Calvert Fund NPORTP Calvert Short Duration Income Fund (Dec 2019 report)

Calvert

Short Duration Income Fund

December 31, 2019

Schedule of Investments (Unaudited)

Asset-Backed Securities — 25.2%


Security	Principal Amount (000’s omitted)		Value
Automobile — 6.1%
Avis Budget Rental Car Funding AESOP, LLC:
Series2014-2A, Class A, 2.50%, 2/20/21⁽¹⁾	$	4,105	$	4,105,031
Series2015-1A, Class A, 2.50%, 7/20/21⁽¹⁾		11,266		11,280,035
Series2015-1A, Class B, 3.22%, 7/20/21⁽¹⁾		16,950		16,997,504
Chesapeake Funding II, LLC:
Series2017-3A, Class A1, 1.91%, 8/15/29⁽¹⁾		1,863		1,861,409
Series2017-4A, Class A1, 2.12%, 11/15/29⁽¹⁾		8,753		8,756,337
Credit Acceptance Auto Loan Trust:
Series2017-1A, Class B, 3.04%, 12/15/25⁽¹⁾		12,300		12,323,070
Series2017-2A, Class A, 2.55%, 2/17/26⁽¹⁾		1,959		1,960,960
Series2017-3A, Class A, 2.65%, 6/15/26⁽¹⁾		1,685		1,688,923
Enterprise Fleet Financing, LLC, Series2016-2, Class A3, 2.04%, 2/22/22⁽¹⁾		10,350		10,346,494
Hertz Fleet Lease Funding, L.P., Series2018-1, Class A1, 2.215%, (1 mo. USD LIBOR + 0.50%), 5/10/32⁽¹⁾⁽²⁾		5,844		5,848,506
OneMain Direct Auto Receivables Trust, Series2017-2A, Class A, 2.31%, 12/14/21⁽¹⁾		374		374,266
OSCAR US Funding X LLC, Series2019-1A, Class A2, 3.10%, 4/11/22⁽¹⁾		1,686		1,694,347
Tesla Auto Lease Trust:
Series2018-B, Class A, 3.71%, 8/20/21⁽¹⁾		7,720		7,821,443
Series2018-B, Class B, 4.12%, 10/20/21⁽¹⁾		1,000		1,022,338
Series2019-A, Class A1, 2.005%, 12/18/20⁽¹⁾		6,120		6,121,117
Series2019-A, Class A2, 2.13%, 4/20/22⁽¹⁾		2,500		2,499,596
Series2019-A, Class A3, 2.16%, 10/20/22⁽¹⁾		10,740		10,725,611
Series2019-A, Class A4, 2.20%, 11/21/22⁽¹⁾		2,260		2,257,816

			$	107,684,803

Clean Energy — 0.5%
Mosaic Solar Loan Trust, Series2019-2A, Class B, 3.28%, 9/20/40⁽¹⁾	$	4,320	$	4,299,272
RenewFund Receivables Trust, Series2015-1, Class A, 3.51%, 4/15/25⁽¹⁾		735		735,846
SolarCity LMC Series III, LLC, Series2014-2, Class A, 4.02%, 7/20/44⁽¹⁾		3,146		3,167,117

			$	8,202,235

Consumer Loan — 9.1%
Avant Loans Funding Trust:
Series2018-A, Class B, 3.95%, 12/15/22⁽¹⁾	$	3,021	$	3,029,192
Series2019-A, Class A, 3.48%, 7/15/22⁽¹⁾		2,444		2,452,787
Series2019-B, Class A, 2.72%, 10/15/26⁽¹⁾		11,691		11,702,749
Conn’s Receivables Funding, LLC:
Series2018-A, Class A, 3.25%, 1/15/23⁽¹⁾		437		438,306
Series2018-A, Class B, 4.65%, 1/15/23⁽¹⁾		724		728,275
Series2019-A, Class A, 3.40%, 10/16/23⁽¹⁾		1,582		1,594,764
Series2019-B, Class A, 2.66%, 6/17/24⁽¹⁾		13,848		13,872,045
Series2019-B, Class B, 3.62%, 6/17/24⁽¹⁾		5,680		5,687,644


Security	Principal Amount (000’s omitted)		Value
Consumer Loan Underlying Bond Credit Trust:
Series2017-P1, Class B, 3.56%, 9/15/23⁽¹⁾	$	84	$	83,750
Series2017-P2, Class A, 2.61%, 1/15/24⁽¹⁾		128		128,203
Series2019-P1, Class A, 2.94%, 7/15/26⁽¹⁾		1,936		1,946,085
Series2019-P2, Class A, 2.47%, 10/15/26⁽¹⁾		12,192		12,200,421
Marlette Funding Trust, Series2019-2A, Class A, 3.13%, 7/16/29⁽¹⁾		12,232		12,312,151
OneMain Financial Issuance Trust:
Series2017-1A, Class A1, 2.37%, 9/14/32⁽¹⁾		13,846		13,845,924
Series2017-1A, Class A2, 2.54%, (1 mo. USD LIBOR + 0.80%), 9/14/32⁽¹⁾⁽²⁾		5,153		5,156,117
Oportun Funding LLC:
Oportun Funding VI, LLC Series2017-A, Class A, 3.23%, 6/8/23⁽¹⁾		6,745		6,746,442
Oportun Funding IX, LLC Series2018-B, Class A, 3.91%, 7/8/24⁽¹⁾		8,834		8,953,962
Oportun Funding VIII, LLC, Series2018-A, Class B, 4.45%, 3/8/24⁽¹⁾		8,580		8,684,198
Prosper Marketplace Issuance Trust:
Series2017-1A, Class C, 5.80%, 6/15/23⁽¹⁾		1,231		1,232,943
Series2017-2A, Class C, 5.37%, 9/15/23⁽¹⁾		1,455		1,465,960
Series2018-1A, Class B, 3.90%, 6/17/24⁽¹⁾		3,984		3,990,760
Series2018-1A, Class C, 4.87%, 6/17/24⁽¹⁾		1,000		1,009,651
Series2018-2A, Class A, 3.35%, 10/15/24⁽¹⁾		5,014		5,024,480
Series2018-2A, Class B, 3.96%, 10/15/24⁽¹⁾		14,348		14,449,030
SpringCastle Funding Asset-Backed Notes, Series2019-AA, Class A, 3.20%, 5/27/36⁽¹⁾		12,339		12,387,835
Springleaf Funding Trust:
Series2015-BA, Class A, 3.48%, 5/15/28⁽¹⁾		7,200		7,218,359
Series2016-AA, Class A, 2.90%, 11/15/29⁽¹⁾		2,706		2,707,522
Verizon Owner Trust, Series2017-2A, Class A, 1.92%, 12/20/21⁽¹⁾		642		641,666

