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Calvert Government Fund (CGVAX)

Daily Performance (as of 5/22/2013)
Price $16.63
Price Change $-0.04 (-0.24%)
YTD Return (3.75% Sales Charge) -4.24%
YTD Return (No Charge) -0.53%
Average Maturity
(rounded to nearest year or day) 		10 Years
Daily 30-Day SEC Yield 0.48%
12 Mth Distribution Yield
(3.75% Sales Charge)		 0.64%
12 Mth Distribution Yield
(No Charge)		 0.66%
Fund Facts (as of 5/21/2013)
NASDAQ Symbol CGVAX (A Shares)
Calvert Fund Number 974 (A Shares)
CUSIP Number 131582546 (A Shares)
Assets Under Management $39.48 Million
Duration (as of 3/31/2013)
Effective Duration 4.12 Years

Overview

Fund Management

Calvert Investment Management, Inc.

Matthew Duch,
Vice President and Lead Portfolio Manager

Vishal Khanduja,
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, primarily through investment in debt securities issued or guaranteed by the U.S. government, its agencies or instrumentalities.

Investment Strategy

Under normal circumstances, the Fund will invest at least 80% of its net assets in (i) debt securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities ("U.S. Government Securities"), (ii) repurchase agreements collateralized by U.S. Government Securities and (iii) incidental to those investments, futures contracts that are related to U.S. Government Securities. The Fund may also invest in corporate debt securities, trust preferred securities, taxable municipal securities, asset-backed securities, including commercial mortgage-backed securities, and repurchase agreements. The Fund uses an active strategy, seeking relative value to earn incremental income. There is no limit on the Fund's average maturity. 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 may fall; individual bonds in 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. 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 9.57% -
Financial Institutions 7.88% -
Industrial 1.69% -
Utility - -
Government Related 65.89% 11.52%
Agency 64.66% 11.52%
Local Authority 1.23% -
Sovereign - -
Supranational - -
Securitized 23.99% -
Asset Backed Securities 5.65% -
CMBS 11.31% -
Covered - -
Mortgage Backed Passthrough 3.00% -
CMO 4.03% -
Treasury - 88.49%
Cash and Cash Equivalents -0.02% -
Total 99.43%  
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 (3.75% Sales Charge) -3.32 -3.10 -1.69 3.42 n/a n/a 4.90 12/31/2008
A Shares (No Charge) 0.43 0.67 2.12 4.74 n/a n/a 5.83 12/31/2008
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 (3.75% Sales Charge) -3.96 -3.96 -1.40 3.56 n/a n/a 4.84 12/31/2008
A Shares (No Charge) -0.24 -0.24 2.46 4.89 n/a n/a 5.78 12/31/2008
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 1.04% 1.37% 311.0%

