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Calvert Ultra-Short Income Fund (CULYX)

Daily Performance (as of 11/26/2014)
Price $15.61
Price Change $0.00 (0.00%)
YTD Return 0.61%
Average Maturity
(rounded to nearest year or day)
2 Years
Duration (as of 9/30/2014)
Effective Duration 0.12 Years
Fund Facts (as of 11/26/2014)
NASDAQ Symbol CULYX (Y Shares)
Calvert Fund Number 370 (Y Shares)
CUSIP Number 131582413 (Y Shares)
Assets Under Management $828.50 Million
Yields (as of 10/31/2014)
30-Day SEC Yield Subsidized 0.80%
30-Day SEC Yield Unsubsidized 0.80%
12 Mth Distribution Yield
(No Charge)
0.78%

Overview

Fund Management

Calvert Investment Management, Inc.

Vishal Khanduja, CFA
Vice President and Lead Portfolio Manager

Matthew Duch,
Vice President and Co-Portfolio Manager

Mauricio Agudelo,
Co-Portfolio Manager

Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Investment Objective

The Fund seeks to maximize income to the extent consistent with preservation of capital, through investment in short-term bonds and income-producing securities.

Investment Strategy

The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in a portfolio of floating-rate securities (e.g., corporate floating rate securities) and securities with durations of less than or equal to one year. The Fund typically invests at least 65% of its net assets in investment grade debt securities, as assessed at the time of purchase. The remaining 35% of the Fund's assets may be in below-investment grade, high-yield debt securities. These securities involve greater risk of default or price declines than investment grade debt securities. The Fund invests principally in bonds issued by U.S. corporations, the U.S. government or its agencies, and U.S. government-sponsored enterprises. The Fund may also invest in trust preferred securities, taxable municipal securities, asset-backed securities, including commercial mortgage-backed securities, repurchase agreements, and foreign debt securities. The Fund uses an active trading strategy, seeking relative value to earn incremental income. The Fund's investment process is enhanced by the Advisor's integrated investment research, which seeks to add value by complementing traditional fundamental security analysis with the Advisor's proprietary assessment of critical environmental, social and governance ("ESG") issues. The Fund seeks to apply ESG integration across sectors and holdings as part of its risk and opportunity assessment, and also seeks to avoid investing in tobacco companies.

Investment Risk

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. Because a significant portion of securities held by the Fund may have variable or floating interest rates, the amount of the Fund's monthly distributions to shareholders are expected to vary. Generally when market interest rates fall, the amount of the distributions will decrease. 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.

Sector Distribution - Market Value Weighted as of 9/30/2014

Fund
Corporate 42.69% -
Financial Institutions 18.31% -
Industrial 24.38% -
Utility - -
Government Related - -
Agency - -
Local Authority - -
Sovereign - -
Supranational - -
Securitized 50.05% -
Asset Backed Securities 30.80% -
CMBS 15.24% -
Covered - -
CMO - -
Mortgage Backed Passthrough 4.01% -
Treasury - 100.00%
Cash and Cash Equivalents 7.26% -
Municipals - -
Municipals - -
Total 100.00%  

Important Disclosure

Class Y shares are generally available only to wrap or similar fee-based programs offered by financial intermediaries, and foundations, endowments and other consultant-driven business.

Holdings are subject to change.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

Performance results for Class Y shares of Calvert Ultra-Short Income Fund prior to May 28, 2010, the inception date for Class Y shares, reflect the performance of Class A shares at NAV (i.e., without deduction of any front-end sales charge).  Actual Class Y share performance would have been higher than Class A share performance because Class Y has lower class-specific expenses than Class A.

The 30-Day SEC Yield is a standardized measure of the current market yield on the Fund’s portfolio and is calculated by dividing the net investment income per share earned during the 30-day period by the maximum offering price per share on the last day of the period. For funds that have a contractual fee waiver and/or expense reimbursement in effect, the fund also displays the higher subsidized yield, which accounts for the effect of the waiver and/or reimbursement . The 12-month Distribution Yield takes all the interest payments made by the fund over the last 12 months, and divides it by the sum of (i) the Fund’s NAV on the last day of the period, and (ii) any capital gains distributions that were made during that period. The 30-Day SEC Yield reflects the rate at which the Fund is earning income on its current portfolio of securities, while the 12-month Distribution yield reflects the Fund's past dividends paid to shareholders.