			$	159,691,221

Equipment — 0.0%⁽³⁾
Dell Equipment Finance Trust, Series2017-2, Class A3, 2.19%, 10/24/22⁽¹⁾	$	448	$	448,584


Other — 4.1%
ExteNet, LLC:
Series2019-1A, Class A2, 3.204%, 7/26/49⁽¹⁾	$	3,415	$	3,433,856
Series2019-1A, Class B, 4.14%, 7/26/49⁽¹⁾		2,730		2,746,219
Horizon Aircraft Finance II, Ltd., Series2019-1, Class A, 3.721%, 7/15/39⁽¹⁾		4,515		4,512,826
Horizon Aircraft Finance III, Ltd.:
Series2019-2, Class A, 3.425%, 11/15/39⁽¹⁾		4,364		4,343,642
Series2019-2, Class B, 4.458%, 11/15/39⁽¹⁾		775		771,519
NextGear Floorplan Master Owner Trust, Series2017-2A, Class A2, 2.56%, 10/17/22⁽¹⁾		1,955		1,962,409
Stack Infrastructure Issuer, LLC:
Series2019-1A, Class A2, 4.54%, 2/25/44⁽¹⁾		20,488		21,460,620
Series2019-2A, Class A2, 3.08%, 10/25/44⁽¹⁾		2,630		2,628,183
Thunderbolt Aircraft Lease, Ltd., Series2017-A, Class A, 4.212% to 4/15/24, 5/17/32⁽¹⁾⁽⁴⁾		8,362		8,535,833
Vantage Data Centers Issuer, LLC:
Series2018-1A, Class A2, 4.072%, 2/16/43⁽¹⁾		4,985		5,141,831
Series2019-1A, Class A2, 3.188%, 7/15/44⁽¹⁾		5,801		5,840,441
VB-S1 Issuer, LLC, Series2016-1A, Class C, 3.065%, 6/15/46⁽¹⁾		10,000		10,063,278

			$	71,440,657


Security	Principal Amount (000’s omitted)		Value
Single-Family Rental — 0.7%
Progress Residential Trust:
Series 2015-SFR3, Class E, 5.66%, 11/12/32⁽¹⁾	$	8,485	$	8,482,685
Series 2019-SFR3, Class A, 2.271%, 9/17/36⁽¹⁾		4,210		4,123,549

			$	12,606,234

Small Business Loan — 0.4%
Small Business Lending Trust, Series2019-A, Class A, 2.85%, 7/15/26⁽¹⁾	$	7,433	$	7,435,196


Student Loan — 0.1%
Commonbond Student Loan Trust, Series2015-A, Class A, 3.20%, 6/25/32⁽¹⁾	$	545	$	545,159
SoFi Professional Loan Program, LLC:
Series2015-A, Class A2, 2.42%, 3/25/30⁽¹⁾		318		318,395
Series2015-B, Class B, 3.52%, 3/25/36⁽¹⁾		1,392		1,401,052

			$	2,264,606

Timeshare — 0.1%
Sierra Timeshare Receivables Funding, LLC:
Series2015-2A, Class B, 3.02%, 6/20/32⁽¹⁾	$	441	$	441,029
Series2015-3A, Class B, 3.08%, 9/20/32⁽¹⁾		567		567,600

			$	1,008,629

Whole Business — 4.1%
Adams Outdoor Advertising, L.P., Series2018-1, Class A, 4.81%, 11/15/48⁽¹⁾	$	3,177	$	3,299,691
Coinstar Funding, LLC, Series2017-1A, Class A2, 5.216%, 4/25/47⁽¹⁾		7,127		7,315,721
Driven Brands Funding, LLC:
Series2015-1A, Class A2, 5.216%, 7/20/45⁽¹⁾		5,952		6,090,856
Series2018-1A, Class A2, 4.739%, 4/20/48⁽¹⁾		3,226		3,351,312
FOCUS Brands Funding, LLC, Series2017-1A, Class A2I, 3.857%, 4/30/47⁽¹⁾		8,375		8,417,242
Hardee’s Funding, LLC, Series2018-1A, Class A2I, 4.25%, 6/20/48⁽¹⁾		5,984		6,026,439
Jack in the Box Funding, LLC, Series2019-1A, Class A2I, 3.982%, 8/25/49⁽¹⁾		4,445		4,483,316
Planet Fitness Master Issuer, LLC:
Series2018-1A, Class A2I, 4.262%, 9/5/48⁽¹⁾		7,599		7,744,883
Series2018-1A, Class A2II, 4.666%, 9/5/48⁽¹⁾		7,036		7,333,304
SERVPRO Master Issuer, LLC, Series2019-1A, Class A2, 3.882%, 10/25/49⁽¹⁾		16,989		17,099,955