Hypothetical Growth of $10,000

Yearly Percentage Return

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

  Fund (AShares) Barclays U.S. Government Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 2.88% 4.55% 0.00% 0.00%
Beta 0.48 0.37 1.00 1.00
R-Squared 57.66% 27.80% 100.00% 100.00%
Sharpe Ratio 2.42 2.22 1.39 0.85
Standard Deviation 2.10% 2.56% 3.34% 3.69%
Excess Return 0.43% 2.52% 0.00% 0.00%
Information Ratio 0.20 0.79 0.00 0.00
Tracking Error 2.22% 3.19% 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 0.01186 4/24/2013 4/25/2013 4/25/2013 16.77
3/28/2013 Dividend 0.01210 3/26/2013 3/27/2013 3/27/2013 16.70
2/28/2013 Dividend 0.01463 2/26/2013 2/27/2013 2/27/2013 16.71
1/31/2013 Dividend 0.01266 1/29/2013 1/30/2013 1/30/2013 16.64
12/28/2012 Dividend 0.01200 12/26/2012 12/27/2012 12/27/2012 16.79
12/7/2012 Short Term Gain 0.38485 12/5/2012 12/6/2012 12/6/2012 16.87
12/7/2012 Long Term Gain 0.11231 12/5/2012 12/6/2012 12/6/2012 16.87
11/30/2012 Dividend 0.00930 11/28/2012 11/29/2012 11/29/2012 17.34
11/2/2012 Dividend 0.00733 10/31/2012 11/1/2012 11/1/2012 17.29
9/28/2012 Dividend 0.00757 9/26/2012 9/27/2012 9/27/2012 17.32
8/31/2012 Dividend 0.00762 8/29/2012 8/30/2012 8/30/2012 17.30
7/27/2012 Dividend 0.00533 7/25/2012 7/26/2012 7/26/2012 17.38
6/29/2012 Dividend 0.00646 6/27/2012 6/28/2012 6/28/2012 17.25
5/31/2012 Dividend 0.00701 5/29/2012 5/30/2012 5/30/2012 17.20
4/27/2012 Dividend 0.00910 4/25/2012 4/26/2012 4/26/2012 17.02
3/30/2012 Dividend 0.00780 3/28/2012 3/29/2012 3/29/2012 16.92
2/24/2012 Dividend 0.00820 2/22/2012 2/23/2012 2/23/2012 16.97
1/27/2012 Dividend 0.00673 1/25/2012 1/26/2012 1/26/2012 16.97
12/23/2011 Dividend 0.00964 12/21/2011 12/22/2011 12/22/2011 16.93
12/8/2011 Short Term Gain 0.31215 12/6/2011 12/7/2011 12/7/2011 16.90
12/8/2011 Long Term Gain 0.12029 12/6/2011 12/7/2011 12/7/2011 16.90
11/23/2011 Dividend 0.01262 11/21/2011 11/22/2011 11/22/2011 17.36
10/28/2011 Dividend 0.00979 10/26/2011 10/27/2011 10/27/2011 17.10
9/30/2011 Dividend 0.01187 9/28/2011 9/29/2011 9/29/2011 17.31
8/26/2011 Dividend 0.01137 8/24/2011 8/25/2011 8/25/2011 17.15
7/29/2011 Dividend 0.01626 7/27/2011 7/28/2011 7/28/2011 16.90
6/30/2011 Dividend 0.01171 6/28/2011 6/29/2011 6/29/2011 16.83
5/27/2011 Dividend 0.00867 5/25/2011 5/26/2011 5/26/2011 16.83
4/29/2011 Dividend 0.02027 4/27/2011 4/28/2011 4/28/2011 16.73
3/31/2011 Dividend 0.01907 3/29/2011 3/30/2011 3/30/2011 16.65
2/25/2011 Dividend 0.01721 2/23/2011 2/24/2011 2/24/2011 16.56
1/28/2011 Dividend 0.01211 1/26/2011 1/27/2011 1/27/2011 16.54
12/23/2010 Dividend 0.01024 12/21/2010 12/22/2010 12/22/2010 16.45
12/3/2010 Short Term Gain 0.23299 12/1/2010 12/2/2010 12/2/2010 16.40
11/24/2010 Dividend 0.01120 11/22/2010 11/23/2010 11/23/2010 16.66
10/29/2010 Dividend 0.00928 10/27/2010 10/28/2010 10/28/2010 16.57
9/30/2010 Dividend 0.00867 9/28/2010 9/29/2010 9/29/2010 16.62
8/27/2010 Dividend 0.00964 8/25/2010 8/26/2010 8/26/2010 16.64
7/30/2010 Dividend 0.01648 7/28/2010 7/29/2010 7/29/2010 16.38
6/25/2010 Dividend 0.02144 6/23/2010 6/24/2010 6/24/2010 16.35
5/28/2010 Dividend 0.02241 5/26/2010 5/27/2010 5/27/2010 16.36
4/30/2010 Dividend 0.02565 4/28/2010 4/29/2010 4/29/2010 16.02
3/26/2010 Dividend 0.02446 3/24/2010 3/25/2010 3/25/2010 15.85
2/26/2010 Dividend 0.02420 2/24/2010 2/25/2010 2/25/2010 15.76
1/29/2010 Dividend 0.02386 1/27/2010 1/28/2010 1/28/2010 15.78
12/24/2009 Dividend 0.02321 12/22/2009 12/23/2009 12/23/2009 15.63
12/3/2009 Short Term Gain 0.33682 12/1/2009 12/2/2009 12/2/2009 15.70
12/3/2009 Long Term Gain 0.07383 12/1/2009 12/2/2009 12/2/2009 15.70
11/25/2009 Dividend 0.02145 11/23/2009 11/24/2009 11/24/2009 16.10
10/30/2009 Dividend 0.01732 10/28/2009 10/29/2009 10/29/2009 16.10
9/25/2009 Dividend 0.01787 9/23/2009 9/24/2009 9/24/2009 16.08
8/28/2009 Dividend 0.01588 8/26/2009 8/27/2009 8/27/2009 15.90
7/31/2009 Dividend 0.01035 7/29/2009 7/30/2009 7/30/2009 15.71
6/26/2009 Dividend 0.01188 6/24/2009 6/25/2009 6/25/2009 15.48

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 9.57% -
Financial Institutions 7.88% -
Industrial 1.69% -
Utility - -
Government Related 65.89% 11.52%
Agency 64.66% 11.52%
Local Authority 1.23% -
Sovereign - -
Supranational - -
Securitized 23.99% -
Asset Backed Securities 5.65% -
CMBS 11.31% -
Covered - -
Mortgage Backed Passthrough 3.00% -
CMO 4.03% -
Treasury - 88.49%
Cash and Cash Equivalents -0.02% -
Total 99.43%  
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 6.63 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

Related Market Outlook

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 0.570%
Total annual Fund operating expenses 1.370%
Less fee waiver and/or expense reimbursement 0.330%
Net expenses 1.040%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)		 3.75%
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)		 1.04%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 1.37%

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 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.

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 Government

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