Fund Evaluator:
Calvert Mortgage Access R6 (CMMRX)
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Best Performing in Securitized Bond - Diversified Over the Last Year
| 7.6% | Putnam Mortgage Opportunities Y (PMOYX) |
| 7.2% | Putnam Mortgage Securities Y (PUSYX) |
| 5.0% | Medlst MBS Ttl Rtn Inv (SEMPX) |
| 4.5% | Diamond Hill Short Dur Securitized BdInv (DHEAX) |
| 4.4% | Payden Securitized Income Investor (PYSFX) |
Fund Details
Calvert Mortgage Access R6 Overview
Calvert Mortgage Access R6 (CMMRX) is an actively managed Taxable Bond Securitized Bond - Diversified fund. Calvert Research and Management launched the fund in 2022.
The investment seeks total return. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in mortgage related assets, which include: agency residential mortgage-backed securities; non-agency residential mortgage backed securities; commercial mortgage-backed securities; asset-backed securities related to housing; whole loans, loans, loan participations, warehouse financing related to mortgages, mortgage servicing rights and similar mortgage-related instruments and derivatives that provide exposure to such investments. It is non-diversified.
About Calvert Mortgage Access R6 (CMMRX)
There are 3 members of the management team with an average tenure of 1.71 years: Andrew Szczurowski (2022), Gregory Finck (2026), Tara O'Brien (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and Bloomberg US MBS TR USD index with a weighting of 100%. Calvert Mortgage Access R6 has 232 securities in its portfolio. The top 10 holdings constitute 30.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Calvert Mortgage Access R6 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Calvert Mortgage Access R6 has 2.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 109.5% (107.4% domestic bond, 2.1% foreign bond and 0.0% convertible bond). Calvert Mortgage Access R6 has -9.5% of the portfolio in cash.
Assets Under Management
The fund has $64 million in total assets, which is below the $547 million average for the Securitized Bond - Diversified category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CMMRX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Calvert Mortgage Access R6 expense ratio is high compared to funds in the Securitized Bond - Diversified category. Calvert Mortgage Access R6 has an expense ratio of 1.51%, which is 53% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Calvert Mortgage Access R6 has a portfolio turnover rate of 311%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 361% for the Securitized Bond - Diversified category.
Recently, in the month of July 2026, Calvert Mortgage Access R6 returned -1.0%, which earned it a grade of C, as the Securitized Bond - Diversified category had an average return of -0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Calvert Mortgage Access R6 has a trailing yield of 6.33%, which is above the 5.10% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Calvert Mortgage Access R6 Grades
Year to date, the fund has returned -0.2%, 1.3 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.2% over the past year (grade of D) and 5.6% over the past three years (grade of D).
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CMMRX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CMMRX Return (NAV) | -1.0% | -0.7% | 4.2% | 5.6% | na | na |
| CMMRX Grade | C | D | D | D | na | na |
| +/- Category | -0.3% | -0.7% | -0.4% | -0.6% | na | na |
| Securitized Bond - Diversified Avg | -0.7% | -0.0% | 4.6% | 6.2% | 2.1% | 2.6% |
| CMMRX Tax Cost Ratio | na | na | 2.5% | 2.4% | na | na |
CMMRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CMMRX Return (NAV) | -0.2% | 10.3% | 2.7% | 7.1% | na | na | na | na | na | na | na |
| CMMRX Grade | F | A | D | B | na | na | na | na | na | na | na |
| +/- Category | -1.3% | 2.2% | -3.1% | 0.5% | na | na | na | na | na | na | na |
| Securitized Bond - Diversified Avg | 1.1% | 8.1% | 5.7% | 6.6% | -9.3% | 1.8% | 1.3% | 7.2% | 1.9% | 4.2% | 3.1% |
| Risk Measures | |
| Standard Deviation: | 6.1% |
| Total Risk Index: | 0.50 - Below Average |
| Category Risk Index: | 1.36 - Above Average |
| Category Risk Grade: | D (60% Rank) |
| Beta: | 1.04 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 6.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $101 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 311% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.3 years | |||
| Average Tenure: 1.7 years | |||
| Managers (Year): Szczurowski Andrew (2022), Finck Gregory (2026), O'Brien Tara (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 232 |
| % in Top 10 Holdings: | 30.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 2.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 107.4% |
| Foreign Bond: | 2.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -9.5% |
Purchase Information
| Fund Family: | Calvert Research and Management |
| Phone Number: | 800-368-2745 |
| Website: | www.calvert.com |
| Status: | Open |
| Inception Date: | April 29, 2022 |
| Min. Initial Purchase: | $5,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.51% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Calvert Mortgage Access I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
