Calvert High Yield Bond Fund: A Shares

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy
The Fund seeks high current income and capital appreciation, secondarily.	The Fund invests primarily in high yield, high risk bonds, with intermediate maturities. For its investments, the Fund seeks to identify high yield bonds of companies that have the ability to make timely payments of principal and interest. Using fundamental credit analysis of companies, the Fund seeks to invest in companies whose financial condition gives them greater value relative to other companies in the high yield market, providing the further potential for capital appreciation. Under normal circumstances, the Fund will invest at least 80% of its assets in high yield, high risk bonds, also known as "junk" bonds. The Fund may also invest in trust preferred securities, taxable municipal securities, asset-backed securities, including commercial mortgage-backed securities, and repurchase agreements. In seeking to achieve the Fund's investment objective, the Advisor will actively manage the Fund to take advantage of relative values in various sectors of the high-yield market. The Fund seeks to avoid investing in tobacco companies.

PERFORMANCE PROFILE AS OF 3/31/2013

Objective

Strategy

The Fund seeks high current income and capital appreciation, secondarily.

The Fund invests primarily in high yield, high risk bonds, with intermediate maturities. For its investments, the Fund seeks to identify high yield bonds of companies that have the ability to make timely payments of principal and interest. Using fundamental credit analysis of companies, the Fund seeks to invest in companies whose financial condition gives them greater value relative to other companies in the high yield market, providing the further potential for capital appreciation. Under normal circumstances, the Fund will invest at least 80% of its assets in high yield, high risk bonds, also known as "junk" bonds. The Fund may also invest in trust preferred securities, taxable municipal securities, asset-backed securities, including commercial mortgage-backed securities, and repurchase agreements. In seeking to achieve the Fund's investment objective, the Advisor will actively manage the Fund to take advantage of relative values in various sectors of the high-yield market. The Fund seeks to avoid investing in tobacco companies.

Ticker Symbol	CUSIP Number	Net Assets ($MILS)	# Of Fixed Income Holdings	Benchmark	Management
CYBAX	131582454	$87.0	178	BofA Merrill Lynch High Yield Master II Index	Calvert Investment Management, Inc.

PORTFOLIO STATISTICSAs of 3/31/2013
	FUND	BENCHMARK
SEC YIELD	3.85%	N/A
EFFECTIVE DURATION	3.28 YRS	4.10 YRS
WEIGHTED AVERAGE EFFECTIVE MATURITY	4.12 YRS	6.69 YRS
WEIGHTED AVERAGE PRICE	105.23	105.55
# OF FIXED INCOME HOLDINGS	178	2138

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
TITAN INTERNATIONAL INC	1.22%
NXP BV/NXP FUNDING LLC	1.17%
FRONTIER COMMUNICATIONS	1.16%
METROPCS WIRELESS INC	1.15%
GETTY IMAGES INC	1.14%
PARTY CITY HLDGS INC	1.14%
SPENCER SPIRIT HLDG/GIFT	1.05%
ENTERPRISE PRODUCTS OPER	0.98%
NEW ALBERTSONS INC	0.96%
PLAINS EXPLORATION + PRO	0.96%
Total	10.94%

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	2.62%	-
Government	-	-
AAA/Aaa/AAA	-	-
AA/Aa/AA	-	-
A/A/A	-	-
BBB/Baa/BBB	3.60%	-
BB/Ba/BB	21.63%	34.97%
B/B/B	53.72%	41.38%
CCC/Caa/CCC	17.25%	16.10%
CC/CC/CC	-	-
C/C/C	-	-
Not Rated	1.18%	-
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	21.36%
1-3	20.96%
3-5	24.24%
5-7	16.58%
7-10	12.67%
10-20	3.64%
20-30	0.55%
30+	0.00%
TOTAL	100%

EFFECTIVE DURATIONAs of 3/31/2013
Years	Percentage
0-1	26.32%
1-2	11.37%
2-3	8.63%
3-5	28.78%
5-7	18.39%
7-9	5.09%
9+	1.41%
TOTAL	100%

RISK MEASURES (3-Year)As of 3/31/2013
	FUND	BENCHMARK
STANDARD DEVIATION	6.03%	7.01%
ALPHA	2.11%	0.00%
BETA	0.84	1.00
EXCESS RETURN	0.54%	0.00%
R-SQUARED	96.02%	100.00%
TRACKING ERROR	1.63%	0.00%
INFORMATION RATIO	0.33	0.00
SHARPE RATIO	1.88	1.54

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

SECTOR WEIGHTSAs of 3/31/2013
	FUND	BENCHMARK
CORPORATE	97.08%	100.00%
CASH AND CASH EQUIVALENTS	2.90%	-
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)	3.00	3.00	12.88	11.45	9.71	9.00	7.09	7/9/2001
BofA Merrill Lynch High Yield Master II Index	2.86	2.86	13.06	10.89	11.32	9.94	8.93

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.

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 their 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. 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 and may be illiquid. 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 non-diversified and may be more volatile than a diversified fund.

Class A and Class I shares of Calvert High Yield Bond Fund, a series of Summit Mutual Funds, Inc. (“SMF Calvert High Yield Bond Fund”), were reorganized into the Class A and Class I shares, respectively, of an identical and newly created series of The Calvert Fund (“TCF”), Calvert High Yield Bond Fund, which commenced operations on September 18, 2009. The performance results prior to September 18, 2009, for Class A and Class I shares of TCF Calvert High Yield Bond Fund reflect the performance of the corresponding shares of SMF Calvert High Yield Bond Fund. In addition, performance results for Class A shares of TCF Calvert High Yield Bond Fund prior to February 1, 2007, the inception date for Class A shares of SMF Calvert High Yield Bond Fund, reflect the performance of Class I shares of SMF Calvert High Yield Bond Fund, adjusted for the 12b-1 distribution fees applicable to Class A.

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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