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Calvert Government Fund (CVGIX)

Daily Performance (as of 7/30/2014)
Price $16.19
Price Change $-0.07 (-0.43%)
YTD Return 1.75%
Average Maturity
(rounded to nearest year or day)
9 Years
Duration (as of 6/30/2014)
Effective Duration 3.70 Years
Fund Facts (as of 7/30/2014)
NASDAQ Symbol CVGIX (I Shares)
Calvert Fund Number 803 (I Shares)
CUSIP Number 131582520 (I Shares)
Assets Under Management $24.05 Million
Yields (as of 6/30/2014)
30-Day SEC Yield Subsidized 1.39%
30-Day SEC Yield Unsubsidized 1.34%
12 Mth Distribution Yield
(No Charge)
1.46%

Overview

Fund Management

Calvert Investment Management, Inc.

Matthew Duch,
Vice President and Lead Portfolio Manager

Vishal Khanduja, CFA
Vice President and 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, primarily through investment in debt securities issued or guaranteed by the U.S. government, its agencies or instrumentalities.

Investment Strategy

Under normal circumstances, the Fund will invest at least 80% of its net assets in (i) debt securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities ("U.S. Government Securities"), (ii) repurchase agreements collateralized by U.S. Government Securities and (iii) incidental to those investments, futures contracts that are related to U.S. Government Securities. The Fund may also invest in corporate debt securities, trust preferred securities, taxable municipal securities, asset-backed securities, including commercial mortgage-backed securities, and repurchase agreements. 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. There is no limit on the Fund's average maturity.

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 may fall; individual bonds in 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. 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 6/30/2014

Fund
Corporate 3.82% -
Financial Institutions 2.06% -
Industrial 1.76% -
Utility - -
Government Related 20.27% 9.41%
Agency 19.13% 9.41%
Local Authority - -
Sovereign - -
Supranational 1.14% -
Securitized 1.91% -
Asset Backed Securities 0.41% -
CMBS 0.59% -
Covered - -
CMO 0.25% -
Mortgage Backed Passthrough 0.66% -
Treasury 72.72% 90.60%
Cash and Cash Equivalents 1.27% -
Municipals - -
Municipals - -
Total 99.99%  

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.

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 6/30/2014
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
I Shares (No Charge) 2.07 1.06 1.86 1.83 4.11 n/a 4.37 12/31/2008
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
n/a 0.73% 0.83% 497.0%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 6/30/2014

  Fund (IShares) Barclays U.S. Government Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha -0.32% 2.08% 0.00% 0.00%
Beta 0.74 0.58 1.00 1.00
R-Squared 89.53% 57.99% 100.00% 100.00%
Sharpe Ratio 0.72 1.61 0.90 1.03
Standard Deviation 2.46% 2.49% 3.13% 3.28%
Excess Return -1.06% 0.65% 0.00% 0.00%
Information Ratio -0.94 0.30 0.00 0.00
Tracking Error 1.13% 2.13% 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, 2015.

Performance results for Class I shares of Calvert Government Fund prior to April 30, 2011 (the Class I shares' inception date) reflect the performance of Class A shares at net asset value. 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.


