PERFORMANCE Average Annual Returns (%) for Period Ended 6/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
I Shares 1.59 3.18 n/a n/a n/a n/a 2.23 10/31/2013
Barclays U.S. Aggregate Bond Index 2.04 3.93 4.37 3.66 4.85 4.93 2.95  
Lipper A Rated Corporate Debt Funds Average 2.52 5.46 6.50 5.25 6.76 5.03 4.63  
Portfolio Statistics
  June 30, 2014
  Portfolio Benchmark
SEC Yield 1.49% -
12 Mth Distribution Yield - -
Duration 4.52 Yrs 5.52 Yrs
Weighted Avg Maturity 6.44 Yrs 7.58 Yrs
Weighted Avg Coupon 2.85% 3.43%
Weighted Avg Price 101.74 106.29
March 31, 2014
Portfolio Benchmark
1.56% -
- -
4.70 Yrs 5.54 Yrs
6.64 Yrs 7.55 Yrs
2.80% 3.45%
101.13 104.97
December 31, 2013
Portfolio Benchmark
1.60% -
- -
4.57 Yrs 5.47 Yrs
6.38 Yrs 7.49 Yrs
2.71% 3.45%
99.84 103.90
Performance Attribution (gross returns vs. passive benchmark) 2Q Quarter 2014
Total Effect Duration Effect Curve Effect Sector Effect Selection Effect
-28 -14 -13 0 -1

In the second quarter, the fund underperformed its passive benchmark, the Barclays US Aggregate Index, by 28 basis points (bps). Its shorter-than-benchmark duration and underweight to the long end of the yield curve were the primary contributors to underperformance. Positive contributors were security selection within the technology and securitized sectors. The fund's green holdings in these sectors outperformed their respective benchmark sectors.

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 4.35% -
Government 35.22% -
AAA/Aaa/AAA 5.99% 71.44%
AA/Aa/AA 5.29% 4.95%
A/A/A 17.78% 11.55%
BBB/Baa/BBB 26.02% 12.06%
BB/Ba/BB 4.38% -
B/B/B 0.98% -
CCC/Caa/CCC - -
CC/Ca/CC - -
CC/CC/CC - -
C/C/C - -
Not Rated - -
Equities - -
March 31, 2014
Portfolio Benchmark
1.59% -
38.15% -
6.99% 72.08%
4.37% 4.83%
18.05% 11.26%
27.92% 11.83%
2.94% -
- -
- -
- -
- -
- -
- -
- -
December 31, 2013
Portfolio Benchmark
11.37% -
42.41% -
5.30% 72.45%
4.88% 4.89%
14.69% 11.06%
19.75% 11.60%
1.61% -
- -
- -
- -
- -
- -
- -
- -
Sector Exposure
  June 30, 2014
  Portfolio Benchmark
Corporate 45.49% 23.33%
Government Related 6.60% 9.92%
Securitized 19.49% 29.68%
Treasury 23.59% 35.47%
Cash and Cash Equivalents 4.82% -
Other - -
Unknown - -
Municipals - -
March 31, 2014
Portfolio Benchmark
47.54% 22.72%
7.74% 9.97%
17.30% 31.91%
25.78% 35.42%
1.67% -
- -
- -
- -
December 31, 2013
Portfolio Benchmark
38.61% 22.19%
9.85% 10.11%
11.77% 32.05%
36.60% 35.65%
3.17% -
- -
- -
- -
Top Ten Holdings / Percentage of Net Assets
June 30, 2014
  % of Portf.
US TREASURY N/B 10.77%
US TREASURY N/B 5.57%
FEDERAL NATL MTG ASSN TBA 3.84%
US TREASURY N/B 2.43%
FNMA TBA AUG 30 SINGLE FAM 2.40%
ORACLE CORP 2.20%
US TREASURY N/B 2.12%
FNMA TBA AUG 15YR SINGLE FAMIL 1.83%
REGENCY CENTERS LP 1.77%
GRACE MORTGAGE TRUST 1.68%
Total 34.61%
March 31, 2014
  % of Portf.
US TREASURY N/B 11.35%
US TREASURY N/B 6.61%
FNMA TBA 30YR SINGLE FAMILY JU 5.66%
US TREASURY N/B 3.38%
FNMA TBA SINGLE FAMILY MAY 2.82%
FEDERAL NATL MTG ASSN TBA 15 Y 2.12%
AFRICAN DEVELOPMENT BANK 1.91%
US TREASURY N/B 1.88%
MORGAN STANLEY 1.85%
CITIGROUP INC 1.82%
Total 39.41%
December 31, 2013
  % of Portf.
WI TREASURY N/B 17.14%
US TREASURY N/B 5.60%
FNMA TBA FEB 30 SINGLE FAM 4.32%
US TREASURY N/B 4.26%
FEDERAL NATL MTG ASSN 3.39%
US TREASURY N/B 3.38%
US TREASURY N/B 3.23%
CITIGROUP INC 2.53%
MET WTR DIST OF STHRN CA 2.48%
JOHNSON CONTROLS INC 2.43%
Total 48.76%

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.

I800ATT 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.

This site intended for citizens and permanent residents of the United States of America.