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Item 1. Schedule of Investments.

CALVERT INCOME FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2007


	Principal
	Amount		Value

Corporate Bonds - 62.7%
ACLC Business Loan Receivables Trust, 5.97%, 10/15/21 (e)(r)	$	5,539,798	$	5,373,044
AgFirst Farm Credit Bank:
8.393% to 12/15/11, floating rate thereafter to 12/15/16 (r)		16,725,000		18,072,199
6.585% to 06/15/12, floating rate thereafter to 6/15/49 (e)(r)		45,000,000		45,042,356
7.30%, 10/14/49 (e)		19,950,000		19,675,568
Alliance Mortgage Investments:
12.61%, 6/1/10 (r)(x)		3,077,944		2,462,355
15.36%, 12/1/10 (r)(y)		17,718,398		14,174,718
American Electric Power Co., Inc., 4.709%, 8/16/07 (r)		2,000,000		1,998,067
American Express Co., 5.474%, 12/1/33 (r)		9,413,000		9,422,413
American Home Mortgage Assets, 2.119%, 5/25/46 (r)		157,466,067		8,759,050
Anadarko Petroleum Corp., 5.76%, 9/15/09 (r)		15,250,000		15,281,186
APL Ltd., 8.00%, 1/15/24		13,525,000		12,578,250
Asian Development Bank, 6.22%, 8/15/27		2,470,000		2,628,126
Atherton Franchisee Loan Funding, 7.08%, 8/15/19 (e)		2,000,000		1,936,882
Atlantic Mutual Insurance Co., 8.15%, 2/15/28 (e)(p)*		53,561,000		10,712,200
Atmos Energy Corp., 5.731%, 10/15/07 (r)		9,166,000		9,165,854
Autopista del Maipo Sociedad, 7.373%, 6/15/22 (e)		21,885,000		23,997,768
AXA SA, 6.463% to 12/14/18, floating rate thereafter to 12/31/49 (e)(r)		10,900,000		10,234,250
BAC Capital Trust XV, 6.16%, 6/1/56 (r)		86,270,000		86,290,368
BAE Systems Asset Trust, 6.664%, 9/15/13 (e)		22,104,081		22,913,311
Banc of America Commercial Mortgage Inc., 5.449%, 1/15/49		11,700,000		11,507,137
Bank of Nova Scotia Trust Company of New York, 5.20%, 2/20/09		10,000,000		9,977,259
Bayview Research Center Finance Trust, 6.33%, 1/15/37 (e)		26,081,000		27,124,240
Bear Stearns Co’s, Inc., 6.075%, 10/28/14 (r)		46,520,000		46,491,762
BellSouth Telecommunications, Inc., STEP, 0.00% to 12/15/15, 6.65% thereafter to 12/15/95 (r)		20,000,000		9,988,413
BF Saul, 7.50%, 3/1/14		15,100,000		15,402,000
Bleachtech LLC VRDN, 5.38%, 11/1/35 (r)		4,485,000		4,485,000
BNP Paribas, 7.195% to 6/25/37, floating rate thereafter to 6/29/49 (e)(r)		22,900,000		23,307,423
BNSF Funding Trust I, 6.613% to 1/15/26, floating rate thereafter to 12/15/55 (r)		96,651,000		88,402,900
British Aerospace Finance, Inc., 7.00%, 7/1/07 (e)		4,950,000		4,950,066
Bunge Ltd. Finance Corp., 4.375%, 12/15/08		20,150,000		19,802,878
Bunge N.A. Finance LP, 5.90%, 4/1/17		4,000,000		3,846,412
Burlington Northern Santa Fe Corp., 7.29%, 6/1/36		4,675,000		5,139,465
C8 Capital SPV Ltd., 6.64% to 12/31/14, floating rate thereafter to 12/31/49 (e)(r)		27,430,000		27,117,024
C10 Capital SPV Ltd., 6.722% to 12/31/16, floating rate thereafter to 12/31/49 (e)(r)		10,000,000		9,804,730
Calfrac Holdings LP, 7.75%, 2/15/15 (e)		14,980,000		14,455,700
CAM US Finance SA Sociedad Unipersonal, 5.506%, 2/1/10 (e)(r)		11,000,000		11,000,297
Capital Auto Receivables Asset Trust:
5.40%, 10/15/09		35,600,000		35,609,769
5.22%, 11/16/09		39,950,000		39,929,725


	Principal
	Amount		Value

Capmark Financial Group, Inc., 6.007%, 5/10/10 (e)(r)		8,660,000		8,659,490
Captec Franchise Trust:
8.155%, 6/15/13 (e)		6,920,000		6,896,913
8.155%, 12/15/13 (e)		2,895,000		2,330,475
Chase Funding Mortgage Loan, 4.045%, 5/25/33		2,838,159		2,802,405
Chatham Centre LLC VRDN, 5.44%, 4/1/22 (r)		1,220,000		1,220,000
Chesapeake Energy Corp., 6.50%, 8/15/17		19,521,000		18,447,345
Chevy Chase Bank FSB, 6.875%, 12/1/13		6,986,000		7,037,392
Chugach Electric Association, Inc., 6.55%, 3/15/11		2,780,000		2,875,471
Cinergy Global Resources, Inc., 6.20%, 11/3/08 (e)		13,500,000		13,713,439
CIT Group, Inc.:
5.80%, 3/12/10 (r)		4,970,000		4,939,910
6.10% to 3/15/17, floating rate thereafter to 3/15/67 (r)		31,612,000		28,827,492
CitiFinancial, 6.75%, 7/1/07		3,365,000		3,365,080
Citigroup Global Markets Holdings, Inc., 5.406%, 8/6/07 (r)		50,000,000		49,999,955
Citigroup, Inc., 6.50%, 1/18/11		38,050,000		39,220,418
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.205%, 12/11/49 (r)		45,600,000		44,834,057
College Loan Corp. Trust, 5.32%, 3/1/42 (e)(r)		10,200,000		10,200,000
Collegiate Funding Services Education Loan Trust I, 5.319%, 12/28/43 (r)		40,050,000		40,069,735
Corn Products International, Inc., 8.25%, 7/15/07		5,000,000		5,003,199
Countrywide Asset-Backed Certificates, 5.77%, 11/25/34 (r)		4,486,732		4,522,563
Countrywide Financial Corp.:
5.437%, 10/31/07 (r)		29,660,000		29,658,614
5.44%, 2/28/08 (r)		18,975,000		18,974,141
Credit Agricole SA, 6.637% to 5/31/17, floating rate thereafter to 5/31/49 (e)(r)		55,225,000		53,863,006
Crown Castle Towers LLC:
4.643%, 6/15/35 (e)		39,250,000		38,191,306
5.245%, 11/15/36 (e)		18,600,000		18,274,710
5.362%, 11/15/36 (e)		11,000,000		10,816,410
CVS Caremark Corp, 5.66%, 6/1/10 (r)		20,000,000		20,026,188
DiGerinomo Aggregates LLC VRDN, 5.38%, 1/1/15 (r)		4,460,000		4,460,000
Dime Community Bancshares, Inc.:
9.25%, 5/1/10 (e)		2,000,000		2,154,273
9.25%, 5/1/10		500,000		538,568
Discover Financial Services:
5.89%, 6/11/10 (e)(r)		2,350,000		2,345,443
6.45%, 6/12/17 (e)		2,900,000		2,884,155
Dominion Resources, Inc.:
5.66%, 9/28/07 (r)		16,539,000		16,542,619
5.687%, 5/15/08 (r)		6,800,000		6,806,084
5.54%, 11/14/08 (r)		9,725,000		9,727,099
Duke Energy Corp., 4.20%, 10/1/08		9,081,000		8,935,683
Duke Energy Indiana, Inc., 7.85%, 10/15/07		5,650,000		5,683,842
Dunkin Securitization, 5.779%, 6/20/31 (e)		20,750,000		20,800,568
Education Loan Asset-Backed Trust:
5.28%, 2/1/43 (e)(r)		9,950,000		9,949,503
5.29%, 2/1/43 (e)(r)		54,750,000		54,750,000
5.30%, 2/1/43 (e)(r)		106,300,000		106,300,000
5.32%, 2/1/43 (e)(r)		34,600,000		34,600,000
Enterprise Products Operating LP, 7.034% to 1/15/18, floating thereafter to 1/15/68 (r)		16,750,000		15,990,037
Fidelity National Information Services, Inc., 4.75%, 9/15/08		2,500,000		2,448,832
First National Bank of Omaha, 7.32%, 12/1/10		3,800,000		3,889,861
First Republic Bank, 7.75%, 9/15/12		500		543
Florida Windstorm Underwriting Association, 6.85%, 8/25/07 (e)		13,825,000		13,850,024


	Principal
	Amount		Value

FMAC Loan Receivables Trust, 6.74%, 11/15/20 (e)		2,170,038		1,798,067
FMG Finance Ltd.:
9.36%, 9/1/11 (e)(r)		42,995,000		45,252,238
10.00%, 9/1/13 (e)		24,485,000		26,994,713
Ford Motor Credit Co LLC, 6.19%, 9/28/07 (r)		18,210,000		18,200,544
Fort Knox Military Housing :
5.815%, 2/15/52 (e)		11,225,000		10,990,622
5.915%, 2/15/52 (e)		10,455,000		10,239,522
General Motors Acceptance Corp. LLC:
6.125%, 8/28/07		35,000,000		34,994,183
4.375%, 12/10/07		4,985,000		4,949,058
6.61%, 5/15/09 (r)		10,000,000		9,981,684
Glitnir banki HF:
5.516%, 10/15/08 (e)(r)		9,750,000		9,749,786
4.75%, 10/15/10 (e)		6,000,000		5,700,840
5.795%, 1/21/11 (e)(r)		26,000,000		25,999,052
6.693% to 6/15/11, floating rate thereafter to 6/15/16 (e)(r)		8,400,000		8,517,614
Global Signal:
Trust II, 4.232%, 12/15/14 (e)		12,895,000		12,469,637
Trust III, 5.361%, 2/15/36 (e)		22,820,000		22,451,845
Golden Securities Corp., 5.62%, 12/2/13 (e)(r)		10,127,046		10,121,982
Golden State Petroleum Transport Corp., 8.04%, 2/1/19		12,281,000		12,939,384
Great River Energy:
5.829%, 7/1/17 (e)		67,000,000		67,140,030
6.254%, 7/1/38 (e)		22,100,000		22,487,855
HBOS plc:
6.657% to 5/21/37, floating rate thereafter to 5/29/49 (e)(r)		32,800,000		31,465,499
6.413% to 10/1/35, floating rate thereafter to 9/29/49 (e)(r)		8,000,000		7,566,960
Health Care Property Investors, Inc., 5.81%, 9/15/08 (r)		28,800,000		28,798,903
HRPT Properties Trust, 5.96%, 3/16/11 (r)		22,985,000		22,984,217
HSBC Finance Corp., 5.836%, 2/15/08		41,292,000		41,384,649
Impac CMB Trust:
5.64%, 9/25/34 (r)		1,994,852		1,995,158
5.58%, 4/25/35 (r)		9,038,097		9,043,100
5.63%, 4/25/35 (r)		3,238,652		3,249,432
5.59%, 5/25/35 (r)		12,721,307		12,750,144
5.64%, 8/25/35 (r)		10,902,258		10,930,230
Independence Community Bank Corp., 3.75% to 4/1/09, floating rate thereafter to 4/1/14 (r)		19,210,000		18,664,980
Ingersoll-Rand Co. Ltd., 6.015%, 2/15/28		10,340,000		10,454,607
iStar Financial, Inc., 5.75%, 3/3/08 (r)		4,970,000		4,976,942
Jersey Central Power & Light Co., 5.625%, 5/1/16		4,985,000		4,892,967
JPMorgan Chase & Co., 5.10%, 10/28/08 (r)		72,800,000		72,769,037
JPMorgan Chase Capital XXII, 6.45%, 2/2/37		9,350,000		8,887,768
Kaupthing Bank HF:
6.056%, 1/15/10 (e)(r)		39,000,000		39,406,938
5.75%, 10/4/11 (e)		7,000,000		7,001,882
Land O’Lakes Capital Trust I, 7.45%, 3/15/28 (e)		49,235,000		46,280,900
LB-UBS Commercial Mortgage Trust, 6.41%, 12/15/19		4,813,412		4,825,783
Lehman Brothers Holdings, Inc.:
5.13%, 9/8/08 (r)		7,157,000		7,116,393
5.50%, 5/25/10 (r)		45,000,000		44,973,528
Leucadia National Corp.:

