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<div style="padding-left: 0%; padding-right: 0%"> <p style="text-align: center"><b>SUPPLEMENT TO</b></p> <p style="text-align: center"><b>C</b><b>ALVERT HIGH YIELD BOND FUND</b></p> <p style="text-align: center"><b>Calvert Income Funds Prospectus</b><br/><b>Class A, B, C, O and Y</b><br/><b>dated January 31, 2012, as revised April 27, 2012</b><br/><br/><b>Date of supplement: November 1, 2012</b></p><p style="text-align: left">Calvert investment Management, inc. (the “Advisor”) has contractually agreed to further waive fees or reimburse expenses for Class A, Class C and Class Y of the Fund, so that direct net operating expenses will not exceed 1.07%, 2.07% and 0.82%, respectively. The new expense limitation agreements are effective November 1, 2012, through January 31, 2014.</p> <p style="text-align: left"><i>To reflect the new expense limitations, the table contained under “Fees and Expenses of the Fund” for Calvert High Yield Bond Fund on page 24 of the Prospectus is deleted and replaced with the following:</i></p> <p style="text-align: left">Shareholder Fees (fees paid directly from your investment)</p> <div align="left"> <table style="width: 6in; font-family: 'Times New Roman'; font-size: 11pt" border="0" cellspacing="0"> <tr> <td width="49%"></td> <td width="18%" align="right"></td> <td width="19%" align="right"></td> <td width="14%" align="right"></td></tr> <tr valign="bottom"> <td width="49%" align="left"> </td> <td style="border-bottom: #000000 1px solid" width="18%" align="right">Class A</td> <td style="border-bottom: #000000 1px solid" width="19%" align="right">Class C</td> <td style="border-bottom: #000000 1px solid" width="14%" align="right">Class Y</td></tr> <tr valign="bottom"> <td width="49%" align="left">Maximum sales charge (load) on</td> <td width="18%" align="right">3.75%</td> <td width="19%" align="right">None</td> <td width="14%" align="right">None</td></tr> <tr valign="bottom"> <td width="49%" align="left">purchases (as a % of offering price)</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="14%" align="left"> </td></tr> <tr valign="bottom"> <td width="49%" align="left">Maximum deferred sales charge</td> <td width="18%" align="right">None</td> <td width="19%" align="right">1.00%</td> <td width="14%" align="right">None</td></tr> <tr valign="bottom"> <td width="49%" align="left">(load) (as a % of amount purchased</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="14%" align="left"> </td></tr> <tr valign="bottom"> <td width="49%" align="left">or redeemed, whichever is lower) <sup>1</sup></td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="14%" align="left"> </td></tr> <tr valign="bottom"> <td style="text-indent: 0pt" width="49%" align="left">Redemption fee (as a % of amount</td> <td width="18%" align="right">2.00%</td> <td width="19%" align="right">2.00%</td> <td width="14%" align="right">2.00%</td></tr> <tr valign="bottom"> <td style="text-indent: 0pt" width="49%" align="left">redeemed or exchanged within 30</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="14%" align="left"> </td></tr> <tr valign="bottom"> <td style="text-indent: 0pt" width="49%" align="left">days of purchase)</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="14%" align="left"> </td></tr></table></div> <p style="margin: 0px"> </p> <p style="text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)</p> <div align="left"> <table style="width: 6in; font-family: 'Times New Roman'; font-size: 11pt" border="0" cellspacing="0"> <tr> <td width="49%"></td> <td width="19%"></td> <td width="16%"></td> <td width="15%"></td></tr> <tr valign="bottom"> <td width="49%" align="left"> </td> <td style="border-bottom: #000000 1px solid" width="19%" align="right">Class A</td> <td style="border-bottom: #000000 1px solid" width="16%" align="right">Class C</td> <td style="border-bottom: #000000 1px solid" width="15%" align="right">Class Y</td></tr> <tr valign="bottom"> <td width="49%" align="left">Management fees</td> <td width="19%" align="right">0.75%</td> <td width="16%" align="right">0.75%</td> <td width="15%" align="right">0.75%</td></tr> <tr valign="bottom"> <td width="49%" align="left">Distribution and service (12b-1) fees</td> <td width="19%" align="right">0.25%</td> <td width="16%" align="right">1.00%</td> <td width="15%" align="right">None</td></tr> <tr valign="bottom"> <td width="49%" align="left">Other expenses</td> <td width="19%" align="right">0.56%</td> <td width="16%" align="right">0.72%</td> <td width="15%" align="right">2,723.09%</td></tr> <tr valign="bottom"> <td width="49%" align="left">Total annual fund operating expenses</td> <td width="19%" align="right">1.56%</td> <td width="16%" align="right">2.47%</td> <td width="15%" align="right">2,723.84%</td></tr> <tr valign="bottom"> <td width="49%" align="left">Less fee waiver and/or expense</td> <td width="19%" align="right">(0.49%)</td> <td width="16%" align="right">(0.40%)</td> <td width="15%" align="right">(2,723.02%)</td></tr> <tr valign="bottom"> <td width="49%" align="left">reimbursement <sup>2</sup></td> <td width="19%" align="left"> </td> <td width="16%" align="left"> </td> <td width="15%" align="left"> </td></tr> <tr valign="bottom"> <td style="text-indent: 0.001pt" width="49%" align="left">Net expenses</td> <td width="19%" align="right">1.07%</td> <td width="16%" align="right">2.07%</td> <td width="15%" align="right">0.82%</td></tr></table></div> <p style="margin: 0px"> </p></div> <div style="padding-left: 0%; padding-right: 0%"> <p style="text-align: left"><i>Footnote 2 to the table referenced above is deleted and replaced with the following:</i></p> <p style="text-align: left"><sup>2</sup> The investment advisor has agreed to contractually limit direct net annual fund operating expenses through January 31, 2014. Direct net operating expenses will not exceed 1.07% for Class A, 2.07% for Class C and 0.82% for Class Y. Only the Board of Trustees of the Fund may terminate the Fund’s expense cap before the contractual period expires.</p> <p style="text-align: left"><i>The table contained under “Fees and Expenses of the Fund - Example” for Calvert High Yield Bond Fund on page 24 of the Prospectus is deleted and replaced with the following:</i></p> <div align="left"> <table style="width: 6in; font-family: 'Times New Roman'; font-size: 11pt" border="0" cellspacing="0"><tr><td width="28%"></td> <td width="18%"></td> <td width="19%"></td> <td width="18%"></td> <td width="16%"></td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid" width="28%" align="left">Share Class</td> <td style="border-bottom: #000000 1px solid" width="18%" align="right">1 Year</td> <td style="border-bottom: #000000 1px solid" width="19%" align="right">3 Years</td> <td style="border-bottom: #000000 1px solid" width="18%" align="right">5 Years</td> <td style="border-bottom: #000000 1px solid" width="16%" align="right">10 Years</td></tr> <tr valign="bottom"> <td width="28%" align="left">Class A</td> <td width="18%" align="right">$480</td> <td width="19%" align="right">$803</td> <td width="18%" align="right">$1,148</td> <td width="16%" align="right">$2,122</td></tr> <tr valign="bottom"> <td width="28%" align="left">Class C</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="18%" align="left"> </td> <td width="16%" align="left"> </td></tr> <tr valign="bottom"> <td width="28%" align="left">Expenses assuming</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="18%" align="left"> </td> <td width="16%" align="left"> </td></tr> <tr valign="bottom"> <td width="28%" align="left">redemption</td> <td width="18%" align="right">$310</td> <td width="19%" align="right">$731</td> <td width="18%" align="right">$1,280</td> <td width="16%" align="right">$2,776</td></tr> <tr valign="bottom"> <td width="28%" align="left">Expenses assuming</td> <td width="18%" align="right">$210</td> <td width="19%" align="right">$731</td> <td width="18%" align="right">$1,280</td> <td width="16%" align="right">$2,776</td></tr> <tr valign="bottom"> <td width="28%" align="left">no redemption</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="18%" align="left"> </td> <td width="16%" align="left"> </td></tr> <tr valign="bottom"> <td width="28%" align="left">Class Y</td> <td width="18%" align="right">$84</td> <td width="19%" align="right">$721</td> <td width="18%" align="right">$1,385</td><td width="16%" align="right">$3,163</td></tr></table></div></div>
