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Calvert High Yield Bond Fund (CYBAX)

Daily Performance (as of 5/20/2013)
Price $30.94
Price Change $0.01 (0.03%)
YTD Return (3.75% Sales Charge) 1.56%
YTD Return (No Charge) 5.51%
Average Maturity
(rounded to nearest year or day) 		6 Years
Daily 30-Day SEC Yield 3.26%
12 Mth Distribution Yield
(3.75% Sales Charge)		 5.10%
12 Mth Distribution Yield
(No Charge)		 5.30%
Fund Facts (as of 5/17/2013)
NASDAQ Symbol CYBAX (A Shares)
Calvert Fund Number 980 (A Shares)
CUSIP Number 131582454 (A Shares)
Assets Under Management $98.16 Million
Duration (as of 3/31/2013)
Effective Duration 3.28 Years

Overview

Fund Management

Calvert Investment Management, Inc.

Matthew Duch,
Vice President and Lead Portfolio Manager

Vishal Khanduja,
Co-Portfolio Manager

Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Investment Objective

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

Investment Strategy

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.

Investment Risk

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.

Sector Distribution - Market Value Weighted as of 3/31/2013

Fund
Corporate 97.08% 100.00%
Financial Institutions 3.88% 10.13%
Industrial 89.61% 85.60%
Utility 3.59% 4.27%
Cash and Cash Equivalents 2.90% -
Total 99.98%  
Source: Calvert Investment Management, Inc., Benchmark data provided by FactSet.

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.

The Fund seeks to avoid investing in companies classified under the tobacco industry sector of the Barclays Global Aggregate Index, the Barclays U.S. High Yield Index or the Barclays Global Emerging Market Index; or, in the opinion of the Fund's Advisor, any similar securities in the Barclays Municipal Index.

Performance

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Benchmark Index

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Lipper Category Index

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Average Annual Total Returns (%) for period ending 4/30/2013
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (3.75% Sales Charge) 1.07 -1.87 9.25 9.94 8.57 8.26 6.87 7/9/2001
A Shares (No Charge) 5.00 1.94 13.51 11.35 9.40 8.68 7.22 7/9/2001
Average Annual Total Returns (%) for period ending 3/31/2013
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (3.75% Sales Charge) -0.86 -0.86 8.63 10.04 8.88 8.58 6.75 7/9/2001
A Shares (No Charge) 3.00 3.00 12.88 11.45 9.71 9.00 7.09 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. 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.
Portfolio Expenses and Turnover (from Prospectus)
(Performance data quoted above already reflects deduction for portfolio 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)		 Fund Turnover
n/a 1.07% 1.58% 273.0%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 3/31/2013

  Fund (AShares) BofA Merrill Lynch High Yield Master II Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 2.11% 0.98% 0.00% 0.00%
Beta 0.84 0.76 1.00 1.00
R-Squared 96.02% 92.47% 100.00% 100.00%
Sharpe Ratio 1.88 0.86 1.54 0.79
Standard Deviation 6.03% 11.00% 7.01% 13.90%
Excess Return 0.54% -1.62% 0.00% 0.00%
Information Ratio 0.33 -0.36 0.00 0.00
Tracking Error 1.63% 4.49% 0.00% 0.00%
*Source: Zephyr StyleADVISOR using MorningstarTM data


Standard Deviation is a measure of a fund's risk. A standard deviation of 1 means a fund can be expected to produce an annual return that is +/-1% of its average annual return 66% of the time.
Alpha is a measure of the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta.
Beta is a measure of portfolio risk relative to the market or benchmark. A portfolio beta of 1.0 indicates a risk level equal to that of the fund's benchmark.
Excess Return is return in excess of the risk-free rate or in excess of a benchmark.
R Squared is a statistical measure that represents the percentage of a fund's movements that can be explained by movements in its benchmark index.
Tracking Error is the difference in the return earned by a portfolio and the return earned by the benchmark against which the portfolio is constructed.
Information Ratio is a measure of the consistency of excess return of a mutual fund as compared to its benchmark.
Sharpe Ratio is used to measure risk-adjusted performance. It is calculated by using standard deviation and return in excess of the benchmark to determine reward per unit of risk.

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.