			$	71,162,719


Total Asset-Backed Securities (identified cost $439,218,296)			$	441,944,884


Collateralized Mortgage-Backed Obligations — 10.9%

	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes:
Series 2015-HQA2, Class M2, 4.592%, (1 mo. USD LIBOR + 2.80%), 5/25/28⁽²⁾	$	1,733	$	1,747,884
Series 2016-HQA1, Class M2, 4.542%, (1 mo. USD LIBOR + 2.75%), 9/25/28⁽²⁾		689		692,797
Series 2016-HQA2, Class M2, 4.042%, (1 mo. USD LIBOR + 2.25%), 11/25/28⁽²⁾		914		920,912
Series 2017-DNA3, Class M1, 2.542%, (1 mo. USD LIBOR + 0.75%), 3/25/30⁽²⁾		2,932		2,937,249
Series 2017-DNA3, Class M2, 4.292%, (1 mo. USD LIBOR + 2.50%), 3/25/30⁽²⁾		5,279		5,407,303
Series 2017-HQA2, Class M1, 2.592%, (1 mo. USD LIBOR + 0.80%), 12/25/29⁽²⁾		1,177		1,178,018
Series 2018-DNA1, Class M2, 3.592%, (1 mo. USD LIBOR + 1.80%), 7/25/30⁽²⁾		9,245		9,271,366


Security	Principal Amount (000’s omitted)		Value
Series 2018-DNA1, Class M2AT, 2.842%, (1 mo. USD LIBOR + 1.05%), 7/25/30⁽²⁾	$	7,323	$	7,314,768
Series 2019-DNA2, Class M2, 4.111%, (1 mo. USD LIBOR + 2.45%), 3/25/49⁽¹⁾⁽²⁾		10,817		10,918,549
Series 2019-DNA3, Class M1, 2.391%, (1 mo. USD LIBOR + 0.73%), 7/25/49⁽¹⁾⁽²⁾		1,597		1,598,725
Series 2019-DNA3, Class M2, 3.711%, (1 mo. USD LIBOR + 2.05%), 7/25/49⁽¹⁾⁽²⁾		11,800		11,865,593
Series 2019-DNA4, Class M1, 2.361%, (1 mo. USD LIBOR + 0.70%), 10/25/49⁽¹⁾⁽²⁾		2,728		2,729,773
Series 2019-HQA1, Class M2, 4.011%, (1 mo. USD LIBOR + 2.35%), 2/25/49⁽¹⁾⁽²⁾		10,000		10,112,253
Series 2019-HQA2, Class M2, 3.711%, (1 mo. USD LIBOR + 2.05%), 4/25/49⁽¹⁾⁽²⁾		4,795		4,817,921
Series 2019-HQA3, Class M1, 2.411%, (1 mo. USD LIBOR + 0.75%), 9/25/49⁽¹⁾⁽²⁾		968		969,036
Series 2019-HQA3, Class M2, 3.511%, (1 mo. USD LIBOR + 1.85%), 9/25/49⁽¹⁾⁽²⁾		1,587		1,588,350
Federal National Mortgage Association Connecticut Avenue Securities:
Series2014-C02, Class 1M2, 4.392%, (1 mo. USD LIBOR + 2.60%), 5/25/24⁽²⁾		9,203		9,627,312
Series2014-C03, Class 1M2, 4.792%, (1 mo. USD LIBOR + 3.00%), 7/25/24⁽²⁾		20,659		21,764,380
Series2014-C03, Class 2M2, 4.692%, (1 mo. USD LIBOR + 2.90%), 7/25/24⁽²⁾		11,403		11,909,953
Series2014-C04, Class 1M2, 6.692%, (1 mo. USD LIBOR + 4.90%), 11/25/24⁽²⁾		10,219		11,249,700
Series2017-C04, Class 2M1, 2.642%, (1 mo. USD LIBOR + 0.85%), 11/25/29⁽²⁾		1,048		1,049,658
Series2017-C06, Class 1M2, 4.442%, (1 mo. USD LIBOR + 2.65%), 2/25/30⁽²⁾		1,400		1,435,820
Series2017-C07, Class 1M1, 2.442%, (1 mo. USD LIBOR + 0.65%), 5/25/30⁽²⁾		6,663		6,671,030
Series2018-C01, Class 1M1, 2.392%, (1 mo. USD LIBOR + 0.60%), 7/25/30⁽²⁾		1,042		1,043,105
Series2018-C03, Class 1M1, 2.472%, (1 mo. USD LIBOR + 0.68%), 10/25/30⁽²⁾		2,474		2,478,195
Series2018-C05, Class 1M1, 2.512%, (1 mo. USD LIBOR + 0.72%), 1/25/31⁽²⁾		2,288		2,291,885
Series2018-R07, Class 1M2, 4.192%, (1 mo. USD LIBOR + 2.40%), 4/25/31⁽¹⁾⁽²⁾		2,218		2,240,194
Series2019-R01, Class 2M2, 4.242%, (1 mo. USD LIBOR + 2.45%), 7/25/31⁽¹⁾⁽²⁾		5,000		5,059,835
Series2019-R02, Class 1M2, 4.092%, (1 mo. USD LIBOR + 2.30%), 8/25/31⁽¹⁾⁽²⁾		19,872		20,032,610
Series2019-R05, Class 1M1, 2.542%, (1 mo. USD LIBOR + 0.75%), 7/25/39⁽¹⁾⁽²⁾		3,122		3,126,376
Series2019-R05, Class 1M2, 3.792%, (1 mo. USD LIBOR + 2.00%), 7/25/39⁽¹⁾⁽²⁾		2,434		2,448,976
Series2019-R06, Class 2M1, 2.542%, (1 mo. USD LIBOR + 0.75%), 9/25/39⁽¹⁾⁽²⁾		5,729		5,737,237
RESIMAC Bastille Trust, Series 2018-1NCA, Class A1, 2.584%, (1 mo. USD LIBOR + 0.85%), 12/5/59⁽¹⁾⁽²⁾		1,675		1,674,009
Toorak Mortgage Corp., Ltd., Series2018-1, Class A1, 4.336% to 4/25/21, 8/25/21⁽¹⁾⁽⁴⁾		6,420		6,460,944