<div style="padding-left: 0%; padding-right: 0%"> <p style="text-align: center"><b>SUPPLEMENT TO</b></p> <p style="text-align: center"><b>C</b><b>ALVERT HIGH YIELD BOND FUND</b></p> <p style="text-align: center"><b>Calvert Income Funds Prospectus</b><br/><b>Class A, B, C, O and Y</b><br/><b>dated January 31, 2012, as revised April 27, 2012</b><br/><br/><b>Date of supplement: November 1, 2012</b></p><p style="text-align: left">Calvert investment Management, inc. (the “Advisor”) has contractually agreed to further waive fees or reimburse expenses for Class A, Class C and Class Y of the Fund, so that direct net operating expenses will not exceed 1.07%, 2.07% and 0.82%, respectively. The new expense limitation agreements are effective November 1, 2012, through January 31, 2014.</p> <p style="text-align: left"><i>To reflect the new expense limitations, the table contained under “Fees and Expenses of the Fund” for Calvert High Yield Bond Fund on page 24 of the Prospectus is deleted and replaced with the following:</i></p> <p style="text-align: left">Shareholder Fees (fees paid directly from your investment)</p> <div align="left"> <table style="width: 6in; font-family: 'Times New Roman'; font-size: 11pt" border="0" cellspacing="0"> <tr> <td width="49%"></td> <td width="18%" align="right"></td> <td width="19%" align="right"></td> <td width="14%" align="right"></td></tr> <tr valign="bottom"> <td width="49%" align="left"> </td> <td style="border-bottom: #000000 1px solid" width="18%" align="right">Class A</td> <td style="border-bottom: #000000 1px solid" width="19%" align="right">Class C</td> <td style="border-bottom: #000000 1px solid" width="14%" align="right">Class Y</td></tr> <tr valign="bottom"> <td width="49%" align="left">Maximum sales charge (load) on</td> <td width="18%" align="right">3.75%</td> <td width="19%" align="right">None</td> <td width="14%" align="right">None</td></tr> <tr valign="bottom"> <td width="49%" align="left">purchases (as a % of offering price)</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="14%" align="left"> </td></tr> <tr valign="bottom"> <td width="49%" align="left">Maximum deferred sales charge</td> <td width="18%" align="right">None</td> <td width="19%" align="right">1.00%</td> <td width="14%" align="right">None</td></tr> <tr valign="bottom"> <td width="49%" align="left">(load) (as a % of amount purchased</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="14%" align="left"> </td></tr> <tr valign="bottom"> <td width="49%" align="left">or redeemed, whichever is lower) <sup>1</sup></td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="14%" align="left"> </td></tr> <tr valign="bottom"> <td style="text-indent: 0pt" width="49%" align="left">Redemption fee (as a % of amount</td> <td width="18%" align="right">2.00%</td> <td width="19%" align="right">2.00%</td> <td width="14%" align="right">2.00%</td></tr> <tr valign="bottom"> <td style="text-indent: 0pt" width="49%" align="left">redeemed or exchanged within 30</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="14%" align="left"> </td></tr> <tr valign="bottom"> <td style="text-indent: 0pt" width="49%" align="left">days of purchase)</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="14%" align="left"> </td></tr></table></div> <p style="margin: 0px"> </p> <p style="text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)</p> <div align="left"> <table style="width: 6in; font-family: 'Times New Roman'; font-size: 11pt" border="0" cellspacing="0"> <tr> <td width="49%"></td> <td width="19%"></td> <td width="16%"></td> <td width="15%"></td></tr> <tr valign="bottom"> <td width="49%" align="left"> </td> <td style="border-bottom: #000000 1px solid" width="19%" align="right">Class A</td> <td style="border-bottom: #000000 1px solid" width="16%" align="right">Class C</td> <td style="border-bottom: #000000 1px solid" width="15%" align="right">Class Y</td></tr> <tr valign="bottom"> <td width="49%" align="left">Management fees</td> <td width="19%" align="right">0.75%</td> <td width="16%" align="right">0.75%</td> <td width="15%" align="right">0.75%</td></tr> <tr valign="bottom"> <td width="49%" align="left">Distribution and service (12b-1) fees</td> <td width="19%" align="right">0.25%</td> <td