Pricing & Distribution

Most Recent Distributions

A Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
4/26/2013 Dividend 0.12875 4/24/2013 4/25/2013 4/25/2013 30.68
3/28/2013 Dividend 0.14985 3/26/2013 3/27/2013 3/27/2013 30.30
2/28/2013 Dividend 0.13744 2/26/2013 2/27/2013 2/27/2013 30.05
1/31/2013 Dividend 0.12288 1/29/2013 1/30/2013 1/30/2013 30.14
12/28/2012 Dividend 0.14391 12/26/2012 12/27/2012 12/27/2012 29.88
11/30/2012 Dividend 0.15856 11/28/2012 11/29/2012 11/29/2012 29.55
11/2/2012 Dividend 0.13539 10/31/2012 11/1/2012 11/1/2012 29.54
9/28/2012 Dividend 0.12496 9/26/2012 9/27/2012 9/27/2012 29.37
8/31/2012 Dividend 0.14249 8/29/2012 8/30/2012 8/30/2012 29.07
7/27/2012 Dividend 0.13012 7/25/2012 7/26/2012 7/26/2012 28.76
6/29/2012 Dividend 0.13408 6/27/2012 6/28/2012 6/28/2012 28.54
5/31/2012 Dividend 0.13035 5/29/2012 5/30/2012 5/30/2012 28.29
4/27/2012 Dividend 0.13907 4/25/2012 4/26/2012 4/26/2012 28.57
3/30/2012 Dividend 0.13872 3/28/2012 3/29/2012 3/29/2012 28.38
2/24/2012 Dividend 0.14260 2/22/2012 2/23/2012 2/23/2012 28.33
1/27/2012 Dividend 0.13773 1/25/2012 1/26/2012 1/26/2012 28.09
12/23/2011 Dividend 0.14215 12/21/2011 12/22/2011 12/22/2011 27.39
11/23/2011 Dividend 0.15662 11/21/2011 11/22/2011 11/22/2011 27.13
10/28/2011 Dividend 0.15830 10/26/2011 10/27/2011 10/27/2011 27.72
9/30/2011 Dividend 0.16198 9/28/2011 9/29/2011 9/29/2011 26.90
8/26/2011 Dividend 0.15302 8/24/2011 8/25/2011 8/25/2011 27.31
7/29/2011 Dividend 0.14004 7/27/2011 7/28/2011 7/28/2011 28.73
6/30/2011 Dividend 0.16044 6/28/2011 6/29/2011 6/29/2011 28.39
5/27/2011 Dividend 0.13573 5/25/2011 5/26/2011 5/26/2011 28.84
4/29/2011 Dividend 0.14598 4/27/2011 4/28/2011 4/28/2011 28.83
3/31/2011 Dividend 0.13352 3/29/2011 3/30/2011 3/30/2011 28.60
2/25/2011 Dividend 0.15498 2/23/2011 2/24/2011 2/24/2011 28.49
1/28/2011 Dividend 0.14055 1/26/2011 1/27/2011 1/27/2011 28.34
12/23/2010 Dividend 0.15528 12/21/2010 12/22/2010 12/22/2010 27.78
11/24/2010 Dividend 0.15294 11/22/2010 11/23/2010 11/23/2010 27.75
10/29/2010 Dividend 0.15213 10/27/2010 10/28/2010 10/28/2010 27.96
9/30/2010 Dividend 0.14558 9/28/2010 9/29/2010 9/29/2010 27.31
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

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A Shares: Without Sales Charge

Holdings

Sector Distribution - Market Value Weighted as of 3/31/2013

Fund
Corporate 97.08% 100.00%
Financial Institutions 3.88% 10.13%
Industrial 89.61% 85.60%
Utility 3.59% 4.27%
Cash and Cash Equivalents 2.90% -
Total 99.98%  
Source: Calvert Investment Management, Inc., Benchmark data provided by FactSet.

Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

As of 3/31/2013
Average Effective Maturity 4.12 Years

Credit Quality

Important Disclosure

* Negative Cash positions may occur as the result of varying settlement schedules for securities.

Holdings are subject to change.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

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.

Management & Commentary

Fund Management

Calvert Investment Management, Inc.

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

Matthew Duch,
Vice President and Lead Portfolio Manager

Vishal Khanduja,
Co-Portfolio Manager

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 0.580%
Total annual Fund operating expenses 1.580%
Less fee waiver and/or expense reimbursement 0.510%
Net expenses 1.070%

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
Redemption Fee
(unless otherwise noted in the prospectus 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)		 1.07%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 1.58%

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 31, 2014. Direct net operating expenses for the Fund will not exceed 1.07% for Class A shares, 2.07% for Class C shares and 0.82% for Class Y shares of the Fund. Only the Board of Trustees of the Fund may terminate the fund's expense limitation 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.

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

Fund literature and resources
Morningstar Category™

High Yield Bond

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