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Calvert Short Duration Income Fund (CSDAX)

Daily Performance (as of 5/22/2013)
Price $16.56
Price Change $-0.02 (-0.12%)
YTD Return (2.75% Sales Charge) -1.58%
YTD Return (No Charge) 1.23%
Average Maturity
(rounded to nearest year or day) 		5 Years
Daily 30-Day SEC Yield 1.04%
12 Mth Distribution Yield
(2.75% Sales Charge)		 2.01%
12 Mth Distribution Yield
(No Charge)		 2.07%
Fund Facts (as of 5/22/2013)
NASDAQ Symbol CSDAX (A Shares)
Calvert Fund Number 923 (A Shares)
CUSIP Number 13161T104 (A Shares)
Assets Under Management $1,908.82 Million
Duration (as of 3/31/2013)
Effective Duration 2.33 Years

Overview

Fund Management

Calvert Investment Management, Inc.

Matthew Duch,
Vice President and Lead Portfolio Manager

Vishal Khanduja,
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 uses an active strategy, seeking relative value to earn incremental income. The Fund typically invests at least 65% of 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. Under normal circumstances, the Fund's average portfolio duration will range from one to three years. 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; individualinvestments 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. 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.

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

Fund
Corporate 83.32% 75.13%
Financial Institutions 36.02% 34.46%
Industrial 44.08% 35.72%
Utility 3.22% 4.95%
Government Related 1.32% 24.91%
Agency 0.13% 7.78%
Local Authority 1.17% 2.97%
Sovereign - 2.51%
Supranational 0.02% 11.65%
Securitized 12.89% -
Asset Backed Securities 5.60% -
CMBS 3.87% -
Covered 1.73% -
Mortgage Backed Passthrough 1.14% -
CMO 0.55% -
Treasury 1.65% -
Cash and Cash Equivalents 0.63% -
Other 0.17% -
Total 99.98%  
Source: Calvert Investment Management, Inc., Benchmark data provided by FactSet.

Important Disclosure

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 (2.75% Sales Charge) -1.46 -2.08 2.45 2.29 3.68 4.26 5.08 1/31/2002
A Shares (No Charge) 1.35 0.71 5.32 3.25 4.26 4.56 5.34 1/31/2002
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 (2.75% Sales Charge) -2.16 -2.16 2.25 2.37 3.58 4.30 5.05 1/31/2002
A Shares (No Charge) 0.64 0.64 5.12 3.32 4.16 4.58 5.31 1/31/2002
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 1.08% 1.22% 187.0%

Hypothetical Growth of $10,000

Yearly Percentage Return

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

  Fund (AShares) Barclays 1-5 Year U.S. Credit Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 0.23% 1.54% 0.00% 0.00%
Beta 0.74 0.53 1.00 1.00
R-Squared 60.83% 61.18% 100.00% 100.00%
Sharpe Ratio 1.77 1.51 2.13 1.23
Standard Deviation 1.82% 2.54% 1.93% 3.76%
Excess Return -0.88% -0.77% 0.00% 0.00%
Information Ratio -0.70 -0.32 0.00 0.00
Tracking Error 1.25% 2.38% 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.

