UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-3416

THE CALVERT FUND

(Exact name of registrant as specified in charter)

4550 Montgomery Avenue

Suite 1000N

Bethesda, Maryland 20814

(Address of Principal Executive Offices)

William M. Tartikoff, Esq.

4550 Montgomery Avenue

Suite 1000N

Bethesda, Maryland 20814

(Name and Address of Agent for Service)

Registrant's telephone number, including area code:  (301) 951-4800

Date of fiscal year end: September 30

Date of reporting period: Six months ended March 31, 2011

Item 1.  Report to Stockholders.

INFORMATION REGARDING CALVERT OPERATING COMPANY

NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each
		operating company listed
		below
Calvert Asset Management	Calvert Investment	Investment advisor to the
Company, Inc.	Management, Inc.	Calvert Funds
Calvert Distributors, Inc.	Calvert Investment Distributors,	Principal underwriter
	Inc.	and distributor for the
		Calvert Funds
Calvert Administrative	Calvert Investment	Administrative services
Services Company	Administrative Services, Inc.	provider for the Calvert
		Funds
Calvert Shareholder	Calvert Investment Services,	Shareholder servicing
Services, Inc.	Inc.	provider for the Calvert
		Funds

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Just go to www.calvert.com. If you already have an online account at Calvert, click on My Account, and select the documents you would like to receive via e-mail.

If you’re new to online account access, click on Login/Register to open an online account. Once you’re in, click on the E-delivery sign-up at the bottom of the Account Portfolio page and follow the quick, easy steps. Note: if your shares are not held directly at Calvert but through a brokerage firm, you must contact your broker for electronic delivery options available through their firm.

Dear Shareholder:

     The financial markets ended the six-month period on a high note. The Federal Reserve’s announcement in the fall of 2010 of a second round of quantitative easing (QE2) and the extension in December of the Bush-era tax cuts for all income levels helped buoy the markets and pushed Treasury yields higher. The resulting increase in U.S. consumer spending and confidence helped drive a year-end rally.

This calm lasted until new storms arrived in the beginning of 2011. Civil and political unrest in the Middle East and North Africa sent the price of crude soaring and heightened energy security concerns in many countries around the world. In March, the tragic earthquake and tsunami struck Japan. Our sympathies go out to the people of Japan who lost loved ones in this disaster. The earthquake—and its impact on the country’s nuclear reactors—roiled global financial markets. The cumulative effect of these events sparked a brief sell-off in corporate bonds as investors moved into the relative safety of U.S. Treasuries.

Fixed-Income Markets Continue to be Volatile

Investment-grade corporate bonds edged down slightly for the reporting period, with the Barclays Capital U.S. Credit Index returning -0.98%, while high-yield bonds, as measured by the BofA Merrill Lynch U.S. High Yield Master II Index, returned 7.09%. Money-market returns remained flat, reflecting the Fed’s efforts to keep its target interest rate very low.

Corporate bonds continued to benefit from generally strong corporate earnings and lower default expectations during the fourth quarter of 2010. This trend continued during the first quarter of 2011 as investors became more comfortable moving into riskier asset classes to chase yield. However, most fixed-income sectors experienced significant volatility as investors reacted to the turmoil in the Middle East and the ensuing climb in oil prices as well as the disaster in Japan—which prompted some investors to move back into the relative safety of Treasuries as noted above.

Municipal bond returns suffered greatly in the final months of 2010 due to heavy municipal debt issuance, record municipal bond fund redemptions by retail investors, and fear of massive municipal debt defaults, which appears to be unfounded. Fortunately, prices steadied after the turn of the year due to slowing investor outflows and minimal new debt issuance.

Opportunities and Challenges Ahead

Overall, we are optimistic and expect a slow, gradual economic recovery to continue, which we believe should help sustain a corporate bond rally through the remainder of 2011. A low core inflation rate (which excludes food and energy prices) will likely

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facilitate economic growth, while continued debt reduction, lingering high unemployment, and a struggling housing market will limit gains. Energy prices will remain a challenge until we see more resolution of the events in the Middle East and North Africa. Of course, more geopolitical crises, rising commodity prices, and inflation spikes could certainly dampen the markets.

In short, we believe the markets, the global economy, and your Calvert funds can successfully navigate through any temporary setbacks.

Discuss Your Portfolio Allocations with Your Advisor

Given the market shifts we have experienced, your overall portfolio asset allocation and investment strategy may no longer match your needs. Therefore, we recommend reviewing these with your financial advisor to ensure that your target mix of U.S. and international stocks, bonds, and cash is well-diversified and appropriate given your financial goals, time horizon, and risk tolerance.

We encourage you to visit our website, www.calvert.com, for fund information and updates as well as market and economic commentary from Calvert professionals.

As noted elsewhere in this report, the Calvert operating companies that provide services to the funds will change their names effective April 30, 2011. As part of the changes, Calvert Group, Ltd. will be known as Calvert Investments, Inc., and the funds’ advisor, Calvert Asset Management Company, Inc., will be known as Calvert Investment Management, Inc.

As always, we appreciate your investing with Calvert.

Barbara J. Krumsiek

President and CEO

Calvert Investments, Inc.

April 2011

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PORTFOLIO MANAGEMENT DISCUSSION

Gregory Habeeb

Senior Vice President and Senior Portfolio Manager
of Calvert Investment Management, Inc.

Performance

For the six-month period ended March 31, 2011, Calvert Income Fund (Class A shares at NAV) returned 1.14%. Its benchmark index, the Barclays Capital U.S. Credit Index, returned -0.98% for the period. The Fund’s short relative duration strategy was primarily responsible for its outperformance. Duration is a measure of a portfolio’s sensitivity to changes in interest rates. The longer the duration, the greater the change in price relative to interest rate movements. The Fund’s allocation to high-yield bonds also helped relative returns.

Investment Climate

The six-month reporting period was characterized by four clear phases in interest-rate movements. The first was a steady and strong upward movement in interest rates. The 10-year Treasury yield increased from 2.33% in early October to 3.57% by mid-December. The Federal Reserve’s (Fed) announcement of new Treasury purchases in November did little to slow the advance as economic data improved. In December, many analysts raised their forecasts for eco-

CALVERT INCOME FUND

MARCH 31, 2011

Investment Performance
(total return at NAV*)
	6 Months		12 Months
	ended		ended
	3/31/11		3/31/11
Class A	1.14	%	5.57	%
Class B	0.66	%	4.75	%
Class C	0.72	%	4.87	%
Class I	1.45	%	6.36	%
Class R	0.96	%	5.33	%
Class Y	1.28	%	5.96	%
Barclays Capital U.S.
Credit Index	-0.98	%	7.01	%
Lipper BBB-Rated Corp
Debt Funds Average	0.80	%	8.15	%
SEC YIELDS
	30 days ended
	3/31/11		9/30/10
Class A	2.86	%	2.75	%
Class B	2.11	%	1.98	%
Class C	2.27	%	2.16	%
Class I	3.67	%	3.54	%
Class R	2.76	%	2.64	%
Class Y	3.34	%	3.27	%

* Investment performance/return at NAV does not reflect the deduction of the Fund’s maximum 3.75% front-end sales charge or any deferred sales charge.

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Portfolio Statistics
March 31, 2011
	% of Total
ECONOMIC SECTORS	Investments
Asset-Backed Securities	0.8	%
Basic Materials	1.0	%
Communications	3.7	%
Consumer, Cyclical	2.7	%
Consumer, Non-cyclical	3.7	%
Diversified	0.4	%
Energy	6.0	%
Financials	42.0	%
Government	24.7	%
Industrials	7.6	%
Insurance	0.2	%
Mortgage Securities	2.6	%
Technology	1.1	%
Utilities	3.5	%
Total	100	%

nomic growth, and stocks rallied as a larger-than-expected fiscal stimulus package was passed. The second phase featured a fairly quiet trading range. During phase three, from early to mid-February, yields rose again as the unemployment rate fell sharply, boosting confidence in the economy and triggering a rally in stocks. The 10-year Treasury yield peaked at 3.74%.

In the final phase, yields began to fall as turmoil in the Middle East pushed up the price of oil and raised doubts about the strength of the young economic expansion. Volatility increased in global financial markets. Doubt, uncertainty, and volatility were amplified by the terrible March 11 earthquake and tsunami in Japan. Treasury yields continued to fall, with the 10-year yield bottoming at 3.14% a few days after the disaster. After the shock wore off, stocks regained their footing and Treasury yields recovered some ground.  The 10-year Treasury yield ended the reporting period near 3.5%, which was close to the
middle of the range over the full reporting period.¹

During the reporting period, we estimate that the U.S. economy grew at an annualized rate of 3.3%.² This is very near the 50-year average growth rate, but remains below the rate seen at a similar point in the business cycle after prior deep recessions in the post-WWII era. The core consumer price inflation (CPI) rate increased from 0.6% to 1.1% during the reporting period,3 so the Fed’s concern about unwanted disinflation abated. While the inflation rate was trending up, the level of both core and headline inflation rates remained below long-run averages. Market expectations for inflation in coming years increased to a level more in line with long-term averages.

Portfolio Strategy

The Fund benefitted from higher interest rates across the yield curve. The yields on two- and 10-year Treasuries increased by 35 and 91 basis points, respectively, over the six-month reporting period. The Fund’s allocation to high-yield bonds also helped relative performance. At the start of the reporting period, 12.89% of the Fund was allocated to high-yield bonds. Over the reporting period, the Barclays U.S. Corporate High Yield Index returned 7.23%, while the more broadly based Barclays Capital U.S. Credit

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GROWTH OF $10,000

The graph below shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods. The results shown are for Class A shares and reflect the deduction of the maximum front-end sales charge of 3.75%, and assume the reinvestment of dividends. The result is compared with benchmarks that include a broad based market index and a Lipper peer group average. Market indexes are unmanaged and their results do not reflect the effect of expenses or sales charges. The Lipper average reflects the deduction of the category’s average front-end sales charge. The value of an investment in a different share class would be different.

All performance data shown, including the graph above and the adjacent table, represents past performance, does not guarantee future results, assumes reinvestment of dividends and distributions and does not reflect the deduction of taxes that a shareholder would pay on the Fund’s/Portfolio’s distributions or the redemption of the Fund/Portfolio shares. 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 lower or higher than the performance data quoted; for current performance data visit www.calvert.com. The gross expense ratio from the current prospectus for Class A shares is 1.23%. This number may differ from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. Performance data quoted already reflects the deduction of the Fund’s/Portfolio’s operating expenses.

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Index returned -0.98%.

The Fund employed a yield-curve-flattening strategy. This had a mixed effect as some portions of the yield curve narrowed while others widened. The Fund was positioned to benefit from a narrowing of the yield differential between the 10- and 30-year U.S. Treasuries, which helped performance, as this section of the yield curve narrowed from 160 basis points to 104 basis points. However, the Fund also was positioned to benefit from narrowing of the yield differential between two- and 10- year Treasuries. This section of the yield curve widened from 209 to 265 basis points during the reporting period, which hurt performance. The Fund uses Treasury futures to hedge its interest rate position.

Outlook

The U.S. economy continues to recover from severe financial crisis. Deleveraging in household and financial sectors continues, suggesting moderate, not heated, growth and consumer price inflation. We believe monetary policy will remain easy in coming quarters while federal, state, and local fiscal stimuli continue to recede or contract. The impact from the long stretch of extraordinarily easy Fed policy, with its near-zero percent short-term interest rates and government bond purchases, is clear in the higher prices of stocks, bonds, and commodities, but not in consumer price indices.

CALVERT INCOME FUND
MARCH 31, 2011
AVERAGE ANNUAL TOTAL RETURNS

class A shares	(with max load)
One year	1.62	%
Five year	3.31	%
Ten year	4.91	%
class B shares	(with max load)
One year	0.75	%
Five year	3.24	%
Ten year	4.48	%
class C shares	(with max load)
One year	3.87	%
Five year	3.38	%
Ten year	4.57	%
class I shares
One year	6.36	%
Five year	4.79	%
Ten year	5.98	%
class R shares*
One year	5.33	%
Five year	3.85	%
Ten year	5.19	%
class Y shares**
One year	5.96	%
Five year	4.35	%
Ten year	5.45	%

* Performance results for Class R shares prior to October 31, 2006 reflect the performance of Class A shares at net asset value (NAV). Actual Class R share performance would have been lower than Class A share performance because of higher Rule 12b-1 fees and other class-specific expenses that apply to the Class R shares.

** Performance for Class Y Shares prior to February 29, 2008 reflects the performance of Class A shares at net asset value (NAV). Actual Class Y share performance would have been different.

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Once again, events external to the United States created more uncertainty about the outlook for U.S. growth, inflation, and monetary policy. In addition to geopolitical tensions in the Middle East and natural disaster in Japan, deepening eurozone debt troubles have put Portugal on the brink of a bailout from the European Union/International Monetary Fund rescue facility. If the country does require a financial rescue package, Portugal would become the third eurozone member to receive a bailout. The rescue facility can accommodate Greece, Ireland, and Portugal, but a debt crisis in Spain would disrupt financial markets worldwide. The Spanish government’s interest rates, while elevated, are not near crisis levels. Spain will remain under pressure, however, and has the potential to unnerve investors from time to time.

Despite increased uncertainty in recent months, we expect the Fed to conclude its Treasury purchases by the end of June. This would complete the easing cycle and, apart from some minor operations, move the Fed to the sidelines for the remainder of the year. There are monetary policy scenarios that could move bond yields quite sharply, including the small chance that the Fed will tighten faster than expected if core inflation increases rapidly. In addition, in light of the recent international turmoil, there also is a chance—perhaps small—that the Fed will ease yet again if the economy weakens later this year. In uncertain times, we expect market volatility to erupt from time to time.

April 2011

¹ Interest rate data sources: Chicago Board Options Exchange and Federal Reserve

² According to Bureau of Economic Analysis data and forecasts from the Wall Street Journal Survey of Professional Forecasters

³ Latest data as of February 2011 from the Bureau of Labor Statistics

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SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) and redemption fees and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2010 to March 31, 2011).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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		BEGINNING		ENDING ACCOUNT		EXPENSES PAID
		ACCOUNT VALUE		VALUE		DURING PERIOD*
		10/1/10		3/31/11		10/1/10 - 3/31/11
class A
Actual	$	1,000.00	$	1,012.70	$	6.30
Hypothetical	$	1,000.00	$	1,018.67	$	6.32
(5% return per year before expenses)
class B
Actual	$	1,000.00	$	1,008.50	$	10.61
Hypothetical	$	1,000.00	$	1,014.37	$	10.64
(5% return per year before expenses)
class c
Actual	$	1,000.00	$	1,009.10	$	9.77
Hypothetical	$	1,000.00	$	1,015.20	$	9.80
(5% return per year before expenses)
class I
Actual	$	1,000.00	$	1,016.30	$	2.81
Hypothetical	$	1,000.00	$	1,022.14	$	2.82
(5% return per year before expenses)
class R
Actual	$	1,000.00	$	1,011.40	$	7.37
Hypothetical	$	1,000.00	$	1,017.60	$	7.39
(5% return per year before expenses)
class Y
Actual	$	1,000.00	$	1,014.70	$	4.45
Hypothetical	$	1,000.00	$	1,020.51	$	4.47
(5% return per year before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 1.26%, 2.12%, 1.95%, 0.56%, 1.47% and 0.89% for Class A, Class B, Class C, Class I, Class R and Class Y, respectively, multiplied by the average account value over the period, mutliplied by 182/365 (to reflect the one-half year period).

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SCHEDULE OF INVESTMENTS
MARCH 31, 2011
			PRINCIPAL
	Asset-BackedSecurities- 0.7%		AMOUNT		VALUE
	ACLC Business Loan Receivables Trust, 0.905%, 10/15/21 (e)(r)	$	272,209	$	269,800
	Capital One Auto Finance Trust, 0.285%, 4/15/14 (r)		6,702,534		6,658,273
	Captec Franchise Trust, 8.155%, 6/15/13 (e)		3,969,194		4,005,579
	Centex Home Equity, 7.36%, 7/25/32 (r)		120,536		15,384
	Countrywide Asset-Backed Certificates, 0.70%, 11/25/34 (r)		3,012,758		2,657,786
	Fifth Third Auto Trust, 4.81%, 1/15/13		3,029,606		3,064,417
	FMAC Loan Receivables Trust:
	1.35%, 11/15/18 (e)(r)(u)		824,982		9,797
	6.74%, 11/15/20 (e)		400,066		277,695
	Total Asset-Backed Securities (Cost $17,520,470)				16,958,731
	collateralIzed Mortgage-Backed
	obligatIons (Privately originated) - 0.9%
	Banc of America Mortgage Securities, Inc., 0.279%, 1/25/34 (r)		63,539,075		240,953
	Countrywide Home Loan Mortgage Pass Through Trust,
	0.59%, 6/25/35 (e)(r)		1,765,077		1,309,722
	GMAC Mortgage Corp. Loan Trust, 5.00%, 5/25/18 (e)		116,771		61,603
	Impac CMB Trust:
	0.89%, 9/25/34 (r)		959,729		749,103
	0.77%, 4/25/35 (r)		5,176,518		4,207,873
	0.87%, 4/25/35 (r)		1,854,919		1,010,821
	0.79%, 5/25/35 (r)		2,428,526		1,898,515
	0.57%, 8/25/35 (r)		5,440,705		4,151,187
	Salomon Brothers Mortgage Securities VII, Inc.,
	3.199%, 9/25/33 (r)		193,250		75,375
	Structured Asset Securities Corp., 5.50%, 6/25/35		4,291,000		3,227,670
	WaMu Mortgage Pass Through Certificates, 2.725%, 10/25/35 (r)		5,697,000		4,709,247
	Total Collateralized Mortgage-Backed Obligations
	(Privately Originated) (Cost $22,614,175)				21,642,069
	commercial Mortgage-Backed securItIes - 0.2%
	Bank of America-First Union NB Commercial Mortgage,
	5.464%, 4/11/37		3,031,154		3,052,111
	JP Morgan Chase Commercial Mortgage Securities Corp.,
	6.429%, 4/15/35		2,103,163		2,115,73
	Total Commercial Mortgage-Backed Securities (Cost $5,236,607)				5,167,844

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		PRINCIPAL
corporate Bonds - 65.9%		AMOUNT		VALUE
Affiliated Computer Services, Inc., 5.20%, 6/1/15	$	7,000,000	$	7,535,993
Alcoa, Inc., 6.15%, 8/15/20		4,000,000		4,229,413
Alliance Mortgage Investments:
12.61%, 6/1/10 (b)(r)(x)*		3,077,944		-
15.36%, 12/1/10 (b)(r)(x)*		17,718,398		-
Ally Financial, Inc.:
6.00%, 12/15/11		1,075,000		1,093,813
6.00%, 12/15/11		15,000,000		15,262,500
American Airlines Pass Through Trust:
Series 2001-2, Class A, 7.858%, 4/1/13		4,000,000		4,105,000
Series 2001-2, Class B, 8.608%, 10/1/12		7,000,000		7,000,000
American Express Bank FSB, 0.406%, 6/12/12 (r)		5,000,000		4,986,203
ANZ National International Ltd., 1.309%, 12/20/13 (e)(r)		10,000,000		10,000,111
APL Ltd., 8.00%, 1/15/24 (b)		21,057,000		18,920,978
ArcelorMittal, 5.50%, 3/1/21		10,100,000		9,932,119
Asciano Finance Ltd., 4.625%, 9/23/20 (e)		6,750,000		6,182,146
Asian Development Bank, 6.22%, 8/15/27		2,470,000		2,783,063
Atlantic Marine Corp. Communities LLC, 6.158%, 12/1/51 (e)		23,670,000		21,907,951
Atlantic Mutual Insurance Co., 8.15%, 2/15/28 (b)(e)(p)*		53,561,000		-
BAC Capital Trust XV, 1.111%, 6/1/56 (r)		36,870,000		25,723,140
Bank of America Corp., 5.875%, 1/5/21		1,000,000		1,041,545
Bank of Nova Scotia, 2.90%, 3/29/16		12,000,000		11,930,700
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.973%, 2/24/14 (e)(r)		3,000,000		3,000,035
Bayfront Regional Development Corp. VRDN, 0.27%, 11/1/27 (r)		1,000,000		1,000,000
Bayview Research Center Finance Trust, 6.33%, 1/15/37 (b)(e)		20,919,247		20,500,862
BNSF Funding Trust I, 6.613% to 1/15/26, floating rate
thereafter to 12/15/55 (r)		37,001,000		38,434,789
Bochasanwais Shree Akshar Purushottam Swaminarayan Sanstha, Inc.
VRDN, 0.35%, 6/1/22 (r)		185,000		185,000
C8 Capital SPV Ltd., 6.64% to 12/31/14, floating rate
thereafter to 12/29/49 (b)(e)(r)		15,850,000		12,259,975
C10 Capital SPV Ltd., 6.722% to 12/31/16, floating rate
thereafter to 12/31/49 (b)(e)(r)		8,300,000		6,453,250
Calpine Corp. Escrow, (b)*		375,000		-
Cantor Fitzgerald LP, 7.875%, 10/15/19 (e)		12,450,000		12,746,354
Cellco Partnership, 2.914%, 5/20/11 (r)		33,500,000		33,602,869
Cemex SAB de CV, 5.301%, 9/30/15 (e)(r)		6,000,000		5,951,967
Charter One Bank, 6.375%, 5/15/12		10,000,000		10,461,498
Chase Capital VI, 0.929%, 8/1/28 (r)		7,250,000		6,117,194
Citigroup Funding, Inc., 0.634%, 4/30/12 (r)		33,170,000		33,315,882
Citigroup, Inc.:
2.312%, 8/13/13 (r)		15,500,000		15,957,103
0.435%, 3/7/14 (r)		5,020,000		4,904,059
Comcast Corp.:
5.90%, 3/15/16		1,500,000		1,666,744
6.55%, 7/1/39		8,800,000		9,087,343
Corn Products International, Inc.:
4.625%, 11/1/20		2,900,000		2,854,350
6.625%, 4/15/37		1,000,000		1,038,659
Credit Suisse USA, Inc., 0.514%, 8/16/11 (r)		3,000,000		3,001,033
Crown Castle Towers LLC:
4.174%, 8/15/17 (e)		2,825,000		2,810,875
4.883%, 8/15/20 (e)		4,558,000		4,552,303

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		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
CVS Pass-Through Trust:
5.789%, 1/10/26 (e)	$	3,916,152	$	4,057,821
5.88%, 1/10/28		232,221		234,039
6.036%, 12/10/28		8,044,044		8,396,507
6.943%, 1/10/30		3,592,708		3,913,034
8.353%, 7/10/31 (e)		3,399,646		4,004,180
7.507%, 1/10/32 (e)		3,329,708		3,818,976
Dell, Inc., 0.91%, 4/1/14 (r)		4,000,000		4,008,416
Delta Air Lines Pass Through Trust, 6.75%, 5/23/17		2,500,000		2,418,750
Deutsche Bank AG, 0.953%, 1/18/13 (r)		7,000,000		7,024,150
Deutsche Bank Capital Funding Trust VII, 5.628% to 1/19/16,
floating rate thereafter to 1/29/49 (e)(r)		3,000,000		2,730,000
Developers Diversified Realty Corp., 4.75%, 4/15/18		4,700,000		4,582,500
Discover Bank, 7.00%, 4/15/20		2,500,000		2,752,465
Discover Financial Services:
6.45%, 6/12/17		1,375,000		1,491,580
10.25%, 7/15/19		5,604,000		7,185,006
DnB NOR Boligkreditt AS, 2.10%, 10/14/16 (e)		6,930,000		6,652,071
Dominion Resources, Inc., 6.30% to 9/30/11, floating rate
thereafter to 9/30/66 (r)		23,665,000		23,369,188
Enterprise Products Operating LLC, 7.034% to 1/15/18,
floating rate thereafter to 1/15/68 (r)		52,375,000		54,339,064
FBG Finance Ltd., 5.125%, 6/15/15 (e)		4,000,000		4,224,830
Fifth Third Bank, 0.424%, 5/17/13 (r)		10,000,000		9,805,684
First Niagara Financial Group, Inc., 6.75%, 3/19/20		3,000,000		3,228,979
First Republic Bank, 7.75%, 9/15/12		500		531
Fleet Capital Trust V, 1.309%, 12/18/28 (r)		10,600,000		8,067,594
Ford Motor Credit Co. LLC:
5.56%, 6/15/11 (r)		16,350,000		16,390,875
3.053%, 1/13/12(r)		7,550,000		7,616,138
7.80%, 6/1/12		2,250,000		2,385,000
7.00%, 4/15/15		12,000,000		12,930,000
8.00%, 12/15/16		2,000,000		2,260,000
5.75%, 2/1/21		1,500,000		1,473,750
Fort Knox Military Housing:
5.815%, 2/15/52 (e)		2,975,000		2,814,380
5.915%, 2/15/52 (b)(e)		10,455,000		9,218,069
Foster’s Finance Corp., 6.875%, 6/15/11 (e)		5,921,000		5,978,453
General Electric Capital Corp.:
0.429%, 6/20/13 (r)		7,000,000		6,911,324
5.40%, 2/15/17		3,000,000		3,248,212
Glitnir Banki HF:
3.046%, 4/20/10 (e)(r)(y)*		42,295,000		12,899,975
3.226%, 1/21/11 (e)(r)(y)*		32,920,000		9,546,800
6.375%, 9/25/12 (e)(y)*		600,000		183,000
6.693% to 6/15/11, floating rate thereafter to 6/15/16 (b)(e)(r)(y)*		8,400,000		84,000
GMAC Commercial Mortgage Asset Corp., 6.107%, 8/10/52 (e)		37,050,000		30,160,182
Golden State Petroleum Transport Corp., 8.04%, 2/1/19		9,992,927		9,783,637
Goldman Sachs Capital III, 1.081%, 9/29/49 (r)		4,250,000		3,354,031

www.calvert.com CALVERT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 15

		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Goldman Sachs Group, Inc.:
3.625%, 2/7/16	$	3,000,000	$	2,969,608
6.15%, 4/1/18		10,500,000		11,351,507
6.00%, 6/15/20		1,500,000		1,580,900
6.75%, 10/1/37		1,930,000		1,925,220
Great River Energy, 5.829%, 7/1/17 (e)		40,187,968		43,767,860
Health Care REIT, Inc., 5.25%, 1/15/22		2,000,000		1,953,224
Hertz Corp., 6.75%, 4/15/19 (e)		2,000,000		1,980,000
Hewlett-Packard Co., 1.361%, 5/27/11 (r)		7,200,000		7,211,302
Home Depot, Inc., 4.40%, 4/1/21		2,950,000		2,940,154
HSBC Bank plc, 1.103%, 1/17/14 (e)(r)		4,000,000		3,997,773
Hyundai Motor Manufacturing, 4.50%, 4/15/15 (e)		2,500,000		2,561,850
ING Bank NV, 4.00%, 3/15/16 (e)		7,000,000		6,985,674
International Lease Finance Corp., 7.125%, 9/1/18 (e)		3,100,000		3,324,750
JET Equipment Trust, 7.63%, 8/15/12 (b)(e)(w)*		109,297		601
Jones Group, Inc., 6.875%, 3/15/19		2,000,000		1,965,000
JPMorgan Chase & Co., 0.559%, 12/26/12 (r)		2,330,000		2,341,433
JPMorgan Chase Capital XXI, 1.254%, 2/2/37 (r)		6,899,000		5,657,000
JPMorgan Chase Capital XXIII, 1.313%, 5/15/77 (r)		21,800,000		18,043,969
Kansas City Southern de Mexico SA de CV, 7.375%, 6/1/14		150,000		156,000
Kaupthing Bank HF, 3.491%, 1/15/10 (b)(e)(r)(y)*		39,000,000		11,310,000
Kern River Funding Corp., 6.676%, 7/31/16 (e)		81,177		91,746
Kinder Morgan Finance Co. LLC, 6.00%, 1/15/18 (e)		2,220,000		2,300,475
Land O’Lakes Capital Trust I, 7.45%, 3/15/28 (e)		56,569,000		51,194,945
Leucadia National Corp., 8.125%, 9/15/15		7,320,000		8,084,660
LL & P Wind Energy, Inc. Washington Revenue Bonds:
5.733%, 12/1/17 (e)		8,060,000		8,109,327
5.983%, 12/1/22 (e)		14,695,000		14,230,197
6.192%, 12/1/27 (e)		3,925,000		3,688,754
Lumbermens Mutual Casualty Co.:
9.15%, 7/1/26 (e)(m)*		51,271,000		446,058
8.30%, 12/1/37 (e)(m)*		33,720,000		293,364
8.45%, 12/1/49 (e)(m)*		1,000,000		8,700
Masco Corp.:
4.80%, 6/15/15		4,540,000		4,506,441
7.125%, 3/15/20		10,600,000		10,957,750
MBNA Capital, 1.104%, 2/1/27 (r)		900,000		692,666
McGuire Air Force Base Military Housing Project,
5.611%, 9/15/51 (e)		11,420,000		9,695,580
MetLife Institutional Funding II:
0.709%, 3/27/12 (e)(r)		10,000,000		10,000,124
0.703%, 7/12/12 (e)(r)		23,700,000		23,744,935
Metropolitan Life Global Funding I:
2.303%, 4/14/11 (e)(r)		12,280,000		12,282,468
0.703%, 7/13/11 (e)(r)		13,350,000		13,349,630
MMA Financial Holdings, Inc., 0.75%, 5/3/34 (b)		50,800,000		10,160,000

www.calvert.com CALVERT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 16

		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Morgan Stanley:
0.592%, 2/10/12 (r)	$	5,770,000	$	5,784,481
6.00%, 4/28/15		3,000,000		3,255,025
5.375%, 10/15/15		2,000,000		2,124,265
0.753%, 10/18/16 (r)		6,500,000		6,079,176
6.25%, 8/28/17		7,000,000		7,537,240
7.30%, 5/13/19		5,000,000		5,616,035
5.50%, 1/26/20		6,000,000		6,019,562
Motors Liquidation Co.:
7.125%, 7/15/13 (ii)*		5,000,000		1,412,500
7.70%, 4/15/16 (ii)*		10,000,000		2,800,000
8.25%, 7/15/23 (ii)*		5,000,000		1,412,500
8.10%, 6/15/24 (ii)*		7,150,000		1,984,125
7.40%, 9/1/25 (ii)*		2,950,000		818,625
National Fuel Gas Co., 6.50%, 4/15/18		4,800,000		5,239,491
National Semiconductor Corp., 3.95%, 4/15/15		5,745,000		5,853,054
NationsBank Cap Trust III, 0.853%, 1/15/27 (r)		1,677,000		1,292,747
Nationwide Health Properties, Inc.:
6.90%, 10/1/37		10,460,000		10,745,767
6.59%, 7/7/38		4,023,000		4,161,339
NextEra Energy Capital Holdings, Inc., 0.712%, 11/9/12 (r)		1,300,000		1,303,157
Ohana Military Communities LLC:
5.88%, 10/1/51 (b)(e)		23,440,000		20,400,535
6.15%, 10/1/51 (b)(e)		10,000,000		8,993,200
OPTI Canada, Inc.:
9.00%, 12/15/12 (e)		4,000,000		4,035,000
9.75%, 8/15/13 (e)		5,350,000		5,343,313
8.25%, 12/15/14		1,000,000		532,500
Orkney Re II plc, Series B, 6.096%, 12/21/35 (b)(e)(r)(w)*		19,550,000		-
Osprey Properties Company, LLC VRDN, 0.28%, 6/1/27 (r)		1,000,000		1,000,000
Overseas Shipholding Group, Inc.:
8.125%, 3/30/18		3,600,000		3,537,000
7.50%, 2/15/24		5,080,000		4,330,700
Pacific Pilot Funding Ltd., 1.053%, 10/20/16 (e)(r)		5,604,466		5,157,991
Pioneer Natural Resources Co.:
5.875%, 7/15/16		25,840,000		27,132,000
6.65%, 3/15/17		2,295,000		2,472,863
7.20%, 1/15/28		1,000,000		1,035,000
Potlatch Corp., 7.50%, 11/1/19		1,200,000		1,270,500
PPF Funding, Inc., 5.50%, 1/15/14 (e)		500,000		522,781
Prudential Holdings LLC, 7.245%, 12/18/23 (e)		3,900,000		4,401,697
Public Steers Trust, 6.646%, 11/15/18 (b)		3,521,956		3,816,427
Senior Housing Properties Trust, 8.625%, 1/15/12		3,000,000		3,138,750
Skyway Concession Co. LLC, 0.587%, 6/30/17 (e)(r)		10,140,000		9,241,079
Southern Co., 0.703%, 10/21/11 (r)		2,600,000		2,606,029
SPARCS Trust 99-1, STEP, 0.00% to 4/15/19, 7.697%
thereafter to 10/15/97 (b)(e)(r)		26,500,000		9,657,130
Stadshypotek AB, 0.857%, 9/30/13 (e)(r)		23,000,000		23,000,213
State Street Bank and Trust Co., 0.51%, 9/15/11 (r)		8,795,000		8,804,395
Steelcase, Inc., 6.375%, 2/15/21		1,500,000		1,518,755

www.calvert.com CALVERT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 17

		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
SunTrust Bank:
0.424%, 5/21/12 (r)	$	9,150,000	$	9,130,187
0.603%, 8/24/15 (r)		3,350,000		3,164,599
Systems 2001 AT LLC, 6.664%, 9/15/13 (e)		30,468,580		32,525,209
Telecom Italia Capital SA, 6.20%, 7/18/11		4,550,000		4,615,727
Telefonica Emisiones SAU:
3.992%, 2/16/16		3,000,000		3,008,622
5.134%, 4/27/20		6,500,000		6,449,812
5.462%, 2/16/21		4,000,000		4,048,499
TIERS Trust:
8.45%, 12/1/17 (b)(e)(n)*		8,559,893		8,560
STEP, 0.00% to 10/15/33, 7.697% thereafter to 10/15/97 (b)(e)(r)		12,295,000		1,119,583
7.697%, 10/15/97 (b)(e)(r)		11,001,000		4,411,401
Time Warner, Inc., 4.75%, 3/29/21		1,500,000		1,484,538
Toll Road Investors Partnership II LP, Zero Coupon:
2/15/28 (e)		16,737,000		3,460,482
2/15/29 (e)		12,600,000		2,372,634
2/15/43 (b)(e)		196,950,000		51,951,471
2/15/45 (b)(e)		534,547,145		81,502,403
Total Capital Canada Ltd., 0.684%, 1/17/14 (r)		2,000,000		2,001,680
Travelers Insurance Company Ltd., 0.553%, 12/8/11 (r)		3,250,000		3,240,136
University of Notre Dame, 4.90%, 3/1/41		2,000,000		1,903,560
US Bank, 3.778% to 4/29/15, floating rate thereafter to 4/29/20 (r)		34,500,000		35,088,179
Vale Overseas Ltd.:
6.25%, 1/23/17		2,000,000		2,239,180
6.875%, 11/10/39		3,200,000		3,416,262
Verizon Communications, Inc.:
0.919%, 3/28/14 (r)		5,000,000		5,016,468
4.60%, 4/1/21		5,000,000		4,971,597
6.00%, 4/1/41		2,500,000		2,486,673
Volkswagen International Finance NV, 0.917%, 4/1/14 (e)(r)		5,000,000		4,996,028
Wachovia Capital Trust III, 5.57% to 3/15/11,
floating rate thereafter to 3/29/49 (r)		38,400,000		35,232,000
Westpac Banking Corp., 0.603%, 10/21/11 (e)(r)		2,000,000		2,000,551
Williams Partners LP, 7.50%, 6/15/11		7,560,000		7,660,000
Willis Group Holdings plc, 5.75%, 3/15/21		2,000,000		1,978,843
Willis North America, Inc., 5.625%, 7/15/15		2,430,000		2,579,205
Windsor Petroleum Transport Corp., 7.84%, 1/15/21 (e)		22,081,453		19,997,616
Wm. Wrigley Jr. Co., 1.684%, 6/28/11 (e)(r)		13,000,000		13,005,439
Total Corporate Bonds (Cost $1,756,119,668)				1,584,395,746
MUNICIPAL OBLIGATIONS - 10.0%
Azusa California Redevelopment Agency Tax Allocation Bonds,
5.765%, 8/1/17		3,375,000		3,367,507
Baltimore Maryland General Revenue Bonds:
5.05%, 7/1/14		1,520,000		1,652,118
5.07%, 7/1/15		1,340,000		1,456,540
Boynton Beach Florida Community Redevelopment Agency
Tax Allocation Bonds, 5.10%, 10/1/15		965,000		983,441