7.00%, 8/15/13		14,895,000		14,597,100
7.125%, 3/15/17 (e)		21,500,000		21,260,285
Lumbermens Mutual Casualty Co.:
9.15%, 7/1/26 (e)(m)*		51,271,000		256,355
8.30%, 12/1/37 (e)(m)*		33,720,000		168,600
8.45%, 12/1/97 (e)(m)*		1,000,000		5,000


	Principal
	Amount		Value

M&I Marshall & Ilsley Bank, 5.63%, 12/4/12 (r)		11,675,000		11,673,097
Martin Marietta Materials, Inc., 6.90%, 8/15/07		9,000,000		9,011,562
Mcguire Air Force Base, Military Housing Project, 5.611%, 9/15/51 (e)		8,500,000		8,044,825
Meridian Funding Co. LLC:
5.86%, 8/30/07 (e)(r)		19,160,000		19,163,870
5.68%, 6/9/08 (r)		856,658		855,425
5.55%, 10/6/08 (e)(r)		8,032,468		8,039,528
Merrill Lynch & Co, Inc., 5.33%, 7/27/07 (r)		35,000,000		34,999,225
Mid-Atlantic Family Military Communities LLC, 5.24%, 8/1/50 (e)		23,150,000		21,184,334
National Collegiate Student Loan Trust, 5.32%, 2/25/23 (r)		16,200,000		16,200,000
NationsBank Cap Trust III, 5.906%, 1/15/27 (r)		1,677,000		1,638,572
Nationwide Health Properties, Inc.:
6.50%, 7/15/11		15,600,000		15,897,324
6.90%, 10/1/37		10,460,000		10,788,754
6.59%, 7/7/38		4,023,000		4,049,045
Nelnet Education Loan Funding, Inc.:
5.28%, 7/1/43 (r)		70,150,000		70,347,121
5.285%, 7/1/43 (r)		13,950,000		13,989,199
Noble Group Ltd., 6.625%, 3/17/15 (e)		5,890,000		33,020,457
Ohana Military Communities LLC:
5.462%, 10/1/26 (e)		12,500,000		12,040,375
5.88%, 10/1/51		20,000,000		19,460,200
OPTI Canada, Inc., 7.875%, 12/15/14 (e)		6,000,000		6,015,000
Orkney Re II plc, Series B, 8.36%, 12/21/35 (b)(e)(r)		19,550,000		18,572,500
Overseas Private Investment Corp., 4.05%, 11/15/14		2,351,200		2,231,853
Overseas Shipholding Group, Inc., 7.50%, 2/15/24		26,965,000		26,762,762
Pacific Pilot Funding Ltd., 6.108%, 10/20/16 (e)(r)		6,287,353		6,283,059
PacifiCorp Australia LLC, 6.15%, 1/15/08 (e)		10,207,000		10,237,247
Pedernales Electric Cooperative, 5.952%, 11/15/22 (e)		11,250,000		11,219,115
Pepco Holdings, Inc., 5.985%, 6/1/10 (r)		5,000,000		4,996,359
Pioneer Natural Resources Co.:
5.875%, 7/15/16		14,365,000		12,927,507
6.65%, 3/15/17		9,470,000		8,967,775
6.875%, 5/1/18		75,675,000		71,853,034
Post Apartment Homes LP VRDN, 5.32%, 7/15/29 (r)		15,000,000		15,000,000
PPF Funding, Inc., 5.35%, 4/15/12 (e)		3,000,000		2,939,082
Preferred Term Securities IX Ltd., 6.096%, 4/3/33 (e)(r)		959,500		962,993
Public Service Electric & Gas Co., 6.375%, 5/1/08 (r)		1,000,000		1,006,663
Public Steers Trust, 6.646%, 11/15/18		4,654,537		3,873,273
Puget Energy, Inc., 7.02%, 12/1/27		571,000		622,562
RBS Capital Trust IV, STEP, 6.16%, 9/29/49 (r)		19,868,000		20,287,413
Renaissance Ketchikan Group LLC, 5.645%, 6/2/08 (e)		15,000,000		15,000,000
Residential Capital Corp.:
5.86%, 6/9/08 (r)		89,355,000		88,459,260
6.66%, 11/21/08 (r)		56,870,000		56,941,622
6.00%, 2/22/11		20,600,000		19,941,052
6.50%, 4/17/13		23,510,000		22,771,516
Richmond County Capital Corp., 8.61%, 7/15/49 (e)		10,000,000		10,037,500
Santander Issuances SA Unipersonal,, 5.72%, 6/20/16 (e)(r)		35,700,000		36,320,972
Skyway Concession Co. LLC, 5.64%, 6/30/17 (e)(r)		5,000,000		4,996,180
SLM Student Loan Trust, 5.58%, 12/15/17 (r)		3,795,304		3,812,118
Sovereign Bancorp, Inc.:
5.64%, 3/1/09 (r)		22,313,000		22,366,038
4.80%, 9/1/10		5,000,000		4,878,082


	Principal
	Amount		Value

Sovereign Bank:
4.00%, 2/1/08		9,350,000		9,270,721
4.375% to 8/1/08, floating rate thereafter to 8/1/13 (r)		13,000,000		12,840,681
SPARCS Trust 99-1, STEP, 0.00% to 4/15/19, 7.697% thereafter to 10/15/97(e)(r)		26,500,000		8,730,822
St. Paul Travelers Co’s, Inc., 5.01%, 8/16/07		5,000,000		4,997,429
Standard Furniture Manufacturing Co., Inc., 5.37%, 9/1/15 (r)		3,000,000		3,000,000
Sterling Equipment, Inc., 6.125%, 9/28/19		319,000		328,736
Student Loan Consolidation Center:
5.29%, 3/1/42 (e)(r)		45,800,000		45,798,168
5.30%, 3/1/42 (e)(r)		103,250,000		103,246,856
5.32%, 3/1/42 (e)(r)		23,900,000		23,899,044
TEPPCO Partners LP, 7.00% to 6/1/17, floating thereafter to 6/1/67 (r)		13,710,000		13,110,340
TIERS Trust:
8.45%, 12/1/17 (n)*		8,559,893		128,398
STEP, 0.00% to 10/15/28, 7.697% thereafter to 10/1/97 (r)		15,000,000		1,445,762
STEP, 0.00% to 4/15/18, 7.697% thereafter to 10/15/97 (e)(r)		11,001,000		2,858,662
STEP, 0.00% to 10/15/33, 7.697% thereafter to 10/15/97 (e)(r)		12,295,000		686,891
Toll Road Investors Partnership II LP, Zero Coupon:
2/15/11 (e)		7,600,000		6,207,262
2/15/19 (e)		5,000,000		2,513,185
2/15/28 (e)		16,737,000		4,706,278
2/15/29 (e)		12,600,000		3,331,481
2/15/45 (e)		711,029,736		90,926,483
TXU Electric Delivery Co., 5.735%, 9/16/08 (e)(r)		950,000		964,823
TXU Energy Co. LLC, 5.86%, 9/16/08 (e)(r)		6,470,000		6,469,787
Union Pacific Corp., 8.02%, 7/2/12		4,796,421		5,034,373
United Parcel Services, Inc., 4.87%, 3/27/50 (r)		2,030,000		2,031,867
Vale Overseas Ltd., 6.25%, 1/23/17		24,930,000		24,680,700
Verizon North, Inc., 5.634%, 1/1/21 (e)		4,785,000		4,517,588
Verizon Pennsylvania, Inc., 8.35%, 12/15/30		4,590,000		5,309,501
Washington Mutual Alternative Mortgage Pass-Through Certificates, 0.46%, 7/25/46		158,138,275		2,470,911
Whitney National Bank, 5.875%, 4/1/17		3,960,000		3,813,764
Windsor Petroleum Transport Corp, 7.84%, 1/15/21 (e)		14,270,000		15,081,207
World Financial Network, Credit Card Master Note Trust,, 5.69%, 5/15/12 (r)		3,900,000		3,911,842
Xerox Corp., 6.11%, 12/18/09 (r)		3,250,000		3,300,018
Xstrata Finance Dubai Ltd., 5.71%, 11/13/09 (e)(r)		6,980,000		6,940,957


Total Corporate Bonds (Cost $3,728,911,207)				3,617,413,013


	Principal
	Amount		Value

Taxable Municipal Obligations - 10.3%
Access Group, Inc. Delaware Revenue Bonds:
5.29%, 12/27/32 (r)		31,500,000		31,488,390
5.30%, 12/27/32 (r)		12,800,000		12,787,968
Alabaster Alabama GO Bonds:
5.36%, 4/1/18		475,000		455,468
5.38%, 4/1/19		780,000		745,243
5.40%, 4/1/20		840,000		796,866
5.45%, 4/1/21		880,000		827,174
Alameda California Corridor Transportation Authority Revenue Bonds, Zero Coupon:
10/1/09		5,155,000		4,561,711
10/1/10		16,230,000		13,617,132
Baltimore Maryland General Revenue Bonds:
5.03%, 7/1/13		1,460,000		1,428,727
5.05%, 7/1/14		1,520,000		1,477,227
5.07%, 7/1/15		1,340,000		1,293,006
5.27%, 7/1/18		2,435,000		2,344,491
Bartow-Cartersville Georgia Joint IDA Revenue Bonds, 5.55%, 11/1/20		3,970,000		3,849,709
Boynton Beach Florida Community Redevelopment Agency Tax Allocation Revenue Bonds, 5.10%, 10/1/15		1,585,000		1,552,206
Brownsville Texas Utility System Revenue Bonds:
5.084%, 9/1/16		2,000,000		1,904,540
5.204%, 9/1/17		2,275,000		2,175,082
5.304%, 9/1/19		2,000,000		1,895,680
Burlingame California PO Revenue Bonds, 5.285%, 6/1/12		1,775,000		1,763,711
California Statewide Communities Development Authority Revenue Bonds:
5.44%, 8/1/10		1,560,000		1,563,432
5.61%, 8/1/14		2,270,000		2,278,694
Zero Coupon, 6/1/15		4,630,000		2,971,303
Zero Coupon, 6/1/16		2,620,000		1,585,283
Zero Coupon, 6/1/17		4,545,000		2,589,196
Zero Coupon, 6/1/18		2,810,000		1,502,957
Zero Coupon, 6/1/19		1,975,000		993,386
Canyon Texas Regional Water Authority Revenue Bonds, 6.25%, 8/1/28		2,365,000		2,377,842
Chicago Illinois GO Bonds:
5.30%, 1/1/14		1,940,000		1,916,933
5.375%, 1/1/16		5,850,000		5,738,675
Coachella California Redevelopment Agency Tax Allocation Bonds, 6.20%, 9/1/36		2,065,000		2,095,128
College Park Georgia Revenue Bonds:
5.631%, 1/1/11		4,965,000		5,010,628
5.658%, 1/1/12		2,500,000		2,525,475
5.688%, 1/1/13		5,540,000		5,615,122
Commonwealth Pennsylvania Financing Authority Revenue Bonds, 5.631%, 6/1/23		8,025,000		8,013,765
Detroit Michigan GO Bonds, 5.15%, 4/1/25		14,605,000		13,170,205
Eugene Oregon Electric Utilities Revenue Bonds, Zero Coupon, 8/1/25		1,500,000		523,035
Fairfield California PO Revenue Bonds, 5.34%, 6/1/25		1,960,000		1,837,422
Florida State First Governmental Financing Commission Revenue Bonds:
5.05%, 7/1/14		285,000		276,980
5.10%, 7/1/15		300,000		290,052
Fort Wayne Indiana Redevelopment District Revenue Bonds, 5.24%, 6/1/21		1,250,000		1,178,000
Fuller Road Management Corp. New York Revenue VRDN, 5.37%, 7/1/37(r)		2,000,000		2,000,000
Grant County Washington Public Utility District No. 2 Revenue Bonds:
4.76%, 1/1/13		400,000		388,872
5.11%, 1/1/13		1,210,000		1,190,652
5.29%, 1/1/20		2,415,000		2,326,853
5.48%, 1/1/21		990,000		974,952


