PERFORMANCE Average Annual Returns (%) for Period Ended 9/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) -0.70 4.17 4.98 3.48 4.42 3.78 7.80 10/12/1982
Barclays U.S. Credit Index -0.03 5.67 6.64 4.82 6.10 5.41 8.71  
Lipper BBB-Rated Corporate Debt Funds Average -0.14 5.67 6.81 5.27 6.34 5.33 7.78  
Portfolio Statistics
  September 30, 2014
  Portfolio Benchmark
SEC Yield 2.35% -
12 Mth Distribution Yield 2.89% -
Duration 6.30 Yrs 6.83 Yrs
Weighted Avg Maturity 9.30 Yrs 10.12 Yrs
Weighted Avg Coupon 4.54% 4.53%
Weighted Avg Price 103.17 109.00
June 30, 2014
Portfolio Benchmark
2.35% -
2.84% -
6.30 Yrs 6.89 Yrs
9.04 Yrs 10.12 Yrs
4.56% 4.58%
104.33 110.43
December 31, 2013
Portfolio Benchmark
2.34% -
2.79% -
5.91 Yrs 6.58 Yrs
9.12 Yrs 9.78 Yrs
4.58% 4.65%
101.63 106.92
Returns Based Statistics (3 Year)
  September 30, 2014
  Portfolio Benchmark
Average Annual Return 3.46% 4.82%
Standard Deviation 3.91% 4.29%
Beta vs. Market 0.74 1.00
Excess Return -1.36% 0.00%
R-Squared 66.88% 100.00%
Tracking Error 2.50% 0.00%
Information Ratio -0.54 0.00
Sharpe Ratio 0.87 1.11
June 30, 2014
Portfolio Benchmark
4.16% 5.88%
3.74% 4.26%
0.69 1.00
-1.72% 0.00%
62.33% 100.00%
2.64% 0.00%
-0.65 0.00
1.10 1.37
December 31, 2013
Portfolio Benchmark
3.43% 5.11%
3.75% 4.29%
0.68 1.00
-1.68% 0.00%
60.73% 100.00%
2.72% 0.00%
-0.62 0.00
0.90 1.17
Performance Attribution (gross returns vs. passive benchmark) 3Q Quarter 2014
Total Effect Duration Effect Curve Effect Sector Effect Selection Effect
-37 1 -10 -1 -27

In the third quarter, the fund underperformed its passive benchmark, the Barclays US Credit Index, by 37 basis points (bps). Underperformance was driven by its opportunistic out-of-benchmark allocation to high yield securities, which broadly underperformed investment grade benchmark sectors. A flattening yield curve was an additional detractor as the fund was underweight the long end of the curve. The fund's out-of-benchmark allocation to securitized assets, particularly subordinated non-agency RMBS and single-borrower CMBS deals, was a positive contributor to performance as these securities produced positive returns for the quarter, compared with negative returns for 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
  September 30, 2014
  Portfolio Benchmark
Cash -0.29% -
Government 3.66% -
AAA/Aaa/AAA 0.34% 9.11%
AA/Aa/AA 4.94% 12.32%
A/A/A 31.92% 38.17%
BBB/Baa/BBB 43.48% 40.40%
BB/Ba/BB 7.01% -
B/B/B 4.16% -
CCC/Caa/CCC 1.44% -
CC/Ca/CC - -
CC/CC/CC - -
C/C/C - -
Not Rated 2.92% -
Equities - -
June 30, 2014
Portfolio Benchmark
0.42% -
3.38% -
1.22% 8.98%
6.24% 12.38%
31.06% 38.41%
42.83% 40.24%
7.40% -
4.36% -
1.39% -
- -
- -
- -
1.38% -
- -
December 31, 2013
Portfolio Benchmark
0.94% -
3.89% -
2.07% 8.76%
5.60% 12.35%
29.77% 38.45%
45.89% 40.44%
6.01% -
3.65% -
1.56% -
- -
- -
- -
0.63% -
- -
Sector Exposure
  September 30, 2014
  Portfolio Benchmark
Corporate 85.45% 78.92%
Government Related 0.15% 21.06%
Securitized 10.42% -
Treasury 3.49% -
Cash and Cash Equivalents -0.15% -
Other - -
Unknown - -
Municipals 0.62% -
June 30, 2014
Portfolio Benchmark
85.22% 78.93%
1.01% 21.09%
9.25% -
3.21% -
0.63% -
- -
- -
0.69% -
December 31, 2013
Portfolio Benchmark
89.55% 78.76%
0.91% 21.24%
4.38% -
3.70% -
1.19% -
0.25% -
- -
- -
Top Ten Holdings / Percentage of Net Assets
September 30, 2014
  % of Portf.
BANK OF AMERICA NA 1.94%
US TREASURY N/B 1.83%
BNSF FUNDING TRUST I 1.82%
ENTERPRISE PRODUCTS OPER 1.54%
VERIZON COMMUNICATIONS 1.40%
GOLDMAN SACHS GROUP INC 1.39%
PIONEER NATURAL RESOURCE 1.31%
JPMORGAN CHASE + CO 1.19%
NBCUNIVERSAL MEDIA LLC 1.16%
LAND O LAKES CAP TRST I 1.16%
Total 14.74%
June 30, 2014
  % of Portf.
BANK OF AMERICA NA 1.91%
BNSF FUNDING TRUST I 1.74%
US TREASURY N/B 1.63%
ENTERPRISE PRODUCTS OPER 1.50%
GREAT RIVER ENERGY 1.37%
GOLDMAN SACHS GROUP INC 1.36%
VERIZON COMMUNICATIONS 1.32%
LAND O LAKES CAP TRST I 1.31%
PIONEER NATURAL RESOURCE 1.29%
JPMORGAN CHASE + CO 1.17%
Total 14.59%
December 31, 2013
  % of Portf.
GOLDMAN SACHS GROUP INC 1.87%
ENTERPRISE PRODUCTS OPER 1.86%
BANK OF AMERICA NA 1.80%
JPMORGAN CHASE + CO 1.79%
BNSF FUNDING TRUST I 1.74%
US BANK NA 1.69%
LAND O LAKES CAP TRST I 1.66%
GREAT RIVER ENERGY 1.26%
US TREASURY N/B 1.24%
PIONEER NATURAL RESOURCE 1.23%
Total 16.14%

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.

G200ATT 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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