www.calvert.com CALVERT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 18

PRINCIPAL
MUNICIPAL OBLIGATIONS - CONT’D		AMOUNT		VALUE
Burlingame California PO Revenue Bonds, 5.285%, 6/1/12	$	1,775,000	$	1,823,422
California Statewide Communities Development
Authority Revenue Bonds, Zero Coupon:
6/1/15		3,425,000		2,713,114
6/1/15		1,205,000		954,541
6/1/16		2,620,000		1,911,159
6/1/17		1,835,000		1,212,972
6/1/17		2,710,000		1,804,996
6/1/18		2,810,000		1,700,219
6/1/19		1,975,000		1,095,197
Chelsea Michigan Economic Development Corp.
LO Revenue VRDN, 0.27%, 10/1/36 (r)		1,000,000		1,000,000
College Park Georgia Revenue Bonds, 5.658%, 1/1/12		2,500,000		2,554,425
Colorado State HFA Revenue VRDN, 0.21%, 10/15/16 (r)		2,000,000		2,000,000
District of Columbia GO VRDN, 0.23%, 6/1/27 (r)		2,500,000		2,500,000
Eugene Oregon Electric Utilities Revenue Bonds, Zero Coupon, 8/1/25		1,500,000		594,450
Fairfield California PO Revenue Bonds, 5.34%, 6/1/25		1,960,000		1,612,061
Florida State First Governmental Financing
Commission Revenue Bonds:
5.05%, 7/1/14		285,000		302,770
5.10%, 7/1/15		300,000		315,036
Grant County Washington Public Utility District No. 2
Revenue Bonds, 5.48%, 1/1/21		990,000		986,862
Illinois GO Bonds, 5.877%, 3/1/19		8,500,000		8,497,875
Inglewood California Pension Funding Revenue Bonds:
4.79%, 9/1/11		235,000		237,099
4.82%, 9/1/12		250,000		256,188
4.90%, 9/1/13		260,000		264,724
4.94%, 9/1/14		275,000		277,162
4.95%, 9/1/15		285,000		281,723
King County Washington Housing Authority Revenue Bonds,
6.375%, 12/31/46		1,990,000		1,999,870
La Mesa California COPs, 6.32%, 8/1/26		1,305,000		1,333,827
La Verne California Revenue Bonds, 5.62%, 6/1/16		1,000,000		1,031,520
Lancaster Pennsylvania Parking Authority Revenue Bonds,
5.95%, 12/1/25		2,450,000		2,421,482
Long Beach California Bond Finance Authority Revenue Bonds:
5.34%, 8/1/35		5,000,000		3,311,450
5.44%, 8/1/40		5,000,000		3,265,000
Metropolitan Washington DC Airport Authority System
Revenue Bonds:
5.59%, 10/1/25		500,000		504,940
5.69%, 10/1/30		2,835,000		2,743,316
Michigan State Hospital Finance Authority Revenue VRDN,
0.25%, 3/1/30 (r)		1,000,000		1,000,000
Moreno Valley California Public Financing Authority
Revenue Bonds, 5.549%, 5/1/27		4,385,000		3,982,238
Nevada State Department of Business & Industry Lease
Revenue Bonds, 5.87%, 6/1/27		1,210,000		863,045
Nevada State Housing Division Revenue VRDN, 0.26%, 4/15/39 (r)		1,200,000		1,200,000
New York City Housing Development Corp. MFH Revenue VRDN,
0.24%, 6/15/34 (r)		500,000		500,000

www.calvert.com CALVERT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 19

		PRINCIPAL
MUNICIPAL OBLIGATIONS - CONT’D		AMOUNT		VALUE
New York City IDA Revenue Bonds, 6.027%, 1/1/46	$	11,835,000	$	8,470,901
New York State Housing Finance Agency Revenue VRDN,
0.23%, 5/15/37 (r)		5,900,000		5,900,000
Oakland California Redevelopment Agency Tax Allocation Bonds:
5.252%, 9/1/16		1,375,000		1,372,938
5.653%, 9/1/21		19,635,000		18,573,728
Oceanside California PO Revenue Bonds:
4.95%, 8/15/16		2,215,000		2,124,672
5.14%, 8/15/18		2,760,000		2,595,145
5.20%, 8/15/19		3,070,000		2,839,443
5.25%, 8/15/20		3,395,000		3,109,277
Philadelphia Pennsylvania IDA Revenue Bonds,
Zero Coupon, 4/15/19		3,375,000		1,914,401
Pomona California Public Financing Authority Revenue Bonds,
5.718%, 2/1/27		6,015,000		5,574,281
Richfield Minnesota MFH Revenue VRDN, 0.27%, 3/1/34 (r)		1,800,000		1,800,000
Riverside California Public Financing Authority Tax Allocation Bonds:
5.19%, 8/1/17		1,490,000		1,450,023
5.24%, 8/1/17		2,280,000		2,212,238
Sacramento City California Financing Authority Tax
Allocation Bonds, 5.54%, 12/1/20		8,940,000		8,251,709
San Bernardino California Joint Powers Financing Authority Tax
Allocation Bonds, 5.625%, 5/1/16		5,430,000		5,453,892
San Diego California Redevelopment Agency Tax Allocation Bonds,
6.00%, 9/1/21		2,515,000		2,411,558
San Francisco California City & County Redevelopment Agency
Revenue VRDN, 0.24%, 6/15/34 (r)		5,000,000		5,000,000
San Jose California Redevelopment Agency Tax Allocation Bonds:
4.54%, 8/1/12		3,105,000		3,175,390
5.10%, 8/1/20		3,960,000		3,634,052
5.46%, 8/1/35		5,300,000		4,059,588
Santa Cruz County California Redevelopment Agency Tax
Allocation Bonds, 5.60%, 9/1/25		815,000		718,463
Santa Fe Springs California Community Development Commission
Tax Allocation Bonds, 5.35%, 9/1/18		1,265,000		1,203,938
Sonoma County California PO Revenue Bonds, 6.625%, 6/1/13		4,490,000		4,667,355
Thousand Oaks California Redevelopment Agency Tax Allocation Bonds:
5.00%, 12/1/12		675,000		685,739
5.00%, 12/1/13		710,000		716,120
5.00%, 12/1/14		745,000		742,482
5.125%, 12/1/15		785,000		765,289
5.125%, 12/1/16		830,000		797,779
5.25%, 12/1/21		5,070,000		4,438,177
5.375%, 12/1/21		4,880,000		4,317,336
Utah State Housing Corp. Military Housing Revenue Bonds:
5.392%, 7/1/50		11,735,000		10,067,456
5.442%, 7/1/50		3,990,000		3,447,559
Wells Fargo Bank NA Custodial Receipts Revenue Bonds:
6.584%, 9/1/27 (e)		6,080,000		6,087,965
6.734%, 9/1/27 (e)		37,970,000		38,038,726

www.calvert.com CALVERT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 20

		PrIncIPal
MUNICIPAL OBLIGATIONS - CONT’D		aMount		value
West Contra Costa California Unified School District COPs:
5.03%, 1/1/20	$	3,190,000	$	2,934,449
5.15%, 1/1/24		3,630,000		3,174,907
Total Municipal Obligations (Cost $256,000,161)				239,239,265
U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 4.2%
AgFirst FCB:
8.393% to 12/15/11, floating rate thereafter to 12/15/16 (r)		9,175,000		9,542,000
6.585% to 6/15/12, floating rate thereafter to 6/29/49 (e)(r)		73,280,000		58,624,000
New Valley Generation II, 5.572%, 5/1/20		4,609,351		4,830,785
Overseas Private Investment Corp., 4.05%, 11/15/14		1,068,800		1,100,148
Premier Aircraft Leasing EXIM 1 Ltd.:
3.576%, 2/6/22		9,309,443		9,282,911
3.547%, 4/10/22		7,381,152		7,350,742
Sterling Equipment, Inc., 6.125%, 9/28/19		252,967		277,449
US AgBank FCB, 6.11% to 7/10/12, floating rate
thereafter to 12/31/49 (e)(r)		3,000,000		2,010,000
Vessel Management Services, Inc., 5.125%, 4/16/35		7,053,000		7,418,769
Total U.S. Government Agencies and Instrumentalities
(Cost $104,157,628)				100,436,804
U.S. GOVERNMENT AGENCY
MORTGAGE-BACKED SECURITIES - 0.0%
Ginnie Mae, 11.00%, 10/15/15		369		424
Government National Mortgage Association, 5.50%, 1/16/32 (b)		4,974,396		275,213
Total U.S. Government Agency Mortgage-Backed
Securities (Cost $634,988)				275,637
U.S. TREASURY - 8.5%
United States Treasury Bonds:
4.375%, 11/15/39		27,130,000		26,536,531
3.875%, 8/15/40		14,435,000		12,914,814
4.25%, 11/15/40		51,740,000		49,468,291
4.75%, 2/15/41		16,145,000		16,780,709
United States Treasury Notes:
2.125%, 2/29/16		5,412,000		5,394,242
2.625%, 11/15/20		41,825,000		39,034,488
3.625%, 2/15/21		53,010,000		53,772,019
Total U.S. Treasury (Cost $203,040,262)				203,901,094

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(b)	This security was valued by the Board of Trustees. See Note A.
(d)	Remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with cer- tainty. Floating rate loans generally pay interest at rates which are periodically re-determined at a margin above the London InterBank Offered Rate (“LIBOR”) or other short-term rates. The rate shown is the rate in effect at period end. Floating rate loans are generally considered restrictive in that the Fund is ordinarily contractually obligated to receive consent from the Agent Bank and/or Borrower prior to dispo- sition of a floating rate loan.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(m)	The Illinois Insurance Department prohibited Lumbermens from making interest payments. This security is no longer accruing interest.
(n)	The Illinois Insurance Department prohibited Lumbermens from making interest payments. This TIERS security is based on interest payments from Lumbermens. This security is no longer accruing interest.
(p)	The State of New York Insurance Department has prohibited Atlantic Mutual Insurance Co. from mak- ing interest payments. This security is no longer accruing interest.
(r)	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.
(u)	This security is no longer accruing interest.
(w)	Security is in default and is no longer accruing interest.
(x)	Alliance Bancorp and its affiliates filed for Chapter 7 bankruptcy on July 13, 2007. This security is no longer accruing interest.
(y)	The government of Iceland took control of Glitnir Banki HF and Kaupthing Bank HF (the “Banks”) on October 8, 2008 and October 9, 2008, respectively. The government has prohibited the Banks from pay- ing any claims owed to foreign entities. These securities are no longer accruing interest.
(ii)	General Motors filed for Chapter 11 bankruptcy on June 1, 2009. This security is no longer accruing interest. Subsequent to period end, the Fund received a distribution of new GM stock and new GM war- rants in exchange for the Motors Liquidation Co. Notes.
*	Non-income producing security.

Abbreviations:

COPs: Certificates of Participation
FCB: Farm Credit Bank
FSB: Federal Savings Bank
GO: General Obligation
HFA: Housing Finance Authority
IDA: Industrial Development Authority
LLC: Limited Liability Corporation
LO: Limited Obligation
LP: Limited Partnership
MFH: Multi-Family Housing
PO: Pension Obligation
STEP: Stepped coupon bond for which the coupon rate of interest will adjust on specified future date(s)
VRDN: Variable Rate Demand Notes

See notes to financial statements.

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STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2011

ASSETS
Investments in securities, at value (Cost $2,404,638,171) -
see accompanying schedule	$	2,202,670,379
Cash		197,745,866
Receivable for securities sold		68,841,698
Receivable for shares sold		2,001,756
Interest and dividends receivable		20,492,292
Collateral at broker (cash)		6,365,370
Other assets		94,551
Total assets		2,498,211,912
LIABILITIES
Payable for securities purchased		63,401,651
Payable for shares redeemed		28,721,352
Payable for futures variation margin		471,286
Payable to Calvert Asset Management Company, Inc.		1,358,329
Payable to Calvert Administrative Services Company		593,995
Payable to Calvert Shareholder Services, Inc.		54,691
Payable to Calvert Distributors, Inc.		648,117
Accrued expenses and other liabilities		235,191
Total liabilities		95,484,612
net assets	$	2,402,727,300
net assets consIst of:
Paid-in capital applicable to the following shares of beneficial interest,
unlimited number of no par value shares authorized:
Class A: 115,302,002 shares outstanding	$	2,354,484,163
Class B: 1,779,213 shares outstanding		45,922,686
Class C: 15,835,442 shares outstanding		297,550,816
Class I: 11,125,272 shares outstanding		208,795,099
Class R: 698,731 shares outstanding		10,702,429
Class Y: 5,043,858 shares outstanding		78,721,944
Undistributed net investment income (loss)		(955,740	)
Accumulated net realized gain (loss) on investments		(390,243,905	)
Net unrealized appreciation (depreciation) on investments		(202,250,192	)
NET ASSETS	$	2,402,727,300
NET ASSET VALUE PER SHARE
Class A (based on net assets of $1,848,915,890)	$	16.04
Class B (based on net assets of $28,390,859)	$	15.96
Class C (based on net assets of $253,856,605)	$	16.03
Class I (based on net assets of $178,560,469)	$	16.05
Class R (based on net assets of $11,273,897)	$	16.13
Class Y (based on net assets of $81,729,580)	$	16.20

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     STATEMENT OF OPERATIONS
SIX MONTHS ENDED
MARCH 31, 2011

NET INVESTMENT INCOME
Investment Income:
Interest income	$	61,543,287
Dividend income		704,011
Total investment income		62,247,298
Expenses:
Investment advisory fee		5,353,827
Administrative fees		3,854,236
Transfer agency fees and expenses		2,985,614
Distribution Plan expenses:
Class A		2,600,331
Class B		166,017
Class C		1,383,398
Class R		29,331
Trustees’ fees and expenses		72,985
Custodian fees		137,855
Registration fees		51,382
Reports to shareholders		349,452
Professional fees		47,221
Accounting fees		148,111
Miscellaneous		68,600
Total expenses		17,248,360
Reimbursement from Advisor:
Class R		(3,872	)
Fees paid indirectly		(4,181	)
Net expenses		17,240,307
NET INVESTMENT INCOME		45,006,991
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		(21,776,711	)
Futures		2,511,771
		(19,264,940	)
Change in unrealized appreciation (depreciation) on:
Investments		(7,748,027	)
Futures		6,483,735
		(1,264,292	)
NET REALIZED AND UNREALIZED GAIN
(LOSS)		(20,529,232	)
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	24,477,759

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

		SIX MONTHS ENDED			YEAR ENDED
		MARCH 31,			SEPTEMBER 30,
INCREASE (DECREASE) IN NET ASSETS		2011			2010
Operations:
Net investment income	$	45,006,991		$	112,802,291
Net realized gain (loss)		(19,264,940	)		(99,827,582	)
Change in unrealized appreciation (depreciation)		(1,264,292	)		252,457,110
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS		24,477,759			265,431,819
Distributions to shareholders from:
Net investment income:
Class A shares		(33,621,735	)		(87,321,849	)
Class B shares		(393,292	)		(1,143,445	)
Class C shares		(3,494,299	)		(8,573,601	)
Class I shares		(4,514,720	)		(11,731,464	)
Class R shares		(177,332	)		(364,752	)
Class Y shares		(1,648,660	)		(1,642,386	)
Total distributions		(43,850,038	)		(110,777,497	)
Capital share transactions:
Shares sold:
Class A shares		107,158,906			337,647,283
Class B shares		196,010			1,768,921
Class C shares		5,413,709			21,597,368
Class I shares		18,930,901			64,809,450
Class R shares		1,016,357			3,975,814
Class Y shares		8,626,281			99,009,402
Reinvestment of distributions:
Class A shares		29,124,006			73,497,466
Class B shares		304,475			874,262
Class C shares		1,965,096			4,696,400
Class I shares		3,385,139			9,434,414
Class R shares		139,433			278,016
Class Y shares		339,386			689,019
Redemption fees:
Class A shares		14,228			35,622
Class B shares		—			906
Class C shares		217			1,578
Class I shares		12			177
Class Y shares		883			1,015
Shares redeemed:
Class A shares		(594,106,994	)		(1,251,128,456	)
Class B shares		(10,624,214	)		(25,126,285	)
Class C shares		(55,305,577	)		(110,768,385	)
Class I shares		(103,542,660	)		(134,029,773	)
Class R shares		(2,118,923	)		(4,079,776	)
Class Y shares		(31,222,409	)		(17,610,330	)
Total capital share transactions		(620,305,738	)		(924,425,892	)
total Increase (decrease) In net assets		(639,678,017	)		(769,771,570	)

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

		SIX MONTHS ENDED			YEAR ENDED
		MARCH 31,			SEPTEMBER 30,
NET ASSETS		2011			2010
Beginning of period	$	3,042,405,317		$	3,812,176,887
End of period (including distributions in excess of net investment
income of $955,740 and $2,112,693, respectively)	$	2,402,727,300		$	3,042,405,317
CAPITAL SHARE ACTIVITY
Shares sold:
Class A shares		6,711,207			21,572,895
Class B shares		12,378			113,732
Class C shares		338,945			1,380,271
Class I shares		1,183,751			4,135,392
Class R shares		63,328			252,422
Class Y shares		534,968			6,235,068
Reinvestment of distributions:
Class A shares		1,826,088			4,690,453
Class B shares		19,179			56,069
Class C shares		123,224			299,692
Class I shares		211,983			601,338
Class R shares		8,690			17,623
Class Y shares		21,059			43,543
Shares redeemed:
Class A shares		(37,237,387	)		(79,871,602	)
Class B shares		(668,628	)		(1,612,215	)
Class C shares		(3,466,796	)		(7,076,289	)
Class I shares		(6,476,795	)		(8,523,652	)
Class R shares		(132,043	)		(258,918	)
Class Y shares		(1,937,244	)		(1,099,953	)
Total capital share activity		(38,864,093	)		(59,044,131	)

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A –– SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert Income Fund (the “Fund”), a series of The Calvert Fund, is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The operations of each series are accounted for separately. The Fund offers six classes of shares of beneficial interest. Class A shares are sold with a maximum front-end sales charge of 3.75%. Class B shares are sold without a front-end sales charge. With certain exceptions, the Fund will impose a deferred sales charge at the time of redemption, depending on how long investors have owned the shares. Effective March 1, 2010, Class B shares are no longer offered for purchase, except through reinvestment of dividends and/or distributions and through certain exchanges. Class C shares are sold without a front-end sales charge. With certain exceptions, the Fund will impose a deferred sales charge on shares sold within one year of purchase. Class B and Class C shares have higher levels of expenses than Class A shares. Class I shares require a minimum account balance of $1,000,000. The $1 million minimum initial investment may be waived for certain institutional accounts, where it is believed to be in the best interest of the Fund and its shareholders. Class I shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Class R shares are generally only available to certain retirement plans where plan level or omnibus accounts are held on the books of the Fund. Class R shares have no front-end or deferred sales charge and have a higher level of expenses than Class A Shares. Class Y shares are generally only available to wrap or similar fee-based programs offered by financial intermediaries that have entered into an agreement with the Fund’s Distributor to offer Class Y shares. Class Y shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Each class has different: (a) dividend rates due to differences in Distribution Plan expenses and other class specific expenses, (b)exchange privileges and (c) class specific voting rights.

Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Trustees to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Trustees. In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

At March 31, 2011, securities valued at $289,103,754 or 12.0% of net assets were fair valued in good faith under the direction of the Board of Trustees.

The Fund utilizes various methods to measure the fair value of its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at mea-

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surement date. These inputs are summarized in the three broad levels listed below: Level 1 – quoted prices in active markets for identical securities Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. Valuation techniques used to value the Fund’s investments by major category are as follows.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, floating rate loans, municipal securities, and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Foreign securities are valued based on quotations from the principle market in which such securities are normally traded. If events occur after the close of the principle market in which foreign securities are traded, and before the close of business of the Fund, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2011:

					valuation Inputs
Investments In securItIes		level 1			level 2		level 3		total
Equity securities	$	6,481,916			-	$	18,060,096	$	24,542,012
Asset-backed securities		-		$	16,958,731		-		16,958,012
Collateralized mortgage-backed
obligations		-			21,642,069		-		21,642,069
Commercial mortgage-backed
securities		-			5,167,844		-		5,167,844
Corporate debt		-			1,434,213,801		150,181,945		1,584,395,746
Municipal obligations		-			239,239,265		-		239,239,265
U.S. government obligations		-			304,613,535		-		304,613,535
Other debt obligations					6,111,177		-		6,111,177
TOTAL	$	6,481,916		$	2,027,946,422	$	168,242,041	$	2,202,670,379
Other financial instruments*	($	282,400	)		-		-	($	282,400	)

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

					EQUITY
					SECURITIES
Balance as of 9/30/10				$	17,286,096
Accrued discounts/premiums					—
Realized gain (loss)					—
Change in unrealized appreciation (depreciation)					774,000
Purchases					—
Sales					—
Transfers in and/ or out of Level 31					—
Balance as of 3/31/11				$	18,060,096
					U.S.
		CORPORATE			GOVERNMENT
		DEBT			OBLIGATIONS
Balance as of 9/30/10	$	122,146,057		$	475,082
Accrued discounts/premiums		1,052,424			—
Realized gain (loss)		60,592			—
Change in unrealized appreciation (depreciation)		(3,751,155	)		(3,241	)
Purchases		1,885,781			—
Sales		(657,130	)		(471,841	)
Transfers in and/ or out of Level 31		29,445,3762			—
Balance as of 3/31/11	$	150,181,945		$	0

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		TOTAL
Balance as of 9/30/10	$	139,907,235
Accrued discounts/premiums		1,052,424
Realized gain (loss)		60,592
Change in unrealized appreciation (depreciation)		(2,980,396	)
Purchases		1,885,781
Sales		(1,128,971	)
Transfers in and/ or out of Level 31		29,445,376
Balance as of 3/31/11	$	168,242,041

¹ The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the end of the reporting period.

² Transferred from Level 2 to Level 3 because fair values were determined using valuation techniques utilizing unobservable inputs due to observable inputs being unavailable.

For the six months ended March 31, 2011, total change in unrealized gain (loss) on Level 3 securities included in the change in net assets was ($5,246,975). Total unrealized gain (loss) for all securities (including Level 1 and Level 2) can be found on the accompanying Statement of Operations.

Repurchase Agreements: The Fund may enter into repurchase agreements with recognized financial institutions or registered broker/dealers and, in all instances, holds underlying securities with a value exceeding the total repurchase price, including accrued interest. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its value and a possible loss of income or value if the counterparty fails to perform in accordance with the terms of the agreement.

Loan Participations and Assignments: The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders it acquires direct rights against the borrower of the loan. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower.

Futures Contracts: The Fund may purchase and sell futures contracts, but only when, in the judgment of the Advisor, such a position acts as a hedge. The Fund may not enter into futures contracts for the purpose of speculation or leverage. These futures contracts may include, but are not limited to, futures contracts based on U.S. Government obligations. The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may use futures contracts to hedge against changes in the value of interest rates. The Fund may enter into futures contracts agreeing to buy or

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sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund. During the period, the Fund used U.S. Treasury futures contracts to hedge against interest rate changes and to manage overall duration of the Fund.

Short Sales: The Fund may use a hedging technique that involves short sales of U.S. Treasury securities for the purposes of managing the duration of the Fund. Any short sales are covered with an equivalent amount of high-quality, liquid securities.

Security Transactions and Net Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. (See the Schedule of Investments footnotes on page 23.) A debt obligation may be removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured. Expenses arising in connection with a class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as income in the accompanying financial statements.

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Foreign Currency Transactions: The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. The effect of changes in foreign exchange rates on securities and foreign currencies is included in the net realized and unrealized gain or loss on securities and foreign currencies.

Distributions to Shareholders: Distributions to shareholders are recorded by the Fund on ex-dividend date. Dividends from net investment income are paid monthly. Distributions from net realized capital gains, if any, are paid at least annually. Distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.

Redemption Fees: The Fund charges a 2% redemption fee on redemptions, including exchanges, made within 30 days of purchase in the same Fund (within seven days for Class I and Class R shares). The redemption fee is paid to the Class of the Fund from which the redemption is made, and is accounted for as an addition to paid-in capital. The fee is intended to discourage market-timers by ensuring that short-term trading costs are borne by the investors making the transactions and not the shareholders already in the Fund.

Expense Offset Arrangements: The Fund has arrangements with its custodian banks whereby the custodian’s fees may be paid indirectly by credits earned on the Fund’s cash on deposit with the banks. These credits are used to reduce the Fund’s expenses. Such deposit arrangements may be an alternative to overnight investments.

Federal Income Taxes: No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the Advisor) is wholly-owned by Calvert Group, Ltd. (Calvert), which is indirectly wholly-owned by UNIFI Mutual Holding

www.calvert.com CALVERT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 33

Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Trustees of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly based on the following annual rates of average daily net assets: .40% on the first $2 billion, .375% on the next $5.5 billion, .35% on the next $2.5 billion and .325% over $10 billion.

The Advisor has contractually agreed to limit net annual fund operating expenses through January 31, 2012 for Class I, R and Y. The contractual expense caps are .84%, 1.47% and 1.09%, respectively. For the purposes of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense offset credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Administrative Services Company, an affiliate of the Advisor, provides administrative services to the Fund for an annual fee, payable monthly. Classes A, B, C, R and Y shares pay an annual rate of .30% on the first $3 billion, .25% on the next $2 billion, and .225% over $5 billion of the combined assets of all classes of the Fund. Class I shares pay an annual rate of .10%, based on their average daily net assets.

Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and principal underwriter for the Fund. Distribution Plans, adopted by Class A, B, C and R shares, allow the Fund to pay the Distributor for expenses and services associated with the distribution of shares. The expenses paid may not exceed .50%, 1.00%, 1.00% and .75% annually of the Fund’s average daily net assets of Class A, B, C and R, respectively. The amount actually paid by the Fund is an annualized fee, payable monthly of .25%, 1.00%, 1.00% and .50% of the Fund’s average daily net assets of Class A, B, C, and R, respectively. Class I and Y shares do not have Distribution Plan expenses.

The Distributor received $30,626 as its portion of commissions charged on sales of the Fund’s Class A shares for the six months ended March 31, 2011.

Calvert Shareholder Services, Inc. (CSSI), an affiliate of the Advisor, is the shareholder servicing agent for the Fund. For its services, CSSI received a fee of $345,024 for the six months ended March 31, 2011. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

Each Trustee of the Fund who is not an employee of the Advisor or its affiliates receives an annual retainer of $45,000 plus up to $2,000 for each Board and Committee meeting attended. The Board chair and Committee chairs each receive an additional $5,000 annual retainer. Trustee’s fees are allocated to each of the funds served.

NOTE C — INVESTMENT ACTIVITY

During the period, the cost of purchases and proceeds from sales of investments, other than short-term and U.S. government securities, were $1,044,727,690 and $1,464,237,058, respectively. U.S. government security purchases and sales were $2,171,450,180 and $2,223,130,078, respectively.

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CAPITAL LOSS CARRYFORWARDS
EXPIRATION DATE

30-Sep-13	($       141,901	)
30-Sep-14	(336,178	)
30-Sep-16	(12,997,968	)
30-Sep-17	(1,783,942	)
30-Sep-18	(265,587,678	)

Capital losses may be utilized to offset future capital gains until expiration. The Fund’s use of net capital loss carryforwards acquired from Summit Apex Bond Fund may be limited under certain tax provisions. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may more likely expire unused. Also, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The Fund intends to elect to defer net capital losses of $92,373,734 incurred from November 1, 2009 through September 30, 2010 and treat them as arising in the fiscal period ending September 30, 2011.

As of March 31, 2011, the tax basis components of unrealized appreciation/ (depreciation) and the federal tax cost were as follows:

Unrealized appreciation	$	91,895,367
Unrealized (depreciation)		(308,928,248	)
Net unrealized appreciation/(depreciation)	($	217,032,881	)
Federal income tax cost of investments	$	2,419,703,260

The Fund may sell or purchase securities to and from other funds managed by the Advisor, typically short-term variable rate demand notes. Interportfolio transactions are primarily used for cash management purposes. Interportfolio transactions are made pursuant to Rule 17a-7 of the Investment Company Act of 1940. For the six months ended March 31, 2011, such purchase and sales transactions were $52,770,000 and $116,647,500, respectively. The realized loss on the sales transactions was $2,053.

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NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Fund had no loans outstanding pursuant to this line of credit at March 31, 2011. For the six months ended March 31, 2011, borrowings by the Fund under the Agreement were as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$  338,068	1.50%	$  14,753,454	March 2011

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of March 31, 2011, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

Effective April 30, 2011, the Calvert operating companies will be renamed as follows: Calvert Group, Ltd. will be renamed Calvert Investments, Inc., Calvert Asset Management Company, Inc. will be renamed Calvert Investment Management, Inc., Calvert Distributors, Inc. will be renamed Calvert Investment Distributors, Inc., Calvert Administrative Services Company will be renamed Calvert Investment Administrative Services, Inc., and Calvert Shareholder Services, Inc. will be renamed Calvert Investment Services, Inc.

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FINANCIAL HIGHLIGHTS
					Periods ended
		MARCH 31,			SEPTEMBER 30,			SEPTEMBER 30,
class A shares		2011			2010			2009
Net asset value, beginning	$	16.12		$	15.39		$	15.19
Income from investment operations:
Net investment income		.27			.53			.63
Net realized and unrealized gain (loss)		(.09	)		.72			.24
Total from investment operations		.18			1.25			.87
Distributions from:
Net investment income		(.26	)		(.52	)		(.62	)
Net realized gain		—			—			(.05	)
Total distributions		(.26	)		(.52	)		(.67	)
Total increase (decrease) in net asset value		(.08	)		.73			.20
Net asset value, ending	$	16.04		$	16.12		$	15.39
Total return*		1.14	%		8.27	%		6.24	%
Ratios to average net assets: A
Net investment income		3.32	% (a)		3.33	%		4.45	%
Total expenses		1.26	% (a)		1.23	%		1.24	%
Expenses before offsets		1.26	% (a)		1.23	%		1.24	%
Net expenses		1.26	% (a)		1.23	%		1.23	%
Portfolio turnover		130	%		259	%		793	%
Net assets, ending (in thousands)	$	1,848,916		$	2,321,499		$	3,041,314
					Years ended
		SEPTEMBER 30,			SEPTEMBER 30,			SEPTEMBER 30,
class A shares		2008	(z)		2007	(z)		2006
Net asset value, beginning	$	16.72		$	16.72		$	17.03
Income from investment operations:
Net investment income		.79			.77			.75
Net realized and unrealized gain (loss)		(1.25	)		.01			(.09	)
Total from investment operations		(.46	)		.78			.66
Distributions from:
Net investment income		(.79	)		(.78	)		(.75	)
Net realized gain		(.28	)		—			(.22	)
Total distributions		(1.07	)		(.78	)		(.97	)
Total increase (decrease) in net asset value		(1.53	)		—			(.31	)
Net asset value, ending	$	15.19		$	16.72		$	16.72
Total return*		(3.01	%)		4.74	%		4.02	%
Ratios to average net assets: A
Net investment income		4.86	%		4.60	%		4.54	%
Total expenses		1.16	%		1.19	%		1.20	%
Expenses before offsets		1.16	%		1.19	%		1.20	%
Net expenses		1.16	%		1.18	%		1.20	%
Portfolio turnover		982	%		877	%		578	%
Net assets, ending (in thousands)	$	4,462,549		$	5,024,998		$	3,860,160

See notes to financial highlights.

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FINANCIAL HIGHLIGHTS
					Periods ended
		MARCH 31,			SEPTEMBER 30,			SEPTEMBER 30,
class B shares		2011			2010			2009
Net asset value, beginning	$	16.05		$	15.32		$	15.12
Income from investment operations:
Net investment income		.19			.39			.50
Net realized and unrealized gain (loss)		(.09	)		.72			.24
Total from investment operations		.10			1.11			.74
Distributions from:
Net investment income		(.19	)		(.38	)		(.49	)
Net realized gain		—			—			(.05	)
Total distributions		(.19	)		(.38	)		(.54	)
Total increase (decrease) in net asset value		(.09	)		.73			.20
Net asset value, ending	$	15.96		$	16.05		$	15.32
Total return*		.66	%		7.36	%		5.33	%
Ratios to average net assets: A
Net investment income		2.45	% (a)		2.43	%		3.60	%
Total expenses		2.12	% (a)		2.10	%		2.13	%
Expenses before offsets		2.12	% (a)		2.10	%		2.13	%
Net expenses		2.12	% (a)		2.10	%		2.12	%
Portfolio turnover		130	%		259	%		793	%
Net assets, ending (in thousands)	$	28,391		$	38,770		$	59,127
					Years ended
		SEPTEMBER 30,			SEPTEMBER 30,			SEPTEMBER 30,
class B shares		2008	(z)		2007	(z)		2006
Net asset value, beginning	$	16.68		$	16.69		$	17.01
Income from investment operations:
Net investment income		.67			.64			.63
Net realized and unrealized gain (loss)		(1.28	)		.01			(.10	)
Total from investment operations		(.61	)		.65			.53
Distributions from:
Net investment income		(.67	)		(.66	)		(.63	)
Net realized gain		(.28	)		—			(.22	)
Total distributions		(.95	)		(.66	)		(.85	)
Total increase (decrease) in net asset value		(1.56	)		(.01	)		(.32	)
Net asset value, ending	$	15.12		$	16.68		$	16.69
Total return*		(3.89	%)		3.94	%		3.25	%
Ratios to average net assets: A
Net investment income		4.07	%		3.82	%		3.74	%
Total expenses		2.00	%		1.96	%		1.95	%
Expenses before offsets		2.00	%		1.96	%		1.95	%
Net expenses		2.00	%		1.95	%		1.94	%
Portfolio turnover		982	%		877	%		578	%
Net assets, ending (in thousands)	$	94,880		$	206,805		$	285,301

See notes to financial highlights.

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FINANCIAL HIGHLIGHTS
					Periods ended
		MARCH 31,			SEPTEMBER 30,			SEPTEMBER 30,
class c shares		2011			2010			2009
Net asset value, beginning	$	16.12		$	15.38		$	15.18
Income from investment operations:
Net investment income		.21			.42			.52
Net realized and unrealized gain (loss)		(.10	)		.73			.25
Total from investment operations		.11			1.15			.77
Distributions from:
Net investment income		(.20	)		(.41	)		(.52	)
Net realized gain		—			—			(.05	)
Total distributions		(.20	)		(.41	)		(.57	)
Total increase (decrease) in net asset value		(.09	)		.74			.20
Net asset value, ending	$	16.03		$	16.12		$	15.38
Total return*		.72	%		7.56	%		5.48	%
Ratios to average net assets: A
Net investment income		2.62	% (a)		2.62	%		3.74	%
Total expenses		1.95	% (a)		1.93	%		1.93	%
Expenses before offsets		1.95	% (a)		1.93	%		1.93	%
Net expenses		1.95	% (a)		1.93	%		1.93	%
Portfolio turnover		130	%		259	%		793	%
Net assets, ending (in thousands)	$	253,857		$	303,615		$	372,838
					Years ended
		SEPTEMBER  30,			SEPTEMBER 30,			SEPTEMBER 30,
class c shares		2008	(z)		2007	(z)		2006
Net asset value, beginning	$	16.71		$	16.70		$	17.02
Income from investment operations:
Net investment income		.68			.65			.63
Net realized and unrealized gain (loss)		(1.25	)		.02			(.10	)
Total from investment operations		.57			.67			.53
Distributions from:
Net investment income		(.68	)		(.66	)		(.63	)
Net realized gain		(.28	)		—			(.22	)
Total distributions		(.96	)		(.66	)		(.85	)
Total increase (decrease) in net asset value		(1.53	)		.01			(.32	)
Net asset value, ending	$	15,18		$	16.71		$	16.70
Total return*		(3.69	%)		4.09	%		3.24	%
Ratios to average net assets: A
Net investment income		4.16	%		3.93	%		3.86	%
Total expenses		1.85	%		1.87	%		1.90	%
Expenses before offsets		1.85	%		1.87	%		1.90	%
Net expenses		1.85	%		1.86	%		1.89	%
Portfolio turnover		982	%		877	%		578	%
Net assets, ending (in thousands)	$	478,073		$	504,417		$	390,620

See notes to financial highlights.