Total Collateralized Mortgage-Backed Obligations (identified cost $190,126,781)			$	190,371,716


Commercial Mortgage-Backed Securities — 5.2%

	Principal Amount (000’s omitted)		Value
BAMLL Commercial Mortgage Securities Trust:
Series2019-BPR, Class DNM, 3.843%, 11/5/32⁽¹⁾⁽⁵⁾	$	10,820	$	10,755,881
Series2019-BPR, Class ENM, 3.843%, 11/5/32⁽¹⁾⁽⁵⁾		6,285		5,933,752
BX Commercial Mortgage Trust:
Series2019-XL, Class A, 2.59%, (1 mo. USD LIBOR + 0.92%), 10/15/36⁽¹⁾⁽²⁾		6,085		6,097,276
Series2019-XL, Class B, 2.756%, (1 mo. USD LIBOR + 1.08%), 10/15/36⁽¹⁾⁽²⁾		7,280		7,297,984
Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust:
Series2019-01, Class M10, 5.042%, (1 mo. USD LIBOR + 3.25%), 10/15/49⁽¹⁾⁽²⁾		1,185		1,238,249
Series2019-01, Class M7, 3.492%, (1 mo. USD LIBOR + 1.70%), 10/15/49⁽¹⁾⁽²⁾		300		301,033
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2014-DSTY, Class B, 3.771%, 6/10/27⁽¹⁾		4,200		4,173,725
Series 2014-DSTY, Class C, 3.805%, 6/10/27⁽¹⁾⁽⁵⁾		1,920		1,811,361
Morgan Stanley Capital I Trust, Series2019-BPR, Class A, 3.14%, (1 mo. USD LIBOR + 1.40%), 5/15/36⁽¹⁾⁽²⁾		14,500		14,489,263
Motel 6 Trust:
Series 2017-MTL6, Class A, 2.59%, (1 mo. USD LIBOR + 0.92%), 8/15/34⁽¹⁾⁽²⁾		4,342		4,348,131


Security	Principal Amount (000’s omitted)		Value
Series 2017-MTL6, Class B, 2.866%, (1 mo. USD LIBOR + 1.19%), 8/15/34⁽¹⁾⁽²⁾	$	3,543	$	3,546,320
Series 2017-MTL6, Class C, 3.076%, (1 mo. USD LIBOR + 1.40%), 8/15/34⁽¹⁾⁽²⁾		12,458		12,470,668
Series 2017-MTL6, Class D, 3.826%, (1 mo. USD LIBOR + 2.15%), 8/15/34⁽¹⁾⁽²⁾		1,769		1,774,563
RETL Trust:
Series2019-RVP, Class A, 2.826%, (1 mo. USD LIBOR + 1.15%), 3/15/36⁽¹⁾⁽²⁾		4,171		4,177,600
Series2019-RVP, Class B, 3.226%, (1 mo. USD LIBOR + 1.55%), 3/15/36⁽¹⁾⁽²⁾		13,540		13,571,753


Total Commercial Mortgage-Backed Securities (identified cost $92,193,797)			$	91,987,559


Corporate Bonds — 41.7%

	Principal Amount (000’s omitted)		Value
Communications — 0.6%
Comcast Corp., 2.349%, (3 mo. USD LIBOR + 0.44%), 10/1/21⁽²⁾	$	5,520	$	5,548,591
Crown Castle Towers, LLC, 3.222%, 5/15/42⁽¹⁾		2,765		2,797,818
Sprint Spectrum Co., LLC / Sprint Spectrum Co. II, LLC / Sprint Spectrum Co. III, LLC, 3.36%, 9/20/21⁽¹⁾		1,313		1,325,822

