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Calvert Ultra-Short Income Fund (CULAX)

Daily Performance (as of 9/8/2010)
Price $15.77
Price Change $0.01 (0.06%)
YTD Return (1.25% Sales Charge) 0.48%
YTD Return (No Charge) 1.76%
Average Maturity
(rounded to nearest year or day)		 2 Years
Daily 30-Day SEC Yield 1.57%
Fund Facts (as of 9/8/2010)
NASDAQ Symbol CULAX (A Shares)
Calvert Fund Number 970 (A Shares)
CUSIP Number 131582611 (A Shares)
Assets Under Management $287.43 Million
Duration (as of 6/30/2010)
Effective Duration 0.10 Years

Overview

Fund Management

Calvert Asset Management Company, Inc.

Investment Objectives

The Fund seeks to maximize income to the extent consistent with preservation of capital, through investment in short-term bonds and other income-producing securities. 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 may decline; the individual bonds in the Fund may not perform as well as expected; and/or the Fund’s portfolio management practices may not work to 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. 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. The Fund is nondiversified and compared to other funds, may invest more of its assets in a smaller number of issuers, so that gains and losses on the bonds of a single issuer may have more impact on the Fund.

Investment Strategy

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 and securities with durations of less than or equal to one year. Under normal circumstances, the Fund's average portfolio duration will be less than one year. The Fund uses an active strategy, seeking relative value to earn incremental income. 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 Fund net assets may be in non-investment grade securities. These securities involve greater risk of default or price declines than investment grade debt securities.

Important Disclosure

Holdings are subject to change.


Performance

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Average Annual Returns (%) for period ending 8/31/2010
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (1.25% Sales Charge) 0.48 -0.38 2.46 4.54 n/a n/a 4.35 10/31/2006
A Shares (No Charge) 1.76 0.89 3.79 4.99 n/a n/a 4.70 10/31/2006
Average Annual Returns (%) for period ending 6/30/2010
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (1.25% Sales Charge) -0.41 -1.02 2.59 4.08 n/a n/a 4.31 10/31/2006
A Shares (No Charge) 0.86 0.24 3.85 4.52 n/a n/a 4.66 10/31/2006
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. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index.
Fund Expenses (from Prospectus)
(Performance data quoted above already reflects deduction for Fund operating expenses)
Expense Ratio
(if no waiver reimbursement in effect)		 Net Expense Ratio
(if waiver reimbursement in effect)		 Gross Expense Ratio
(if waiver reimbursement in effect)
n/a 0.89% 1.26%
Fund Yields
Daily 30-Day SEC Yield: 1.57%

Hypothetical Growth of $10,000

Yearly Percentage Return

Pricing & Distribution

Most Recent Distributions

A Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
8/27/2010 Dividend 0.02126 8/25/2010 8/26/2010 8/26/2010 15.76
7/30/2010 Dividend 0.02850 7/28/2010 7/29/2010 7/29/2010 15.72
6/25/2010 Dividend 0.02381 6/23/2010 6/24/2010 6/24/2010 15.66
5/28/2010 Dividend 0.00843 5/26/2010 5/27/2010 5/27/2010 15.67
4/30/2010 Dividend 0.01596 4/28/2010 4/29/2010 4/29/2010 15.74
3/26/2010 Dividend 0.01384 3/24/2010 3/25/2010 3/25/2010 15.69
2/26/2010 Dividend 0.01364 2/24/2010 2/25/2010 2/25/2010 15.65
1/29/2010 Dividend 0.00932 1/27/2010 1/28/2010 1/28/2010 15.66
12/24/2009 Dividend 0.01027 12/22/2009 12/23/2009 12/23/2009 15.61
12/3/2009 Short Term Gain 0.08521 12/1/2009 12/2/2009 12/2/2009 15.57
11/25/2009 Dividend 0.01714 11/23/2009 11/24/2009 11/24/2009 15.65
10/30/2009 Dividend 0.01508 10/28/2009 10/29/2009 10/29/2009 15.66
9/25/2009 Dividend 0.01886 9/23/2009 9/24/2009 9/24/2009 15.56
8/28/2009 Dividend 0.01957 8/26/2009 8/27/2009 8/27/2009 15.47
7/31/2009 Dividend 0.01750 7/29/2009 7/30/2009 7/30/2009 15.40
6/26/2009 Dividend 0.01649 6/24/2009 6/25/2009 6/25/2009 15.37
5/29/2009 Dividend 0.02298 5/27/2009 5/28/2009 5/28/2009 15.21
4/30/2009 Dividend 0.01570 4/28/2009 4/29/2009 4/29/2009 15.03
3/27/2009 Dividend 0.02611 3/25/2009 3/26/2009 3/26/2009 14.92
2/27/2009 Dividend 0.04205 2/25/2009 2/26/2009 2/26/2009 14.91
1/30/2009 Dividend 0.03836 1/28/2009 1/29/2009 1/29/2009 14.91
12/24/2008 Dividend 0.03563 12/22/2008 12/23/2008 12/23/2008 14.86
12/4/2008 Long Term Gain 0.00010 12/2/2008 12/3/2008 12/3/2008 14.85
12/4/2008 Short Term Gain 0.02964 12/2/2008 12/3/2008 12/3/2008 14.85
11/26/2008 Dividend 0.02813 11/24/2008 11/25/2008 11/25/2008 14.87
10/30/2008 Dividend 0.02360 10/28/2008 10/29/2008 10/29/2008 14.89
9/26/2008 Dividend 0.03036 9/24/2008 9/25/2008 9/25/2008 14.95
8/28/2008 Dividend 0.03188 8/26/2008 8/27/2008 8/27/2008 15.00
7/31/2008 Dividend 0.03000 7/29/2008 7/30/2008 7/30/2008 14.99
6/27/2008 Dividend 0.03222 6/25/2008 6/26/2008 6/26/2008 15.00
5/30/2008 Dividend 0.03864 5/28/2008 5/29/2008 5/29/2008 15.01
4/25/2008 Dividend 0.05173 4/23/2008 4/24/2008 4/24/2008 14.95
3/28/2008 Dividend 0.07367 3/26/2008 3/27/2008 3/27/2008 14.87
2/28/2008 Dividend 0.06401 2/26/2008 2/27/2008 2/27/2008 14.96
1/31/2008 Dividend 0.07008 1/29/2008 1/30/2008 1/30/2008 14.98
12/28/2007 Dividend 0.06271 12/26/2007 12/27/2007 12/27/2007 14.99
12/7/2007 Short Term Gain 0.10257 12/5/2007 12/6/2007 12/6/2007 15.00
11/29/2007 Dividend 0.05881 11/27/2007 11/28/2007 11/28/2007 15.07
10/26/2007 Dividend 0.06154 10/24/2007 10/25/2007 10/25/2007 15.07
9/28/2007 Dividend 0.05649 9/26/2007 9/27/2007 9/27/2007 15.03
8/30/2007 Dividend 0.05616 8/28/2007 8/29/2007 8/29/2007 14.91
7/27/2007 Dividend 0.05536 7/25/2007 7/26/2007 7/26/2007 15.07
6/29/2007 Dividend 0.05922 6/27/2007 6/28/2007 6/28/2007 15.09
5/31/2007 Dividend 0.05637 5/29/2007 5/30/2007 5/30/2007 15.09
4/27/2007 Dividend 0.05554 4/25/2007 4/26/2007 4/26/2007 15.05
3/30/2007 Dividend 0.05297 3/28/2007 3/29/2007 3/29/2007 15.05
2/23/2007 Dividend 0.05304 2/21/2007 2/22/2007 2/22/2007 15.03
1/26/2007 Dividend 0.05344 1/24/2007 1/25/2007 1/25/2007 15.02
12/28/2006 Dividend 0.05204 12/26/2006 12/27/2006 12/27/2006 15.01
11/22/2006 Dividend 0.04872 11/20/2006 11/21/2006 11/21/2006 15.00