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FINANCIAL HIGHLIGHTS
					Periods ended
		MARCH 31,			SEPTEMBER 30,			SEPTMEBER 30,
class I shares		2011			2010			2009
Net asset value, beginning	$	16.14		$	15.40		$	15.20
Income from investment operations:
Net investment income		.32			.63			.72
Net realized and unrealized gain (loss)		(.09	)		.73			.24
Total from investment operations		.23			1.36			.96
Distributions from:
Net investment income		(.32	)		(.62	)		(.71	)
Net realized gain		—			—			(.05	)
Total distributions		(.32	)		(.62	)		(.76	)
Total increase (decrease) in net asset value		(.09	)		.74			.20
Net asset value, ending	$	16.05		$	16.14		$	15.40
Total return*		1.45	%		9.05	%		6.94	%
Ratios to average net assets: A
Net investment income		4.02	% (a)		4.01	%		5.14	%
Total expenses		.56	% (a)		.55	%		.55	%
Expenses before offsets		.56	% (a)		.55	%		.55	%
Net expenses		.56	% (a)		.55	%		.55	%
Portfolio turnover		130	%		259	%		793	%
Net assets, ending (in thousands)	$	178,560		$	261,542		$	307,978
					Years ended
		SEPTEMBER 30,			SEPTEMBER 30,			EPTEMBER 30,
class I shares		2008	(z)		2007	(z)		2006
Net asset value, beginning	$	16.72		$	16.70		$	17.02
Income from investment operations:
Net investment income		.89			.87			.85
Net realized and unrealized gain (loss)		(1.24	)		.01			(.10	)
Total from investment operations		(.35	)		.88			.75
Distributions from:
Net investment income		(.89	)		(.86	)		(.85	)
Net realized gain		(.28	)		—			(.22	)
Total distributions		(1.17	)		(.86	)		(1.07	)
Total increase (decrease) in net asset value		(1.52	)		.02			(.32	)
Net asset value, ending	$	15.20		$	16.72		$	16.70
Total return*		(2.36	%)		5.40	%		4.65	%
Ratios to average net assets: A
Net investment income		5.47	%		5.24	%		5.18	%
Total expenses		.53	%		.55	%		.56	%
Expenses before offsets		.53	%		.55	%		.56	%
Net expenses		.53	%		.54	%		.55	%
Portfolio turnover		982	%		877	%		578	%
Net assets, ending (in thousands)	$	355,103		$	312,520		$	76,362

See notes to financial highlights.

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FINANCIAL HIGHLIGHTS
					PerIods ended
		MARCH 31,			SEPTEMBER 30,			SEPTEMBER 30,
class R shares		2011			2010			2009
Net asset value, beginning	$	16.22		$	15.48		$	15.25
Income from investment operations:
Net investment income		.25			.49			.58
Net realized and unrealized gain (loss)		(.10	)		.73			.27
Total from investment operations		.15			1.22			.85
Distributions from:
Net investment income		(.24	)		(.48	)		(.57	)
Net realized gain		—			—			(.05	)
Total distributions		(.24	)		(.48	)		(.62	)
Total increase (decrease) in net asset value		(.09	)		.74			.23
Net asset value, ending	$	16.13		$	16.22		$	15.48
Total return*		.96	%		8.01	%		6.05	%
Ratios to average net assets: A
Net investment income		3.11	% (a)		3.11	%		4.06	%
Total expenses		1.54	% (a)		1.45	%		1.51	%
Expenses before offsets		1.47	% (a)		1.45	%		1.48	%
Net expenses		1.47	% (a)		1.45	%		1.47	%
Portfolio turnover		130	%		259	%		793	%
Net assets, ending (in thousands)	$	11,274		$	12,306		$	11,571
					PerIods ended
					sePteMBer 30,			sePteMBer 30,
class R shares					2008	(z)		2007	#(z)
Net asset value, beginning				$	16.75		$	16.78
Income from investment operations:
Net investment income					.71			.51
Net realized and unrealized gain (loss)					(1.23	)		.09
Total from investment operations					(.52	)		.60
Distributions from:
Net investment income					(.70	)		(.63	)
Net realized gain					(.28	)		—
Total distributions					(.98	)		(.63	)
Total increase (decrease) in net asset value					(1.50	)		(.03	)
Net asset value, ending				$	15.25		$	16.75
Total return*					(3.33	%)		3.66	%
Ratios to average net assets: A
Net investment income					4.44	%		4.41	% (a)
Total expenses					1.78	%		10.44	% (a)
Expenses before offsets					1.47	%		1.48	% (a)
Net expenses					1.47	%		1.47	% (a)
Portfolio turnover					982	%		814	%
Net assets, ending (in thousands)				$	6,179		$	1,304

See notes to financial highlights.

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FINANCIAL HIGHLIGHTS
		Periods ended
		MARCH 31,			SEPTEMBER 30,
class Y shares		2011			2010
Net asset value, beginning	$	16.29		$	15.53
Income from investment operations:
Net investment income		.30			.56
Net realized and unrealized gain (loss)		(.10	)		.76
Total from investment operations		.20			1.32
Distributions from:
Net investment income		(.29	)		(.56	)
Net realized gain		—			—
Total distributions		(.29	)		(.56	)
Total increase (decrease) in net asset value		(.09	)		.76
Net asset value, ending	$	16.20		$	16.29
Total return*		1.28	%		8.65	%
Ratios to average net assets: A
Net investment income		3.69	% (a)		3.76	%
Total expenses		.89	% (a)		.83	%
Expenses before offsets		.89	% (a)		.83	%
Net expenses		.89	% (a)		.83	%
Portfolio turnover		130	%		259	%
Net assets, ending (in thousands)	$	81,730		$	104,674
		PerIods ended
		SEPTEMBER 30,			SEPTEMBER 30,
class Y shares		2009			2008	## (z)
Net asset value, beginning	$	15.29		$	16.38
Income from investment operations:
Net investment income		.67			.31
Net realized and unrealized gain (loss)		.27			(1.02	)
Total from investment operations		.94			(.71	)
Distributions from:
Net investment income		(.65	)		(.38	)
Net realized gain		(.05	)		—
Total distributions		(.70	)		(.38	)
Total increase (decrease) in net asset value		.24			(1.09	)
Net asset value, ending	$	15.53		$	15.29
Total return*		6.73	%		(4.41	%)
Ratios to average net assets: A
Net investment income		4.71	%		4.48	% (a)
Total expenses		.84	%		2.34	% (a)
Expenses before offsets		.84	%		.90	% (a)
Net expenses		.83	%		.90	% (a)
Portfolio turnover		793	%		529	%
Net assets, ending (in thousands)	$	19,351		$	10,481

See notes to financial highlights.

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A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
*	Total return is not annualized for periods less than one year and does not reflect deduction of any front-end or deferred sales charge.
#	From October 31, 2006, inception.
##	From February 29, 2008, inception.
(a)	Annualized.
(z)	Per share figures are calculated using the Average Shares Method.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

The Schedule of Investments is a snapshot of all securities held in the fund at their market value, on the last day of the reporting period. Securities are listed by asset type (e.g., common stock, corporate bonds, U.S. government obligations) and may be further broken down into sub-groups and by industry classification.

STATEMENT OF ASSETS AND LIABILITIES

The Statement of Assets and Liabilities is often referred to as the fund’s balance sheet. It lists the value of what the fund owns, is due and owes on the last day of the reporting period. The fund’s assets include the market value of securities owned, cash, receivables for securities sold and shareholder subscriptions, and receivables for dividends and interest payments that have been earned, but not yet received. The fund’s liabilities include payables for securities purchased and shareholder redemptions, and expenses owed but not yet paid. The statement also reports the fund’s net asset value (NAV) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. This statement is accompanied by a Schedule of Investments. Alternatively, if certain conditions are met, a Statement of Net Assets may be presented in lieu of this statement and the Schedule of Investments.

STATEMENT OF NET ASSETS

The Statement of Net Assets provides a detailed list of the fund’s holdings, including each security’s market value on the last day of the reporting period. The Statement of Net Assets includes a Schedule of Investments. Other assets are added and other liabilities subtracted from the investments total to calculate the fund’s net assets. Finally, net assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) per share.

At the end of the Statement of Net Assets is a table displaying the composition of the fund’s net assets. Paid in Capital is the money invested by shareholders and represents the bulk of net assets. Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the amounts the fund had available to distribute to shareholders as of the statement date. Accumulated Realized Losses will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.

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STATEMENT OF OPERATIONS

The Statement of Operations summarizes the fund’s investment income earned and expenses incurred in operating the fund. Investment income includes dividends earned from stocks and interest earned from interest-bearing securities in the fund. Expenses incurred in operating the fund include the advisory fee paid to the investment advisor, administrative services fees, distribution plan expenses (if applicable), transfer agent fees, shareholder servicing expenses, custodial, legal, and audit fees, and the printing and postage expenses related to shareholder reports. Expense offsets (fees paid indirectly) are also shown. Credits earned from offset arrangements are used to reduce the fund’s expenses. This statement also shows net gains (losses) realized on the sale of investments and the increase or decrease in the unrealized appreciation (depreciation) on investments held during the period.

STATEMENT OF CHANGES IN NET ASSETS

The Statement of Changes in Net Assets shows how the fund’s total net assets changed during the two most recent reporting periods. Changes in the fund’s net assets are attributable to investment operations, distributions and capital share transactions.

The Operations section of the report summarizes information detailed in the Statement of Operations. The Distribution section shows the dividend and capital gain distributions made to shareholders. The amounts shown as distributions in this section may not match the net investment income and realized gains amounts shown in the Operations section because distributions are determined on a tax basis and certain investments or transactions may be treated differently for financial statement and tax purposes. The Capital Share Transactions section shows the amount shareholders invested in the fund, either by purchasing shares or by reinvesting distributions, and the amounts redeemed. The corresponding numbers of shares issued, reinvested and redeemed are shown at the end of the report.

FINANCIAL HIGHLIGHTS

The Financial Highlights table provides a per-share breakdown per class of the components that affect the fund’s net asset value for current and past reporting periods. The table provides total return, total distributions, expense ratios, portfolio turnover and net assets for the applicable period. Total return is a measure of a fund’s performance that encompasses all elements of return: dividends, capital gain distributions and changes in net asset value. Total return is the change in value of an investment over a given period, assuming reinvestment of any dividends and capital gain distributions, expressed as a percentage of the initial investment. Total distributions include distributions from net investment income and net realized gains. Long-term gains are earned on securities held in the fund more than one year. Short-term gains, on the sale of securities held less than one year, are treated as ordinary dividend income for tax purposes. The expense ratio is a fund’s cost of doing business, expressed as a percentage of net assets. These expenses directly reduce returns to shareholders. Portfolio turnover measures the trading activity in a fund’s investment portfolio – how often securities are bought and sold by a fund. Portfolio turnover is affected by market conditions, changes in the size of the fund, the nature of the fund’s investments and the investment style of the portfolio manager.

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PROXY VOTING

The Proxy Voting Guidelines of the Calvert Funds that the Fund uses to determine how to vote proxies relating to portfolio securities are provided as an Appendix to the Fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Fund at 1-800-368-2745, by visiting the Calvert website at www.calvert.com; or by visiting the SEC’s website at www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at www.calvert.com and on the SEC’s website at www.sec.gov.

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACT

At a meeting held on December 8, 2010, the Board of Trustees, and by a separate vote, the disinterested Trustees, approved the continuance of the Investment Advisory Agreement between The Calvert Fund and the Advisor with respect to the Fund.

In evaluating the Investment Advisory Agreement, the Board considered a variety of information relating to the Fund and the Advisor. The disinterested Trustees reviewed a report prepared by the Advisor regarding various services provided to the Fund by the Advisor and its affiliates. Such report included, among other data, information regarding the Advisor’s personnel and the Advisor’s revenue and cost of providing services to the Fund, and a separate report prepared by an independent third party, which provided a statistical analysis comparing the Fund’s investment performance, expenses, and fees to comparable mutual funds.

The disinterested Trustees were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement. Prior to voting, the disinterested Trustees reviewed the proposed continuance of the Investment Advisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In the course of its deliberations regarding the Investment Advisory Agreement, the Board considered the following factors, among others: the nature, extent and quality of the services provided by the Advisor, including the personnel providing such services; the Advisor’s financial condition; the level and method of computing the Fund’s advisory

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fee; comparative performance, fee and expense information for the Fund; the profitability of the Calvert Group of Funds to the Advisor and its affiliates; the direct and indirect benefits, if any, derived by the Advisor and its affiliates from their relationship with the Fund; the effect of the Fund’s growth and size on the Fund’s performance and expenses; the affiliated distributor’s process for monitoring sales load breakpoints; the Advisor’s compliance programs and policies; the Advisor’s performance of substantially similar duties for other funds; and any possible conflicts of interest.

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s investment, supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with management through Board of Trustees’ meetings, discussions and other reports. The Board considered the Advisor’s management style and its performance in employing its investment strategies, as well as its current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Fund, were also considered. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Advisor under the Investment Advisory Agreement.

In considering the Fund’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Fund’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer group by an independent third party in its report. This comparison indicated that the Fund performed below the median of its peer group for the one-, three- and five-year periods ended June 30, 2010. The data also indicated that the Fund underperformed its Lipper index for the one-, three- and five-year periods ended June 30, 2010. The Board took into account management’s discussion of the Fund’s performance and management’s continued monitoring of the Fund’s performance. Based upon its review, the Board concluded that appropriate action was being taken with respect to the Fund’s performance.

In considering the Fund’s fees and expenses, the Board compared the Fund’s fees and total expense ratio with various comparative data for the funds in its peer group. Among other findings, the data indicated that the Fund’s advisory fee was below the median of its peer group and that total expenses were above the median of its peer group. The Board noted that the allocation of advisory and administrative fees may vary among the Fund’s peer group. The Board also took into account the Advisor’s current undertaking to maintain expense limitations for the Fund’s Class I, Class R and Class Y shares. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

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The Board reviewed the Advisor’s profitability on a fund-by-fund basis. In reviewing the overall profitability of the advisory fee to the Fund’s Advisor, the Board also considered the fact that affiliates of the Advisor provided shareholder servicing and administrative services to the Fund for which they received compensation. The information considered by the Board included Calvert’s operating profit margin information both before and after tax expenses with respect to the services that the Advisor and its affiliates provided to the Calvert Group of Funds complex. The Board reviewed the profitability of the Advisor’s relationship with the Fund in terms of the total amount of annual advisory fees it received with respect to the Fund and whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Fund. The Board noted the Advisor’s current undertaking to maintain expense limitations for the Fund’s Class I, Class R and Class Y shares. The Board also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Fund. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Fund was reasonable.

The Board considered the effect of the Fund’s current size and potential growth on its performance and fees. The Board took into account that the Fund’s advisory fee schedule contained breakpoints that would reduce the advisory fee rate on assets above specified levels as the Fund’s assets increased. The Board noted that the Fund was currently realizing economies of scale in its advisory fee. The Board also noted that if the Fund’s assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

In reapproving the Investment Advisory Agreement, the Board, including the disinterested Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weight to various factors.

Conclusions

The Board reached the following conclusions regarding the Investment Advisory Agreement, among others: (a) the Advisor has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Advisor maintains appropriate compliance programs; (c) appropriate action is being taken with respect to the performance of the Fund; (d) the Advisor is likely to execute its investment strategies consistently over time; and (e) the Fund’s advisory fee is reasonable relative to those of similar funds and to the services to be provided by the Advisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement would be in the best interests of the Fund and its shareholders.

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To Open an Account

800-368-2748

Yields and Prices

Calvert Information Network
(24 hours, 7 days a week)
800-368-2745

Service for Existing Account

Shareholders: 800-368-2745
Brokers: 800-368-2746

TDD for Hearing Impaired

800-541-1524

Branch Office

4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

Registered, Certified or Overnight Mail

Calvert Investments
c/o BFDS,
330 West 9th Street
Kansas City, MO 64105

Web Site

www.calvert.com

Principal Underwriter

Calvert Investment Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

CALVERT	CALVERT’S	Equity Funds
INCOME	FAMILY OF FUNDS	Enhanced Equity Portfolio
FUND		Equity Portfolio
	Tax-Exempt Money	Large Cap Growth Fund
	Market Funds	Large Cap Value Fund
	CTFR Money Market Portfolio	Social Index Fund
		Capital Accumulation Fund
	Taxable Money Market	International Equity Fund
	Funds	Small Cap Fund
	First Government Money Market	Global Alternative Energy Fund
	Fund	Global Water Fund
	Money Market Portfolio	International Opportunities Fund
	Municipal Funds	Balanced and Asset
	Tax-Free Bond Fund	Allocation Funds
		Balanced Portfolio
	Taxable Bond Funds	Conservative Allocation Fund
	Bond Portfolio	Moderate Allocation Fund
	Income Fund	Aggressive Allocation Fund
	Short Duration Income Fund
	Long-Term Income Fund
	Ultra-Short Income Fund
	Government Fund
	High-Yield Bond Fund

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Calvert Funds. This and other important information is contained in the fund’s summary prospectus and prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call Calvert at 800/368-2745 or visit www. calvert.com.

INFORMATION REGARDING CALVERT OPERATING COMPANY

NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each
		operating company listed
		below
Calvert Asset Management	Calvert Investment	Investment advisor to the
Company, Inc.	Management, Inc.	Calvert Funds
Calvert Distributors, Inc.	Calvert Investment Distributors,	Principal underwriter
	Inc.	and distributor for the
		Calvert Funds
Calvert Administrative	Calvert Investment	Administrative services
Services Company	Administrative Services, Inc.	provider for the Calvert
		Funds
Calvert Shareholder	Calvert Investment Services,	Shareholder servicing
Services, Inc.	Inc.	provider for the Calvert
		Funds

Choose Planet-friendly E-delivery!

Sign up now for on-line statements, prospectuses, and fund reports. In less than five minutes you can help reduce paper mail and lower fund costs.

Just go to www.calvert.com. If you already have an online account at Calvert, click on My Account, and select the documents you would like to receive via e-mail.

If you’re new to online account access, click on Login/Register to open an online account. Once you’re in, click on the E-delivery sign-up at the bottom of the Account Portfolio page and follow the quick, easy steps. Note: if your shares are not held directly at Calvert but through a brokerage firm, you must contact your broker for electronic delivery options available through their firm.

TABLE
OFCONTENTS

4	President’s Letter
6	Portfolio Management Discussion
11	Shareholder Expense Example
13	Schedule of Investments
29	Statement of Assets and Liabilities
30	Statement of Operations
31	Statements of Changes in Net Assets
33	Notes to Financial Statements
41	Financial Highlights
46	Explanation of Financial Tables
48	Proxy Voting and Availability of Quarterly Portfolio Holdings
48	Basis for Board’s Approval of Investment Advisory Contract

Dear Shareholder:

     The financial markets ended the six-month period on a high note. The Federal Reserve’s announcement in the fall of 2010 of a second round of quantitative easing (QE2) and the extension in December of the Bush-era tax cuts for all income levels helped buoy the markets and pushed Treasury yields higher. The resulting increase in U.S. consumer spending and confidence helped drive a year-end rally.

This calm lasted until new storms arrived in the beginning of 2011. Civil and political unrest in the Middle East and North Africa sent the price of crude soaring and heightened energy security concerns in many countries around the world. In March, the tragic earthquake and tsunami struck Japan. Our sympathies go out to the people of Japan who lost loved ones in this disaster. The earthquake—and its impact on the country’s nuclear reactors—roiled global financial markets. The cumulative effect of these events sparked a brief sell-off in corporate bonds as investors moved into the relative safety of U.S. Treasuries.

Fixed-Income Markets Continue to be Volatile

Investment-grade corporate bonds edged down slightly for the reporting period, with the Barclays Capital U.S. Credit Index returning -0.98%, while high-yield bonds, as measured by the BofA Merrill Lynch U.S. High Yield Master II Index, returned 7.09%. Money-market returns remained flat, reflecting the Fed’s efforts to keep its target interest rate very low.

Corporate bonds continued to benefit from generally strong corporate earnings and lower default expectations during the fourth quarter of 2010. This trend continued during the first quarter of 2011 as investors became more comfortable moving into riskier asset classes to chase yield. However, most fixed-income sectors experienced significant volatility as investors reacted to the turmoil in the Middle East and the ensuing climb in oil prices as well as the disaster in Japan—which prompted some investors to move back into the relative safety of Treasuries as noted above.

Municipal bond returns suffered greatly in the final months of 2010 due to heavy municipal debt issuance, record municipal bond fund redemptions by retail investors, and fear of massive municipal debt defaults, which appears to be unfounded. Fortunately, prices steadied after the turn of the year due to slowing investor outflows and minimal new debt issuance.

Opportunities and Challenges Ahead

Overall, we are optimistic and expect a slow, gradual economic recovery to continue, which we believe should help sustain a corporate bond rally through the remainder of 2011. A low core inflation rate (which excludes food and energy prices) will likely facilitate economic growth, while continued debt reduction, lingering high unemployment, and a struggling housing market will limit gains. Energy prices will

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remain a challenge until we see more resolution of the events in the Middle East and North Africa. Of course, more geopolitical crises, rising commodity prices, and inflation spikes could certainly dampen the markets.

In short, we believe the markets, the global economy, and your Calvert funds can successfully navigate through any temporary setbacks.

Discuss Your Portfolio Allocations with Your Advisor

Given the market shifts we have experienced, your overall portfolio asset allocation and investment strategy may no longer match your needs. Therefore, we recommend reviewing these with your financial advisor to ensure that your target mix of U.S. and international stocks, bonds, and cash is well-diversified and appropriate given your financial goals, time horizon, and risk tolerance.

We encourage you to visit our website, www.calvert.com, for fund information and updates as well as market and economic commentary from Calvert professionals.

As noted elsewhere in this report, the Calvert operating companies that provide services to the funds will change their names effective April 30, 2011. As part of the changes, Calvert Group, Ltd. will be known as Calvert Investments, Inc., and the funds’ advisor, Calvert Asset Management Company, Inc., will be known as Calvert Investment Management, Inc.

As always, we appreciate your investing with Calvert.

Barbara J. Krumsiek

President and CEO

Calvert Investments, Inc.

April 2011

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PORTFOLIO MANAGEMENT DISCUSSION

Gregory Habeeb

Senior Vice President and Senior Portfolio Manager
 of Calvert Investment Management, Inc.

Performance

For the six-month period ended March 31, 2011, Calvert Short Duration Income Fund (Class A shares at NAV) returned 1.02%. Its benchmark index, the Barclays Capital 1-5 Year U.S. Credit Index, returned 0.27% for the period. The Fund’s short relative duration strategy was primarily responsible for the portfolio’s outperformance. Duration is a measure of a portfolio’s sensitivity to changes in interest rates. The longer the duration, the greater the change in price relative to interest rate movements. The Fund’s allocation to high-yield bonds also helped relative returns.

CALVERT SHORT DURATION INCOME FUND
MARCH 31, 2011
INVESTMENT PERFORMANCE
(TOTAL RETURN AT NAV*)

	6 Months		12 Months
	ended		ended
	3/31/11		3/31/11
Class A	1.02	%	3.69	%
Class C	0.59	%	2.86	%
Class I	1.29	%	4.29	%
Class Y	1.11	%	3.96	%
Barclays Capital 1-5
Year U.S. Credit
Index	0.27	%	4.36	%
Lipper Short Investment
Grade Debt Funds
Average	0.53	%	3.03	%
SEC YIELDS
	30 days ended
	3/31/11		9/30/10
Class A	1.82	%	1.82	%
Class C	1.16	%	1.15	%
Class I	2.46	%	2.44	%
Class Y	2.17	%	2.14	%

Investment Climate

The six-month reporting period was characterized by four clear phases in interest-rate movements. The first was a steady and strong upward movement in interest rates. The 10-year Treasury yield increased from 2.33% in early October to 3.57% by mid-December. The Federal Reserve’s (Fed) announcement of new Treasury purchases in November did little to slow the advance as economic data improved. In December, many analysts raised their forecasts for economic growth, and stocks rallied as a larger-than-expected fiscal stimulus package was passed. The second phase featured a fairly quiet trading range. During phase three, from early to mid-February, yields rose as the unemployment rate fell sharply, boosting confidence in the economy and triggering a rally in stocks. The

*     Investment performance/return at NAV does not reflect the deduction of the Fund’s maximum 2.75% front-end sales charge or any deferred sales charge.

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	% of Total
ECONOMIC SECTORS	Investments
Asset Backed Securities	3.3	%
Basic Materials	1.8	%
Communications	3.7	%
Consumer, Cyclical	4.0	%
Consumer, Non-cyclical	3.2	%
Diversified	0.6	%
Energy	4.1	%
Financials	43.2	%
Government	15.2	%
Industrials	5.4	%
Insurance	0.1	%
Mortgage Securities	11.0	%
Technology	1.5	%
Utilities	2.9	%
Total	100	%

10-year Treasury yield peaked at 3.74%.

In the final phase, yields began to fall as turmoil in the Middle East pushed up the price of oil and raised doubts about the strength of the young economic expansion. Volatility increased in global financial markets. Doubt, uncertainty, and volatility were amplified by the terrible March 11 earthquake and tsunami in Japan. Treasury yields continued to fall, with the 10-year yield bottoming at 3.14% a few days after the disaster. After the shock wore off, stocks regained their footing and Treasury yields recovered some ground. The 10-year Treasury yield ended the reporting period near 3.5%, which was close to the middle of the range over the full reporting period.¹

During the reporting period, we estimate that the U.S. economy grew at an annualized rate of 3.3%.² This is very near the 50-year average growth rate, but remains below the rate seen, at a similar point in the business cycle, after prior deep recessions in the post-WWII era. The core consumer price inflation (CPI) rate increased from 0.6% to 1.1% during the reporting period,³ so the Fed’s concern about unwanted disinflation abated. While the inflation rate was trending up, the level of both core and headline inflation rates remained below long-run averages. Market expectations for inflation in coming years increased to a level more in line with long-term averages.

Portfolio Strategy

The Fund benefitted from higher interest rates across the yield curve. The yields on two- and 10-year Treasuries increased by 35 and 91 basis points, respectively, over the six-month reporting period. The Fund’s allocation to high-yield bonds also helped relative performance. At the start of the reporting period, 13.56% of the Fund was allocated to high-yield bonds. Over the reporting period, the Barclays U.S. Corporate High Yield Index returned 7.23%, while the more broadly based Barclays Capital U.S. Credit Index returned -0.98%.

The Fund employed a yield-curve-flattening strategy. This had a mixed effect as some portions of the yield curve narrowed while others widened. The Fund was positioned to benefit from a narrowing of the yield differential between the 10- and 30-year U.S. Treasuries, which helped performance, as this section of the yield curve narrowed from 160 basis points to 104 basis points. However, the Fund also was positioned to benefit from narrowing of the yield differential between two- and 10- year Treasuries. This section of the yield curve widened from 209 to 265 basis points during the reporting period, which hurt performance. The Fund uses Treasury futures to hedge its interest rate position.

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GROWTH OF $10,000

The graph below shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds without 10-year records). The results shown are for Class A shares and reflect the deduction of the maximum front-end sales charge of 2.75%, and assume the reinvestment of dividends. The result is compared with benchmarks that include a broad based market index and a Lipper peer group average. Market indexes are unmanaged and their results do not reflect the effect of expenses or sales charges. The Lipper average reflects the deduction of the category’s average front-end sales charge. The value of an investment in a different share class would be different.

All performance data shown, including the graph above and the adjacent table, represents past performance, does not guarantee future results, assumes reinvestment of dividends and distributions and does not reflect the deduction of taxes that a shareholder would pay on the Fund’s/Portfolio’s distributions or the redemption of the Fund/Portfolio shares. 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 lower or higher than the performance data quoted; for current performance data visit www.calvert.com. The gross expense ratio from the current prospectus for Class A shares is 1.14%. This number may differ from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. Performance data quoted already reflects the deduction of the Fund’s/Portfolio’s operating expenses.

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Outlook

The U.S. economy continues to recover from severe financial crisis. Deleveraging in household and financial sectors continues, suggesting moderate, not heated, growth and consumer price inflation. Monetary policy should remain easy in coming quarters as federal, state, and local fiscal stimuli continue to recede or contract. The impact from the long stretch of extraordinarily easy Fed policy, with its near-zero percent short-term interest rates and government bond purchases, is clear in the higher prices of stocks, bonds, and commodities, but not in consumer price indices.

Once again, events external to the United States created more uncertainty about the outlook for U.S. growth, inflation, and monetary policy. In addition to geopolitical tensions in the Middle East and natural disaster in Japan, deepening eurozone debt troubles have put Portugal on the brink of a bailout from the European Union/International Monetary Fund rescue facility. If the country does require a financial rescue package, Portugal would become the third eurozone member to receive a bailout. The rescue facility can accommodate Greece, Ireland, and Portugal but a debt crisis in Spain would disrupt financial markets worldwide. The Spanish government’s interest rates, while elevated, are not near crisis levels. Spain will remain under pressure, however, and has the potential to unnerve investors from time to time.

Despite increased uncertainty in recent months, we expect the Fed to conclude its Treasury purchases by the end of June. This would complete the easing cycle and, apart from some minor operations, move the Fed to the sidelines for the remainder of the year. There are monetary policy scenarios that

CALVERT SHORT DURATION INCOME FUND
MARCH 31, 2011

AVERAGE ANNUAL TOTAL RETURNS

class A shares	(with max. load)
One year		0.86	%
Five year		4.54	%
Since inception (1/31/2002)		5.48	%
class C shares	(with max. load)
One year		1.86	%
Five year		4.30	%
Since inception (10/1/2002)		4.31	%
class I shares*
One year		4.29	%
Five year		5.57	%
Since inception (2/26/2002)		5.97	%
class Y shares**
One year		3.96	%
Five year		5.26	%
Since inception (1/31/2002)		5.87	%

*Note Regarding Class I Shares Total Returns: There were times during the reporting period when there were no shareholders in Class I. For purposes of reporting Average Annual Total Return, Class A performance at NAV (i.e. does not reflect deduction of the Class A front-end sales charge) is used during these periods in which there were no shareholders in Class I. For purposes of this Average Annual Total Return, the Class A performance at NAV was used during the period November 7, 2005 through April 21, 2006.

** Calvert Short Duration Income Fund first offered Class Y shares beginning on February 29, 2008. Performance prior to February 29, 2008 reflects the performance of Class A shares at net asset value (NAV). Actual Class Y share performance would have been different.

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could move bond yields quite sharply, including the small chance that the Fed will tighten faster than expected if core inflation increases rapidly. In addition, in light of the recent international turmoil, there also is a chance—perhaps small—that the Fed will ease yet again if the economy weakens later this year. In uncertain times, we expect market volatility to erupt from time to time.

