Calvert Ultra-Short Duration Income A
CULAX
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- Calvert Ultra-Short Duration Income Fund Class A (CULAX) is an open-end mutual fund that seeks to maximize income, to the extent consistent with preservation of capital, through investments in short-term bonds and income-producing securities. The fund normally invests at least 80% of its net assets in a diversified portfolio of shorter-duration, investment-grade fixed-income securities, including corporate bonds, asset-backed securities, U.S. Treasury notes, agency mortgage-backed securities, floating-rate securities, and cash equivalents; top holdings as of recent data include United States Treasury Notes (various maturities comprising over 12% combined), Morgan Stanley Institutional Liquidity Government Securities, and issues from issuers such as Goldman Sachs Bank USA, Ford Motor Credit, and Bank of America. It emphasizes medium credit quality and limited interest-rate sensitivity within the ultrashort bond category, with an effective duration of approximately 0.57 years, a net expense ratio of 0.72%, and total net assets of around $673.75-$678.4 million for the share class and fund, respectively. Managed by Calvert Research and Management, a wholly-owned subsidiary of Morgan Stanley Investment Management and a leader in responsible investing with roots dating to 1976 and pioneering socially responsible funds since 1982, the fund is headquartered at 1825 Connecticut Avenue NW, Suite 400, Washington, DC. Launched on October 31, 2006, with Class A shares domiciled in the United States and available primarily to U.S. investors (minimum initial investment of $1,000), it is benchmarked against the Bloomberg 9-12 Months Short Treasury Index and distributes income monthly. Portfolio managers Vishal Khanduja (since July 2012) and Brian S. Ellis (since March 2015) oversee operations, supported by Morgan Stanley's broad fixed-income resources following the integration of Calvert, Eaton Vance, and Morgan Stanley teams. In recent developments, Calvert Research and Management has benefited from enhanced global analytical and trading capabilities post-integration of its fixed-income platform within Morgan Stanley Investment Management, enabling expanded resource access for strategies like CULAX, as noted in Morningstar's upgraded People Pillar rating to Above Average. The firm launched three new actively managed U.S. equity mutual funds focused on responsible investing in 2023 and continued proxy voting enhancements into 2025, including revised Say-on-Pay methodology emphasizing balanced long-term incentives. Additionally, in July 2024, Morgan Stanley Investment Management announced ongoing contributions tied to the Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF (CDEI), supporting diversity initiatives and underscoring Calvert's commitment to ESG principles across its $36+ billion in assets under management. These changes reflect strategic alignment under Morgan Stanley ownership, with no major fund-specific acquisitions or reorganizations reported for CULAX in the last 1-2 years.