Calvert Fund NPORT-P Calvert Long-Term Income Fund (Dec 2019 report)

Calvert

Long-Term Income Fund

December 31, 2019

Schedule of Investments (Unaudited)

Asset-Backed Securities — 5.0%

Security	Principal Amount (000’s omitted)		Value
Coinstar Funding, LLC, Series2017-1A, Class A2, 5.216%, 4/25/47(1)	$	380	$	390,305
DB Master Finance, LLC, Series2017-1A, Class A2II, 4.03%, 11/20/47(1)		417		426,717
FOCUS Brands Funding, LLC, Series2017-1A, Class A2II, 5.093%, 4/30/47(1)		439		461,558
Planet Fitness Master Issuer, LLC, Series2019-1A, Class A2, 3.858%, 12/5/49(1)		625		616,878
SBA Tower Trust, Series2014-2A, Class C, 3.869%, 10/15/49(1)		500		520,911
TES, LLC, Series2017-1A, Class A, 4.33%, 10/20/47(1)		276		275,138
Thunderbolt Aircraft Lease, Ltd., Series2017-A, Class B, 5.75% to 4/15/24, 5/17/32(1)(2)		175		181,290
Wendy’s Funding, LLC, Series2015-1A, Class A23, 4.497%, 6/15/45(1)		1,149		1,174,988
Total Asset-Backed Securities (identified cost $3,959,447)			$	4,047,785
Corporate Bonds — 83.1%
Security	Principal Amount (000’s omitted)		Value
Basic Materials — 0.7%
Sherwin-Williams Co. (The), 4.50%, 6/1/47	$	500	$	567,303
Communications — 9.0%
AT&T, Inc.:
4.50%, 3/9/48	$	425	$	469,665
4.75%, 5/15/46		1,310		1,480,671
4.90%, 6/15/42		435		497,123
Charter Communications Operating, LLC / Charter Communications Operating Capital, 4.80%, 3/1/50		850		894,721
Comcast Corp., 4.25%, 1/15/33		305		353,005
CommScope Technologies, LLC, 6.00%, 6/15/25(1)		200		200,726
Crown Castle Towers, LLC, 3.663%, 5/15/45(1)		487		506,397
Discovery Communications, LLC, 5.20%, 9/20/47		1,010		1,175,840
NBCUniversal Media, LLC, 4.45%, 1/15/43		1,200		1,399,229
Twitter, Inc., 3.875%, 12/15/27(1)		170		170,336
Verizon Communications, Inc., 3.875%, 2/8/29		120		132,439
			$	7,280,152
Consumer, Cyclical — 5.8%
Aptiv PLC, 5.40%, 3/15/49	$	107	$	121,402
Azul Investments, LLP, 5.875%, 10/26/24(1)		265		275,580
Best Buy Co., Inc., 4.45%, 10/1/28		448		491,470
Ford Motor Co., 6.625%, 10/1/28(3)		700		779,507
Home Depot, Inc. (The):
3.50%, 9/15/56		460		478,200
4.40%, 3/15/45		365		435,538