April 2011

¹ Interest rate data sources: Chicago Board Options Exchange and Federal Reserve

² According to Bureau of Economic Analysis data and forecasts from the Wall Street Journal Survey of Professional Forecasters

³ Latest data as of February 2011 from the Bureau of Labor Statistics

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SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges and redemption fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2010 to March 31, 2011).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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		BEGINNING		ENDING ACCOUNT		EXPENSES PAID
		ACCOUNT VALUE		VALUE		DURING PERIOD*
		10/1/10		3/31/11		10/1/10 - 3/31/11
class A
Actual	$	1,000.00	$	1,010.20	$	5.41
Hypothetical	$	1,000.00	$	1,019.55	$	5.44
(5% return per year before expenses)
class c
Actual	$	1,000.00	$	1,005.90	$	9.00
Hypothetical	$	1,000.00	$	1,015.96	$	9.04
(5% return per year before expenses)
class I
Actual	$	1,000.00	$	1,012.90	$	2.46
Hypothetical	$	1,000.00	$	1,022.49	$	2.47
(5% return per year before expenses)
class Y
Actual	$	1,000.00	$	1,011.10	$	3.94
Hypothetical	$	1,000.00	$	1,021.01	$	3.96
(5% return per year before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 1.08%, 1.80%, 0.49%, and 0.79% for Class A, Class C, Class I, and Class Y, respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

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SCHEDULE OF INVESTMENTS
MARCH 31, 2011
		PRINCIPAL
Asset-Backed Securities - 3.2%		AMOUNT		VALUE
ACLC Business Loan Receivables Trust, 0.905%, 10/15/21 (e)(r)	$	24,196	$	23,982
AmeriCredit Automobile Receivables Trust:
2.26%, 5/15/12		632,166		634,062
0.31%, 12/6/13 (r)		5,793,386		5,790,534
5.53%, 1/6/14		3,518,917		3,545,454
1.18%, 2/6/14		2,340,943		2,340,532
5.26%, 1/6/15 (r)		6,251,775		6,338,712
Bear Stearns Asset Backed Securities Trust:
0.47%, 12/25/35 (r)		7,793,437		7,581,534
0.37%, 4/25/37 (r)		2,025,300		1,923,865
Capital Auto Receivables Asset Trust:
5.01%, 4/16/12		2,085,017		2,101,267
5.31%, 6/15/12		4,761,274		4,812,065
5.15%, 9/17/12		3,198,000		3,283,421
Capital One Auto Finance Trust, 5.23%, 7/15/14		13,695,692		14,001,010
Captec Franchise Trust, 8.155%, 6/15/13 (e)		716,979		723,551
CIT Equipment Collateral, 6.59%, 12/22/14		6,299,485		6,407,210
CNH Equipment Trust, 2.97%, 3/15/13		497,971		498,440
Countrywide Asset-Backed Certificates, 0.70%, 11/25/34 (r)		102,421		90,354
CPS Auto Trust:
6.48%, 7/15/13 (e)		20,253,460		20,917,559
5.60%, 1/15/14 (e)		4,166,588		4,257,935
Enterprise Mortgage Acceptance Co. LLC, 7.449%, 1/15/27 (e)(r)		6,836,599		4,238,691
Fifth Third Auto Trust, 4.81%, 1/15/13		13,633,228		13,789,879
FMAC Loan Receivables Trust:
1.35%, 11/15/18 (e)(r)(u)		805,389		9,564
0.014%, 4/15/19 (e)(r)		9,069,451		283,420
Ford Credit Auto Owner Trust, 4.28%, 5/15/12		795,932		802,300
World Omni Automobile Lease Securitization Trust,
1.02%, 1/16/12		1,333,136		1,333,701
Total Asset-Backed Securities (Cost $105,531,215)				105,729,042
COLLATERALIZED MORTGAGE-BACKED
OBLIGATIONS (PRIVATELY ORIGINATED) - 1.5%
Banc of America Mortgage Securities, Inc., 6.25%, 10/25/36		1,842,287		287,064
Chase Mortgage Finance Corp.:
0.295%, 12/25/35 (r)		366,511		356,576
2.875%, 2/25/37 (r)		525,261		501,324
2.887%, 2/25/37 (r)		1,047,571		1,000,401
2.905%, 2/25/37 (r)		3,486,521		3,136,826
CS First Boston Mortgage Securities Corp.:
2.785%, 12/25/33 (r)		2,308,181		654,282
5.25%, 12/25/35		1,791,268		1,783,389
GMAC Mortgage Corp. Loan Trust, 5.50%, 10/25/33		3,178,048		3,207,083

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COLLATERALIZED MORTGAGE-BACKED		PRINCIPAL
OBLIGATIONS (PRIVATELY ORIGINATED) - CONT’D		AMOUNT		VALUE
Impac CMB Trust:
0.89%, 9/25/34 (r)	$	68,552	$	53,508
0.99%, 11/25/34 (r)		46,839		41,085
0.77%, 4/25/35 (r)		629,810		511,958
0.87%, 4/25/35 (r)		215,688		117,537
0.79%, 5/25/35 (r)		1,928,097		1,507,301
0.57%, 8/25/35 (r)		459,131		350,311
JP Morgan Mortgage Trust:
3.081%, 7/25/35 (r)		380,737		357,925
5.279%, 7/25/35 (r)		5,368,628		5,231,986
Merrill Lynch Mortgage Investors, Inc.:
2.636%, 2/25/35 (r)		1,310,674		1,253,134
2.669%, 12/25/35 (r)		5,052,661		5,010,693
Residential Accredit Loans, Inc., 0.234%, 5/25/19 (r)		45,252,822		261,620
Structured Asset Mortgage Investments, Inc.:
0.43%, 7/25/46 (r)		1,018,946		602,005
0.44%, 9/25/47 (r)		3,790,083		2,262,145
WaMu Mortgage Pass Through Certificates:
2.725%, 10/25/35 (r)		18,000,000		14,879,137
2.582%, 1/25/36 (r)		1,190,908		1,139,087
1.712%, 4/25/44 (r)		10,877		8,863
Wells Fargo Mortgage Backed Securities Trust:
5.055%, 9/25/35 (r)		4,275,383		4,166,891
0.193%, 10/25/36		41,300,681		115,249
Total Collateralized Mortgage-Backed Obligations
(Privately Originated) (Cost $48,250,508)				48,797,380
COMMERCIAL MORTGAGE-BACKED SECURITIES - 9.1%
Banc of America Commercial Mortgage, Inc.:
6.186%, 6/11/35		30,661,935		31,423,693
5.45%, 6/10/39 (r)		2,092,500		2,237,585
4.576%, 7/10/42		2,892,000		2,913,464
4.161%, 12/10/42		816,518		816,454
5.118%, 7/11/43		3,366,400		3,440,434
Bank of America-First Union NB Commercial Mortgage:
5.464%, 4/11/37		21,448,444		21,596,741
5.761%, 4/11/37		2,475,000		2,439,809
Bear Stearns Commercial Mortgage Securities, 5.61%, 11/15/33		12,114,997		12,250,817
Commercial Mortgage Pass Through Certificates,
5.234%, 7/10/37 (r)		10,956,000		11,208,502
Credit Suisse First Boston Mortgage Securities Corp.:
5.435%, 9/15/34		3,534,718		3,564,542
6.387%, 8/15/36		4,842,655		4,929,861
6.133%, 4/15/37		1,900,232		1,957,684
First Union National Bank Commercial Mortgage,
6.141%, 2/12/34		15,151,116		15,580,793
GE Capital Commercial Mortgage Corp., 6.531%, 5/15/33		153,840		153,759

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		PRINCIPAL
COMMERCIAL MORTGAGE-BACKED SECURITIES - CONT’D		AMOUNT		VALUE
GMAC Commercial Mortgage Securities, Inc.:
6.70%, 4/15/34	$	3,668,379	$	3,679,556
6.278%, 11/15/39		30,319,399		30,796,693
Greenwich Capital Commercial Funding Corp., 4.883%, 6/10/36		7,249,133		7,387,886
JP Morgan Chase Commercial Mortgage Securities Corp.:
6.162%, 5/12/34		36,557,000		37,663,705
6.429%, 4/15/35		8,948,117		9,001,596
5.857%, 10/12/35		30,638,577		30,735,521
6.465%, 11/15/35		4,930,089		4,997,108
6.786%, 11/15/35 (e)(r)		2,500,000		2,585,684
5.299%, 6/12/41 (r)		2,148,381		2,199,070
LB-UBS Commercial Mortgage Trust, 4.51%, 12/15/29		13,799,441		13,913,178
Morgan Stanley Capital I, 5.007%, 1/14/42		8,967,257		9,136,093
Morgan Stanley Dean Witter Capital I:
6.55%, 7/15/33		7,480,000		7,555,677
5.98%, 1/15/39		8,923,503		9,273,472
Prudential Mortgage Capital Funding LLC, 6.605%, 5/10/34		2,342,821		2,343,289
Salomon Brothers Mortgage Securities VII, Inc.:
4.467%, 3/18/36		6,596,085		6,719,504
6.499%, 11/13/36		6,372,421		6,466,265
Wachovia Bank Commercial Mortgage Trust, 6.287%, 4/15/34		3,590,000		3,706,395
Total Commercial Mortgage-Backed Securities
(Cost $306,208,363)				302,674,830
CORPORATE BONDS - 67.5%
Achmea Hypotheekbank NV:
0.661%, 11/3/14 (e)(r)		4,665,000		4,665,025
3.20%, 11/3/14 (e)		7,000,000		7,170,665
Affiliated Computer Services, Inc., 5.20%, 6/1/15		3,000,000		3,229,711
Agilent Technologies, Inc., 2.50%, 7/15/13		4,000,000		4,033,273
Alcoa, Inc., 6.15%, 8/15/20		3,800,000		4,017,942
Alliance Mortgage Investments:
12.61%, 6/1/10 (b)(r)(x)*		385,345		-
15.36%, 12/1/10 (b)(r)(x)*		259,801		-
Ally Financial, Inc.:
6.00%, 4/1/11		3,498,000		3,497,650
6.00%, 12/15/11		16,508,000		16,796,890
1.75%, 10/30/12		3,970,000		4,034,442
0.309%, 12/19/12 (r)		3,360,000		3,361,204
4.50%, 2/11/14		875,000		872,813
American Airlines Pass Through Trust:
Series 2001-2, Class A, 7.858%, 4/1/13		21,922,000		22,497,452
Series 2001-2, Class B, 8.608%, 10/1/12		18,020,000		18,020,000
American Express Bank FSB:
0.378%, 5/29/12 (r)		6,000,000		5,980,499
0.406%, 6/12/12 (r)		18,515,000		18,463,911
American Express Centurion Bank, 0.406%, 6/12/12 (r)		2,022,000		2,015,936
American Express Travel, 0.461%, 6/1/11 (r)		3,500,000		3,494,565
American Honda Finance Corp., 1.059%, 6/20/11 (e)(r)		11,900,000		11,910,178

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		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
American Tower Corp., 4.50%, 1/15/18	$	2,420,000	$	2,371,233
Amphenol Corp., 4.75%, 11/15/14		6,450,000		6,891,946
Anadarko Petroleum Corp., 5.75%, 6/15/14		10,000		10,948
Analog Devices, Inc.:
5.00%, 7/1/14		5,000,000		5,434,268
3.00%, 4/15/16		4,000,000		3,982,282
Anheuser-Busch InBev Worldwide, Inc.:
1.039%, 3/26/13 (r)		4,000,000		4,051,489
0.854%, 1/27/14 (r)		6,000,000		6,044,141
ANZ National International Ltd., 1.309%, 12/20/13 (e)(r)		13,000,000		13,000,145
APL Ltd., 8.00%, 1/15/24 (b)		3,915,000		3,517,862
ArcelorMittal:
3.75%, 3/1/16		1,000,000		997,514
5.50%, 3/1/21		13,800,000		13,570,617
Arrow Electronics, Inc.:
3.375%, 11/1/15		4,000,000		3,946,423
6.00%, 4/1/20		3,347,000		3,541,826
Asciano Finance Ltd.:
3.125%, 9/23/15 (e)		6,225,000		5,951,138
5.00%, 4/7/18 (e)		1,000,000		994,580
4.625%, 9/23/20 (e)		2,000,000		1,831,747
Atlantic Mutual Insurance Co., 8.15%, 2/15/28 (b)(e)(p)*		350,000		-
Australia & New Zealand Banking Group Ltd.,
0.603%, 10/21/11 (e)(r)		4,450,000		4,457,351
BAC Capital Trust XV, 1.111%, 6/1/56 (r)		22,340,000		15,585,976
Bank of America Corp.:
0.588%, 4/30/12 (r)		18,470,000		18,545,321
1.723%, 1/30/14 (r)		8,750,000		8,870,451
5.875%, 1/5/21		2,000,000		2,083,091
Bank of America NA, 0.59%, 6/15/16 (r)		3,000,000		2,780,207
Bank of Montreal, 2.85%, 6/9/15 (e)		25,000,000		25,249,707
Bank of Nova Scotia:
1.65%, 10/29/15 (e)		3,000,000		2,869,163
2.90%, 3/29/16		10,200,000		10,141,095
Bank of Tokyo-Mitsubishi UFJ Ltd., 0.973%, 2/24/14 (e)(r)		17,000,000		17,000,195
BankAmerica Capital III, 0.873%, 1/15/27 (r)		8,230,000		6,324,115
BankBoston Capital Trust III, 1.06%, 6/15/27 (r)		1,450,000		1,125,114
Barclays Bank plc, 2.50%, 9/21/15 (e)		8,450,000		8,212,488
Barnett Capital III, 0.929%, 2/1/27 (r)		1,100,000		847,025
Beckman Coulter, Inc., 6.00%, 6/1/15		4,000,000		4,376,025
Bemis Co., Inc., 5.65%, 8/1/14		2,000,000		2,166,595
Berkshire Hathaway Finance Corp., 0.428%, 1/13/12 (r)		1,250,000		1,250,245
Berkshire Hathaway, Inc., 0.742%, 2/11/13 (r)		15,000,000		15,092,955
BNSF Funding Trust I, 6.613% to 1/15/26,
floating rate thereafter to 12/15/55 (r)		8,869,000		9,212,674
Bunge Ltd. Finance Corp., 5.35%, 4/15/14		5,000,000		5,317,746
Burger King Corp., 9.875%, 10/15/18		1,500,000		1,578,750
C8 Capital SPV Ltd., 6.64% to 12/31/14,
floating rate thereafter to 12/29/49 (b)(e)(r)		12,660,000		9,792,510
Canadian Imperial Bank of Commerce, 2.75%, 1/27/16 (e)		4,940,000		4,908,229

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		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Cantor Fitzgerald LP:
6.375%, 6/26/15 (e)	$	3,000,000	$	3,022,693
7.875%, 10/15/19 (e)		11,100,000		11,364,220
Capital One Financial Corp.:
4.80%, 2/21/12		2,000,000		2,066,468
6.15%, 9/1/16		3,800,000		4,136,525
CareFusion Corp.:
4.125%, 8/1/12		2,000,000		2,069,330
5.125%, 8/1/14		2,000,000		2,155,318
Caterpillar Financial Services Corp., 0.559%, 12/16/11 (r)		10,000,000		10,016,920
Cellco Partnership, 2.914%, 5/20/11 (r)		15,000,000		15,046,061
Cemex SAB de CV, 5.301%, 9/30/15 (e)(r)		28,550,000		28,321,442
Charter One Bank:
5.50%, 4/26/11		16,500,000		16,540,249
6.375%, 5/15/12		5,000,000		5,230,749
Chase Capital II, 0.804%, 2/1/27 (r)		3,282,000		2,757,158
Chase Capital VI, 0.929%, 8/1/28 (r)		1,500,000		1,265,626
Church & Dwight Co., Inc., 3.35%, 12/15/15		2,000,000		1,996,003
Citibank:
0.303%, 7/12/11 (r)		4,875,000		4,874,337
0.341%, 5/7/12 (r)		5,550,000		5,554,939
Citigroup Funding, Inc.:
0.634%, 4/30/12 (r)		15,000,000		15,065,970
0.353%, 7/12/12 (r)		8,500,000		8,505,874
Citigroup, Inc.:
2.312%, 8/13/13 (r)		26,000,000		26,766,754
0.435%, 3/7/14 (r)		13,750,000		13,432,432
5.50%, 10/15/14		3,000,000		3,236,662
4.587%, 12/15/15		4,000,000		4,120,855
Cliffs Natural Resources, Inc., 4.875%, 4/1/21		1,000,000		986,245
CNL, Inc.ome Properties, Inc., 7.25%, 4/15/19 (e)		1,000,000		992,490
Columbia University, 6.83%, 12/15/20		322,581		354,048
Comcast Corp., 5.90%, 3/15/16		4,951,000		5,501,368
Con-way, Inc., 7.25%, 1/15/18		4,650,000		5,044,091
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA:
4.20%, 5/13/14 (e)		2,000,000		2,114,262
2.125%, 10/13/15		6,000,000		5,792,929
Corn Products International, Inc., 3.20%, 11/1/15		5,000,000		4,990,251
Credit Suisse USA, Inc., 0.514%, 8/16/11 (r)		5,850,000		5,852,014
Crown Castle Towers LLC:
4.523%, 1/15/15 (e)		4,250,000		4,393,438
4.174%, 8/15/17 (e)		3,000,000		2,985,000
4.883%, 8/15/20 (e)		2,960,000		2,956,300
3.214%, 8/15/35 (e)		3,000,000		2,996,250
5.495%, 1/15/37 (e)		4,000,000		4,240,000
CVS Caremark Corp., 6.302% to 6/1/12,
floating rate thereafter to 6/1/62 (r)		14,539,000		14,245,212
CVS Pass-Through Trust:
5.789%, 1/10/26 (e)		5,560,460		5,761,612
5.298%, 1/11/27 (e)		1,009,555		1,020,132
6.036%, 12/10/28		12,781,092		13,341,117
6.943%, 1/10/30		1,933,818		2,106,237
7.507%, 1/10/32 (e)		2,154,517		2,471,102

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		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Dell, Inc., 0.91%, 4/1/14 (r)	$	9,450,000	$	9,469,882
Delta Air Lines Pass Through Trust, 6.75%, 5/23/17		2,750,000		2,660,625
Deutsche Bank AG, 0.953%, 1/18/13 (r)		16,000,000		16,055,200
Deutsche Bank Capital Trust, 4.901%, 12/29/49 (b)(r)		2,600,000		2,132,000
Developers Diversified Realty Corp.:
5.25%, 4/15/11		6,000,000		6,001,500
4.75%, 4/15/18		4,000,000		3,900,000
Discover Bank, 8.70%, 11/18/19		8,890,000		10,617,434
Discover Financial Services, 6.45%, 6/12/17		1,375,000		1,491,580
DISH DBS Corp., 6.375%, 10/1/11		2,450,000		2,499,000
DnB NOR Boligkreditt AS, 2.10%, 10/14/16 (e)		15,000,000		14,398,423
Dominion Resources, Inc., 6.30% to 9/30/11,
floating rate thereafter to 9/30/66 (r)		27,470,000		27,126,625
Dow Chemical Co., 2.562%, 8/8/11 (r)		9,500,000		9,558,002
EI du Pont de Nemours & Co., Zero Coupon, 12/27/39 (r)		1,600,000		1,585,245
Enterprise Products Operating LLC:
7.625%, 2/15/12		12,000,000		12,688,380
3.20%, 2/1/16		14,000,000		13,915,395
7.034% to 1/15/18, floating rate thereafter to 1/15/68 (r)		12,655,000		13,129,562
Equity One, Inc., 6.25%, 12/15/14		5,500,000		5,902,026
Express Scripts, Inc., 5.25%, 6/15/12		5,000,000		5,236,478
FBG Finance Ltd., 5.125%, 6/15/15 (e)		6,150,000		6,495,677
Fifth Third Bank, 0.424%, 5/17/13 (r)		24,175,000		23,705,242
First Niagara Financial Group, Inc., 6.75%, 3/19/20		1,500,000		1,614,490
Fleet Capital Trust V, 1.309%, 12/18/28 (r)		3,200,000		2,435,500
Ford Motor Credit Co. LLC:
5.56%, 6/15/11 (r)		36,150,000		36,240,375
9.875%, 8/10/11		3,000,000		3,075,000
7.25%, 10/25/11		533,000		546,325
3.053%, 1/13/12 (r)		33,305,000		33,596,752
7.80%, 6/1/12		2,000,000		2,120,000
8.00%, 12/15/16		1,500,000		1,695,000
Foster’s Finance Corp.:
6.875%, 6/15/11 (e)		10,000,000		10,097,033
4.875%, 10/1/14 (e)		8,880,000		9,399,300
Four Fishers LLC VRDN, 0.49%, 4/1/24 (r)		3,770,000		3,770,000
GameStop Corp., 8.00%, 10/1/12		5,689,000		5,795,669
General Electric Capital Corp.:
0.61%, 6/8/12 (r)		4,830,000		4,851,522
0.429%, 6/20/13 (r)		22,000,000		21,721,304
5.40%, 2/15/17		2,000,000		2,165,474
0.581%, 8/7/18 (r)		3,317,000		3,082,110
GenOn Americas Generation LLC, 8.30%, 5/1/11		21,024,000		21,076,560
Georgia-Pacific LLC, 8.125%, 5/15/11		7,000,000		7,052,500
Glitnir Banki HF:
2.95%, 10/15/08 (b)(y)*		10,440,000		3,210,300
3.046%, 4/20/10 (e)(r)(y)*		10,830,000		3,303,150
3.226%, 1/21/11 (e)(r)(y)*		1,000,000		290,000
6.33%, 7/28/11 (e)(y)*		180,000		54,900
GMAC Commercial Mortgage Asset Corp., 6.107%, 8/10/52 (e)		1,000,000		814,040
Goldman Sachs Capital III, 1.081%, 9/29/49 (r)		8,000,000		6,313,470

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		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Goldman Sachs Group, Inc.:
0.562%, 11/9/11 (r)	$	12,470,000	$	12,494,466
0.51%, 3/15/12 (r)		4,620,000		4,629,938
3.625%, 2/7/16		4,000,000		3,959,477
0.759%, 3/22/16 (r)		23,000,000		22,176,054
5.625%, 1/15/17		5,000,000		5,255,598
6.00%, 6/15/20		2,300,000		2,424,047
Great River Energy, 5.829%, 7/1/17 (e)		16,062,853		17,493,712
Greif, Inc., 6.75%, 2/1/17		300,000		318,000
Harley-Davidson Financial Services, Inc., 3.875%, 3/15/16 (e)		2,000,000		1,999,866
HCP, Inc., 5.95%, 9/15/11		10,391,000		10,631,510
Health Care REIT, Inc., 3.625%, 3/15/16		1,000,000		991,020
Hertz Corp., 6.75%, 4/15/19 (e)		4,750,000		4,702,500
Hewlett-Packard Co., 1.361%, 5/27/11 (r)		10,000,000		10,015,697
HSBC Bank plc, 1.103%, 1/17/14 (e)(r)		9,500,000		9,494,710
Hyundai Capital America, 3.75%, 4/6/16 (e)		1,000,000		976,989
Hyundai Motor Manufacturing, 4.50%, 4/15/15 (e)		3,200,000		3,279,168
ING Bank NV, 4.00%, 3/15/16 (e)		17,000,000		16,965,209
International Lease Finance Corp.:
5.75%, 6/15/11		3,000,000		3,015,000
6.50%, 9/1/14 (e)		5,000,000		5,312,500
6.75%, 9/1/16 (e)		5,000,000		5,312,500
Irwin Land LLC:
4.51%, 12/15/15 (e)		1,030,000		1,022,265
5.03%, 12/15/25 (e)		900,000		881,973
Jefferies Group, Inc., 3.875%, 11/9/15		4,500,000		4,514,802
John Deere Capital Corp., 1.06%, 6/10/11 (r)		4,700,000		4,706,340
Jones Group, Inc., 6.875%, 3/15/19		3,770,000		3,704,025
JPMorgan Chase & Co.:
0.433%, 4/1/11 (r)		9,115,000		9,115,000
0.54%, 6/15/12 (r)		4,370,000		4,385,575
0.559%, 12/26/12 (r)		23,170,000		23,283,695
2.60%, 1/15/16		15,000,000		14,418,953
JPMorgan Chase Bank, 0.64%, 6/13/16 (r)		16,285,000		15,409,212
JPMorgan Chase Capital XXIII, 1.313%, 5/15/77 (r)		7,114,000		5,888,293
KeyBank, 5.80%, 7/1/14		7,500,000		8,179,344
Kinder Morgan Finance Co. LLC, 6.00%, 1/15/18 (e)		3,000,000		3,108,750
Lafarge SA, 6.15%, 7/15/11		9,523,000		9,662,120
Leucadia National Corp., 8.125%, 9/15/15		18,450,000		20,377,319
LL & P Wind Energy, Inc. Washington Revenue Bonds:
5.217%, 12/1/12 (e)		1,780,000		1,797,747
5.733%, 12/1/17 (e)		2,000,000		2,012,240
Lumbermens Mutual Casualty Co., 8.30%, 12/1/37 (e)(m)*		300,000		2,610
Marsh & McLennan Co.’s, Inc., 6.25%, 3/15/12		4,250,000		4,411,701
Masco Corp.:
5.875%, 7/15/12		2,690,000		2,813,544
4.80%, 6/15/15		10,500,000		10,422,386
7.125%, 3/15/20		5,210,000		5,385,838
MBNA Capital, 1.104%, 2/1/27 (r)		12,000,000		9,235,549
Merrill Lynch & Co., Inc.:
5.70%, 5/2/17		5,000,000		5,155,959
1.07%, 9/15/26 (r)		4,200,000		3,275,764

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		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
MetLife Institutional Funding II:
0.709%, 3/27/12 (e)(r)	$	13,000,000	$	13,000,161
0.703%, 7/12/12 (e)(r)		25,000,000		25,047,400
MetLife, Inc.:
0.628%, 6/29/12 (r)		13,250,000		13,294,839
1.561%, 8/6/13 (r)		8,000,000		8,084,212
Metropolitan Life Global Funding I:
2.303%, 4/14/11 (e)(r)		12,280,000		12,282,468
0.703%, 7/13/11 (e)(r)		10,000,000		9,999,723
0.803%, 4/10/12 (e)(r)		2,500,000		2,499,999
Morgan Stanley:
0.553%, 1/9/12 (r)		3,168,000		3,164,330
0.592%, 2/10/12 (r)		3,000,000		3,007,529
4.20%, 11/20/14		3,000,000		3,085,157
6.00%, 4/28/15		3,000,000		3,255,025
5.375%, 10/15/15		3,000,000		3,186,398
3.45%, 11/2/15		9,000,000		8,825,823
0.753%, 10/18/16 (r)		1,400,000		1,309,361
6.25%, 8/28/17		22,200,000		23,903,819
5.50%, 1/26/20		3,500,000		3,511,411
Motors Liquidation Co., 7.125%, 7/15/13 (ii)*		14,816,000		4,185,520
National Semiconductor Corp., 3.95%, 4/15/15		8,260,000		8,415,357
Nationwide Building Society, 0.494%, 5/17/12 (e)(r)		5,400,000		5,399,296
Nationwide Health Properties, Inc.:
6.90%, 10/1/37		8,890,000		9,132,875
6.59%, 7/7/38		1,300,000		1,344,703
Nevada Power Co., 8.25%, 6/1/11		9,966,000		10,084,390
New York Life Global Funding, 1.85%, 12/13/13 (e)		5,000,000		5,025,726
NextEra Energy Capital Holdings, Inc., 0.712%, 11/9/12 (r)		12,700,000		12,730,845
Nissan Motor Acceptance Corp., 4.50%, 1/30/15 (e)		2,000,000		2,085,699
North Fork Bancorporation, Inc., 5.875%, 8/15/12		6,375,000		6,671,727
Northwest Airlines Pass Through Trust, 6.841%, 10/1/12		200,000		200,000
Offshore Group Investments Ltd., 11.50%, 8/1/15		500,000		554,754
Ohana Military Communities LLC:
5.462%, 10/1/26 (e)		21,750,000		22,076,467
5.88%, 10/1/51 (b)(e)		3,845,000		3,346,419
OPTI Canada, Inc.:
9.00%, 12/15/12 (e)		6,000,000		6,052,500
9.75%, 8/15/13 (e)		7,935,000		7,925,081
8.25%, 12/15/14		1,000,000		532,500
Orkney Re II plc, Series B, 6.096%, 12/21/35 (b)(e)(r)(w)*		1,400,000		-
Overseas Shipholding Group, Inc., 8.125%, 3/30/18		3,000,000		2,947,500
Pacific Pilot Funding Ltd., 1.053%, 10/20/16 (e)(r)		437,849		402,968
Pioneer Natural Resources Co., 5.875%, 7/15/16		39,900,000		41,895,000
PNC Funding Corp.:
0.444%, 1/31/12 (r)		9,415,000		9,404,804
0.503%, 4/1/12 (r)		6,970,000		6,989,272
Procter & Gamble - ESOP, 0.023%, 11/15/39 (r)		1,000,000		991,538
Prudential Holdings LLC, 1.184%, 12/18/17 (e)(r)		7,940,000		7,416,237
Quest Diagnostics, Inc., 3.20%, 4/1/16		2,000,000		1,990,330
Rabobank Nederland NV, 0.511%, 8/5/11 (e)(r)		2,200,000		2,199,641

www. calvert.com CALVERT SHORT DURATION INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 20

		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Rio Tinto Alcan, Inc.:
4.50%, 5/15/13	$	3,400,000	$	3,614,291
5.20%, 1/15/14		1,282,000		1,360,683
5.00%, 6/1/15		4,000,000		4,319,047
Ryder System, Inc.:
3.15%, 3/2/15		4,000,000		4,012,228
3.60%, 3/1/16		5,000,000		5,034,444
SBA Tower Trust, 4.254%, 4/15/40 (e)		4,500,000		4,721,778
Senior Housing Properties Trust, 8.625%, 1/15/12		13,352,000		13,969,530
Skyway Concession Co. LLC, 0.587%, 6/30/17 (e)(r)		2,500,000		2,278,373
Southern Co., 0.703%, 10/21/11 (r)		3,000,000		3,006,957
Southwestern Energy Co., 7.50%, 2/1/18		1,000,000		1,130,000
St. Jude Medical, Inc., 2.50%, 1/15/16		920,000		904,635
Stadshypotek AB, 0.857%, 9/30/13 (e)(r)		22,940,000		22,940,212
State Street Bank and Trust Co., 0.51%, 9/15/11 (r)		10,000,000		10,010,682
Steel Dynamics, Inc., 7.375%, 11/1/12		4,000,000		4,260,000
Steelcase, Inc., 6.375%, 2/15/21		1,500,000		1,518,755
Sunoco, Inc., 6.75%, 4/1/11		3,148,000		3,147,877
SunTrust Bank:
0.424%, 5/21/12 (r)		26,863,000		26,804,832
0.603%, 8/24/15 (r)		5,650,000		5,337,308
SunTrust Banks, Inc., 3.60%, 4/15/16		2,500,000		2,483,377
SunTrust Capital I, 0.983%, 5/15/27 (r)		1,000,000		777,740
Svenska Handelsbanken AB, 1.31%, 9/14/12 (e)(r)		11,800,000		11,901,350
Systems 2001 AT LLC:
7.156%, 12/15/11 (e)		283,805		290,559
6.664%, 9/15/13 (e)		20,928,574		22,341,253
TCM Sub LLC, 3.55%, 1/15/15 (e)		3,000,000		3,070,759
TD Ameritrade Holding Corp.:
2.95%, 12/1/12		1,000,000		1,021,019
4.15%, 12/1/14		2,180,000		2,271,435
Telecom Italia Capital SA, 6.20%, 7/18/11		13,699,000		13,896,888
Telefonica Emisiones SAU:
5.984%, 6/20/11		3,997,000		4,039,233
3.992%, 2/16/16		1,700,000		1,704,886
6.421%, 6/20/16		8,944,000		9,909,934
5.134%, 4/27/20		2,500,000		2,480,697
5.462%, 2/16/21		1,000,000		1,012,125
The Bank of Tokyo-Mitsubishi UFJ Ltd., 7.40%, 6/15/11		9,525,000		9,667,875
TIERS Trust, 8.45%, 12/1/17 (b)(e)(n)*		658,859		659
Time Warner, Inc., 4.75%, 3/29/21		3,500,000		3,463,923
Toll Road Investors Partnership II LP, Zero Coupon:
2/15/43 (b)(e)		131,530,000		34,694,983
2/15/45 (b)(e)		143,653,305		21,902,819
Toronto-Dominion Bank, 2.20%, 7/29/15 (e)		7,000,000		6,910,221
Total Capital Canada Ltd., 0.684%, 1/17/14 (r)		5,800,000		5,804,872
Travelers Insurance Company Ltd., 0.553%, 12/8/11 (r)		1,500,000		1,495,448
US Bank, 3.778% to 4/29/15, floating rate thereafter to 4/29/20 (r)		55,479,000		56,424,843
Verizon Communications, Inc.:
0.919%, 3/28/14 (r)		21,000,000		21,069,165
3.00%, 4/1/16		20,000,000		19,875,489

www. calvert.com CALVERT SHORT DURATION INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 21

		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Volkswagen International Finance NV:
0.757%, 10/1/12 (e)(r)	$	12,000,000	$	11,996,504
0.917%, 4/1/14 (e)(r)		12,100,000		12,090,388
Wachovia Capital Trust III, 5.57% to 3/15/11,
floating rate thereafter to 3/29/49 (r)		44,887,000		41,183,822
Wal-Mart Stores, Inc., 8.07%, 12/21/12		256,899		263,534
Wells Fargo & Co., 0.53%, 6/15/12 (r)		1,830,000		1,835,566
Western Express, Inc., 12.50%, 4/15/15 (e)		3,160,000		3,073,100
Westpac Banking Corp.:
0.603%, 10/21/11 (e)(r)		7,250,000		7,251,998
1.037%, 3/31/14 (e)(r)		14,000,000		14,000,129
Williams Partners LP, 7.50%, 6/15/11		11,405,000		11,555,859
Willis North America, Inc.:
5.625%, 7/15/15		14,261,000		15,136,645
6.20%, 3/28/17		1,000,000		1,061,062
Windsor Petroleum Transport Corp., 7.84%, 1/15/21 (e)		23,471,891		21,256,838
Wm. Wrigley Jr. Co., 1.684%, 6/28/11 (e)(r)		25,000,000		25,010,460
Woodside Finance Ltd., 4.50%, 11/10/14 (e)		5,000,000		5,285,182
Xerox Corp., 6.875%, 8/15/11		7,650,000		7,824,945
Yale University, 2.90%, 10/15/14		5,300,000		5,471,628
Yara International ASA, 5.25%, 12/15/14 (e)		5,250,000		5,534,671
Total Corporate Bonds (Cost $2,181,834,978)				2,235,360,360
MUNICIPAL OBLIGATIONS - 9.8%
Alameda California Corridor Transportation Authority
Revenue Bonds, Zero Coupon, 10/1/11		11,000,000		10,613,240
Allegheny County Pennsylvania Hospital Development Authority
Revenue VRDN, 0.27%, 7/15/28 (r)		1,150,000		1,150,000
Allegheny County Pennsylvania IDA Revenue VRDN,
0.25%, 6/1/38 (r)		1,600,000		1,600,000
Boynton Beach Florida Community Redevelopment Agency
Tax Allocation Bonds, 5.10%, 10/1/15		460,000		468,791
Bridgeview Illinois GO Bonds, 4.62%, 12/1/11		490,000		496,733
Burlingame California PO Revenue Bonds, 5.255%, 6/1/11		1,000,000		1,004,460
Butler Pennsylvania Redevelopment Authority Tax
Allocation Bonds, 5.25%, 12/1/13		505,000		511,030
Calhoun County Alabama Economic Development Council
Revenue VRDN, 0.46%, 4/1/21 (r)		4,100,000		4,100,000
California State Housing Finance Agency Revenue VRDN,
0.22%, 8/1/33 (r)		2,430,000		2,430,000
California State Industry Sales Tax Revenue Bonds, 5.00%, 1/1/12		2,900,000		2,938,889
California State Infrastructure & Economic Development Bank
Revenue VRDN, 0.24%, 4/1/42 (r)		10,615,000		10,615,000
California Statewide Communities Development Authority
Revenue Bonds, Zero Coupon, 6/1/13		3,190,000		2,868,065
Canyon Texas Regional Water Authority Revenue Bonds,
5.70%, 8/1/12		165,000		170,174
Chelsea Michigan Economic Development Corp.
LO Revenue VRDN, 0.27%, 10/1/36 (r)		1,975,000		1,975,000

www. calvert.com CALVERT SHORT DURATION INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 22

		PRINCIPAL
MUNICIPAL OBLIGATIONS - CONT’D		AMOUNT		VALUE
Collier County Florida MFH Finance Authority Revenue VRDN,
0.26%, 7/15/34 (r)	$	2,900,000	$	2,900,000
Colorado State HFA Revenue VRDN:
Hamptons Apts. Project, 0.21%, 10/15/16 (r)		1,000,000		1,000,000
Silver Apts. Project, 0.21%, 10/15/16 (r)		500,000		500,000
Cook County Illinois School District GO Bonds:
No. 089 Maywood, Zero Coupon, 12/1/12		2,135,000		2,022,315
No. 095 Brookfield, 5.45%, 12/1/11		200,000		204,644
No. 170 Chicago Heights, Zero Coupon, 12/1/12		380,000		359,944
Corte Madera California COPs, 5.447%, 2/1/16		965,000		962,973
District of Columbia Housing Finance Agency MFH
Revenue VRDN, 0.25%, 11/1/38 (r)		1,295,000		1,295,000
District of Columbia Revenue VRDN, 0.22%, 4/1/38 (r)		3,000,000		3,000,000
East Baton Rouge Parish Industrial Development Board, Inc.
Revenue VRDN, 0.15%, 8/1/35 (r)		48,000,000		48,000,000
Englewood Colorado MFH Revenue VRDN, 0.24%, 12/1/26 (r)		600,000		600,000
Escondido California Joint Powers Financing Authority Lease
Revenue Bonds, 5.53%, 9/1/18		1,535,000		1,504,730
Fall Creek Wisconsin School District GO Bonds, 5.91%, 3/1/19		605,000		630,295
Franklin County Ohio Health Care Revenue VRDN,
0.24%, 11/1/34 (r)		1,500,000		1,500,000
Frisco Texas Economic Development Corp. Sales Tax
Revenue Bonds, 5.619%, 2/15/17		880,000		907,174
Hills City Iowa Health Facilities Revenue VRDN, 0.21%, 8/1/35 (r)		4,725,000		4,725,000
Hillsborough County Florida Port District Revenue Bonds,
Zero Coupon:
6/1/11		1,230,000		1,222,497
12/1/11		1,230,000		1,200,185
Illinois GO Bonds, 4.961%, 3/1/16		34,000,000		34,020,740
Illinois State MFH Development Authority Revenue Bonds,
5.662%, 7/1/17		1,590,000		1,641,007
Iron County Wisconsin GO Bonds, 5.26%, 3/1/19		490,000		511,638
Kansas City Missouri IDA & MFH Revenue VRDN,
0.27%, 9/15/32 (r)		1,400,000		1,400,000
La Verne California PO Revenue Bonds, 5.49%, 6/1/11		350,000		351,922
Louisiana Public Facilities Authority Revenue VRDN,
0.25%, 8/1/23 (r)		2,485,000		2,485,000
Maryland Community Development Administration
Revenue VRDN, 0.27%, 12/1/37 (r)		1,000,000		1,000,000
Maryland State Health & Higher Educational Facilities Authority
Revenue VRDN, 0.25%, 7/1/34 (r)		1,000,000		1,000,000
Maryland State Transportation Authority Revenue Bonds,
5.164%, 7/1/25		2,250,000		2,237,265
Massachusetts State Development Finance Agency
Revenue VRDN, 0.27%, 9/1/16 (r)		2,200,000		2,200,000
Michigan State Hospital Finance Authority
Revenue VRDN, 0.25%, 3/1/30 (r)		5,900,000		5,900,000
Midpeninsula California Regional Open Space District
Financing Authority Revenue Bonds, 5.15%, 9/1/12		1,075,000		1,090,050
Mississippi State Business Finance Corp. Revenue VRDN,
0.25%, 3/1/17 (r)		1,835,000		1,835,000

www. calvert.com CALVERT SHORT DURATION INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 23