The Fund seeks to avoid investing in companies classified under the tobacco industry sector of the Barclays Global Aggregate Index, the Barclays U.S. High Yield Index or the Barclays Global Emerging Market Index; or, in the opinion of the Fund's Advisor, any similar securities in the Barclays Municipal Index.


Performance

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Benchmark Index

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Lipper Category Index

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Average Annual Total Returns (%) for period ending 10/31/2014
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Y Shares (No Charge) 0.61 -0.06 0.85 1.52 1.57 n/a 2.93 10/31/2006
Average Annual Total Returns (%) for period ending 9/30/2014
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Y Shares (No Charge) 0.67 0.07 1.04 1.63 1.70 n/a 2.97 10/31/2006
Portfolio Expenses and Turnover (from Prospectus)
(Performance data quoted above already reflects deduction for portfolio operating expenses)
Expense Ratio
(if no waiver reimbursement in effect)
Net Expense Ratio
(if waiver reimbursement in effect)
Gross Expense Ratio
(if waiver reimbursement in effect)
Fund Turnover
0.66% n/a n/a 223.0%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 9/30/2014

  Fund (YShares) Barclays 9-12 Months Short Treasury Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 1.45% 1.83% 0.00% 0.00%
Beta 0.68 -0.30 1.00 1.00
R-Squared 0.90% 0.44% 100.00% 100.00%
Sharpe Ratio 3.19 2.31 3.05 2.05
Standard Deviation 0.50% 0.71% 0.07% 0.15%
Excess Return 1.37% 1.32% 0.00% 0.00%
Information Ratio 2.77 1.80 0.00 0.00
Tracking Error 0.49% 0.73% 0.00% 0.00%
*Source: Zephyr StyleADVISOR using MorningstarTM data


Standard Deviation is a measure of a fund's risk. A standard deviation of 1 means a fund can be expected to produce an annual return that is +/-1% of its average annual return 66% of the time.
Alpha is a measure of the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta.
Beta is a measure of portfolio risk relative to the market or benchmark. A portfolio beta of 1.0 indicates a risk level equal to that of the fund's benchmark.
Excess Return is return in excess of the risk-free rate or in excess of a benchmark.
R Squared is a statistical measure that represents the percentage of a fund's movements that can be explained by movements in its benchmark index.
Tracking Error is the difference in the return earned by a portfolio and the return earned by the benchmark against which the portfolio is constructed.
Information Ratio is a measure of the consistency of excess return of a mutual fund as compared to its benchmark.
Sharpe Ratio is used to measure risk-adjusted performance. It is calculated by using standard deviation and return in excess of the benchmark to determine reward per unit of risk.


Important Disclosure

Net expense ratio reflects contractual fee waiver and/or expense reimbursement through January 31, 2016.

Performance results for Class I shares of Calvert Ultra-Short Income Fund prior to January 31, 2014, the inception date for Class I shares, reflect the performance of Class A shares at NAV (i.e., without deduction of any front-end sales charge). Actual Class I share performance would have been higher than Class A share performance because Class I has lower class-specific expenses than Class A.

Performance results for Class Y shares of Calvert Ultra-Short Income Fund prior to May 28, 2010, the inception date for Class Y shares, reflect the performance of Class A shares at NAV (i.e., without deduction of any front-end sales charge).  Actual Class Y share performance would have been higher than Class A share performance because Class Y has lower class-specific expenses than Class A.