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Security	Principal Amount (000’s omitted)		Value
Nordstrom, Inc.:
4.375%, 4/1/30	$	347	$	354,094
5.00%, 1/15/44		605		592,594
Starbucks Corp., 3.75%, 12/1/47		332		344,588
Tapestry, Inc., 4.125%, 7/15/27		832		850,229
			$	4,723,202
Consumer,Non-cyclical — 6.9%
AbbVie, Inc., 4.30%, 5/14/36	$	420	$	464,881
Ashtead Capital, Inc., 4.25%, 11/1/29(1)		204		208,845
Centene Corp., 4.625%, 12/15/29(1)		279		294,540
Conservation Fund (The), Green Bonds, 3.474%, 12/15/29		190		189,385
CVS Health Corp.:
3.25%, 8/15/29		800		813,542
4.30%, 3/25/28		618		674,934
5.05%, 3/25/48		850		1,005,859
CVS Pass-Through Trust, 6.036%, 12/10/28		209		233,789
Grupo Bimbo SAB de CV, 4.00%, 9/6/49(1)		500		467,993
Kaiser Foundation Hospitals, 3.15%, 5/1/27		319		333,136
Kroger Co. (The), 3.875%, 10/15/46		415		406,087
Massachusetts Institute of Technology, 3.959%, 7/1/38		250		282,713
Zoetis, Inc., 4.70%, 2/1/43		210		249,969
			$	5,625,673
Energy — 3.3%
National Oilwell Varco, Inc.:
3.60%, 12/1/29	$	868	$	870,907
3.95%, 12/1/42		575		535,423
Oceaneering International, Inc., 4.65%, 11/15/24		498		489,285
TerraForm Power Operating, LLC, 4.75%, 1/15/30(1)		757		771,648
			$	2,667,263
Financial — 33.6%
Athene Holding, Ltd., 4.125%, 1/12/28	$	1,004	$	1,039,261
Banco Santander SA, 3.80%, 2/23/28		340		357,824
Bank of America Corp.:
3.824% to 1/20/27, 1/20/28(4)		1,875		2,018,039
5.875% to 3/15/28(4)(5)		450		499,365
6.10% to 3/17/25(4)(5)		350		390,080
Bank of Montreal, 3.803% to 12/15/27, 12/15/32(3)(4)		1,322		1,379,970
BBVA Bancomer SA, 5.125% to 1/17/28, 1/18/33(1)(4)		670		677,561
Brookfield Finance, Inc., 4.70%, 9/20/47		700		803,938
Brown & Brown, Inc., 4.50%, 3/15/29		450		495,063
Capital One Financial Corp.:
3.75%, 7/28/26		865		911,169
4.20%, 10/29/25		200		215,841
Charles Schwab Corp. (The), Series F, 5.00% to 12/1/27(4)(5)		450		474,309
Chubb INA Holdings, Inc., 4.15%, 3/13/43		250		289,805

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Security	Principal Amount (000’s omitted)		Value
Citigroup, Inc.:
2.976% to 11/5/29, 11/5/30(4)	$	141	$	143,159
3.668% to 7/24/27, 7/24/28(4)		211		224,854
3.887% to 1/10/27, 1/10/28(4)		1,770		1,906,673
4.125%, 7/25/28		270		294,547
4.65%, 7/23/48		210		262,211
Series M, 6.30% to 5/15/24(4)(5)		175		189,750
Citizens Financial Group, Inc., 4.30%, 12/3/25		590		633,921
Commonwealth Bank of Australia, 3.61% to 9/12/29, 9/12/34(1)(4)		288		289,645
Credit Acceptance Corp., 7.375%, 3/15/23		160		164,666
Crown Castle International Corp., 4.75%, 5/15/47		525		602,129
CyrusOne LP/CyrusOne Finance Corp., 2.90%, 11/15/24		430		432,548
Digital Realty Trust LP:
3.70%, 8/15/27		490		519,105
4.75%, 10/1/25		415		461,085
Discover Bank, 4.682% to 8/9/23, 8/9/28(4)		289		302,265
EPR Properties:
3.75%, 8/15/29		1,000		1,013,570
4.95%, 4/15/28		670		731,854
Goldman Sachs Group, Inc. (The), 3.691% to 6/5/27, 6/5/28(4)		892		947,632
JPMorgan Chase & Co., 2.739% to 10/15/29, 10/15/30(4)		219		218,966
KKR Group Finance Co. VI, LLC, 3.75%, 7/1/29(1)(3)		797		849,366
MetLife, Inc.:
4.05%, 3/1/45		325		376,763
5.70%, 6/15/35		175		235,078
Morgan Stanley:
3.591% to 7/22/27, 7/22/28(4)		1,880		1,998,192
4.375%, 1/22/47		265		316,937
Nationwide Building Society:
3.96% to 7/18/29, 7/18/30(1)(4)		404		433,939
4.125% to 10/18/27, 10/18/32(1)(4)		600		624,568
Principal Financial Group, Inc.:
3.70%, 5/15/29		380		414,187
4.625%, 9/15/42		450		523,706
Prudential Financial, Inc.:
3.935%, 12/7/49		484		527,498
4.60%, 5/15/44		200		235,827
Radian Group, Inc., 4.875%, 3/15/27		735		775,680
Simon Property Group LP, 4.25%, 11/30/46		255		291,282
Synchrony Financial, 5.15%, 3/19/29		325		369,644
UniCredit SpA, 5.861% to 6/19/27, 6/19/32(1)(3)(4)		450		470,198
			$	27,333,670
Industrial — 8.4%
AP Moller - Maersk A/S, 4.50%, 6/20/29(1)	$	465	$	496,200
FedEx Corp., 4.55%, 4/1/46		425		436,609
Jabil, Inc., 3.95%, 1/12/28		1,085		1,114,470
Johnson Controls International PLC, 4.625%, 7/2/44		550		603,839
nVent Finance S.a.r.l., 4.55%, 4/15/28		825		856,101