		PRINCIPAL
MUNICIPAL OBLIGATIONS - CONT’D		AMOUNT		VALUE
Missouri State Health & Educational Facilities Authority
Revenue VRDN, 0.23%, 11/1/32 (r)	$	1,000,000	$	1,000,000
Mobile Alabama Industrial Development Board Pollution
Revenue VRDN, 0.25%, 6/1/34 (r)		28,800,000		28,800,000
Montgomery County Maryland Housing Opportunities
Commission Revenue VRDN, 0.21%, 12/1/30 (r)		7,700,000		7,700,000
Montgomery County Pennsylvania Redevelopment Authority
MFH Revenue VRDN:
Forge Gate Apts. Project, 0.26%, 8/15/31 (r)		1,325,000		1,325,000
Kingswood Apts. Project, 0.26%, 8/15/31 (r)		1,150,000		1,150,000
Morehead Kentucky League of Cities Funding Trust Lease Program
Revenue VRDN, 0.26%, 6/1/34 (r)		6,812,500		6,812,500
Nashville & Davidson County Tennessee Water & Sewage
Revenue Bonds, 4.74%, 1/1/15		1,585,000		1,639,889
Nevada State Department of Business & Industry Lease
Revenue Bonds, 5.32%, 6/1/17		935,000		864,810
Nevada State Housing Division Revenue VRDN, 0.26%, 4/15/39 (r)		4,800,000		4,800,000
New Britain Connecticut GO Revenue VRDN, 0.34%, 2/1/26 (r)		2,200,000		2,200,000
New Jersey State Health Care Facilities Financing Authority
Revenue VRDN, 0.23%, 7/1/33 (r)		2,200,000		2,200,000
New York City Housing Development Corp. MFH
Revenue VRDN:
0.24%, 6/15/34 (r)		200,000		200,000
0.24%, 12/1/35 (r)		185,000		185,000
New York Metropolitan Transportation Authority
Revenue VRDN, 0.23%, 11/1/35 (r)		7,900,000		7,900,000
New York State Housing Finance Agency Revenue VRDN:
0.25%, 5/15/33 (r)		300,000		300,000
0.27%, 5/15/33 (r)		10,200,000		10,200,000
0.24%, 5/15/34 (r)		4,100,000		4,100,000
0.27%, 5/15/36 (r)		200,000		200,000
0.23%, 5/15/37 (r)		500,000		500,000
0.23%, 5/1/42 (r)		2,480,000		2,480,000
New York State Urban Development Corp. Revenue Bonds:
4.38%, 12/15/11		2,300,000		2,361,916
2.626%, 12/15/14		12,000,000		12,083,520
Oakland California Redevelopment Agency Tax Allocation Bonds:
5.268%, 9/1/11		2,860,000		2,891,946
5.252%, 9/1/16		1,495,000		1,492,757
5.263%, 9/1/16		1,920,000		1,904,794
Oakland City California PO Revenue Bonds,
Zero Coupon, 12/15/12		1,680,000		1,600,032
Orange County California PO Revenue Bonds,
Zero Coupon, 9/1/11		6,100,000		6,066,633
Oregon State School Boards Association GO Bonds,
Zero Coupon, 6/30/12		2,000,000		1,957,900
Osprey Property Co., LLC VRDN, 0.28%, 6/1/27 (r)		1,000,000		1,000,000
Palm Springs California Community Redevelopment Agency
Tax Allocation Bonds, 5.59%, 9/1/17		1,020,000		1,021,316
Pittsburg California Redevelopment Agency Tax
Allocation Bonds, 5.115%, 8/1/16		1,285,000		1,195,885
Placer County California Redevelopment Agency Tax
Allocation Bonds, 5.75%, 8/1/15		530,000		545,434

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		PRINCIPAL
MUNICIPAL OBLIGATIONS - CONT’D		AMOUNT		VALUE
Richfield Minnesota MFH Revenue VRDN, 0.27%, 3/1/34 (r)	$	1,000,000	$	1,000,000
Riverside California Public Financing Authority Tax
Allocation Bonds, 5.24%, 8/1/17		1,405,000		1,363,243
Roseville California Redevelopment Agency Tax
Allocation Bonds, 5.31%, 9/1/13		315,000		318,824
Rural Electric Co-op Grantor Trust Certificates VRDN,
0.60%, 12/18/17 (r)		1,320,000		1,320,000
San Diego California Redevelopment Agency Tax
Allocation Bonds, 5.66%, 9/1/16		1,035,000		1,038,188
Santa Fe Springs California Community Development
Commission Tax Allocation Bonds, 5.18%, 9/1/11		425,000		425,238
Shorewood Wisconsin School District GO Bonds, 5.30%, 4/1/16		240,000		253,850
South Bend County Indiana Economic Development Income
Tax Revenue Bonds, 5.20%, 2/1/14		995,000		1,073,167
South Dakota State Housing Development Authority
Revenue VRDN, 0.27%, 1/1/44 (r)		1,500,000		1,500,000
St. Louis Park Minnesota MFH Revenue VRDN, 0.27%, 8/1/34 (r)		1,800,000		1,800,000
St. Paul Minnesota Sales Tax Revenue Bonds, 5.30%, 11/1/12		925,000		969,067
Stanislaus County California Revenue Bonds, 7.15%, 8/15/13		300,000		310,068
Tarrant County Texas Industrial Development Corp.
Revenue VRDN, 0.39%, 9/1/27 (r)		3,680,000		3,680,000
Texas State Transportation Commission Revenue Bonds,
5.028%, 4/1/26		1,000,000		986,330
Tift County Georgia IDA Revenue VRDN, 0.28%, 2/1/28 (r)		5,000,000		5,000,000
Tuscaloosa County Alabama IDA Gulf Opportunity Zone
Revenue VRDN, 0.31%, 3/1/27 (r)		1,500,000		1,500,000
Wisconsin Health & Educational Facilities Authority
Revenue VRDN, 0.22%, 4/1/35 (r)		14,005,000		14,005,000
Ypsilanti Michigan GO Bonds, 5.55%, 5/1/12		335,000		343,197
Total Municipal Obligations (Cost $324,032,355)				324,714,265
U.S. GOVERNMENT AGENCIES
AND INSTRUMENTALITIES - 3.3%
AgFirst FCB:
8.393% to 12/15/11, floating rate thereafter to 12/15/16 (r)		30,445,000		31,662,800
6.585% to 6/15/12, floating rate thereafter to 6/29/49 (e)(r)		5,000,000		4,000,000
COP I LLC:
3.613%, 12/5/21		4,312,895		4,451,201
3.65%, 12/5/21		6,104,254		6,067,724
Fannie Mae, 0.375%, 12/28/12		1,250,000		1,242,344
New Valley Generation I, 7.299%, 3/15/19		2,421,036		2,791,318
New Valley Generation II, 5.572%, 5/1/20		3,580,253		3,752,249
New Valley Generation V, 4.929%, 1/15/21		3,496,627		3,800,589
Overseas Private Investment Corp.:
0.22%, 8/15/17 (b)(r)		1,800,000		1,800,000
0.22%, 8/15/17 (r)		4,000,000		4,000,000
Premier Aircraft Leasing EXIM 1 Ltd.:
3.576%, 2/6/22		7,168,271		7,147,842
3.547%, 4/10/22		12,278,068		12,227,482

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U.S. GOVERNMENT AGENCIES		PRINCIPAL
AND INSTRUMENTALITIES - CONT’D		AMOUNT		VALUE
Private Export Funding Corp., 3.05%, 10/15/14	$	10,000,000	$	10,361,566
Tunisia Government AID Bonds, Guaranteed by the United States
Agency of International Development, 9.375%, 8/1/16		449,999		515,933
US AgBank FCB, 6.11% to 7/10/12, floating rate thereafter
to 12/31/49 (e)(r)		7,910,000		5,299,700
Vessel Management Services, Inc., 5.85%, 5/1/27		8,667,000		9,512,813
Total U.S. Government Agencies and Instrumentalities
(Cost $104,353,470)				108,633,561
U.S. GOVERNMENT AGENCY
MORTGAGE-BACKED SECURITIES - 0.0%
Government National Mortgage Association:
5.50%, 1/16/32 (b)		1,699,350		94,018
5.50%, 5/20/32 (b)		1,457,367		66,899
Total U.S. Government Agency Mortgage-Backed
Securities (Cost $466,116)				160,917
U.S. TREASURY - 1.7%
United States Treasury Bonds:
4.25%, 11/15/40		1,490,000		1,424,580
4.75%, 2/15/41		25,290,000		26,285,794
United States Treasury Notes:
0.625%, 1/31/13		4,980,000		4,970,662
0.625%, 2/28/13		2,550,000		2,543,625
1.00%, 1/15/14		2,050,000		2,039,750
1.25%, 3/15/14		5,640,000		5,638,237
2.125%, 2/29/16		11,468,000		11,430,371
3.625%, 2/15/21		885,000		897,722
Total U.S. Treasury (Cost $55,576,576)				55,230,741
FLOATING RATE LOANS (D) - 0.3%
Clear Channel Communications, Inc., Term Loan B,
3.912%, 1/29/16 (r)		9,640,253		8,476,733
Total Floating Rate Loans (Cost $8,953,788)				8,476,733

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EQUITY SECURITIES - 0.2%				shares		value
Woodbourne Capital:
Trust I, Preferred (b)(e)				2,125,000	$	1,487,500
Trust II, Preferred (b)(e)				2,125,000		1,487,500
Trust III, Preferred (b)(e)				3,125,000		2,187,500
Trust IV, Preferred (b)(e)				3,125,000		2,187,500
Total Equity Securities (Cost $5,920,000)						7,350,000
TOTAL INVESTMENTS (Cost $3,141,127,369) - 96.6%						3,197,127,829
Other assets and liabilities, net - 3.4%						114,040,272
Net assets - 100%					$	3,311,168,101
				UNDERLYING		UNREALIZED
	# OF	EXPIRATION		FACE AMOUNT		APPRECIATION
Futures	CONTRACTS	DATE		AT VALUE		(DEPRECIATION)
Purchased:
5 Year U.S. Treasury Notes	86	6/11	$	10,043,859	$	5,215
10 Year U.S. Treasury Notes	151	6/11		17,973,719		25,935
30 Year U.S. Treasury Bonds	1,019	6/11		122,471,063		11,588
Total Purchased					$	42,738
Sold:
2 Year U.S. Treasury Notes	9,014	6/11	$	1,966,178,750	($	1,131,806	)

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(b)	This security was valued by the Board of Trustees. See Note A.
(d)	Remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contrac- tual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. Floating rate loans generally pay interest rates which are periodically redetermined at a margin above the London InterBank Offered Rate (“LIBOR”) or other short-term rates. The rate shown is the rate in effect at period end. Floating rate loans are generally considered restrictive in that the Fund is ordinarily contractually obli- gated to receive consent from the Agent Bank and/or Borrower prior to disposition of a floating rate loan.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(m)	The Illinois Insurance Department prohibited Lumbermens from making interest payments. This security is no longer accruing interest.
(n)	The Illinois Insurance Department prohibited Lumbermens from making interest payments. This TIERS security is based on interest payments from Lumbermens. This security is no longer accruing interest.
(p)	The State of New York Insurance Department has prohibited Atlantic Mutual Insurance Co. from making interest payments. This security is no longer accruing interest.
(r)	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.
(u)	This security is no longer accruing interest.
(w)	Security is in default and is no longer accruing interest.
(x)	Alliance Bancorp and its affiliates filed for Chapter 7 bankruptcy on July 13, 2007. This security is no longer accruing interest.
(y)	The government of Iceland took control of Glitnir Banki HF (the “Bank”) on October 8, 2008. The govern- ment has prohibited the Bank from paying any claims owed to foreign entities. This security is no longer accruing interest.
(ii)	General Motors filed for Chapter 11 bankruptcy on June 1, 2009. This security is no longer accuring inter- est. Subsequent to period end, the Fund received a distribution of new GM stock and new GM warrants in exchange for the Motors Liquidation Co. Notes.
*	Non-income producing security.

Abbreviations:
COPs: Certificates of Participation
FCB: Farm Credit Bank
FSB: Federal Savings Bank
GO: General Obligation
HFA: Housing Finance Authority
IDA: Industrial Development Authority
LLC: Limited Liability Corporation
LO: Limited Obligation
LP: Limited Partnership
MFH: Multi-Family Housing
PO: Pension Obligation
VRDN: Variable Rate Demand Note

See notes to financial statements.

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STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2011

ASSETS
Investments in securities, at value (Cost $3,141,127,369) - see accompanying
schedule		$	3,197,127,829
Cash			119,542,429
Receivable for securities sold			35,001,257
Receivable for shares sold			20,964,915
Interest and dividends receivable			22,825,916
Other assets			6,565,635
Total assets			3,402,027,981
LIABILITIES
Payable for securities purchased			79,382,011
Payable for shares redeemed			7,685,645
Receivable for futures variation margin			579,085
Payable to Calvert Asset Management Company, Inc.			1,421,442
Payable to Calvert Administrative Services Company			791,682
Payable to Calvert Shareholder Services, Inc.			63,160
Payable to Calvert Distributors, Inc.			670,094
Accrued expenses and other liabilities			266,761
Total liabilities			90,859,880
NET ASSETS		$	3,311,168,101
NET ASSETS CONSIST OF:
Paid-in capital applicable to the following shares of beneficial interest,
unlimited number of no par value shares authorized:
Class A: 111,503,106 shares outstanding		$	1,788,295,061
Class C: 20,044,355 shares outstanding			321,276,613
Class I: 5,137,654 shares outstanding			83,337,939
Class Y: 63,638,696 shares outstanding			1,050,872,740
Undistributed net investment income (loss)			(2,754,086	)
Accumulated net realized gain (loss) on investments			15,228,442
Net unrealized appreciation (depreciation) on investments			54,911,392
NET ASSETS		$	3,311,168,101
NET ASSET VALUE PER SHARE
Class A (based on net assets of $1,838,351,212)		$	16.49
Class C (based on net assets of $329,210,119)		$	16.42
Class I	(based on net assets of $85,056,484)	$	16.56
Class Y	(based on net assets of $1,058,550,286)	$	16.63

See notes to financial statements.

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STATEMENT OF OPERATIONS
SIX MONTHS ENDED
MARCH 31, 2011

NET INVESTMENT INCOME
Investment Income:
Interest income	$	55,942,639
Dividend income (net of foreign taxes withheld of $40)		144,239
Other income		51,361
Total investment income		56,138,239
Expenses:
Investment advisory fee		5,309,088
Administrative fees		4,726,904
Transfer agency fees and expenses		3,204,973
Distribution Plan expenses:
Class A		2,397,082
Class C		1,657,166
Trustees’ fees and expenses		51,897
Custodian fees		156,314
Registration fees		59,136
Reports to shareholders		436,247
Professional fees		37,274
Accounting fees		181,340
Miscellaneous		44,131
Total expenses		18,261,552
Reimbursement from Advisor:
Class A		(683,693	)
Fees paid indirectly		(6,930	)
Net expenses		17,570,929
NET INVESTMENT INCOME		38,567,310
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		27,046,184
Futures		(8,653,000	)
		18,393,184
Change in unrealized appreciation (depreciation) on:
Investments		(27,037,567	)
Futures		3,262,127
		(23,775,440	)
NET REALIZED AND UNREALIZED GAIN
(LOSS)		(5,382,256	)
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	33,185,054

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

		SIX MONTHS ENDED			YEAR ENDED
		MARCH 31,			SEPTEMBER 30,
INCREASE (DECREASE) IN NET ASSETS		2011			2010
Operations:
Net investment income	$	38,567,310		$	69,937,815
Net realized gain (loss)		18,393,184			27,883,419
Change in unrealized appreciation (depreciation)		(23,775,440	)		38,955,349
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS		33,185,054			136,776,583
Distributions to shareholders from:
Net investment income:
Class A shares		(22,642,899	)		(50,841,178	)
Class C shares		(2,718,288	)		(4,819,780	)
Class I shares		(1,030,189	)		(1,390,470	)
Class Y shares		(13,744,143	)		(9,600,945	)
Net realized gain:
Class A shares		(14,395,126	)		(25,667,341	)
Class C shares		(2,459,898	)		(3,427,548	)
Class I shares		(501,603	)		(608,217	)
Class Y shares		(7,441,834	)		(2,269,326	)
Total distributions		(64,933,980	)		(98,624,805	)
Capital share transactions:
Shares sold:
Class A shares		318,553,786			1,750,468,710
Class C shares		44,553,946			172,515,257
Class I shares		32,716,814			48,004,269
Class Y shares		274,111,965			1,046,422,544
Reinvestment of distributions:
Class A shares		32,928,396			63,089,910
Class C shares		2,699,849			4,456,409
Class I shares		1,454,017			1,969,169
Class Y shares		3,917,814			6,580,437
Redemption fees:
Class A shares		24,207			117,240
Class C shares		1,656			4,978
Class I shares		—			231
Class Y shares		31,489			27,570
Shares redeemed:
Class A shares		(496,873,724	)		(1,592,581,449	)
Class C shares		(52,779,515	)		(62,242,634	)
Class I shares		(7,847,631	)		(19,187,534	)
Class Y shares		(272,636,458	)		(150,869,284	)
Total capital share transactions		(119,143,389	)		1,268,775,823
TOTAL INCREASE (DECREASE) IN NET ASSETS	($	150,892,315	)	$	1,306,927,601

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

INCREASE (DECREASE) IN NET ASSETS - (CONT’D)
		SIX MONTHS ENDED			YEAR ENDED
		MARCH 31,			SEPTEMBER 30,
NET ASSETS		2011			2010
Beginning of period	$	3,462,060,416		$	2,155,132,815
End of period (including distributions in excess of net investment
income of $2,754,086 and $1,185,877, respectively)	$	3,311,168,101		$	3,462,060,416
CAPITAL SHARE ACTIVITY
Shares sold:
Class A shares		19,290,230			106,435,139
Class C shares		2,708,619			10,539,144
Class I shares		1,970,557			2,901,160
Class Y shares		16,462,511			62,975,873
Reinvestment of distributions:
Class A shares		1,997,755			3,849,255
Class C shares		164,504			273,145
Class I shares		87,872			119,678
Class Y shares		235,596			398,467
Shares redeemed:
Class A shares		(30,110,959	)		(96,697,876	)
Class C shares		(3,209,501	)		(3,797,564	)
Class I shares		(473,286	)		(1,165,179	)
Class Y shares		(16,341,069	)		(9,079,124	)
Total capital share activity		(7,217,171	)		76,752,118

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A –– SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert Short Duration Income Fund (the “Fund”), a series of The Calvert Fund, is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The operations of each series are accounted for separately. The Fund currently offers four classes of shares of beneficial interest. Class A shares are sold with a maximum front-end sales charge of 2.75%. Class C shares are sold without a front-end sales change and, with certain exceptions, will be charged a deferred sales charge on shares sold within one year of purchase. Class C shares have a higher expense ratio than Class A shares. Class I shares require a minimum account balance of $1,000,000. The $1 million minimum initial investment may be waived for certain institutional accounts, where it is believed to be in the best interest of the Fund and its shareholders. Class I shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Class Y shares are generally only available to wrap or similar fee-based programs offered by financial intermediaries that have entered into an agreement with the Fund’s Distributor to offer Class Y shares. Class Y shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Each class has different: (a) dividend rates due to differences in Distribution Plan expenses and other class specific expenses, (b) exchange privileges and (c) class specific voting rights.

Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Trustees to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Trustees. In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

At March 31, 2011, securities valued at $87,908,469 or 2.7% of net assets were fair valued in good faith under the direction of the Board of Trustees.

The Fund utilizes various methods to measure the fair value of its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below: Level 1 – quoted prices in active markets for identical securities Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. Valuation techniques used to value the Fund’s investments by major category are as follows.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, floating rate loans, municipal securities, and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Foreign securities are valued based on quotations from the principle market in which such securities are normally traded. If events occur after the close of the principle market in which foreign securities are traded, and before the close of business of the Fund, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2011:

	valuatIon InPuts
InvestMents In securItIes		level 1			level 2		level 3			total
Equity securities		-			-	$	7,350,000		$	7,350,000
Asset backed securities		-		$	105,729,042		-			105,729,042
Collateralized mortgage-backed
obligations		-			48,797,380		-			48,797,380
Commercial mortgage-backed
securities		-			302,674,830		-			302,674,830
Corporate debt		-			2,204,596,719		30,763,641			2,235,360,360
Municipal obligations		-			324,714,265		-			324,714,265
U.S. government obligations		-			162,225,219		1,800,000			164,025,219
Other debt obligations		-			8,476,733		-			8,476,733
TOTAL		-		$	3,157,214,188		$39,913,641	**	$	3,197,127,829
Other financial instruments*	($	1,089,068	)		-		-		($	1,089,068	)

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument.

** Level 3 securities represent 1.2% of net assets.

Repurchase Agreements: The Fund may enter into repurchase agreements with recognized financial institutions or registered broker/dealers and, in all instances, holds underlying securities with a value exceeding the total repurchase price, including accrued interest. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its value and a possible loss of income or value if the counterparty fails to perform in accordance with the terms of the agreement.

Loan Participations and Assignments: The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders it acquires direct rights against the borrower of the loan. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower.

Futures Contracts: The Fund may purchase and sell futures contracts, but only when, in the judgment of the Advisor, such a position acts as a hedge. The Fund may not enter into futures contracts for the purpose of speculation or leverage. These futures contracts may include, but are not limited to, futures contracts based on U.S. Government obli-

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gations. The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may use futures contracts to hedge against changes in the value of interest rates. The Fund may enter into futures contracts agreeing to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund. During the period, the Fund used U.S. Treasury futures contracts to hedge against interest rate changes and to manage overall duration of the Fund.

Short Sales: The Fund may use a hedging technique that involves short sales of U.S. Treasury securities for the purposes of managing the duration of the Fund. Any short sales are “covered” with an equivalent amount of high quality, liquid securities.

Security Transactions and Net Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. (See the Schedule of Investments footnotes on page 28.) A debt obligation may be removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Expenses arising in connection with a class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Income in the accompanying financial

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statements.

Foreign Currency Transactions: The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are translated into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. The effect of changes in foreign exchange rates on securities and foreign currencies is included in the net realized and unrealized gain or loss on securities and foreign currencies.

Distributions to Shareholders: Distributions to shareholders are recorded by the Fund on ex-dividend date. Dividends from net investment income are paid monthly. Distributions from net realized capital gains, if any, are paid at least annually. Distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.

Redemption Fees: The Fund charges a 2% redemption fee on redemptions, including exchanges, made within 30 days of purchase in the same Fund (within seven days for Class I shares). The redemption fee is paid to the Class of the Fund from which the redemption is made, and is accounted for as an addition to paid-in capital. The fee is intended to discourage market-timers by ensuring that short-term trading costs are borne by the investors making the transactions and not the shareholders already in the Fund.

Expense Offset Arrangements: The Fund has an arrangement with its custodian bank whereby the custodian’s fees may be paid indirectly by credits earned on the Fund’s cash on deposit with the bank. These credits are used to reduce the Fund’s expenses. Such a deposit arrangement may be an alternative to overnight investments.

Federal Income Taxes: No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly-owned by UNIFI Mutual Holding Company.

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The Advisor provides investment advisory services and pays the salaries and fees of officers and Trustees of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, based on the following annual rates of average net assets: .35% on the first $750 million, .325% next $750 million, .30% next $2 billion, and .275% over $3.5 billion (.30% over $1.5 billion prior to February 1, 2011).

The Advisor has contractually agreed to limit net annual fund operating expenses through January 31, 2012. The contractual expense cap is 1.08% for Class A, .75% for Class I, and .95% for Class Y. For the purposes of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent that any expense offset credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Administrative Services Company, an affiliate of the Advisor, provides administrative services to the Fund for an annual fee, payable monthly. Class A, Class C and Class Y shares pay an annual rate of .30% on the first $1.5 billion and .275% over $1.5 billion of the combined assets of all classes of the Fund. Class I shares pay an annual rate of .10%, based on their average daily net assets.

Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and principal underwriter for the Fund. Distribution Plans, adopted by Class A and Class C shares, allow the Fund to pay the Distributor for expenses and services associated with the distribution of shares. The expenses paid may not exceed .50% and 1.00% annually of the Fund’s average daily net assets of Class A and Class C, respectively. The amount actually paid by the Fund is an annualized fee, payable monthly of .25% and 1.00% of the Fund’s average daily net assets of Class A and Class C, respectively. Class I and Y shares do not have Distribution Plan expenses.

The Distributor received $69,408 as its portion of the commissions charged on sales of the Fund’s Class A shares for the six months ended March 31, 2011.

Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, is the shareholder servicing agent for the Fund. For its services, CSSI received a fee of $383,241 for the six months ended March 31, 2011. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

Each Trustee of the Fund who is not an employee of the Advisor or its affiliates receives an annual fee of $45,000 plus up to $2,000 for each Board and Committee meeting attended. The Board chair and Committee chairs each receive an additional $5,000 annual retainer. Trustee’s fees are allocated to each of the funds served.

NOTE C — INVESTMENT ACTIVITY

During the period, the cost of purchases and proceeds from sales of investments, other than short-term and U.S. government securities, were $1,931,965,601 and $1,576,678,009, respectively. U.S. government security purchases and sales were $1,850,314,053 and $1,844,149,809, respectively.

The Fund intends to elect to defer net capital losses of $6,599,090 incurred from November 1, 2009 through September 30, 2010 and treat them as arising in the fiscal year ending September 30, 2011.

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As of March 31, 2011, the tax basis components of unrealized appreciation/ (depreciation) and the federal tax cost were as follows:

Unrealized appreciation	$	85,628,307
Unrealized (depreciation)		(32,043,691	)
Net unrealized appreciation/(depreciation)	$	53,584,616
Federal income tax cost of investments	$	3,143,543,213

The Fund may sell or purchase securities to and from other funds managed by the Advisor, typically short-term variable rate demand notes. Interportfolio transactions are primarily used for cash management purposes. Interportfolio transactions are made pursuant to Rule 17a-7 of the Investment Company Act of 1940. For the six months ended March 31, 2011, such purchase and sales transactions were $223,486,992 and $215,005,000, respectively.

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under this committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Fund had no loans outstanding pursuant to this line of credit at March 31, 2011. For the six months ended March 31, 2011, borrowings by the Fund under the Agreement were as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$580,815	1.51%	$20,220,062	January 2011

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of March 31, 2011, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

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Effective April 30, 2011, the Calvert operating companies will be renamed as follows: Calvert Group, Ltd. will be renamed Calvert Investments, Inc., Calvert Asset Management Company, Inc. will be renamed Calvert Investment Management, Inc., Calvert Distributors, Inc. will be renamed Calvert Investment Distributors, Inc., Calvert Administrative Services Company will be renamed Calvert Investment Administrative Services, Inc., and Calvert Shareholder Services, Inc. will be renamed Calvert Investment Services, Inc.

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FINANCIAL HIGHLIGHTS
					Periods ended
		MARCH 31,			SEPTEMBER 30,			SEPTEMBER 30,
class A shares		2011			2010			2009	(z)
Net asset value, beginning	$	16.64		$	16.48		$	15.70
Income from investment operations:
Net investment income		.19			.42			.52
Net realized and unrealized gain (loss)		(.02	)		.37			.88
Total from investment operations		.17			.79			1.40
Distributions from:
Net investment income		(.20	)		(.40	)		(.49	)
Net realized gain		(.12	)		(.23	)		(.13	)
Total distributions		(.32	)		(.63	)		(.62	)
Total increase (decrease) in net asset value		(.15	)		.16			.78
Net asset value, ending	$	16.49		$	16.64		$	16.48
Total return*		1.02	%		4.90	%		9.27	%
Ratios to average net assets: A
Net investment income		2.27	% (a)		2.53	%		3.34	%
Total expenses		1.15	% (a)		1.14	%		1.19	%
Expenses before offsets		1.08	% (a)		1.08	%		1.09	%
Net expenses		1.08	% (a)		1.08	%		1.08	%
Portfolio turnover		124	%		226	%		359	%
Net assets, ending (in thousands)	$	1,838,351		$	2,002,449		$	1,758,619
					Years ended
		SEPTEMBER 30,			SEPTEMBER 30,			SEPTEMBER 30,
class A shares		2008	(z)		2007	(z)		2006	(z)
Net asset value, beginning	$	16.17		$	16.11		$	16.13
Income from investment operations:
Net investment income		.71			.73			.65
Net realized and unrealized gain (loss)		(.36	)		.13			.11
Total from investment operations		.35			.86			.76
Distributions from:
Net investment income		(.70	)		(.71	)		(.64	)
Net realized gain		(.12	)		(.09	)		(.14	)
Total distributions		(.82	)		(.80	)		(.78	)
Total increase (decrease) in net asset value		(.47	)		.06			(.02	)
Net asset value, ending	$	15.70		$	16.17		$	16.11
Total return*		2.13	%		5.47	%		4.86	%
Ratios to average net assets: A
Net investment income		4.47	%		4.54	%		4.12	%
Total expenses		1.17	%		1.22	%		1.19	%
Expenses before offsets		1.08	%		1.09	%		1.09	%
Net expenses		1.08	%		1.08	%		1.08	%
Portfolio turnover		495	%		533	%		524	%
Net assets, ending (in thousands)	$	1,284,673		$	604,790		$	390,947

See notes to financial highlights.

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FINANCIAL HIGHLIGHTS
					Periods ended
		MARCH 31,			SEPTEMBER 30,			SEPTEMBER 30,
class c shares		2011			2010			2009	(z)
Net asset value, beginning	$	16.58		$	16.41		$	15.64
Income from investment operations:
Net investment income		.13			.29			.39
Net realized and unrealized gain (loss)		(.03	)		.38			.88
Total from investment operations		.10			.67			1.27
Distributions from:
Net investment income		(.14	)		(.27	)		(.37	)
Net realized gain		(.12	)		(.23	)		(.13	)
Total distributions		(.26	)		(.50	)		(.50	)
Total increase (decrease) in net asset value		(.16	)		.17			.77
Net asset value, ending	$	16.42		$	16.58		$	16.41
Total return*		.59	%		4.18	%		8.37	%
Ratios to average net assets: A
Net investment income		1.55	% (a)		1.79	%		2.51	%
Total expenses		1.80	% (a)		1.80	%		1.86	%
Expenses before offsets		1.80	% (a)		1.80	%		1.86	%
Net expenses		1.80	% (a)		1.80	%		1.85	%
Portfolio turnover		124	%		226	%		359	%
Net assets, ending (in thousands)	$	329,210		$	337,866		$	219,342
					Years ended
		SEPTEMBER 30,			SEPTEMBER 30,			SEPTEMBER 30,
class c shares		2008	(z)		2007	(z)		2006	(z)
Net asset value, beginning	$	16.11		$	16.06		$	16.08
Income from investment operations:
Net investment income		.58			.59			.52
Net realized and unrealized gain (loss)		(.36	)		.13			.11
Total from investment operations		.22			.72			.63
Distributions from:
Net investment income		(.57	)		(.58	)		(.51	)
Net realized gain		(.12	)		(.09	)		(.14	)
Total distributions		(.69	)		(.67	)		(.65	)
Total increase (decrease) in net asset value		(.47	)		.05			(.02	)
Net asset value, ending	$	15.64		$	16.11		$	16.06
Total return*		1.35	%		4.59	%		4.05	%
Ratios to average net assets: A
Net investment income		3.70	%		3.72	%		3.28	%
Total expenses		1.88	%		1.90	%		1.92	%
Expenses before offsets		1.88	%		1.90	%		1.92	%
Net expenses		1.87	%		1.89	%		1.91	%
Portfolio turnover		495	%		533	%		524	%
Net assets, ending (in thousands)	$	92,235		$	49,984		$	39,612

See notes to financial highlights.

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FINANCIAL HIGHLIGHTS
					Periods ended
		MARCH 31,			SEPTEMBER 30,			SEPTEMBER 30,
class I shares		2011			2010			2009	(z)
Net asset value, beginning	$	16.71		$	16.53		$	15.74
Income from investment operations:
Net investment income		.24			.50			.57
Net realized and unrealized gain (loss)		(.03	)		.39			.89
Total from investment operations		.21			.89			1.46
Distributions from:
Net investment income		(.24	)		(.48	)		(.54	)
Net realized gain		(.12	)		(.23	)		(.13	)
Total distributions		(.36	)		(.71	)		(.67	)
Total increase (decrease) in net asset value		(.15	)		.18			.79
Net asset value, ending	$	16.56		$	16.71		$	16.53
Total return*		1.29	%		5.53	%		9.68	%
Ratios to average net assets: A
Net investment income		2.86	% (a)		3.07	%		3.39	%
Total expenses		.49	% (a)		.51	%		.62	%
Expenses before offsets		.49	% (a)		.51	%		.62	%
Net expenses		.49	% (a)		.51	%		.61	%
Portfolio turnover		124	%		226	%		359	%
Net assets, ending (in thousands)	$	85,056		$	59,348		$	28,045
					Periods ended
		SEPTEMBER 30,			SEPTEMBER 30,			SEPTEMBER 30,
class I shares		2008	(z)		2007	(z)		2006	(y)(z)
Net asset value, beginning	$	16.19		$	16.13		$	16.04
Income from investment operations:
Net investment income		.67			.79			.33
Net realized and unrealized gain (loss)		(.27	)		.12			.12
Total from investment operations		.40			.91			.45
Distributions from:
Net investment income		(.73	)		(.76	)		(.36	)
Net realized gain		(.12	)		(.09	)		—
Total distributions		(.85	)		(.85	)		(.36	)
Total increase (decrease) in net asset value		(.45	)		.06			.09
Net asset value, ending	$	15.74		$	16.19		$	16.13
Total return*		2.49	%		5.78	%		2.84	%
Ratios to average net assets: A
Net investment income		4.58	%		4.91	%		4.73	% (a)
Total expenses		2.64	%		6.11	%		.63	% (a)
Expenses before offsets		.75	%		.76	%		.62	% (a)
Net expenses		.75	%		.75	%		.61	% (a)
Portfolio turnover		495	%		533	%		209	%
Net assets, ending (in thousands)	$	1,503		$	282		$	82

See notes to financial highlights.

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FINANCIAL HIGHLIGHTS
		Periods ended
		MARCH 31,			SEPTEMBER 30,
class Y shares		2011			2010
Net asset value, beginning	$	16.79		$	16.59
Income from investment operations:
Net investment income		.21			.43
Net realized and unrealized gain (loss29		(.03	)		.42
Total from investment operations		.18			.85
Distributions from:
Net investment income		(.22	)		(.42	)
Net realized gain		(.12	)		(.23	)
Total distributions		(.34	)		(.65	)
Total increase (decrease) in net asset value		(.16	)		.20
Net asset value, ending	$	16.63		$	16.79
Total return*		1.11	%		5.24	%
Ratios to average net assets: A
Net investment income		2.57	% (a)		2.72	%
Total expenses		.79	% (a)		.80	%
Expenses before offsets		.79	% (a)		.80	%
Net expenses		.79	% (a)		.80	%
Portfolio turnover		124	%		226	%
Net assets, ending (in thousands)	$	1,058,550		$	1,062,397
		PerIods ended
		SEPTEMBER 30,			SEPTEMBER 30,
class Y shares		2009	(z)		2008	(z)^
Net asset value, beginning	$	15.80		$	16.19
Income from investment operations:
Net investment income		.50			.31
Net realized and unrealized gain (loss)		.92			(.40	)
Total from investment operations		1.42			(.09	)
Distributions from:
Net investment income		(.50	)		(.30	)
Net realized gain		(.13	)		—
Total distributions		(.63	)		(.30	)
Total increase (decrease) in net asset value		.79			(.39	)
Net asset value, ending	$	16.59		$	15.80
Total return*		9.35	%		(.58	%)
Ratios to average net assets: A
Net investment income		3.14	%		4.00	% (a)
Total expenses		.88	%		1.13	% (a)
Expenses before offsets		.88	%		.93	% (a)
Net expenses		.87	%		.93	% (a)
Portfolio turnover		359	%		215	%
Net assets, ending (in thousands)	$	149,126		$	31,224

See notes to financial highlights.