Pricing & Distribution

Most Recent Distributions

Y Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
11/26/2014 Dividend 0.01121 11/24/2014 11/25/2014 11/25/2014 15.61
10/31/2014 Dividend 0.01069 10/29/2014 10/30/2014 10/30/2014 15.62
9/26/2014 Dividend 0.00925 9/24/2014 9/25/2014 9/25/2014 15.64
8/29/2014 Dividend 0.01132 8/27/2014 8/28/2014 8/28/2014 15.65
7/31/2014 Dividend 0.00999 7/29/2014 7/30/2014 7/30/2014 15.66
6/27/2014 Dividend 0.01098 6/25/2014 6/26/2014 6/26/2014 15.66
5/30/2014 Dividend 0.01036 5/28/2014 5/29/2014 5/29/2014 15.66
4/25/2014 Dividend 0.01112 4/23/2014 4/24/2014 4/24/2014 15.65
3/28/2014 Dividend 0.00924 3/26/2014 3/27/2014 3/27/2014 15.65
2/28/2014 Dividend 0.01246 2/26/2014 2/27/2014 2/27/2014 15.63
1/31/2014 Dividend 0.00926 1/29/2014 1/30/2014 1/30/2014 15.62
12/27/2013 Dividend 0.00927 12/24/2013 12/26/2013 12/26/2013 15.62
11/22/2013 Dividend 0.00863 11/20/2013 11/21/2013 11/21/2013 15.62
10/31/2013 Dividend 0.00968 10/29/2013 10/30/2013 10/30/2013 15.61
9/27/2013 Dividend 0.01034 9/25/2013 9/26/2013 9/26/2013 15.60
8/30/2013 Dividend 0.01119 8/28/2013 8/29/2013 8/29/2013 15.57
7/26/2013 Dividend 0.01173 7/24/2013 7/25/2013 7/25/2013 15.58
6/28/2013 Dividend 0.01377 6/26/2013 6/27/2013 6/27/2013 15.56
5/31/2013 Dividend 0.01229 5/29/2013 5/30/2013 5/30/2013 15.62
4/26/2013 Dividend 0.01419 4/24/2013 4/25/2013 4/25/2013 15.61
3/28/2013 Dividend 0.01154 3/26/2013 3/27/2013 3/27/2013 15.61
2/28/2013 Dividend 0.01647 2/26/2013 2/27/2013 2/27/2013 15.61
1/31/2013 Dividend 0.01631 1/29/2013 1/30/2013 1/30/2013 15.61
12/28/2012 Dividend 0.01780 12/26/2012 12/27/2012 12/27/2012 15.58
11/30/2012 Dividend 0.01992 11/28/2012 11/29/2012 11/29/2012 15.58
11/2/2012 Dividend 0.01914 10/31/2012 11/1/2012 11/1/2012 15.59
9/28/2012 Dividend 0.02098 9/26/2012 9/27/2012 9/27/2012 15.57
8/31/2012 Dividend 0.02095 8/29/2012 8/30/2012 8/30/2012 15.55
7/27/2012 Dividend 0.02069 7/25/2012 7/26/2012 7/26/2012 15.53
6/29/2012 Dividend 0.02215 6/27/2012 6/28/2012 6/28/2012 15.51
5/31/2012 Dividend 0.02168 5/29/2012 5/30/2012 5/30/2012 15.50
4/27/2012 Dividend 0.02369 4/25/2012 4/26/2012 4/26/2012 15.52
3/30/2012 Dividend 0.02243 3/28/2012 3/29/2012 3/29/2012 15.53
2/24/2012 Dividend 0.02726 2/22/2012 2/23/2012 2/23/2012 15.50
1/27/2012 Dividend 0.02594 1/25/2012 1/26/2012 1/26/2012 15.48
12/23/2011 Dividend 0.02133 12/21/2011 12/22/2011 12/22/2011 15.43
12/8/2011 Long Term Gain 0.00330 12/6/2011 12/7/2011 12/7/2011 15.45
11/23/2011 Dividend 0.02590 11/21/2011 11/22/2011 11/22/2011 15.45
10/28/2011 Dividend 0.02334 10/26/2011 10/27/2011 10/27/2011 15.47
9/30/2011 Dividend 0.02766 9/28/2011 9/29/2011 9/29/2011 15.46
8/26/2011 Dividend 0.02631 8/24/2011 8/25/2011 8/25/2011 15.51
7/29/2011 Dividend 0.02369 7/27/2011 7/28/2011 7/28/2011 15.64
6/30/2011 Dividend 0.02207 6/28/2011 6/29/2011 6/29/2011 15.65
5/27/2011 Dividend 0.02494 5/25/2011 5/26/2011 5/26/2011 15.70
4/29/2011 Dividend 0.02724 4/27/2011 4/28/2011 4/28/2011 15.71
3/31/2011 Dividend 0.02621 3/29/2011 3/30/2011 3/30/2011 15.70
2/25/2011 Dividend 0.03480 2/23/2011 2/24/2011 2/24/2011 15.69
1/28/2011 Dividend 0.03605 1/26/2011 1/27/2011 1/27/2011 15.69
12/23/2010 Dividend 0.03223 12/21/2010 12/22/2010 12/22/2010 15.68
12/3/2010 Long Term Gain 0.01205 12/1/2010 12/2/2010 12/2/2010 15.70
12/3/2010 Short Term Gain 0.07266 12/1/2010 12/2/2010 12/2/2010 15.70
11/24/2010 Dividend 0.03202 11/22/2010 11/23/2010 11/23/2010 15.79
10/29/2010 Dividend 0.02753 10/27/2010 10/28/2010 10/28/2010 15.80
9/30/2010 Dividend 0.02379 9/28/2010 9/29/2010 9/29/2010 15.81
8/27/2010 Dividend 0.01927 8/25/2010 8/26/2010 8/26/2010 15.80
7/30/2010 Dividend 0.00989 7/28/2010 7/29/2010 7/29/2010 15.75
6/25/2010 Dividend 0.01761 6/23/2010 6/24/2010 6/24/2010 15.68

