,842

JPMorgan Chase & Co.:

     0.783%, 1/22/10 (r)

10,000,000

10,002,765

     0.42%, 4/1/11 (r)

9,115,000

9,134,169

     0.484%, 6/15/12 (r)

4,370,000

4,401,346

     0.501%, 12/26/12 (r)

23,170,000

23,336,884

JPMorgan Chase Capital XXIII, 1.273%, 5/15/47 (r)

2,500,000

1,725,800

Kaupthing Bank HF, 5.75%, 10/4/11 (e)(y)*

7,000,000

1,732,500

Koninklijke Philips Electronics NV, 1.405%, 3/11/11 (r)

9,980,000

9,996,559

Leucadia National Corp., 7.00%, 8/15/13

5,500,000

5,527,500

Lincoln National Corp., 0.334%, 3/12/10 (r)

7,095,000

7,074,361

LL & P Wind Energy, Inc. Washington Revenue Bonds:

     5.217%, 12/1/12 (e)

2,605,000

2,638,083

     5.733%, 12/1/17 (e)

2,000,000

1,883,700

Lumbermens Mutual Casualty Co., 8.30%, 12/1/37 (e)(m)*

300,000

3,000

Masco Corp., 0.554%, 3/12/10 (r)

24,483,000

24,395,114

MBNA Capital, 1.081%, 2/1/27 (r)

12,000,000

8,257,237

Medco Health Solutions, Inc., 6.125%, 3/15/13

3,000,000

3,217,487

Merrill Lynch & Co., Inc.:

     0.498%, 2/5/10 (r)

291,000

291,095

     1.014%, 9/15/26 (r)

4,200,000

3,267,730

MetLife, Inc., 0.571%, 6/29/12 (r)

11,180,000

11,224,713

Metropolitan Life Global Funding I, 0.984%, 4/14/11 (e)(r)

12,280,000

12,296,357

Morgan Stanley:

     0.554%, 2/10/12 (r)

3,000,000

3,021,694

     4.20%, 11/20/14

3,000,000

2,996,740

National City Corp., 4.00%, 2/1/11

3,800,000

3,873,606

National Semiconductor Corp., 6.15%, 6/15/12

5,000,000

5,202,989

Nationwide Building Society, 0.453%, 5/17/12 (e)(r)

5,400,000

5,397,459

Nationwide Health Properties, Inc.:

     6.50%, 7/15/11

4,000,000

4,154,935

     6.90%, 10/1/37

8,890,000

9,057,710

     6.59%, 7/7/38

1,300,000

1,318,152

Nissan Motor Acceptance Corp., 4.625%, 3/8/10 (e)

1,700,000

1,705,964

Noble Group Ltd., 6.75%, 1/29/20 (b)(e)

6,000,000

6,180,000

Nordea Bank AB:

     2.50%, 11/13/12 (e)

10,000,000

9,988,924

     3.70%, 11/13/14 (e)

2,250,000

2,218,583

Nordea Bank Finland plc, 0.584%, 10/14/11 (r)

5,750,000

5,750,261

Ohana Military Communities LLC:

     5.462%, 10/1/26 (e)

17,500,000

16,317,875

     6.00%, 10/1/51 (b)(e)

2,500,000

1,983,975

OPTI Canada, Inc.:

     9.00%, 12/15/12 (e)

500,000

510,000

     7.875%, 12/15/14

1,250,000

1,012,500

     8.25%, 12/15/14

750,000

622,500

Orkney Re II plc, Series B, 6.096%, 12/21/35 (b)(e)(r)(z)*

1,400,000

-

Pacific Gas & Electric Co., 1.206%, 6/10/10 (r)

9,500,000

9,535,220

Pacific Pilot Funding Ltd., 1.034%, 10/20/16 (e)(r)

475,572

365,700

Pepco Holdings, Inc.:

     0.881%, 6/1/10 (r)

23,175,000

23,018,572

     6.45%, 8/15/12

13,828,000

14,860,190

Pioneer Natural Resources Co.:

     5.875%, 7/15/16

14,000,000

13,444,996

     6.65%, 3/15/17 (b)

1,000,000

987,500

     7.50%, 1/15/20

5,000,000

5,012,500

PNC Funding Corp.:

     0.421%, 1/31/12 (r)

9,415,000

9,199,808

     0.49%, 4/1/12 (r)

6,970,000

7,005,791

PPF Funding, Inc., 5.35%, 4/15/12 (e)

2,000,000

1,810,145

Preferred Term Securities IX Ltd., 1.033%, 4/3/33 (e)(r)

733,534

359,431

Rabobank Nederland NV:

     0.478%, 8/5/11 (e)(r)

2,200,000

2,198,298

     11.00% to 6/30/19, floating rate thereafter to 6/29/49 (e)(r)

2,000,000

2,484,520

Reed Elsevier Capital, Inc., 0.584%, 6/15/10 (r)

8,260,000

8,249,792

Rockies Express Pipeline LLC, 6.25%, 7/15/13 (e)

5,000,000

5,458,459

Roper Industries, Inc., 6.625%, 8/15/13

5,000,000

5,457,046

Royal Bank of Scotland Group plc:

     6.40%, 10/21/19

12,000,000

11,884,456

     7.64% to 9/29/17, floating rate thereafter to 3/29/49 (r)(qq)

5,500,000

2,901,250

Shell International Finance BV, 3.25%, 9/22/15

5,000,000

5,003,994

Skyway Concession Co. LLC, 0.563%, 6/30/17 (b)(e)(r)

2,500,000

2,121,175

SLM Corp.:

     4.00%, 1/15/10

9,290,000

9,291,763

     0.273%, 3/15/10 (r)

1,200,000

1,194,339

Southern Co., 0.683%, 10/21/11 (r)

3,000,000

3,003,826

Southern Union Co., 6.089%, 2/16/10

2,000,000

2,005,497

State Street Bank and Trust Co., 0.454%, 9/15/11 (r)

10,000,000

10,040,506

Sun Life Financial Global Funding LP, 0.509%, 7/6/10 (e)(r)

2,000,000

1,978,595

Suncorp-Metway Ltd., 0.628%, 12/17/10 (e)(r)

12,930,000

12,930,065

SunTrust Bank:

     6.375%, 4/1/11

10,000,000

10,399,868

     0.377%, 5/21/12 (r)

10,000,000

9,563,556

     0.552%, 8/24/15 (r)

5,650,000

4,745,313

Susquehanna Bancshares, Inc., 2.101%, 5/1/14 (r)

2,000,000

1,472,426

Svenska Handelsbanken AB, 1.254%, 9/14/12 (e)(r)

11,800,000

11,738,900

Systems 2001 AT LLC, 7.156%, 12/15/11 (e)

885,702

922,512

TCM Sub LLC, 3.55%, 1/15/15 (e)

3,000,000

2,955,858

TD Ameritrade Holding Corp.:

     2.95%, 12/1/12

1,000,000

992,225

     4.15%, 12/1/14

2,180,000

2,153,831

TIERS Trust, 8.45%, 12/1/17 (b)(e)(n)*

658,859

6,589

Timken Co., 6.00%, 9/15/14

4,700,000

4,883,251

Toll Road Investors Partnership II LP:

     2/15/43 (b)(e)

7,530,000

1,502,461

     2/15/45 (b)(e)

166,213,495

22,679,831

Travelers Insurance Company Ltd., 0.534%, 12/8/11 (b)

1,500,000

1,428,885

Tyco International Finance SA, 4.125%, 10/15/14

1,000,000

1,025,706

United Air Lines, Inc., 10.40%, 11/1/16

1,650,000

1,753,125

UnitedHealth Group, Inc., 0.433%, 6/21/10 (r)

23,000,000

22,963,614

Verizon New York, Inc., 6.125%, 1/15/10

1,500,000

1,501,926

Wachovia Capital Trust III, 5.80% to 3/15/11, floating rate thereafter to 3/29/49 (r)

19,039,000

14,469,640

Wachovia Corp.:

     0.374%, 3/15/11 (r)

175,000

174,331

     0.406%, 3/1/12 (r)

13,930,000

13,705,430

     7.574%, 8/1/26 (r)

1,000,000

1,093,696

Wal-Mart Stores, Inc., 8.07%, 12/21/12

412,969

444,932

Wells Fargo & Co., 0.474%, 6/15/12 (r)

1,830,000

1,840,846

Western Refining, Inc., 7.754%, 6/15/14 (e)(r)

6,300,000

5,638,500

Westfield Capital Corp. Ltd., 4.375%, 11/15/10 (e)

11,035,000

11,244,552

Westpac Banking Corp.:

     0.582%, 10/21/11 (e)(r)

16,280,000

16,280,218

     2.25%, 11/19/12

4,000,000

3,986,504

     0.446%, 12/14/12 (e)(r)

4,250,000

4,245,061

Williams Co.'s, Inc., 2.29%, 10/1/10 (e)(r)

15,620,000

15,550,138

Windsor Petroleum Transport Corp., 7.84%, 1/15/21 (e)

9,826,786

9,024,203

Woodside Finance Ltd., 4.50%, 11/10/14 (e)

5,000,000

5,035,529

Xerox Corp., 4.25%, 2/15/15

2,000,000

1,992,067

Yara International ASA, 7.875%, 6/11/19 (e)

2,200,000

2,513,627

     Total Corporate Bonds (Cost $1,354,704,524)

