PERFORMANCE Average Annual Returns (%) for Period Ended 12/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) -0.05 0.55 0.55 1.30 1.28 n/a 2.75 10/31/2006
Barclays 9-12 Months Short Treasury Index -0.05 0.17 0.17 0.22 0.37 1.98 1.68  
Lipper Ultra-Short Obligations Funds Average -0.11 0.40 0.40 0.86 0.92 2.05 1.79  
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 0.52% -
12 Mth Distribution Yield 0.68% -
Duration 0.12 Yrs 0.81 Yrs
Weighted Avg Maturity 1.67 Yrs 0.81 Yrs
Weighted Avg Coupon 1.73% 0.88%
Weighted Avg Price 100.10 100.56
September 30, 2014
Portfolio Benchmark
0.59% -
0.66% -
0.12 Yrs 0.82 Yrs
1.64 Yrs 0.82 Yrs
2.09% 1.01%
100.50 100.78
December 31, 2013
Portfolio Benchmark
0.39% -
0.71% -
0.28 Yrs 0.81 Yrs
1.45 Yrs 0.82 Yrs
2.23% 1.10%
100.78 100.80
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 1.30% 0.22%
Standard Deviation 0.47% 0.08%
Beta vs. Market 1.14 1.00
Excess Return 1.08% 0.00%
R-Squared 3.96% 100.00%
Tracking Error 0.46% 0.00%
Information Ratio 2.32 0.00
Sharpe Ratio 2.63 2.02
September 30, 2014
Portfolio Benchmark
1.41% 0.26%
0.48% 0.07%
0.56 1.00
1.15% 0.00%
0.64% 100.00%
0.48% 0.00%
2.39 0.00
2.82 3.05
December 31, 2013
Portfolio Benchmark
1.18% 0.33%
0.68% 0.12%
-0.91 1.00
0.85% 0.00%
2.50% 100.00%
0.71% 0.00%
1.20 0.00
1.64 2.27
Performance Attribution (gross returns vs. passive benchmark) 4Q Quarter 2014
Total Effect Duration Effect Curve Effect Sector Effect Selection Effect
19 2 4 13 0

In the fourth quarter, the fund (gross of fees) outperformed its passive benchmark by 19 basis points (bps). Its exposure to the securitized sector was the primary contributor to a positive total return, while rising short maturity interest rates contributed to the benchmark's negative total return. While all subsectors posted positive total returns, consumer asset-backed backed securities (ABS) and non-agency residential mortgage backed securities (RMBS) were the best performers. Widening credit spreads weighed on the fund's corporate securities, with Banking and high yield credits being detractors. The fund's underweight to duration was an additional positive contributor as short maturity interest rates increased.

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 2.20% -
Government 2.06% -
AAA/Aaa/AAA 11.62% 100.00%
AA/Aa/AA 22.36% -
A/A/A 30.78% -
BBB/Baa/BBB 20.61% -
BB/Ba/BB 3.05% -
B/B/B 3.00% -
CCC/Caa/CCC - -
CC/Ca/CC - -
CC/CC/CC - -
C/C/C - -
Not Rated 4.33% -
Equities - -
September 30, 2014
Portfolio Benchmark
7.29% -
1.30% -
10.26% 100.00%
17.57% -
28.25% -
22.11% -
5.00% -
4.37% -
- -
- -
- -
- -
3.86% -
- -
December 31, 2013
Portfolio Benchmark
1.40% -
2.44% -
14.94% 100.00%
14.59% -
30.36% -
26.65% -
5.32% -
2.71% -
- -
- -
- -
- -
1.59% -
- -
Sector Exposure
  December 31, 2014
  Portfolio Benchmark
Corporate 39.42% -
Government Related - -
Securitized 55.56% -
Treasury - 100.00%
Cash and Cash Equivalents 5.01% -
Other - -
Unknown - -
Municipals - -
September 30, 2014
Portfolio Benchmark
42.69% -
- -
50.05% -
- 100.00%
7.26% -
- -
- -
- -
December 31, 2013
Portfolio Benchmark
52.59% -
0.34% -
31.58% -
0.34% 100.00%
15.17% -
- -
- -
- -
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
  % of Portf.
GOLDMAN SACHS GROUP INC 2.13%
BANK OF AMERICA NA 1.97%
EXETER AUTOMOBILE RECEIVABLES 1.84%
CITIGROUP INC 1.75%
MORGAN STANLEY 1.68%
HLSS SERVICER ADVANCE RECEIVAB 1.63%
CEMEX SAB DE CV 1.54%
FORD MOTOR CREDIT CO LLC 1.38%
SPRINGCASTLE SPV 1.36%
GLENCORE FUNDING LLC 1.27%
Total 16.54%
September 30, 2014
  % of Portf.
GOLDMAN SACHS GROUP INC 2.02%
BANK OF AMERICA NA 1.85%
CITIGROUP INC 1.64%
MORGAN STANLEY 1.58%
HLSS SERVICER ADVANCE RECEIVAB 1.52%
CEMEX SAB DE CV 1.46%
SPRINGCASTLE SPV 1.40%
CFC LLC 1.29%
CONNECTICUT AVENUE SECURITIES 1.22%
ORACLE CORP 1.18%
Total 15.15%
December 31, 2013
  % of Portf.
BANK OF AMERICA NA 1.76%
LIBERTY MUTUAL GROUP INC 1.32%
ESPLANADE THEATRES LLC 1.30%
CIT GROUP INC 1.29%
CITIGROUP INC 1.27%
ORACLE CORP 1.12%
EXETER AUTOMOBILE RECEIVABLES 1.09%
GOLDMAN SACHS GROUP INC 1.05%
JP MORGAN CHASE COMMERCIAL MOR 1.03%
MORGAN STANLEY 1.02%
Total 12.25%

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. Because a significant portion of securities held by the Fund may have variable or floating interest rates, the amount of the Fund's monthly distributions to shareholders are expected to vary. Generally when market interest rates fall, the amount of the distributions will decrease. 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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