			$	9,672,231

Consumer, Cyclical — 3.9%
American Airlines Pass-Through Trust:
4.40%, 3/22/25	$	1,826	$	1,893,535
5.25%, 7/15/25		2,958		3,134,502
5.60%, 1/15/22⁽¹⁾		4,573		4,648,475
Azul Investments, LLP, 5.875%, 10/26/24⁽¹⁾⁽⁶⁾		2,850		2,963,786
Ford Motor Credit Co., LLC:
2.677%, (3 mo. USD LIBOR + 0.79%), 6/12/20⁽²⁾		14,310		14,319,457
2.71%, (3 mo. USD LIBOR + 0.81%), 4/5/21⁽²⁾		2,200		2,190,281
2.728%, (3 mo. USD LIBOR + 0.88%), 10/12/21⁽²⁾		4,509		4,471,548
2.979%, 8/3/22		11,297		11,312,625
3.336%, 3/18/21		4,500		4,534,034
4.14%, 2/15/23		1,530		1,574,177
Tapestry, Inc., 4.125%, 7/15/27		7,675		7,843,158
WestJet Airlines, Ltd., 3.50%, 6/16/21⁽¹⁾		8,885		9,027,991

			$	67,913,569

Consumer,Non-cyclical — 5.0%
AbbVie, Inc., 2.245%, (3 mo. USD LIBOR + 0.35%), 5/21/21⁽¹⁾⁽²⁾	$	6,000	$	6,007,455
Becton Dickinson and Co.:
2.836%, (3 mo. USD LIBOR + 0.875%), 12/29/20⁽²⁾		12,330		12,336,269
2.894%, 6/6/22		12,628		12,836,353
Centene Corp., 4.25%, 12/15/27⁽¹⁾		4,682		4,825,269
Conagra Brands, Inc., 2.552%, (3 mo. USD LIBOR + 0.75%), 10/22/20⁽²⁾		2,992		2,992,308
CVS Health Corp.:
3.70%, 3/9/23		7,736		8,058,082
4.10%, 3/25/25		20,477		21,978,078
CVS Pass-Through Trust, 6.036%, 12/10/28		1,301		1,453,283
Grupo Bimbo SAB de CV, 4.50%, 1/25/22⁽¹⁾		5,000		5,200,989
Kraft Heinz Foods Co., 2.721%, (3 mo. USD LIBOR + 0.82%), 8/10/22⁽²⁾		9,750		9,783,945
Prime Security Services Borrower, LLC/Prime Finance, Inc., 9.25%, 5/15/23⁽¹⁾		2,236		2,349,198

			$	87,821,229


Security	Principal Amount (000’s omitted)		Value
Energy — 0.2%
Oceaneering International, Inc., 4.65%, 11/15/24	$	4,248	$	4,173,660


Financial — 22.5%
Alliance Data Systems Corp., 4.75%, 12/15/24⁽¹⁾	$	4,949	$	4,949,000
Ally Financial, Inc., 4.125%, 3/30/20		16,157		16,236,816
Athene Global Funding, 3.138%, (3 mo. USD LIBOR + 1.23%), 7/1/22⁽¹⁾⁽²⁾		12,065		12,231,385
Bank of America Corp.:
2.456% to 10/22/24, 10/22/25⁽⁷⁾		8,640		8,695,533
2.816% to 7/21/22, 7/21/23⁽⁷⁾		15,000		15,248,258
2.881% to 4/24/22, 4/24/23⁽⁷⁾		7,200		7,327,733
3.124% to 1/20/22, 1/20/23⁽⁷⁾		6,000		6,120,717
3.499% to 5/17/21, 5/17/22⁽⁷⁾		24,183		24,668,095
3.55% to 3/5/23, 3/5/24⁽⁷⁾		6,225		6,463,577
Bank of America NA, 3.335% to 1/25/22, 1/25/23⁽⁷⁾		11,944		12,279,084
Bank of Montreal, 2.05%, 11/1/22		10,789		10,831,669
Bank of Nova Scotia (The), 2.375%, 1/18/23		15,000		15,224,009
Capital One Financial Corp.:
2.656%, (3 mo. USD LIBOR + 0.72%), 1/30/23⁽²⁾		22,500		22,536,043
3.30%, 10/30/24		7,082		7,373,829
Capital One NA:
2.25%, 9/13/21		2,000		2,008,979
2.65%, 8/8/22		3,385		3,435,416
Citigroup, Inc.:
2.312% to 11/4/21, 11/4/22⁽⁷⁾		9,985		10,016,675
2.65%, 10/26/20		7,980		8,024,226
2.70%, 3/30/21		9,300		9,388,536
2.75%, 4/25/22		7,200		7,312,137
2.876% to 7/24/22, 7/24/23⁽⁷⁾		14,000		14,249,240
3.142% to 1/24/22, 1/24/23⁽⁷⁾		8,405		8,579,558
Credit Acceptance Corp., 5.125%, 12/31/24⁽¹⁾		5,369		5,588,914
Crown Castle International Corp.:
3.20%, 9/1/24		3,500		3,620,278
3.40%, 2/15/21		4,000		4,054,623
Digital Realty Trust, L.P., 2.75%, 2/1/23		5,000		5,052,877
Discover Bank:
3.10%, 6/4/20		1,000		1,003,784
4.682% to 8/9/23, 8/9/28⁽⁷⁾		8,750		9,151,625
Goldman Sachs Group, Inc. (The):
2.876% to 10/31/21, 10/31/22⁽⁷⁾		5,033		5,104,357
2.905% to 7/24/22, 7/24/23⁽⁷⁾		5,484		5,583,450
Iron Mountain, Inc., 4.375%, 6/1/21⁽¹⁾		1,537		1,555,905
JPMorgan Chase & Co.:
2.435%, (3 mo. USD LIBOR + 0.55%), 3/9/21⁽²⁾		10,072		10,075,619
2.509%, (3 mo. USD LIBOR + 0.61%), 6/18/22⁽²⁾		5,000		5,020,786
Marsh & McLennan Cos., Inc., 3.161%, (3 mo. USD LIBOR + 1.20%), 12/29/21⁽²⁾		2,129		2,131,018
Morgan Stanley:
3.124%, (3 mo. USD LIBOR + 1.22%), 5/8/24⁽²⁾		7,200		7,332,226
3.125%, 1/23/23		8,000		8,227,713
3.201%, (3 mo. USD LIBOR + 1.40%), 10/24/23⁽²⁾		12,000		12,264,780
4.875%, 11/1/22		8,375		8,975,095