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 0.02751 4/24/2013 4/25/2013 4/25/2013 16.56
3/28/2013 Dividend 0.02383 3/26/2013 3/27/2013 3/27/2013 16.49
2/28/2013 Dividend 0.02725 2/26/2013 2/27/2013 2/27/2013 16.47
1/31/2013 Dividend 0.02360 1/29/2013 1/30/2013 1/30/2013 16.45
12/28/2012 Dividend 0.02731 12/26/2012 12/27/2012 12/27/2012 16.46
12/7/2012 Short Term Gain 0.00142 12/5/2012 12/6/2012 12/6/2012 16.46
12/7/2012 Long Term Gain 0.01257 12/5/2012 12/6/2012 12/6/2012 16.46
11/30/2012 Dividend 0.02832 11/28/2012 11/29/2012 11/29/2012 16.45
11/2/2012 Dividend 0.03209 10/31/2012 11/1/2012 11/1/2012 16.46
9/28/2012 Dividend 0.02851 9/26/2012 9/27/2012 9/27/2012 16.43
8/31/2012 Dividend 0.03106 8/29/2012 8/30/2012 8/30/2012 16.32
7/27/2012 Dividend 0.03275 7/25/2012 7/26/2012 7/26/2012 16.23
6/29/2012 Dividend 0.03239 6/27/2012 6/28/2012 6/28/2012 16.10
5/31/2012 Dividend 0.02876 5/29/2012 5/30/2012 5/30/2012 16.06
4/27/2012 Dividend 0.03384 4/25/2012 4/26/2012 4/26/2012 16.07
3/30/2012 Dividend 0.02974 3/28/2012 3/29/2012 3/29/2012 16.05
2/24/2012 Dividend 0.03121 2/22/2012 2/23/2012 2/23/2012 16.02
1/27/2012 Dividend 0.02460 1/25/2012 1/26/2012 1/26/2012 15.95
12/23/2011 Dividend 0.03097 12/21/2011 12/22/2011 12/22/2011 15.77
12/8/2011 Short Term Gain 0.02313 12/6/2011 12/7/2011 12/7/2011 15.79
12/8/2011 Long Term Gain 0.23044 12/6/2011 12/7/2011 12/7/2011 15.79
11/23/2011 Dividend 0.03788 11/21/2011 11/22/2011 11/22/2011 16.02
10/28/2011 Dividend 0.03624 10/26/2011 10/27/2011 10/27/2011 16.09
9/30/2011 Dividend 0.03480 9/28/2011 9/29/2011 9/29/2011 16.25
8/26/2011 Dividend 0.03125 8/24/2011 8/25/2011 8/25/2011 16.34
7/29/2011 Dividend 0.03001 7/27/2011 7/28/2011 7/28/2011 16.49
6/30/2011 Dividend 0.03191 6/28/2011 6/29/2011 6/29/2011 16.46
5/27/2011 Dividend 0.03111 5/25/2011 5/26/2011 5/26/2011 16.56
4/29/2011 Dividend 0.03297 4/27/2011 4/28/2011 4/28/2011 16.53
3/31/2011 Dividend 0.03338 3/29/2011 3/30/2011 3/30/2011 16.49
2/25/2011 Dividend 0.03393 2/23/2011 2/24/2011 2/24/2011 16.47
1/28/2011 Dividend 0.03513 1/26/2011 1/27/2011 1/27/2011 16.41
12/23/2010 Dividend 0.03063 12/21/2010 12/22/2010 12/22/2010 16.39
12/3/2010 Short Term Gain 0.12146 12/1/2010 12/2/2010 12/2/2010 16.45
11/24/2010 Dividend 0.03116 11/22/2010 11/23/2010 11/23/2010 16.61
10/29/2010 Dividend 0.03157 10/27/2010 10/28/2010 10/28/2010 16.66
9/30/2010 Dividend 0.03146 9/28/2010 9/29/2010 9/29/2010 16.64
8/27/2010 Dividend 0.03237 8/25/2010 8/26/2010 8/26/2010 16.61
7/30/2010 Dividend 0.03300 7/28/2010 7/29/2010 7/29/2010 16.49
6/25/2010 Dividend 0.03489 6/23/2010 6/24/2010 6/24/2010 16.39
5/28/2010 Dividend 0.02951 5/26/2010 5/27/2010 5/27/2010 16.38
4/30/2010 Dividend 0.02920 4/28/2010 4/29/2010 4/29/2010 16.51
3/26/2010 Dividend 0.03023 3/24/2010 3/25/2010 3/25/2010 16.38
2/26/2010 Dividend 0.03317 2/24/2010 2/25/2010 2/25/2010 16.34
1/29/2010 Dividend 0.03388 1/27/2010 1/28/2010 1/28/2010 16.37
12/24/2009 Dividend 0.03549 12/22/2009 12/23/2009 12/23/2009 16.27
12/3/2009 Short Term Gain 0.22947 12/1/2009 12/2/2009 12/2/2009 16.28
11/25/2009 Dividend 0.03707 11/23/2009 11/24/2009 11/24/2009 16.51
10/30/2009 Dividend 0.03723 10/28/2009 10/29/2009 10/29/2009 16.48
9/25/2009 Dividend 0.03022 9/23/2009 9/24/2009 9/24/2009 16.43
8/28/2009 Dividend 0.03905 8/26/2009 8/27/2009 8/27/2009 16.29
