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 1.02 3.24 3.24 0.85 3.49 n/a 4.19 12/31/2008
Barclays U.S. Government Index 1.86 4.92 4.92 1.40 3.70 4.29 2.69  
Lipper General U.S. Government Funds Average 1.78 5.85 5.85 1.30 3.42 3.74 3.33  
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 1.16% -
12 Mth Distribution Yield 1.45% -
Duration 3.96 Yrs 5.32 Yrs
Weighted Avg Maturity 8.32 Yrs 6.58 Yrs
Weighted Avg Coupon 2.12% 2.22%
Weighted Avg Price 100.28 104.93
September 30, 2014
Portfolio Benchmark
1.41% -
1.47% -
3.87 Yrs 5.10 Yrs
8.37 Yrs 6.30 Yrs
2.28% 2.20%
99.30 103.47
December 31, 2013
Portfolio Benchmark
1.46% -
1.33% -
3.34 Yrs 4.78 Yrs
7.89 Yrs 5.87 Yrs
2.22% 2.19%
97.36 102.25
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 0.83% 1.40%
Standard Deviation 2.26% 2.60%
Beta vs. Market 0.83 1.00
Excess Return -0.57% 0.00%
R-Squared 91.25% 100.00%
Tracking Error 0.80% 0.00%
Information Ratio -0.71 0.00
Sharpe Ratio 0.35 0.52
September 30, 2014
Portfolio Benchmark
0.79% 1.06%
2.30% 2.63%
0.84 1.00
-0.27% 0.00%
91.82% 100.00%
0.78% 0.00%
-0.35 0.00
0.32 0.38
December 31, 2013
Portfolio Benchmark
2.05% 2.70%
2.42% 3.16%
0.70 1.00
-0.65% 0.00%
82.99% 100.00%
1.38% 0.00%
-0.47 0.00
0.82 0.83
Performance Attribution (gross returns vs. passive benchmark) 4Q Quarter 2014
Total Effect Duration Effect Curve Effect Sector Effect Selection Effect
-64 -31 -6 -5 -22

In the fourth quarter, the fund (gross of fees) underperformed its passive benchmark, the Barclays US Government Index, by 64 basis points (bps). Its underweight to duration and overweight to longer Agency securities was the primary contributor to underperformance as these holdings underperformed benchmark Treasuries.

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 4.14% -
Government 87.90% -
AAA/Aaa/AAA 1.41% 97.58%
AA/Aa/AA 1.30% 2.40%
A/A/A 3.13% 0.02%
BBB/Baa/BBB 2.11% -
BB/Ba/BB - -
B/B/B - -
CCC/Caa/CCC - -
CC/Ca/CC - -
CC/CC/CC - -
C/C/C - -
Not Rated - -
Equities - -
September 30, 2014
Portfolio Benchmark
0.66% -
90.86% -
1.39% 97.44%
1.66% 2.54%
3.10% 0.02%
2.34% -
- -
- -
- -
- -
- -
- -
- -
- -
December 31, 2013
Portfolio Benchmark
1.89% -
92.72% -
- 97.20%
1.56% 2.78%
2.50% 0.02%
1.33% -
- -
- -
- -
- -
- -
- -
- -
- -
Sector Exposure
  December 31, 2014
  Portfolio Benchmark
Corporate 4.14% -
Government Related 17.94% 8.63%
Securitized 2.70% -
Treasury 71.26% 91.36%
Cash and Cash Equivalents 3.96% -
Other - -
Unknown - -
Municipals - -
September 30, 2014
Portfolio Benchmark
4.28% -
20.57% 9.26%
3.15% -
70.87% 90.74%
1.14% -
- -
- -
- -
December 31, 2013
Portfolio Benchmark
3.71% -
23.76% 10.37%
0.94% -
68.18% 89.63%
2.71% -
- -
- -
- -
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
  % of Portf.
US TREASURY N/B 24.22%
US TREASURY N/B 24.07%
US TREASURY N/B 9.40%
PRIVATE EXPORT FUNDING 5.35%
US TREASURY N/B 5.34%
US TREASURY N/B 4.57%
PRIVATE EXPORT FUNDING 4.47%
WI TREASURY SEC 3.84%
PORTMARNOCK LEASING LLC 3.22%
TENN VALLEY AUTHORITY 2.90%
Total 87.39%
September 30, 2014
  % of Portf.
WI TREASURY N/B 30.40%
UNITED STATES TREAS NTS 23.75%
US TREASURY N/B 8.19%
US TREASURY N/B 5.77%
PRIVATE EXPORT FUNDING 5.40%
PRIVATE EXPORT FUNDING 4.41%
PORTMARNOCK LEASING LLC 3.30%
US TREASURY N/B 3.12%
TENN VALLEY AUTHORITY 2.72%
TAGUA LEASING LLC 1.54%
Total 88.59%
December 31, 2013
  % of Portf.
US TREASURY N/B 28.99%
WI TREASURY N/B 24.53%
PRIVATE EXPORT FUNDING 6.90%
US TREASURY N/B 6.57%
US TREASURY N/B 4.73%
PRIVATE EXPORT FUNDING 4.61%
TENN VALLEY AUTHORITY 3.73%
US TREASURY N/B 3.33%
PORTMARNOCK LEASING LLC 2.88%
TENN VALLEY AUTHORITY 1.72%
Total 87.99%

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 may fall; individual bonds in 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. 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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