Calvert Short Duration Income Fund: A Shares

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy
The Fund seeks to maximize income, to the extent consistent with preservation of capital, through investment in short-term bonds and income-producing securities.	The Fund uses an active strategy, seeking relative value to earn incremental income. The Fund typically invests at least 65% of net assets in investment grade debt securities, as assessed at the time of purchase. The remaining 35% of the Fund's assets may be in below-investment grade, high-yield debt securities. These securities involve greater risk of default or price declines than investment grade debt securities. The Fund invests principally in bonds issued by U.S. corporations, the U.S. government or its agencies, and U.S. government-sponsored enterprises. The Fund may also invest in trust preferred securities, taxable municipal securities, asset-backed securities, including commercial mortgage-backed securities, repurchase agreements, and foreign debt securities. Under normal circumstances, the Fund's average portfolio duration will range from one to three years. The Fund seeks to avoid investing in tobacco companies.

PERFORMANCE PROFILE AS OF 3/31/2013

Objective

Strategy

The Fund seeks to maximize income, to the extent consistent with preservation of capital, through investment in short-term bonds and income-producing securities.

The Fund uses an active strategy, seeking relative value to earn incremental income. The Fund typically invests at least 65% of net assets in investment grade debt securities, as assessed at the time of purchase. The remaining 35% of the Fund's assets may be in below-investment grade, high-yield debt securities. These securities involve greater risk of default or price declines than investment grade debt securities. The Fund invests principally in bonds issued by U.S. corporations, the U.S. government or its agencies, and U.S. government-sponsored enterprises. The Fund may also invest in trust preferred securities, taxable municipal securities, asset-backed securities, including commercial mortgage-backed securities, repurchase agreements, and foreign debt securities. Under normal circumstances, the Fund's average portfolio duration will range from one to three years. The Fund seeks to avoid investing in tobacco companies.

Ticker Symbol	CUSIP Number	Net Assets ($MILS)	# Of Fixed Income Holdings	Benchmark	Management
CSDAX	13161T104	$1,905.7	406	Barclays 1-5 Year U.S. Credit Index	Calvert Investment Management, Inc.

PORTFOLIO STATISTICSAs of 3/31/2013
	FUND	BENCHMARK
SEC YIELD	1.05%	N/A
EFFECTIVE DURATION	2.33 YRS	2.87 YRS
WEIGHTED AVERAGE EFFECTIVE MATURITY	3.48 YRS	3.04 YRS
WEIGHTED AVERAGE PRICE	103.74	107.20
# OF FIXED INCOME HOLDINGS	406	1994

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
US BANK NA	1.96%
WACHOVIA CAP TRUST III	1.69%
ENTERPRISE PRODUCTS OPER	1.37%
MORGAN STANLEY	1.34%
BANK OF AMERICA NA	1.30%
FORD MOTOR CREDIT CO LLC	1.30%
SABMILLER HOLDINGS INC	1.18%
ONTARIO (PROVINCE OF)	1.15%
US TREASURY N/B	1.14%
FNMA TBA 3PCT APR 30YR	1.12%
Total	13.54%

The Fund may or may not still invest in, and no action is recommended on, companies listed. For the most recently available information on the Fund's holdings, visit www.calvert.com.

CREDIT QUALITY (% of Net Assets)As of 3/31/2013
	FUND	BENCHMARK
Cash	-2.57%	-
Government	4.61%	-
AAA/Aaa/AAA	5.34%	16.68%
AA/Aa/AA	7.69%	14.34%
A/A/A	30.38%	39.18%
BBB/Baa/BBB	40.14%	29.79%
BB/Ba/BB	6.28%	-
B/B/B	4.27%	-
CCC/Caa/CCC	1.79%	-
CC/CC/CC	-	-
C/C/C	-	-
Not Rated	2.08%	-
Equities	-	-

Ratings are determined by using S&P, Moody's and Fitch rating services, whose rating categories are reflected above respectively. The letter ratings generally range from AAA (judged to be of the highest quality, with minimal credit risk) to D (the lowest rated class of bonds, typically in default with respect to timely payment of principal or interest). Bonds rated by all three services are assigned the median rating; if a bond is rated by only two agencies, it is assigned the lowest rating; if it is only rated by one agency, it is assigned that rating. Government securities may be rated lower than AAA/Aaa/AAA or may not be rated, and may include foreign government securities. If a bond is not rated by any of the aforementioned rating services, it appears in the "Not Rated" category. Ratings are subject to change.