7/31/2009 Dividend 0.02386 7/29/2009 7/30/2009 7/30/2009 16.15
6/26/2009 Dividend 0.03008 6/24/2009 6/25/2009 6/25/2009 15.99
5/29/2009 Dividend 0.03442 5/27/2009 5/28/2009 5/28/2009 15.75
4/30/2009 Dividend 0.03467 4/28/2009 4/29/2009 4/29/2009 15.51
3/27/2009 Dividend 0.04512 3/25/2009 3/26/2009 3/26/2009 15.30
2/27/2009 Dividend 0.05479 2/25/2009 2/26/2009 2/26/2009 15.31
1/30/2009 Dividend 0.05315 1/28/2009 1/29/2009 1/29/2009 15.26
12/24/2008 Dividend 0.05196 12/22/2008 12/23/2008 12/23/2008 15.10
12/4/2008 Short Term Gain 0.12640 12/2/2008 12/3/2008 12/3/2008 15.07
11/26/2008 Dividend 0.05087 11/24/2008 11/25/2008 11/25/2008 15.17
10/30/2008 Dividend 0.04690 10/28/2008 10/29/2008 10/29/2008 15.24
9/26/2008 Dividend 0.04429 9/24/2008 9/25/2008 9/25/2008 15.77
8/28/2008 Dividend 0.04271 8/26/2008 8/27/2008 8/27/2008 15.96
7/31/2008 Dividend 0.04388 7/29/2008 7/30/2008 7/30/2008 15.93
6/27/2008 Dividend 0.04848 6/25/2008 6/26/2008 6/26/2008 16.00
5/30/2008 Dividend 0.06093 5/28/2008 5/29/2008 5/29/2008 16.02
4/25/2008 Dividend 0.06483 4/23/2008 4/24/2008 4/24/2008 16.02
3/28/2008 Dividend 0.06205 3/26/2008 3/27/2008 3/27/2008 16.08
2/28/2008 Dividend 0.06557 2/26/2008 2/27/2008 2/27/2008 16.13
1/31/2008 Dividend 0.06577 1/29/2008 1/30/2008 1/30/2008 16.18
12/28/2007 Dividend 0.06592 12/26/2007 12/27/2007 12/27/2007 16.04
12/7/2007 Short Term Gain 0.10053 12/5/2007 12/6/2007 12/6/2007 16.12
12/7/2007 Long Term Gain 0.01886 12/5/2007 12/6/2007 12/6/2007 16.12
11/29/2007 Dividend 0.07016 11/27/2007 11/28/2007 11/28/2007 16.20
10/26/2007 Dividend 0.06100 10/24/2007 10/25/2007 10/25/2007 16.20
9/28/2007 Dividend 0.06111 9/26/2007 9/27/2007 9/27/2007 16.16
8/30/2007 Dividend 0.05922 8/28/2007 8/29/2007 8/29/2007 16.06
7/27/2007 Dividend 0.05855 7/25/2007 7/26/2007 7/26/2007 16.11
6/29/2007 Dividend 0.05638 6/27/2007 6/28/2007 6/28/2007 16.08
5/31/2007 Dividend 0.05483 5/29/2007 5/30/2007 5/30/2007 16.09
4/27/2007 Dividend 0.05891 4/25/2007 4/26/2007 4/26/2007 16.10
3/30/2007 Dividend 0.05923 3/28/2007 3/29/2007 3/29/2007 16.11
2/23/2007 Dividend 0.06579 2/21/2007 2/22/2007 2/22/2007 16.06
1/26/2007 Dividend 0.06194 1/24/2007 1/25/2007 1/25/2007 16.04
12/28/2006 Dividend 0.05661 12/26/2006 12/27/2006 12/27/2006 16.06
12/8/2006 Short Term Gain 0.08496 12/6/2006 12/7/2006 12/7/2006 16.12
12/8/2006 Long Term Gain 0.00226 12/6/2006 12/7/2006 12/7/2006 16.12
11/22/2006 Dividend 0.05959 11/20/2006 11/21/2006 11/21/2006 16.13
10/27/2006 Dividend 0.05956 10/25/2006 10/26/2006 10/26/2006 16.10
9/28/2006 Dividend 0.05987 9/26/2006 9/27/2006 9/27/2006 16.12
8/25/2006 Dividend 0.05912 8/23/2006 8/24/2006 8/24/2006 16.06
7/28/2006 Dividend 0.05629 7/26/2006 7/27/2006 7/27/2006 16.02
6/29/2006 Dividend 0.05538 6/27/2006 6/28/2006 6/28/2006 15.95
5/26/2006 Dividend 0.05476 5/24/2006 5/25/2006 5/25/2006 16.00
4/27/2006 Dividend 0.05403 4/25/2006 4/26/2006 4/26/2006 15.98
3/30/2006 Dividend 0.04823 3/28/2006 3/29/2006 3/29/2006 15.99
2/24/2006 Dividend 0.05472 2/22/2006 2/23/2006 2/23/2006 15.98
1/27/2006 Dividend 0.05754 1/25/2006 1/26/2006 1/26/2006 16.00
12/29/2005 Dividend 0.04777 12/27/2005 12/28/2005 12/28/2005 16.00
12/9/2005 Short Term Gain 0.11006 12/7/2005 12/8/2005 12/8/2005 16.00
12/9/2005 Long Term Gain 0.03273 12/7/2005 12/8/2005 12/8/2005 16.00
