Calvert Ultra-Short 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 seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in a portfolio of floating-rate securities (e.g., corporate floating rate securities) and securities with durations of less than or equal to one year. The Fund typically invests at least 65% of its 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. The Fund uses an active strategy, seeking relative value to earn incremental income. 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 seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in a portfolio of floating-rate securities (e.g., corporate floating rate securities) and securities with durations of less than or equal to one year. The Fund typically invests at least 65% of its 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. The Fund uses an active strategy, seeking relative value to earn incremental income. The Fund seeks to avoid investing in tobacco companies.

Ticker Symbol	CUSIP Number	Net Assets ($MILS)	# Of Fixed Income Holdings	Benchmark	Management
CULAX	131582611	$453.4	175	Barclays 9-12 Months Short Treasury Index	Calvert Investment Management, Inc.

PORTFOLIO STATISTICSAs of 3/31/2013
	FUND	BENCHMARK
SEC YIELD	0.36%	N/A
EFFECTIVE DURATION	0.32 YRS	0.87 YRS
WEIGHTED AVERAGE EFFECTIVE MATURITY	1.48 YRS	0.87 YRS
WEIGHTED AVERAGE PRICE	100.80	100.77
# OF FIXED INCOME HOLDINGS	175	15

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
TELEFONICA EMISIONES SAU	1.83%
QWEST CORP	1.81%
GENERAL ELEC CAP CORP	1.49%
HARTFORD FINL SVCS GRP	1.48%
BANK OF AMERICA NA	1.43%
FORD CREDIT FLOORPLAN MASTER O	1.36%
ABBVIE INC	1.29%
DUKE REALTY LP	1.28%
AMERICAN EXPR CENTURION	1.28%
ENTERPRISE PRODUCTS OPER	1.28%
Total	14.53%

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	2.37%	-
Government	0.69%	-
AAA/Aaa/AAA	5.29%	100.00%
AA/Aa/AA	8.83%	0.00%
A/A/A	30.93%	0.00%
BBB/Baa/BBB	40.42%	0.00%
BB/Ba/BB	4.06%	-
B/B/B	4.97%	-
CCC/Caa/CCC	-	-
CC/CC/CC	-	-
C/C/C	-	-
Not Rated	2.45%	-
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	50.68%
1-3	36.79%
3-5	9.09%
5-7	3.31%
7-10	0.00%
10-20	0.00%
20-30	0.00%
30+	0.12%
TOTAL	100%

EFFECTIVE DURATIONAs of 3/31/2013
Years	Percentage
0-1	83.06%
1-2	12.13%
2-3	3.55%
3-5	1.26%
5-7	0.00%
7-9	0.00%
9+	0.00%
TOTAL	100%

RISK MEASURES (3-Year)As of 3/31/2013
	FUND	BENCHMARK
STANDARD DEVIATION	0.77%	0.12%
ALPHA	1.95%	0.00%
BETA	-0.89	1.00
EXCESS RETURN	1.14%	0.00%
R-SQUARED	2.07%	100.00%
TRACKING ERROR	0.80%	0.00%
INFORMATION RATIO	1.43	0.00
SHARPE RATIO	1.92	2.68

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

SECTOR WEIGHTSAs of 3/31/2013
	FUND	BENCHMARK
CORPORATE	77.70%	-
GOVERNMENT RELATED	-	-
SECURITIZED	17.45%	-
TREASURY	0.01%	100.00%
CASH AND CASH EQUIVALENTS	4.84%	-
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)	0.37	0.37	1.74	1.56	3.00	n/a	3.35	10/31/2006
Barclays 9-12 Months Short Treasury Index	0.08	0.08	0.31	0.43	0.96	2.15	2.08

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 holdings of corporate bonds, which are not included in the benchmark, were the primary factor behind its relative outperformance in the first quarter of 2013. The Index includes only short-term Treasury bills, which are currently at or near historically low yield levels and so have very little room to appreciate in value. In particular, the Fund’s small allocation to high-yield corporate bonds, most of which have very short maturities, helped boost its relative performance in a quarter when asset classes with more credit risk tended to perform best. As a result, high yield generally outperformed investment-grade corporates, which outperformed short-term Treasuries. As of the beginning of the first quarter, high-yield bonds accounted for 10.09% (does not include non- rated bonds) of the Fund’s net assets. The Fund also maintained a large allocation to floating-rate corporate notes, whose coupon payments are linked to a benchmark interest rate such as the London interbank offered rate (LIBOR). These coupon payments reset at regular intervals, increasing or decreasing in lockstep with the underlying benchmark rate. Floating-rate notes have essentially zero duration, so they can be an effective tool for reducing the Fund’s sensitivity to changes in interest rates. Floating-rate notes accounted for 43.70% of the Fund’s net assets as of the beginning of the first quarter. In recent quarters, we have been selectively adding some asset- backed securities (ABS) to the Fund when they appear to offer the potential for attractive risk-adjusted returns. These structured bonds should increase the diversification level of the Fund and potentially help offset the negative impact of a sustained sell- off in the corporate bond market, for example. As of December 31, 2012, ABS accounted for 8.89% of the Fund’s net assets. In addition to ABS, we are also continuing to search for relative value in other types of structured assets, including residential mortgage- backed securities (RMBS) and commercial mortgage-backed securities (CMBS). As of the beginning of the first quarter, RMBS accounted for 0.12% of the Fund’s net assets and CMBS accounted for 4.31%.

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. Mortgage-backed securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause a Fund to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed securities held by a Fund are subordinated to other interests in the same mortgage or asset pool, the likelihood of the Fund receiving payments of principal or interest may be substantially limited.

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 nondiversified and may be more volatile than a diversified fund.

Net assets include all share classes.

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

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