1,397,223,616

MUNICIPAL OBLIGATIONS - 4.4%

 

 

 

Adams-Friendship Area Wisconsin School District GO Bonds, 5.09%, 3/1/10

105,000

105,694

Alameda California Corridor Transportation Authority Revenue Bonds, Zero Coupon, 10/1/11

11,000,000

9,966,220

Bayonne New Jersey Municipal Utilities Authority Revenue Bonds, 3.70%, 4/1/10

365,000

363,755

Boynton Beach Florida Community Redevelopment Agency Tax Allocation Bonds, 5.10%, 10/1/15

540,000

546,318

Bridgeview Illinois GO Bonds, 4.62%, 12/1/11

490,000

509,512

Burlingame California PO Revenue Bonds, 5.255%, 6/1/11

1,000,000

1,046,080

Butler Pennsylvania Redevelopment Authority Tax Allocation Bonds, 5.25%, 12/1/13

680,000

688,704

California State Industry Sales Tax Revenue Bonds, 5.00%, 1/1/12

2,900,000

2,962,495

California Statewide Communities Development Authority Revenue Bonds, Zero Coupon:

     6/1/10

2,820,000

2,765,179

     6/1/13

3,190,000

2,591,843

Canyon Texas Regional Water Authority Revenue Bonds, 5.70%, 8/1/12

165,000

169,864

Chicago Illinois GO Bonds, 5.20%, 1/1/10

3,600,000

3,600,000

Cook County Illinois School District GO Bonds:

     No. 089 Maywood, Zero Coupon, 12/1/12

2,135,000

1,831,488

     No. 095 Brookfield, 5.45%, 12/1/11

200,000

213,248

     No. 170 Chicago Heights, Zero Coupon, 12/1/12

380,000

325,979

Corte Madera California COPs, 5.447%, 2/1/16

1,285,000

1,214,004

Escondido California Joint Powers Financing Authority Lease Revenue Bonds, 5.53%, 9/1/18

1,710,000

1,632,212

Fall Creek Wisconsin School District GO Bonds, 5.91%, 3/1/19

605,000

626,810

Frisco Texas Economic Development Corp. Sales Tax Revenue Bonds, 5.619%, 2/15/17

1,000,000

1,001,630

Hillsborough County Florida Port District Revenue Bonds, Zero Coupon:

     6/1/11

1,230,000

1,152,178

     12/1/11

1,230,000

1,122,412

Illinois State MFH Development Authority Revenue Bonds, 5.662%, 7/1/17

1,780,000

1,793,831

Inglewood California Pension Funding Revenue Bonds, 4.74%, 9/1/10

225,000

225,272

Iron County Wisconsin GO Bonds, 5.26%, 3/1/19

580,000

597,591

La Verne California PO Revenue Bonds:

     5.45%, 6/1/10

340,000

344,641

     5.49%, 6/1/11

350,000

363,556

Los Angeles County California Pension Revenue Bonds, Zero Coupon, 6/30/10

363,000

358,894

Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, 5.30%, 7/1/10

630,000

636,476

Midpeninsula California Regional Open Space District Financing Authority Revenue Bonds, 5.15%, 9/1/12

1,840,000

1,883,737

Nashville & Davidson County Tennessee Water & Sewage Revenue Bonds, 4.74%, 1/1/15

1,585,000

1,689,420

Nevada State Department of Business & Industry Lease Revenue Bonds, 5.32%, 6/1/17

1,040,000

1,009,975

New York State Dormitory Authority Revenue Bonds, 3.85%, 3/15/11

1,850,000

1,893,105

New York State Housing Finance Agency Revenue, 0.25%, 11/15/38 (r)

4,950,000

4,950,000

New York State Urban Development Corp. Revenue Bonds, 4.38%, 12/15/11

2,300,000

2,403,868

Northwest Washington Open Access Network Revenue Bonds, 6.39%, 12/1/10

935,000

972,718

Oakland California PO Revenue Bonds, Zero Coupon, 12/15/10

2,000,000

1,927,600

Oakland California Redevelopment Agency Tax Allocation Bonds:

     5.268%, 9/1/11

2,860,000

2,978,947

     5.252%, 9/1/16

1,775,000

1,755,422

     5.263%, 9/1/16

2,185,000

2,133,631

Oakland City California PO Revenue Bonds, Zero Coupon, 12/15/12

1,680,000

1,460,743

Orange County California PO Revenue Bonds, Zero Coupon, 9/1/11

6,100,000

5,770,112

Oregon State School Boards Association GO Bonds, Zero Coupon, 6/30/12

2,000,000

1,833,640

Palm Springs California Community Redevelopment Agency Tax Allocation Bonds, 5.59%, 9/1/17

1,140,000

1,113,005

Pennsylvania State Convention Center Authority Revenue Bonds, 4.97%, 9/1/11

3,040,000

3,144,880

Pittsburg California Redevelopment Agency Tax Allocation Bonds, 5.115%, 8/1/16

1,465,000

1,313,636

Placer County California Redevelopment Agency Tax Allocation Bonds, 5.75%, 8/1/15

620,000

641,223

Riverside California Public Financing Authority Tax Allocation Bonds, 5.24%, 8/1/17

1,580,000

1,430,311

Roseville California Redevelopment Agency Tax Allocation Bonds, 5.31%, 9/1/13

410,000

431,972

San Diego California Redevelopment Agency Tax Allocation Bonds, 5.66%, 9/1/16

1,175,000

1,163,050

Santa Fe Springs California Community Development Commission Tax Allocation Bonds, 5.18%, 9/1/11

825,000

838,052

Sarasota-Manatee Airport Authority Revenue VRDN, 0.27%, 8/1/14 (r)

7,775,000

7,775,000

Shawano-Gresham Wisconsin School District GO Bonds, 5.75%, 3/1/11

200,000

209,184

Shorewood Wisconsin School District GO Bonds, 5.30%, 4/1/16

295,000

313,623

South Bend County Indiana Economic Development Income Tax Revenue Bonds:

     5.125%, 2/1/10

145,000

145,487

     5.20%, 2/1/14

1,295,000

1,403,430

Southern California Airport Authority Tax Allocation Bonds, 5.00%, 12/1/12

535,000

515,398

St. Paul Minnesota Sales Tax Revenue Bonds, 5.30%, 11/1/12

1,350,000

1,436,778

Stanislaus County California Revenue Bonds, 7.15%, 8/15/13

390,000

414,001

Virginia State Housing Development Authority Revenue Bonds, 4.68%, 8/1/14

10,090,000

10,516,908

West Contra Costa California Unified School District COPs, 4.66%, 1/1/10

435,000

435,000

Ypsilanti Michigan GO Bonds, 5.55%, 5/1/12

335,000

355,686

     Total Municipal Obligations (Cost $103,631,658)

105,015,428

U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 2.9%

 

AgFirst Farm Credit Bank:

     8.393% to 12/15/11, floating rate thereafter to 12/15/16 (b)(r)

4,945,000

4,697,750

     6.585% to 6/15/12, floating rate thereafter to 6/29/49 (e)(r)

5,000,000

3,325,000

     7.30%, 10/14/49 (b)(e)

4,000,000

2,941,840

AgriBank FCB, 9.125%, 7/15/19

7,000,000

7,692,664

COP I LLC, 3.613%, 12/5/21

4,700,000

4,475,771

New Valley Generation I, 7.299%, 3/15/19

757,193

869,518

New Valley Generation V, 4.929%, 1/15/21

740,331

753,841

Overseas Private Investment Corp., 7.45%, 12/15/10

206,818

216,050

Private Export Funding Corp., 3.05%, 10/15/14

10,000,000

9,939,970

Tennessee Valley Authority, 4.375%, 6/15/15

11,920,000

12,635,943

Tunisia Government AID Bonds, Guaranteed by the United States Agency of International Development, 9.375%, 8/1/16

524,999

609,629

US AgBank FCB, 6.11% to 7/10/12, floating rate thereafter to 12/31/49 (e)(r)

7,910,000

4,805,325

Vessel Management Services, Inc.:

     5.85%, 5/1/27

9,191,000

9,816,264

     5.125%, 4/16/35

6,000,000

5,996,640

     Total U.S. Government Agencies and Instrumentalities (Cost $67,236,531)

68,776,205

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES - 0.0%

 

Government National Mortgage Association:

     5.50%, 1/16/32

3,038,383

206,538

     5.50%, 5/20/32

2,836,127

141,572

     Total U.S. Government Agency Mortgage-Backed Securities (Cost $723,833)

348,110

U.S. TREASURY - 6.2%

 

 

 

United States Treasury Bonds:

     4.50%, 8/15/39

12,950,000

12,668,742

     4.375%, 11/15/39

14,500,000

13,892,812

United States Treasury Notes:

     1.375%, 11/15/12

940,000

933,391

     1.125%, 12/15/12

1,405,000

1,382,608

     2.375%, 10/31/14

250,000

247,344

     2.125%, 11/30/14

21,835,000

21,326,654

     3.00%, 8/31/16

3,250,000

3,197,695

     3.00%, 9/30/16

750,000

736,523

     3.125%, 5/15/19

17,203,000

16,302,530

     3.375%, 11/15/19

80,730,000

77,715,237

     Total U.S. Treasury (Cost $151,791,542)

148,403,536

CERTIFICATES OF DEPOSIT - 0.6%

 

 

 

Deutsche Bank, 0.854%, 6/18/10 (r)