11/23/2005 Dividend 0.04797 11/21/2005 11/22/2005 11/22/2005 16.11
10/28/2005 Dividend 0.04365 10/26/2005 10/27/2005 10/27/2005 16.09
9/29/2005 Dividend 0.04111 9/27/2005 9/28/2005 9/28/2005 16.13
8/26/2005 Dividend 0.04012 8/24/2005 8/25/2005 8/25/2005 16.12
7/28/2005 Dividend 0.04070 7/26/2005 7/27/2005 7/27/2005 16.11
6/24/2005 Dividend 0.03482 6/22/2005 6/23/2005 6/23/2005 16.12
5/27/2005 Dividend 0.03857 5/25/2005 5/26/2005 5/26/2005 16.06
4/28/2005 Dividend 0.03689 4/26/2005 4/27/2005 4/27/2005 16.04
3/24/2005 Dividend 0.02977 3/22/2005 3/23/2005 3/23/2005 16.02
2/25/2005 Dividend 0.03747 2/23/2005 2/24/2005 2/24/2005 16.08
1/28/2005 Dividend 0.03454 1/26/2005 1/27/2005 1/27/2005 16.07
12/29/2004 Dividend 0.02845 12/27/2004 12/28/2004 12/28/2004 16.07
12/10/2004 Short Term Gain 0.26972 12/8/2004 12/9/2004 12/9/2004 16.09
12/10/2004 Long Term Gain 0.03927 12/8/2004 12/9/2004 12/9/2004 16.09
11/24/2004 Dividend 0.03750 11/22/2004 11/23/2004 11/23/2004 16.36
10/28/2004 Dividend 0.02770 10/26/2004 10/27/2004 10/27/2004 16.38
9/24/2004 Dividend 0.02722 9/22/2004 9/23/2004 9/23/2004 16.36
8/27/2004 Dividend 0.02976 8/25/2004 8/26/2004 8/26/2004 16.30
7/29/2004 Dividend 0.02772 7/27/2004 7/28/2004 7/28/2004 16.21
6/25/2004 Dividend 0.02532 6/23/2004 6/24/2004 6/24/2004 16.17
5/27/2004 Dividend 0.02604 5/25/2004 5/26/2004 5/26/2004 16.13
4/29/2004 Dividend 0.02387 4/27/2004 4/28/2004 4/28/2004 16.21
3/26/2004 Dividend 0.01862 3/24/2004 3/25/2004 3/25/2004 16.41
2/26/2004 Dividend 0.02454 2/24/2004 2/25/2004 2/25/2004 16.29
1/29/2004 Dividend 0.02360 1/27/2004 1/28/2004 1/28/2004 16.20
12/30/2003 Short Term Gain 0.54961 12/26/2003 12/29/2003 12/29/2003 16.15
12/30/2003 Long Term Gain 0.03945 12/26/2003 12/29/2003 12/29/2003 16.15
12/30/2003 Dividend 0.03278 12/26/2003 12/29/2003 12/29/2003 16.15
11/21/2003 Dividend 0.02867 11/19/2003 11/20/2003 11/20/2003 16.64
10/30/2003 Dividend 0.03260 10/28/2003 10/29/2003 10/29/2003 16.58
9/26/2003 Dividend 0.02697 9/24/2003 9/25/2003 9/25/2003 16.52
8/28/2003 Dividend 0.02918 8/26/2003 8/27/2003 8/27/2003 16.30
7/25/2003 Dividend 0.02109 7/23/2003 7/24/2003 7/24/2003 16.36
6/27/2003 Dividend 0.02859 6/25/2003 6/26/2003 6/26/2003 16.44
5/29/2003 Dividend 0.03567 5/27/2003 5/28/2003 5/28/2003 16.34
4/25/2003 Dividend 0.03565 4/23/2003 4/24/2003 4/24/2003 16.11
3/28/2003 Dividend 0.03203 3/26/2003 3/27/2003 3/27/2003 15.99
2/27/2003 Dividend 0.03310 2/25/2003 2/26/2003 2/26/2003 15.95
1/30/2003 Dividend 0.03952 1/28/2003 1/29/2003 1/29/2003 15.81
12/30/2002 Dividend 0.03107 12/26/2002 12/27/2002 12/27/2002 15.80
12/6/2002 Short Term Gain 0.38323 12/4/2002 12/5/2002 12/5/2002 15.67
11/22/2002 Dividend 0.03809 11/20/2002 11/21/2002 11/21/2002 16.00
10/25/2002 Dividend 0.04002 10/23/2002 10/24/2002 10/24/2002 15.81
9/27/2002 Dividend 0.04203 9/25/2002 9/26/2002 9/26/2002 15.90
8/29/2002 Dividend 0.04253 8/27/2002 8/28/2002 8/28/2002 15.79
7/26/2002 Dividend 0.05259 7/24/2002 7/25/2002 7/25/2002 15.68
6/27/2002 Dividend 0.05172 6/25/2002 6/26/2002 6/26/2002 15.64
5/30/2002 Dividend 0.05579 5/28/2002 5/29/2002 5/29/2002 15.58
4/26/2002 Dividend 0.04187 4/24/2002 4/25/2002 4/25/2002 15.46
3/27/2002 Dividend 0.07236 3/25/2002 3/26/2002 3/26/2002 15.33
2/22/2002 Dividend 0.04693 2/20/2002 2/21/2002 2/21/2002 15.34

