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 1.67 6.73 6.73 4.24 5.15 4.94 6.00 3/31/2000
Barclays U.S. Credit Index 1.76 7.53 7.53 4.84 6.25 5.46 6.52  
Lipper A Rated Corporate Debt Funds Average 1.88 7.66 7.66 4.14 5.75 4.75 5.32  
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 2.73% -
12 Mth Distribution Yield 2.95% -
Duration 6.11 Yrs 6.99 Yrs
Weighted Avg Maturity 9.27 Yrs 10.33 Yrs
Weighted Avg Coupon 3.87% 4.51%
Weighted Avg Price 102.67 109.75
September 30, 2014
Portfolio Benchmark
2.68% -
2.98% -
5.84 Yrs 6.83 Yrs
8.33 Yrs 10.12 Yrs
3.96% 4.53%
101.95 109.00
December 31, 2013
Portfolio Benchmark
2.83% -
2.84% -
5.57 Yrs 6.58 Yrs
8.27 Yrs 9.78 Yrs
3.80% 4.65%
99.96 106.92
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 4.25% 4.84%
Standard Deviation 3.37% 3.99%
Beta vs. Market 0.82 1.00
Excess Return -0.59% 0.00%
R-Squared 95.22% 100.00%
Tracking Error 1.02% 0.00%
Information Ratio -0.58 0.00
Sharpe Ratio 1.25 1.20
September 30, 2014
Portfolio Benchmark
3.66% 4.82%
3.62% 4.29%
0.71 1.00
-1.16% 0.00%
71.09% 100.00%
2.31% 0.00%
-0.50 0.00
0.99 1.11
December 31, 2013
Portfolio Benchmark
4.08% 5.11%
3.54% 4.29%
0.66 1.00
-1.03% 0.00%
63.35% 100.00%
2.60% 0.00%
-0.39 0.00
1.13 1.17
Performance Attribution (gross returns vs. passive benchmark) 4Q Quarter 2014
Total Effect Duration Effect Curve Effect Sector Effect Selection Effect
9 -35 -7 55 -4

In the fourth quarter, the fund (gross of fees) outperformed its passive benchmark, the Barclays US Credit Index, by 9 basis points (bps). Its underweight to corporate credit and overweight to securitized sectors, which are not in the benchmark, was the primary driver of outperformance. Underweights to duration and the long end of the yield curve were detractors. Intermediate and longer interest rates declined during the quarter while credit spreads widened. The fund's out-of-benchmark allocation to securitized assets, particularly consumer asset-backed securities (ABS), non-agency mortgage-backed securities (RMBS), and single-borrower commercial MBS (CMBS) deals, was a positive contributor to performance as these securities outperformed sectors in the credit index.

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 3.42% -
Government 16.20% -
AAA/Aaa/AAA 2.83% 9.10%
AA/Aa/AA 5.76% 11.80%
A/A/A 27.01% 39.18%
BBB/Baa/BBB 29.17% 39.92%
BB/Ba/BB 6.72% -
B/B/B 2.04% -
CCC/Caa/CCC 0.61% -
CC/Ca/CC - -
CC/CC/CC 0.01% -
C/C/C 0.01% -
Not Rated 6.24% -
Equities - -
September 30, 2014
Portfolio Benchmark
0.73% -
5.94% -
4.24% 9.11%
4.78% 12.32%
35.69% 38.17%
35.34% 40.40%
5.56% -
1.84% -
1.42% -
- -
- -
- -
4.42% -
- -
December 31, 2013
Portfolio Benchmark
1.21% -
6.97% -
6.71% 8.76%
7.32% 12.35%
31.53% 38.45%
39.38% 40.44%
3.06% -
1.67% -
1.07% -
- -
- -
- -
1.10% -
- -
Sector Exposure
  December 31, 2014
  Portfolio Benchmark
Corporate 49.91% 78.93%
Government Related 3.61% 21.06%
Securitized 25.48% -
Treasury 15.48% -
Cash and Cash Equivalents 3.48% -
Other - -
Unknown - -
Municipals 2.05% -
September 30, 2014
Portfolio Benchmark
68.95% 78.92%
2.72% 21.06%
20.45% -
4.74% -
1.01% -
- -
- -
2.11% -
December 31, 2013
Portfolio Benchmark
73.96% 78.76%
4.69% 21.24%
11.82% -
6.21% -
1.30% -
2.02% -
- -
- -
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
  % of Portf.
US TREASURY N/B 7.36%
US TREASURY N/B 3.47%
US TREASURY N/B 2.32%
WI TREASURY SEC 2.32%
BANK OF AMERICA NA 1.24%
JPMORGAN CHASE + CO 1.19%
ENTERPRISE PRODUCTS OPER 1.14%
GOLDMAN SACHS GROUP INC 1.13%
MORGAN STANLEY 0.89%
CIT GROUP INC 0.88%
Total 21.94%
September 30, 2014
  % of Portf.
US TREASURY N/B 4.01%
BANK OF AMERICA NA 1.62%
ENTERPRISE PRODUCTS OPER 1.26%
JPMORGAN CHASE + CO 1.24%
GOLDMAN SACHS GROUP INC 1.21%
PIONEER NATURAL RESOURCE 1.07%
BANK OF AMERICA CORP 0.99%
CIT GROUP INC 0.93%
CITIGROUP INC 0.82%
HARLEY DAVIDSON FINL SER 0.81%
Total 13.95%
December 31, 2013
  % of Portf.
US TREASURY N/B 2.23%
JPMORGAN CHASE + CO 1.84%
BANK OF AMERICA NA 1.81%
US TREASURY N/B 1.74%
GOLDMAN SACHS GROUP INC 1.69%
ENTERPRISE PRODUCTS OPER 1.59%
US BANK NA 1.34%
PIONEER NATURAL RESOURCE 1.21%
US TREASURY N/B 1.06%
WACHOVIA CAP TRUST III 1.02%
Total 15.54%

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. 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.

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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