Annual Distribution Totals

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Y Shares: Without Sales Charge

Annual Capital Gains Totals Annual Capital Gains Totals

Y Shares: Without Sales Charge

Holdings

Sector Distribution - Market Value Weighted as of 9/30/2014

Fund
Corporate 42.69% -
Financial Institutions 18.31% -
Industrial 24.38% -
Utility - -
Government Related - -
Agency - -
Local Authority - -
Sovereign - -
Supranational - -
Securitized 50.05% -
Asset Backed Securities 30.80% -
CMBS 15.24% -
Covered - -
CMO - -
Mortgage Backed Passthrough 4.01% -
Treasury - 100.00%
Cash and Cash Equivalents 7.26% -
Municipals - -
Municipals - -
Total 100.00%  

Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

As of 9/30/2014
Average Effective Maturity 1.64 Years

Credit Quality


Important Disclosure

Holdings are subject to change.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

Negative Cash positions may occur as the result of varying settlement schedules for securities.

Ratings are determined by using S&P, Moody's and Fitch rating services, whose rating categories are reflected above respectively. The letter ratings generally range from AAA (judged to be of the highest quality, with minimal credit risk) to D (the lowest rated class of bonds, typically in default with respect to timely payment of principal or interest). Bonds rated by all three services are assigned the median rating; if a bond is rated by only two agencies, it is assigned the lowest rating; if it is only rated by one agency, it is assigned that rating. Government securities may be rated lower than AAA/Aaa/AAA or may not be rated, and may include foreign government securities. If a bond is not rated by any of the aforementioned rating services, it appears in the "Not Rated" category. Ratings are subject to change.


Management & Commentary

Fund Management

Calvert Investment Management, Inc.

As investment advisor to the Calvert family of funds, Calvert Investment Management, Inc. oversees assets covering a broad range of equity, fixed-income, balanced, and asset allocation funds.

Vishal Khanduja, CFA
Vice President and Lead Portfolio Manager

Matthew Duch,
Vice President and Co-Portfolio Manager

Mauricio Agudelo,
Co-Portfolio Manager

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.550%
Distribution and service (12b-1) fees none
Other expenses 0.110%
Total annual Fund operating expenses 0.660%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)
none
Maximum deferred sales charge (load)
(as a percentage of purchase or redemption
proceeds, whichever is lower)
none
Redemption Fee
(unless otherwise noted in the prospectus the redemption fee applies to redemptions, including exchanges within 30 days of purchase (seven days for Class I and R shares)
2.00%

Fund Expense Ratios

Description Expense
Expense Ratio
(if no waiver/reimbursement
in effect)
0.66%
Net Expense Ratio
(if waiver/reimbursement
in effect)
n/a
Gross Expense Ratio
(if waiver/reimbursement
in effect)
n/a

Investment Minimums

Description Minimum
Minimum Initial Investment (ClassY) $2,000
Minimum Initial Investment for IRA (ClassY) $1,000
Minimum Subsequent Investment (ClassY) $250

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert Ultra-Short Income Fund through January 31, 2015. Direct net operating expenses for the Fund will not exceed 0.50% for Class I shares of the Fund. Only the Board of Trustees of the Fund may terminate the Fund's expense limitation before the contractual period expires, upon 60 days' prior notice to shareholders. Under the terms of the contractual expense limitation, operating expenses do not include interest expense, brokerage commissions, extraordinary expenses and taxes.

Class Y shares are generally available only to wrap or similar fee-based programs offered by financial intermediaries, and foundations, endowments and other consultant-driven business.

Management fees include the advisory fee paid by the Fund to the Advisor, and the administrative fee paid by the Fund to Calvert Investment Administrative Services, Inc., an affiliate of the Advisor.


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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