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Security	Principal Amount (000’s omitted)		Value
Owens Corning:
3.95%, 8/15/29	$	531	$	553,051
4.40%, 1/30/48		300		290,391
PerkinElmer, Inc., 3.30%, 9/15/29		415		424,174
Trimble, Inc., 4.90%, 6/15/28		526		574,402
Valmont Industries, Inc., 5.00%, 10/1/44		685		700,061
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28		224		246,473
Xylem, Inc., 4.375%, 11/1/46		475		517,573
			$	6,813,344
Technology — 6.4%
Apple, Inc., 3.45%, 2/9/45	$	350	$	368,389
Broadridge Financial Solutions, Inc., 3.40%, 6/27/26		450		470,278
Dell International, LLC/EMC Corp., 8.35%, 7/15/46(1)		190		261,533
DXC Technology Co., 4.75%, 4/15/27(3)		1,450		1,561,321
Marvell Technology Group, Ltd., 4.875%, 6/22/28		218		240,800
Oracle Corp.:
4.00%, 7/15/46		280		311,203
4.125%, 5/15/45		500		564,158
Seagate HDD Cayman, 5.75%, 12/1/34		1,100		1,153,273
Western Digital Corp., 4.75%, 2/15/26(3)		251		262,138
			$	5,193,093
Utilities — 9.0%
American Water Capital Corp.:
3.75%, 9/1/47	$	890	$	941,012
4.00%, 12/1/46		500		543,613
Avangrid, Inc., 3.80%, 6/1/29		822		871,840
CMS Energy Corp., 3.00%, 5/15/26		500		513,715
Consolidated Edison Co. of New York, Inc.:
4.00%, 11/15/57		420		449,864
4.30%, 12/1/56		260		293,046
Enel Finance International NV, 3.625%, 5/25/27(1)		573		593,567
MidAmerican Energy Co., 4.25%, 7/15/49		700		838,756
NextEra Energy Operating Partners, L.P., 4.50%, 9/15/27(1)		620		647,790
Public Service Co. of Colorado, 3.20%, 3/1/50		1,350		1,356,015
Terraform Global Operating, LLC, 6.125%, 3/1/26(1)		225		234,641
			$	7,283,859
Total Corporate Bonds (identified cost $63,578,820)			$	67,487,559
Floating Rate Loans(6) — 0.0%(7)
Security	Principal Amount (000’s omitted)		Value
Financial — 0.0%(7)
Alliance Mortgage Investments, Term Loan, 0.00%, 6/1/10(8)(9)(10)	$	5	$	76
Total Floating Rate Loans (identified cost $4,817)			$	76