15,000,000

14,957,280

     Total Certificates of Deposit (Cost $15,000,000)

14,957,280

SOVEREIGN GOVERNMENT BONDS - 0.9%

 

 

 

Province of Ontario Canada, 0.717%, 5/22/12 (r)

20,625,000

20,674,693

     Total Sovereign Government Bonds (Cost $20,625,000)

20,674,693

TIME DEPOSIT - 16.5%

 

 

 

State Street Corp. Time Deposit, 0.00%, 1/4/10

395,870,713

395,870,713

     Total Time Deposit (Cost $395,870,713)

395,870,713

EQUITY SECURITIES - 0.2%

 

SHARES

 

CIT Group, Inc.:

     Common Stock*

13,060

360,586

     Contingent Value Rights (b)*

1,000,000

-

Conseco, Inc.*

98,632

493,160

Woodbourne Capital:

     Trust I, Preferred (b)(e)

625,000

439,844

     Trust II, Preferred (b)(e)

625,000

439,844

     Trust III, Preferred (b)(e)

1,625,000

1,143,594

     Trust IV, Preferred (b)(e)

1,625,000

1,143,594

     Total Equity Securities (Cost $5,370,476)

4,020,622

          TOTAL INVESTMENTS (Cost $2,313,585,024) - 98.0%

2,351,269,115

          Other assets and liabilities, net - 2.0%

47,370,289

          NET ASSETS - 100%

$2,398,639,404

===============

FUTURES

# OF CONTRACTS

EXPIRATION DATE

UNDERLYING FACE AMOUNT AT VALUE

UNREALIZED APPRECIATION (DEPRECIATION)

Purchased:

     10 Year U.S. Treasury Notes

855

3/10

$98,712,422

($867,142)

     30 Year U.S. Treasury Bonds

363

3/10

41,881,125

(2,459,327)

          Total Purchased

($3,326,469)

===============

Sold:

     2 Year U.S. Treasury Notes

6,016

3/10

$1,301,054,006

$5,973,172

     5 Year U.S. Treasury Notes

968

3/10

110,722,563

2,514,390

          Total Sold

$8,487,562

===============

(b) This security was valued by the Board of Trustees. See Note A..

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(m) The Illinois Insurance Department prohibited Lumbermens from making interest payments. This security is no longer accruing interest.

(n) The Illinois Insurance Department prohibited Lumbermens from making interest payments. This TIERS security is based on interest payments from Lumbermens. This security is no longer accruing interest.

(p) The State of New York Insurance Department has prohibited Atlantic Mutual Insurance Co. from making interest payments. This security is no longer accruing interest.

(r) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(u) This security is no longer accruing interest.

(x) Alliance Bancorp and its affiliates filed for Chapter 7 bankruptcy on July 13, 2007. This security is no longer accruing interest.

(y) The government of Iceland took control of Glitnir Bank HF and Kaupthing Bank HF (the "Banks") on October 8, 2008 and October 9, 2008, respectively. The government has prohibited the Banks from paying any claims owed to foreign entities. As of October 9, 2008, these securities are no longer accruing interest.

(z) Orkney Re II plc is in default and no longer accruing interest.

(kk) General Motors filed for Chapter 11 bankruptcy on June 1, 2009. This security is no longer accruing interest.

(qq) Royal Bank Of Scotland Group plc is in default and is no longer accruing interest. During the period, $126,060 of interest was written off.

* Non-income producing security.

Abbreviations:

COPs: Certificates of Participation
FCB: Farm Credit Bank
GO: General Obligation
LLC: Limited Liability Corporation
LP: Limited Partnership
MFH: Multi-Family Housing
PO: Pension Obligation
VRDN: Variable Rate Demand Notes

This Schedule of Investments is unaudited and is intended to provide information about the Fund's portfolio holdings as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

CALVERT ULTRA-SHORT FLOATING INCOME FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2009

ASSET-BACKED SECURITIES - 5.1%

 

PRINCIPAL AMOUNT

VALUE

AmeriCredit Automobile Receivables Trust:

     1.985%, 1/12/12 (r)

$195,530

$196,559

     4.47%, 1/12/12

369,878

375,550

     0.315%, 5/6/12 (r)

174,467

172,625

     4.63%, 6/6/12

230,703

231,410

     5.02%, 11/6/12

1,565,251

1,584,010

AmeriCredit Prime Automobile Receivable Trust:

     5.27%, 11/8/11

120,665

120,919

     5.22%, 6/8/12

663,605

669,514

Capital Auto Receivables Asset Trust:

     1.193%, 12/15/10 (b)(e)(r)

623,596

625,545

     0.333%, 2/15/11 (r)

60,956

60,922

     5.00%, 4/15/11

49,139

49,553

     4.98%, 5/15/11

85,677

86,606

     0.933%, 11/15/11 (r)

477,446

478,131

     0.513%, 2/15/14 (r)

235,575

234,041

Capital One Auto Finance Trust:

     5.03%, 4/15/12

568,308

572,415

     0.273%, 6/15/12 (r)

59,097

58,923

     0.273%, 10/15/12 (r)

399,872

387,489

Carmax Auto Owner Trust, 0.933%, 4/15/11 (r)

54,434

54,443

Chase Funding Mortgage Loan Asset-Backed Certificates, 4.396%, 2/25/30

584,922

562,999

Daimler Chrysler Auto Trust:

     4.98%, 2/8/11

18,212

18,217

     4.98%, 11/8/11

29,770

30,245

DB Master Finance LLC, 5.779%, 6/20/31 (e)

450,000

433,867

Ford Credit Auto Owner Trust, 5.07%, 12/15/10

25,296

25,360

GE Capital Credit Card Master Note Trust, 0.273%, 3/15/13 (r)

160,000

159,855

GS Auto Loan Trust:

     5.39%, 12/15/11

57,934

58,749

     4.56%, 11/15/13

36,882

36,918

Harley-Davidson Motorcycle Trust:

     1.133%, 11/15/11 (r)

6,021

6,025

     5.10%, 5/15/12

138,013

139,302

Household Automotive Trust:

     5.43%, 6/17/11

115,141

115,662

     5.61%, 8/17/11

24,010

24,140

     5.28%, 9/17/11

24,103

24,239

     4.94%, 11/19/12

95,209

95,708

Hyundai Auto Receivables Trust, 5.34%, 11/15/12

29,324

29,365

Long Beach Auto Receivables Trust, 4.25%, 4/15/12

177,021

177,094

Triad Auto Receivables Owner Trust:

     5.41%, 8/12/11

130,131

130,231

     5.28%, 2/13/12

358,487

359,673

     4.88%, 4/12/13

348,511

357,514

     Total Asset-Backed Securities (Cost $8,583,784)

8,743,818

COLLATERALIZED MORTGAGE-BACKED OBLIGATIONS (PRIVATELY ORIGINATED) - 2.4%

Adjustable Rate Mortgage Trust, 0.631%, 2/25/35 (r)

3,655

2,140

American Home Mortgage Assets:

     0.421%, 10/25/46 (r)

412,953

209,512

     0.421%, 12/25/46 (r)

2,469,681

1,203,574

     0.356%, 3/25/47 (r)

725,069

373,399

Impac CMB Trust:

     1.011%, 10/25/34 (r)

3,965

2,835

     0.971%, 11/25/34 (r)

29,735

19,819

     0.491%, 4/25/35 (r)

4,883

3,117

     0.771%, 5/25/35 (r)

360,002

240,496

JP Morgan Mortgage Trust, 5.292%, 7/25/35 (r)

574,246

534,540

Merrill Lynch Mortgage Investors, Inc., 5.149%, 12/25/35 (r)

150,860

143,675

MLCC Mortgage Investors, Inc.:

     0.601%, 3/25/28 (r)

24,357

18,955

     0.461%, 4/25/29 (r)

377,812

309,076

     0.511%, 7/25/29 (r)

14,780

11,847

     0.461%, 3/25/30 (r)

6,785

5,066

Sequoia Mortgage Trust, 0.553%, 11/20/34 (r)

31,424

22,027

Structured Asset Mortgage Investments, Inc., 0.421%, 9/25/36 (r)

390,788

203,326

WaMu Mortgage Pass Through Certificates, 4.825%, 10/25/35 (r)

1,000,000

775,504

     Total Collateralized Mortgage-Backed Obligations (Privately Originated) (Cost $3,802,415)

4,078,908

COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.1%

 

 

 

American Tower Trust, 0.423%, 4/15/37 (e)(r)

500,000

392,110

Crown Castle Towers LLC, 4.878%, 6/15/35 (e)

1,537,000

1,558,703

     Total Commercial Mortgage-Backed Securities (Cost $1,966,090)

1,950,813

CORPORATE BONDS - 40.3%

 

 

 

Achmea Hypotheekbank NV, 0.631%, 11/3/14 (e)(r)

750,000

750,017

American Express Centurion Bank:

     0.292%, 3/23/10 (r)

250,000

249,794

     0.314%, 7/13/10 (r)

60,000

59,885

American Express Credit Corp., 1.631%, 5/27/10 (r)

250,000

250,880

American Honda Finance Corp., 1.003%, 6/20/11 (e)(r)

1,000,000

997,090

Anadarko Finance Co., 6.75%, 5/1/11

750,000

796,142

Anheuser-Busch InBev Worldwide, Inc., 3.00%, 10/15/12 (e)

1,000,000

1,008,018

ANZ National International Ltd.:

