Calvert High Yield Bond Fund (CYBAX)

Daily Performance (as of 9/8/2010)
Price $26.91
Price Change $0.02 (0.07%)
YTD Return (3.75% Sales Charge) 5.00%
YTD Return (No Charge) 9.11%
Average Maturity
(rounded to nearest year or day)		 6 Years
Daily 30-Day SEC Yield 6.24%
Fund Facts (as of 9/8/2010)
NASDAQ Symbol CYBAX (A Shares)
Calvert Fund Number 980 (A Shares)
CUSIP Number 131582454 (A Shares)
Assets Under Management $8.71 Million
Duration (as of 6/30/2010)
Effective Duration 4.58 Years

Overview

Fund Management

Calvert Asset Management Company, Inc.

Investment Objectives

The Fund seeks high current income and capital appreciation, secondarily. 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. High-yield bonds involve a greater risk of default and price volatility than U.S. Government and other high-quality bonds. High-yield/high-risk bonds can experience sudden and sharp price swings, which will affect net asset value.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 invests primarily in high yield, high risk ("junk") 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. Consequently, capital appreciation is a secondary objective of the Fund. Under normal circumstances, the Fund will invest at least 80% of its assets in high yield, high risk bonds, also known as "junk" bonds.

Important Disclosure

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.


Holdings are subject to change.


Performance

Select additional indices to display below:

Benchmark Index

Checking this box will compare fund performance to that of its benchmark index.

Lipper Category Index

Checking this box will compare fund performance to that of its Lipper Category Index.
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 (3.75% Sales Charge) 4.54 0.35 14.63 4.15 4.54 n/a 5.45 7/9/2001
A Shares (No Charge) 8.63 4.25 19.11 5.49 5.35 n/a 5.89 7/9/2001
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 (3.75% Sales Charge) 0.28 -3.44 16.92 2.21 4.50 n/a 5.07 7/9/2001
A Shares (No Charge) 4.20 0.34 21.47 3.52 5.30 n/a 5.52 7/9/2001
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 1.65% 2.30%
Fund Yields
Daily 30-Day SEC Yield: 6.24%

Hypothetical Growth of $10,000

Yearly Percentage Return

Important Disclosure

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 expense ratio reflects contractual fee waiver and/or expense reimbursement through January 31, 2011.