Security	Principal Amount (000’s omitted)		Value
Newmark Group, Inc., 6.125%, 11/15/23	$	3,908	$	4,309,365
PNC Financial Services Group, Inc. (The), 2.20%, 11/1/24		24,460		24,543,971
Radian Group, Inc., 4.875%, 3/15/27		4,214		4,447,234
Regions Financial Corp., 2.75%, 8/14/22		2,545		2,590,565
SBA Tower Trust, 2.836%, 1/15/25⁽¹⁾		14,410		14,569,084
Synchrony Financial:
3.132%, (3 mo. USD LIBOR + 1.23%), 2/3/20⁽²⁾		3,000		3,002,395
4.25%, 8/15/24		3,198		3,412,592
4.50%, 7/23/25		4,781		5,157,456
Synovus Financial Corp., 3.125%, 11/1/22		5,545		5,614,728

			$	395,590,955

Industrial — 3.1%
Jabil, Inc.:
3.95%, 1/12/28⁽⁶⁾	$	8,870	$	9,110,919
4.70%, 9/15/22		7,583		8,037,349
JSL Europe SA, 7.75%, 7/26/24⁽¹⁾		4,070		4,398,022
nVent Finance Sarl, 3.95%, 4/15/23		7,836		7,959,049
Penske Truck Leasing Co., L.P./PTL Finance Corp., 3.375%, 2/1/22⁽¹⁾		2,500		2,552,994
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 5.75%, 10/15/20		9,449		9,472,422
SMBC Aviation Capital Finance DAC:
2.65%, 7/15/21⁽¹⁾		3,160		3,182,241
3.00%, 7/15/22⁽¹⁾		2,625		2,671,436
3.55%, 4/15/24⁽¹⁾		3,800		3,946,674
Trimble, Inc., 4.75%, 12/1/24		1,179		1,273,343
Westinghouse Air Brake Technologies Corp., 3.194%, (3 mo. USD LIBOR + 1.30%), 9/15/21⁽²⁾		2,365		2,365,371

			$	54,969,820

Technology — 4.7%
Broadridge Financial Solutions, Inc., 3.95%, 9/1/20	$	6,275	$	6,354,844
Dell International, LLC / EMC Corp.:
4.42%, 6/15/21⁽¹⁾		31,900		32,829,181
5.875%, 6/15/21⁽¹⁾		2,655		2,699,816
DXC Technology Co., 4.45%, 9/18/22		6,126		6,432,058
EMC Corp., 2.65%, 6/1/20		695		695,994
Hewlett Packard Enterprise Co.:
2.567%, (3 mo. USD LIBOR + 0.68%), 3/12/21⁽²⁾		5,663		5,685,064
2.62%, (3 mo. USD LIBOR + 0.72%), 10/5/21⁽²⁾		10,037		10,038,379
NXP BV / NXP Funding, LLC:
3.875%, 9/1/22⁽¹⁾		1,500		1,556,508
4.625%, 6/15/22⁽¹⁾		3,705		3,905,609
4.625%, 6/1/23⁽¹⁾		3,800		4,063,052
Seagate HDD Cayman, 4.875%, 3/1/24		5,500		5,863,420
Western Digital Corp., 4.75%, 2/15/26		1,248		1,303,380

			$	81,427,305

Utilities — 1.7%
Avangrid, Inc., 3.15%, 12/1/24	$	10,714	$	11,058,520
Enel Finance International NV, 2.65%, 9/10/24⁽¹⁾		10,529		10,566,464
NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24⁽¹⁾		8,150		8,492,993

			$	30,117,977


Security	Principal Amount (000’s omitted)		Value
Total Corporate Bonds (identified cost $718,736,625)			$	731,686,746


Floating Rate Loans⁽⁸⁾ — 2.8%

	Principal Amount (000’s omitted)		Value
Building and Development — 0.2%
Cushman & Wakefield U.S. Borrower, LLC, Term Loan, 5.049%, (1 mo. USD LIBOR + 3.25%), 8/21/25	$	3,506	$	3,523,700


Cable and Satellite Television — 0.2%
Ziggo Secured Finance Partnership, Term Loan, 4.24%, (1 mo. USD LIBOR + 2.50%), 4/15/25	$	2,820	$	2,826,464


Cosmetics/Toiletries — 0.0%⁽³⁾
Prestige Brands, Inc., Term Loan, 3.799%, (1 mo. USD LIBOR + 2.00%), 1/26/24	$	540	$	544,742


Drugs — 0.3%
Jaguar Holding Company II, Term Loan, 4.299%, (1 mo. USD LIBOR + 2.50%), 8/18/22	$	5,244	$	5,278,140