     0.458%, 8/5/11 (e)(r)

500,000

500,719

     2.375%, 12/21/12 (e)

1,000,000

991,702

Australia & New Zealand Banking Group Ltd., 0.583%, 10/21/11 (e)(r)

1,000,000

1,001,669

BAC Capital Trust XV, 1.056%, 6/1/56 (r)

2,000,000

1,268,298

BAE Systems Asset Trust, 6.664%, 9/15/13 (b)(e)

878,326

926,248

Bank of America Corp., 0.581%, 4/30/12 (r)

500,000

504,364

Barnett Capital III, 0.906%, 2/1/27 (r)

500,000

337,907

Bear Stearns Co.'s, Inc., 0.357%, 2/23/10 (r)

150,000

150,047

BP Capital Markets plc, 1.253%, 3/17/11 (r)

750,000

759,226

Capital One Financial Corp., 4.80%, 2/21/12

935,000

971,342

Cargill, Inc., 1.533%, 1/21/11 (e)(r)

75,000

74,900

Caterpillar Financial Services Corp.:

     0.725%, 2/8/10 (r)

50,000

50,021

     0.504%, 12/16/11 (r)

1,000,000

1,001,999

Cellco Partnership, 2.869%, 5/20/11 (r)

1,000,000

1,033,871

Chase Capital II, 0.781%, 2/1/27 (r)

1,000,000

700,324

Chase Capital VI, 0.906%, 8/1/28 (r)

250,000

173,771

Chesapeake Energy Corp., 7.625%, 7/15/13

400,000

419,000

Chevron Phillips Chemical Co. LLC, 7.00%, 3/15/11

500,000

525,993

Citibank:

     0.284%, 7/12/11 (r)

500,000

500,326

     0.305%, 5/7/12 (r)

250,000

250,301

Citigroup Funding, Inc., 0.611%, 4/30/12 (r)

500,000

504,594

Citigroup, Inc., 5.25%, 2/27/12

1,000,000

1,039,977

Commonwealth Bank of Australia, 0.579%, 11/4/11 (e)(r)

500,000

500,011

Credit Suisse USA, Inc., 0.473%, 8/16/11 (r)

800,000

798,203

CVS Caremark Corp., 0.556%, 6/1/10 (r)

1,500,000

1,500,922

Deutsche Bank Capital Trust, 2.083%, 12/29/49 (b)(r)

200,000

140,000

Dexia Credit Local, 0.899%, 9/23/11 (e)(r)

500,000

504,234

Discover Financial Services, 0.784%, 6/11/10 (r)

1,000,000

991,291

Dominion Resources, Inc., 1.303%, 6/17/10 (r)

90,000

90,337

Dow Chemical Co., 2.525%, 8/8/11 (r)

500,000

509,134

Dr Pepper Snapple Group, Inc., 2.35%, 12/21/12

1,000,000

1,002,065

Fleet Capital Trust V, 1.254%, 12/18/28 (r)

1,000,000

680,546

FMG Finance Proprietary Ltd., 4.256%, 9/1/11 (b)(e)(r)

1,560,000

1,536,600

Ford Motor Credit Co. LLC:

     1.854%, 1/15/10 (r)

750,000

749,982

     5.504%, 6/15/11 (r)

750,000

738,898

     3.034%, 1/13/12 (r)

650,000

604,500

Fortune Brands, Inc., 5.125%, 1/15/11

750,000

772,116

FPL Group Capital, Inc., 0.675%, 11/9/12 (r)

800,000

803,450

General Electric Capital Corp.:

     0.557%, 6/8/12 (r)

150,000

151,197

     1.167%, 5/22/13 (r)

1,000,000

971,969

General Motors Corp., 8.375%, 7/15/33 (nn)

500,000

135,000

Glitnir Banki HF:

     2.95%, 10/15/08 (b)(y)*

120,000

27,000

     3.046%, 4/20/10 (b)(e)(r)(y)*

50,000

11,250

     3.226%, 1/21/11 (b)(e)(r)(y)*

30,000

6,750

GMAC, Inc., 1.75%, 10/30/12

1,000,000

995,845

GMAC LLC, 0.253%, 12/19/12 (r)

600,000

599,824

Goldman Sachs Group, Inc.:

     0.525%, 11/9/11 (r)

500,000

502,860

     0.454%, 3/15/12 (r)

300,000

301,207

Hewlett-Packard Co., 1.306%, 5/27/11 (r)

800,000

810,996

Howard Hughes Medical Institute, 3.45%, 9/1/14

500,000

506,775

HRPT Properties Trust, 0.854%, 3/16/11 (r)

851,000

803,139

Ingersoll-Rand Global Holding Co. Ltd., 1.773%, 8/13/10 (b)(r)

310,000

311,550

International Business Machines Corp., 0.318%, 11/4/11 (r)

1,000,000

1,000,761

John Deere Capital Corp.:

     0.984%, 1/18/11 (r)

100,000

100,609

     1.006%, 6/10/11 (r)

300,000

302,160

JPMorgan Chase & Co.:

     0.783%, 1/22/10 (r)

50,000

50,014

     0.42%, 4/1/11 (r)

500,000

501,052

     0.484%, 6/15/12 (r)

300,000

302,152

     0.501%, 12/26/12 (r)

500,000

503,601

JPMorgan Chase Capital XXIII, 1.273%, 5/15/47 (r)

250,000

172,580

Koninklijke Philips Electronics NV, 1.405%, 3/11/11 (r)

520,000

520,863

Lincoln National Corp., 0.334%, 3/12/10 (r)

1,250,000

1,246,364

Masco Corp., 0.554%, 3/12/10 (r)

1,360,000

1,355,118

MBNA Capital, 1.081%, 2/1/27 (r)

250,000

172,026

Medco Health Solutions, Inc., 7.25%, 8/15/13

75,000

83,259

Merrill Lynch & Co., Inc., 1.014%, 9/15/26 (r)

300,000

233,409

MetLife, Inc., 0.571%, 6/29/12 (r)

600,000

602,400

Metropolitan Life Global Funding I, 0.984%, 4/14/11 (e)(r)

250,000

250,333

Morgan Stanley:

     0.374%, 1/15/10 (r)

230,000

229,993

     0.534%, 1/18/11 (r)

360,000

358,292

     0.534%, 1/9/12 (r)

505,000

497,902

     0.554%, 2/10/12 (r)

200,000

201,446

National City Bank, 0.348%, 6/18/10 (r)

275,000

274,461

National City Corp., 4.00%, 2/1/11

200,000

203,874

National Semiconductor Corp., 6.15%, 6/15/12

300,000

312,179

NationsBank Cap Trust III, 0.834%, 1/15/27 (r)

30,000

20,868

Nationwide Building Society, 0.453%, 5/17/12 (e)(r)

600,000

599,718

Nissan Motor Acceptance Corp., 4.625%, 3/8/10 (e)

300,000

301,053

Nordea Bank Finland plc, 0.584%, 10/14/11 (r)

700,000

700,032

OPTI Canada, Inc., 9.00%, 12/15/12 (e)

500,000

510,000

Pacific Gas & Electric Co., 1.206%, 6/10/10 (r)

500,000

501,854

Pepco Holdings, Inc., 0.881%, 6/1/10 (r)

2,590,000

2,572,518

PNC Funding Corp.:

     0.421%, 1/31/12 (r)

1,000,000

977,144

     0.49%, 4/1/12 (r)

500,000

502,568

Pricoa Global Funding I, 0.494%, 1/15/10 (e)(r)

500,000

499,954

Rabobank Nederland NV, 0.478%, 8/5/11 (e)(r)

800,000

799,381

Reed Elsevier Capital, Inc., 0.584%, 6/15/10 (r)

775,000

774,042

Skyway Concession Co. LLC, 0.563%, 6/30/17 (b)(e)(r)

60,000

50,908

SLM Corp.:

     4.00%, 1/15/10

1,200,000

1,200,228

     0.273%, 3/15/10 (r)

300,000

298,585

Southern Co., 0.683%, 10/21/11 (r)

1,000,000

1,001,275

State Street Bank and Trust Co., 0.454%, 9/15/11 (r)

500,000

502,025

Sun Life Financial Global Funding LP, 0.509%, 7/6/10 (e)(r)

1,000,000

989,297

Suncorp-Metway Ltd., 0.628%, 12/17/10 (e)(r)

500,000

500,003

SunTrust Bank:

     0.377%, 5/21/12 (r)

700,000

669,449

     0.552%, 8/24/15 (r)

750,000

629,909

Susquehanna Bancshares, Inc., 2.101%, 5/1/14 (r)

500,000

368,107

Svenska Handelsbanken AB, 1.254%, 9/14/12 (e)(r)

700,000

696,375

Systems 2001 AT LLC, 7.156%, 12/15/11 (e)

488,733

509,044

TD Ameritrade Holding Corp., 2.95%, 12/1/12

1,000,000

992,225

Timken Co., 6.00%, 9/15/14

300,000

311,697

Toll Road Investors Partnership II LP, Zero Coupon, 2/15/43 (b)(e)

500,000

99,765

Travelers Insurance Company Ltd., 0.534%, 12/8/11 (b)

250,000

238,148

Union Pacific Railroad Co. 2004 Pass Through Trust, 5.214%, 9/30/14 (e)

370,000

393,602

UnitedHealth Group, Inc., 0.433%, 6/21/10 (r)