Annual Distribution Totals

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A Shares: Without Sales Charge

Annual Capital Gains Totals Annual Capital Gains Totals

A Shares: Without Sales Charge

Holdings

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

Fund
Corporate 83.32% 75.13%
Financial Institutions 36.02% 34.46%
Industrial 44.08% 35.72%
Utility 3.22% 4.95%
Government Related 1.32% 24.91%
Agency 0.13% 7.78%
Local Authority 1.17% 2.97%
Sovereign - 2.51%
Supranational 0.02% 11.65%
Securitized 12.89% -
Asset Backed Securities 5.60% -
CMBS 3.87% -
Covered 1.73% -
Mortgage Backed Passthrough 1.14% -
CMO 0.55% -
Treasury 1.65% -
Cash and Cash Equivalents 0.63% -
Other 0.17% -
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 3.48 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.

Matthew Duch,
Vice President and Lead Portfolio Manager

Vishal Khanduja,
Co-Portfolio Manager

Mauricio Agudelo,
Co-Portfolio Manager

Quarterly Fund Commentary

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.620%
Distribution and service (12b-1) fees 0.250%
Other expenses 0.350%
Total annual Fund operating expenses 1.220%
Less fee waiver and/or expense reimbursement 0.140%
Net expenses 1.080%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)		 2.75%
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)		 1.08%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 1.22%

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 Short Duration Income Fund through January 31, 2014. Direct net operating expenses will not exceed 1.08% for Class A shares and 0.95% 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™

Short-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