Electronics/Electrical — 0.9%
Epicor Software Corporation, Term Loan, 5.05%, (1 mo. USD LIBOR + 3.25%), 6/1/22	$	3,800	$	3,830,928
Go Daddy Operating Company, LLC, Term Loan, 3.549%, (1 mo. USD LIBOR + 1.75%), 2/15/24		552		555,476
Hyland Software, Inc., Term Loan, 5.299%, (1 mo. USD LIBOR + 3.50%), 7/1/24		3,591		3,624,947
Infor (US), Inc., Term Loan, 4.69%, (3 mo. USD LIBOR + 2.75%), 2/1/22		5,225		5,254,007
MA FinanceCo., LLC, Term Loan, 4.299%, (1 mo. USD LIBOR + 2.50%), 6/21/24		276		276,910
Seattle Spinco, Inc., Term Loan, 4.299%, (1 mo. USD LIBOR + 2.50%), 6/21/24		1,863		1,870,039
SolarWinds Holdings, Inc., Term Loan, 4.549%, (1 mo. USD LIBOR + 2.75%), 2/5/24		871		878,915

			$	16,291,222

Equipment Leasing — 0.2%
Avolon TLB Borrower 1 (US), LLC, Term Loan, 3.51%, (1 mo. USD LIBOR + 1.75%), 1/15/25	$	3,207	$	3,230,647


Financial — 0.0%⁽³⁾
Alliance Mortgage Investments, Term Loan, 0.00%, 6/1/10^(9)(10)(11)	$	385	$	6,078


Health Care — 0.3%
Change Healthcare Holdings, LLC, Term Loan, 4.299%, (1 mo. USD LIBOR + 2.50%), 3/1/24	$	4,084	$	4,104,313


Industrial Equipment — 0.0%⁽³⁾
Rexnord, LLC, Term Loan, 3.535%, (1 mo. USD LIBOR + 2.00%), 8/21/24	$	461	$	463,818


Insurance — 0.3%
Asurion, LLC, Term Loan, 4.799%, (1 mo. USD LIBOR + 3.00%), 11/3/23	$	5,557	$	5,597,614


Security	Principal Amount (000’s omitted)		Value
Leisure Goods/Activities/Movies — 0.1%
Bombardier Recreational Products, Inc., Term Loan, 3.799%, (1 mo. USD LIBOR + 2.00%), 5/23/25	$	752	$	755,740


Lodging and Casinos — 0.0%⁽³⁾
ESH Hospitality, Inc., Term Loan, 3.799%, (1 mo. USD LIBOR + 2.00%), 9/18/26	$	448	$	452,470


Telecommunications — 0.3%
CenturyLink, Inc., Term Loan, 1/31/25⁽¹²⁾	$	1,780	$	1,789,395
Level 3 Financing, Inc., Term Loan, 3.549%, (1 mo. USD LIBOR + 1.75%), 3/1/27		776		780,541
Sprint Communications, Inc., Term Loan, 4.313%, (1 mo. USD LIBOR + 2.50%), 2/2/24		2,836		2,817,622

			$	5,387,558


Total Floating Rate Loans (identified cost $48,513,541)			$	48,462,506


Municipal Obligations — 0.3%

	Principal Amount (000’s omitted)		Value
Water and Sewer — 0.3%
San Francisco City and County Public Utilities Commission, CA, Water Revenue, Green Bonds
1.864%, 11/1/21⁽¹³⁾	$	3,740	$	3,750,322
1.949%, 11/1/22⁽¹³⁾		675		678,173
1.982%, 11/1/23⁽¹³⁾		700		701,967
2.082%, 11/1/24⁽¹³⁾		500		501,075

			$	5,631,537


Total Municipal Obligations (identified cost $5,615,000)			$	5,631,537


Sovereign Government Bonds — 0.3%

	Principal Amount (000’s omitted)		Value
Nacional Financiera SNC, 3.375%, 11/5/20⁽¹⁾	$	6,000	$	6,044,085


Total Sovereign Government Bonds (identified cost $5,998,072)			$	6,044,085


U.S. Government Agencies and Instrumentalities — 0.1%

Security	Principal Amount (000’s omitted)		Value
U.S. Department of Housing and Urban Development:
2.55%, 8/1/20	$	1,500	$	1,506,248
2.57%, 8/1/21		1,000		1,014,168


Total U.S. Government Agencies and Instrumentalities (identified cost $2,500,000)			$	2,520,416

U.S. Treasury Obligations — 8.0%

Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Inflation-Protected Note, 0.125%, 4/15/22⁽¹⁴⁾	$	39,400	$	39,345,363
U.S. Treasury Notes:
1.50%,11/30/21⁽⁶⁾		18,000		17,973,206
1.50%, 11/30/24		18,000		17,839,608
1.875%, 1/31/22		16,300		16,393,555
1.875%, 2/28/22		16,300		16,397,695
1.875%, 3/31/22		16,300		16,401,168
2.00%, 12/31/21		16,300		16,428,641

Total U.S. Treasury Obligations (identified cost $140,212,325)			$	140,779,236


Taxable Municipal Obligations — 0.5%

	Principal Amount (000’s omitted)		Value
Hospital — 0.5%
California Health Facilities Financing Authority, (No Place Like Home Program):
1.97%, 6/1/23	$	2,000	$	1,996,180
2.02%, 6/1/24		2,500		2,487,250
2.211%, 6/1/25		4,450		4,442,880


