PERFORMANCE Average Annual Returns (%) for Period Ended 12/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
I Shares 1.68 5.28 5.28 n/a n/a n/a 3.68 10/31/2013
Barclays U.S. Aggregate Bond Index 1.79 5.97 5.97 2.66 4.45 4.71 4.26  
Lipper A Rated Corporate Debt Funds Average 1.88 7.66 7.66 4.14 5.75 4.75 6.78  
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Index reflects no deductions for fees or expenses. An investor cannot invest directly in an index. Visit www.calvert.com to obtain performance data current to the most recent month-end. Returns for periods of less than one year are not annualized.
Portfolio Statistics
  December 31, 2014
  Portfolio Benchmark
SEC Yield 1.97% -
12 Mth Distribution Yield 1.58% -
Duration 4.79 Yrs 5.47 Yrs
Weighted Avg Maturity 7.65 Yrs 7.58 Yrs
Weighted Avg Coupon 3.26% 3.40%
Weighted Avg Price 102.44 106.64
September 30, 2014
Portfolio Benchmark
1.70% -
- -
4.63 Yrs 5.52 Yrs
7.32 Yrs 7.61 Yrs
3.08% 3.40%
101.18 105.52
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) 4Q Quarter 2014
Total Effect Duration Effect Curve Effect Sector Effect Selection Effect
-2 -25 -4 6 21

In the fourth quarter, the fund (gross of fees) underperformed its passive benchmark, the Barclays US Aggregate Index, by 2 (bps). Its underweight to duration was the primary driver of underperformance. Yield curve positioning was an additional detractor as its underweight to the long end of the yield curve offset the positive contribution from its underweight to the short end. However, strong performance within spread sectors nearly offset all of the relative underperformance from rates. This is attributable to several themes. First, the fund's corporate holdings outperformed corporates in the benchmark. This was driven by (1) a lack of exposure to the energy sector, which was the worst performing sector in the index and (2) the fund increasing its risk profile as spreads widened. Specifically, exposure to airlines and higher quality high yield credits was added. Airline exposure was added through enhanced equipment trust certificates (EETCs) after spreads widened following fears relating to the Ebola virus, despite lower fuel prices being a strong supporter of fundamentals. The fund's exposure to this sector is through deals backed by younger, fuel efficient fleets. Second, the fund's securitized positions outperformed the broader benchmark sector. Its underweight to higher coupons in the Agency MBS stack was the primary contributor, but ABS deals backed by solar assets also outperformed.

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
  December 31, 2014
  Portfolio Benchmark
Cash 14.75% -
Government 22.85% -
AAA/Aaa/AAA 7.39% 71.82%
AA/Aa/AA 5.92% 4.66%
A/A/A 17.23% 11.68%
BBB/Baa/BBB 22.00% 11.83%
BB/Ba/BB 7.13% -
B/B/B 2.11% -
CCC/Caa/CCC - -
CC/Ca/CC - -
CC/CC/CC - -
C/C/C - -
Not Rated 0.62% -
Equities - -
September 30, 2014
Portfolio Benchmark
6.74% -
25.10% -
9.12% 71.79%
6.92% 4.86%
21.20% 11.37%
25.37% 11.98%
5.55% -
- -
- -
- -
- -
- -
- -
- -
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
  December 31, 2014
  Portfolio Benchmark
Corporate 46.44% 23.17%
Government Related 9.57% 9.55%
Securitized 22.16% 31.46%
Treasury 14.34% 35.81%
Cash and Cash Equivalents 7.48% -
Other - -
Unknown - -
Municipals - -
September 30, 2014
Portfolio Benchmark
45.63% 23.11%
7.57% 9.79%
26.73% 31.09%
12.08% 35.49%
8.00% -
- -
- -
- -
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
December 31, 2014
  % of Portf.
US TREASURY N/B 6.44%
US TREASURY N/B 4.81%
FNMA TBA 30 YR 3.5 3.39%
FNMA TBA 30 YR 4 3.03%
SANTA CLARA VLY CA TRANSPRTN A 1.61%
FNMA TBA 15 YR 3.5 1.41%
JP MORGAN CHASE COMMERCIAL MOR 1.40%
DELL EQUIPMENT FINANCE TRUST 1.29%
FNMA TBA 15 YR 3 1.28%
MORGAN STANLEY CAPITAL I TRUST 1.26%
Total 25.92%
September 30, 2014
  % of Portf.
UNITED STATES TREAS NTS 5.66%
FNMA TBA 3.5 NOV 30YR SINGLE 3.95%
FNMA TBA SINGLE FAMILY NOV 30 3.55%
US TREASURY N/B 3.11%
MASS INSTITUTE OF TECH 2.78%
FEDERAL NATL MTG ASSN 1.67%
JP MORGAN CHASE COMMERCIAL MOR 1.65%
DELL EQUIPMENT FINANCE TRUST 1.53%
FNMA TBA NOVEMBER 15 YR SINGL 1.50%
MORGAN STANLEY CAPITAL I TRUST 1.48%
Total 26.88%
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.

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