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Preferred Stocks — 0.2%
Security	Shares		Value
Oil, Gas & Consumable Fuels — 0.2%
NuStar Energy LP, Series B, 7.625% to 6/15/22(4)		8,776	$	190,000
Total Preferred Stocks (identified cost $189,561)			$	190,000
Taxable Municipal Obligations — 4.7%
Security	Principal Amount (000’s omitted)		Value
General Obligations — 1.6%
Massachusetts, Green Bonds, 3.277%, 6/1/46	$	1,300	$	1,319,357
Special Tax Revenue — 0.3%
California Health Facilities Financing Authority, (No Place Like Home Program):
2.984%, 6/1/33	$	155	$	153,929
3.034%, 6/1/34		110		109,186
			$	263,115
Water and Sewer — 2.8%
District of Columbia Water & Sewer Authority, Green Bonds, 4.814%, 10/1/2114	$	555	$	731,085
San Francisco City and County Public Utilities Commission, CA, Water Revenue, Green Bonds, 3.303%, 11/1/39(11)		1,530		1,527,980
			$	2,259,065
Total Taxable Municipal Obligations (identified cost $3,743,805)			$	3,841,537
U.S. Treasury Obligations — 6.0%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bonds:
2.25%, 8/15/49(3)	$	1,170	$	1,134,007
2.375%, 11/15/49		845		840,935
2.875%, 5/15/49		1,065		1,172,881
U.S. Treasury Inflation-Protected Note, 0.75%, 7/15/28(12)		1,604		1,688,329
Total U.S. Treasury Obligations (identified cost $4,743,412)			$	4,836,152
Short-Term Investments — 3.4%
Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56%(13)		2,750,993	$	2,750,993
Total Short-Term Investments (identified cost $2,750,993)			$	2,750,993

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Security	Value
Total Investments — 102.4% (identified cost $78,970,855)	$	83,154,102
Other Assets, Less Liabilities — (2.4%)	$	(1,964,362	)
Net Assets — 100.0%	$	81,189,740

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 resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities amounts to $12,522,858, which represents 15.4% of the net assets of the Fund as of December 31, 2019.

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

(3) 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 $4,057,878 and the total market value of the collateral received by the Fund was $4,197,983, comprised of cash of $2,750,993 and U.S. government and/or agencies securities of $1,446,990.

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

(5) Perpetual security with no stated maturity date but may be subject to calls by the issuer.

(6) 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.

(7) Amount is less than 0.05%.

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

(9) Restricted security. Total market value of restricted securities amounts to $76, which represents less than 0.05% of the net assets of the Fund as of December 31, 2019.

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

(11) When-issued security.

(12) 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.

(13) 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)
Interest Rate Futures
U.S. Ultra-Long Treasury Bond		72			Long		3/20/20	$	13,079,250		$	(364,787	)
U.S.10-Year Treasury Note		(27	)		Short		3/20/20		(3,798,984	)		46,804
U.S. Long Treasury Bond		(1	)		Short		3/20/20		(155,906	)		870
											$	(317,113	)

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Restricted Securities

Description	Acquisition Dates		Cost
Alliance Mortgage Investments, Term Loan, 0.00%, 6/1/10		5/26/05-6/13/07	$	4,817

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 interest rate risk and to manage 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 $47,674 and $364,787, 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	$	—		$	4,047,785	$	—	$	4,047,785
Corporate Bonds		—			67,487,559		—		67,487,559
Floating Rate Loans		—			—		76		76
Preferred Stocks		190,000			—		—		190,000
Taxable Municipal Obligations		—			3,841,537		—		3,841,537
U.S. Treasury Obligations		—			4,836,152		—		4,836,152
Short-Term Investments		2,750,993			—		—		2,750,993
Total Investments	$	2,940,993		$	80,213,033	$	76	$	83,154,102
Futures Contracts	$	47,674		$	—	$	—	$	47,674
Liability Description
Futures Contracts	$	(364,787	)	$	—	$	—	$	(364,787	)
Total	$	(364,787	)	$	—	$	—	$	(364,787	)

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(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.

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