500,000

499,209

Verizon New York, Inc., 6.125%, 1/15/10

100,000

100,128

Wachovia Capital Trust III, 5.80% to 3/15/11, floating rate thereafter to 3/29/49 (r)

400,000

304,000

Wachovia Corp., 0.406%, 3/1/12 (r)

1,000,000

983,879

Wells Fargo & Co., 0.474%, 6/15/12 (r)

500,000

502,963

Western Refining, Inc., 7.754%, 6/15/14 (e)(r)

300,000

268,500

Westfield Capital Corp. Ltd., 4.375%, 11/15/10 (e)

750,000

764,242

Westpac Banking Corp.:

     0.582%, 10/21/11 (e)(r)

750,000

750,010

     0.446%, 12/14/12 (e)(r)

1,000,000

998,838

Williams Co.'s, Inc., 2.29%, 10/1/10 (e)(r)

800,000

796,422

     Total Corporate Bonds (Cost $67,501,266)

69,508,889

U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 0.1%

 

US AgBank FCB, 6.11% to 7/10/12, floating rate thereafter to 12/31/49 (e)(r)

300,000

182,250

     Total U.S. Government Agencies and Instrumentalities (Cost $140,267)

182,250

U.S. TREASURY - 3.5%

 

 

 

United States Treasury Bonds, 4.375%, 11/15/39

400,000

383,250

United States Treasury Notes:

     3.125%, 5/15/19

1,400,000

1,326,719

     3.375%, 11/15/19

4,400,000

4,235,687

     Total U.S. Treasury (Cost $6,113,698)

5,945,656

MUNICIPAL OBLIGATIONS - 2.5%

 

 

 

CIDC-Hudson House LLC New York Revenue VRDN, 1.75%, 12/1/34 (r)

50,000

50,000

Sarasota-Manatee Airport Authority Revenue VRDN, 0.27%, 8/1/14 (r)

4,240,000

4,240,000

SunAmerica Trust Revenue VRDN, 1.00%, 7/1/41 (r)

44,000

44,000

     Total Municipal Obligations (Cost $4,334,000)

4,334,000

CERTIFICATES OF DEPOSIT - 0.0%

 

 

 

Deutsche Bank, 0.854%, 6/18/10 (r)

80,000

79,772

     Total Certificates of Deposit (Cost $80,000)

79,772

TIME DEPOSIT - 41.7%

 

 

 

State Street Corp. Time Deposit, 0.00%, 1/4/10

72,047,343

72,047,343

     Total Time Deposit (Cost $72,047,343)

72,047,343

SOVEREIGN GOVERNMENT BONDS - 0.6%

 

 

 

Province of Ontario Canada, 0.717%, 5/22/12 (r)

1,000,000

1,002,409

     Total Sovereign Government Bonds (Cost $1,000,000)

1,002,409

EQUITY SECURITIES - 0.4%

 

SHARES

 

Woodbourne Capital, Trust II, Preferred (b)(e)

1,000,000

703,750

     Total Equity Securities (Cost $450,000)

703,750

          TOTAL INVESTMENTS (Cost $166,018,863) - 97.7%

168,577,608

          Other assets and liabilities, net - 2.3%

4,009,573

          NET ASSETS - 100%

$172,587,181

=============

FUTURES

# OF CONTRACTS

EXPIRATION DATE

UNDERLYING FACE AMOUNT AT VALUE

UNREALIZED APPRECIATION (DEPRECIATION)

Purchased:

     5 Year U.S. Treasury Notes

23

3/10

$2,630,805

($16,745)

     30 Year U.S. Treasury Bonds

10

3/10

1,153,750

(64,573)

          Total Purchased

($81,318)

=============

Sold:

     2 Year U.S. Treasury Notes

180

3/10

$38,927,813

$164,636

     10 Year U.S. Treasury Notes

48

3/10

5,541,750

210,303

          Total Sold

$374,939

=============

(b) This security was valued by the Board of Trustees. See Note A.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(r) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(y) The government of Iceland took control of Glitnir Bank HF (the "Bank") on October 8, 2008. The government has prohibited the Bank from paying any claims owed to foreign entities. As of October 9, 2008, these securities are no longer accruing interest.

(nn) General Motors filed for Chapter 11 bankruptcy on June 1, 2009. This security is no longer accruing interest.

* Non-income producing security.

Abbreviations:

FCB: Farm Credit Bank
LLC: Limited Liability Corporation
LP: Limited Partnership
VRDN: Variable Rate Demand Notes

This Schedule of Investments is unaudited and is intended to provide information about the Fund's portfolio holdings as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

CALVERT HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2009

CORPORATE BONDS - 91.8%

 

PRINCIPAL AMOUNT

VALUE

AES Corp., 9.75%, 4/15/16 (e)

$500,000

$547,500

Alcoa, Inc., 5.95%, 2/1/37

250,000

216,010

Altra Holdings, Inc., 8.125%, 12/1/16 (e)

250,000

256,875

American Axle & Manufacturing Holdings, Inc., 9.25%, 1/15/17 (e)

200,000

203,000

APL Ltd., 8.00%, 1/15/24

300,000

276,000

Apria Healthcare Group, Inc., 12.375%, 11/1/14 (e)

250,000

275,000

Bausch & Lomb, Inc., 9.875%, 11/1/15

250,000

263,750

Boise Paper Holdings LLC, 9.00%, 11/1/17 (e)

250,000

258,125

C8 Capital SPV Ltd., 6.64% to 12/31/14, floating rate thereafter to 12/31/49 (e)(r)

500,000

345,625

Cablevision Systems Corp., 8.625%, 9/15/17 (e)

250,000

260,313

Calpine Corp. Escrow, 9.875%, 12/1/11 (b)*

500,000

-

Cantor Fitzgerald LP, 7.875%, 10/15/19 (e)

250,000

250,667

Capital One Capital V, 10.25%, 8/15/39

250,000

291,353

CapitalSource, Inc., 12.75%, 7/15/14 (e)

250,000

267,500

Cemex Finance LLC, 9.50%, 12/14/16 (e)

250,000

257,725

Chesapeake Energy Corp., 7.625%, 7/15/13

250,000

261,875

Cincinnati Bell, Inc., 8.25%, 10/15/17

500,000

507,500

Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17 (e)

800,000

824,000

Commercial Barge Line Co., 12.50%, 7/15/17 (e)

250,000

260,000

Constellation Brands, Inc., 7.25%, 9/1/16

250,000

252,500

Cott Beverages, Inc., 8.375%, 11/15/17 (e)

100,000

103,250

CPM Holdings, Inc., 10.625%, 9/1/14 (e)

250,000

260,625

DaVita, Inc., 7.25%, 3/15/15

125,000

125,000

Delta Air Lines, Inc.:

     9.50%, 9/15/14 (e)

250,000

260,000

     12.25%, 3/15/15 (e)

250,000

250,000

Dollar General Corp., 11.875%, 7/15/17

515,000

593,537

Drummond Co., Inc., 9.00%, 10/15/14 (e)

250,000

261,875

DuPont Fabros Technology LP, 8.50%, 12/15/17 (e)

250,000

253,438

Edison Mission Energy, 7.50%, 6/15/13

250,000

235,000

Energy Future Holdings Corp., 10.875%, 11/1/17

250,000

203,750

Enterprise Products Operating LLC, 7.00% to 6/1/17, floating rate thereafter to 6/1/67 (r)

500,000

443,452

Enterprise Products Operating LP, 7.034% to 1/15/18, floating rate thereafter to 1/15/68 (r)

125,000

114,688

Ferrellgas Partners LP, 9.125%, 10/1/17 (e)

500,000

528,750

FMG Finance Proprietary Ltd.:

     10.00%, 9/1/13 (e)

250,000

260,000

     10.625%, 9/1/16 (e)

500,000

553,125

Ford Motor Credit Co. LLC:

     3.034%, 1/13/12 (r)

255,000

237,150

     7.50%, 8/1/12

250,000

252,500

Frontier Communications Corp.:

     6.25%, 1/15/13

250,000

250,000

     8.125%, 10/1/18

500,000

503,750

Georgia-Pacific LLC, 8.25%, 5/1/16 (e)

100,000

106,000

Global Aviation Holdings Ltd., 14.00%, 8/15/13 (e)

500,000

496,875

Goodyear Tire & Rubber Co., 10.50%, 5/15/16

500,000

552,500

Great Atlantic & Pacific Tea Co., 11.375%, 8/1/15 (e)

100,000

105,250

Greif, Inc., 6.75%, 2/1/17

750,000

735,000

GXS Worldwide, Inc., 9.75%, 6/15/15 (e)

250,000

245,625

Hanesbrands, Inc.:

     3.831%, 12/15/14 (r)

250,000

238,125

     8.00%, 12/15/16

250,000

255,000

Harland Clarke Holdings Corp., 9.50%, 5/15/15

250,000

232,500

HCA, Inc.:

     9.25%, 11/15/16

500,000

538,750

     9.625%, 11/15/16

125,000

135,625

Hertz Corp., 8.875%, 1/1/14

250,000

255,625

Ingles Markets, Inc., 8.875%, 5/15/17

500,000

520,000

Inmarsat Finance plc, 7.375%, 12/1/17 (e)

250,000

246,193

Intelsat Jackson Holdings Ltd., 11.25%, 6/15/16

750,000

810,000

Inverness Medical Innovations, Inc., 7.875%, 2/1/16 (e)

