Calvert Mutual Funds Performance

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Important Performance Disclosure

Class A and Class I shares of Calvert High Yield Bond Fund, a series of Summit Mutual Funds, Inc. (“SMF Calvert High Yield Bond 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 High Yield Bond 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 High Yield Bond Fund reflect the performance of the corresponding shares of SMF Calvert High Yield Bond Fund. In addition, performance results for Class A shares of TCF Calvert High Yield Bond Fund prior to February 1, 2007, the inception date for Class A shares of SMF Calvert High Yield Bond Fund, reflect the performance of Class I shares of SMF Calvert High Yield Bond Fund, adjusted for the 12b-1 distribution fees applicable to Class A.

In the annual report for Calvert Long-Term Income Fund dated September 30, 2011, Class A (net asset value) total return for the one-year period ended 9/30/11 is incorrectly stated. The correct figure is 6.45%.

Prior to July 13, 2009, the Calvert Tax-Free Bond Fund emphasized investments in long-term fixed income securities and the returns shown above are the result of that investment management strategy. At a shareholder meeting held on July 13, 2009, the Fund's "Principal Investment Strategies" were amended to permit the Fund's portfolio manager to manage the Fund as a flexible duration fund without any upper or lower limit on the Fund's average maturity or average duration. The Fund's performance after July 13, 2009 reflects the Fund's new investment management strategy, which will cause the Fund to have, at times, a significantly shorter weighted average maturity and effective duration than it did prior to July 13, 2009. Past performance is no guarantee of future results.

Important Expense Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert Government Fund through January 31, 2014. Direct net operating expenses for the Fund will not exceed 1.04% for Class A shares and 2.04% for Class C shares of the Fund. Only the Board of Trustees of the Fund may terminate the Funds 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.

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.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert Long-Term Income Fund through January 31, 2014. Direct net operating expenses will not exceed 1.25% for Class A 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.

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.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert Ultra-Short Income Fund through January 31, 2014. Direct net operating expenses for the Fund will not exceed 0.89% for Class A shares and 0.84% 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.

For Calvert Ultra Short Income Fund, the redemption fee applies to redemptions, including exchanges within seven days of purchase.

C101 (4/09)