	Principal
	Amount		Value

Hoffman Estates Illinois GO Bonds, 5.15%, 12/1/17		1,135,000		1,079,544
Howell Township New Jersey School District GO Bonds, 5.30%, 7/15/19		660,000		636,643
Indiana State Bond Bank Revenue Bonds:
5.72%, 1/15/15		2,430,000		2,437,290
5.82%, 7/15/17		3,925,000		3,935,794
6.01%, 7/15/21		19,715,000		19,796,029
Inglewood California Pension Funding Revenue Bonds:
4.79%, 9/1/11		235,000		228,751
4.82%, 9/1/12		250,000		242,168
4.90%, 9/1/13		260,000		251,170
4.94%, 9/1/14		275,000		263,643
4.95%, 9/1/15		285,000		270,810
Jersey City New Jersey GO Bonds, 5.38%, 9/1/16		7,755,000		7,665,973
Kansas City Missouri Airport Revenue Bonds, 5.125%, 9/1/17		4,485,000		4,311,027
King County Washington Housing Authority Revenue Bonds, 6.375%, 12/31/46		4,550,000		4,527,204
La Mesa California COPs, 6.32%, 8/1/26		1,305,000		1,308,484
La Verne California, 5.62%, 6/1/16		1,000,000		1,004,130
Long Beach California Bond Finance Authority Revenue Bonds:
5.34%, 8/1/35		5,000,000		4,473,500
5.44%, 8/1/40		5,000,000		4,429,950
Metropolitan Washington DC Airport Authority System Revenue Bonds:
5.59%, 10/1/25		2,785,000		2,685,993
5.69%, 10/1/30		2,835,000		2,674,482
Michigan State Municipal Bond Authority Revenue Bonds, 5.252%, 6/1/15		6,200,000		6,074,822
Mississippi State Development Bank SO Revenue Bonds:
5.21%, 7/1/08		3,630,000		3,625,535
5.20%, 7/1/09		8,835,000		8,812,912
5.19%, 7/1/10		6,290,000		6,252,071
5.21%, 7/1/11		9,275,000		9,194,215
5.04%, 6/1/20, Project A		1,940,000		1,793,821
5.04%, 6/1/20, Project B		990,000		915,404
5.375%, 1/1/22		1,265,000		1,193,793
5.60%, 1/1/26		1,470,000		1,369,114
Moreno Valley California Public Financing Authority Revenue Bonds, 5.549%, 5/1/27		4,385,000		4,157,024
New York City IDA Revenue Bonds, 6.027%, 1/1/46		12,000,000		12,010,320
New York State MMC Corp. Revenue VRDN, 5.50%, 11/1/35 (r)		10,915,000		10,915,000
New York State Sales Tax Asset Receivables Corp. Revenue Bonds:
3.60%, 10/15/08		1,500,000		1,470,315
4.06%, 10/15/10		1,000,000		964,070
4.42%, 10/15/12		10,500,000		10,036,740
Northwest Washington Electric Energy Revenue Bonds:
4.06%, 7/1/09		1,150,000		1,123,561
4.49%, 7/1/11		2,500,000		2,418,575
Oakland California Redevelopment Agency Tax Allocation Bonds:
5.252%, 9/1/16		2,500,000		2,468,425
5.653%, 9/1/21		19,635,000		19,080,115
Oceanside California PO Revenue Bonds, 4.95%, 8/15/16		2,215,000		2,103,940
Oconomowoc Wisconsin Area School District GO Bonds, 5.44%, 3/1/21		780,000		746,577
Omaha Nebraska SO VRDN, 5.37%, 2/1/26 (r)		1,000,000		1,000,000


	Principal
	Amount		Value

Pennsylvania State Higher Education Assistance Agency Student Loan Revenue Bonds:
5.33%, 4/1/47 (r)		83,875,000		83,871,018
5.339%, 4/1/47 (r)		32,100,000		32,098,275
Philadelphia Pennsylvania IDA Revenue Bonds, Zero Coupon, 4/15/19		3,375,000		1,720,305
Philadelphia Pennsylvania School District GO Bonds, 5.09%, 7/1/20		7,990,000		7,490,705
Pittsburgh Pennsylvania GO Bonds:
5.47%, 9/1/08		4,890,000		4,898,215
5.54%, 9/1/09		19,670,000		19,752,811
Pomona California Public Financing Authority Revenue Bonds, 5.718%, 2/1/27		6,015,000		5,754,009
Rio Rancho New Mexico Event Center Revenue Bonds, 5.00%, 6/1/20		3,260,000		2,975,076
Riverside California Public Financing Authority Tax Allocation Bonds:
5.19%, 8/1/17		2,025,000		1,949,488
5.24%, 8/1/17		3,250,000		3,129,067
Roseville California Redevelopment Agency Tax Allocation Bonds, 5.90%, 9/1/28		1,260,000		1,212,775
Sacramento City California Financing Authority Tax Allocation Revenue Bonds:
5.11%, 12/1/13		1,235,000		1,204,360
5.54%, 12/1/20		21,940,000		21,451,835
San Bernardino California Joint Powers Financing Authority Tax Allocation Bonds, 5.625%, 5/1/16		5,430,000		5,324,169
San Diego California Redevelopment Agency Tax Allocation Bonds, 6.00%, 9/1/21		2,515,000		2,514,749
San Jose California Redevelopment Agency Tax Allocation Bonds:
4.54%, 8/1/12		3,105,000		2,977,167
5.10%, 8/1/20		3,960,000		3,697,650
5.46%, 8/1/35		5,300,000		4,697,761
Santa Cruz County California Redevelopment Agency Tax Allocation Revenue Bonds, 5.60%, 9/1/25		1,815,000		1,723,615
Santa Fe Springs California Community Development Commission Tax Allocation Bonds, 5.35%, 9/1/18		1,265,000		1,230,706
Sonoma County California PO Bonds, 6.625%, 6/1/13		7,570,000		7,846,229
State of Nevada Department of Business & Industry Lease Revenue Bonds, 5.87%, 6/1/27		1,210,000		1,178,092
Thousand Oaks California Redevelopment Agency Tax Allocation Bonds:
5.00%, 12/1/12		675,000		658,928
5.00%, 12/1/13		710,000		688,217
5.00%, 12/1/14		745,000		715,632
5.125%, 12/1/15		785,000		754,087
5.125%, 12/1/16		830,000		792,044
5.25%, 12/1/21		5,070,000		4,799,769
5.375%, 12/1/21		4,880,000		4,633,218
University of Central Florida COPs:
5.125%, 10/1/20		3,750,000		3,491,513
5.375%, 10/1/35		8,000,000		7,342,960
Utah State Housing Corp. Military Housing Revenue Bonds:
5.392%, 7/1/50		11,735,000		10,664,651
5.442%, 7/1/50		3,990,000		3,627,708
Vigo County Indiana Industrial Redevelopment Authority Revenue Bonds, 5.30%, 2/1/21		2,750,000		2,634,252
Virginia State Housing Development Authority Revenue Bonds, 5.35%, 7/1/14		2,025,000		1,997,136
West Contra Costa California Unified School District COPs:
5.03%, 1/1/20		3,190,000		2,965,615
5.15%, 1/1/24		3,630,000		3,295,423
Wilkes-Barre Pennsylvania GO Bonds, 5.28%, 11/15/19		2,025,000		1,913,969


Total Taxable Municipal Obligations (Cost $607,237,776)				595,521,306


	Principal
	Amount		Value

U.S. Government Agencies and Instrumentalities - 11.8%
Central American Bank For Economic Integration AID Bonds, Guaranteed by the United States Agency of International Development, 6.79%, 10/1/10		2,994,762		3,033,395
Fannie Mae, 5.50%, 12/25/16		5,322,368		5,242,950
Federal Home Loan Bank:
0.00%, 7/16/07 (r)		6,000,000		5,988,300
5.00%, 10/26/07 (r)		29,600,000		29,587,517
0.00%, 12/28/07 (r)		9,000,000		8,572,500
Federal Home Loan Bank Discount Notes, 7/2/07		530,000,000		529,929,333
Freddie Mac:
5.125%, 12/15/13		55,690,330		54,689,742
STEP, 4.10% to 1/28/09, 5.80% thereafter to 1/28/14 (r)		5,000,000		4,868,681
5.625%, 11/23/35		16,770,000		15,636,108
Ginnie Mae, 11.00%, 10/15/15		571		620
Small Business Administration:
5.038%, 3/10/15		6,965,820		6,701,684
4.94%, 8/10/15		19,308,923		18,769,924


Total U.S. Government Agencies and Instrumentalities (Cost $686,225,392)				683,020,754


U.S. Treasury - 11.4%
United States Treasury Bonds:
5.375%, 2/15/31		125,000		128,418
4.75%, 2/15/37		273,000		257,430
United States Treasury Notes:
5.625%, 5/15/08		100,000,000		100,500,000
4.875%, 10/31/08		40,000		39,956
3.375%, 11/15/08		21,000,000		20,560,313
4.625%, 11/30/08		220,000		219,175
4.50%, 3/31/09		4,000,000		3,971,875
4.875%, 6/30/09		8,000,000		7,998,750
4.625%, 11/15/09		5,000,000		4,969,531
4.50%, 3/31/12		150,000		147,211
4.75%, 5/31/12		6,915,000		6,860,977
4.00%, 2/15/14		46,000,000		43,534,687
4.50%, 11/15/15		402,000		387,553
5.125%, 5/15/16		83,000		83,441
4.875%, 8/15/16		3,460,000		3,416,750
4.625%, 2/15/17		251,000		243,156
4.50%, 5/15/17		483,659,000		463,708,071


Total U.S. Treasury (Cost $654,763,006)				657,027,294


Repurchase Agreement - 0.5%
State Street Repurchase Agreement, 4.05%, 7/2/07		28,000,000		28,000,000

(Repurchase proceeds $28,09,450)
(Collateral: $28,842,563 U.S. Treasury
Bonds, 4.25%, 11/15/13)

Total Repurchase Agreement (Cost $28,000,000)				28,000,000


	Principal
	Amount		Value

Equity Securities - 2.4%
Conseco Inc.:
Common *		1,581,755		33,042,862
Warrants (strike price $27.60/share, expires 9/10/08)*		4,955		2,428
Double Eagle Petroleum Co., Preferred		155,000		3,875,000
First Republic Preferred Capital Corp., Preferred (e)		6,050		6,618,700
Ford Motor Co. Capital Trust II, Preferred		106,200		4,095,072
MFH Financial Trust I, Preferred (e)		400,000		40,900,000
Roslyn Real Estate Asset Corp., Preferred		222		22,234,688
WoodBourne Pass-Through Trust, Preferred (e)		258		25,864,500


Total Equity Securities (Cost $130,857,735)				136,633,250


TOTAL INVESTMENTS (Cost $5,835,995,116) - 99.1%				5,717,615,617
Other assets and liabilities, net - 0.9%				52,394,967

NET ASSETS - 100%			$	5,770,010,584


					UNDERLYING
					FACE		UNREALIZED
	# of		EXPIRATION		AMOUNT		APPRECIATION
FUTURES	CONTRACTS		DATE		AT VALUE		(DEPRECIATION)

Purchased:
2 Year U.S. Treasury Notes		7,866		09/07	$	1,602,943,313	$	3,955,484
10 Year U.S. Treasury Notes		20,231		09/07		2,138,479,922		21,667,553

Total Purchased							$	25,623,037


Sold:
U.S. Treasury Bonds		6,903		09/07	$	743,798,250		($10,982,133	)
5 Year U.S. Treasury Notes		519		09/07		54,016,547		(276,965	)

Total Sold								($11,259,098	)


*		Non-income producing security.

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

(e)		Security 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 due in August of 2006 and February 2007. This security is no longer accruing interest. During the period, $2,140,912 of accrued interest was written off.