250,000

245,000

ION Media Networks, Inc., 11.00%, 7/31/13 (w)*

493,849

49

iPCS, Inc., 2.406%, 5/1/13 (r)

600,000

550,500

Jarden Corp., 7.50%, 5/1/17

250,000

250,000

Jefferies Group, Inc., 8.50%, 7/15/19

500,000

535,940

JET Equipment Trust, 7.63%, 8/15/12 (b)(e)(w)*

109,297

601

Kansas City Southern de Mexico SA de CV, 7.375%, 6/1/14

300,000

292,500

Koppers, Inc., 7.875%, 12/1/19 (e)

500,000

507,500

Land O'Lakes Capital Trust I, 7.45%, 3/15/28 (e)

54,000

47,520

Landry's Restaurants, Inc., 11.625%, 12/1/15 (e)

250,000

254,375

Levi Strauss & Co., 9.75%, 1/15/15

250,000

262,813

Limited Brands, Inc., 8.50%, 6/15/19 (e)

250,000

269,375

Masco Corp., 0.554%, 3/12/10 (r)

300,000

298,923

MBNA Capital, 1.081%, 2/1/27 (r)

250,000

172,026

Merrill Lynch & Co., Inc., 1.014%, 9/15/26 (r)

500,000

389,015

MGM Mirage, 8.50%, 9/15/10

125,000

124,375

National Semiconductor Corp., 6.15%, 6/15/12

250,000

260,149

NewPage Corp., 11.375%, 12/31/14 (e)

250,000

255,000

Nexstar Finance Holdings LLC, 11.375%, 4/1/13

319,590

241,690

Nielsen Finance LLC:

     11.625%, 2/1/14

250,000

280,937

     10.00%, 8/1/14

250,000

261,250

NII Capital Corp., 8.875%, 12/15/19 (e)

750,000

744,375

NRG Energy, Inc.:

     7.25%, 2/1/14

250,000

253,125

     7.375%, 2/1/16

500,000

500,000

OPTI Canada, Inc.:

     9.00%, 12/15/12 (e)

250,000

255,000

     8.25%, 12/15/14

500,000

415,000

Penske Automotive Group, Inc., 7.75%, 12/15/16

125,000

120,938

Pioneer Natural Resources Co., 7.50%, 1/15/20

500,000

501,250

Potlatch Corp., 7.50%, 11/1/19 (e)

300,000

306,000

Psychiatric Solutions, Inc., 7.75%, 7/15/15 (e)

250,000

241,250

Quicksilver Resources, Inc., 9.125%, 8/15/19

500,000

520,000

Qwest Capital Funding, Inc., 7.25%, 2/15/11

500,000

507,500

RailAmerica, Inc., 9.25%, 7/1/17

450,000

477,000

Reliance Intermediate Holdings LP, 9.50%, 12/15/19 (e)

250,000

259,187

Rite Aid Corp., 10.25%, 10/15/19 (e)

500,000

520,000

Rock-Tenn Co., 9.25%, 3/15/16

250,000

271,562

Royal Bank of Scotland Group plc, 7.64% to 9/29/17, floating rate thereafter to 3/29/49 (r)(qq)

115,000

60,663

Saks, Inc., 9.875%, 10/1/11

500,000

523,750

SandRidge Energy, Inc., 8.75%, 1/15/20 (e)

350,000

349,125

Scientific Games Corp., 7.875%, 6/15/16 (e)

250,000

250,625

Scientific Games International, Inc., 9.25%, 6/15/19

250,000

262,188

Sealy Mattress Co., 10.875%, 4/15/16 (e)

250,000

278,125

Smithfield Foods, Inc., 10.00%, 7/15/14 (e)

250,000

271,875

Spirit Aerosystems, Inc., 7.50%, 10/1/17 (e)

100,000

98,625

Standard Pacific Escrow LLC, 10.75%, 9/15/16 (e)

250,000

250,000

SunGard Data Systems, Inc., 10.25%, 8/15/15

250,000

266,250

Susquehanna Bancshares, Inc., 2.101%, 5/1/14 (r)

250,000

184,053

Talecris Biotherapeutics Holdings Corp., 7.75%, 11/15/16 (e)

500,000

507,500

Teck Resources Ltd., 10.25%, 5/15/16

250,000

291,250

Toys R Us Property Co. LLC, 8.50%, 12/1/17 (e)

250,000

255,625

TRW Automotive, Inc.:

     7.25%, 3/15/17 (e)

250,000

242,500

     8.875%, 12/1/17 (e)

250,000

259,375

United Air Lines, Inc., 10.40%, 11/1/16

350,000

371,875

United Rentals North America, Inc.:

     10.875%, 6/15/16

250,000

271,563

     9.25%, 12/15/19

250,000

257,813

Ventas Realty LP:

     7.125%, 6/1/15

147,000

145,346

     6.50%, 6/1/16

250,000

241,250

Videotron Ltd., 9.125%, 4/15/18

500,000

550,000

Virgin Media Finance plc, 9.50%, 8/15/16

250,000

268,750

Warnaco, Inc., 8.875%, 6/15/13

69,000

70,725

Western Refining, Inc., 11.25%, 6/15/17 (e)

250,000

226,250

Williams Partners LP, 7.25%, 2/1/17

250,000

254,375

Wind Acquisition Finance SA, 11.75%, 7/15/17 (e)

250,000

273,750

Windstream Corp.:

     8.625%, 8/1/16

300,000

305,250

     7.875%, 11/1/17 (e)

500,000

495,000

     Total Corporate Bonds (Cost $35,025,795)

36,713,477

COLLATERALIZED MORTGAGE-BACKED OBLIGATIONS (PRIVATELY ORIGINATED) - 3.2%

American Home Mortgage Assets:

     0.421%, 12/25/46 (r)

1,723,218

839,792

     0.356%, 3/25/47 (r)

442,523

227,892

Residential Funding Mortgage Securities I, Inc., 5.665%, 2/25/36 (r)

284,084

214,511

     Total Collateralized Mortgage-Backed Obligations (Privately Originated) (Cost $1,170,771)

1,282,195

COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%

 

 

 

American Tower Trust, 0.423%, 4/15/37 (e)(r)

400,000

313,688

     Total Commercial Mortgage-Backed Securities (Cost $329,451)

313,688

U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 1.5%

 

 

AgFirst Farm Credit Bank, 6.585% to 6/15/12, floating rate thereafter to 6/29/49 (e)(r)

500,000

332,500

AgriBank FCB, 9.125%, 7/15/19

250,000

274,738

     Total U.S. Government Agencies and Instrumentalities (Cost $446,288)

607,238

EQUITY SECURITIES - 0.2%

 

SHARES

 

Avado Brands, Inc. (b)*

9,462

95

Intermet Corp. (b)*

6,346

63

ION Media Networks, Inc., Series B, Preferred (b)*

6

2

Paging Network Do Brazil Holding Co. LLC, Class B (b)(e)*

1,000

-

Simonds Industries, Inc. (b)*

2,746

52,531

     Total Equity Securities (Cost $1,282,378)

52,691

          TOTAL INVESTMENTS (Cost $38,254,683) - 97.5%

38,969,289

          Other assets and liabilities, net - 2.5%

1,017,840

          NET ASSETS - 100%

$39,987,129

=========

(b) This security was valued by the Board of Trustee. See Note A.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(r) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(w) Security is in default and is no longer accruing interest.

(qq) Royal Bank Of Scotland Group plc is in default and is no longer accruing interest. During the period, $805 of interest was written off.

* Non-income producing security.

Abbreviations:

FCB: Farm Credit Bank
LLC: Limited Liability Corporation
LP: Limited Partnership

This Schedule of Investments is unaudited and is intended to provide information about the Fund's portfolio holdings as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

 

NOTE A -- SIGNIFICANT ACCOUNTING POLICIES

 

General: The Calvert Fund (the "Fund") is registered under the Investment Company Act of 1940 as an open-end management investment company. The Fund operates as a series fund with eight separate portfolios: Income, Short Duration Income, Long-Term Income, Ultra-Short Income, Government, Short-Term Government, High Yield and New Vision Small Cap. Prior to September 18, 2009, Short-Term Government and High Yield were each a series of Summit Mutual Funds, Inc. Income, Short Duration Income, Long-Term Income, Ultra-Short Income, High Yield and Government are registered as non-diversified portfolios. New Vision Small Cap and Short-Term Government are registered as diversified portfolios. The operations of each series are accounted for separately. Government began operations on December 31, 2008 and offers Class A and Class C shares of beneficial interest. Income offers six classes of shares of beneficial interest (Class A, Class B, Class C, Class I, Class R, which commenced operations on October 31, 2006, and Class Y, which commenced operations on February 29, 2008). New Vision Small Cap offers four classes of shares of beneficial interest (Class A, Class B, Class C, and Class I). Short Duration Income offers four classes of shares of beneficial interest (Class A, Class C, Class I, and Class Y, which commenced operations on February 29, 2008) and Long-Term Income and Ultra-Short Income each offer Class A shares of beneficial interest. High Yield and Short-Term Government each offer Class A and Class I shares of beneficial interest. Class A shares are sold with a maximum front-end sales charge of 4.75%: New Vision Small Cap, 3.75%: Income, Long-Term Income, Government and High Yield, 2.75%: Short Duration Income and Short Term Government, and 1.25% for Ultra-Short Income. Class B shares are sold without a front-end sales charge. With certain exceptions, the Fund will impose a deferred sales charge at the time of redemption, depending on how long investors have owned the shares. Class C shares are sold without a front-end sales charge. With certain exceptions, the Fund will impose a deferred sales charge on shares sold within one year of purchase. Class B and Class C shares have higher levels of expenses than Class A shares. Class I shares require a minimum account balance of $1,000,000. The $1 million minimum initial investment may be waived for certain institutional accounts, where it is believed to be in the best interest of the Fund and its shareholders. Class I shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Class R shares are sold without a front-end or deferred sales charge, have a higher level of expenses than Class A shares, and are generally only available to certain retirement plans where plan level or omnibus accounts are held on the books of the Fund. Class Y shares are generally only available to wrap or similar fee-based programs offered by financial intermediaries that have entered into an agreement with the Fund's Distributor to offer Class Y shares. Class Y shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Each class has different: (a) dividend rates due to differences in Distribution Plan expenses and other class specific expenses, (b) exchange privileges and (c) class specific voting rights.