EFFECTIVE MATURITY DISTRIBUTIONAs of 3/31/2013
Years	Percentage
0-1	18.39%
1-3	30.52%
3-5	34.44%
5-7	7.50%
7-10	7.64%
10-20	0.54%
20-30	0.67%
30+	0.30%
TOTAL	100%

EFFECTIVE DURATIONAs of 3/31/2013
Years	Percentage
0-1	26.95%
1-2	15.25%
2-3	13.76%
3-5	30.86%
5-7	6.70%
7-9	4.76%
9+	1.71%
TOTAL	100%

RISK MEASURES (3-Year)As of 3/31/2013
	FUND	BENCHMARK
STANDARD DEVIATION	1.82%	1.93%
ALPHA	0.23%	0.00%
BETA	0.74	1.00
EXCESS RETURN	-0.88%	0.00%
R-SQUARED	60.83%	100.00%
TRACKING ERROR	1.25%	0.00%
INFORMATION RATIO	-0.70	0.00
SHARPE RATIO	1.77	2.13

Source: Zephyr StyleAdvisor using Morningstar^TM and/or Lipper data.

SECTOR WEIGHTSAs of 3/31/2013
	FUND	BENCHMARK
CORPORATE	83.32%	75.13%
GOVERNMENT RELATED	1.32%	24.91%
SECURITIZED	12.89%	-
TREASURY	1.65%	-
CASH AND CASH EQUIVALENTS	0.63%	-
OTHER	0.17%	-
TOTAL	100%	100%

PERFORMANCE Average Annual Returns (%) for Period Ended 3/31/2013
	QTR	YTD	1 YEAR	3 YEARS	5 YEARS	10 YEARS	SINCE INCEPTION	INCEPTION DATE
A Shares (NAV)	0.64	0.64	5.12	3.32	4.16	4.58	5.31	1/31/2002
Barclays 1-5 Year U.S. Credit Index	0.55	0.55	3.84	4.20	4.93	4.44	4.89

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.

ANALYSIS By Calvert Investment Management, Inc.
The Fund’s allocation to high-yield bonds during a quarter when high-yield securities outperformed investment-grade debt was the most significant factor that led to its relative outperformance in the first quarter, but its strong security selection and short relative duration also contributed. Since the Index is entirely investment-grade bonds, it did not benefit from the continuing rally in the high-yield sector. The Fund’s high-yield holdings are largely very short-maturity and generally tend to be on the higher end of the high-yield credit quality range. As of the beginning of the first quarter, high-yield securities accounted for 11.46% (does not include non-rated securities) of the Fund’s net assets. While investment-grade bonds as a whole did not perform as well as high-yield securities in the first quarter, the Fund’s security selection within the investment-grade corporate debt universe helped add value relative to the Index. The Fund did not hold some bonds that are fairly large components of the Index and saw their credit spreads jump higher during the quarter as a result of announced leveraged buyouts, major corporate restructurings, or downturns in highly cyclical industries. For example, the Fund did not own bonds issued by H.J. Heinz or Dell that dragged down the performance of the Index in the first quarter amid news of the buyout of Heinz and the effort by Michael Dell to take the company that he founded private. We have been keeping the Fund’s duration somewhat shorter than that of the Index, and this conservative interest-rate positioning helped cushion the negative effects of the slight increase in interest rates during the quarter relative to the Index. As of December 31, 2012, the duration of the Fund was 2.23 years while the duration of the Index was 2.82 years.

High-yield, high risk bonds, which are rated below investment grade, can involve a substantial risk of loss because they have a greater risk of issuer default and are subject to greater price volatility than investment-grade bonds.

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; individualinvestments 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 nondiversified and may be more volatile than a diversified fund.

Net assets include all share classes.

Calvert funds are available at NAV for RIAs and Wrap Programs. Not all funds available at all firms.

G200ATT

FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

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