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 -2.62 -0.77 -0.77 7.52 8.94 7.09 6.84 7/9/2001
BofA Merrill Lynch U.S. High Yield Master II Index -1.06 2.50 2.50 8.37 8.88 7.61 8.27  
Lipper High Yield Funds Average -1.62 1.00 1.00 7.41 7.86 6.33 7.18  
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 6.60% -
12 Mth Distribution Yield 5.79% -
Duration 3.45 Yrs 4.25 Yrs
Weighted Avg Maturity 4.09 Yrs 5.38 Yrs
Weighted Avg Coupon 7.00% 6.90%
Weighted Avg Price 101.82 100.62
September 30, 2014
Portfolio Benchmark
5.65% -
5.43% -
3.53 Yrs 4.28 Yrs
4.14 Yrs 5.22 Yrs
7.14% 7.03%
107.46 102.76
December 31, 2013
Portfolio Benchmark
4.44% -
5.51% -
2.97 Yrs 4.06 Yrs
3.41 Yrs 4.86 Yrs
7.54% 7.37%
105.04 104.76
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 7.52% 8.36%
Standard Deviation 4.21% 4.50%
Beta vs. Market 0.91 1.00
Excess Return -0.85% 0.00%
R-Squared 93.65% 100.00%
Tracking Error 1.14% 0.00%
Information Ratio -0.74 0.00
Sharpe Ratio 1.77 1.85
September 30, 2014
Portfolio Benchmark
10.19% 10.95%
4.70% 5.56%
0.83 1.00
-0.76% 0.00%
96.10% 100.00%
1.33% 0.00%
-0.57 0.00
2.16 1.96
December 31, 2013
Portfolio Benchmark
9.89% 9.03%
5.38% 6.51%
0.81 1.00
0.87% 0.00%
96.33% 100.00%
1.61% 0.00%
0.54 0.00
1.83 1.38
Credit Quality
  December 31, 2014
  Portfolio Benchmark
Cash 5.93% -
Government - -
AAA/Aaa/AAA - -
AA/Aa/AA - -
A/A/A - -
BBB/Baa/BBB 1.79% -
BB/Ba/BB 28.27% 42.92%
B/B/B 36.39% 40.70%
CCC/Caa/CCC 22.63% 15.85%
CC/Ca/CC - 0.18%
CC/CC/CC 0.27% -
C/C/C 0.27% 0.13%
Not Rated 4.20% 0.21%
Equities - -
September 30, 2014
Portfolio Benchmark
2.36% -
- -
- -
- -
- -
1.39% -
27.59% 40.92%
40.90% 41.71%
22.88% 16.77%
- 0.21%
- -
- 0.17%
3.38% 0.21%
- -
December 31, 2013
Portfolio Benchmark
4.57% -
- -
- -
- -
- -
7.56% -
21.34% 40.41%
39.33% 41.14%
26.14% 17.60%
- 0.59%
- -
- 0.04%
1.05% 0.21%
- -
Sector Exposure
  December 31, 2014
  Portfolio Benchmark
Corporate 87.98% 99.99%
Government Related 0.59% -
Securitized 3.33% -
Treasury - -
Cash and Cash Equivalents 6.07% -
Other - -
Unknown - -
Municipals 2.04% -
September 30, 2014
Portfolio Benchmark
92.16% 100.00%
- -
3.03% -
- -
2.86% -
- -
- -
1.95% -
December 31, 2013
Portfolio Benchmark
93.56% 99.99%
- -
1.70% -
- -
4.74% -
- -
- -
- -
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
  % of Portf.
FIRST DATA CORPORATION 2.31%
CCOH SAFARI LLC 2.10%
INNOVATION VENTURES/FINA 1.79%
RITE AID CORP 1.71%
INEOS FINANCE PLC 1.69%
CEMEX SAB DE CV 1.63%
CIT GROUP INC 1.45%
CHRYSLER GP/CG CO ISSUER 1.42%
SPRINT CAPITAL CORP 1.42%
KODIAK OIL + GAS CORP 1.40%
Total 16.94%
September 30, 2014
  % of Portf.
FIRST DATA CORPORATION 2.24%
CHESAPEAKE ENERGY CORP 1.73%
INNOVATION VENTURES/FINA 1.69%
INEOS FINANCE PLC 1.64%
CEMEX SAB DE CV 1.58%
SPRINT CAPITAL CORP 1.41%
CHRYSLER GP/CG CO ISSUER 1.38%
CIT GROUP INC 1.38%
KODIAK OIL + GAS CORP 1.35%
TELECOM ITALIA SPA 1.31%
Total 15.72%
December 31, 2013
  % of Portf.
BEVERAGES + MORE INC 1.31%
ANTERO RESOURCES FINANCE 1.18%
FIRST DATA CORPORATION 1.10%
KODIAK OIL + GAS CORP 1.07%
PETCO ANIMAL SUPPLIES IN 1.02%
CHECKERS DRIVE IN RESTAU 1.01%
KINETICS CONCEPT/KCI USA 1.00%
DEL MONTE CORP 0.99%
CONTINENTAL RESOURCES 0.98%
US FOODS INC 0.95%
Total 10.61%

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. High-yield, high risk bonds, which are rated below investment grade, can involve a substantial risk of loss because they have a greater risk of issuer default and are subject to greater price volatility than investment grade bonds and may be illiquid. 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.

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