 

On December 12, 2008, the net assets of the Summit Bond Fund, a series of Summit Mutual Funds, Inc. Apex Series, merged into the Calvert Income Fund. The merger was accomplished by a tax-free exchange of 4,268,269 Class I shares and 32,224 Class Y shares of the Calvert Income Fund (valued at $58,005,471 and $440,457, respectively) for 1,518,476 Class I shares and 11,486 Class A shares of the Summit Bond Fund outstanding at December 12, 2008. The Summit Bond Fund's net assets as of December 12, 2008, including $8,114,963 of unrealized depreciation, were combined with those of the Calvert Income Fund.

 

Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Trustees to value its investments wherever possible. Securities for which market quotations are available are valued at last sale price or official closing price on the primary market or exchange in which they trade. Municipal securities are valued utilizing a matrix system (which considers such factors as security prices, yields, maturities and ratings) furnished by dealers through an independent pricing service. Foreign securities are valued based on quotations from the principle market in which such securities are normally traded. If events occur after the close of the principle market in which foreign securities are traded, and before the close of business of the Fund, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. Short-term notes are stated at amortized cost, which approximates fair value. The Fund may invest in securities whose resale is subject to restrictions. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Trustees.

 

In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

 

The following securities were fair valued in good faith under the direction of the Board of Trustees as of December 31, 2009:

Total Investments

% of Net Assets

Income

$615,916,504

17.2%

Long Term Income

8,392,957

9.3%

Short Duration Income

135,781,306

5.7%

Ultra-Short Income

4,677,513

2.7%

New Vision Small Cap

1,223,238

1.5%

High Yield

53,292

0.1%

Government

79,587

3.7%

The Fund utilizes various methods to measure the fair value of its investments. Generally Accepted Accounting Principles (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 methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy during the period. For additional information on the Fund's policy regarding valuation of investments, please refer to the Fund's most recent prospectus.

 

The following is a summary of the inputs used to value the Fund's net assets as of December 31, 2009:

Income

Valuation Inputs

Investments in Securities

Level 1

Level 2

Level 3

Total

Equity securities

$21,822,186

               --

$18,156,849

$39,979,035

Asset backed securities

--

$59,551,004

--

59,551,004

Collateralized mortgage-backed obligations

--

59,203,508

--

59,203,508

Commercial mortgage-backed securities

--

70,694,764

30,288,375

100,983,139

Corporate debt

--

1,514,165,173

509,707,145

2,023,872,318

Municipal obligations

--

344,906,582

24,875,458

369,782,040

U.S. government obligations

--

486,842,437

32,888,677

519,731,114

Other debt obligations

               --

397,664,680

               --

397,664,680

TOTAL

$21,822,186

$2,933,028,148

$615,916,504

$3,570,766,838

======================================================

Other financial instruments*

$7,433,583

--

--

$7,433,583

======================================================

 

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/ depreciation on the instrument.

 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Income

Equity Securities

Municipal Obligations

Collateralized Mortgage-Backed Obligations

Commercial Mortgage-Backed Securities

Balance as of 9/30/09

$15,738,097

$0

$1,574,840

$30,751,500

Accrued discounts/premiums

--

--

9,864

2,657

Realized gain (loss)

--

--

40,022

--

Change in unrealized appreciation (depreciation)

2,418,752

--

(87,666)

(465,782)

Net purchases (sales)

--

--

(95,325)

--

Transfers in and/ or out of Level 3

               --

24,875,458

(1,441,735)

               --

Balance as of 12/31/09

$18,156,849

$24,875,458

$0

$30,288,375

====================================================

Income (cont.)

Corporate Debt

U.S. Government Obligations

Total

Balance as of 9/30/09

$434,592,908

$80,091,750

$562,749,095

Accrued discounts/premiums

2,706,755

(56,548)

2,662,728

Realized gain (loss)

(24,789,691)

--

(24,749,669)

Change in unrealized appreciation (depreciation)

24,799,271

7,530,175

34,194,750

Net purchases (sales)

(26,338,520)

--

(26,433,845)

Transfers in and/ or out of Level 3

98,736,422

(54,676,700)

67,493,445

Balance as of 12/31/09

$509,707,145

$32,888,677

$615,916,504

==================================

 

For the period ended December 31, 2009, total change in unrealized gain (loss) on Level 3 securities for Income that would be included in the change in net assets was $34,828,159.

Short Duration Income

Valuation Inputs

Investments in Securities

Level 1

Level 2

Level 3

Total

Equity securities

$853,746

--

$3,166,876

$4,020,622

Asset backed securities

--

$98,222,887

3,738,673

101,961,560

Collateralized mortgage-backed obligations

--

85,048,582

--

85,048,582

Commercial mortgage-backed securities

--

8,968,770

--

8,968,770

Corporate debt

--

1,275,987,449

121,236,167

1,397,223,616

Municipal obligations

--

105,015,428

--

105,015,428

U.S. government obligations

--

209,888,261

7,639,590

217,527,851

Other debt obligations

           --

431,502,686

           --

431,502,686

TOTAL

$853,746

$2,214,634,063

$135,781,306

$2,351,269,115

================================================

Other financial instruments*

$5,161,093

--

--

$5,161,093

================================================

 

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/ depreciation on the instrument.

 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Short Duration Income

Equity Securities

Asset Backed Securities

Corporate Debt

U.S. Government Obligations

Total

Balance as of 9/30/09

$1,525,000

$0

$101,135,300

$14,580,100

$117,240,400

Accrued discounts/premiums

--

(326)

911,884

6,831

918,389

Realized gain (loss)

--

(925)

19,861

--

18,936

Change in unrealized appreciation (depreciation)

741,876

10,696

3,905,532

1,182,984

5,841,088

Net purchases (sales)

900,000

3,729,228

(4,327,154)

--

302,074

Transfers in and/ or out of Level 3

           --

           --

19,590,744

(8,130,325)

11,460,419

Balance as of 12/31/09

$3,166,876

$3,738,673

$121,236,167

$7,639,590

$135,781,306

=============================================================

 

For the period ended December 31, 2009, total change in unrealized gain (loss) on Level 3 securities for Short Duration that would be included in the change in net assets was $4,911,502.

Long Term Income

Valuation Inputs

Investments in Securities

Level 1

Level 2

Level 3

Total

Equity securities

$477,134

$497,188

$703,750

$1,678,072

Asset backed securities

--

2,124,312

208,515

2,332,827

Collateralized mortgage-backed obligations

--

2,656,459

--

2,656,459

Corporate debt

--

35,317,946

7,173,066

42,491,012

Municipal obligations

--

2,138,618

22,626

2,161,244

U.S. government obligations

--

23,786,543

285,000

24,071,543

Other debt obligations

           --

9,462,999

           --

9,462,999

TOTAL

$477,134

$75,984,065

$8,392,957

$84,854,156

========================================================

Other financial instruments*

($8,533)

--

--

($8,533)

========================================================

 

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/ depreciation on the instrument.

 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Long Term Income

Equity Securities

Asset Backed Securities

Collateralized Mortgage-Backed Obligations

Corporate Debt

Balance as of 9/30/09

$-

$-

$103,027

$6,896,609

Accrued discounts/premiums

--

(18)

645

60,249

Realized gain (loss)

--

(52)

2,618

157,076

Change in unrealized appreciation (depreciation)

253,750

597

(5,735)

45,442

Net purchases (sales)

450,000

207,988

(6,236)

358,035

Transfers in and/ or out of Level 3

           --

           --

(94,319)

(344,345)

Balance as of 12/31/09

$703,750

$208,515

$-

$7,173,066

Long Term Income (cont.)

Municipal Obligations

U.S. Government Obligations

Total

Balance as of 9/30/09

$-

$494,000

$7,493,636

Accrued discounts/premiums

--

1,701

62,577

Realized gain (loss)

--

--

159,642

Change in unrealized appreciation (depreciation)

--

32,299

326,353

Net purchases (sales)

--

--

1,009,787

Transfers in and/ or out of Level 3

22,626

(243,000)

(659,038)

Balance as of 12/31/09

$22,626

$285,000

$8,392,957

==========================================

 

For the period ended December 31, 2009, total change in unrealized gain (loss) on Level 3 securities for Long Term Income that would be included in the change in net assets was $336,642.