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

(x)		Subsequent to period end, Alliance Bancorp and its affiliates filed for Chapter 7 bankruptcy on July 13, 2007. As a result, the value of the bond was marked down to $0 and $31,266 of accrued interest was written off.

(y)		Subsequent to period end, Alliance Bancorp and its affiliates filed for Chapter 7 bankruptcy on July 13, 2007. As a result, the value of the bond was marked down to $0 and $219,236 of accrued interest was written off.

Abbreviations:

COPs: Certificates of Participation

FSB: Federal Savings Bank

GO: General Obligation

IDA: Industrial Development Authority

LLC: Limited Liability Corporation

LP: Limited Partnership

PO: Pension Obligation

SO: Special Obligation

STEP: Stepped coupon bond for which the coupon rate of interest will adjust on specific future date(s).

VRDN: Variable Rate Demand Note

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
JUNE 30, 2007


	Principal
	Amount		Value

Corporate Bonds - 32.0%
Alliance Mortgage Investments, 12.61%, 6/1/10 (r)(x)	$	4,817	$	3,853
APL Ltd., 8.00%, 1/15/24		15,000		13,950
Army Hawaii Family Housing Trust Certificates, 5.524%, 6/15/50 (e)		100,000		93,326
Asian Development Bank, 6.22%, 8/15/27		30,000		31,921
Atlantic Mutual Insurance Co., 8.15%, 2/15/28 (e)(p)*		30,000		6,000
Autopista del Maipo Sociedad, 7.373%, 6/15/22 (e)		25,000		27,413
AXA SA, 6.463% to 12/14/18, floating rate thereafter to 12/14/49 (e)(r)		100,000		93,892
BAC Capital Trust XV, 6.16%, 6/1/56 (r)		100,000		100,024
BAE Systems Asset Trust, 6.664%, 9/15/13 (e)		25,589		26,526
Bayview Research Center Finance Trust, 6.33%, 1/15/37 (e)		50,000		52,000
Bear Stearns Co’s, Inc., 6.075%, 10/28/14 (r)		30,000		29,982
BF Saul, 7.50%, 3/1/14		50,000		51,000
BNP Paribas, 7.195% to 6/25/37, floating rate thereafter to 6/25/49 (e)(r)		50,000		50,890
BNSF Funding Trust I, 6.613% to 1/15/26, floating rate thereafter to 12/15/55 (r)		180,000		164,639
British Aerospace Finance, Inc., 7.00%, 7/1/07 (e)		50,000		50,001
Burlington Northern Santa Fe Corp., 7.29%, 6/1/36		10,000		10,993
C8 Capital SPV Ltd., 6.64% to 12/31/14, floating rate thereafter to 12/31/49 (e)(r)		70,000		69,201
Calfrac Holdings LP, 7.75%, 2/15/15 (e)		20,000		19,300
Capital Auto Receivables Asset Trust, 5.22%, 11/16/09		50,000		49,975
Chesapeake Energy Corp., 6.50%, 8/15/17		50,000		47,250
CIT Group, Inc., 6.10% to 3/15/17, floting rate thereafter to 3/15/67 (r)		50,000		45,596
Credit Agricole SA/London, 6.637% to 5/31/17, floating rate thereafter to 5/31/49 (e)(r)		75,000		73,150
CVS Caremark Corp, 5.66%, 6/1/10 (r)		100,000		100,131
Discover Financial Services, 6.45%, 6/12/17 (e)		100,000		99,454
Dominion Resources, Inc., 5.66%, 9/28/07 (r)		20,000		20,004
Enterprise Products Operating LP, 7.034% to 1/15/18, floating rate thereafter to 1/15/68 (r)		50,000		47,731
FMG Finance Ltd.:
9.36%, 9/1/11 (e)(r)		85,000		89,462
10.00%, 9/1/13 (e)		15,000		16,537
Ford Motor Credit Co. LLC, 6.19%, 9/28/07 (r)		50,000		49,974
Fort Knox Military Housing, 5.915%, 2/15/52 (e)		130,000		127,321
Great River Energy, 6.254%, 7/1/38 (e)		100,000		101,755
GS Auto Loan Trust, 2.65%, 5/16/11		27,990		27,745
HBOS plc, 6.657% to 5/21/37, floating rate thereafter to 5/21/49 (e)(r)		100,000		95,931
Impac CMB Trust, 5.59%, 5/25/35 (r)		3,595		3,603
Ingersoll-Rand Co. Ltd.:
6.391%, 11/15/27		40,000		41,671
6.23%, 11/19/27		15,000		15,259


	Principal
	Amount		Value

6.015%, 2/15/28		25,000		25,277
Jersey Central Power & Light Co., 5.625%, 5/1/16		15,000		14,723
Johnson Controls, Inc., 5.587%, 1/17/08 (r)		50,000		50,047
JPMorgan Chase Capital XXII, 6.45%, 2/2/37		50,000		47,528
LB-UBS Commercial Mortgage Trust, 6.41%, 12/15/19		53,453		53,590
Massachusetts Institute of Technology, 7.25%, 11/2/96		25,000		29,490
NationsBank Cap Trust III, 5.906%, 1/15/27 (r)		65,000		63,511
Nationwide Health Properties, Inc.:
6.90%, 10/1/37		40,000		41,257
6.59%, 7/7/38		30,000		30,194
Noble Group Ltd., 6.625%, 3/17/15 (e)		30,000		27,601
Northrop Grumman Space & Mission Systems Corp., 6.32%, 5/27/08		25,000		25,165
Ohana Military Communities LLC, 5.675%, 10/1/26 (e)		40,000		39,297
Pacific Beacon LLC, 5.638%, 7/15/51 (e)		40,000		37,379
Pedernales Electric Cooperative, 5.952%, 11/15/22 (e)		50,000		49,863
Pioneer Natural Resources Co.:
5.875%, 7/15/16		160,000		143,989
6.65%, 3/15/17		30,000		28,409
PPL Montana LLC, 8.903%, 7/2/20		25,919		28,714
Puget Energy, Inc., 7.02%, 12/1/27		25,000		27,258
Redstone Arsenal Military Housing, 5.45%, 9/1/26 (e)		25,000		24,094
Residential Capital LLC:
6.66%, 11/21/08 (r)		60,000		60,076
6.50%, 4/17/13		190,000		184,032
Rochester Gas & Electric Corp., 6.375%, 9/1/33		10,000		10,315
SABMiller plc, 5.649%, 7/1/09 (e)(r)		60,000		60,158
SLM Corp., 5.575%, 7/25/07 (r)		50,000		49,986
Southern California Edison Co., 5.75%, 4/1/35		10,000		9,583
SouthTrust Bank, 6.565%, 12/15/27		120,000		123,604
TEPPCO Partners LP, 7.00% to 6/1/17, floating rate thereafter to 6/1/67 (r)		70,000		66,938
Toll Road Investors Partnership II LP, Zero Coupon:
2/15/28 (e)		135,000		37,961
2/15/31 (e)		196,000		45,820
2/15/45 (e)		390,604		49,950
Vale Overseas Ltd., 6.25%, 1/23/17		70,000		69,300
Verizon North, Inc., 5.634%, 1/1/21 (e)		15,000		14,162
Verizon Pennsylvania, Inc., 8.35%, 12/15/30		30,000		4,703
Whitney National Bank, 5.875%, 4/1/17		40,000		38,523
Windsor Petroleum Transport Corp, 7.84%, 1/15/21 (e)		30,000		31,705


Total Corporate Bonds (Cost $3,686,727)				3,621,662


	Principal
	Amount		Value

Taxable Municipal Obligations - 18.1%
Adams-Friendship Area Wisconsin School District GO Bonds, 5.47%, 3/1/18		30,000		29,033
Alabaster Alabama GO Bonds, 5.45%, 4/1/21		25,000		23,499
Baltimore Maryland General Revenue Bonds, 5.27%, 7/1/18		30,000		28,885
California Statewide Communities Development Authority Revenue Bonds, 5.61%, 8/1/14		30,000		30,115
Camarillo California Community Development Commission Tax Allocation, 5.78%, 9/1/26		30,000		28,986
Canyon Texas Regional Water Authority Revenue Bonds, 6.25%, 8/1/28		50,000		50,272
Coachella California Redevelopment Agency Tax Allocation Bonds, 6.20%, 9/1/36		50,000		50,730
Commonwealth Pennsylvania Financing Authority Revenue Bonds, 5.631%, 6/1/23		30,000		29,958
Cook County Illinois School District GO Bonds, Zero Coupon, 12/1/24		25,000		8,986
East Lansing Michigan GO Bonds, 5.00%, 4/1/14		85,000		82,249
Ewing Township New Jersey School District GO Bonds, 4.80%, 5/1/16		10,000		9,474
Fairfield California PO Revenue Bonds:
5.22%, 6/1/20		15,000		14,242
5.34%, 6/1/25		15,000		14,062
Florida State First Governmental Financing Commission Revenue Bonds, 5.30%, 7/1/19		25,000		23,776
Fort Wayne Indiana Redevelopment District Revenue Bonds, 5.24%, 6/1/21		25,000		23,560
Grant County Washington Public Utility District No. 2 Revenue Bonds:
5.29%, 1/1/20		25,000		24,088
5.48%, 1/1/21		10,000		9,848
Hammonton New Jersey GO Bonds, 5.90%, 3/1/18		15,000		14,905
Howell Township New Jersey School District GO Bonds, 5.30%, 7/15/19		25,000		24,115
Indiana State Bond Bank Revenue Bonds, 6.01%, 7/15/21		50,000		50,206
Jackson & Williamson Counties Illinois Community High School District GO Bonds, Zero Coupon, 12/1/21		180,000		75,395
Kansas City Missouri Airport Revenue Bonds, 5.125%, 9/1/17		15,000		14,418
Kaukauna Wisconsin School District GO Revenue Bonds, 5.07%, 3/1/09		125,000		124,646
Kern County California PO Revenue Bonds, Zero Coupon, 8/15/20		125,000		57,901
King County Washington Housing Authority Revenue Bonds, 6.375%, 12/31/46		50,000		49,750
La Mesa California COPs, 6.32%, 8/1/26		30,000		30,080
Leland Stanford Jr. University California Revenue Bonds, 6.875%, 2/1/24		100,000		111,462
Linden New Jersey GO Revenue Bonds, 5.63%, 4/1/21		60,000		59,084
Metropolitan Washington DC Airport Authority System Revenue Bonds, 5.69%, 10/1/30		15,000		14,151
Mississippi State Development Bank SO Revenue Bonds, 5.60%, 1/1/26		30,000		27,941
Montgomery Alabama GO Bonds, 4.94%, 4/1/17		10,000		9,523
Moreno Valley California Public Financing Authority Revenue Bonds, 5.549%, 5/1/27		50,000		47,401
New York City IDA Revenue Bonds, 6.027%, 1/1/46		30,000		29,828
Oakland California PO Revenue Bonds, Zero Coupon, 12/15/20		120,000		54,083
Oakland California Redevelopment Agency Tax Allocation Bonds, 5.411%, 9/1/21		30,000		29,157
Orange County California PO Revenue Bonds, Zero Coupon, 9/1/14		95,000		63,603
Oregon State Local Governments GO Bonds, Zero Coupon, 6/1/18		100,000		54,345
Oregon State School Boards Association GO Bonds:
Zero Coupon, 6/30/16		25,000		15,119
Zero Coupon, 6/30/18		30,000		16,052
Pennsylvania State Higher Education Assistance Agency Student Loan Revenue Bonds:
5.33%, 4/1/47 (r)		75,000		75,000
5.339%, 4/1/47 (r)		100,000		99,995


