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Calvert Impact Fund Inc
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-0.1933
-0.2127
0.3824
0.1667
0.1107
0.0455
0.1325
-0.4592
0.3259
0.1153
0.0622
0.0622
0.0404
0.0544
0.0964
0.1176
0.1506
0.1480
-0.0204
-0.0208
-0.0172
-0.0261
-0.0185
-0.0097
0.0229
0.0248
0.0026
0.0024
0.0022
-0.0019
-0.0012
0.0081
0.0141
-0.0023
<div class="MetaData">
<p style="margin: 0in 0in 6pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><font style="font-family: 'Arial','sans-serif';" class="_mt"> <b>Performance</b></font></p></div>
<div>
<p>
Best Quarter (of periods shown) 9/30/09 15.63%
Worst Quarter (of periods shown) 12/31/08 -25.29%
</p>
</div>
<font class="_mt"><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">The bar chart below shows the fund's performance for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.</font></font>
<div class="MetaData">
<p style="text-align: center; margin: 10.05pt 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt;" align="center"><b><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">Calendar Year Total Returns for Class A at NAV</font></b></p></div>
0.0839
2010-03-31
-0.0193
2010-06-30
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0.0025
0.01
0.01
0
0.02
0.02
0.02
0.02
<font class="_mt">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $<font class="_mt">50,000</font> in the fund or in other calvert Mutual Funds.</font>
50000
<div class="MetaData">
<p style="margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><b><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">Number of Years Investment is Held</font></b></p></div>
<p> </p>
<p></p>
<p></p>
<div class="MetaData">
<p style="margin: 0in 0in 6pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><b><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">Example</font></b></p></div>
<div> <p>
</p><p>
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that:
</p><p>
:you invest $10,000 in the Fund for the time periods indicated and then either sell or hold your shares at the end of those periods;
</p><p>
:your investment has a 5% return each year;
</p><p>
:the Fund's operating expenses remain the same; and
</p><p>
:any Calvert expense limitation is in effect for the period indicated in the fee table above.
</p><p>
Although your actual costs may be higher or lower, under these assumptions your costs would be:
</p> </div>
<div class="MetaData"> <p style="margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><b><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt"></font></b></p></div>
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623
752
252
336
236
130
945
1176
776
727
727
585
1290
1526
1326
1245
1245
1066
2260
2602
2602
2666
2666
2395
<div class="MetaData">
<p style="margin: 6pt 0in; font-family: 'Times New Roman','serif'; font-size: 12pt;"><font style="font-family: 'Arial','sans-serif';" class="_mt"><b>Fees and Expenses of the Fund</b></font></p></div>
<div> <p>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert non-money market mutual funds. More information about these and other discounts is available from your financial professional and under 'Choosing a Share Class' on page 84 and 'Reduced Sales Charges' on page 88 of the Fund's Prospectus, and under 'Method of Distribution' on page 44 of the Fund's Statement of Additional Information ('SAI').</p></div>
0.0158
0.0249
0.0233
0.0213
-0.0005
-0.0085
<font class="_mt">January 31, 2013</font>
<font class="_mt">highest</font>
<font class="_mt">lowest</font>
0.0090
0.0090
0.0090
0.0090
0
0.05
0.01
0
0.0475
0
0
0
0.0030
0.0030
0.0030
0.0030
0.0153
0.0128
<div class="MetaData">
<p style="margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><font style="font-family: 'Arial','sans-serif';" class="_mt"><b>Investment Objective</b></font></p></div>
<div> <p >The Fund seeks to exceed the stock market total return (primarily through capital appreciation) at a level of total risk roughly equal to that of the stock market over longer periods of time (three years or more) through holdings that meet the Fund's investment criteria, including financial, sustainability and social responsibility factors. The Standard AND Poor's ('S AND P') 500 Index with dividends reinvested serves as a proxy for 'stock market' in this objective.</p></div>
<div class="MetaData">
<p style="margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><b><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">Annual Fund Operating Expenses</font></b></p><p style="margin: 0in 0in 0.85pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">(expenses that you pay each year as a % of the value of your investment)</font></p></div>
0.0040
0.0056
0.0040
0.0120
<font class="_mt">(800) 257-8787</font>
<font class="_mt">www.calvert.com/MF/products/performancesummary.aspx</font>
<font class="_mt"><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">The table below shows the variability of the fund's average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance and an index of funds with similar investment objectives. </font></font>
<div> <p>
</p>
<p>
The following bar chart and table show the Fund's annual returns and its long-term performance, which give some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Class A shares has varied from year to year. The table compares the Fund's performance over time with that of an index and an average.