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 0.15114 8/25/2010 8/26/2010 8/26/2010 26.75
7/30/2010 Dividend 0.15109 7/28/2010 7/29/2010 7/29/2010 26.78
6/25/2010 Dividend 0.15360 6/23/2010 6/24/2010 6/24/2010 26.00
5/28/2010 Dividend 0.15882 5/26/2010 5/27/2010 5/27/2010 25.69
4/30/2010 Dividend 0.14611 4/28/2010 4/29/2010 4/29/2010 26.78
3/26/2010 Dividend 0.14219 3/24/2010 3/25/2010 3/25/2010 26.27
2/26/2010 Dividend 0.14867 2/24/2010 2/25/2010 2/25/2010 25.85
1/29/2010 Dividend 0.14608 1/27/2010 1/28/2010 1/28/2010 26.04
12/24/2009 Dividend 0.14034 12/22/2009 12/23/2009 12/23/2009 25.74
11/25/2009 Dividend 0.13660 11/23/2009 11/24/2009 11/24/2009 25.36
10/30/2009 Dividend 0.12603 10/28/2009 10/29/2009 10/29/2009 25.28
9/25/2009 Dividend 0.12185 9/23/2009 9/24/2009 9/24/2009 24.86
8/28/2009 Dividend 0.14251 8/26/2009 8/27/2009 8/27/2009 23.96
7/31/2009 Dividend 0.12821 7/29/2009 7/30/2009 7/30/2009 23.81
6/26/2009 Dividend 0.10104 6/24/2009 6/25/2009 6/25/2009 22.81
5/29/2009 Dividend 0.12272 5/27/2009 5/28/2009 5/28/2009 22.58
4/30/2009 Dividend 0.10135 4/28/2009 4/29/2009 4/29/2009 21.84
3/27/2009 Dividend 0.11687 3/25/2009 3/26/2009 3/26/2009 20.92
2/27/2009 Dividend 0.08266 2/25/2009 2/26/2009 2/26/2009 21.05
1/30/2009 Dividend 0.13122 1/28/2009 1/29/2009 1/29/2009 21.15
12/24/2008 Dividend 0.16821 12/22/2008 12/23/2008 12/23/2008 19.57
11/17/2008 Dividend 0.38618 11/17/2008 11/17/2008 11/17/2008 19.87
8/18/2008 Dividend 0.37951 8/15/2008 8/18/2008 8/18/2008 25.68
6/2/2008 Dividend 0.45831 5/30/2008 6/2/2008 6/2/2008 26.77
3/3/2008 Dividend 0.29870 2/29/2008 3/3/2008 3/3/2008 26.45
12/20/2007 Dividend 0.29896 12/19/2007 12/20/2007 12/20/2007 27.53
11/12/2007 Dividend 0.40374 11/9/2007 11/12/2007 11/12/2007 27.92
8/20/2007 Dividend 0.39078 8/17/2007 8/20/2007 8/20/2007 27.68
5/31/2007 Dividend 0.44462 5/30/2007 5/31/2007 5/31/2007 29.43
2/26/2007 Dividend 0.12819 2/23/2007 2/26/2007 2/26/2007 29.46
12/18/2006 Dividend 0.26378 12/15/2006 12/18/2006 12/18/2006 28.80
11/13/2006 Dividend 0.44000 11/10/2006 11/13/2006 11/13/2006 28.81
8/14/2006 Dividend 0.35000 8/11/2006 8/14/2006 8/14/2006 28.46
5/22/2006 Dividend 0.46000 5/19/2006 5/22/2006 5/22/2006 28.21
2/27/2006 Dividend 0.49000 2/24/2006 2/27/2006 2/27/2006 27.99
12/19/2005 Dividend 0.10000 12/16/2005 12/19/2005 12/19/2005 27.98
11/14/2005 Dividend 0.61000 11/11/2005 11/14/2005 11/14/2005 27.89
8/15/2005 Dividend 0.54000 8/12/2005 8/15/2005 8/15/2005 28.41
5/16/2005 Dividend 0.46000 5/13/2005 5/16/2005 5/16/2005 26.82
2/22/2005 Dividend 0.20000 2/18/2005 2/22/2005 2/22/2005 28.26
12/21/2004 Dividend 0.28000 12/17/2004 12/20/2004 12/20/2004 27.98
11/8/2004 Dividend 0.35000 11/5/2004 11/8/2004 11/8/2004 27.97
8/9/2004 Dividend 0.42000 8/6/2004 8/9/2004 8/9/2004 27.20
5/10/2004 Dividend 0.37000 5/7/2004 5/10/2004 5/10/2004 26.33
3/9/2004 Dividend 0.34000 3/5/2004 3/8/2004 3/8/2004 27.54
12/19/2003 Dividend 0.33000 12/18/2003 12/19/2003 12/19/2003 27.15
11/11/2003 Dividend 0.60000 11/7/2003 11/10/2003 11/10/2003 26.91
8/11/2003 Dividend 0.54000 8/8/2003 8/11/2003 8/11/2003 25.50
5/13/2003 Dividend 0.42000 5/9/2003 5/12/2003 5/12/2003 25.86
2/28/2003 Dividend 0.30000 2/27/2003 2/28/2003 2/28/2003 24.35
12/20/2002 Dividend 0.34000 12/19/2002 12/20/2002 12/20/2002 24.01
11/11/2002 Dividend 0.54000 11/8/2002 11/11/2002 11/11/2002 23.20
8/12/2002 Dividend 0.51000 8/9/2002 8/12/2002 8/12/2002 23.99
5/13/2002 Dividend 0.45000 5/10/2002 5/13/2002 5/13/2002 27.60
3/1/2002 Dividend 0.42000 2/28/2001 3/1/2002 3/1/2002 26.86
12/19/2001 Dividend 0.45000 12/18/2001 12/19/2001 12/19/2001 28.45
11/9/2001 Dividend 0.70000 11/8/2001 11/9/2001 11/9/2001 28.86
8/13/2001 Dividend 0.20000 8/10/2001 8/13/2001 8/13/2001 30.64

Annual Distribution Totals

Flyout Text

Flyout text in an information box will be shown when mousing over the i icon.

Since the flyout content will not stay in place, it cannot be used for interactive content.

A Shares: Without Sales Charge

Top Holdings

Credit Quality
As of 6/30/2010
Average Effective Maturity 6.61 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 0.750%
Distribution and service (12b-1) fees 0.250%
Other expenses 1.300%
Total annual Fund operating expenses 2.300%
Less fee waiver and/or expense reimbursement 0.650%
Net expenses 1.650%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)		 3.75%
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)		 1.65%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 2.30%

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 High-Yield Bond Fund through January 11, 2011. Direct net operating expenses for the Fund will not exceed 1.65% for Class A shares of the Fund. Under the terms of the contractual expense limitation, operating expenses do not include interest expense, brokerage commissions, extraordinary expenses and taxes.


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