	Principal
	Amount		Value

Philadelphia Pennsylvania IDA Revenue Bonds, Zero Coupon, 4/15/20		25,000		11,971
Philadelphia Pennsylvania School District GO Bonds, 5.09%, 7/1/20		10,000		9,375
Roseville California Redevelopment Agency Tax Allocation Bonds, 5.90%, 9/1/28		40,000		38,501
San Bernardino California Joint Powers Financing Authority Tax Allocation Bonds, 5.625%, 5/1/16		40,000		39,220
San Jose California Redevelopment Agency Tax Allocation Bonds, 5.10%, 8/1/20		15,000		14,006
Santa Cruz County California Redevelopment Agency Tax Allocation Revenue Bonds, 5.50%, 9/1/20		40,000		38,616
Schenectady New York Metroplex Development Authority Revenue Bonds, 5.36%, 8/1/16		40,000		38,878
State of Nevada Department of Business & Industry Lease Revenue Bonds, 5.87%, 6/1/27		50,000		48,681
Thorp Wisconsin School District GO Bonds, 6.15%, 4/1/26		40,000		40,318
Thousand Oaks California Redevelopment Agency Tax Allocation Bonds, 5.25%, 12/1/21		50,000		47,335
Utah State Housing Corp. Military Housing Revenue Bonds:
5.392%, 7/1/50		15,000		13,632
5.442%, 7/1/50		10,000		9,092
Vigo County Indiana Industrial Redevelopment Authority Revenue Bonds, 5.30%, 2/1/21		15,000		14,369
West Contra Costa California Unified School District COPs, 5.03%, 1/1/20		15,000		13,945
West Covina California Public Financing Authority General Revenue Bonds, 6.05%, 6/1/26		40,000		39,422


Total Taxable Municipal Obligations (Cost $2,087,999)				2,047,284


U.S. Government Agencies and Instrumentalities - 0.6%
Freddie Mac, 5.625%, 11/23/35		30,000		27,971
New Valley Generation V, 4.929%, 1/15/21		40,362		38,059


Total U.S. Government Agencies and Instrumentalities (Cost $69,073)				66,030


U.S. Treasury - 42.5%
United States Treasury Bonds:
5.375%, 2/15/31		35,000		35,957
4.50%, 2/15/36		106,000		96,013
4.75%, 2/15/37		77,000		72,609
United States Treasury Notes:
5.125%, 5/15/16		909,000		913,829
4.625%, 2/15/17		582,000		563,812
4.50%, 5/15/17		3,255,000		3,120,731

Total U.S. Treasury (Cost $4,769,709)				4,802,951


	Shares

Equity Securities - 0.3%
Conseco, Inc.*		1,712		35,764


Total Equity Securities (Cost $30,993)				35,764


TOTAL INVESTMENTS (Cost $10,644,501) - 93.5%				10,573,691

Other assets and liabilities, net - 6.5%				740,268

NET ASSETS - 100%			$	11,313,959

Underlying

Face

Unrealized

# of

Expiration

Amount at

Appreciation

Futures

Contracts

Date

Value

(Depreciation)

Purchased:

10 Year U.S. Treasury Notes

9/07

1,162,734

15,796

Sold:

U.S. Treasury Bonds

9/07

646,500

11,634

)


*		Non-income producing security.

(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 due in August 2006 and February 2007. This security is no longer accruing interest. During the period, $847 of accrued interest was written off.

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

(x)		Subsequent to period end, Alliance Bancorp and its affiliates filed for Chapter 7 bankruptcy on July 13, 2007. As a result, the value of the bond was marked down to $0 and $49 of accrued interest was written off.

Abbreviations:

COPs: Certificates of Participation

GO: General Obligation

IDA: Industrial Development Authority

LLC: Limited Liability Corporation

LP: Limited Partnership

PO: Pension Obligation

SO: Special Obligation

CALVERT NEW VISION SMALL CAP FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2007


	Shares		Value

Equity Securities - 98.3%
Airlines - 0.7%
Continental Airlines, Inc., Class B*		30,815	$	1,043,704


Biotechnology - 0.6%
Alexion Pharmaceuticals, Inc.*		19,700		887,682


Capital Markets - 3.8%
optionsXpress Holdings, Inc.		110,850		2,844,411
TradeStation Group, Inc.*		233,952		2,725,541

				5,569,952


Chemicals - 2.4%
Calgon Carbon Corp.*		150,100		1,741,160
H.B. Fuller Co.		60,100		1,796,389

				3,537,549


Commercial Banks - 0.8%
Old National Bancorp		73,000		1,212,530


Commercial Services & Supplies - 6.8%
American Reprographics Co.*		56,935		1,753,029
Herman Miller, Inc.		42,735		1,350,426
Huron Consulting Group, Inc.*		22,600		1,650,026
PRG-Schultz International, Inc.*		107,304		1,706,134
Watson Wyatt Worldwide, Inc.		70,755		3,571,712

				10,031,327


Communications Equipment - 2.7%
C-COR, Inc.*		118,400		1,664,704
Tekelec*		159,900		2,305,758

				3,970,462


Construction & Engineering - 1.7%
Perini Corp.*		41,200		2,535,036


Consumer Finance - 1.8%
World Acceptance Corp.*		63,360		2,707,373


Diversified Consumer Services - 7.5%
Bright Horizons Family Solutions, Inc.*		67,615		2,630,900
CPI Corp.		57,500		3,996,250
Steiner Leisure Ltd.*		60,095		2,951,866
Strayer Education, Inc.		12,100		1,593,691

				11,172,707


Diversified Financial Services - 2.1%
Portfolio Recovery Associates, Inc.		52,045		3,123,741


Electrical Equipment - 1.1%
Genlyte Group, Inc.*		20,260		1,591,220


Electronic Equipment & Instruments - 4.0%
Itron, Inc.*		41,270		3,216,584
PC Connection, Inc.*		200,300		2,651,972

				5,868,556


Energy Equipment & Services - 3.8%
Hercules Offshore, Inc.*		46,700		1,512,146
Superior Energy Services*		53,420		2,132,526
TODCO*		43,300		2,044,193

				5,688,865


	Shares		Value

Food Products - 0.8%
Flowers Foods, Inc.		34,700		1,157,592


Gas Utilities - 1.0%
New Jersey Resources Corp.		30,100		1,535,702


Health Care Equipment & Supplies - 0.7%
Datascope Corp.		27,676		1,059,437


Health Care Providers & Services - 6.3%
Amedisys, Inc.*		81,819		2,972,484
AMERIGROUP Corp.*		86,385		2,055,963
LCA-Vision, Inc.		42,105		1,989,882
Radiation Therapy Services, Inc.*		86,075		2,267,215

				9,285,544


Health Care Technology - 1.8%
Allscripts Healthcare Solutions, Inc.*		102,203		2,604,132


Hotels, Restaurants & Leisure - 0.8%
CEC Entertainment, Inc.*		35,600		1,253,120


Insurance - 5.6%
Amerisafe, Inc.*		74,900		1,470,287
HCC Insurance Holdings, Inc.		50,175		1,676,347
Philadelphia Consolidated Holding Corp.*		35,366		1,478,299
RLI Corp.		27,100		1,516,245
United Fire & Casualty Co.		59,900		2,119,262

				8,260,440


Internet & Catalog Retail - 4.4%
NutriSystem, Inc.*		55,715		3,891,136
priceline.com, Inc.*		38,712		2,661,063

				6,552,199


Internet Software & Services - 3.9%
DealerTrack Holdings, Inc.*		83,765		3,085,903
Digital River, Inc.*		28,365		1,283,516
Interwoven, Inc.*		98,600		1,384,344

				5,753,763


IT Services - 1.0%
MAXIMUS, Inc.		33,900		1,470,582


Leisure Equipment & Products - 1.0%
Callaway Golf Co.		82,500		1,469,325


Machinery - 7.3%
Actuant Corp.		30,000		1,891,800
Robbins & Myers, Inc.		74,900		3,979,437
Toro Co.		49,755		2,930,072
Valmont Industries, Inc.		27,300		1,986,348

				10,787,657


Metals & Mining - 1.4%
AMCOL International Corp.		79,346		2,166,939


Personal Products - 1.0%
NBTY, Inc.*		35,715		1,542,888


Pharmaceuticals - 1.2%
Axcan Pharma, Inc.*		94,100		1,818,953


	Shares		Value

Road & Rail - 1.8%
Old Dominion Freight Line, Inc.*		88,777		2,676,627


Semiconductors & Semiconductor Equipment - 3.6%
FEI Co.*		112,700		3,658,242
MKS Instruments, Inc.*		63,100		1,747,870

				5,406,112


Software - 3.4%
MICROS Systems, Inc.*		31,315		1,703,536
Quality Systems, Inc.		47,655		1,809,460
SPSS, Inc.*		33,700		1,487,518

				5,000,514


Specialty Retail - 2.1%
Barnes & Noble, Inc.		19,200		738,624
Childrens Place Retail Stores, Inc.*		45,265		2,337,485

				3,076,109


Textiles, Apparel & Luxury Goods - 3.4%
CROCS, Inc.*		116,820		5,026,765


Thrifts & Mortgage Finance - 0.8%
Trustco Bank Corp. NY		114,993		1,136,131


Trading Companies & Distributors - 5.2%
Applied Industrial Technologies, Inc.		107,400		3,168,300
Watsco, Inc.		52,410		2,851,104
WESCO International, Inc.*		27,480		1,661,166

				7,680,570


Total Equity Securities (Cost $125,948,215)				145,661,805


Exchange Traded Funds - 0.3%
iShares Russell 2000 Index Fund		4,410		365,853


Total Exchange Traded Funds (Cost $348,390)				365,853


	Principal
	Amount

Certificates of Deposit - 0.1%
ShoreBank, 4.80%, 2/11/08 (b)(k)	$	100,000		99,610


Total Certificates of Deposit (Cost $100,000)				99,610


High Social Impact Investments - 0.7%
Calvert Social Investment Foundation Notes, 3.00%, 7/1/07 (b)(i)(r)		1,151,905		1,108,789


Total High Social Impact Investments (Cost $1,151,905)				1,108,789


U.S. Government Agencies and Instrumentalities - 3.1%
Federal Home Loan Bank Discount Notes, 7/2/07		4,600,000		4,599,387


Total U.S. Government Agencies and Instrumentalities (Cost $4,599,387)				4,599,387


TOTAL INVESTMENTS (Cost $132,147,897) - 102.5%				151,835,444
Other assets and liabilities, net - (2.5%)				(3,633,390	)

NET ASSETS - 100%			$	148,202,054


*		Non-income producing security.

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

(i)		Restricted securities represent 0.7% of 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.



	Acquisiton
Restricted Securities	Dates		Cost

Calvert Social Investment Foundation Notes, 3.00%, 7/1/07		7/1/04 - 7/3/06	$	1,151,905

CALVERT SHORT DURATION INCOME FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2007


