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Calvert Equity Income Fund (CEIAX)

Daily Performance (as of 5/21/2013)
Price $19.52
Price Change $0.06 (0.31%)
YTD Return (4.75% Sales Charge) 11.50%
YTD Return (No Charge) 17.03%
Daily 30-Day SEC Yield 1.12%
12 Mth Distribution Yield
(4.75% Sales Charge)		 1.33%
12 Mth Distribution Yield
(No Charge)		 1.39%
Fund Facts (as of 5/21/2013)
NASDAQ Symbol CEIAX (A Shares)
Calvert Fund Number 982 (A Shares)
CUSIP Number 131619884 (A Shares)
Assets Under Management $13.77 Million

Overview

Fund Management

Calvert Investment Management, Inc.

James R. McGlynn, CFA
Co-Portfolio Manager

Yvonne M. Bishop, CFA
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.

Issues in Portfolio: 61
Click here for all Fund Holdings

Investment Objective

The Fund seeks high current income and competitive total return through investment primarily in dividend paying large-cap U.S. common stocks, in accordance with the Fund's corporate responsibility standards and strategies.

Investment Strategy

The Fund offers opportunities for high current income and competitive total return through investment primarily in dividend-paying, large-cap U.S. common stocks that the portfolio manager believes are undervalued. The Fund normally invests at least 80% of its net assets in equity securities, but may also invest up to 20% in debt securities. The equity securities held by the Fund will consist primarily of dividend-paying common stocks of large U.S. companies, but may also include preferred stock, trust preferred securities, convertible securities, and foreign securities. The Advisor seeks to identify common stocks of companies it believes are significantly undervalued compared to their perceived worth or prospects, historical valuations or the general market level of valuation. The Advisor primarily uses a bottom-up approach focused on fundamental analysis of issuers in a number of different sectors and industries, in light of the issuers' current financial condition and industry position, as well as market, economic, political and regulatory conditions. The Fund has threshold responsibility standards with respect to tobacco, weapons and human rights, which it applies in determining whether a security qualifies for investment.

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 stocks 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. The Fund's emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend, which may adversely affect the Fund’s ability to generate income. The Fund's value-oriented investing approach may fall out of favor with investors from time to time, during which the Fund may underperform other funds using different investment approaches. In addition, large-cap companies may be unable to respond quickly to new competitive challenges such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion

Important Disclosure

Holdings are subject to change.

Performance

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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 (4.75% Sales Charge) 7.10 -2.90 13.01 n/a n/a n/a 14.88 10/31/2011
A Shares (No Charge) 12.41 1.96 18.66 n/a n/a n/a 18.69 10/31/2011
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 (4.75% Sales Charge) 5.05 5.05 9.81 n/a n/a n/a 14.24 10/31/2011
A Shares (No Charge) 10.26 10.26 15.31 n/a n/a n/a 18.24 10/31/2011
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 1.23% 3.34% 30.00%

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
3/28/2013 Dividend 0.06543 3/26/2013 3/27/2013 3/27/2013 18.35
3/28/2013 Long Term Gain 0.00127 3/26/2013 3/27/2013 3/27/2013 18.35
12/28/2012 Dividend 0.07920 12/26/2012 12/27/2012 12/27/2012 16.68
12/7/2012 Long Term Gain 0.00009 12/5/2012 12/6/2012 12/6/2012 16.54
12/7/2012 Short Term Gain 0.15226 12/5/2012 12/6/2012 12/6/2012 16.54
9/28/2012 Dividend 0.06188 9/26/2012 9/27/2012 9/27/2012 16.92
6/29/2012 Dividend 0.06766 6/27/2012 6/28/2012 6/28/2012 15.55
3/30/2012 Dividend 0.07467 3/28/2012 3/29/2012 3/29/2012 16.27
12/23/2011 Dividend 0.05146 12/21/2011 12/22/2011 12/22/2011 14.79

Holdings

Top 10 Holdings

Top 10 Equity Holdings

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

Issues in Portfolio: 61
Click here for all Fund Holdings

Important Disclosure

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.

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.

James R. McGlynn, CFA
Co-Portfolio Manager

Yvonne M. Bishop, CFA
Co-Portfolio Manager

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.850%
Distribution and service (12b-1) fees 0.250%
Other expenses 2.240%
Total annual Fund operating expenses 3.340%
Less fee waiver and/or expense reimbursement 2.110%
Net expenses 1.230%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)		 4.75%
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)		 1.23%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 3.34%

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert Equity Income Fund through January 31, 2014. This limitation does not limit the acquired fund fees and expenses incurred by a shareholder. Direct net operating expenses will not exceed 1.23% for Class A shares, 2.35% for Class C shares, and 0.98% for Class Y shares of the Fund. Only the Board of Trustees 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.

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 Style Box™

Morningstar Style

A style box is a graphical representation of a mutual fund's characteristics. Together, the vertical and horizontal axes can be used to classify a mutual fund into one of nine categories.

Large Value

CEIAX is categorized as: Large Value

Morningstar Category™

Large Value

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