Pricing & Distribution

Most Recent Distributions

I Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
7/31/2014 Dividend 0.01963 7/29/2014 7/30/2014 7/30/2014 16.19
6/27/2014 Dividend 0.02043 6/25/2014 6/26/2014 6/26/2014 16.24
5/30/2014 Dividend 0.01943 5/28/2014 5/29/2014 5/29/2014 16.29
4/25/2014 Dividend 0.02100 4/23/2014 4/24/2014 4/24/2014 16.15
3/28/2014 Dividend 0.01820 3/26/2014 3/27/2014 3/27/2014 16.16
2/28/2014 Dividend 0.02026 2/26/2014 2/27/2014 2/27/2014 16.18
1/31/2014 Dividend 0.02111 1/29/2014 1/30/2014 1/30/2014 16.15
12/27/2013 Dividend 0.01853 12/24/2013 12/26/2013 12/26/2013 16.03
11/22/2013 Dividend 0.01995 11/20/2013 11/21/2013 11/21/2013 16.08
10/31/2013 Dividend 0.01878 10/29/2013 10/30/2013 10/30/2013 16.20
9/27/2013 Dividend 0.02189 9/25/2013 9/26/2013 9/26/2013 16.11
8/30/2013 Dividend 0.01923 8/28/2013 8/29/2013 8/29/2013 16.04
7/26/2013 Dividend 0.01906 7/24/2013 7/25/2013 7/25/2013 16.12
6/28/2013 Dividend 0.01494 6/26/2013 6/27/2013 6/27/2013 16.16
5/31/2013 Dividend 0.01382 5/29/2013 5/30/2013 5/30/2013 16.52
4/26/2013 Dividend 0.01618 4/24/2013 4/25/2013 4/25/2013 16.75
3/28/2013 Dividend 0.01647 3/26/2013 3/27/2013 3/27/2013 16.68
2/28/2013 Dividend 0.01846 2/26/2013 2/27/2013 2/27/2013 16.70
1/31/2013 Dividend 0.01615 1/29/2013 1/30/2013 1/30/2013 16.62
12/28/2012 Dividend 0.01644 12/26/2012 12/27/2012 12/27/2012 16.77
12/7/2012 Long Term Gain 0.11231 12/5/2012 12/6/2012 12/6/2012 16.85
12/7/2012 Short Term Gain 0.38485 12/5/2012 12/6/2012 12/6/2012 16.85
11/30/2012 Dividend 0.01398 11/28/2012 11/29/2012 11/29/2012 17.32
11/2/2012 Dividend 0.01235 10/31/2012 11/1/2012 11/1/2012 17.27
9/28/2012 Dividend 0.01254 9/26/2012 9/27/2012 9/27/2012 17.31
8/31/2012 Dividend 0.01295 8/29/2012 8/30/2012 8/30/2012 17.28
7/27/2012 Dividend 0.00982 7/25/2012 7/26/2012 7/26/2012 17.36
6/29/2012 Dividend 0.01149 6/27/2012 6/28/2012 6/28/2012 17.24
5/31/2012 Dividend 0.01145 5/29/2012 5/30/2012 5/30/2012 17.19
4/27/2012 Dividend 0.01360 4/25/2012 4/26/2012 4/26/2012 17.01
3/30/2012 Dividend 0.01211 3/28/2012 3/29/2012 3/29/2012 16.91
2/24/2012 Dividend 0.01256 2/22/2012 2/23/2012 2/23/2012 16.96
1/27/2012 Dividend 0.01166 1/25/2012 1/26/2012 1/26/2012 16.96
12/23/2011 Dividend 0.01444 12/21/2011 12/22/2011 12/22/2011 16.92
12/8/2011 Long Term Gain 0.12029 12/6/2011 12/7/2011 12/7/2011 16.89
12/8/2011 Short Term Gain 0.31215 12/6/2011 12/7/2011 12/7/2011 16.89
11/23/2011 Dividend 0.01723 11/21/2011 11/22/2011 11/22/2011 17.34
10/28/2011 Dividend 0.01460 10/26/2011 10/27/2011 10/27/2011 17.09
9/30/2011 Dividend 0.01675 9/28/2011 9/29/2011 9/29/2011 17.30
8/26/2011 Dividend 0.01613 8/24/2011 8/25/2011 8/25/2011 17.14
7/29/2011 Dividend 0.02091 7/27/2011 7/28/2011 7/28/2011 16.89
6/30/2011 Dividend 0.01691 6/28/2011 6/29/2011 6/29/2011 16.82
5/27/2011 Dividend 0.01382 5/25/2011 5/26/2011 5/26/2011 16.82

Annual Distribution Totals

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I Shares: Without Sales Charge

Annual Capital Gains Totals Annual Capital Gains Totals

I Shares: Without Sales Charge

Holdings

Sector Distribution - Market Value Weighted as of 6/30/2014

Fund
Corporate 3.82% -
Financial Institutions 2.06% -
Industrial 1.76% -
Utility - -
Government Related 20.27% 9.41%
Agency 19.13% 9.41%
Local Authority - -
Sovereign - -
Supranational 1.14% -
Securitized 1.91% -
Asset Backed Securities 0.41% -
CMBS 0.59% -
Covered - -
CMO 0.25% -
Mortgage Backed Passthrough 0.66% -
Treasury 72.72% 90.60%
Cash and Cash Equivalents 1.27% -
Municipals - -
Municipals - -
Total 99.99%  

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 6/30/2014
Average Effective Maturity 8.29 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.

Matthew Duch,
Vice President and Lead Portfolio Manager

Vishal Khanduja, CFA
Vice President and Co-Portfolio Manager

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.450%
Distribution and service (12b-1) fees none
Other expenses 0.380%
Total annual Fund operating expenses 0.830%

Less fee waiver and/or expense reimbursement 0.100%
Net expenses 0.730%

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)
n/a
Net Expense Ratio
(if waiver/reimbursement
in effect)
0.73%
Gross Expense Ratio
(if waiver/reimbursement
in effect)
0.83%

Investment Minimums

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

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert Government Fund through January 31, 2015. Direct net operating expenses will not exceed 0.73% 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.

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.


Morningstar Category™

Intermediate-Term Bond

Risk/Return Assessment

Risk/Return Assessment

Demonstrates where the Fund falls on a risk/return spectrum, relative to other Calvert Funds. Funds with more conservative objectives and strategies would fall on the left side of the spectrum, while funds with more aggressive objectives and strategies would appear on the right.

Compared against all Calvert Funds

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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