</p>
<p>
The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. For updated performance information, visit www.calvert.com.
</p>
<p>
Performance results for Class Y shares prior to 10/31/08 (the Class Y shares' inception date) reflect the performance of Class A shares at net asset value. Actual Class Y share performance would have been higher than Class A share performance because Class Y, unlike Class A, has no Rule 12b-1 fees.
</p>
<p>
The return for each of the Fund's other Classes of shares will differ from the Class A returns shown in the bar chart, depending upon the expenses of that Class. The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund's shares. Any sales charge will reduce your return.
</p>
</div>
<font class="_mt">The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.</font>
<div class="MetaData">
<p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt;" align="center"><b><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">Average Annual Total Returns</font></b></p>
<p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt;" align="center"><b><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">(as of 12-31-10)</font></b></p>
<p style="text-align: center; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt;" align="center"><b><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">(with maximum sales charge deducted, if any)</font></b></p></div>
<div>
<p >
</p >
<p >
The average total return table shows the Fund's returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table.
</p >
<p >
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary.
</p >
</div>
<font class="_mt"><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans.</font></font>
<font class="_mt">After-tax returns are shown for Class A shares only; after-tax returns for Class C, R3 and I shares will vary. </font>
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<font class="_mt">All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes.</font>
<div class="MetaData">
<p style="margin: 0in 0in 6pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><b><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">Portfolio Turnover</font></b></p></div>
<div>
<p>The Fund pays transaction costs, such as commissions, when it buys and sells securities ('turns over' its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the 'Example', affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 53% of its portfolio's average value.</p> </div>
2011-01-18
<div class="MetaData">
<p style="margin: 0in 0in 6pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><font style="font-family: 'Arial','sans-serif';" class="_mt"><b>Principal Risks</b></font></p></div>
<font class="_mt"><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">As with any mutual fund investment, loss of money is a risk of investing. </font></font>
<div>
<p >
You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
</p >
<p >
<i >Management Risk.</i > Individual stocks in the Fund may not perform as expected, and the Fund's portfolio management practices may not achieve the desired result.
</p >
<p >
<i > Stock Market Risk.</i > The stock market may fall in value, causing prices of stocks held by the Fund to fall.
</p >
<p >
<i > Common Stock Risk. </i > Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company's financial condition, on overall market and economic conditions, and on investors' perception of a company's well-being.
</p >
<p >
<i > Large-Cap Company Risk.</i > Large-cap companies may be unable to respond quickly to new competitive challenges such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.
</p >
<p >
<i > Growth Company Risk. </i > Prices of growth company securities may fall more than the overall equity markets due to changing economic, political or market conditions or disappointing growth company earnings results. Growth stocks also generally lack the dividends of some value stocks that can cushion stock prices in a falling market.
</p >
<p >
<i > Stock Index Futures and Options Risk.</i > Using stock index futures and options may increase the Fund's volatility and may involve a small cash investment relative to the magnitude of risk assumed. If changes in a derivative's value do not correspond to changes in the value of the Fund's other investments, the Fund may not fully benefit from or could lose money on the derivative position. Derivatives can involve risk of loss if the party who issued the derivative defaults on its obligation. Derivatives may also be less liquid and more difficult to value.
</p >
<p >
<i > Foreign Securities Risk. </i > Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from differences between regulations that apply to U.S. and foreign issuers and markets, and the potential for foreign markets to be less liquid and more volatile than U.S. markets.
</p >
<p >
<i > Foreign Currency Risk. </i > Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall.
