Calvert Short Duration Income Fund Receives 5-Star Morningstar Rating.BETHESDA, Md. -- The Calvert Short Duration Income Fund (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CSDAX) received a 5-star rating by Morningstar(C) for the 3-year and overall periods as of January 31, 2005. The Fund's peer group consists of 226 funds in the Short-Term Bond category. The Calvert Short Duration Income Fund is an actively managed short-term corporate bond fund that employs a relative value strategy to produce incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. income (for more information including the Fund's performance and portfolio characteristics, go to http://calvert.com/funds_profile923.html). Greg Habeeb, Senior Vice President and Head of Calvert's Taxable Bond Taxable Bond A debt security whose return to the investor is subject to taxes at the local, state or federal level, or some combination thereof. Notes: The majority of bonds issued are taxable bonds. Department, is lead portfolio manager. Mr. Habeeb and his team manage over $4 billion of Calvert's taxable bond assets, among them, the Calvert Income Fund (CFICX), the Calvert Short Duration Income Fund (CSDAX), the Calvert Social Investment Fund Bond Portfolio (CSIBX), the bond portion of the Calvert Social Investment Fund Balanced Portfolio (CSIFX), and the new Calvert Long-Term Income Fund (CLDAX). "We are pleased that the Calvert Short Duration Income Fund received a 5-star rating by Morningstar," said Cathy Roy, Chief Investment Officer, Fixed Income at Calvert." "Calvert has developed a solid reputation as a premier bond fund manager. With the success of this Fund, and Calvert's other taxable corporate funds, financial professionals can rely on Calvert to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. their asset allocation Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. strategies across targeted maturity and duration ranges," she added. Calvert's relative value approach, in conjunction with its duration strategy, has helped the Short Duration Income Fund achieve its strong performance record. The Fund's average portfolio duration will range from one to three years. Its current average duration is 1.08 years. "Longer, higher-yielding securities can be combined with shorter, less interest-rate sensitive issues to produce a portfolio that delivers yield while still maintaining a defensive average duration," Ms. Roy noted. About Calvert Calvert, one of the largest financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firms in Washington D.C., manages over $10 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. among thirty funds. Calvert offers investors a broad spectrum of mutual funds ranging from international, large, mid- and small cap equity, to taxable and tax-free bond and money market. Calvert is also known for sponsoring one of the largest families of socially responsible mutual funds. For more information on Calvert and its funds, go to www.calvert.com. Since Inception Average Annual Total Return as of 1/31/05 1 year 1/31/02 ---------------------------------------------------------------------- Calvert Short Duration Income Fund Share Class A (NAV) 3.12 7.82 ---------------------------------------------------------------------- Lehman 1-5 YR. Credit Bond Index TR 1.95 5.37 ---------------------------------------------------------------------- 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 re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. , may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Visit www.calvert.com to obtain performance data current to the most recent month-end. Performance data does not reflect the deduction of the maximum sales load Sales load See: Sales charge sales load See load. of 2.75%. If reflected, the load would reduce the performance quoted. Calvert Short Duration Income Fund is subject to interest rate risk and the risk of issuer default. Morningstar data on the Calvert Short Duration Income Fund is as of 1/31/05. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return Risk-Adjusted Return A measure of how much risk a fund or portfolio takes on to earn its returns, usually expressed as a number or a rating. Notes: This is often represented by the Sharpe Ratio. The more return per unit of risk, the better. measure that accounts for variation in a fund's monthly performance (including the effects of sales charges Sales Charge A commission or fee paid by an investor at the time of purchasing mutual fund shares. The charge is paid to a mutual fund salesperson or financial advisor and is intended to provide compensation for the financial salesperson's efforts in assisting their client select , loads, and redemption fees Redemption fee A fee some mutual funds charge when an investor sells shares within a specified short period of time. ), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive three stars, the next 22.5% receive 2 stars, and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. . Morningstar Rating is for the A share class only; other classes may have different performance characteristics. (C) 2004 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For more complete information on any Calvert fund, please call Calvert at 800.368.2748 for a free prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The prospectus contains this and other information. Read it carefully before you invest or send money. Calvert mutual funds are underwritten and distributed by Calvert Distributors Inc., member NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). , a subsidiary of Calvert Group. (2/05,5386) |
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