PERFORMANCE Average Annual Returns (%) for Period Ended 9/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
I Shares -2.77 1.90 5.09 10.20 10.67 7.79 7.19 7/9/2001
BofA Merrill Lynch U.S. High Yield Master II Index -1.92 3.61 7.23 10.95 10.40 8.20 8.52  
Lipper High Yield Funds Average -2.06 2.64 5.94 10.01 9.40 6.95 7.42  
Portfolio Statistics
  September 30, 2014
  Portfolio Benchmark
SEC Yield 5.65% -
12 Mth Distribution Yield 5.43% -
Duration 3.53 Yrs 4.28 Yrs
Weighted Avg Maturity 4.14 Yrs 5.22 Yrs
Weighted Avg Coupon 7.14% 7.03%
Weighted Avg Price 107.46 102.76
June 30, 2014
Portfolio Benchmark
4.35% -
5.26% -
3.22 Yrs 3.95 Yrs
3.55 Yrs 4.58 Yrs
7.21% 7.12%
110.31 106.49
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)
  September 30, 2014
  Portfolio Benchmark
Average Annual Return 10.19% 10.95%
Standard Deviation 4.70% 5.56%
Beta vs. Market 0.83 1.00
Excess Return -0.76% 0.00%
R-Squared 96.10% 100.00%
Tracking Error 1.33% 0.00%
Information Ratio -0.57 0.00
Sharpe Ratio 2.16 1.96
June 30, 2014
Portfolio Benchmark
9.61% 9.27%
5.20% 6.40%
0.80 1.00
0.35% 0.00%
96.22% 100.00%
1.65% 0.00%
0.21 0.00
1.84 1.44
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
  September 30, 2014
  Portfolio Benchmark
Cash 2.36% -
Government - -
AAA/Aaa/AAA - -
AA/Aa/AA - -
A/A/A - -
BBB/Baa/BBB 1.39% -
BB/Ba/BB 27.59% 40.92%
B/B/B 40.90% 41.71%
CCC/Caa/CCC 22.88% 16.77%
CC/Ca/CC - 0.21%
CC/CC/CC - -
C/C/C - 0.17%
Not Rated 3.38% 0.21%
Equities - -
June 30, 2014
Portfolio Benchmark
0.75% -
- -
- -
- -
- -
3.75% -
25.83% 41.21%
41.73% 40.74%
23.86% 17.44%
- 0.16%
- -
- 0.27%
3.00% 0.18%
- -
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
  September 30, 2014
  Portfolio Benchmark
Corporate 92.16% 100.00%
Government Related - -
Securitized 3.03% -
Treasury - -
Cash and Cash Equivalents 2.86% -
Other - -
Unknown - -
Municipals 1.95% -
June 30, 2014
Portfolio Benchmark
94.18% 99.99%
- -
2.87% -
- -
0.90% -
- -
- -
2.04% -
December 31, 2013
Portfolio Benchmark
93.56% 99.99%
- -
1.70% -
- -
4.74% -
- -
- -
- -
Top Ten Holdings / Percentage of Net Assets
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%
June 30, 2014
  % of Portf.
FIRST DATA CORPORATION 1.57%
SPRINT CAPITAL CORP 1.38%
CHRYSLER GP/CG CO ISSUER 1.32%
QUICKSILVER RESOURCES IN 1.31%
SANDRIDGE ENERGY INC 1.24%
CEMEX SAB DE CV 1.15%
HERCULES OFFSHORE INC 1.14%
HILTON USA TRUST 1.11%
CAM MORTGAGE TRUST 1.08%
BEVERAGES + MORE INC 1.05%
Total 12.36%
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.

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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