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Calvert Green Bond Fund (CGAFX)

Daily Performance (as of 9/15/2014)
Price $15.19
Price Change $0.01 (0.07%)
YTD Return (3.75% Sales Charge) -0.75%
YTD Return (No Charge) 3.14%
Average Maturity
(rounded to nearest year or day)
8 Years
Duration (as of 6/30/2014)
Effective Duration 4.52 Years
Fund Facts (as of 9/15/2014)
NASDAQ Symbol CGAFX (A Shares)
Calvert Fund Number 898 (A Shares)
CUSIP Number 13161P730 (A Shares)
Assets Under Management $23.24 Million
Yields (as of 8/31/2014)
30-Day SEC Yield Subsidized 1.24%
30-Day SEC Yield Unsubsidized 0.46%

Overview

Fund Management

Calvert Investment Management, Inc.

Cathy Roy, CFA
Senior Vice President, Portfolio Manager

Vishal Khanduja, CFA
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, primarily through investment in bonds, with a focus on opportunities related to climate change and other environmental issues.

Investment Strategy

Under normal circumstances, the Fund invests at least 80% of its net assets in "green" bonds. Bonds include debt securities of any maturity. The Fund typically invests at least 65% of its net assets in investment grade, U.S. dollar-denominated debt securities, as assessed at the time of purchase. The remaining 35% of Fund net 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 primarily invests in a broad range of fixed-income securities, including, but not limited to, corporate bonds, project bonds, U.S. government securities, taxable municipal securities and mortgage-backed or other asset backed-securities ("ABS"), including commercial mortgage-backed securities. The Fund seeks to invest primarily in "green" investments and also seeks to avoid investing in tobacco companies. The Fund defines "green" investments to include securities of companies that develop or provide products or services that address environmental solutions and/or support efforts to reduce their own environmental footprint; bonds that support environmental projects; structured securities that are collateralized by assets supporting environmental themes; and securities that, in the opinion of the Fund's Advisor, have no more than a negligible direct environmental impact, which may include securities issued by the U.S. government or its agencies, and U.S. government-sponsored entities. 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.

Investment Risk

Investment in the Fund involves risk, including possible loss of principal invested. Investing primarily in green investments carries the risk that, under certain market conditions, the Fund may underperform funds that invest in a broader array of investments. In addition, some green investments may be dependent on government tax incentives and subsidies, and on political support for certain environmental technologies and companies. The green sector may also have challenges such as a limited number of issuers and liquidity in the market, including a robust secondary market. The Fund is 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 45.49% 23.33%
Financial Institutions 15.45% 7.62%
Industrial 29.06% 13.06%
Utility 0.98% 2.65%
Government Related 6.60% 9.92%
Agency 1.70% 5.46%
Local Authority 1.43% 1.36%
Sovereign - 1.52%
Supranational 3.47% 1.58%
Securitized 19.49% 29.68%
Asset Backed Securities 6.28% 0.50%
CMBS 1.86% -
Covered - 0.05%
CMO - -
Mortgage Backed Passthrough 11.35% 29.13%
Treasury 23.59% 35.47%
Cash and Cash Equivalents 4.82% -
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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Average Annual Total Returns (%) for period ending 8/31/2014
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (No Charge) 4.02 0.92 n/a n/a n/a n/a 2.98 10/31/2013
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
A Shares (No Charge) 3.07 1.54 n/a n/a n/a n/a 2.04 10/31/2013
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 0.88% 1.59% n/a

Pricing & Distribution

Most Recent Distributions

A Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
8/29/2014 Dividend 0.01664 8/27/2014 8/28/2014 8/28/2014 15.32
7/31/2014 Dividend 0.01382 7/29/2014 7/30/2014 7/30/2014 15.18
6/27/2014 Dividend 0.01477 6/25/2014 6/26/2014 6/26/2014 15.20
5/30/2014 Dividend 0.01255 5/28/2014 5/29/2014 5/29/2014 15.22
4/25/2014 Dividend 0.01379 4/23/2014 4/24/2014 4/24/2014 15.08
3/28/2014 Dividend 0.01302 3/26/2014 3/27/2014 3/27/2014 15.04
2/28/2014 Dividend 0.01206 2/26/2014 2/27/2014 2/27/2014 15.06
1/31/2014 Dividend 0.00786 1/29/2014 1/30/2014 1/30/2014 15.00
12/27/2013 Dividend 0.01161 12/24/2013 12/26/2013 12/26/2013 14.83
11/22/2013 Dividend 0.00907 11/20/2013 11/21/2013 11/21/2013 14.88

Annual Distribution Totals

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A Shares: Without Sales Charge

Holdings

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

Fund
Corporate 45.49% 23.33%
Financial Institutions 15.45% 7.62%
Industrial 29.06% 13.06%
Utility 0.98% 2.65%
Government Related 6.60% 9.92%
Agency 1.70% 5.46%
Local Authority 1.43% 1.36%
Sovereign - 1.52%
Supranational 3.47% 1.58%
Securitized 19.49% 29.68%
Asset Backed Securities 6.28% 0.50%
CMBS 1.86% -
Covered - 0.05%
CMO - -
Mortgage Backed Passthrough 11.35% 29.13%
Treasury 23.59% 35.47%
Cash and Cash Equivalents 4.82% -
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 6.44 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.

Cathy Roy, CFA
Senior Vice President, Portfolio Manager

Vishal Khanduja, CFA
Vice President and Co-Portfolio Manager

Mauricio Agudelo,
Co-Portfolio Manager

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.500%
Distribution and service (12b-1) fees 0.250%
Other expenses 0.840%
Total annual Fund operating expenses 1.590%

Less fee waiver and/or expense reimbursement 0.710%
Net expenses 0.880%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)
3.75%
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)
0.88%
Gross Expense Ratio
(if waiver/reimbursement
in effect)
1.59%

Investment Minimums

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

Important Disclosure

Calvert has agreed contractually to limit direct net annual fund operating expenses for Calvert Green Bond Fund through January 31, 2015. Direct net operating expenses will not exceed 0.88% for Class A shares and 0.63% for Class Y shares of the Fund. Only the Board of Directors 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 expenses, 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.


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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