PERFORMANCE Average Annual Returns (%) for Period Ended 6/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
Portfolio 2.03 3.97 4.03 3.48 4.52 4.69 4.30 3/31/2003
Barclays U.S. Aggregate Bond Index 2.04 3.93 4.37 3.66 4.85 4.93 4.54  
Lipper VA Core Bond Funds Average 2.04 0.42 4.76 4.00 5.86 4.85 4.57  
Portfolio Statistics
  June 30, 2014
  Portfolio Benchmark
SEC Yield 1.95% -
12 Mth Distribution Yield 2.36% -
Duration 5.61 Yrs 5.52 Yrs
Weighted Avg Maturity 13.57 Yrs 7.58 Yrs
Weighted Avg Coupon - 3.43%
Weighted Avg Price 107.16 106.29
March 31, 2014
Portfolio Benchmark
2.03% -
2.41% -
5.66 Yrs 5.54 Yrs
13.66 Yrs 7.55 Yrs
- 3.45%
106.23 104.97
December 31, 2013
Portfolio Benchmark
2.00% -
2.46% -
5.53 Yrs 5.47 Yrs
13.29 Yrs 7.49 Yrs
- 3.45%
105.24 103.90
Returns Based Statistics (3 Year)
  June 30, 2014
  Portfolio Benchmark
Average Annual Return 3.49% 3.66%
Standard Deviation 3.09% 2.77%
Beta vs. Market 1.11 1.00
Excess Return -0.18% 0.00%
R-Squared 98.41% 100.00%
Tracking Error 0.49% 0.00%
Information Ratio -0.36 0.00
Sharpe Ratio 1.11 1.30
March 31, 2014
Portfolio Benchmark
3.59% 3.75%
3.18% 2.84%
1.11 1.00
-0.16% 0.00%
98.46% 100.00%
0.50% 0.00%
-0.32 0.00
1.11 1.30
December 31, 2013
Portfolio Benchmark
3.04% 3.26%
3.07% 2.75%
1.11 1.00
-0.22% 0.00%
98.35% 100.00%
0.49% 0.00%
-0.45 0.00
0.97 1.16
Credit Quality
  June 30, 2014
  Portfolio Benchmark
Cash - -
Government - -
AAA/Aaa/AAA 76.34% 71.44%
AA/Aa/AA 2.81% 4.95%
A/A/A 6.66% 11.55%
BBB/Baa/BBB 14.05% 12.06%
BB/Ba/BB - -
B/B/B - -
CCC/Caa/CCC - -
CC/Ca/CC - -
CC/CC/CC - -
C/C/C - -
Not Rated - -
Equities - -
Ba & below 0.14% -
March 31, 2014
Portfolio Benchmark
- -
- -
76.47% 72.08%
2.22% 4.83%
6.59% 11.26%
14.64% 11.83%
- -
- -
- -
- -
- -
- -
- -
- -
0.08% -
December 31, 2013
Portfolio Benchmark
- -
- -
77.89% 72.45%
1.53% 4.89%
6.96% 11.06%
13.54% 11.60%
- -
- -
- -
- -
- -
- -
- -
- -
0.08% -
Sector Exposure
  June 30, 2014
  Portfolio Benchmark
Corporate - 23.33%
Government Related - 9.92%
Securitized - 29.68%
Treasury - 35.47%
Cash and Cash Equivalents - -
Other - -
Unknown - -
Municipals - -
March 31, 2014
Portfolio Benchmark
- 22.72%
- 9.97%
- 31.91%
- 35.42%
- -
- -
- -
- -
December 31, 2013
Portfolio Benchmark
- 22.19%
- 10.11%
- 32.05%
- 35.65%
- -
- -
- -
- -
Top Ten Holdings / Percentage of Net Assets
June 30, 2014
  % of Portf.
US TREASURY N/B 3.53%
FREDDIE MAC 2.16%
FNMA POOL MA1888 1.91%
FREDDIE MAC 1.67%
FNMA POOL AU3195 1.47%
FNMA POOL MA1656 1.42%
FNMA POOL AT2721 1.25%
US TREASURY N/B 1.25%
US TREASURY N/B 1.14%
US TREASURY N/B 1.05%
Total 16.86%
March 31, 2014
  % of Portf.
FREDDIE MAC 2.29%
FREDDIE MAC 1.76%
FNMA POOL AU3195 1.54%
FNMA POOL AT2721 1.31%
US TREASURY N/B 1.29%
US TREASURY N/B 1.16%
US TREASURY N/B 1.11%
US TREASURY N/B 1.11%
US TREASURY N/B 1.11%
US TREASURY N/B 1.09%
Total 13.77%
December 31, 2013
  % of Portf.
FREDDIE MAC 2.28%
FREDDIE MAC 1.75%
FNMA POOL AT2721 1.31%
US TREASURY N/B 1.29%
US TREASURY N/B 1.23%
US TREASURY N/B 1.12%
US TREASURY N/B 1.12%
US TREASURY N/B 1.11%
US TREASURY N/B 1.09%
US TREASURY N/B 1.08%
Total 13.40%

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Portfolio or the Portfolio could underperform because of the following risks: the market prices of bonds held by the Portfolio may fall, individual investments of the Portfolio may not perform as expected; and/or the Portfolio's portfolio management practices may not achieve the desired result. Bond funds are subject to interest rate risk and credit risk. An index fund has operating expenses; a market index does not. Although expected to track its target index as closely as possible while satisfying its investment criteria, the Portfolio will not be able to match the performance of the index exactly. It is not possible to invest directly in an index.

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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