</p >
</div>
<font class="_mt">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font>
<div class="MetaData">
<p style="margin: 13.4pt 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><font style="font-family: 'Arial','sans-serif'; font-size: 18pt;" class="_mt">
CALVERT LARGE CAP GROWTH FUND</font></p></div>
<div class="MetaData">
<p style="margin: 6pt 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><b><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">Shareholder Fees</font></b></p>
<p style="margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">(fees paid directly from your investment)</font></p></div>
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<div class="MetaData">
<p style="margin: 0in 0in 6pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><font style="font-family: 'Arial','sans-serif';" class="_mt"><b>INVESTMENTS, RISKS AND PERFORMANCE</b></font></p></div>
<div class="MetaData">
<p style="margin: 0in 0in 6pt; font-family: 'Times New Roman','serif'; font-size: 12pt;"><font style="font-family: 'Arial','sans-serif';" class="_mt"><b>Principal Investment Strategies</b></font></p></div>
<div><p>
The Fund invests in a diversified portfolio of U.S. common stocks of companies that meet the Fund's investment criteria, including financial, sustainability and social responsibility factors. The Fund will normally invest at least 80% of its net assets, including borrowings for investment purposes, in large-cap companies. The Fund will provide shareholders with at least 60 days' notice before changing this 80% policy. The Fund defines large-cap companies as those whose market capitalization falls within the range of the S AND P 500 Index ($1.6 billion to $369 billion as of December 31, 2010). The S AND P 500 Index is reconstituted from time to time. The Fund normally seeks to have a weighted average market capitalization of at least $10 billion.
</p><p>
The Subadvisor employs several multi-factor computer models to identify companies with above-average growth and momentum characteristics. The Fund may also invest up to 25% of its net assets in foreign securities.
</p><p>
As part of a secondary strategy, the Subadvisor may purchase or sell stock index futures and may purchase options on exchange-traded stock indices and stock index futures for purposes of hedging, speculation or leverage. Stock index futures and options are derivatives. The Subadvisor would use these investments only to keep the Fund's long-term average market risk roughly equal to that of the market itself. The Fund may use these kinds of futures and options to increase exposure to the stock market when the Subadvisor perceives market conditions are favorable and to decrease exposure to the stock market when it perceives market conditions are unfavorable. To increase exposure, the Fund may establish long stock index futures positions or buy exchange-traded call options on both stock indices and stock index futures. To decrease exposure, the Fund may establish short stock index futures positions or buy exchange-traded put options on both stock indices and stock index futures. At any time, the Fund's market exposure may be as high as 150% or as low as 50% of the market. The Subadvisor does not intend to leverage overall market risk in the long term.
</p><p>
The Subadvisor purchases and sells securities for the Fund's portfolio based on information derived from its proprietary stock ranking and rating models. Stocks that are rated as sufficiently attractive in the models may be purchased. When a Fund holding deteriorates in ranking or rating, it may be sold.
</p><p>
<i>Sustainable and Socially Responsible Investing. </i>The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert believes that there are long-term benefits in an investment philosophy that attaches material weight to the environment, workplace relations, human rights, Indigenous Peoples' rights, community relations, product safety and impact, and corporate governance and business ethics. Calvert also believes that managing risks and opportunities related to these issues can contribute positively to company performance as well as to investment performance over time. The Fund has sustainable and socially responsible investment criteria that reflect specific types of companies in which the Fund seeks to invest and seeks to avoid investing.
</p><p>
Investments are first selected for financial soundness and then evaluated according to the Fund's sustainable and socially responsible investment criteria. Investments must be consistent with the Fund's current investment criteria, including financial, sustainability and social responsibility factors, the application of which is in the economic interest of the Fund and its shareholders.
</p><p>
</p>
</div>
<font class="_mt"><font style="font-family: 'Arial','sans-serif'; font-size: 10pt;" class="_mt">Under normal market conditions, the fund invests at least 80% of its net assets in preferred securities. </font></font>
(Index reflects no deduction for fees, expenses or taxes. Lipper Average reflects no deduction for taxes.)
The contingent deferred sales charge reduces over time.
Calvert has agreed to contractually limit direct net annual fund operating expenses for Class A, Class B, Class C and Class Y through January 31, 2012. This expense limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Direct net operating expenses will not exceed 1.50% for Class A, 2.50% for Class B, 2.50% for Class C and 1.25% for Class Y. Calvert has further agreed to contractually limit direct net operating expenses for Class Y to 3.00% through January 31, 2020. Only the Board of Directors of the Fund may terminate the Fund's expense cap before the contractual period expires. The contractual expense cap is exclusive of any performance fee adjustments.