Calvert Short-Term Government Fund (CTGAX)

Daily Performance (as of 9/3/2010)
Price $53.14
Price Change $-0.04 (-0.08%)
YTD Return (2.75% Sales Charge) -0.14%
YTD Return (No Charge) 2.69%
Average Maturity
(rounded to nearest year or day)		 5 Years
Daily 30-Day SEC Yield 0.55%
Fund Facts (as of 9/3/2010)
NASDAQ Symbol CTGAX (A Shares)
Calvert Fund Number 981 (A Shares)
CUSIP Number 131582496 (A Shares)
Assets Under Management $3.99 Million
Duration (as of 6/30/2010)
Effective Duration 1.16 Years

Overview

Fund Management

Calvert Asset Management Company, Inc.

Investment Objectives

The Fund seeks to provide a high level of current income and preservation of capital by investing 100% of its total assets in bonds issued by the U.S. Government or its agencies or instrumentalities, or deriviative instruments related to such investments. 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.

Investment Strategy

Under normal market conditions, the Fund will invest 100% of its assets in fixed income instruments issued by the U.S. government and its agencies or instrumentalities, or derivative instruments related to such investments. The majority of the Fund's holdings will have a maturity or average life of 5 years or less. The Fund will maintain a dollar-weighed average maturity of less than 3 years. The Fund may invest up to 20% of its total assets in financial futures contracts and options in order to invest uncommitted cash balances, to maintain liquidity to meet shareholder redemptions, or minimize trading costs.

Important Disclosure

Class A and Class I shares of Calvert Short-Term Government Fund, a series of Summit Mutual Funds, Inc. (“SMF Calvert Short-Term Government Fund”), were reorganized into the Class A and Class I shares, respectively, of an identical and newly created series of The Calvert Fund (“TCF”), Calvert Short-Term Government Fund, which commenced operations on September 18, 2009. The performance results prior to September 18, 2009, for Class A and Class I shares of TCF Calvert Short-Term Government Fund reflect the performance of the corresponding shares of SMF Calvert Short-Term Government Fund. In addition, performance results for Class A shares of TCF Calvert Short-Term Government Fund prior to February 1, 2007, the inception date for Class A shares of SMF Calvert Short-Term Government Fund, reflect the performance of Class I shares of SMF Calvert Short-Term Government Fund, adjusted for the 12b-1 distribution fees applicable to Class A.


Holdings are subject to change.


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
A Shares (2.75% Sales Charge) 0.25 -1.57 0.44 3.21 3.40 3.58 3.77 4/3/2000
A Shares (No Charge) 3.10 1.21 3.28 4.18 3.98 3.87 4.05 4/3/2000
Average Annual Returns (%) for period ending 6/30/2010
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (2.75% Sales Charge) -0.94 -1.49 -0.08 3.21 3.21 3.65 3.71 4/3/2000
A Shares (No Charge) 1.87 1.30 2.74 4.18 3.79 3.94 3.99 4/3/2000
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)
n/a 0.98% 2.54%
Fund Yields
Daily 30-Day SEC Yield: 0.55%

Hypothetical Growth of $10,000

Yearly Percentage Return

Important Disclosure

Class A and Class I shares of Calvert Short-Term Government Fund, a series of Summit Mutual Funds, Inc. (“SMF Calvert Short-Term Government Fund”), were reorganized into the Class A and Class I shares, respectively, of an identical and newly created series of The Calvert Fund (“TCF”), Calvert Short-Term Government Fund, which commenced operations on September 18, 2009. The performance results prior to September 18, 2009, for Class A and Class I shares of TCF Calvert Short-Term Government Fund reflect the performance of the corresponding shares of SMF Calvert Short-Term Government Fund. In addition, performance results for Class A shares of TCF Calvert Short-Term Government Fund prior to February 1, 2007, the inception date for Class A shares of SMF Calvert Short-Term Government Fund, reflect the performance of Class I shares of SMF Calvert Short-Term Government Fund, adjusted for the 12b-1 distribution fees applicable to Class A.