Annual Distribution Totals

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A Shares: Without Sales Charge

Annual Capital Gains Totals Annual Capital Gains Totals

A Shares: Without Sales Charge

Top Holdings

Credit Quality
As of 6/30/2010
Average Effective Maturity 0.85 Years

Important Disclosure

Holdings are subject to change.


Ratings are determined by using S&P, Moody's and Fitch rating services, whose rating categories are reflected above respectively. 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. Bonds issued or guaranteed by the U.S. Government are grouped as "Government." If a bond is not rated by any of the aforementioned rating services, it appears in the "Not Rated" category.


Management & Commentary

Fund Management

Calvert Asset Management Company, Inc.

As investment advisor to the Calvert family of funds, CAMCO oversees assets covering a broad range of equity, fixed-income, balanced, and asset allocation funds.

Quarterly Fund Commentary

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.550%
Distribution and service (12b-1) fees 0.250%
Other expenses 0.460%
Total annual Fund operating expenses 1.260%
Less fee waiver and/or expense reimbursement 0.370%
Net expenses 0.890%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)		 1.25%
Maximum deferred sales charge (load)
(as a percentage of purchase or redemption
proceeds, whichever is lower) 		none
Short term trading fee
(unless otherwise noted the redemption fee applies to redemptions, including exchanges within 30 days of purchase (seven days for Class I and R shares)		 2.00%

Fund Expense Ratios

Description Expense
Expense Ratio
(if no waiver/reimbursement
in effect)		 n/a
Net Expense Ratio
(if waiver/reimbursement
in effect)		 0.89%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 1.26%

Investment Minimums

Description Minimum
Minimum Initial Investment (ClassA) $2,000
Minimum Initial Investment for IRA (ClassA) $1,000
Minimum Subsequent Investment (ClassA) $250

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert Ultra-Short Income Fund through January 31, 2011. Direct net operating expenses for the Fund will not exceed 0.89% for Class A shares and 0.84% for Class Y shares of the Fund. Only the Board of Trustees of the Fund may terminate the Fund's expense cap before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expense, brokerage commissions, extraordinary expenses and taxes.


For Calvert Ultra Short Income Fund, the redemption fee applies to redemptions, including exchanges within seven days of purchase.


Management fees include the advisory fee paid by the Fund to the Advisor, and the administrative fee paid by the Fund to Calvert Administrative Services Company, an affiliate of the Advisor.


Contact the Sales Team

Our sales team is available at 800.368.2750.

Fund literature and resources
Risk/Return Assessment

Risk/Return Assessment

Demonstrates where the Fund falls on a risk/return spectrum, relative to other Calvert Funds. Funds with more conservative objectives and strategies would fall on the left side of the spectrum, while funds with more aggressive objectives and strategies would appear on the right.

Compared against all Calvert funds