Total Taxable Municipal Obligations (identified cost $6,950,000)			$	8,926,310


Short-Term Investments — 4.8%

Security	Principal Amount (000’s omitted)		Value
Commercial Paper — 3.6%
Enel Finance America, LLC, 2.182%, 1/7/20^(1)(15)	$	26,000	$	25,990,824
Ford Motor Credit Co., LLC, 3.082%, 11/4/20^(1)(15)		8,500		8,279,957
Jabil, Inc.
2.255%, 1/6/20^(1)(15)		8,500		8,496,280
2.27%, 2/6/20^(1)(15)		20,590		20,535,868


Total Commercial Paper (identified cost $63,317,616)			$	63,302,929


Securities Lending Collateral — 1.2%

Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56%⁽¹⁶⁾		20,128,520	$	20,128,520


Total Securities Lending Collateral (identified cost $20,128,520)			$	20,128,520


Total Short-Term Investments (identified cost $83,446,136)			$	83,431,449


Total Investments (identified cost $1,733,510,573) — 99.8%			$	1,751,786,444


Other Assets, Less Liabilities — 0.2%			$	3,914,859


Net Assets — 100.0%			$	1,755,701,303

The percentage shown for each investment category in the Schedule of Investments is based on net assets.

Notes to Schedule of Investments

(1)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $853,565,919, which represents 48.6% of the net assets of the Fund as of December 31, 2019.

(2)	Variable rate security. The stated interest rate represents the rate in effect at December 31, 2019.

(3)	Amount is less than 0.05%.

(4)	Step coupon security. The interest rate disclosed is that which is in effect on December 31, 2019.

(5)	Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at December 31, 2019.

(6)

All or a portion of this security was on loan at December 31, 2019. The aggregate market value of securities on loan at December 31, 2019 was $21,239,418 and the total market value of the collateral received by the Fund was $21,739,378, comprised of cash of $20,128,520 and U.S. government and/or agencies securities of $1,610,858.

(7)	Security converts to variable rate after the indicated fixed-rate coupon period.

(8)

Remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. Floating rate loans generally pay interest at rates which are periodicallyre-determined at a spread above the London Interbank Offered Rate (“LIBOR”) or other short-term rates. The rate shown is the rate in effect at December 31, 2019. Floating rate loans are generally considered restrictive in that the Fund is ordinarily contractually obligated to receive consent from the Agent Bank and/or borrower prior to disposition of a floating rate loan.

(9)	For fair value measurement disclosure purposes, security is categorized as Level 3.

(10)	Restricted security. Total market value of restricted securities amounts to $6,078, which represents less than 0.05% of the net assets of the Fund as of December 31, 2019.

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

(12)	This Senior Loan will settle after December 31, 2019, at which time the interest rate will be determined.

(13)	When-issued security.

(14)	Inflation-linked security whose principal is adjusted for inflation based on changes in the U.S. Consumer Price Index. Interest is calculated based on the inflation-adjusted principal.

(15)

Security is exempt from registration under Section 4(2) of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration only to dealers in that program or other “accredited investors”. At December 31, 2019 the aggregate value of these securities is $63,302,929, representing 3.6% of the Fund’s net assets.

(16)	Represents investment of cash collateral received in connection with securities lending.

Futures Contracts


Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/Unrealized Appreciation (Depreciation)
U.S.2-Year Treasury Note		2,018		Long		3/31/20	$	434,879,000	$	(224,925	)
U.S.5-Year Treasury Note		153		Long		3/31/20		18,147,234		37,987

									$	(186,938	)

Abbreviations:



LIBOR	-	London Interbank Offered Rate

Currency Abbreviations:



USD	-	United States Dollar

Restricted Securities


Description	Acquisition Dates		Cost
Alliance Mortgage Investments		5/26/05-6/13/07	$	385,345

At December 31, 2019, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.

During the fiscal year to date ended December 31, 2019, the Fund used futures contracts to hedge against interest rate changes and to manage overall duration.

At December 31, 2019, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and in a liability position and whose primary underlying risk exposure is interest rate risk was $37,987 and $224,925, respectively.

U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

•

Level 1 — quoted prices in active markets for identical securities

•

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the market value of the Fund’s holdings as of December 31, 2019, based on the inputs used to value them:


Asset Description	Level 1			Level 2		Level 3⁽¹⁾		Total
Asset-Backed Securities	$	—		$	441,944,884	$	—	$	441,944,884
Collateralized Mortgage-Backed Obligations		—			190,371,716		—		190,371,716
Commercial Mortgage-Backed Securities		—			91,987,559		—		91,987,559
Corporate Bonds		—			731,686,746		—		731,686,746
Floating Rate Loans		—			48,456,428		6,078		48,462,506
Municipal Obligations		—			5,631,537		—		5,631,537
Sovereign Government Bonds		—			6,044,085		—		6,044,085
U.S. Government Agencies and Instrumentalities		—			2,520,416		—		2,520,416
U.S. Treasury Obligations		—			140,779,236		—		140,779,236
Taxable Municipal Obligations		—			8,926,310		—		8,926,310
Short-Term Investments:
Commercial Paper		—			63,302,929		—		63,302,929
Securities Lending Collateral		20,128,520			—		—		20,128,520
Total Investments	$	20,128,520		$	1,731,651,846	$	6,078	$	1,751,786,444
Futures Contracts	$	37,987		$	—	$	—	$	37,987
Total	$	20,166,507		$	1,731,651,846	$	6,078	$	1,751,824,431

Liability Description
Futures Contracts	$	(224,925	)	$	—	$	—	$	(224,925	)

(1)	None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended December 31, 2019 is not presented.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

Calvert Fund NPORT-PCalvert Short Duration Income Fund (Dec 2019 report)