PERFORMANCE Average Annual Returns (%) for Period Ended 6/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) 3.98 9.87 11.11 7.03 9.00 n/a 8.13 12/31/2004
Barclays Long U.S. Credit Index 5.04 11.66 13.34 9.81 11.11 7.70 7.00  
Lipper BBB-Rated Corporate Debt Funds Average 2.94 5.98 7.85 6.08 8.21 5.81 5.57  
Portfolio Statistics
  June 30, 2014
  Portfolio Benchmark
SEC Yield 2.92% -
12 Mth Distribution Yield 3.29% -
Duration 12.76 Yrs 13.40 Yrs
Weighted Avg Maturity 20.48 Yrs 23.46 Yrs
Weighted Avg Coupon 4.75% 6.10%
Weighted Avg Price 103.52 119.86
March 31, 2014
Portfolio Benchmark
3.22% -
3.43% -
12.72 Yrs 13.10 Yrs
20.75 Yrs 23.30 Yrs
4.76% 6.13%
101.38 115.92
December 31, 2013
Portfolio Benchmark
3.53% -
3.51% -
11.90 Yrs 12.83 Yrs
20.65 Yrs 23.22 Yrs
4.86% 6.16%
97.66 110.93
Returns Based Statistics (3 Year)
  June 30, 2014
  Portfolio Benchmark
Average Annual Return 7.03% 9.81%
Standard Deviation 6.45% 8.32%
Beta vs. Market 0.72 1.00
Excess Return -2.78% 0.00%
R-Squared 86.79% 100.00%
Tracking Error 3.29% 0.00%
Information Ratio -0.84 0.00
Sharpe Ratio 1.08 1.17
March 31, 2014
Portfolio Benchmark
6.27% 9.20%
6.44% 8.49%
0.70 1.00
-2.93% 0.00%
86.34% 100.00%
3.46% 0.00%
-0.85 0.00
0.97 1.08
December 31, 2013
Portfolio Benchmark
5.02% 7.23%
6.21% 8.40%
0.68 1.00
-2.21% 0.00%
85.26% 100.00%
3.58% 0.00%
-0.62 0.00
0.80 0.85
Performance Attribution (gross returns vs. passive benchmark) 2Q Quarter 2014
Total Effect Duration Effect Curve Effect Sector Effect Selection Effect
-75 -15 -15 -51 6

In the second quarter, the fund underperformed its passive benchmark, the Barclays Long US Credit Index, by 75 basis points. Its underweight to government-related sectors, particularly taxable municipals and sovereigns, was the primary contributor. Long maturities in these sectors significantly outperformed long corporates after several quarters of consistent underperformance. The fund's shorter-than-benchmark duration was also a detractor.

Total effect:Aggregate or total active return, which is return relative to the passive benchmark (outperformance or underperformance).
Duration effect: Active return attributable to overall duration. (Duration measures a portfolio's sensitivity to changes in interest rates. Generally, the longer the duration, the greater the change in value in response to a given change in interest rates.) This measures the effect of a parallel shift either up or down in the entire yield curve.
Curve effect: Active return attributable to yield curve positioning. This measures the effects of a change in the shape of the yield curve (a non-parallel shift).
Sector effect:Active return attributable to sector selection.
Selection effect:Active return attributable to security selection (includes intra-day trading).

All fixed-income attribution measures are in basis points (one basis point is 0.01 percentage points).
Credit Quality
  June 30, 2014
  Portfolio Benchmark
Cash 5.12% -
Government 10.63% -
AAA/Aaa/AAA - 2.43%
AA/Aa/AA 6.76% 11.05%
A/A/A 22.05% 39.55%
BBB/Baa/BBB 49.19% 46.97%
BB/Ba/BB 2.81% -
B/B/B 2.77% -
CCC/Caa/CCC 0.32% -
CC/Ca/CC - -
CC/CC/CC - -
C/C/C - -
Not Rated - -
Equities - -
March 31, 2014
Portfolio Benchmark
1.54% -
11.51% -
- 2.43%
7.59% 11.13%
23.57% 39.15%
49.61% 47.30%
2.43% -
2.84% -
0.54% -
- -
- -
- -
- -
- -
December 31, 2013
Portfolio Benchmark
1.12% -
8.32% -
- 2.30%
6.89% 11.04%
27.21% 38.77%
50.54% 47.89%
3.05% -
2.06% -
0.81% -
- -
- -
- -
- -
- -
Sector Exposure
  June 30, 2014
  Portfolio Benchmark
Corporate 82.33% 78.35%
Government Related 1.39% 21.66%
Securitized - -
Treasury 10.60% -
Cash and Cash Equivalents 5.33% -
Other - -
Unknown - -
Municipals 0.35% -
March 31, 2014
Portfolio Benchmark
84.72% 77.96%
1.40% 22.01%
- -
11.43% -
2.10% -
0.35% -
- -
- -
December 31, 2013
Portfolio Benchmark
88.23% 78.06%
1.26% 21.93%
- -
8.22% -
1.98% -
0.32% -
- -
- -
Top Ten Holdings / Percentage of Net Assets
June 30, 2014
  % of Portf.
US TREASURY N/B 8.99%
VERIZON COMMUNICATIONS 2.00%
VERIZON COMMUNICATIONS 1.57%
MORGAN STANLEY 1.47%
ECOLAB INC 1.46%
WAL MART STORES INC 1.44%
AT+T INC 1.42%
21ST CENTURY FOX AMERICA 1.39%
CONNECTICUT ST SPL TAX OBLIG R 1.39%
BNSF FUNDING TRUST I 1.38%
Total 22.51%
March 31, 2014
  % of Portf.
US TREASURY N/B 8.17%
US TREASURY N/B 2.16%
VERIZON COMMUNICATIONS 1.96%
VERIZON COMMUNICATIONS 1.94%
AT+T INC 1.67%
GILEAD SCIENCES INC 1.46%
ECOLAB INC 1.45%
MORGAN STANLEY 1.44%
WAL MART STORES INC 1.42%
BNSF FUNDING TRUST I 1.41%
Total 23.10%
December 31, 2013
  % of Portf.
US TREASURY N/B 7.97%
AT+T INC 2.18%
VERIZON COMMUNICATIONS 2.12%
GOLDMAN SACHS GROUP INC 2.07%
GECC/LJ VP HOLDINGS LLC 2.06%
LAND O LAKES CAP TRST I 1.88%
WACHOVIA CAP TRUST III 1.80%
JPMORGAN CHASE + CO 1.45%
VERIZON COMMUNICATIONS 1.43%
FIRST NIAGARA FIN GRP 1.41%
Total 24.37%

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of bonds held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. The prices of long-term bonds are more sensitive to changes in interest rates than the prices of short-term bonds. Therefore, in general, long-term bonds have more interest rate risk than short-term bonds. Investments in high-yield, high-risk bonds can involve a substantial risk of loss. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. The Fund is non-diversified and may be more volatile than a diversified fund.

G200ATT FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member, FINRA, and subsidiary of Calvert Investments, Inc. 800.368.2748

Calvert Investment Management, Inc. serves as the investment advisor and provides sustainability research for the Calvert mutual funds and institutional investment strategies.

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