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


Pricing & Distribution

Most Recent Distributions

A Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
8/27/2010 Dividend 0.05104 8/25/2010 8/26/2010 8/26/2010 53.31
7/30/2010 Dividend 0.05622 7/28/2010 7/29/2010 7/29/2010 52.85
6/25/2010 Dividend 0.07007 6/23/2010 6/24/2010 6/24/2010 52.66
5/28/2010 Dividend 0.05652 5/26/2010 5/27/2010 5/27/2010 52.69
4/30/2010 Dividend 0.06040 4/28/2010 4/29/2010 4/29/2010 52.43
3/26/2010 Dividend 0.07076 3/24/2010 3/25/2010 3/25/2010 52.29
2/26/2010 Dividend 0.06926 2/24/2010 2/25/2010 2/25/2010 52.28
1/29/2010 Dividend 0.03365 1/27/2010 1/28/2010 1/28/2010 52.31
12/24/2009 Dividend 0.10664 12/22/2009 12/23/2009 12/23/2009 52.23
12/3/2009 Long Term Gain 0.43204 12/1/2009 12/2/2009 12/2/2009 52.54
12/3/2009 Short Term Gain 0.60207 12/1/2009 12/2/2009 12/2/2009 52.54
11/25/2009 Dividend 0.05065 11/23/2009 11/24/2009 11/24/2009 53.51
10/30/2009 Dividend 0.03028 10/28/2009 10/29/2009 10/29/2009 53.45
9/25/2009 Dividend 0.04803 9/23/2009 9/24/2009 9/24/2009 53.45
8/28/2009 Dividend 0.04116 8/26/2009 8/27/2009 8/27/2009 53.34
7/31/2009 Dividend 0.05889 7/29/2009 7/30/2009 7/30/2009 53.23
6/26/2009 Dividend 0.06586 6/24/2009 6/25/2009 6/25/2009 53.09
5/29/2009 Dividend 0.05544 5/27/2009 5/28/2009 5/28/2009 52.86
4/30/2009 Dividend 0.06358 4/28/2009 4/29/2009 4/29/2009 52.79
3/27/2009 Dividend 0.07446 3/25/2009 3/26/2009 3/26/2009 52.67
2/27/2009 Dividend 0.04658 2/25/2009 2/26/2009 2/26/2009 52.57
12/24/2008 Dividend 0.13048 12/22/2008 12/23/2008 12/23/2008 52.14
11/17/2008 Dividend 0.34063 11/17/2008 11/17/2008 11/17/2008 51.94
8/18/2008 Dividend 0.30489 8/15/2008 8/18/2008 8/18/2008 51.66
6/2/2008 Dividend 0.44986 5/30/2008 6/2/2008 6/2/2008 51.72
3/3/2008 Dividend 0.37140 2/29/2008 3/3/2008 3/3/2008 52.33
12/20/2007 Dividend 0.23614 12/19/2007 12/20/2007 12/20/2007 51.85
11/12/2007 Dividend 0.44016 11/9/2007 11/12/2007 11/12/2007 51.68
8/20/2007 Dividend 0.44039 8/17/2007 8/20/2007 8/20/2007 51.35
5/31/2007 Dividend 0.57594 5/30/2007 5/31/2007 5/31/2007 51.00
2/26/2007 Dividend 0.12521 2/23/2007 2/26/2007 2/26/2007 51.12
12/18/2006 Dividend 0.25407 12/15/2006 12/18/2006 12/18/2006 50.87
11/13/2006 Dividend 0.51000 11/10/2006 11/13/2006 11/13/2006 50.89
8/14/2006 Dividend 0.48000 8/11/2006 8/14/2006 8/14/2006 50.78
5/22/2006 Dividend 0.44000 5/19/2006 5/22/2006 5/22/2006 50.79
2/27/2006 Dividend 0.19000 2/24/2006 2/27/2006 2/27/2006 50.84
12/19/2005 Dividend 0.26000 12/16/2005 12/19/2005 12/19/2005 50.85
11/14/2005 Dividend 0.37000 11/11/2005 11/14/2005 11/14/2005 50.84
8/15/2005 Dividend 0.37000 8/12/2005 8/15/2005 8/15/2005 51.09
5/16/2005 Dividend 0.33000 5/13/2005 5/16/2005 5/16/2005 51.36
2/22/2005 Dividend 0.18000 2/18/2005 2/22/2005 2/22/2005 51.44
12/21/2004 Dividend 0.22000 12/17/2004 12/20/2004 12/20/2004 51.64
11/8/2004 Dividend 0.32000 11/5/2004 11/8/2004 11/8/2004 51.83
8/9/2004 Dividend 0.32000 8/6/2004 8/9/2004 8/9/2004 52.02
5/10/2004 Dividend 0.15000 5/7/2004 5/10/2004 5/10/2004 51.72
3/9/2004 Dividend 0.22000 3/5/2004 3/8/2004 3/8/2004 52.77