	Principal
	Amount		Value

CORPORATE BONDS - 62.6%
ACLC Business Loan Receivables Trust, 5.97%, 10/15/21 (e)(r)	$	492,427	$	477,604
AgFirst Farm Credit Bank
8.393% to 12/15/11, floating rate thereafter to, 8.393%, 12/15/16 (r)		1,945,000		2,101,670
6.585% to 06/15/12, floating rate thereafter to , 6.585%, 6/15/49 (e)(r)		2,000,000		2,001,883
7.30%, 10/14/49 (e)		1,000,000		986,244
Alliance Mortgage Investments:
12.61%, 6/1/10 (r)(x)		385,345		308,276
15.36%, 12/1/10 (r)(y)		259,801		207,840
AMB Property LP, 5.45%, 12/1/10		3,000,000		2,974,162
American Electric Power Co., Inc., 4.709%, 8/16/07 (r)		1,000,000		999,034
American Express Co., 5.474%, 12/1/33 (r)		2,000,000		2,002,000
American Home Mortgage Assets, 2.294%, 5/25/46 (r)		7,822,333		435,117
American National Red Cross, 5.31%, 11/15/07		4,515,000		4,516,129
Anadarko Petroleum Corp., 5.76%, 9/15/09 (r)		1,500,000		1,503,067
APL Ltd., 8.00%, 1/15/24		150,000		139,500
Archstone-Smith Operating Trust, 5.25%, 12/1/10		2,000,000		1,981,537
Atherton Franchisee Loan Funding LLC:
6.72%, 5/15/20 (e)		93,808		93,515
6.85%, 5/15/20 (e)		1,000,000		1,020,000
7.20%, 2/15/13 (e)		663,563		666,881
Atlantic Mutual Insurance Co., 8.15%, 2/15/28 (e)(p)*		350,000		70,000
Autopista del Maipo Sociedad, 7.373%, 6/15/22 (e)		227,000		248,914
BAC Capital Trust XV, 6.16%, 6/1/56 (r)		1,500,000		1,500,354
BAE Systems Asset Trust, 6.664%, 9/15/13 (e)		4,862,989		5,041,023
Banc of America Commercial Mortgage Inc., 5.449%, 1/15/49		3,000,000		2,950,548
Bank of Nova Scotia Trust Company of New York, 5.20%, 2/20/09		5,000,000		4,988,630
Bear Stearns Co’s, Inc.:
5.96%, 9/27/07 (r)		135,000		135,184
6.075%, 10/28/14 (r)		1,000,000		999,393
Bella Vista Mortgage Trust, 5.57%, 5/20/45 (r)		40,371		40,420
BellSouth Telecommunications, Inc., 6.125%, 9/23/08		1,000,000		1,004,548
BF Saul, 7.50%, 3/1/14		500,000		510,000
BNP US Funding LLC, 7.738% to 12/5/07, floating rate thereafter to 12/31/49 (e)(r)		115,000		115,704
Branch Banking & Trust Co, 5.41%, 9/2/08 (r)		120,000		120,063
British Aerospace Finance, Inc., 7.00%, 7/1/07 (e)		5,000,000		5,000,067
Bunge Ltd. Finance Corp., 4.375%, 12/15/08		3,000,000		2,948,319
C8 Capital SPV Ltd., 6.64% to 12/31/14, floating rate thereafter to 12/31/49 (e)(r)		2,500,000		2,471,475
Calfrac Holdings LP, 7.75%, 2/15/15 (e)		680,000		656,200


	Principal
	Amount		Value

CAM US Finance SA Sociedad Unipersonal, 5.506%, 2/1/10 (e)(r)		3,000,000		3,000,081
Capital Auto Receivables Asset Trust:
5.40%, 10/15/09		4,000,000		4,001,098
5.22%, 11/16/09		5,000,000		4,997,463
Capmark Financial Group, 6.007%, 5/10/10 (e)(r)		1,000,000		999,941
Captec Franchise Trust, 8.155%, 6/15/13 (e)		1,250,000		1,245,830
Cardinal Health, Inc., 5.619%, 10/2/09 (e)(r)		1,000,000		1,001,030
Chase Funding Mortgage Loan, 4.045%, 5/25/33		1,678,062		1,656,922
Chilquinta Energia Finance Co. LLC, 6.47%, 4/1/08 (e)		2,000,000		2,014,276
Cinergy Global Resources, Inc., 6.20%, 11/3/08 (e)		6,500,000		6,602,767
CIT Group, Inc., 3.875%, 11/3/08		399,000		390,776
CitiFinancial, 6.75%, 7/1/07		2,000,000		2,000,048
Citigroup, Inc.:
5.50%, 6/9/09 (r)		110,000		110,260
6.50%, 1/18/11		7,000,000		7,215,320
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.205%, 12/11/49 (r)		4,000,000		3,932,812
Clinic Building LLC VRDN, 5.38%, 2/1/23 (r)		2,325,000		,325,000
Countrywide Asset-Backed Certificates, 5.77%, 11/25/34 (r)		152,530		153,748
Countrywide Financial Corp.:
5.437%, 10/31/07 (r)		5,000,000		4,999,766
5.056%, 5/5/08 (r)		480,000		480,371
Countrywide Home Loans, Inc., 6.935%, 7/16/07		4,500,000		4,501,637
Credit Agricole, 6.637% to 5/31/17, floating rate thereafter to 5/31/49 (e)(r)		2,000,000		1,950,675
Crown Castle Towers LLC:
4.643%, 6/15/35 (e)		4,000,000		3,892,108
5.245%, 11/15/36 (e)		2,000,000		1,965,023
5.362%, 11/15/36 (e)		1,000,000		983,310
CVS Caremark Corp:
5.66%, 6/1/10 (r)		240,000		240,314
6.302% to 6/1/12, floating rate thereafter to 6/1/37 (r)		2,000,000		1,958,316
Dime Community Bancshares, Inc., 9.25%, 5/1/10 (e)		1,000,000		1,077,137
Discover Financial Services, 5.89%, 6/11/10 (e)(r)		3,000,000		2,994,183
Dominion Resources, Inc.:
5.66%, 9/28/07 (r)		3,500,000		3,500,766
5.687%, 5/15/08 (r)		3,000,000		3,002,684
Duke Energy Corp., 4.20%, 10/1/08		2,000,000		1,967,995
Duke Energy Indiana, Inc., 7.85%, 10/15/07		2,000,000		2,011,979
Dunkin Securitization, 5.779%, 6/20/31 (e)		4,000,000		4,009,748
ERAC USA Finance Co., 5.30%, 11/15/08 (e)		1,000,000		993,839
Ferriot, Inc., 5.38%, 4/1/20 (r)		5,120,000		5,120,000
Fidelity National Information Services, Inc., 4.75%, 9/15/08		500,000		489,766
First Tennessee Bank, 5.75%, 12/1/08		250,000		250,681
FMG Finance Ltd., 9.36%, 9/1/11 (e)(r)		6,330,000		6,662,325
Ford Motor Credit Co. LLC, 6.19%, 9/28/07 (r)		5,000,000		4,997,404
GATX Rail Corp., 6.86%, 7/28/13		158,342		160,761
GE Dealer Floorplan Master Note Trust, 5.33%, 4/20/11 (r)		3,000,000		3,003,737
General Electric Capital Corp., 6.50%, 12/10/07		1,800,000		1,807,547
General Motors Acceptance Corp.:
6.306%, 7/16/07 (r)		5,750,000		5,750,005
6.125%, 8/28/07		9,567,000		9,565,410
5.125%, 5/9/08		690,000		682,459
6.51%, 9/23/08 (r)		500,000		499,692
Glitnir banki HF:
5.516%, 10/15/08 (e)(r)		3,000,000		2,999,934
4.75%, 10/15/10 (e)		1,000,000		950,140
5.795%, 1/21/11 (e)(r)		2,000,000		1,999,927
Global Signal:
Trust II, 4.232%, 12/15/14 (e)		500,000		483,507
Trust III, 5.361%, 2/15/36 (e)		1,175,000		1,156,044
Golden Securities Corp., 5.62%, 12/2/13 (e)(r)		783,524		783,132
Goldman Sachs Group, Inc., 5.536%, 2/6/12 (r)		2,000,000		1,994,198
Great River Energy, 5.829%, 7/1/17 (e)		5,000,000		5,010,450


	Principal
	Amount		Value

HBOS Treasury Services plc, 3.50%, 11/30/07 (e)		125,000		123,817
Health Care Property Investors, Inc., 5.81%, 9/15/08 (r)		5,000,000		4,999,810
Household Finance Corp., 7.90%, 11/15/07		2,185,000		2,203,714
HRPT Properties Trust, 5.96%, 3/16/11 (r)		2,000,000		1,999,932
HSBC Finance Corp.:
5.836%, 2/15/08		4,000,000		4,008,975
4.45%, 9/15/08		2,000,000		1,978,704
Impac CMB Trust:
5.64%, 9/25/34 (r)		142,490		142,511
5.69%, 11/25/34 (r)		105,799		105,960
5.58%, 4/25/35 (r)		1,099,635		1,100,244
5.63%, 4/25/35 (r)		376,587		377,841
5.59%, 5/25/35 (r)		179,731		180,138
5.64%, 8/25/35 (r)		920,022		922,382
Independence Community Bank Corp.:
3.50% to 6/1/08, floating rate thereafter to 6/20/13, 3.50%, 6/20/13 (r)		2,350,000		2,302,299
3.75% to 4/1/09, floating rate thereafter to 4/1/14, 3.75%, 4/1/14 (r)		4,500,000		4,372,327
Ingersoll-Rand Co. Ltd.:
6.391%, 11/15/27		1,135,000		1,182,403
6.443%, 11/15/27		105,000		109,441
6.015%, 2/15/28		500,000		505,542
Irwin Land LLC, 4.51%, 12/15/15		1,365,000		1,302,879
iStar Financial, Inc., 5.75%, 3/3/08 (r)		2,000,000		2,002,794
JPMorgan Chase & Co.:
3.625%, 5/1/08		915,000		900,900
5.10%, 10/28/08 (r)		4,000,000		3,998,299
Land O’ Lakes, Inc., 9.00%, 12/15/10		3,225,000		3,378,188
LB-UBS Commercial Mortgage Trust, 6.41%, 12/15/19		2,726,086		2,733,092
Lehman Brothers Holdings, Inc., 4.84%, 9/8/08 (r)		3,000,000		2,982,979
Leucadia National Corp., 7.00%, 8/15/13		500,000		490,000
Lumbermens Mutual Casualty Co., 8.30%, 12/1/37 (e)(m)*		300,000		1,500
M&I Marshall & Ilsley Bank, 5.63%, 12/4/12 (r)		1,000,000		999,837
MASTR Adjustable Rate Mortgages Trust, 5.70%, 11/25/34 (r)		84,918		85,390
MBNA Corp., 5.625%, 11/30/07		2,917,000		2,919,297
Melair Associates LLC VRDN, 5.75%, 9/1/34 (r)		1,335,000		1,335,000
Meridian Funding Co. LLC:
5.86%, 8/30/07 (e)(r)		5,000,000		4,999,669
5.68%, 6/9/08 (r)		1,666,667		1,664,267
5.55%, 10/6/08 (e)(r)		362,368		362,686
Merrill Lynch & Co., Inc., 5.576%, 2/5/10 (r)		291,000		291,906
Nationwide Health Properties, Inc.:
6.50%, 7/15/11		3,500,000		3,566,707
6.59%, 7/7/38		1,300,000		1,308,416
Noble Group Ltd., 6.625%, 3/17/15 (e)		200,000		184,009
Oneok, Inc., 5.51%, 2/16/08		3,285,000		3,282,458
OPTI Canada, Inc., 7.875%, 12/15/14 (e)		500,000		501,250
Orkney Re II plc, Series B, 8.36%, 12/21/35 (b)(e)(r)		1,400,000		1,330,000
Overseas Private Investment Corp., 7.45%, 12/15/10		723,859		750,472
Pacific Pilot Funding Ltd., 6.108%, 10/20/16 (e)(r)		491,199		490,864
PacifiCorp, 6.375%, 5/15/08		30,000		30,236
Pepco Holdings, Inc., 5.50%, 8/15/07		5,000,000		5,002,000
Pioneer Natural Resources Co., 5.875%, 7/15/16		500,000		449,965
Post Apartment Homes LP VRDN, 5.32%, 7/15/29 (r)		3,450,000		3,450,000
Pacificorp Australia LLC, 6.15%, 1/15/08 (e)		3,350,000		3,359,927
PPF Funding, Inc., 5.35%, 4/15/12 (e)		2,000,000		1,959,388
Preferred Term Securities IX Ltd., 6.096%, 4/3/33 (e)(r)		959,500		962,993
PRICOA Global Funding I, 5.44%, 6/3/08 (e)(r)		350,000		349,880
Providence Health Systems, 4.45%, 10/1/07		70,000		69,853
Prudential Financial, Inc., 5.51%, 6/13/08 (r)		500,000		500,445
Public Service Electric & Gas Co., 6.375%, 5/1/08 (r)		1,275,000		1,283,496
Reed Elsevier Capital, Inc., 5.69%, 6/15/10 (r)		2,500,000		2,499,909
Regions Financial Corp., 4.50%, 8/8/08		1,500,000		1,486,565


