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Calvert High Yield Bond Fund (CYBYX)

Daily Performance (as of 6/19/2013)
Price $31.46
Price Change $-0.01 (-0.03%)
YTD Return 3.82%
Average Maturity
(rounded to nearest year or day) 		6 Years
Daily 30-Day SEC Yield 4.64%
12 Mth Distribution Yield
(% Sales Charge)		 5.38%
12 Mth Distribution Yield
(No Charge)		 5.38%
Fund Facts (as of 6/18/2013)
NASDAQ Symbol CYBYX (Y Shares)
Calvert Fund Number 318 (Y Shares)
CUSIP Number 131582397 (Y Shares)
Assets Under Management $89.36 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.

Important Disclosure

Class Y shares are generally available only to wrap or similar fee-based programs offered by financial intermediaries.

Holdings are subject to change.

Performance results for Class Y shares of Calvert High-Yield Bond Fund prior to July 29, 2011, the inception date for Class Y shares, reflect the performance of Class A shares at NAV (i.e., without deduction of any front-end sales charge).  Actual Class Y share performance would have been higher than Class A share performance because Class Y, unlike Class A, has no Rule 12b-1 fees.

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 5/31/2013
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Y Shares (No Charge) 4.61 1.50 14.17 12.59 9.43 8.65 7.17 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
Y Shares (No Charge) 3.07 3.07 13.06 11.62 9.81 9.05 7.14 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 0.82% 5.19% 273.0%

Hypothetical Growth of $10,000

Yearly Percentage Return

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

  Fund (YShares) BofA Merrill Lynch High Yield Master II Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 2.25% 1.07% 0.00% 0.00%
Beta 0.84 0.76 1.00 1.00
R-Squared 96.09% 92.45% 100.00% 100.00%
Sharpe Ratio 1.91 0.86 1.54 0.79
Standard Deviation 6.04% 11.00% 7.01% 13.90%
Excess Return 0.71% -1.52% 0.00% 0.00%
Information Ratio 0.44 -0.34 0.00 0.00
Tracking Error 1.62% 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

Performance results for Class Y shares of Calvert High-Yield Bond Fund prior to July 29, 2011, the inception date for Class Y shares, reflect the performance of Class A shares at NAV (i.e., without deduction of any front-end sales charge).  Actual Class Y share performance would have been higher than Class A share performance because Class Y, unlike Class A, has no Rule 12b-1 fees.

Pricing & Distribution

Most Recent Distributions

Y Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
5/31/2013 Dividend 0.14100 5/29/2013 5/30/2013 5/30/2013 31.75
4/26/2013 Dividend 0.15120 4/24/2013 4/25/2013 4/25/2013 31.86
3/28/2013 Dividend 0.15656 3/26/2013 3/27/2013 3/27/2013 31.49
2/28/2013 Dividend 0.14147 2/26/2013 2/27/2013 2/27/2013 31.22
1/31/2013 Dividend 0.13908 1/29/2013 1/30/2013 1/30/2013 31.30
12/28/2012 Dividend 0.13196 12/26/2012 12/27/2012 12/27/2012 31.04
11/30/2012 Dividend 0.15846 11/28/2012 11/29/2012 11/29/2012 30.69
11/2/2012 Dividend 0.13633 10/31/2012 11/1/2012 11/1/2012 30.67
9/28/2012 Dividend 0.12132 9/26/2012 9/27/2012 9/27/2012 30.48
8/31/2012 Dividend 0.14601 8/29/2012 8/30/2012 8/30/2012 30.15
7/27/2012 Dividend 0.12942 7/25/2012 7/26/2012 7/26/2012 29.83
6/29/2012 Dividend 0.14042 6/27/2012 6/28/2012 6/28/2012 29.60
5/31/2012 Dividend 0.13030 5/29/2012 5/30/2012 5/30/2012 29.34
4/27/2012 Dividend 0.13124 4/25/2012 4/26/2012 4/26/2012 29.62
3/30/2012 Dividend 0.11168 3/28/2012 3/29/2012 3/29/2012 29.40
11/23/2011 Dividend 0.19061 11/21/2011 11/22/2011 11/22/2011 27.59

Annual Distribution Totals

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Y Shares: Without Sales Charge

Holdings

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.

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

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.750%
Distribution and service (12b-1) fees none
Other expenses 4.440%
Total annual Fund operating expenses 5.190%
Less fee waiver and/or expense reimbursement 4.370%
Net expenses 0.820%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)		 none
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)		 0.82%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 5.19%

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.

Class Y shares are generally available only to wrap or similar fee-based programs offered by financial intermediaries.

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