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Calvert Income Fund (CIFYX)

Daily Performance (as of 9/7/2010)
Price $16.18
Price Change $-0.02 (-0.12%)
YTD Return 6.42%
Average Maturity
(rounded to nearest year or day)		 14 Years
Daily 30-Day SEC Yield 3.30%
Fund Facts (as of 9/7/2010)
NASDAQ Symbol CIFYX (Y Shares)
Calvert Fund Number 356 (Y Shares)
CUSIP Number 131582553 (Y Shares)
Assets Under Management $2,816.16 Million
Duration (as of 6/30/2010)
Effective Duration 3.13 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 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.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 uses an active strategy, seeking relative value to earn incremental income. The Advisor conducts in-depth credit analysis to identify bonds with attractive price-appreciation potential and specializes in uncovering issues with complex and unusual structures. The relative-value approach is used for the core, longer-term holdings as well as the more actively traded non-core positions. The investment team maintains a flexible investment approach in order to seek profit from changing market conditions. The Fund typically invests at least 65% of Fund net assets in investment-grade debt securities, as assessed at the time of purchase. The remaining 35% of Fund net assets may be in below-investment grade, high-yield debt securities. These securities involve greater risk of default or price declines than investment grade debt securities.

Important Disclosure

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


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
Y Shares (No Charge) 6.62 2.44 10.82 4.25 3.93 6.17 8.48 10/12/1982
Average Annual Returns (%) for period ending 6/30/2010
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Y Shares (No Charge) 4.08 1.43 13.45 3.61 3.59 6.07 8.44 10/12/1982
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)
0.84% n/a n/a
Fund Yields
Daily 30-Day SEC Yield: 3.30%

Hypothetical Growth of $10,000

Yearly Percentage Return

Important Disclosure

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


Performance results for Class Y shares of Calvert Income Fund prior to February 29, 2008, 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
8/27/2010 Dividend 0.04804 8/25/2010 8/26/2010 8/26/2010 16.21
7/30/2010 Dividend 0.04997 7/28/2010 7/29/2010 7/29/2010 15.94
6/25/2010 Dividend 0.02552 6/23/2010 6/24/2010 6/24/2010 15.86
5/28/2010 Dividend 0.04876 5/26/2010 5/27/2010 5/27/2010 15.80
4/30/2010 Dividend 0.05145 4/28/2010 4/29/2010 4/29/2010 15.97
3/26/2010 Dividend 0.04655 3/24/2010 3/25/2010 3/25/2010 15.78
2/26/2010 Dividend 0.04771 2/24/2010 2/25/2010 2/25/2010 15.71
1/29/2010 Dividend 0.05070 1/27/2010 1/28/2010 1/28/2010 15.73
12/24/2009 Dividend 0.04714 12/22/2009 12/23/2009 12/23/2009 15.55
11/25/2009 Dividend 0.04452 11/23/2009 11/24/2009 11/24/2009 15.60
10/30/2009 Dividend 0.04673 10/28/2009 10/29/2009 10/29/2009 15.54
9/25/2009 Dividend 0.03768 9/23/2009 9/24/2009 9/24/2009 15.45
8/28/2009 Dividend 0.04215 8/26/2009 8/27/2009 8/27/2009 15.12
7/31/2009 Dividend 0.04481 7/29/2009 7/30/2009 7/30/2009 14.72
6/26/2009 Dividend 0.05492 6/24/2009 6/25/2009 6/25/2009 14.53
5/29/2009 Dividend 0.05886 5/27/2009 5/28/2009 5/28/2009 14.19
4/30/2009 Dividend 0.05490 4/28/2009 4/29/2009 4/29/2009 13.88
3/27/2009 Dividend 0.05904 3/25/2009 3/26/2009 3/26/2009 13.58
2/27/2009 Dividend 0.06691 2/25/2009 2/26/2009 2/26/2009 13.62
1/30/2009 Dividend 0.06012 1/28/2009 1/29/2009 1/29/2009 13.67
12/24/2008 Dividend 0.05220 12/22/2008 12/23/2008 12/23/2008 13.74
12/4/2008 Long Term Gain 0.04089 12/2/2008 12/3/2008 12/3/2008 13.78
12/4/2008 Short Term Gain 0.00438 12/2/2008 12/3/2008 12/3/2008 13.78
11/26/2008 Dividend 0.06462 11/24/2008 11/25/2008 11/25/2008 13.82
10/30/2008 Dividend 0.05751 10/28/2008 10/29/2008 10/29/2008 14.01
9/26/2008 Dividend 0.03904 9/24/2008 9/25/2008 9/25/2008 15.49
8/28/2008 Dividend 0.04228 8/26/2008 8/27/2008 8/27/2008 15.90
7/31/2008 Dividend 0.06271 7/29/2008 7/30/2008 7/30/2008 15.84
6/27/2008 Dividend 0.06117 6/25/2008 6/26/2008 6/26/2008 16.05
5/30/2008 Dividend 0.07249 5/28/2008 5/29/2008 5/29/2008 16.05
4/25/2008 Dividend 0.07629 4/23/2008 4/24/2008 4/24/2008 16.05
3/28/2008 Dividend 0.02513 3/26/2008 3/27/2008 3/27/2008 16.16

Annual Distribution Totals

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Y Shares: Without Sales Charge

Annual Capital Gains Totals Annual Capital Gains Totals

Y Shares: Without Sales Charge

Top Holdings

Credit Quality
As of 6/30/2010
Average Effective Maturity 9.09 Years

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.

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.670%
Distribution and service (12b-1) fees none
Other expenses 0.170%
Total annual Fund operating expenses 0.840%

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
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)		 0.84%
Net Expense Ratio
(if waiver/reimbursement
in effect)		 n/a
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 n/a

Investment Minimums

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

Important Disclosure

Calvert has agreed contractually to limit net annual operating expenses for Calvert Income Fund through January 31, 2011. Direct net operating expenses will not exceed 1.09% for Class Y shares of the Fund. The Board of Trustees of the Fund may terminate the Fund's expense cap only for the contractual period after December 12, 2010. 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 Administrative Services Company, an affiliate of the Advisor.


Fund literature and resources
MorningStar Category™

Intermediate-Term 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