	Principal
	Amount		Value

Residential Capital LLC.:
5.86%, 6/9/08 (r)		12,540,000		12,414,293
6.66%, 11/21/08 (r)		3,335,000		3,339,200
6.00%, 2/22/11		5,000,000		4,840,061
6.50%, 4/17/13		2,500,000		2,421,471
Richmond County Capital Corp., 8.61%, 7/15/49 (e)		1,700,000		1,706,375
SABMiller plc, 5.649%, 7/1/09 (e)(r)		175,000		175,460
Santander Issuances SA Unipersonal, 5.72%, 6/20/16 (e)(r)		3,000,000		3,052,183
SLM Corp., 5.575%, 7/25/07 (r)		625,000		624,830
Sovereign Bank:
4.00%, 2/1/08		2,830,000		2,806,004
4.375% to 8/1/08, floating rate thereafter to 8/1/13 (r)		6,325,000		6,247,485
Student Loan Consolidation Center:
5.30%, 3/1/42 (e)(r)		2,000,000		1,999,920
5.29%, 3/1/42 (e)(r)		3,900,000		3,899,844
Summit Properties Partnership LP, 7.20%, 8/15/07		138,000		138,181
Susquehanna Bancshares, Inc., 4.75% to 5/1/09, floating rate thereafter to 5/1/14 (r)		1,000,000		987,005
TIERS Trust, 8.45%, 12/1/17 (n)*		658,859		9,883
Toll Road Investors Partnership II LP, Zero Coupon:
2/15/09 (e)		3,000,000		2,736,226
2/15/45 (e)		46,538,313		5,951,319
TXU Electric Delivery Co., 5.735%, 9/16/08 (e)(r)		2,000,000		2,031,206
TXU Energy Co. LLC, 5.86%, 9/16/08 (e)(r)		3,000,000		2,999,901
Union Pacific Corp.:
8.02%, 7/2/12		1,765,987		1,853,598
6.91%, 8/27/17		1,333,613		1,401,098
UnitedHealth Group, Inc., 5.54%, 6/21/10 (e)(r)		3,000,000		2,999,923
Wal-Mart Stores, Inc., 8.07%, 12/21/12		500,000		527,710
WaMu Mortgage Pass Through Certificates, 6.427%, 4/25/44 (r)		22,933		22,827
World Financial Network, Credit Card Master Note Trust, 5.69%, 5/15/12 (r)		1,000,000		1,003,036
Xerox Corp., 6.11%, 12/18/09 (r)		750,000		761,543
Xstrata Finance Dubai Ltd., 5.71%, 11/13/09 (e)(r)		3,000,000		2,983,219


Total Corporate Bonds (Cost $349,134,239)				347,577,000


TAXABLE MUNICIPAL OBLIGATIONS - 23.4%
Adams-Friendship Area Wisconsin School District GO Bonds:
5.07%, 3/1/09		180,000		178,924
5.09%, 3/1/10		105,000		104,038
5.13%, 3/1/11		115,000		113,612
Alameda California Corridor Transportation Authority Revenue Bonds, Zero Coupon, 10/1/09		6,000,000		5,309,460
Allentown Pennsylvania GO Bonds, 3.41%, 10/1/09		1,910,000		1,836,981
Baltimore Maryland General Revenue Bonds, 5.00%, 7/1/12		1,330,000		1,305,222
Bayonne New Jersey Municipal Utilities Authority Revenue Bonds, 3.70%, 4/1/10		365,000		350,097
Bethlehem Pennsylvania GO Bonds, 4.10%, 11/1/09		675,000		658,456
Boynton Beach Florida Community Redevelopment Agency Tax Allocation Revenue Bonds, 5.10%, 10/1/15		1,000,000		979,310
Bridgeview Illinois GO Bonds, 4.62%, 12/1/11		490,000		474,785
Burlingame California PO Revenue Bonds, 5.255%, 6/1/11		1,000,000		994,120
Butler Pennsylvania Redevelopment Authority Tax Increment Revenue Bonds, 5.25%, 12/1/13		680,000		671,194
California State Industry Sales Tax Revenue Bonds, 5.00%, 1/1/12		2,900,000		2,848,467
California State M-S-R Public Power Agency Revenue Bonds, 3.45%, 7/1/09		3,460,000		3,337,620
California Statewide Communities Development


	Principal
	Amount		Value

Authority Revenue Bonds:
Zero Coupon, 6/1/08		1,395,000		1,326,171
5.34%, 8/1/08		1,680,000		1,681,058
5.41%, 8/1/09		1,755,000		1,759,370
Zero Coupon, 6/1/10		2,820,000		2,408,449
Zero Coupon, 6/1/13		3,190,000		2,307,614
Canyon Texas Regional Water Authority Revenue Bonds, 5.70%, 8/1/12		165,000		166,242
Chicago Illinois O’Hare International Airport Revenue Bonds, 5.053%, 1/1/11		3,720,000		3,680,419
Chicago Illinois GO Bonds, 5.20%, 1/1/10		3,600,000		3,594,960
College Park Georgia Revenue Bonds, 5.497%, 1/1/08		2,000,000		2,002,720
Cook County Illinois School District GO Bonds, Zero Coupon:
No. 089 Maywood, 12/1/12		2,135,000		1,585,985
No. 170 Chicago Heights, 12/1/12		380,000		282,283
Corte Madera California COPs, 5.447%, 2/1/16		1,575,000		1,531,499
El Paso Texas GO Bonds:
5.512%, 8/15/09		1,245,000		1,248,200
5.674%, 8/15/12		1,000,000		1,006,500
5.724%, 8/15/13		1,000,000		1,008,710
Escondido California Joint Powers Financing Authority Lease Revenue Bonds, 5.53%, 9/1/18		1,810,000		1,808,552
Fall Creek Wisconsin School District GO Bonds, 5.91%, 3/1/19		605,000		608,249
Grant County Washington Public Utility District No. 2 Revenue Bonds:
3.91%, 1/1/08		325,000		322,982
5.11%, 1/1/13		500,000		492,005
Hillsborough County Florida Port District Revenue Bonds, Zero Coupon:
6/1/11		1,230,000		997,333
12/1/11		1,230,000		970,618
Illinois State Housing Development Authority Revenue Bonds, 5.60%, 12/1/15		1,710,000		1,702,083
Indiana State Bond Bank Revenue Bonds:
2.79%, 1/15/08		450,000		444,231
5.27%, 1/15/08		1,000,000		1,000,310
Inglewood California Pension Funding Revenue Bonds:
4.57%, 9/1/08		205,000		203,278
4.65%, 9/1/09		215,000		212,033
4.74%, 9/1/10		225,000		220,644
Iron County Wisconsin GO Bonds, 5.26%, 3/1/19		655,000		639,444
JEA Florida St. Johns River Power Park System Revenue Bonds, 4.80%, 10/1/07		3,000,000		2,998,260
La Verne California PO Revenue Bonds:
5.34%, 6/1/08		260,000		260,200
5.40%, 6/1/09		270,000		270,788
5.45%, 6/1/10		340,000		341,258
5.49%, 6/1/11		350,000		351,673
Los Angeles California Community Redevelopment Agency Tax Allocation Bonds:
3.94%, 7/1/08		775,000		763,421
4.22%, 7/1/09		805,000		785,938
Los Angeles County California PO Revenue Bonds, Zero Coupon, 6/30/10		363,000		308,245
Maryland State Health and Higher Educational Facilities Authority Revenue Bonds, 5.30%, 7/1/10		630,000		628,960
Michigan State Municipal Bond Authority Revenue Bonds, 5.252%, 6/1/15		1,000,000		979,810
Midpeninsula California Regional Open Space District Financing Authority Revenue Bonds, 5.15%, 9/1/12		3,385,000		3,354,941
Mississippi State Development Bank SO Revenue Bonds, 5.21%, 7/1/08		4,000,000		3,995,080
New York State Dormitory Authority Revenue Bonds, 3.85%, 3/15/11		1,850,000		1,757,833
New York State Sales Tax Asset Receivables Corp. Revenue Bonds, 3.60%, 10/15/08		3,300,000		3,234,693
New York State Urban Development Corp. Revenue Bonds, 4.38%, 12/15/11		2,300,000		2,201,974
Northwest Washington Electric Energy Revenue Bonds, 4.06%, 7/1/09		1,000,000		977,010
Northwest Washington Open Access Network Revenue Bonds, 6.39%, 12/1/10		935,000		961,760


	Principal
	Amount		Value

Oakland California PO Revenue Bonds, Zero Coupon, 12/15/10		2,000,000		1,659,760
Oakland California Redevelopment Agency Tax Allocation Bonds:
5.268%, 9/1/11		2,860,000		2,844,785
5.252%, 9/1/16		2,000,000		1,974,740
5.263%, 9/7/16		3,000,000		2,956,410
Oklahoma City Oklahoma Airport Trust Revenue Bonds, 4.60%, 10/1/09		1,330,000		1,308,254
Oklahoma State Capital Improvement Authority Revenue Bonds, 5.10%, 7/1/11		2,720,000		2,695,275
Orange County California PO Revenue Bonds, Zero Coupon, 9/1/11		6,100,000		4,859,748
Oregon State Department of Administrative Services Lottery Revenue Bonds:
5.389%, 4/1/08		1,000,000		1,000,390
5.334%, 4/1/09		1,565,000		1,565,955
5.374%, 4/1/10		1,650,000		1,648,350
5.355%, 4/1/11		1,000,000		998,500
Pennsylvania State Higher Education Assistance Agency Revenue Bonds:
5.33%, 4/1/47 (r)		2,000,000		2,000,000
5.339%, 4/1/47 (r)		4,000,000		3,999,801
Pittsburg California Redevelopment Agency Tax Allocation Bonds, 5.115%, 8/1/16		1,800,000		1,737,144
Pittsburgh Pennsylvania GO Bonds, 5.47%, 9/1/08		4,000,000		4,006,720
Placer County California Redevelopment Agency Tax Allocation Bonds, 5.75%, 8/1/15		705,000		708,321
Riverside California Public Financing Authority Tax Allocation Bonds, 5.24%, 8/1/17		2,000,000		1,925,580
Roseville California Redevelopment Agency Tax Allocation Bonds, 5.31%, 9/1/13		820,000		811,620
Sacramento City California Financing Authority Tax Allocation Revenue Bonds, 4.985%, 12/1/09		1,035,000		1,028,304
San Antonio Texas GO Bonds, 2.80%, 2/1/08		500,000		492,830
San Diego California Redevelopment Agency Tax Allocation Bonds, 5.66%, 9/1/16		1,480,000		1,484,899
San Francisco City and County California Redevelopment Financing Authority Revenue Bonds, 5.00%, 8/1/07		1,000,000		1,000,080
Santa Fe Springs California Community Development Commission Tax Allocation Bonds, 5.18%, 9/1/11		1,575,000		1,558,620
Schenectady New York Metroplex Development Authority Revenue Bonds:
5.20%, 8/1/08		125,000		124,896
5.15%, 8/1/09		135,000		134,519
Shawano-Gresham Wisconsin School District GO Bonds, 5.75%, 3/1/11		360,000		362,984
Shorewood Wisconsin School District GO Bonds, 5.30%, 4/1/16		335,000		328,997
South Bend Indiana Economic Development Income Tax Revenue Bonds :
5.125%, 2/1/10		820,000		811,464
5.20%, 2/1/14		1,295,000		1,258,183
Southern California Logistics Airport Authority Tax Allocation Bonds, 5.00%, 12/1/12		1,265,000		1,251,262
Stanislaus County California Revenue Bonds, 7.15%, 8/15/13		630,000		660,914
Texas Municipal Gas Corp., Gas Reservation Revenue Bonds, 2.60%, 7/1/07		145,000		145,000
Virginia State Housing Development Authority Revenue Bonds, 5.24%, 7/1/09		1,050,000		1,048,162
West Contra Costa California Unified School District COPs:
4.50%, 1/1/08		275,000		273,820
4.59%, 1/1/09		285,000		281,905
4.66%, 1/1/10		435,000		427,448
Ypsilanti Michigan GO Bonds, 5.55%, 5/1/12		335,000		335,858