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A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
(a)	Annualized.
(y)	Class I resumed upon shareholder investment on April 21, 2006.
(z)	Per share figures are calculated using the Average Share Method.
*	Total return is not annualized for periods less than one year and does not reflect deduction of any front-end or deferred sales charge.
^	From February 29, 2008, inception.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

The Schedule of Investments is a snapshot of all securities held in the fund at their market value, on the last day of the reporting period. Securities are listed by asset type (e.g., common stock, corporate bonds, U.S. government obligations) and may be further broken down into sub-groups and by industry classification.

STATEMENT OF ASSETS AND LIABILITIES

The Statement of Assets and Liabilities is often referred to as the fund’s balance sheet. It lists the value of what the fund owns, is due and owes on the last day of the reporting period. The fund’s assets include the market value of securities owned, cash, receivables for securities sold and shareholder subscriptions, and receivables for dividends and interest payments that have been earned, but not yet received. The fund’s liabilities include payables for securities purchased and shareholder redemptions, and expenses owed but not yet paid. The statement also reports the fund’s net asset value (NAV) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. This statement is accompanied by a Schedule of Investments. Alternatively, if certain conditions are met, a Statement of Net Assets may be presented in lieu of this statement and the Schedule of Investments.

STATEMENT OF NET ASSETS

The Statement of Net Assets provides a detailed list of the fund’s holdings, including each security’s market value on the last day of the reporting period. The Statement of Net Assets includes a Schedule of Investments. Other assets are added and other liabilities subtracted from the investments total to calculate the fund’s net assets. Finally, net assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) per share.

At the end of the Statement of Net Assets is a table displaying the composition of the fund’s net assets. Paid in Capital is the money invested by shareholders and represents the bulk of net assets. Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the amounts the fund had available to distribute to shareholders as of the statement date. Accumulated Realized Losses will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.

STATEMENT OF OPERATIONS

The Statement of Operations summarizes the fund’s investment income earned and expenses incurred in operating the fund. Investment income includes dividends earned from stocks and interest earned from interest-bearing securities in the fund. Expenses incurred in operating the fund include the advisory fee paid to the investment advisor,

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administrative services fees, distribution plan expenses (if applicable), transfer agent fees, shareholder servicing expenses, custodial, legal, and audit fees, and the printing and postage expenses related to shareholder reports. Expense offsets (fees paid indirectly) are also shown. Credits earned from offset arrangements are used to reduce the fund’s expenses. This statement also shows net gains (losses) realized on the sale of investments and the increase or decrease in the unrealized appreciation (depreciation) on investments held during the period.

STATEMENT OF CHANGES IN NET ASSETS

The Statement of Changes in Net Assets shows how the fund’s total net assets changed during the two most recent reporting periods. Changes in the fund’s net assets are attributable to investment operations, distributions and capital share transactions.

The Operations section of the report summarizes information detailed in the Statement of Operations. The Distribution section shows the dividend and capital gain distributions made to shareholders. The amounts shown as distributions in this section may not match the net investment income and realized gains amounts shown in the Operations section because distributions are determined on a tax basis and certain investments or transactions may be treated differently for financial statement and tax purposes. The Capital Share Transactions section shows the amount shareholders invested in the fund, either by purchasing shares or by reinvesting distributions, and the amounts redeemed. The corresponding numbers of shares issued, reinvested and redeemed are shown at the end of the report.

FINANCIAL HIGHLIGHTS

The Financial Highlights table provides a per-share breakdown per class of the components that affect the fund’s net asset value for current and past reporting periods. The table provides total return, total distributions, expense ratios, portfolio turnover and net assets for the applicable period. Total return is a measure of a fund’s performance that encompasses all elements of return: dividends, capital gain distributions and changes in net asset value. Total return is the change in value of an investment over a given period, assuming reinvestment of any dividends and capital gain distributions, expressed as a percentage of the initial investment. Total distributions include distributions from net investment income and net realized gains. Long-term gains are earned on securities held in the fund more than one year. Short-term gains, on the sale of securities held less than one year, are treated as ordinary dividend income for tax purposes. The expense ratio is a fund’s cost of doing business, expressed as a percentage of net assets. These expenses directly reduce returns to shareholders. Portfolio turnover measures the trading activity in a fund’s investment portfolio – how often securities are bought and sold by a fund. Portfolio turnover is affected by market conditions, changes in the size of the fund, the nature of the fund’s investments and the investment style of the portfolio manager.

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PROXY VOTING

The Proxy Voting Guidelines of the Calvert Funds that the Fund uses to determine how to vote proxies relating to portfolio securities are provided as an Appendix to the Fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Fund at 1-800-368-2745, by visiting the Calvert website at www.calvert.com; or by visiting the SEC’s website at www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at www.calvert.com and on the SEC’s website at www.sec.gov.

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACT

At a meeting held on December 8, 2010, the Board of Trustees, and by a separate vote, the disinterested Trustees, approved the continuance of the Investment Advisory Agreement between The Calvert Fund and the Advisor with respect to the Fund.

In evaluating the Investment Advisory Agreement, the Board considered a variety of information relating to the Fund and the Advisor. The disinterested Trustees reviewed a report prepared by the Advisor regarding various services provided to the Fund by the Advisor and its affiliates. Such report included, among other data, information regarding the Advisor’s personnel and the Advisor’s revenue and cost of providing services to the Fund, and a separate report prepared by an independent third party, which provided a statistical analysis comparing the Fund’s investment performance, expenses, and fees to comparable mutual funds.

The disinterested Trustees were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement. Prior to voting, the disinterested Trustees reviewed the proposed continuance of the Investment Advisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In the course of its deliberations regarding the Investment Advisory Agreement, the Board considered the following factors, among others: the nature, extent and quality of the services provided by the Advisor, including the personnel providing such services; the

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Advisor’s financial condition; the level and method of computing the Fund’s advisory fee; comparative performance, fee and expense information for the Fund; the profitability of the Calvert Group of Funds to the Advisor and its affiliates; the direct and indirect benefits, if any, derived by the Advisor and its affiliates from their relationship with the Fund; the effect of the Fund’s growth and size on the Fund’s performance and expenses; the affiliated distributor’s process for monitoring sales load breakpoints; the Advisor’s compliance programs and policies; the Advisor’s performance of substantially similar duties for other funds; and any possible conflicts of interest.

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s investment, supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with management through Board of Trustees’ meetings, discussions and other reports. The Board considered the Advisor’s management style and its performance in employing its investment strategies, as well as its current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Fund, were also considered. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Advisor under the Investment Advisory Agreement.

In considering the Fund’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Fund’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer group by an independent third party in its report. This comparison indicated that the Fund performed below the median of its peer group for the one-year period ended June 30, 2010, and above the median of its peer group for the three- and five-year periods ended June 30, 2010. The data also indicated that the Fund underperformed its Lipper index for the one-year period ended June 30, 2010, and outperformed its Lipper index for the three-and five-year periods ended June 30, 2010. Based upon its review, the Board concluded that the Fund’s performance was satisfactory.

In considering the Fund’s fees and expenses, the Board compared the Fund’s fees and total expense ratio with various comparative data for the funds in its peer group. Among other findings, the data indicated that the Fund’s advisory fee (after taking into account waivers and/or reimbursements) was below the median of its peer group and that total expenses (net of waivers and/or reimbursements) were above the median of its peer group. The Board noted that the allocation of advisory and administrative fees may vary among the Fund’s peer group. The Board took into account the Advisor’s current undertaking to maintain expense limitations for the Fund’s Class A, Class I and Class Y shares. The

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Board also noted management’s discussion of the Fund’s expenses and certain factors that affected the level of such expenses. The Board also took into account the reduction in one of the breakpoints in the advisory fee schedule. Based upon its review, the Board determined that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

The Board reviewed the Advisor’s profitability on a fund-by-fund basis. In reviewing the overall profitability of the advisory fee to the Fund’s Advisor, the Board also considered the fact that affiliates of the Advisor provided shareholder servicing and administrative services to the Fund for which they received compensation. The information considered by the Board included Calvert’s operating profit margin information both before and after tax expenses with respect to the services that the Advisor and its affiliates provided to the Calvert Group of Funds complex. The Board reviewed the profitability of the Advisor’s relationship with the Fund in terms of the total amount of annual advisory fees it received with respect to the Fund and whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Fund. The Board noted that the Advisor had reimbursed expenses of the Fund for some classes. The Board also noted the Advisor’s current undertaking to maintain expense limitations for the Fund’s Class A, Class I and Class Y shares. The Board also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Fund. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Fund was reasonable.

The Board considered the effect of the Fund’s current size and potential growth on its performance and fees. The Board took into account that the Fund’s advisory fee schedule contained breakpoints that would reduce the advisory fee rate on assets above specified levels as the Fund’s assets increased. The Board noted that the Fund was currently realizing economies of scale in its advisory fee. The Board also noted that if the Fund’s assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses. The Board also took into account the reduction in one of breakpoints in the advisory fee schedule.

In reapproving the Investment Advisory Agreement, the Board, including the disinterested Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weight to various factors.

CONCLUSIONS

The Board reached the following conclusions regarding the Investment Advisory Agreement, among others: (a) the Advisor has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Advisor maintains appropriate compliance programs; (c) performance of the Fund is satisfactory relative to the performance of funds with similar investment objectives and to relevant indices; (d) the Advisor is likely to execute its investment strategies consistently over time; and (e) the Fund’s advisory fee is reasonable relative to those of similar funds and to the services to be provided by the Advisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement would be in the best interests of the Fund and its shareholders.

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To Open an Account

800-368-2748

Yields and Prices

Calvert Information Network
(24 hours, 7 days a week)

800-368-2745

Service for Existing Account

Shareholders: 800-368-2745
Brokers: 800-368-2746

TDD for Hearing Impaired

800-541-1524

Branch Office

4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

Registered, Certified or Overnight Mail

Calvert Investments
c/o BFDS,
330 West 9th Street
Kansas City, MO 64105

Web Site

www.calvert.com

Principal Underwriter

Calvert Investment Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

CALVERT	CALVERT’S	Equity Funds
SHORT	FAMILY OF FUNDS	Enhanced Equity Portfolio
DURATION		Equity Portfolio
INCOME FUND	Tax-Exempt Money	Large Cap Growth Fund
	Market Funds	Large Cap Value Fund
	CTFR Money Market Portfolio	Social Index Fund
		Capital Accumulation Fund
	Taxable Money Market	International Equity Fund
	Funds	Small Cap Fund
	First Government Money Market	Global Alternative Energy Fund
	Fund	Global Water Fund
	Money Market Portfolio	International Opportunities Fund
	Municipal Funds	Balanced and Asset
	Tax-Free Bond Fund	Allocation Funds
		Balanced Portfolio
	Taxable Bond Funds	Conservative Allocation Fund
	Bond Portfolio	Moderate Allocation Fund
	Income Fund	Aggressive Allocation Fund
	Short Duration Income Fund
	Long-Term Income Fund
	Ultra-Short Income Fund
	Government Fund
	High-Yield Bond Fund

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Calvert Funds. This and other important information is contained in the fund’s summary prospectus and prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call Calvert at 800/368-2745 or visit www. calvert.com.

INFORMATION REGARDING CALVERT OPERATING COMPANY

NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each
		operating company listed
		below
Calvert Asset Management	Calvert Investment	Investment advisor to the
Company, Inc.	Management, Inc.	Calvert Funds
Calvert Distributors, Inc.	Calvert Investment Distributors,	Principal underwriter
	Inc.	and distributor for the
		Calvert Funds
Calvert Administrative	Calvert Investment	Administrative services
Services Company	Administrative Services, Inc.	provider for the Calvert
		Funds
Calvert Shareholder	Calvert Investment Services,	Shareholder servicing
Services, Inc.	Inc.	provider for the Calvert
		Funds

Choose Planet-friendly E-delivery!

Sign up now for on-line statements, prospectuses, and fund reports. In less than five minutes you can help reduce paper mail and lower fund costs.

Just go to www.calvert.com. If you already have an online account at Calvert, click on My Account, and select the documents you would like to receive via e-mail.

If you’re new to online account access, click on Login/Register to open an online account. Once you’re in, click on the E-delivery sign-up at the bottom of the Account Portfolio page and follow the quick, easy steps. Note: if your shares are not held directly at Calvert but through a brokerage firm, you must contact your broker for electronic delivery options available through their firm.

Dear Shareholder:

     The financial markets ended the six-month period on a high note. The Federal Reserve’s announcement in the fall of 2010 of a second round of quantitative easing (QE2) and the extension in December of the Bush-era tax cuts for all income levels helped buoy the markets and pushed Treasury yields higher. The resulting increase in U.S. consumer spending and confidence helped drive a year-end rally.

This calm lasted until new storms arrived in the beginning of 2011. Civil and political unrest in the Middle East and North Africa sent the price of crude soaring and heightened energy security concerns in many countries around the world. In March, the tragic earthquake and tsunami struck Japan. Our sympathies go out to the people of Japan who lost loved ones in this disaster. The earthquake—and its impact on the country’s nuclear reactors—roiled global financial markets. The cumulative effect of these events sparked a brief sell-off in corporate bonds as investors moved into the relative safety of U.S. Treasuries.

Fixed-Income Markets Continue to be Volatile

Investment-grade corporate bonds edged down slightly for the reporting period, with the Barclays Capital U.S. Credit Index returning -0.98%, while high-yield bonds, as measured by the BofA Merrill Lynch U.S. High Yield Master II Index, returned 7.09%. Money-market returns remained flat, reflecting the Fed’s efforts to keep its target interest rate very low.

Corporate bonds continued to benefit from generally strong corporate earnings and lower default expectations during the fourth quarter of 2010. This trend continued during the first quarter of 2011 as investors became more comfortable moving into riskier asset classes to chase yield. However, most fixed-income sectors experienced significant volatility as investors reacted to the turmoil in the Middle East and the ensuing climb in oil prices as well as the disaster in Japan—which prompted some investors to move back into the relative safety of Treasuries as noted above.

Municipal bond returns suffered greatly in the final months of 2010 due to heavy municipal debt issuance, record municipal bond fund redemptions by retail investors, and fear of massive municipal debt defaults, which appears to be unfounded. Fortunately, prices steadied after the turn of the year due to slowing investor outflows and minimal new debt issuance.

Opportunities and Challenges Ahead

Overall, we are optimistic and expect a slow, gradual economic recovery to continue, which we believe should help sustain a corporate bond rally through the remainder of 2011. A low core inflation rate (which excludes food and energy prices) will likely facilitate economic growth, while continued debt reduction, lingering high unemployment, and a struggling housing market will limit gains. Energy prices will remain a challenge until we see more resolution of the events in the Middle East and North Africa. Of course, more geopolitical

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crises, rising commodity prices, and inflation spikes could certainly dampen the markets.

In short, we believe the markets, the global economy, and your Calvert funds can successfully navigate through any temporary setbacks.

Discuss Your Portfolio Allocations with Your Advisor

Given the market shifts we have experienced, your overall portfolio asset allocation and investment strategy may no longer match your needs. Therefore, we recommend reviewing these with your financial advisor to ensure that your target mix of U.S. and international stocks, bonds, and cash is well-diversified and appropriate given your financial goals, time horizon, and risk tolerance.

We encourage you to visit our website, www.calvert.com, for fund information and updates as well as market and economic commentary from Calvert professionals.

As noted elsewhere in this report, the Calvert operating companies that provide services to the funds will change their names effective April 30, 2011. As part of the changes, Calvert Group, Ltd. will be known as Calvert Investments, Inc., and the funds’ advisor, Calvert Asset Management Company, Inc., will be known as Calvert Investment Management, Inc.

As always, we appreciate your investing with Calvert.

Barbara J. Krumsiek

President and CEO

Calvert Investments, Inc.

April 2011

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fairly quiet trading range. In the next phase, from early to mid-February, yields rose as the unemployment rate fell sharply, boosting confidence in the economy and triggering a rally in stocks. The 10-year Treasury yield peaked at 3.74%.

In the final phase, yields started to fall as turmoil in the Middle East pushed up the price of oil and raised doubts about the strength of the young economic expansion. Volatility increased in global financial markets. Doubt, uncertainty, and volatility jumped after the terrible March 11 earthquake and tsunami in Japan. Treasury yields continued to fall, with the 10-year yield bottoming at 3.14% a few days after the disaster. After the shock wore off, stocks regained their footing and Treasury yields retraced some of the drop with the 10-year yield ending the reporting period near 3.5%, which was close to the middle of the range over the reporting period.¹ During the reporting period, we estimate that the U.S. economy grew at an annual rate of 3.3%,² very near the 50-year average pace, but below that seen at a similar point in the business cycle after prior deep recessions in the post-WWII era. The core consumer price inflation (CPI) rate increased from 0.6% to 1.1%,³ so the Fed’s concern about unwanted disinflation abated. While the inflation rate was trending up, the level of both core and headline inflation rates remained below long-run averages. Market expectations for inflation in coming years increased to a level more in line with long-term averages.

Portfolio Strategy

The Fund benefitted from higher interest rates across the yield curve. The yields on two- and 10-year Treasuries increased by 35 and 91 basis points, respectively, over the six-month reporting period. The Fund’s allocation to high-yield bonds also helped relative performance. At the start of the reporting period, 14.89% of the Fund was allocated to high-yield bonds. Over the reporting period, the Barclays U.S. Corporate High Yield Index returned 7.23%, while the more broadly based Barclays Capital U.S. Credit Index returned -0.98%.

The Fund employed a yield-curve-flattening strategy. This had a mixed effect as some portions of the yield curve narrowed while others widened. The Fund was positioned to benefit from a narrowing of the yield differential between the 10- and 30-year U.S. Treasuries, which helped performance, as this section of the yield curve narrowed from 160 basis points to 104 basis points. However, the Fund also was positioned to benefit from narrowing of the yield differential between two- and 10-year Treasuries. This section of the yield curve widened from 209 to 265 basis points during the reporting period, which hurt performance. The Fund uses Treasury futures to hedge its interest rate position.

Outlook

The U.S. economy continues to recover from severe financial crisis. Deleveraging in household and financial sectors continues, suggesting moderate, not heated, growth and consumer price inflation. Monetary policy should remain easy in coming quarters as federal, state, and local fiscal stimuli continue to recede or contract. The impact from the long stretch of extraordinarily easy Fed policy, with its near-zero percent short-

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GROWTH OF $10,000

The graph below shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds without 10-year records). The results shown reflect the deduction of the maximum front-end sales charge of 3.75% and assume the reinvestment of dividends. The result is compared with benchmarks that include a broad based market index and a Lipper peer group average. Market indexes are unmanaged and their results do not reflect the effect of expenses or sales charges. The Lipper average reflects the deduction of the category’s average front-end sales charge. The value of an investment in a different share class would be different.

All performance data shown, including the graph above and the adjacent table, represents past performance, does not guarantee future results, assumes reinvestment of dividends and distributions and does not reflect the deduction of taxes that a shareholder would pay on the Fund’s/Portfolio’s distributions or the redemption of the Fund/Portfolio shares. 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 lower or higher than the performance data quoted; for current performance data visit www.calvert.com. The gross expense ratio from the current prospectus for Class A shares is 1.40%. This number may differ from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. Performance data quoted already reflects the deduction of the Fund’s/Portfolio’s operating expenses.

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CALVERT LONG-TERM INCOME FUND MARCH 31, 2011
AVERAGE ANNUAL TOTAL RETURNS
class A	(wIth Max. load)
One year	5.32%
Five year	9.00%
Since inception (12/31/2004)	8.04%

term interest rates and government bond purchases, is clear in the higher prices of stocks, bonds, and commodities, but not in consumer price indices.

Once again, events external to the United States created more uncertainty about the outlook for U.S. growth, inflation, and monetary policy. In addition to geopolitical tensions in the Middle East and natural
disaster in Japan, deepening eurozone debt troubles have put Portugal on the brink of a bailout from the European Union/ International Monetary Fund rescue facility. If the country does require a financial rescue package, Portugal would become the third eurozone member to receive a bailout. The rescue facility can accommodate Greece, Ireland, and Portugal but a debt crisis in Spain would disrupt financial markets worldwide. The Spanish government’s interest rates, while elevated, are not near crisis levels. Spain will remain under pressure, however, and has the potential to unnerve investors from time to time.

Despite increased uncertainty in recent months, we expect the Fed to conclude its Treasury purchases by the end of June. This would complete the easing cycle and, apart from some minor operations, move the Fed to the sidelines for the remainder of the year. There are monetary policy scenarios that could move bond yields quite sharply, including the small chance that the Fed will tighten faster than expected if core inflation increases rapidly. In addition, in light of the recent international turmoil, there also is a chance—perhaps small—that the Fed will ease yet again if the economy weakens later this year. In uncertain times, we expect market volatility to erupt from time to time.

April 2011

1	Interest rate data sources: Chicago Board Options Exchange and Federal Reserve
2	According to Bureau of Economic Analysis data and forecasts from the Wall Street Journal Survey of Professional Forecasters
3	Latest data as of February 2011 from the Bureau of Labor Statistics

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SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) and redemption fees and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2010 to March 31, 2011).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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		BEGINNING		ENDING ACCOUNT		EXPENSES PAID
		ACCOUNT VALUE		VALUE		DURING PERIOD*
		10/1/10		3/31/11		10/1/10 - 3/31/11
Actual	$	1,000.00	$	1,015.00	$	6.28
Hypothetical	$	1,000.00	$	1,018.70	$	6.29
(5% return per year before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 1.25%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

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SCHEDULE OF INVESTMENTS
MARCH 31, 2011
		PRINCIPAL
ASSET-BACKED SECURITIES - 1.1%		AMOUNT		VALUE
AmeriCredit Automobile Receivables Trust:
2.26%, 5/15/12	$	25,287	$	25,362
0.31%, 12/6/13 (r)		840,041		839,627
CNH Equipment Trust, 2.97%, 3/15/13		61,138		61,196
Fifth Third Auto Trust, 4.81%, 1/15/13		605,921		612,884
Total Asset-Backed Securities (Cost $1,539,081)				1,539,069
COLLATERIZLIED MORTGAGE-BACKED
OBLIGATIONS (PRIVATELY ORIGINATED) - 0.8%
Countrywide Home Loan Mortgage Pass Through Trust,
0.59%, 6/25/35 (e)(r)		115,472		85,683
CS First Boston Mortgage Securities Corp., 5.25%, 12/25/35		106,835		106,365
Impac CMB Trust, 0.79%, 5/25/35 (r)		133,214		104,141
JP Morgan Mortgage Trust, 5.279%, 7/25/35 (r)		89,969		87,679
Structured Asset Securities Corp., 5.50%, 6/25/35		1,000,000		752,195
Total Collateralized Mortgage-Backed Obligations
(Privately Originated) (Cost $766,572)				1,136,063
COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.0%
Banc of America Commercial Mortgage, Inc.,
4.161%, 12/10/42		314,045		314,021
GMAC Commercial Mortgage Securities, Inc., 6.278%, 11/15/39		877,247		891,057
JP Morgan Chase Commercial Mortgage Securities Corp.:
6.162%, 5/12/34		1,000,000		1,030,274
5.857%, 10/12/35		2,051,929		2,058,421
5.299%, 6/12/41 (r)		716,127		733,023
Morgan Stanley Dean Witter Capital I, 5.98%, 1/15/39		187,804		195,169
Prudential Mortgage Capital Funding LLC, 6.605%, 5/10/34		342,018		342,086
Wachovia Bank Commercial Mortgage Trust, 5.23%, 7/15/41 (r).		200,000		202,531
Total Commercial Mortgage-Backed Securities (Cost $5,836,976)				5,766,582
CORPORATE BONDS - 64.4%
Alcoa, Inc., 6.15%, 8/15/20		1,000,000		1,057,353
Alliance Mortgage Investments, 12.61%, 6/1/10 (b)(r)(x)*		4,817		-
American Airlines Equipment Trust 1990, 10.62%, 9/4/11		1,000,000		1,002,500
American Airlines Pass Through Trust:
Series 2001-2, Class A, 7.858%, 4/1/13		500,000		513,125
Series 2001-2, Class B, 8.608%, 10/1/12		1,500,000		1,500,000
American Express Bank FSB, 0.406%, 6/12/12 (r)		1,000,000		997,241
American Tower Corp., 4.50%, 1/15/18		1,000,000		979,848
ANZ National International Ltd., 1.309%, 12/20/13 (e)(r)		1,000,000		1,000,011
APL Ltd., 8.00%, 1/15/24 (b)		1,230,000		1,105,229

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		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
ArcelorMittal, 5.50%, 3/1/21	$	1,000,000	$	983,378
Asciano Finance Ltd., 4.625%, 9/23/20 (e)		1,930,000		1,767,636
Asian Development Bank, 6.22%, 8/15/27		30,000		33,802
Atlantic Marine Corp. Communities LLC:
5.343%, 12/1/50 (b)(e)		625,000		536,613
6.158%, 12/1/51 (e)		60,000		55,533
Atlantic Mutual Insurance Co., 8.15%, 2/15/28 (b)(e)(p)*		30,000		-
Bank of America Corp., 5.875%, 1/5/21		1,000,000		1,041,545
BankAmerica Capital III, 0.873%, 1/15/27 (r)		975,000		749,212
Barclays Bank plc, 2.50%, 9/21/15 (e)		500,000		485,946
Bemis Co., Inc., 6.80%, 8/1/19		500,000		567,842
BNSF Funding Trust I, 6.613% to 1/15/26,
floating rate thereafter to 12/15/55 (r)		1,500,000		1,558,125
Cantor Fitzgerald LP, 7.875%, 10/15/19 (e)		1,250,000		1,279,754
Cellco Partnership, 2.914%, 5/20/11 (r)		500,000		501,535
Chase Capital II, 0.804%, 2/1/27 (r)		500,000		420,042
Chase Capital VI, 0.929%, 8/1/28 (r)		500,000		421,875
Citigroup Funding, Inc., 0.353%, 7/12/12 (r)		500,000		500,346
Citigroup, Inc., 2.312%, 8/13/13 (r)		1,000,000		1,029,491
Cliffs Natural Resources, Inc., 4.875%, 4/1/21		1,000,000		986,245
Comcast Corp.:
5.90%, 3/15/16		1,000,000		1,111,163
6.55%, 7/1/39		750,000		774,489
Corn Products International, Inc., 6.625%, 4/15/37		1,000,000		1,038,659
Credit Suisse USA, Inc., 0.514%, 8/16/11 (r)		500,000		500,172
Crown Castle Towers LLC, 4.883%, 8/15/20 (e)		1,000,000		998,750
CVS Pass-Through Trust:
5.88%, 1/10/28		339,666		342,326
6.036%, 12/10/28		688,213		718,368
6.943%, 1/10/30		465,980		507,527
7.507%, 1/10/32 (e)		979,326		1,123,228
Deutsche Bank Capital Funding Trust VII, 5.628% to 1/19/16,
floating rate thereafter to 1/29/49 (e)(r)		1,000,000		910,000
Developers Diversified Realty Corp., 4.75%, 4/15/18		1,000,000		975,000
Discover Bank:
8.70%, 11/18/19		500,000		597,156
7.00%, 4/15/20		500,000		550,493
Dominion Resources, Inc., 6.30% to 9/30/11,
floating rate thereafter to 9/30/66 (r)		1,000,000		987,500
Enterprise Products Operating LLC, 7.034% to 1/15/18,
floating rate thereafter to 1/15/68 (r)		840,000		871,500
Fifth Third Bank, 0.424%, 5/17/13 (r)		400,000		392,227
First Niagara Financial Group, Inc., 6.75%, 3/19/20		1,000,000		1,076,326
Fleet Capital Trust V, 1.309%, 12/18/28 (r)		1,000,000		761,094
Ford Motor Credit Co. LLC:
5.56%, 6/15/11 (r)		1,000,000		1,002,500
3.053%, 1/13/12 (r)		1,200,000		1,210,512
8.00%, 12/15/16		500,000		565,000
5.75%, 2/1/21		1,500,000		1,473,750
Fort Knox Military Housing, 5.915%, 2/15/52 (b)(e)		130,000		114,620

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		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Glitnir Banki HF:
3.046%, 4/20/10 (e)(r)(y)*	$	75,000	$	22,875
6.693% to 6/15/11, floating rate thereafter to
6/15/16 (b) (e)(r)(y)*		150,000		1,500
Goldman Sachs Group, Inc.:
6.15%, 4/1/18		1,000,000		1,081,096
6.75%, 10/1/37		980,000		977,573
Greif, Inc., 6.75%, 2/1/17		500,000		530,000
Hertz Corp., 6.75%, 4/15/19 (e)		1,000,000		990,000
Home Depot, Inc., 5.95%, 4/1/41		1,000,000		995,807
Hyundai Motor Manufacturing, 4.50%, 4/15/15 (e)		1,000,000		1,024,740
International Lease Finance Corp., 7.125%, 9/1/18 (e)		1,250,000		1,340,625
Irwin Land LLC:
5.03%, 12/15/25 (e)		758,000		742,817
5.30%, 12/15/35 (e)		100,000		87,097
5.40%, 12/15/47 (e)		125,000		99,025
Jones Group, Inc., 6.875%, 3/15/19		1,000,000		982,500
JPMorgan Chase & Co., 0.559%, 12/26/12 (r)		500,000		502,453
JPMorgan Chase Capital XXIII, 1.313%, 5/15/77 (r)		1,500,000		1,241,559
Kinder Morgan Finance Co. LLC, 6.00%, 1/15/18 (e)		1,000,000		1,036,250
Land O’Lakes Capital Trust I, 7.45%, 3/15/28 (e)		2,100,000		1,900,500
LL & P Wind Energy, Inc. Washington Revenue Bonds,
6.192%, 12/1/27 (e)		100,000		93,981
Masco Corp., 7.125%, 3/15/20		1,250,000		1,292,189
Massachusetts Institute of Technology, 7.25%, 11/2/96		200,000		231,816
McGuire Air Force Base Military Housing Project, 5.611%,
9/15/51 (e)		2,075,000		1,761,675
MetLife Institutional Funding II, 0.709%, 3/27/12 (e)(r)		1,000,000		1,000,012
MetLife, Inc., 0.628%, 6/29/12 (r)		300,000		301,015
Metropolitan Life Global Funding I, 2.303%, 4/14/11 (e)(r)		190,000		190,038
Morgan Stanley:
0.753%, 10/18/16 (r)		1,000,000		935,258
6.25%, 8/28/17		500,000		538,374
5.50%, 1/26/20		500,000		501,630
Motors Liquidation Co.:
8.25%, 7/15/23 (ii)*		200,000		56,500
7.40%, 9/1/25 (ii)*		200,000		55,500
8.375%, 7/15/33 (ii)*		500,000		147,500
National Fuel Gas Co., 6.50%, 4/15/18		100,000		109,156
NationsBank Cap Trust III, 0.853%, 1/15/27 (r)		65,000		50,106
Nationwide Health Properties, Inc.:
6.90%, 10/1/37		390,000		400,655
6.59%, 7/7/38		30,000		31,032
New York University, 5.236%, 7/1/32		850,000		832,672
Nordea Bank AB, 4.875%, 1/14/21 (e)		1,000,000		1,017,316
Offshore Group Investments Ltd., 11.50%, 8/1/15		500,000		554,754
Ohana Military Communities LLC:
5.675%, 10/1/26 (e)		70,000		70,299
6.193%, 4/1/49 (b)(e)		195,000		184,380
5.88%, 10/1/51 (b)(e)		1,500,000		1,305,495
OPTI Canada, Inc., 9.75%, 8/15/13 (e)		1,000,000		998,750
Overseas Shipholding Group, Inc., 7.50%, 2/15/24		150,000		127,875
Pacific Beacon LLC, 5.628%, 7/15/51 (e)		40,000		29,938

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		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Pioneer Natural Resources Co.:
5.875%, 7/15/16	$	700,000	$	735,000
7.20%, 1/15/28		600,000		621,000
Potlatch Corp., 7.50%, 11/1/19		500,000		529,375
PPL Montana LLC, 8.903%, 7/2/20		18,219		20,451
Prudential Holdings LLC, 7.245%, 12/18/23 (e)		500,000		564,320
Quest Diagnostics, Inc., 4.70%, 4/1/21		1,000,000		984,971
Redstone Arsenal Military Housing, 5.45%, 9/1/26 (e)		25,000		23,157
Ryder System, Inc., 3.60%, 3/1/16		1,000,000		1,006,889
Senior Housing Properties Trust, 8.625%, 1/15/12		500,000		523,125
Simon Property Group LP, 10.35%, 4/1/19		320,000		437,937
Skyway Concession Co. LLC, 0.587%, 6/30/17 (e)(r)		100,000		91,135
Sunoco, Inc., 6.75%, 4/1/11		143,000		142,994
SunTrust Bank, 0.603%, 8/24/15 (r)		975,000		921,040
SunTrust Capital I, 0.983%, 5/15/27 (r)		1,000,000		777,740
Svenska Handelsbanken AB, 1.31%, 9/14/12 (e)(r)		500,000		504,295
Systems 2001 AT LLC, 6.664%, 9/15/13 (e)		729,158		778,376
Telefonica Emisiones SAU, 5.134%, 4/27/20		1,000,000		992,279
Time Warner, Inc., 6.25%, 3/29/41		1,500,000		1,483,933
Toll Road Investors Partnership II LP, Zero Coupon:
2/15/28 (e)		135,000		27,912
2/15/31 (e)		196,000		30,614
2/15/43 (b)(e)		5,950,000		1,569,491
2/15/45 (b)(e)		7,046,377		1,074,361
University of Notre Dame, 4.90%, 3/1/41		1,000,000		951,780
US Bank, 3.778% to 4/29/15, floating rate thereafter
to 4/29/20 (r)		2,000,000		2,034,097
Vale Overseas Ltd., 6.875%, 11/10/39		1,500,000		1,601,373
Valmont Industries, Inc., 6.625%, 4/20/20		1,000,000		1,032,418
Verizon Communications, Inc., 6.00%, 4/1/41		2,000,000		1,989,338
Wachovia Capital Trust III, 5.57% to 3/15/11,
floating rate thereafter to 3/29/49 (r)		1,700,000		1,559,750
Willis Group Holdings plc, 5.75%, 3/15/21		1,000,000		989,422
Windsor Petroleum Transport Corp., 7.84%, 1/15/21 (e)		956,943		866,636
Yara International ASA, 7.875%, 6/11/19 (e)		950,000		1,145,562
Total Corporate Bonds (Cost $87,347,039)				92,061,691
MUNICIPAL OBLIGATIONS - 3.6%
Adams-Friendship Area Wisconsin School District GO
Bonds, 5.47%, 3/1/18		30,000		32,567
Connecticut State Special Tax Obligation Revenue Bonds,
5.459%, 11/1/30		1,000,000		975,180
Cook County Illinois School District GO Bonds,
Zero Coupon, 12/1/24		25,000		8,540
East Lansing Michigan GO Bonds, 5.00%, 4/1/14		85,000		91,283
Fairfield California PO Revenue Bonds:
5.22%, 6/1/20		15,000		13,261
5.34%, 6/1/25		15,000		12,337
Florida State First Governmental Financing Commission
Revenue Bonds, 5.30%, 7/1/19		25,000		25,358

