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Calvert Ultra-Short Income Fund (CULIX)

Daily Performance (as of 10/21/2014)
Price $15.59
Price Change $0.01 (0.06%)
YTD Return 0.71%
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 10/21/2014)
NASDAQ Symbol CULIX (I Shares)
Calvert Fund Number 804 (I Shares)
CUSIP Number 131582348 (I Shares)
Assets Under Management $850.18 Million
Yields (as of 9/30/2014)
30-Day SEC Yield Subsidized 0.85%
30-Day SEC Yield Unsubsidized 180,799,899.25%

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

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 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

Checking this box will compare fund performance to that of its benchmark index.

Lipper Category Index

Checking this box will compare fund performance to that of its Lipper Category Index.

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
I Shares (No Charge) 0.71 0.03 1.03 1.46 1.54 n/a 2.86 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
n/a 0.50% 0.55% 223.0%

Hypothetical Growth of $10,000

Yearly Percentage Return

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

  Fund (IShares) Barclays 9-12 Months Short Treasury Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 1.29% 1.66% 0.00% 0.00%
Beta 0.60 -0.28 1.00 1.00
R-Squared 0.75% 0.37% 100.00% 100.00%
Sharpe Ratio 2.92 2.08 3.05 2.05
Standard Deviation 0.48% 0.71% 0.07% 0.15%
Excess Return 1.19% 1.15% 0.00% 0.00%
Information Ratio 2.48 1.57 0.00 0.00
Tracking Error 0.48% 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.

Pricing & Distribution

Most Recent Distributions

I Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
9/26/2014 Dividend 0.09396 9/24/2014 9/25/2014 9/25/2014 15.59

Annual Distribution Totals

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I 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 0.400%
Distribution and service (12b-1) fees none
Other expenses 0.150%
Total annual Fund operating expenses 0.550%

Less fee waiver and/or expense reimbursement 0.050%
Net expenses 0.500%

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)
0.50%
Gross Expense Ratio
(if waiver/reimbursement
in effect)
0.55%

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

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™

Ultrashort 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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