Ultra-Short Income

Valuation Inputs

Investments in Securities

Level 1

Level 2

Level 3

Total

Equity Securities

--

--

$703,750

$703,750

Asset backed securities

--

$8,118,273

625,545

8,743,818

Collateralized mortgage-backed obligations

--

4,078,908

--

4,078,908

Commercial mortgage-backed securities

--

1,950,813

--

1,950,813

Corporate debt

--

66,160,671

3,348,218

69,508,889

Municipal obligations

--

4,334,000

--

4,334,000

U.S. government obligations

--

6,127,906

--

6,127,906

Other debt obligations

           --

73,129,524

           --

73,129,524

TOTAL

--

$163,900,095

$4,677,513**

$168,577,608

=====================================================

Other financial instruments*

$293,621

--

--

$293,621

=====================================================

 

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/ depreciation on the instrument.

** Level 3 securities represent 2.7% of net assets.

Government

Valuation Inputs

Investments in Securities

Level 1

Level 2

Level 3

Total

Collateralized mortgage-backed obligations

--

$115,129

--

$115,129

Corporate debt

--

698,965

$79,587

778,552

U.S. government obligations

           --

943,325

           --

943,325

TOTAL

--

$1,757,419

$79,587

$1,837,006

========================================

Other financial instruments*

$5,957

--

--

$5,957

========================================

 

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/ depreciation on the instrument.

 

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Government

Corporate Debt

U.S. Government Obligations

Total

Balance as of 9/30/09

$59,715

$52,400

$112,115

Accrued discounts/premiums

1,115

4

1,119

Realized gain (loss)

20

--

20

Change in unrealized appreciation (depreciation)

(1,004)

5,146

4,142

Net purchases (sales)

19,741

--

19,741

Transfers in and/ or out of Level 3

           --

(57,550)

(57,550)

Balance as of 12/31/09

 $79,587

--

$79,587

====================================

 

For the period ended December 31, 2009, total change in unrealized gain (loss) on Level 3 securities for Government that would be included in the change in net assets was $4,142.

New Vision Small Cap

Valuation Inputs

Investments in Securities

Level 1

Level 2

Level 3

Total

Equity securities*

$70,613,239

--

--

$70,613,239

Other debt obligations

           --

$11,718,966

$1,223,238

12,942,204

TOTAL

$70,613,239

$11,718,966

$1,223,238**

$83,555,443

==============================================

 

* For further breakdown of Equity securities by industry type, please refer to the Schedule of Investments.

** Level 3 securities represent 1.5% of net assets.

High Yield Bond

Valuation Inputs

Investments in Securities

Level 1

Level 2

Level 3

Total

Equity securities

--

--

$52,691

$52,691

Collateralized mortgage-backed obligations

--

$1,282,195

--

1,282,195

Commercial mortgage-backed securities

--

313,688

--

313,688

Corporate debt

--

36,712,876

601

36,713,477

U.S. government obligations

           --

607,238

           --

607,238

TOTAL

--

$38,915,997

$53,292*

$38,969,289

==================================================

 

* Level 3 securities represent 0.1% of net assets.

Short Term Government

Valuation Inputs

Investments in Securities

Level 1

Level 2

Level 3

Total

Corporate debt

--

$9,763,254

--

$9,763,254

Municipal obligations

--

600,000

--

600,000

U.S. government obligations

           --

23,182,942

           --

23,182,942

TOTAL

--

$33,546,196

--

$33,546,196

========================================

Other financial instruments**

$42,761

--

--

$42,761

========================================

 

** Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, which are valued at the unrealized appreciation/ depreciation on the instrument.

 

Repurchase Agreements: The Fund may enter into repurchase agreements with recognized financial institutions or registered broker/dealers and, in all instances, holds underlying securities with a value exceeding the total repurchase price, including accrued interest. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its value and a possible loss of income or value if the counterparty fails to perform in accordance with the terms of the agreement.

Futures Contracts: The Fund may purchase and sell futures contracts, but only when, in the judgment of the Advisor, such a position acts as a hedge. The Fund may not enter into futures contracts for the purpose of speculation or leverage. These futures contracts may include, but are not limited to, futures contracts based on U.S. Government obligations. The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may use futures contracts to hedge against changes in the value of interest rates. The Fund may enter into futures contracts agreeing to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund's ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts' terms. Futures contracts are designed by boards of trade which are designated "contracts markets" by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund.

 

 

Short Sales: The Fund may use short sales of U.S. Treasury securities for the limited purpose of hedging the Fund's duration. Any short sales will be covered with an equivalent amount of high quality, liquid securities in a segregated account at the Fund's custodian.

 

Restricted Securities: The Fund may invest in securities that are subject to legal or contractual restrictions on resale. Generally, these securities may only be sold publicly upon registration under the Securities Act of 1933 or in transactions exempt from such registration. Information regarding restricted securities is included at the end of the Fund's Schedules of Investments.

 

Security Transactions and Net Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. (See Schedule of Investments footnotes.) A debt obligation may be removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured. Expenses arising in connection with a class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

 

Foreign Currency Transactions: The Fund's accounting records are maintained in U. S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are translated into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. The effect of changes in foreign exchange rates on securities and foreign currencies is included in the net realized and unrealized gain or loss on securities and foreign currencies.

 

Distributions to Shareholders: Distributions to shareholders are recorded by the Fund on ex-dividend date. Dividends from net investment income are paid monthly. Distributions from net realized capital gains, if any, are paid at least annually. Distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles; accordingly, periodic reclassifications are made within the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.

 

Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.

 

Redemption Fees: The Fund charges a 2% redemption fee on redemptions, including exchanges, made within 30 days of purchase in the same Fund (within seven days for Class I and Class R shares). The redemption fee is paid to the Class of the Fund from which the redemption is made, and is accounted for as an addition to paid-in capital. The fee is intended to discourage market-timers by ensuring that short-term trading costs are borne by the investors making the transactions and not the shareholders already in the Fund.

 

Expense Offset Arrangements: The Fund has an arrangement with its custodian bank whereby the custodian's fees may be paid indirectly by credits earned on the Fund's cash on deposit with the bank. These credits may be used to reduce the Fund's expenses. Such a deposit arrangement may be an alternative to overnight investments.

 

Federal Income Taxes: No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

 

Management has analyzed the Fund's tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund's financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

 

New Accounting Pronouncements: In January 2010, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2010-06 "Improving Disclosures about Fair Value Measurements".  ASU 2010-06 will require reporting entities to make new disclosures about amount and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements and input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3, and information on purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measures.  The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2009 except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measures, which are effective for fiscal years beginning after December 15, 2010.  At this time, management is evaluating the implications of ASU No. 2010-06 and its impact on the financial statements has not been determined.

 

NOTE B -- TAX INFORMATION

 

The following table presents the cost of investments for federal income tax purposes, and the components of net unrealized appreciation (depreciation) at December 31, 2009, and net realized capital loss carryforwards as of September 30, 2009 with expiration dates:

 

Income

Long-Term Income

Short Duration Income

Ultra-Short Income

New Vision Small Cap

Federal income tax cost of investments

$3,986,399,121

$81,746,563

$2,318,525,503

$166,024,954

$70,968,453

Unrealized appreciation

75,109,954

5,066,755

78,566,519

3,024,068

13,231,484

Unrealized depreciation

(490,742,237)

(1,959,162)

(45,822,907)

(471,414)

(644,494)

Net unrealized appreciation/ (depreciation)

($415,632,283)

$3,107,593

$32,743,612

$2,552,654

$12,586,990

 

Government

High Yield

Short-Term Government

Federal income tax cost of investments

$1,791,905

$38,322,057

$33,380,851

Unrealized appreciation

74,205

2,638,740

297,250

Unrealized depreciation

(29,104)

(1,991,508)

(131,905)

Net unrealized appreciation/ (depreciation)

$45,101

$647,232

$165,345

 

CAPITAL LOSS CARRYFORWARDS

 Expiration Date

New Vision Small Cap

Income

High Yield

30-Sept-2010

$228,548

$239,884

$1,527,322

30-Sept-2011

-

-

1,025,886

30-Sept-2012

-

-

791,075

30-Sept-2013

-

141,901

-

30-Sept-2014

2,052,226

336,178

-

30-Sept-2015

1,688,942

-

476,585

30-Sept-2016

12,997,968

-

30-Sept-2017

13,505,533

1,783,942

924,312

$17,474,859

$15,499,873

$4,745,180

===============================

 

Capital loss carryforwards may be utilized to offset current and future capital gains until expiration.

 

The New Vision Small Cap Fund's use of net capital loss carryforwards of $228,548 (from Calvert Social Investment Fund Technology Portfolio that merged into the Fund in January 2003) and the Income Fund's use of net capital loss carryforwards acquired from Summit Apex Bond may be limited under certain tax provisions.

 

Item 2. Controls and Procedures.

(a) The principal executive and financial officers concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act, as of a date within 90 days of the filing date of this report.

(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

Item 3. Exhibits.

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).

Filed herewith.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

THE CALVERT FUND

By:  /s/ Barbara J. Krumsiek
Barbara J. Krumsiek
President -- Principal Executive Officer

Date:  February 25, 2010

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

/s/ Barbara J. Krumsiek
Barbara J. Krumsiek
President -- Principal Executive Officer

Date:  February 25, 2010

 

/s/ Ronald M. Wolfsheimer
Ronald M. Wolfsheimer
Treasurer -- Principal Financial Officer

Date:  February 25, 2010