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		PRINCIPAL
MUNICIPAL OBLIGATIONS - CONT’D		AMOUNT		VALUE
Grant County Washington Public Utility District
No. 2 Revenue Bonds, 5.48%, 1/1/21	$	10,000	$	9,968
Illinois GO Bonds, 5.877%, 3/1/19		1,500,000		1,499,625
Illinois State MFH Development Authority Revenue Bonds,
6.537%, 1/1/33		70,000		67,455
Jackson & Williamson Counties Illinois Community
High School District GO Bonds, Zero Coupon, 12/1/21		180,000		91,179
Kern County California PO Revenue Bonds,
Zero Coupon, 8/15/20		125,000		61,289
La Mesa California COPs, 6.32%, 8/1/26		30,000		30,663
Lancaster Pennsylvania Parking Authority Revenue Bonds,
5.95%, 12/1/25		50,000		49,418
Leland Stanford Jr. University California Revenue Bonds,
6.875%, 2/1/24		100,000		121,526
Linden New Jersey GO Bonds, 5.63%, 4/1/21		60,000		56,368
Metropolitan Washington DC Airport Authority System
Revenue Bonds, 5.69%, 10/1/30		15,000		14,515
Moreno Valley California Public Financing Authority
Revenue Bonds, 5.549%, 5/1/27		50,000		45,408
Nashville & Davidson County Tennessee Water & Sewage
Revenue Bonds, 4.74%, 1/1/15		80,000		82,770
Nevada State Department of Business & Industry Lease
Revenue Bonds, 5.87%, 6/1/27		50,000		35,663
New York City IDA Revenue Bonds, 6.027%, 1/1/46		30,000		22,650
Oakland California PO Revenue Bonds,
Zero Coupon, 12/15/20		120,000		61,866
Oakland California Redevelopment Agency Tax
Allocation Bonds, 5.411%, 9/1/21		30,000		26,695
Orange County California PO Revenue Bonds,
Zero Coupon, 9/1/14		95,000		84,340
Oregon State Local Governments GO Bonds,
Zero Coupon, 6/1/18		100,000		67,009
Oregon State School Boards Association GO Bonds,
Zero Coupon, 6/30/16		25,000		19,599
Philadelphia Pennsylvania IDA Revenue Bonds,
Zero Coupon, 4/15/20		25,000		12,457
Redlands California PO Revenue Bonds, Zero Coupon:
8/1/27		250,000		68,307
8/1/28		175,000		43,654
San Bernardino California Joint Powers Financing Authority
Tax Allocation Bonds, 5.625%, 5/1/16		40,000		40,176
San Jose California Redevelopment Agency Tax
Allocation Bonds, 5.10%, 8/1/20		15,000		13,765
Santa Cruz County California Redevelopment Agency
Tax Allocation Bonds, 5.50%, 9/1/20		40,000		37,320
Schenectady New York Metroplex Development Authority
Revenue Bonds, 5.36%, 8/1/16		40,000		42,877
Texas State Transportation Commission Revenue Bonds,
5.178%, 4/1/30		1,000,000		984,330
Thorp Wisconsin School District GO Bonds, 6.15%, 4/1/26		40,000		41,317
Thousand Oaks California Redevelopment Agency
Tax Allocation Bonds, 5.25%, 12/1/21		50,000		43,769

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		PRINCIPAL
MUNICIPAL OBLIGATIONS - CONT’D		AMOUNT		VALUE
Utah State Housing Corp. Military Housing Revenue Bonds:
5.392%, 7/1/50	$	15,000	$	12,869
5.442%, 7/1/50		10,000		8,641
Wells Fargo Bank NA Custodial Receipts Revenue Bonds:
6.584%, 9/1/27 (e)		100,000		100,131
6.734%, 9/1/27 (e)		100,000		100,181
West Contra Costa California Unified School District COPs,
5.03%, 1/1/20		15,000		13,798
West Covina California Public Financing Authority Lease
Revenue Bonds, 6.05%, 6/1/26		40,000		34,743
Total Municipal Obligations (Cost $5,335,228)				5,204,867
U.S. GOVERNMENT AGENCIES AND INSTRUMENTALITIES - 2.7%
AgFirst FCB, 8.393% to 12/15/11, floating rate
thereafter to 12/15/16 (r)		300,000		312,000
Federal Home Loan Bank, 5.00%, 11/17/17		400,000		448,644
Freddie Mac, 5.25%, 4/18/16		700,000		792,628
New Valley Generation V, 4.929%, 1/15/21		33,429		36,336
Premier Aircraft Leasing EXIM 1 Ltd.:
3.576%, 2/6/22		465,472		464,146
3.547%, 4/10/22		566,680		564,345
Sterling Equipment, Inc., 6.125%, 9/28/19		379,450		416,173
US AgBank FCB, 6.11% to 7/10/12, floating rate
thereafter to 12/31/49 (e)(r)		400,000		268,000
Vessel Management Services, Inc., 5.85%, 5/1/27		472,000		518,062
Total U.S. Government Agencies and Instrumentalities
(Cost $3,589,775)				3,820,334
U.S. TREASURY - 16.5%
United States Treasury Bonds:
3.875%, 8/15/40		4,260,000		3,811,369
4.25%, 11/15/40		2,375,000		2,270,723
4.75%, 2/15/41		9,240,000		9,603,825
United States Treasury Notes:
2.125%, 2/29/16		830,000		827,276
3.625%, 2/15/21		6,935,000		7,034,691
Total U.S. Treasury (Cost $23,511,326)				23,547,884
FLOATING RATE LOANS(d) - 0.3%
Clear Channel Communications, Inc., Term Loan B,
3.912%, 1/29/16 (r)		500,000		439,653
Total Floating Rate Loans (Cost $463,125)				439,653

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EQUITY SECURITIES - 0.9%				SHARES		VALUE
First Republic Preferred Capital Corp., Preferred (e)				500	$	512,500
Woodbourne Capital, Trust I, Preferred (b)(e)				1,000,000		700,000
Total Equity Securities (Cost $825,000)						1,212,500
TOTAL INVESTMENTS (Cost $129,214,122) - 94.3%						134,728,643
Other assets and liabilities, net - 5.7%						8,217,771
net assets - 100%					$	142,946,414
				UNDERLYING		UNREALIZED
	# OF	EXPIRATION		FACE AMOUNT		APPRECIATION
FUTURES	CONTRACTS	DATE		AT VALUE		(DEPRECIATION)
Purchased:
10 Year U.S. Treasury Notes	33	6/11	$	3,928,031	$	5,995
Sold:
2 Year U.S. Treasury Notes	395	6/11	$	86,159,375	($	31,507	)
5 Year U.S. Treasury Notes	18	6/11		2,102,203		11,370
30 Year U.S. Treasury Bonds	26	6/11		3,124,875		44,659
Total Sold					$	24,522

www.calvert.com CALVERT LONG-TERM INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 18

(b)	This security was valued by the Board of Trustees. See Note A.
(d)	Remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contrac- tual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. Floating rate loans generally pay interest at rates which are periodically re-determined at a margin above the London InterBank Offered Rate (LIBOR) or other short-term rates. The rate shown is the rate in effect at period end.
	Floating rate loans are generally considered restrictive in that the Fund is ordinarily contractually obligated to receive consent from the Agent Bank and/or Borrower prior to disposition of a floating rate loan.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(p)	The State of New York Insurance Department has prohibited Atlantic Mutual Insurance Co. from making interest payments. This security is no longer accruing interest.
(r)	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.
(x)	Alliance Bancorp and its affiliates filed for Chapter 7 bankruptcy on July 13, 2007. This security is no longer accruing interest.
(y)	The government of Iceland took control of Glitnir Banki HF (the “Bank”) on October 8, 2008. The govern- ment has prohibited the Bank from paying any claims owed to foreign entities. These securities are no longer accruing interest.
(ii)	General Motors filed for Chapter 11 bankruptcy on June 1, 2009. This security is no longer accruing interest. Subsequent to period end, the Fund received a distribution of new GM stock and new GM warrants in exchange for the Motors Liquidation Co. Notes.
*	Non-income producing security.

Abbreviations:
COPs: Certificates of Participation
FCB: Farm Credit Bank
FSB: Federal Savings Bank
GO: General Obligation
IDA: Industrial Development Authority
LLC: Limited Liability Corporation
LP: Limited Partnership
MFH: Multi-Family Housing
PO: Pension Obligation

See notes to financial statements.

www.calvert.com CALVERT LONG-TERM INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 19

STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2011

ASSETS
Investments in securities, at value (Cost $129,214,122) -
see accompanying schedule	$	134,728,643
Cash		7,302,926
Receivable for securities sold		7,341,336
Receivable for shares sold		688,903
Interest and dividends receivable		1,288,059
Other assets		383,280
Total assets		151,733,147
LIABILITIES
Payable for securities purchased		8,323,898
Payable for shares redeemed		253,684
Payable for futures variation margin		26,937
Payable to Calvert Asset Management Company, Inc.		82,591
Payable to Calvert Administrative Services Company		33,385
Payable to Calvert Shareholder Services, Inc.		4,607
Payable to Calvert Distributors, Inc.		30,350
Accrued expenses and other liabilities		31,281
Total liabilities		8,786,733
NET ASSETS	$	142,946,414
NET ASSETS CONSIST OF:
Paid-in capital applicable to 8,292,594 shares of
beneficial interest, unlimited number of no par value shares authorized	$	136,360,871
Undistributed net investment income (loss)		(15,735	)
Accumulated net realized gain (loss) on investments		1,056,240
Net unrealized appreciation (depreciation) on investments		5,545,038
net assets	$	142,946,414
net asset value Per share	$	17.24

See notes to financial statements.

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STATEMENT OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 2011
NET INVESTMENT INCOME
Investment Income:
Interest income	$	3,216,592
Dividend income		55,020
Total investment income		3,271,612
Expenses:
Investment advisory fee		280,834
Administrative fees		204,900
Transfer agency fees and expenses		195,824
Distribution Plan expenses		175,522
Trustees’ fees and expenses		3,462
Custodian fees		25,843
Accounting fees		11,535
Registration fees		11,407
Reports to shareholders		32,150
Professional fees		10,431
Miscellaneous		5,087
Total expenses		956,995
Reimbursement from Advisor		(78,995	)
Fees paid indirectly		(392	)
Net expenses		877,608
NET INVESTMENT INCOME		2,394,004
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		1,085,219
Futures		49,535
		1,134,754
Change in unrealized appreciation (depreciation) on:
Investments		(1,822,947	)
Futures		292,371
		(1,530,576	)
NET REALIZED AND UNREALIZED GAIN
(LOSS)		(395,822	)
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	1,998,182

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

		SIX MONTHS ENDED			YEAR ENDED
		MARCH 31,			SEPTEMBER 30,
INCREASE (DECREASE) IN NET ASSETS		2011			2010
Operations:
Net investment income	$	2,394,004		$	3,509,307
Net realized gain (loss)		1,134,754			6,056,147
Change in unrealized appreciation (depreciation)		(1,530,576	)		2,727,974
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS		1,998,182			12,293,428
Distributions to shareholders from:
Net investment income		(2,417,077	)		(3,410,544	)
Net realized gain		(5,562,393	)		(4,288,221	)
Total distributions		(7,979,470	)		(7,698,765	)
Capital share transactions:
Shares sold		59,249,502			105,838,274
Reinvestment of distributions		7,065,566			6,803,821
Redemption fees		10,244			7,422
Shares redeemed		(57,298,122	)		(54,980,406	)
Total capital share transactions		9,027,190			57,669,111
TOTAL INCREASE (DECREASE) IN NET ASSETS		3,045,902			62,263,774
NET ASSETS
Beginning of period		139,900,512			77,636,738
End of period (including distributions in excess of net investment
income of $15,735 and undistributed net investment income of
$7,338, respectively)	$	142,946,414		$	139,900,512
CAPITAL SHARE ACTIVITY
Shares sold		3,390,694			6,141,535
Reinvestment of distributions		411,816			401,842
Shares redeemed		(3,298,094	)		(3,210,108	)
Total capital share activity		504,416			3,333,269

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A –– SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert Long-Term Income Fund (the “Fund”), a series of The Calvert Fund, is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The operations of each series are accounted for separately. The Fund offers Class A shares which are sold with a maximum front-end sales charge of 3.75%.

Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Trustees to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Trustees. In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

At March 31, 2011, securities valued at $6,591,689 or 4.6% of net assets were fair valued in good faith under the direction of the Board of Trustees.

The Fund utilizes various methods to measure the fair value of its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below: Level 1 – quoted prices in active markets for identical securities Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. Valuation techniques used to value the Fund’s investments by major category are as follows.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, floating rate loans, municipal securities, and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as

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well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For asset backed securities, collateralized mortgage obligations, and commercial mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Foreign securities are valued based on quotations from the principle market in which such securities are normally traded. If events occur after the close of the principle market in which foreign securities are traded, and before the close of business of the Fund, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2011:

		VALUATION INPUTS
InvestMents In securItIes		level 1		level 2		level 3		total
Equity securities	$	512,500		-	$	700,000	$	1,212,500
Asset-backed securities		-	$	1,539,069		-		1,539,069
Collateralized mortgage-backed
obligations		-		1,136,063		-		1,136,063
Commercial mortgage-backed
securities		-		5,766,582		-		5,766,582
Corporate debt		-		89,343,988		2,717,703		92,061,691
Municipal obligations		-		5,204,867		-		5,204,867
U.S. government obligations		-		27,368,218		-		27,368,218
Other debt obligations		-		439,653		-		439,653
TOTAL	$	512,500	$	130,798,440	$	3,417,703	$	134,728,643
Other financial instruments*	$	30,517		-		-	$	30,517

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/ depreciation on the instrument.

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Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

		EQUITY		CORPORATE
		SECURITIES		DEBT			TOTAL
Balance as of 9/30/10	$	670,000	$	2,214,488		$	2,884,488
Accrued discounts/premiums		-		13,306			13,306
Realized gain (loss)		-		2,547			2,547
Change in unrealized appreciation (depreciation)		30,000		108,332			138,332
Purchases		-		245,972			245,972
Sales		-		(19,134	)		(19,134	)
Transfers in and/ or out of Level 31		-		152,1922			152,192
Balance as of 3/31/11	$	700,000	$	2,717,703		$	3,417,703

¹ The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the end of the reporting period.

² Transferred from Level 2 to Level 3 because fair values were determined using valuation techniques utilizing unobservable inputs due to observable inputs being unavailable.

For the period ended March 31, 2011, total change in unrealized gain (loss) on Level 3 securities included in the change in net assets was $38,105. Total unrealized gain (loss) for all securities (including Level 1 and Level 2) can be found on the accompanying Statement of Operations.

Repurchase Agreements: The Fund may enter into repurchase agreements with recognized financial institutions or registered broker/dealers and, in all instances, holds underlying securities with a value exceeding the total repurchase price, including accrued interest. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its value and a possible loss of income or value if the counterparty fails to perform in accordance with the terms of the agreement.

Loan Participations and Assignments: The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders it acquires direct rights against the borrower of the loan. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower.

Futures Contracts: The Fund may purchase and sell futures contracts, but only when, in the judgment of the Advisor, such a position acts as a hedge. The Fund may not enter into futures contracts for the purpose of speculation or leverage. These futures contracts may

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include, but are not limited to, futures contracts based on U.S. Government obligations. The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may use futures contracts to hedge against changes in the value of interest rates. The Fund may enter into futures contracts agreeing to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund. During the period, the Fund used U.S. Treasury futures contracts to hedge against interest rate changes and to manage overall duration of the Fund.

Short Sales: The Fund may use a hedging technique that involves short sales of U.S. Treasury securities for the purposes of managing the duration of the Fund. Any short sales are “covered” with an equivalent amount of high-quality, liquid securities.

Security Transactions and Net Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. (See Schedule of Investments footnotes on page 19.) A debt obligation may be removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as income in the accompanying financial statements.

Foreign Currency Transactions: The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are translated into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange

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on the date of the event. The effect of changes in foreign exchange rates on securities and foreign currencies is included in the net realized and unrealized gain or loss on securities and foreign currencies.

Distributions to Shareholders: Distributions to shareholders are recorded by the Fund on ex-dividend date. Dividends from net investment income are paid monthly. Distributions from net realized capital gains, if any, are paid at least annually. Distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.

Redemption Fees: The Fund charges a 2% redemption fee on redemptions, including exchanges, made within 30 days of purchase in the same Fund. The redemption fee is accounted for as an addition to paid-in capital. The fee is intended to discourage market-timers by ensuring that short-term trading costs are borne by the investors making the transactions and not the shareholders already in the Fund.

Expense Offset Arrangements: The Fund has an arrangement with its custodian bank whereby the custodian’s fees may be paid indirectly by credits earned on the Fund’s cash on deposit with the bank. These credits are used to reduce the Fund’s expenses. Such a deposit arrangement may be an alternative to overnight investments.

Federal Income Taxes: No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly-owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Trustees of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives a monthly fee based on an annual rate of .40% of the Fund’s average daily net assets.

The Advisor has contractually agreed to limit net annual fund operating expenses through January 31, 2012. The contractual expense cap is 1.25%. For the purposes of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense offset credits are

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earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Administrative Services Company, an affiliate of the Advisor, provides administrative services to the Fund for an annual fee, payable monthly, of .275% (.30% prior to February 1, 2011) of the average daily net assets.

Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and principal underwriter for the Fund. The Distribution Plan, adopted by Class A shares, allows the Fund to pay the Distributor for expenses and services associated with the distribution of shares. The expenses paid may not exceed .50% annually of the Fund’s average daily net assets of Class A. The amount actually paid by the Fund is an annualized fee, payable monthly of .25% of the Fund’s average daily net assets of Class A.

The Distributor received $40,196 as its portion of the commissions charged on sales of the Fund’s Class A shares for the six months ended March 31, 2011.

Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, is the shareholder servicing agent for the Fund. For its services, CSSI received a fee of $28,123 for the six months ended March 31, 2011. Boston Financial Data Services, Inc., is the transfer and dividend disbursing agent.

Each Trustee of the Fund who is not an employee of the Advisor or its affiliates receives an annual retainer of $45,000 plus up to $2,000 for each Board and Committee meeting attended. The Board chair and Committee chairs each receive an additional $5,000 annual retainer. Trustee’s fees are allocated to each of the funds served.

NOTE C — INVESTMENT ACTIVITY

During the period, the cost of purchases and proceeds from sales of investments, other than short-term and U.S. government securities, were $144,698,064 and $132,662,347, respectively. U.S. government security purchases and sales were $215,613,905 and $208,150,142, respectively.

The Fund intends to elect to defer net capital losses of $73,172 incurred from November 1, 2009 through September 30, 2010 and treat them as arising in the fiscal year ending September 30, 2011.

As of March 31, 2011, the tax basis components of unrealized appreciation/ (depreciation) and the federal tax cost were as follows

Unrealized appreciation	$	6,573,389
Unrealized (depreciation)		(1,673,664	)
Net unrealized appreciation/(depreciation)	$	4,899,725
Federal income tax cost of investments	$	129,828,918

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The Fund may sell or purchase securities to and from other Funds managed by the Advisor, typically short-term variable demand notes. Interportfolio transactions are primarily used for cash management purposes. Interportfolio transactions are made pursuant to Rule 17a-7 of the Investment Company Act of 1940. For the six months ended March 31, 2011, such purchase transactions were $453,750.

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Fund had no loans outstanding pursuant to this line of credit at March 31, 2011. For the six months ended March 31, 2011, borrowings by the Fund under the Agreement were as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$55,809	1.48%	$1,738,732	March 2011

NOTE E — SUBSEQUENT EVENTS

In preparing the financial statements as of March 31, 2011, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

Effective April 30, 2011, the Calvert operating companies will be renamed as follows: Calvert Group, Ltd. will be renamed Calvert Investments, Inc., Calvert Asset Management Company, Inc. will be renamed Calvert Investment Management, Inc., Calvert Distributors, Inc. will be renamed Calvert Investment Distributors, Inc., Calvert Administrative Services Company will be renamed Calvert Investment Administrative Services, Inc., and Calvert Shareholder Services, Inc. will be renamed Calvert Investment Services, Inc.

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FINANCIAL HIGHLIGHTS
	PERIODS ENDED
		MARCH 31,			SEPTEMBER 30,			SEPTEMBER 30
class A shares		2011			2010			2009
Net asset value, beginning	$	17.96		$	17.43		$	15.44
Income from investment operations:
Net investment income		.29			.58			.54
Net realized and unrealized gain (loss)		(.04	)		1.40			2.46
Total from investment operations		.25			1.98			3.00
Distributions from:
Net investment income		(.30	)		(.57	)		(.52	)
Net realized gain		(.67	)		(.88	)		(.49	)
Total distributions		(.97	)		(1.45	)		(1.01	)
Total increase (decrease) in net asset value		(.72	)		.53			1.99
Net asset value, ending	$	17.24		$	17.96		$	17.43
Total return*		1.50	%		12.13	%		20.58	%
Ratios to average net assets: A
Net investment income		3.41	% (a)		3.47	%		3.45	%
Total expenses		1.36	% (a)		1.42	%		1.46	%
Expenses before offsets		1.25	% (a)		1.25	%		1.27	%
Net expenses		1.25	% (a)		1.25	%		1.25	%
Portfolio turnover		273	%		596	%		781	%
Net assets, ending (in thousands)	$	142,946		$	139,901		$	77,637
					Years ended
		SEPTEMBER 30,			SEPTEMBER 30,			SEPTEMBER 30,
class A shares		2008			2007			2006
Net asset value, beginning	$	15.62		$	15.36		$	15.52
Income from investment operations:
Net investment income		.62			.62			.58
Net realized and unrealized gain (loss)		.20			.27			.08
Total from investment operations		.82			.89			.66
Distributions from:
Net investment income		(.61	)		(.61	)		(.58	)
Net realized gain		(.39	)		(.02	)		(.24	)
Total distributions		(1.00	)		(.63	)		(.82	)
Total increase (decrease) in net asset value		(.18	)		.26			(.16	)
Net asset value, ending	$	15.44		$	15.62		$	15.36
Total return*		5.31	%		5.92	%		4.49	%
Ratios to average net assets: A
Net investment income		3.96	%		4.09	%		4.04	%
Total expenses		1.66	%		2.03	%		3.76	%
Expenses before offsets		1.28	%		1.30	%		1.55	%
Net expenses		1.25	%		1.25	%		1.25	%
Portfolio turnover		604	%		767	%		547	%
Net assets, ending (in thousands)	$	29,532		$	12,139		$	4,995

See notes to financial highlights.

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A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
(a)	Annualized.
*	Total return is not annualized for periods less than one year and does not reflect deduction of any front-end or deferred sales charge.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

The Schedule of Investments is a snapshot of all securities held in the fund at their market value, on the last day of the reporting period. Securities are listed by asset type (e.g., common stock, corporate bonds, U.S. government obligations) and may be further broken down into sub-groups and by industry classification.

STATEMENT OF ASSETS AND LIABILITIES

The Statement of Assets and Liabilities is often referred to as the fund’s balance sheet. It lists the value of what the fund owns, is due and owes on the last day of the reporting period. The fund’s assets include the market value of securities owned, cash, receivables for securities sold and shareholder subscriptions, and receivables for dividends and interest payments that have been earned, but not yet received. The fund’s liabilities include payables for securities purchased and shareholder redemptions, and expenses owed but not yet paid. The statement also reports the fund’s net asset value (NAV) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. This statement is accompanied by a Schedule of Investments. Alternatively, if certain conditions are met, a Statement of Net Assets may be presented in lieu of this statement and the Schedule of Investments.

STATEMENT OF NET ASSETS

The Statement of Net Assets provides a detailed list of the fund’s holdings, including each security’s market value on the last day of the reporting period. The Statement of Net Assets includes a Schedule of Investments. Other assets are added and other liabilities subtracted from the investments total to calculate the fund’s net assets. Finally, net assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) per share.

At the end of the Statement of Net Assets is a table displaying the composition of the fund’s net assets. Paid in Capital is the money invested by shareholders and represents the bulk of net assets. Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the amounts the fund had available to distribute to shareholders as of the statement date. Accumulated Realized Losses will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.

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STATEMENT OF OPERATIONS

The Statement of Operations summarizes the fund’s investment income earned and expenses incurred in operating the fund. Investment income includes dividends earned from stocks and interest earned from interest-bearing securities in the fund. Expenses incurred in operating the fund include the advisory fee paid to the investment advisor, administrative services fees, distribution plan expenses (if applicable), transfer agent fees, shareholder servicing expenses, custodial, legal, and audit fees, and the printing and postage expenses related to shareholder reports. Expense offsets (fees paid indirectly) are also shown. Credits earned from offset arrangements are used to reduce the fund’s expenses. This statement also shows net gains (losses) realized on the sale of investments and the increase or decrease in the unrealized appreciation (depreciation) on investments held during the period.

STATEMENT OF CHANGES IN NET ASSETS

The Statement of Changes in Net Assets shows how the fund’s total net assets changed during the two most recent reporting periods. Changes in the fund’s net assets are attributable to investment operations, distributions and capital share transactions.

The Operations section of the report summarizes information detailed in the Statement of Operations. The Distribution section shows the dividend and capital gain distributions made to shareholders. The amounts shown as distributions in this section may not match the net investment income and realized gains amounts shown in the Operations section because distributions are determined on a tax basis and certain investments or transactions may be treated differently for financial statement and tax purposes. The Capital Share Transactions section shows the amount shareholders invested in the fund, either by purchasing shares or by reinvesting distributions, and the amounts redeemed. The corresponding numbers of shares issued, reinvested and redeemed are shown at the end of the report.

FINANCIAL HIGHLIGHTS

The Financial Highlights table provides a per-share breakdown per class of the components that affect the fund’s net asset value for current and past reporting periods. The table provides total return, total distributions, expense ratios, portfolio turnover and net assets for the applicable period. Total return is a measure of a fund’s performance that encompasses all elements of return: dividends, capital gain distributions and changes in net asset value. Total return is the change in value of an investment over a given period, assuming reinvestment of any dividends and capital gain distributions, expressed as a percentage of the initial investment. Total distributions include distributions from net investment income and net realized gains. Long-term gains are earned on securities held in the fund more than one year. Short-term gains, on the sale of securities held less than one year, are treated as ordinary dividend income for tax purposes. The expense ratio is a fund’s cost of doing business, expressed as a percentage of net assets. These expenses directly reduce returns to shareholders. Portfolio turnover measures the trading activity in a fund’s investment portfolio – how often securities are bought and sold by a fund. Portfolio turnover is affected by market conditions, changes in the size of the fund, the nature of the fund’s investments and the investment style of the portfolio manager.

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PROXY VOTING

The Proxy Voting Guidelines of the Calvert Funds that the Fund uses to determine how to vote proxies relating to portfolio securities are provided as an Appendix to the Fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Fund at 1-800-368-2745, by visiting the Calvert website at www.calvert.com; or by visiting the SEC’s website at www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at www.calvert.com and on the SEC’s website at www.sec.gov.

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACT

At a meeting held on December 8, 2010, the Board of Trustees, and by a separate vote, the disinterested Trustees, approved the continuance of the Investment Advisory Agreement between The Calvert Fund and the Advisor with respect to the Fund.

In evaluating the Investment Advisory Agreement, the Board considered a variety of information relating to the Fund and the Advisor. The disinterested Trustees reviewed a report prepared by the Advisor regarding various services provided to the Fund by the Advisor and its affiliates. Such report included, among other data, information regarding the Advisor’s personnel and the Advisor’s revenue and cost of providing services to the Fund, and a separate report prepared by an independent third party, which provided a statistical analysis comparing the Fund’s investment performance, expenses and fees to comparable mutual funds.

The disinterested Trustees were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement. Prior to voting, the disinterested Trustees reviewed the proposed continuance of the Investment Advisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In the course of its deliberations regarding the Investment Advisory Agreement, the Board considered the following factors, among others: the nature, extent and quality of the services provided by the Advisor, including the personnel providing such services; the Advisor’s financial condition; the level and method of computing the Fund’s advisory

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fee; comparative performance, fee and expense information for the Fund; the profitability of the Calvert Group of Funds to the Advisor and its affiliates; the direct and indirect benefits, if any, derived by the Advisor and its affiliates from their relationship with the Fund; the effect of the Fund’s growth and size on the Fund’s performance and expenses; the affiliated distributor’s process for monitoring sales load breakpoints; the Advisor’s compliance programs and policies; the Advisor’s performance of substantially similar duties for other funds; and any possible conflicts of interest.

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s investment, supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with management through Board of Trustees’ meetings, discussions and other reports. The Board considered the Advisor’s management style and its performance in employing its investment strategies, as well as its current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Fund, were also considered. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Advisor under the Investment Advisory Agreement.

In considering the Fund’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Fund’s total return with its Lipper index and with that of other mutual funds deemed to be in its Lipper peer group by an independent third party in its report. This comparison indicated that the Fund performed above the median of its peer group for the one-, three- and five-year periods ended June 30, 2010. The data also indicated that the Fund outperformed its Lipper index for the one-, three- and five-year periods ended June 30, 2010. Based upon its review, the Board concluded that the Fund’s performance was satisfactory.

In considering the Fund’s fees and expenses, the Board compared the Fund’s fees and total expense ratio with various comparative data for the funds in its peer group. Among other findings, the data indicated that the Fund’s advisory fee (after taking into account waivers and/or reimbursements) was below the median of its peer group and that total expenses (net of waivers and/or reimbursements) were above the median of its peer group. The Board noted that the allocation of advisory and administrative fees may vary among the Fund’s peer group. The Board took into account the Advisor’s current undertaking to maintain expense limitations for the Fund’s Class A shares. The Board also noted management’s discussion of the Fund’s expenses and certain factors that affected the level of such expenses. The Board also took into account the reduction in the administrative fee. Based upon its review, the Board concluded that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

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The Board reviewed the Advisor’s profitability on a fund-by-fund basis. In reviewing the overall profitability of the advisory fee to the Fund’s Advisor, the Board also considered the fact that affiliates of the Advisor provided shareholder servicing and administrative services to the Fund for which they received compensation. The information considered by the Board included Calvert’s operating profit margin information both before and after tax expenses with respect to the services that the Advisor and its affiliates provided to the Calvert Group of Funds complex. The Board reviewed the profitability of the Advisor’s relationship with the Fund in terms of the total amount of annual advisory fees it received with respect to the Fund and whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Fund. The Board noted that the Advisor had reimbursed expenses of the Fund. The Board also noted the Advisor’s current undertaking to maintain expense limitations for the Fund’s Class A shares. The Board also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Fund. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Fund was reasonable.

The Board considered the effect of the Fund’s current size and potential growth on its performance and expenses. The Board concluded that adding breakpoints to the advisory fee at specified asset levels would not be appropriate at this time given the Fund’s current size. The Board noted that if the Fund’s assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses. The Board also took into account the reduction in the administrative fee.

In reapproving the Investment Advisory Agreement, the Board, including the disinterested Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weight to various factors.

Conclusions

The Board reached the following conclusions regarding the Investment Advisory Agreement, among others: (a) the Advisor has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Advisor maintains appropriate compliance programs; (c) performance of the Fund is satisfactory relative to the performance of funds with similar investment objectives and to relevant indices; (d) the Advisor is likely to execute its investment strategies consistently over time; and (e) the Fund’s advisory fee is reasonable relative to those of similar funds and to the services to be provided by the Advisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement would be in the best interests of the Fund and its shareholders.

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To Open an Account

800-368-2748

Yields and Prices

Calvert Information Network
(24 hours, 7 days a week)
800-368-2745

Service for Existing Account

Shareholders: 800-368-2745
Brokers: 800-368-2746

TDD for Hearing Impaired

800-541-1524

Branch Office

4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

Registered, Certified or Overnight Mail

Calvert Investments
c/o BFDS,
330 West 9th Street
Kansas City, MO 64105

Web Site

www.calvert.com

Principal Underwriter

Calvert Investment Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

CALVERT	CALVERT’S	Equity Funds
LONG-TERM	FAMILY OF FUNDS	Enhanced Equity Portfolio
INCOME FUND		Equity Portfolio
	Tax-Exempt Money	Large Cap Growth Fund
	Market Funds	Large Cap Value Fund
	CTFR Money Market Portfolio	Social Index Fund
		Capital Accumulation Fund
	Taxable Money Market	International Equity Fund
	Funds	Small Cap Fund
	First Government Money Market	Global Alternative Energy Fund
	Fund	Global Water Fund
	Money Market Portfolio	International Opportunities Fund
	Municipal Funds	Balanced and Asset
	Tax-Free Bond Fund	Allocation Funds
		Balanced Portfolio
	Taxable Bond Funds	Conservative Allocation Fund
	Bond Portfolio	Moderate Allocation Fund
	Income Fund	Aggressive Allocation Fund
	Short Duration Income Fund
	Long-Term Income Fund
	Ultra-Short Income Fund
	Government Fund
	High-Yield Bond Fund

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Calvert Funds. This and other important information is contained in the fund’s summary prospectus and prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call Calvert at 800/368-2745 or visit www. calvert.com.

INFORMATION REGARDING CALVERT OPERATING COMPANY

NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each
		operating company listed
		below
Calvert Asset Management	Calvert Investment	Investment advisor to the
Company, Inc.	Management, Inc.	Calvert Funds
Calvert Distributors, Inc.	Calvert Investment Distributors,	Principal underwriter
	Inc.	and distributor for the
		Calvert Funds
Calvert Administrative	Calvert Investment	Administrative services
Services Company	Administrative Services, Inc.	provider for the Calvert
		Funds
Calvert Shareholder	Calvert Investment Services,	Shareholder servicing
Services, Inc.	Inc.	provider for the Calvert
		Funds

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Just go to www.calvert.com. If you already have an online account at Calvert, click on My Account, and select the documents you would like to receive via e-mail.

If you’re new to online account access, click on Login/Register to open an online account. Once you’re in, click on the E-delivery sign-up at the bottom of the Account Portfolio page and follow the quick, easy steps. Note: if your shares are not held directly at Calvert but through a brokerage firm, you must contact your broker for electronic delivery options available through their firm.

Dear Shareholder:

     The financial markets ended the six-month period on a high note. The Federal Reserve’s announcement in the fall of 2010 of a second round of quantitative easing (QE2) and the extension in December of the Bush-era tax cuts for all income levels helped buoy the markets and pushed Treasury yields higher. The resulting increase in U.S. consumer spending and confidence helped drive a year-end rally.

This calm lasted until new storms arrived in the beginning of 2011. Civil and political unrest in the Middle East and North Africa sent the price of crude soaring and heightened energy security concerns in many countries around the world. In March, the tragic earthquake and tsunami struck Japan. Our sympathies go out to the people of Japan who lost loved ones in this disaster. The earthquake—and its impact on the country’s nuclear reactors—roiled global financial markets. The cumulative effect of these events sparked a brief sell-off in corporate bonds as investors moved into the relative safety of U.S. Treasuries.

Fixed-Income Markets Continue to be Volatile

Investment-grade corporate bonds edged down slightly for the reporting period, with the Barclays Capital U.S. Credit Index returning -0.98%, while high-yield bonds, as measured by the BofA Merrill Lynch U.S. High Yield Master II Index, returned 7.09%. Money-market returns remained flat, reflecting the Fed’s efforts to keep its target interest rate very low.

Corporate bonds continued to benefit from generally strong corporate earnings and lower default expectations during the fourth quarter of 2010. This trend continued during the first quarter of 2011 as investors became more comfortable moving into riskier asset classes to chase yield. However, most fixed-income sectors experienced significant volatility as investors reacted to the turmoil in the Middle East and the ensuing climb in oil prices as well as the disaster in Japan—which prompted some investors to move back into the relative safety of Treasuries as noted above.

Municipal bond returns suffered greatly in the final months of 2010 due to heavy municipal debt issuance, record municipal bond fund redemptions by retail investors, and fear of massive municipal debt defaults, which appears to be unfounded. Fortunately, prices steadied after the turn of the year due to slowing investor outflows and minimal new debt issuance.

Opportunities and Challenges Ahead

Overall, we are optimistic and expect a slow, gradual economic recovery to continue, which we believe should help sustain a corporate bond rally through the remainder of 2011. A low core inflation rate (which excludes food and energy prices) will likely facilitate economic growth, while continued debt reduction, lingering high unemployment, and a struggling housing market will limit gains. Energy prices will remain a challenge

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until we see more resolution of the events in the Middle East and North Africa. Of course, more geopolitical crises, rising commodity prices, and inflation spikes could certainly dampen the markets.

In short, we believe the markets, the global economy, and your Calvert funds can successfully navigate through any temporary setbacks.