12/19/2003 Dividend 0.28000 12/18/2003 12/19/2003 12/19/2003 52.50
11/11/2003 Dividend 0.18000 11/7/2003 11/10/2003 11/10/2003 52.42
8/11/2003 Dividend 0.43000 8/8/2003 8/11/2003 8/11/2003 52.56
5/13/2003 Long Term Gain 0.08035 5/9/2003 5/12/2003 5/12/2003 53.31
5/13/2003 Dividend 0.27000 5/9/2003 5/12/2003 5/12/2003 53.31
2/28/2003 Dividend 0.22000 2/27/2003 2/28/2003 2/28/2003 53.51
12/20/2002 Long Term Gain 0.20582 12/19/2002 12/20/2002 12/20/2002 53.29
12/20/2002 Dividend 0.25000 12/19/2002 12/20/2002 12/20/2002 53.29
11/11/2002 Dividend 0.41000 11/8/2002 11/11/2002 11/11/2002 53.61
8/12/2002 Dividend 0.33000 8/9/2002 8/12/2002 8/12/2002 53.47
5/13/2002 Dividend 0.39000 5/10/2002 5/13/2002 5/13/2002 52.23
3/1/2002 Dividend 0.22000 3/28/2001 3/1/2002 3/1/2002 52.30
12/19/2001 Long Term Gain 0.06490 12/18/2001 12/19/2001 12/19/2001 51.97
12/19/2001 Short Term Gain 0.68115 12/18/2001 12/19/2001 12/19/2001 51.97
12/19/2001 Dividend 0.40000 12/18/2001 12/19/2001 12/19/2001 51.97
11/9/2001 Dividend 0.45000 11/8/2001 11/9/2001 11/9/2001 53.89
8/13/2001 Dividend 0.60000 8/10/2001 8/13/2001 8/13/2001 52.70
5/21/2001 Dividend 0.55000 5/18/2001 5/21/2001 5/21/2001 52.27
2/26/2001 Dividend 0.45000 2/23/2001 2/26/2001 2/26/2001 52.29
12/18/2000 Short Term Gain 0.23725 12/15/2000 12/18/2000 12/18/2000 51.76
12/18/2000 Dividend 0.35000 12/15/2000 12/18/2000 12/18/2000 51.76
11/13/2000 Dividend 0.65000 11/9/2000 11/10/2000 11/10/2000 51.36
8/22/2000 Dividend 0.85000 8/18/2000 8/21/2000 8/21/2000 51.22
5/9/2000 Dividend 0.25000 5/5/2000 5/8/2000 5/8/2000 50.33

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

Top Holdings

Credit Quality
As of 6/30/2010
Average Effective Maturity 3.23 Years

Important Disclosure

Holdings are subject to change.


Ratings are determined by using S&P, Moody's and Fitch rating services, whose rating categories are reflected above respectively. 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. Bonds issued or guaranteed by the U.S. Government are grouped as "Government." If a bond is not rated by any of the aforementioned rating services, it appears in the "Not Rated" category.


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.

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.550%
Distribution and service (12b-1) fees 0.250%
Other expenses 1.740%
Total annual Fund operating expenses 2.540%
Less fee waiver and/or expense reimbursement 1.560%
Net expenses 0.980%

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
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)		 n/a
Net Expense Ratio
(if waiver/reimbursement
in effect)		 0.98%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 2.54%

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 Term Government Fund through January 31, 2011. This limitation does not limit the acquired fund fees and expenses incurred by a shareholder. Direct net operating expenses will not exceed 0.98% for Class A 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.


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
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