Total Taxable Municipal Obligations (Cost $131,204,736)				130,257,570


	Principal
	Amount		Value

U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 11.7%
Fannie Mae, 5.50%, 12/25/16		894,516		881,168
Federal Farm Credit Bank, 3.20%, 4/7/08		3,000,000		2,954,748
Federal Home Loan Bank:
0.00%, 7/16/07 (r)		5,000,000		4,990,250
5.00%, 10/26/07 (r)		5,000,000		4,997,891
0.00%, 12/28/07 (r)		5,500,000		5,238,750
3.625%, 11/14/08		3,395,000		3,326,790
Federal Home Loan Bank Discount Notes, 7/2/07		38,000,000		37,994,933
Freddie Mac, 5.125%, 12/15/13		2,010,481		1,974,359
New Valley Generation I, 7.299%, 3/15/19		822,210		892,568
New Valley Generation V, 4.929%, 1/15/21		807,240		761,178
Tunisia Government AID Bonds, Guaranteed by the United States Agency of International Development, 9.375%, 8/1/16		749,999		847,986


Total U.S. Government Agencies and Instrumentalities (Cost $65,083,792)				64,860,621


U.S. TREASURY - 1.0%
United States Treasury Notes:
4.625%, 2/15/17		3,395,000		3,288,906
4.50%, 5/15/17		2,158,000		2,068,983


Total U.S. Treasury (Cost $5,442,207)				5,357,889


	Shares

Equity Securities - 1.1%
Conseco, Inc.*		98,632		2,060,422
Roslyn Real Estate Asset Corp., Preferred		15		1,502,344
WoodBourne Pass-Through Trust, Preferred (e)		25		2,506,250


Total Equity Securities (Cost $5,833,240)				6,069,016


TOTAL INVESTMENTS (Cost $556,698,214) - 99.8%				554,122,096
Other assets and liabilities, net - 0.2%				1,013,134

NET ASSETS - 100%			$	555,135,230


					Underlying
					Face		Unrealized
	# of		Expiration		Amount		Appreciation
Futures	Contracts		Date		at Value		(Depreciation)

Purchased:
2 Year U.S. Treasury Notes		448		9/07	$	91,294,000	$	195,960
10 Year U.S. Treasury Notes		140		9/07	$	14,798,438	$	179,414

Total Purchased							$	375,374


Sold:
U.S. Treasury Bonds		320		9/07	$	34,480,000	$	85,874

Total Sold							$	85,874


*		Non-income producing security.

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

(e) Security 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 due in August 2006 and February 2007. This security is no longer accruing interest. During the period, $14,817 of acrrued interest was written off.

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

(x) Subsequent to period end, Alliance Bancorp and its affiliates filed for Chapter 7 bankruptcy on July 13, 2007. As a result, the value of the bond was marked down to $0 and $3,914 of accrued interest was written off.

(y) Subsequent to period end, Alliance Bancorp and its affiliates filed for Chapter 7 bankruptcy on July 13, 2007. As a result, the value of the bond was marked down to $0 and $3,215 of accrued interest was written off.

Abbreviations:
COPs: Certificates of Participation
GO: General Obligation
LLC: Limited Liability Corporation
LP: Limited Partnership
REIT: Real Estate Investment Trust
VRDN: Variable Rate Demand Note

CALVERT ULTRA-SHORT FLOATING INCOME FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2007


	Principal
	Amount		Value

Corporate Bonds - 81.3%
Adjustable Rate Mortgage Trust, 5.72%, 2/25/35 (r)	$	9,835	$	9,879
American Express Co., 5.474%, 12/1/33 (r)		60,000		60,060
BAC Capital Trust XV, 6.16%, 6/1/56 (r)		30,000		30,007
BleachTech LLC VRDN, 5.38%, 11/1/35 (r)		35,000		35,000
Branch Banking & Trust Co, 5.41%, 9/2/08 (r)		30,000		30,016
Capmark Financial Group, 6.007%, 5/10/10 (e)(r)		40,000		39,998
CIT Group, Inc.:
5.58%, 9/20/07 (r)		40,000		40,014
5.80%, 3/12/10 (r)		30,000		29,818
Clinic Building LLC VRDN, 5.38%, 2/1/23 (r)		35,000		35,000
Comcast Corp, 5.656%, 7/14/09 (r)		30,000		30,005
Countrywide Bank, 5.35%, 8/16/07 (r)		40,000		40,008
Countrywide Financial Corp.:
5.437%, 10/31/07 (r)		40,000		39,998
5.44%, 2/28/08 (r)		25,000		24,999
CVS Caremark Corp, 5.66%, 6/1/10 (r)		60,000		60,079
DiGerinomo Aggregates LLC VRDN, 5.38%, 1/1/15 (r)		35,000		35,000
Discover Financial Services, 5.89%, 6/11/10 (e)(r)		50,000		49,903
Dominion Resources, Inc.:
5.66%, 9/28/07 (r)		50,000		50,011
5.54%, 11/14/08 (r)		25,000		25,005
Ferriot, Inc. VRDN, 5.38%, 4/1/20 (r)		50,000		50,000
FMG Finance Ltd., 9.36%, 9/1/11 (e)(r)		25,000		26,313
Ford Motor Credit Co LLC, 6.18%, 9/28/07 (r)		60,000		59,969
General Motors Acceptance Corp., 6.306%, 7/16/07 (r)		50,000		50,000
Goldman Sachs Group, Inc., 5.536%, 2/6/12 (r)		50,000		49,855
GS Auto Loan Trust, 2.65%, 5/16/11		16,794		16,647
HRPT Properties Trust, 5.96%, 3/16/11 (r)		15,000		14,999
HSBC Finance Corp., 5.836%, 2/15/08		25,000		25,056
Impac CMB Trust:
5.71%, 10/25/34 (r)		7,958		7,965
5.58%, 4/25/35 (r)		7,532		7,536
iStar Financial, Inc., 5.75%, 3/3/08 (r)		30,000		30,042
John Deere Capital Corp., 5.428%, 7/20/07 (r)		100,000		99,999
Johnson Controls, Inc., 5.587%, 1/17/08 (r)		50,000		50,047
M&I Marshall & Ilsley Bank, 5.63%, 12/4/12 (r)		25,000		24,996
Melair Associates LLC VRDN, 5.75%, 9/1/34 (r)		40,000		40,000
Merrill Lynch & Co, Inc., 5.45%, 8/14/09 (r)		50,000		50,018
MLCC Mortgage Investors, Inc.:
5.69%, 3/25/28 (r)		40,404		40,514
5.55%, 4/25/29 (r)		18,304		18,345
5.60%, 7/25/29 (r)		32,408		32,539
5.55%, 3/25/30 (r)		14,275		14,282
NationsBank Capital Trust III, 5.906%, 1/15/27 (r)		30,000		29,313
Nationwide Life Global Funding, 5.45%, 9/28/07 (e)(r)		40,000		40,003
Pepco Holdings, Inc., 5.985%, 6/1/10 (r)		25,000		24,982
Post Apartment Homes LP VRDN, 5.32%, 7/15/29 (r)		50,000		50,000
RACERS Series 1997-R-8-3, 5.66%, 8/15/07 (e)(r)		100,000		100,000
Residential Capital LLC., 5.86%, 6/9/08 (r)		105,000		103,947
SABMiller plc, 5.649%, 7/1/09 (e)(r)		25,000		25,066
Sequoia Mortgage Trust, 5.64%, 11/20/34 (r)		52,561		52,840
SLM Corp., 5.575%, 7/25/07 (r)		100,000		99,973
Sovereign Bancorp, 5.64%, 3/1/09 (r)		50,000		50,119
Student Loan Consolidation Center, 5.30%, 3/1/42 (e)(r)		50,000		49,998
Suntrust Bank, 5.429%, 4/2/08 (r)		15,000		15,011
TXU Electric Delivery Co., 5.735%, 9/16/08 (e)(r)		50,000		50,780
TXU Energy Co. LLC, 5.86%, 9/16/08 (e)(r)		30,000		29,999
Wachovia Bank, 5.40%, 3/23/09 (r)		50,000		50,007
Xstrata Finance Dubai Ltd., 5.71%, 11/13/09 (e)(r)		60,000		59,664

Total Corporate Bonds (Cost $2,202,165)				2,205,624


	Principal
	Amount		Value

Taxable Municipal Obligations - 13.4%
CIDC-Hudson House LLC New York Revenue Bonds, 5.55%, 12/1/34 (r)		50,000		50,000
Kaukauna Wisconsin School District GO Revenue Bonds, 5.33%, 3/1/08		65,000		65,013
Middletown New York IDA Revenue Bonds, 5.55%, 6/1/15 (r)		50,000		50,000
Pennsylvania State Higher Education Assistance Agency Student Loan Revenue Bonds:
5.33%, 4/1/47 (r)		50,000		50,000
5.339%, 4/1/47 (r)		50,000		49,998
Portage Indiana Economic Development Revenue VRDN, 5.46%, 3/1/20 (r)		50,000		50,000
SunAmerica Trust Various States VRDN, 5.57%, 7/1/41 (r)		50,000		50,000


Total Taxable Municipal Obligations (Cost $364,997)				365,011


TOTAL INVESTMENTS (Cost $2,567,162) - 94.7%				2,570,635
Other assets and liabilities, net - 5.3%				142,916

NET ASSETS - 100%			$	2,713,551

(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:
GO: General Obligation
IDA: Industrial Development Authority
LLC: Limited Liability Corporation
LP: Limited Partnership
VRDN: Variable Rate Demand Notes

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 five separate portfolios: Income, Short Duration Income, Long-Term Income, Ultra-Short Floating Income, and New Vision Small Cap. Income, Short Duration Income, Long-Term Income, and Ultra-Short Floating Income are registered as non-diversified portfolios. New Vision Small Cap is registered as a diversified portfolio. The operations of each series are accounted for separately. Long-Term Income began operations on December 31, 2004. Ultra-Short Floating Income began operations on October 31, 2006. Income offers five classes of shares of beneficial interest (Class A, Class B, Class C, Class I, and Class R, which commenced operations on October 31, 2006). 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 three classes of shares of beneficial interest (Class A, Class C, and Class I) and Long-Term Income and Ultra-Short Floating Income each offer Class A shares of beneficial interest. Class A shares are sold with a maximum front-end sales charge of 4.75%, 3.75%, 2.75%, and 1.25% for New Vision Small Cap, Income and Long-Term Income, Short Duration Income, and Ultra-Short Floating Income respectively. 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 and are generally only available to certain retirement plans where plan level or omnibus accounts are held on the books of the Fund. 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.

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 June 30, 2007:


			% of Net
	Total Investments		Assets
Income	$	18,572,500		0.3	%
New Vision		1,208,399		0.8	%
Short Duration Income		1,330,000		0.2	%

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.

Options: The Fund may write or purchase option securities. The option premium is the basis for recognition of unrealized or realized gain or loss on the option. The cost of securities acquired or the proceeds from securities sold through the exercise of the option is adjusted by the amount of the premium. Risks from writing or purchasing option securities arise from possible illiquidity of the options market and the movement in the value of the investment or in interest rates. The risk associated with purchasing options is limited to the premium originally paid.

Futures Contracts: 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.

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.

New Accounting Pronouncements:

In July 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” – an interpretation of FASB Statement 109 (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Fund’s tax returns to determine whether tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. At this time, management is evaluating the implications of FIN 48 and its impact in the financial statements has not yet been determined.

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

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 June 30, 2007, and net realized capital loss carryforwards as of September 30, 2006 with expiration dates:


							Short			Ultra-Short
				Long-Term			Duration			Floating			New Vision
	Income			Income			Income			Income			Small Cap

Federal income tax cost of investments	$	5,856,978,625		$	10,704,584		$	556,822,763		$	2,567,162		$	132,190,381
Unrealized appreciation		24,624,671			36,095			962,634			4,903			23,136,965
Unrealized depreciation		(163,987,679	)		(166,988	)		(3,663,301	)		(1,430	)		(3,491,902	)
Net unrealized appreciation/ (depreciation)		($139,363,008	)		($130,893	)		($2,700,667	)	$	3,473		$	19,645,063

CAPITAL LOSS CARRYFORWARDS


			Long-
			Term		New Vision
Expiration Date	Income		Income		Small Cap

30-Sept-2010		—		—	$	571,370
30-Sept-2014	$	1,592,653	$	1,802		2,061,130

	$	1,592,653	$	1,802	$	2,632,500

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 $571,370 (from Calvert Social Investment Fund Technology Portfolio that merged into the Fund in January 2003) 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:		August 28, 2007