width="16%" align="right">1.00%</td> <td width="15%" align="right">None</td></tr> <tr valign="bottom"> <td width="49%" align="left">Other expenses</td> <td width="19%" align="right">0.56%</td> <td width="16%" align="right">0.72%</td> <td width="15%" align="right">2,723.09%</td></tr> <tr valign="bottom"> <td width="49%" align="left">Total annual fund operating expenses</td> <td width="19%" align="right">1.56%</td> <td width="16%" align="right">2.47%</td> <td width="15%" align="right">2,723.84%</td></tr> <tr valign="bottom"> <td width="49%" align="left">Less fee waiver and/or expense</td> <td width="19%" align="right">(0.49%)</td> <td width="16%" align="right">(0.40%)</td> <td width="15%" align="right">(2,723.02%)</td></tr> <tr valign="bottom"> <td width="49%" align="left">reimbursement <sup>2</sup></td> <td width="19%" align="left"> </td> <td width="16%" align="left"> </td> <td width="15%" align="left"> </td></tr> <tr valign="bottom"> <td style="text-indent: 0.001pt" width="49%" align="left">Net expenses</td> <td width="19%" align="right">1.07%</td> <td width="16%" align="right">2.07%</td> <td width="15%" align="right">0.82%</td></tr></table></div> <p style="margin: 0px"> </p></div> <div style="padding-left: 0%; padding-right: 0%"> <p style="text-align: left"><i>Footnote 2 to the table referenced above is deleted and replaced with the following:</i></p> <p style="text-align: left"><sup>2</sup> The investment advisor has agreed to contractually limit direct net annual fund operating expenses through January 31, 2014. Direct net operating expenses will not exceed 1.07% for Class A, 2.07% for Class C and 0.82% for Class Y. Only the Board of Trustees of the Fund may terminate the Fund’s expense cap before the contractual period expires.</p> <p style="text-align: left"><i>The table contained under “Fees and Expenses of the Fund - Example” for Calvert High Yield Bond Fund on page 24 of the Prospectus is deleted and replaced with the following:</i></p> <div align="left"> <table style="width: 6in; font-family: 'Times New Roman'; font-size: 11pt" border="0" cellspacing="0"><tr><td width="28%"></td> <td width="18%"></td> <td width="19%"></td> <td width="18%"></td> <td width="16%"></td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid" width="28%" align="left">Share Class</td> <td style="border-bottom: #000000 1px solid" width="18%" align="right">1 Year</td> <td style="border-bottom: #000000 1px solid" width="19%" align="right">3 Years</td> <td style="border-bottom: #000000 1px solid" width="18%" align="right">5 Years</td> <td style="border-bottom: #000000 1px solid" width="16%" align="right">10 Years</td></tr> <tr valign="bottom"> <td width="28%" align="left">Class A</td> <td width="18%" align="right">$480</td> <td width="19%" align="right">$803</td> <td width="18%" align="right">$1,148</td> <td width="16%" align="right">$2,122</td></tr> <tr valign="bottom"> <td width="28%" align="left">Class C</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="18%" align="left"> </td> <td width="16%" align="left"> </td></tr> <tr valign="bottom"> <td width="28%" align="left">Expenses assuming</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="18%" align="left"> </td> <td width="16%" align="left"> </td></tr> <tr valign="bottom"> <td width="28%" align="left">redemption</td> <td width="18%" align="right">$310</td> <td width="19%" align="right">$731</td> <td width="18%" align="right">$1,280</td> <td width="16%" align="right">$2,776</td></tr> <tr valign="bottom"> <td width="28%" align="left">Expenses assuming</td> <td width="18%" align="right">$210</td> <td width="19%" align="right">$731</td> <td width="18%" align="right">$1,280</td> <td width="16%" align="right">$2,776</td></tr> <tr valign="bottom"> <td width="28%" align="left">no redemption</td> <td width="18%" align="left"> </td> <td width="19%" align="left"> </td> <td width="18%" align="left"> </td> <td width="16%" align="left"> </td></tr> <tr valign="bottom"> <td width="28%" align="left">Class Y</td> <td width="18%" align="right">$84</td> <td width="19%" align="right">$721</td> <td width="18%" align="right">$1,385</td><td width="16%" align="right">$3,163</td></tr></table></div></div>
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