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Calvert Ultra-Short Income Fund (CULYX)

Daily Performance (as of 5/23/2013)
Price $15.63
Price Change $0.00 (0.00%)
YTD Return 0.63%
Average Maturity
(rounded to nearest year or day) 		2 Years
Daily 30-Day SEC Yield 0.74%
12 Mth Distribution Yield
(% Sales Charge)		 1.42%
12 Mth Distribution Yield
(No Charge)		 1.42%
Fund Facts (as of 5/23/2013)
NASDAQ Symbol CULYX (Y Shares)
Calvert Fund Number 370 (Y Shares)
CUSIP Number 131582413 (Y Shares)
Assets Under Management $447.75 Million
Duration (as of 3/31/2013)
Effective Duration 0.32 Years

Overview

Fund Management

Calvert Investment Management, Inc.

Vishal Khanduja,
Lead Portfolio Manager

Matthew Duch,
Vice President and Co-Portfolio Manager

Mauricio Agudelo,
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 to maximize income to the extent consistent with preservation of capital, through investment in short-term bonds and income-producing securities.

Investment Strategy

The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in a portfolio of floating-rate securities (e.g., corporate floating rate securities) and securities with durations of less than or equal to one year. The Fund typically invests at least 65% of its net assets in investment grade debt securities, as assessed at the time of purchase. The remaining 35% of the Fund's 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. The Fund invests principally in bonds issued by U.S. corporations, the U.S. government or its agencies, and U.S. government-sponsored enterprises. The Fund may also invest in trust preferred securities, taxable municipal securities, asset-backed securities, including commercial mortgage-backed securities, repurchase agreements, and foreign debt securities. The Fund uses an active strategy, seeking relative value to earn incremental income. 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 the 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. Because a significant portion of securities held by the Fund may have variable or floating interest rates, the amount of the Fund’s monthly distributions to shareholders are expected to vary. Generally when market interest rates fall, the amount of the distributions will decrease. Investments in high-yield, high risk bonds can involve a substantial risk of loss. 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 nondiversified 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 Ultra-Short Income Fund prior to May 28, 2010, 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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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
Y Shares (No Charge) 0.50 0.03 2.02 1.65 2.92 n/a 3.41 10/31/2006
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) 0.48 0.48 2.02 1.79 3.14 n/a 3.45 10/31/2006
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
0.67% n/a n/a 210.0%

Hypothetical Growth of $10,000

Yearly Percentage Return

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

  Fund (YShares) Barclays 9-12 Months Short Treasury Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 2.20% 3.54% 0.00% 0.00%
Beta -0.93 -0.40 1.00 1.00
R-Squared 2.28% 2.83% 100.00% 100.00%
Sharpe Ratio 2.22 2.45 2.68 1.34
Standard Deviation 0.77% 1.16% 0.12% 0.48%
Excess Return 1.37% 2.18% 0.00% 0.00%
Information Ratio 1.72 1.65 0.00 0.00
Tracking Error 0.79% 1.33% 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 Ultra-Short Income Fund prior to May 28, 2010, 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
4/26/2013 Dividend 0.01419 4/24/2013 4/25/2013 4/25/2013 15.61
3/28/2013 Dividend 0.01154 3/26/2013 3/27/2013 3/27/2013 15.61
2/28/2013 Dividend 0.01647 2/26/2013 2/27/2013 2/27/2013 15.61
1/31/2013 Dividend 0.01631 1/29/2013 1/30/2013 1/30/2013 15.61
12/28/2012 Dividend 0.01780 12/26/2012 12/27/2012 12/27/2012 15.58
11/30/2012 Dividend 0.01992 11/28/2012 11/29/2012 11/29/2012 15.58
11/2/2012 Dividend 0.01914 10/31/2012 11/1/2012 11/1/2012 15.59
9/28/2012 Dividend 0.02098 9/26/2012 9/27/2012 9/27/2012 15.57
8/31/2012 Dividend 0.02095 8/29/2012 8/30/2012 8/30/2012 15.55
7/27/2012 Dividend 0.02069 7/25/2012 7/26/2012 7/26/2012 15.53
6/29/2012 Dividend 0.02215 6/27/2012 6/28/2012 6/28/2012 15.51
5/31/2012 Dividend 0.02168 5/29/2012 5/30/2012 5/30/2012 15.50
4/27/2012 Dividend 0.02369 4/25/2012 4/26/2012 4/26/2012 15.52
3/30/2012 Dividend 0.02243 3/28/2012 3/29/2012 3/29/2012 15.53
2/24/2012 Dividend 0.02726 2/22/2012 2/23/2012 2/23/2012 15.50
1/27/2012 Dividend 0.02594 1/25/2012 1/26/2012 1/26/2012 15.48
12/23/2011 Dividend 0.02133 12/21/2011 12/22/2011 12/22/2011 15.43
12/8/2011 Long Term Gain 0.00330 12/6/2011 12/7/2011 12/7/2011 15.45
11/23/2011 Dividend 0.02590 11/21/2011 11/22/2011 11/22/2011 15.45
10/28/2011 Dividend 0.02334 10/26/2011 10/27/2011 10/27/2011 15.47
9/30/2011 Dividend 0.02766 9/28/2011 9/29/2011 9/29/2011 15.46
8/26/2011 Dividend 0.02631 8/24/2011 8/25/2011 8/25/2011 15.51
7/29/2011 Dividend 0.02369 7/27/2011 7/28/2011 7/28/2011 15.64
6/30/2011 Dividend 0.02207 6/28/2011 6/29/2011 6/29/2011 15.65
5/27/2011 Dividend 0.02494 5/25/2011 5/26/2011 5/26/2011 15.70
4/29/2011 Dividend 0.02724 4/27/2011 4/28/2011 4/28/2011 15.71
3/31/2011 Dividend 0.02621 3/29/2011 3/30/2011 3/30/2011 15.70
2/25/2011 Dividend 0.03480 2/23/2011 2/24/2011 2/24/2011 15.69
1/28/2011 Dividend 0.03605 1/26/2011 1/27/2011 1/27/2011 15.69
12/23/2010 Dividend 0.03223 12/21/2010 12/22/2010 12/22/2010 15.68
12/3/2010 Long Term Gain 0.01205 12/1/2010 12/2/2010 12/2/2010 15.70
12/3/2010 Short Term Gain 0.07266 12/1/2010 12/2/2010 12/2/2010 15.70
11/24/2010 Dividend 0.03202 11/22/2010 11/23/2010 11/23/2010 15.79
10/29/2010 Dividend 0.02753 10/27/2010 10/28/2010 10/28/2010 15.80
9/30/2010 Dividend 0.02379 9/28/2010 9/29/2010 9/29/2010 15.81
8/27/2010 Dividend 0.01927 8/25/2010 8/26/2010 8/26/2010 15.80
7/30/2010 Dividend 0.00989 7/28/2010 7/29/2010 7/29/2010 15.75
6/25/2010 Dividend 0.01761 6/23/2010 6/24/2010 6/24/2010 15.68

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

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 1.48 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.

Vishal Khanduja,
Lead Portfolio Manager

Matthew Duch,
Vice President and Co-Portfolio Manager

Mauricio Agudelo,
Co-Portfolio Manager

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.550%
Distribution and service (12b-1) fees none
Other expenses 0.120%
Total annual Fund operating expenses 0.670%

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%
Low balance fee 2/

Fund Expense Ratios

Description Expense
Expense Ratio
(if no waiver/reimbursement
in effect)		 0.67%
Net Expense Ratio
(if waiver/reimbursement
in effect)		 n/a
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 n/a

Important Disclosure

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™

Ultrashort 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