Discuss Your Portfolio Allocations with Your Advisor

Given the market shifts we have experienced, your overall portfolio asset allocation and investment strategy may no longer match your needs. Therefore, we recommend reviewing these with your financial advisor to ensure that your target mix of U.S. and international stocks, bonds, and cash is well-diversified and appropriate given your financial goals, time horizon, and risk tolerance.

We encourage you to visit our website, www.calvert.com, for fund information and updates as well as market and economic commentary from Calvert professionals.

As noted elsewhere in this report, the Calvert operating companies that provide services to the funds will change their names effective April 30, 2011. As part of the changes, Calvert Group, Ltd. will be known as Calvert Investments, Inc., and the funds’ advisor, Calvert Asset Management Company, Inc., will be known as Calvert Investment Management, Inc.

As always, we appreciate your investing with Calvert.

Barbara J. Krumsiek

President and CEO

Calvert Investments, Inc.

April 2011

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Performance

For the six-month period ended March 31, 2011, Calvert Ultra-Short Income Fund (Class A shares at NAV) returned 0.97%. Its benchmark index, the Barclays Capital 9-12 Months Short Treasury Index, returned 0.21% for the period. The Fund’s short relative duration strategy was primarily responsible for the portfolio’s outperformance. Duration is a measure of a portfolio’s sensitivity to changes in interest rates. The longer the duration, the greater the change in price relative to interest rate movements. The Fund’s allocation to high-yield bonds also helped relative performance.

Investment Climate

The six-month reporting period was characterized by four clear phases in interest-rate movements. The first was a steady and strong upward movement in interest rates. The 10-year Treasury yield increased from 2.33% in early October to 3.57% by mid-December. The Federal Reserve’s (Fed) announcement of new Treasury purchases in November did little to slow the advance as

*Investment performance/return at NAV does not reflect the deduction of the Fund’s maximum 1.25% front-end sales charge or any deferred sales charge. ** See note on page 7 regarding Class Y shares.

CALVERT ULTRA-SHORT INCOME FUND
MARCH 31, 2011
INVESTMENT PERFORMANCE
(TOTAL RETURN AT NAV*)

	6 Months		12 Months
	ended		ended
	3/31/11		3/31/11
Class A	0.97	%	2.26	%
Class Y**	1.05	%	2.43	%
Barclays Capital Short
Treasury Index
9-12 Months	0.21	%	0.60	%
Lipper Ultra-Short
Obligations
Funds Average	0.52	%	1.26	%
SEC YIELD
	30 DAYS ENDED
	3/31/11		9/30/10
Class A	1.49	%	1.64	%
Class Y	1.70	%	1.74	%
			% of Total
ECONOMIC SECTORS			Investments
Asset-Backed Securities			10.1	%
Basic Materials			3.3	%
Communications			3.4	%
Consumer, Cyclical			3.8	%
Consumer, Non-cyclical			4.1	%
Diversified			0.1	%
Energy			2.5	%
Financials			30.8	%
Government			6.7	%
Industrials			2.1	%
Insurance			0.1	%
Mortgage Securities			27.3	%
Technology			2.3	%
Telecommunication Services			0.3	%
Utilities			3.1	%
Total			100	%

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economic data improved. In December, many analysts raised their forecasts for economic growth, and stocks rallied as a larger-than-expected fiscal stimulus package was passed. The second phase featured a fairly quiet trading range. During phase three, from early to mid-February, yields rose as the unemployment rate fell sharply, boosting confidence in the economy and triggering a rally in stocks. The 10-year Treasury yield peaked at 3.74%.

In the final phase, yields began to fall as turmoil in the Middle East pushed up the price of oil and raised doubts about the strength of the young economic expansion. Volatility increased in global financial markets. Doubt, uncertainty, and volatility were amplified by the terrible March 11 earthquake and tsunami in Japan. Treasury yields continued to fall, with the 10-year yield bottoming at 3.14% a few days after the disaster. After the shock wore off, stocks regained their footing and Treasury yields recovered some ground. The 10-year Treasury yield ended the reporting period near 3.5%, which was close to the middle of the range over the full reporting period.¹ During the reporting period, we estimate that the U.S. economy grew at an annualized rate of 3.3%.² This is very near the 50-year average growth rate, but remains below the rate seen, at a similar point in the business cycle, after prior deep recessions in the post-WWII era. The core consumer price inflation (CPI) rate increased from 0.6% to 1.1% during the reporting period,³ so the Fed’s concern about unwanted disinflation abated. While the inflation rate was trending up, the level of both core and headline inflation rates remained below long-run averages. Market expectations for inflation in coming years increased to a level more in line with long-term averages.

Portfolio Strategy

The Fund benefitted from higher interest rates across the yield curve. The yields on two- and 10-year Treasuries increased by 35 and 91 basis points, respectively, over the six-month reporting period. The Fund’s allocation to high-yield bonds also helped relative performance. At the start of the reporting period, 10.13% of the Fund was allocated to high-yield bonds. Over the reporting period, the Barclays U.S. Corporate High Yield Index returned 7.23%, while the more broadly-based Barclays Capital U.S. Credit Index returned -0.98%.

The Fund employed a yield-curve-flattening strategy. This had a mixed effect as some portions of the yield curve narrowed while others widened. For example, the Fund was positioned to benefit from a narrowing of the yield differential between two- and 10-year Treasuries. This section of the yield curve instead widened from 209 to 265 basis points during the reporting period, which hurt performance. The Fund uses Treasury futures to hedge its interest rate position.

Outlook

The U.S. economy continues to recover from severe financial crisis. Deleveraging in household and financial sectors continues, suggesting moderate, not heated, growth and

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Growth of $10,000

The graph below shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds without 10-year records). The results shown are for Class A shares and reflect the deduction of the maximum front-end sales charge of 1.25%, and assume the reinvestment of dividends. The result is compared with benchmarks that include a broad based market index and a Lipper peer group average. Market indexes are unmanaged and their results do not reflect the effect of expenses or sales charges. The Lipper average reflects the deduction of the category’s average front-end sales charge. The value of an investment in a different share class would be different.

All performance data shown, including the graph above and the adjacent table, represents past performance, does not guarantee future results, assumes reinvestment of dividends and distributions and does not reflect the deduction of taxes that a shareholder would pay on the Fund’s/Portfolio’s distributions or the redemption of the Fund/Portfolio shares. 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 lower or higher than the performance data quoted; for current performance data visit www.calvert.com. The gross expense ratio from the current prospectus for Class A shares is 1.08%. This number may differ from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. Performance data quoted already reflects the deduction of the Fund’s/Portfolio’s operating expenses.

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consumer price inflation. Monetary policy should remain easy in coming quarters as federal, state, and local fiscal stimuli continue to recede or contract. The impact from the long stretch of extraordinarily easy Fed policy, with its near-zero percent short-term interest rates and government bond purchases, is clear in the higher prices of stocks, bonds, and commodities, but not in consumer price indices.

Once again, events external to the United States created more uncertainty about the outlook for U.S. growth, inflation, and monetary policy. In addition to geopolitical tensions in the Middle East and natural disaster in Japan, deepening eurozone debt troubles have put Portugal on the brink

CALVERT ULTRA-SHORT INCOME FUND
March 31, 2011
AVERAGE ANNUAL TOTAL RETURNS

class A shares	(wIth Max. load)
One year	0.97	%
Since inception (10/31/2006)	4.03	%
class Y shares*
One year	2.43	%
Since inception (10/31/2006)	4.37	%

*Calvert Ultra-Short Income Fund first offered Class Y shares on May 28, 2010. Performance prior to that date reflects the performance of Class A shares at net asset value (NAV). Actual Class Y share performance would have been different.

of a bailout from the European Union/International Monetary Fund rescue facility. If the country does require a financial rescue package, Portugal would become the third eurozone member to receive a bailout. The rescue facility can accommodate Greece, Ireland, and Portugal but a debt crisis in Spain would disrupt financial markets worldwide. The Spanish government’s interest rates, while elevated, are not near crisis levels. Spain will remain under pressure, however, and has the potential to unnerve investors from time to time.

Despite increased uncertainty in recent months, we expect the Fed to conclude its Treasury purchases by the end of June. This would complete the easing cycle and, apart from some minor operations, move the Fed to the sidelines for the remainder of the year. There are monetary policy scenarios that could move bond yields quite sharply, including the small chance that the Fed will tighten faster than expected if core inflation increases rapidly. In addition, in light of the recent international turmoil, there also is a chance—perhaps small—that the Fed will ease yet again if the economy weakens later this year. In uncertain times, we expect market volatility to erupt from time to time.

April 2011

¹ Interest rate data sources: Chicago Board Options Exchange and Federal Reserve

² According to Bureau of Economic Analysis data and forecasts from the Wall Street Journal Survey of Professional Forecasters

³ Latest data as of February 2011 from the Bureau of Labor Statistics

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SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) and redemption fees and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2010 to March 31, 2011).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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		BEGINNING		ENDING ACCOUNT		EXPENSES PAID
		ACCOUNT VALUE		VALUE		DURING PERIOD*
		10/1/10		3/31/11		10/1/10 - 3/31/11
class A
Actual	$	1,000.00	$	1,009.70	$	4.46
Hypothetical	$	1,000.00	$	1,020.49	$	4.48
(5% return per year before expenses)
class Y
Actual	$	1,000.00	$	1,010.50	$	3.48
Hypothetical	$	1,000.00	$	1,021.47	$	3.49
(5% return per year before expenses)

*Expenses are equal to the Fund’s annualized expense ratio of 0.89% and 0.69% for Class A and Class Y respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

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SCHEDULE OF INVESTMENTS
MARCH 31, 2011
		PRINCIPAL
ASSET-BACKED SECURITIES - 9.3%		AMOUNT		VALUE
AmeriCredit Automobile Receivables Trust:
2.26%, 5/15/12	$	164,363	$	164,856
5.68%, 12/12/12		94,101		94,685
5.21%, 9/6/13		1,220,483		1,240,495
0.31%, 12/6/13 (r)		3,805,675		3,803,802
5.53%, 1/6/14		700,980		706,266
1.18%, 2/6/14		1,872,754		1,872,425
5.26%, 1/6/15 (r)		2,262,403		2,293,864
Americredit Prime Automobile Receivable, 0.29%, 4/8/13 (r)		609,684		609,639
Bear Stearns Asset Backed Securities Trust, 0.47%, 12/25/35 (r)		1,351,244		1,314,504
Capital Auto Receivables Asset Trust:
5.01%, 4/16/12		78,188		78,797
5.31%, 6/15/12		952,255		962,413
5.15%, 9/17/12		2,500,000		2,566,777
0.535%, 2/18/14 (r)		59,398		59,386
Capital One Auto Finance Trust:
0.285%, 5/15/13 (r)		2,901,986		2,885,550
0.285%, 4/15/14 (r)		1,896,553		1,884,029
5.23%, 7/15/14		3,534,372		3,613,164
CarMax Auto Owner Trust, 5.34%, 10/15/12		920,000		933,114
Caterpillar Financial Asset Trust, 4.94%, 4/25/14		378,465		379,288
Chase Funding Mortgage Loan Asset-Backed Certificates,
4.396%, 2/25/30		354,200		352,435
CIT Equipment Collateral:
1.51%, 5/15/12 (e)		885,943		887,406
6.59%, 12/22/14		1,450,527		1,475,332
3.07%, 8/15/16 (e)		458,304		461,718
CitiFinancial Auto Issuance Trust, 1.83%, 11/15/12 (e)		175,214		175,652
CNH Equipment Trust, 2.97%, 3/15/13		122,277		122,392
CPS Auto Trust, 6.48%, 7/15/13 (e)		2,592,167		2,677,162
Daimler Chrysler Auto Trust, 3.70%, 6/8/12		5,149		5,150
Fifth Third Auto Trust, 4.81%, 1/15/13		1,211,842		1,225,767
Ford Credit Auto Owner Trust, 4.28%, 5/15/12		289,430		291,745
Household Automotive Trust, 5.34%, 9/17/13		2,182,482		2,186,050
JPMorgan Auto Receivables Trust:
5.14%, 12/15/14 (e)		185,566		186,150
5.22%, 7/15/15 (e)		719,932		724,960
Prestige Auto Receivables Trust, 5.58%, 8/15/14 (e)		681,652		690,681
World Omni Automobile Lease Securitization Trust, 1.02%, 1/16/12		529,372		529,597
Total Asset-Backed Securities (Cost $37,499,292)				37,455,251

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COLLATERALIZED MORTGAGE-BACKED OBLIGATIONS		PRINCIPAL
(PRIVATELY ORIGINATED) - 0.7%		AMOUNT		VALUE
Adjustable Rate Mortgage Trust, 1.05%, 2/25/35 (r)	$	2,625	$	2,415
Chase Mortgage Finance Corp.:
2.875%, 2/25/37 (r)		262,630		250,662
2.903%, 2/25/37 (r)		426,745		399,325
Impac CMB Trust:
1.03%, 10/25/34 (r)		3,446		3,012
0.99%, 11/25/34 (r)		24,797		21,751
0.77%, 4/25/35 (r)		4,314		3,506
0.79%, 5/25/35 (r)		307,619		240,483
JP Morgan Mortgage Trust, 5.279%, 7/25/35 (r)		215,926		210,430
Merrill Lynch Mortgage Investors, Inc., 2.669%, 12/25/35 (r)		217,138		215,334
MLCC Mortgage Investors, Inc.:
0.62%, 3/25/28 (r)		22,816		20,106
0.48%, 4/25/29 (r)		338,341		322,060
0.81%, 7/25/29 (r)		14,292		13,071
0.48%, 3/25/30 (r)		6,275		5,708
Sequoia Mortgage Trust, 0.574%, 11/20/34 (r)		29,625		26,217
Structured Asset Mortgage Investments, Inc., 0.44%, 9/25/47 (r)		344,553		205,649
WaMu Mortgage Pass Through Certificates, 2.725%, 10/25/35 (r)		1,000,000		826,619
Total Collateralized Mortgage-Backed Obligations
(Privately Originated) (Cost $2,475,856)				2,766,348
COMMERCIAL MORTGAGE-BACKED
SECURITIES - 24.4%
Banc of America Commercial Mortgage, Inc.:
5.787%, 5/11/35		2,639,052		2,654,206
6.186%, 6/11/35		5,114,197		5,241,253
4.576%, 7/10/42		1,000,000		1,007,422
Bank of America-First Union NB Commercial Mortgage,
5.464%, 4/11/37		3,547,662		3,572,191
Bear Stearns Commercial Mortgage Securities:
5.61%, 11/15/33		2,505,610		2,533,701
6.46%, 10/15/36		2,421,563		2,495,534
Credit Suisse First Boston Mortgage Securities Corp.:
5.435%, 9/15/34		1,402,295		1,414,127
4.70%, 8/15/36		697,863		707,295
6.387%, 8/15/36		3,384,603		3,445,552
First Union National Bank Commercial Mortgage:
6.423%, 8/15/33		972,870		976,138
6.223%, 12/12/33		1,215,834		1,234,736
6.141%, 2/12/34		3,532,423		3,632,601
GE Capital Commercial Mortgage Corp.:
6.531%, 5/15/33		87,049		87,003
6.29%, 8/11/33		1,087,997		1,094,245
6.07%, 6/10/38		470,436		478,632
GMAC Commercial Mortgage Securities, Inc.:
6.70%, 4/15/34		2,489,991		2,497,577
6.278%, 11/15/39		6,108,093		6,204,248
4.646%, 4/10/40		76,495		78,411

www.calvert.com CALVERT ULTRA-SHORT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 13

COMMERCIAL MORTGAGE-BACKED		PRINCIPAL
SECURITIES - CONT’D		AMOUNT		VALUE
Greenwich Capital Commercial Funding Corp., 4.883%, 6/10/36	$	655,042	$	667,580
JP Morgan Chase Commercial Mortgage Securities Corp.:
6.162%, 5/12/34		7,500,000		7,727,050
6.429%, 4/15/35		3,627,956		3,649,639
5.857%, 10/12/35		7,657,798		7,682,028
6.465%, 11/15/35		10,901,420		11,049,612
4.275%, 1/12/37		2,067,397		2,113,186
LB-UBS Commercial Mortgage Trust:
6.365%, 12/15/28		2,255,767		2,262,376
4.51%, 12/15/29		1,877,475		1,892,949
Merrill Lynch Mortgage Trust, 4.892%, 2/12/42		961,994		981,647
Morgan Stanley Capital I:
4.52%, 12/13/41		1,976,479		1,995,472
5.007%, 1/14/42		935,093		952,699
Morgan Stanley Dean Witter Capital I:
6.55%, 7/15/33		1,000,000		1,010,117
6.51%, 4/15/34		1,657,105		1,699,827
5.98%, 1/15/39		3,239,617		3,366,671
Prudential Mortgage Capital Funding LLC, 6.605%, 5/10/34		550,648		550,759
Salomon Brothers Mortgage Securities VII, Inc.:
4.467%, 3/18/36		2,411,290		2,456,408
6.499%, 11/13/36		5,861,254		5,947,570
Wachovia Bank Commercial Mortgage Trust:
6.287%, 4/15/34		2,000,000		2,064,844
5.23%, 7/15/41 (r)		185,000		187,341
4.612%, 5/15/44		487,000		489,777
Total Commercial Mortgage-Backed Securities (Cost $99,301,792) .				98,102,424
corPorate Bonds - 50.3%
Achmea Hypotheekbank NV, 0.661%, 11/3/14 (e)(r)		750,000		750,004
Agilent Technologies, Inc., 2.50%, 7/15/13		1,000,000		1,008,318
Allegheny Technologies, Inc., 8.375%, 12/15/11		1,240,000		1,302,000
Ally Financial, Inc.:
6.00%, 4/1/11		1,000,000		999,900
6.00%, 12/15/11		3,000,000		3,052,500
1.75%, 10/30/12		1,000,000		1,016,232
0.309%, 12/19/12 (r)		600,000		600,215
American Airlines Equipment Trust 1990, 10.62%, 9/4/11		1,000,000		1,002,500
American Airlines Pass Through Trust:
Series 2001-2, Class A, 7.858%, 4/1/13		3,000,000		3,078,750
Series 2001-2, Class B, 8.608%, 10/1/12		3,000,000		3,000,000
American Express Bank FSB:
0.378%, 5/29/12 (r)		1,000,000		996,750
0.406%, 6/12/12 (r)		1,500,000		1,495,861
American Express Credit Corp.:
0.414%, 6/16/11 (r)		100,000		99,962
0.368%, 2/24/12 (r)		380,000		379,044
American Express Travel, 0.461%, 6/1/11		180,000		179,720
American Express Travel Related Services Co., Inc., 5.25%,
11/21/11 (e)		185,000		189,069

www.calvert.com CALVERT ULTRA-SHORT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 14

		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
American Honda Finance Corp., 1.059%, 6/20/11 (e)(r)	$	1,000,000	$	1,000,855
Anheuser-Busch InBev Worldwide, Inc., 0.854%, 1/27/14 (r)		1,500,000		1,511,035
ANZ National International Ltd.:
0.491%, 8/5/11 (e)(r)		500,000		500,198
1.309%, 12/20/13 (e)(r)		1,000,000		1,000,011
ArcelorMittal, 3.75%, 3/1/16		1,000,000		997,514
Arrow Electronics, Inc., 3.375%, 11/1/15		1,000,000		986,606
Australia & New Zealand Banking Group Ltd., 0.603%,
10/21/11 (e)(r)		1,000,000		1,001,652
BAC Capital Trust XV, 1.111%, 6/1/56 (r)		1,000,000		697,671
Bank of America Corp., 0.588%, 4/30/12 (r)		500,000		502,039
Bank of America NA, 0.59%, 6/15/16 (r)		2,000,000		1,853,472
Bank of Nova Scotia, 2.90%, 3/29/16		1,000,000		994,225
BankAmerica Capital III, 0.873%, 1/15/27 (r)		500,000		384,211
Barclays Bank plc, 1.11%, 3/5/12 (e)(r)		425,000		425,791
Barnett Capital III, 0.929%, 2/1/27 (r)		500,000		385,012
Bear Stearns Co.’s LLC, 0.501%, 11/28/11 (r)		225,000		224,973
Berkshire Hathaway Finance Corp., 0.428%, 1/13/12 (r)		2,000,000		2,000,392
Cantor Fitzgerald LP, 6.375%, 6/26/15 (e)		820,000		826,203
Capital One Financial Corp., 4.80%, 2/21/12		935,000		966,074
Cellco Partnership, 2.914%, 5/20/11 (r)		1,000,000		1,003,071
Charter One Bank, 5.50%, 4/26/11		4,985,000		4,997,160
Chase Capital II, 0.804%, 2/1/27 (r)		1,000,000		840,085
Chase Capital VI, 0.929%, 8/1/28 (r)		250,000		210,938
Citibank:
0.303%, 7/12/11 (r)		500,000		499,932
0.341%, 5/7/12 (r)		250,000		250,222
Citigroup Funding, Inc., 0.634%, 4/30/12 (r)		500,000		502,199
Citigroup, Inc.:
2.312%, 8/13/13 (r)		2,500,000		2,573,726
0.435%, 3/7/14 (r)		1,250,000		1,221,130
4.587%, 12/15/15		1,000,000		1,030,214
Continental Airlines Pass Through Trust, 8.499%, 5/1/11		851,085		851,085
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA,
4.20%, 5/13/14 (e)		1,000,000		1,057,131
Credit Agricole SA, 0.49%, 6/7/11 (e)(r)		400,000		399,712
Credit Suisse USA, Inc., 0.514%, 8/16/11 (r)		1,100,000		1,100,379
CVS Caremark Corp., 6.302% to 6/1/12,
floating rate thereafter to 6/1/62 (r)		500,000		489,897
CVS Pass-Through Trust, 7.77%, 1/10/12 (e)		298,522		311,465
Dell, Inc., 0.91%, 4/1/14 (r)		2,000,000		2,004,208
Deutsche Bank AG, 0.953%, 1/18/13 (r)		2,000,000		2,006,900
Deutsche Bank Capital Trust, 4.901%, 12/29/49 (b)(r)		200,000		164,000
Developers Diversified Realty Corp., 5.25%, 4/15/11		1,500,000		1,500,375
DISH DBS Corp., 6.375%, 10/1/11		500,000		510,000
Dominion Resources, Inc., 6.30% to 9/30/11,
floating rate thereafter to 9/30/66 (r)		3,797,000		3,749,537
Dow Chemical Co.:
2.562%, 8/8/11 (r)		500,000		503,053
4.85%, 8/15/12		1,250,000		1,309,538

www.calvert.com CALVERT ULTRA-SHORT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 15

		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Dr Pepper Snapple Group, Inc., 2.35%, 12/21/12	$	1,000,000	$	1,019,294
Enterprise Products Operating LLC, 3.20%, 2/1/16		1,000,000		993,957
Fifth Third Bank, 0.424%, 5/17/13 (r)		2,560,000		2,510,255
Fleet Capital Trust V, 1.309%, 12/18/28 (r)		1,000,000		761,094
Ford Motor Credit Co. LLC:
5.56%, 6/15/11 (r)		2,250,000		2,255,625
7.25%, 10/25/11		1,000,000		1,025,000
3.053%, 1/13/12 (r)		3,055,000		3,081,762
7.80%, 6/1/12		500,000		530,000
Foster’s Finance Corp., 6.875%, 6/15/11 (e)		2,300,000		2,322,318
GameStop Corp., 8.00%, 10/1/12		883,000		899,556
General Electric Capital Corp.:
0.61%, 6/8/12 (r)		150,000		150,668
0.429%, 6/20/13 (r)		1,000,000		987,332
GenOn Americas Generation LLC, 8.30%, 5/1/11		4,000,000		4,010,000
Georgia-Pacific LLC, 8.125%, 5/15/11		3,000,000		3,022,500
Glitnir Banki HF:
2.95%, 10/15/08 (b)(y)*		120,000		36,900
3.046%, 4/20/10 (e)(r)(y)*		50,000		15,250
3.226%, 1/21/11 (e)(r)(y)*		30,000		8,700
Goldman Sachs Capital III, 1.081%, 9/29/49 (r)		500,000		394,592
Goldman Sachs Group, Inc.:
0.562%, 11/9/11 (r)		500,000		500,981
0.51%, 3/15/12 (r)		300,000		300,645
1.311%, 2/7/14 (r)		2,000,000		2,010,788
0.759%, 3/22/16 (r)		2,000,000		1,928,353
HCP, Inc., 5.95%, 9/15/11		3,000,000		3,069,438
Hewlett-Packard Co., 1.361%, 5/27/11 (r)		800,000		801,256
HSBC Bank plc, 1.103%, 1/17/14 (e)(r)		1,500,000		1,499,165
ING Bank NV:
1.623%, 10/18/13 (e)(r)		2,000,000		1,999,996
4.00%, 3/15/16 (e)		1,000,000		997,953
International Business Machines Corp., 0.351%, 11/4/11 (r)		1,000,000		1,000,538
International Lease Finance Corp., 5.75%, 6/15/11		1,000,000		1,005,000
John Deere Capital Corp., 1.06%, 6/10/11 (r)		300,000		300,405
JPMorgan Chase & Co.:
0.433%, 4/1/11 (r)		500,000		500,000
0.54%, 6/15/12 (r)		300,000		301,069
0.559%, 12/26/12 (r)		500,000		502,453
JPMorgan Chase Bank, 0.64%, 6/13/16 (r)		3,500,000		3,311,774
JPMorgan Chase Capital XXIII, 1.313%, 5/15/77 (r)		1,000,000		827,705
Lafarge SA, 6.15%, 7/15/11		2,000,000		2,029,218
Leucadia National Corp., 8.125%, 9/15/15		500,000		552,231
Manufacturers & Traders Trust Co., 1.803%, 4/1/13 (r)		2,700,000		2,694,660
Masco Corp., 4.80%, 6/15/15		750,000		744,456
MBNA Capital, 1.104%, 2/1/27 (r)		250,000		192,407
Medco Health Solutions, Inc., 7.25%, 8/15/13		75,000		84,033
Medtronic, Inc., 1.25%, 9/15/21		420,000		416,850
Merrill Lynch & Co., Inc.:
0.763%, 1/15/15 (r)		206,000		199,311
1.07%, 9/15/26 (r)		300,000		233,983

www.calvert.com CALVERT ULTRA-SHORT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 16

		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
MetLife Institutional Funding II:
0.709%, 3/27/12 (e)(r)	$	1,000,000	$	1,000,012
0.703%, 7/12/12 (e)(r)		1,000,000		1,001,896
MetLife, Inc.:
0.628%, 6/29/12 (r)		600,000		602,030
1.561%, 8/6/13 (r)		2,000,000		2,021,053
Metropolitan Life Global Funding I:
2.303%, 4/14/11 (e)(r)		250,000		250,050
0.703%, 7/13/11 (e)(r)		1,650,000		1,649,954
0.56%, 3/15/12 (e)(r)		800,000		796,961
Morgan Stanley:
0.592%, 2/10/12 (r)		200,000		200,502
3.45%, 11/2/15		1,000,000		980,647
0.753%, 10/18/16 (r)		1,000,000		935,258
Motors Liquidation Co., 8.375%, 7/15/33 (ii)*		500,000		147,500
NationsBank Cap Trust III, 0.853%, 1/15/27 (r)		930,000		716,908
Nationwide Building Society, 0.494%, 5/17/12 (e)(r)		600,000		599,922
Nevada Power Co., 8.25%, 6/1/11		2,000,000		2,023,759
NextEra Energy Capital Holdings, Inc., 0.712%, 11/9/12 (r)		800,000		801,943
Nissan Motor Acceptance Corp., 3.25%, 1/30/13 (e)		1,000,000		1,020,281
Offshore Group Investments Ltd., 11.50%, 8/1/15		250,000		277,377
OPTI Canada, Inc., 9.00%, 12/15/12 (e)		1,000,000		1,008,750
PNC Funding Corp.:
0.444%, 1/31/12 (r)		1,000,000		998,917
0.503%, 4/1/12 (r)		500,000		501,383
0.504%, 1/31/14 (r)		1,000,000		990,099
Pricoa Global Funding I, 0.404%, 1/30/12 (e)(r)		400,000		397,681
Prudential Holdings LLC, 1.184%, 12/18/17 (e)(r)		1,000,000		934,035
Quest Diagnostics, Inc., 1.159%, 3/24/14 (r)		1,000,000		1,001,911
Rabobank Nederland NV, 0.511%, 8/5/11 (e)(r)		800,000		799,869
Rio Tinto Alcan, Inc., 4.50%, 5/15/13		1,000,000		1,063,027
SABMiller plc, 6.20%, 7/1/11 (e)		150,000		151,800
Sanofi-Aventis SA, 0.358%, 3/28/12 (r)		3,000,000		3,000,031
Seagate Technology HDD Holdings, 6.375%, 10/1/11		2,100,000		2,142,000
Senior Housing Properties Trust, 8.625%, 1/15/12		2,650,000		2,772,562
Skyway Concession Co. LLC, 0.587%, 6/30/17 (e)(r)		60,000		54,681
Southern Co., 0.703%, 10/21/11 (r)		1,000,000		1,002,319
Stadshypotek AB, 0.857%, 9/30/13 (e)(r)		2,000,000		2,000,019
State Street Bank and Trust Co., 0.51%, 9/15/11 (r)		500,000		500,534
Steel Dynamics, Inc., 7.375%, 11/1/12		1,000,000		1,065,000
Steelcase, Inc., 6.50%, 8/15/11		1,195,000		1,215,902
Sunoco, Inc., 6.75%, 4/1/11		2,385,000		2,384,907
SunTrust Bank:
0.424%, 5/21/12 (r)		2,000,000		1,995,669
0.603%, 8/24/15 (r)		750,000		708,492
SunTrust Banks, Inc., 3.60%, 4/15/16		500,000		496,675
SunTrust Capital I, 0.983%, 5/15/27 (r)		1,000,000		777,740
Svenska Handelsbanken AB, 1.31%, 9/14/12 (e)(r)		700,000		706,012
Systems 2001 AT LLC:
7.156%, 12/15/11 (e)		833,332		853,166
6.664%, 9/15/13 (e)		1,541,094		1,645,118
TD Ameritrade Holding Corp., 2.95%, 12/1/12		1,000,000		1,021,019
Telecom Italia Capital SA, 6.20%, 7/18/11		2,500,000		2,536,114

www.calvert.com CALVERT ULTRA-SHORT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 17

		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Telefonica Emisiones SAU, 5.984%, 6/20/11	$	2,000,000	$	2,021,132
TELUS Corp., 8.00%, 6/1/11		599,000		606,000
The Bank of Tokyo-Mitsubishi UFJ Ltd., 7.40%, 6/15/11		2,000,000		2,030,000
Toll Road Investors Partnership II LP, Zero Coupon:
2/15/43 (b)(e)		500,000		131,890
2/15/45 (b)(e)		551,416		84,074
Total Capital Canada Ltd., 0.684%, 1/17/14 (r)		2,000,000		2,001,680
Travelers Insurance Company Ltd., 0.553%, 12/8/11 (r)		250,000		249,241
Union Pacific Railroad Co. 2004 Pass Through Trust, 5.214%,
9/30/14 (e)		370,000		393,639
US Bank, 3.778% to 4/29/15, floating rate thereafter to 4/29/20 (r)		1,500,000		1,525,573
Verizon Communications, Inc., 0.919%, 3/28/14 (r)		4,000,000		4,013,174
Volkswagen International Finance NV, 0.757%, 10/1/12 (e)(r)		3,000,000		2,999,126
Wachovia Capital Trust III, 5.57% to 3/15/11, floating rate
thereafter to 3/29/49 (r)		3,000,000		2,752,500
Wells Fargo & Co., 0.53%, 6/15/12 (r)		500,000		501,521
Western Union Co., 0.89%, 3/7/13 (r)		3,000,000		3,004,090
Westpac Banking Corp.:
0.603%, 10/21/11 (e)(r)		750,000		750,207
1.037%, 3/31/14 (e)(r)		2,500,000		2,500,023
Williams Partners LP, 7.50%, 6/15/11		2,794,000		2,830,958
Wm. Wrigley Jr. Co., 1.684%, 6/28/11 (e)(r)		2,500,000		2,501,046
Xerox Corp., 6.875%, 8/15/11		2,400,000		2,454,885
Xstrata Finance Canada Ltd., 5.50%, 11/16/11 (e)		2,000,000		2,038,358
Yara International ASA, 5.25%, 12/15/14 (e)		995,000		1,048,952
Total Corporate Bonds (Cost $199,906,326)				202,713,741
U.S. GOVERNMENT AGENCIES
AND INSTRUMENTALITIES - 2.1%
AgFirst FCB, 8.393% to 12/15/11,
floating rate thereafter to 12/15/16 (r)		4,655,000		4,841,200
Overseas Private Investment Corp.:
0.22%, 8/15/17 (b)(r)		2,000,000		2,000,000
0.22%, 8/15/17 (b)(r)		1,500,000		1,500,000
US AgBank FCB, 6.11% to 7/10/12,
floating rate thereafter to 12/31/49 (e)(r)		300,000		201,000
Total U.S. Government Agencies and Instrumentalities
(Cost $8,333,499)				8,542,200
U.S. TREASURY - 1.6%
United States Treasury Notes:
1.25%, 3/15/14		360,000		359,888
2.125%, 2/29/16		1,111,000		1,107,355
3.625%, 2/15/21		5,000,000		5,071,875
Total U.S. Treasury (Cost $6,600,930)				6,539,118

www.calvert.com CALVERT ULTRA-SHORT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 18

				PRINCIPAL
MUNICIPAL OBLIGATIONS - 2.4%				AMOUNT		VALUE
California State Pollution Control Financing Authority Revenue
VRDN, 0.23%, 11/1/26 (r)			$	8,490,000	$	8,490,000
CIDC-Hudson House LLC New York Revenue
VRDN, 0.80%, 12/1/34 (r)				50,000		50,000
Illinois State GO Bonds, 4.961%, 3/1/16				1,000,000		1,000,610
Total Municipal Obligations (Cost $9,540,000)						9,540,610
FLOATING RATE LOANS(d) - 0.7%
Clear Channel Communications, Inc., Term Loan B,
3.912%, 1/29/16 (r)				2,000,000		1,758,612
Syniverse Holdings, Inc., Term Loan, 5.25%, 12/21/17 (r)				1,000,000		1,006,825
Total Floating Rate Loans (Cost $2,842,808)						2,765,437
EQUITY SECURITIES - 0.2%				SHARES
Woodbourne Capital, Trust II, Preferred (b)(e)				1,000,000		700,000
Total Equity Securities (Cost $450,000)						700,000
TOTAL INVESTMENTS (Cost $366,950,503) - 91.7%						369,125,129
Other assets and liabilities, net - 8.3%						33,332,175
NET ASSETS - 100%					$	402,457,304
				UNDERLYING		UNREALIZED
	# OF	EXPIRATION		FACE AMOUNT		APPRECIATION
FUTURES	CONTRACTS	DATE		AT VALUE		(DEPRECIATION)
Purchased:
10 Year U.S. Treasury Notes	65	6/11	$	7,737,031		$   10,131
30 Year U.S. Treasury Bonds	14	6/11		1,682,625		1,297
Total Purchased						$   11,428
Sold:
2 Year U.S. Treasury Notes	462	6/11	$	100,773,750		($   39,141	)
5 Year U.S. Treasury Notes	9	6/11		1,051,102		6,670
Total Sold						($   32,471	)

See notes to financial statements.

www.calvert.com CALVERT ULTRA-SHORT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 19

(b)	This security was valued by the Board of Trustees. See Note A.
(d)	Remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contrac- tual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. Floating rate loans generally pay interest at rates which are periodically re-determined at a margin above the London InterBank Offered Rate (LIBOR) or other short-term rates. The rate shown is the rate in effect at period end.
	Floating rate loans are generally considered restrictive in that the Fund is ordinarily contractually obligated to receive consent from the Agent Bank and/or Borrower prior to disposition of a floating rate loan.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(r)	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.
(y)	The government of Iceland took control of Glitnir Banki HF (the “Bank”) on October 8, 2008. The government has prohibited the Bank from paying any claims owed to foreign entities. These securities are no longer accruing interest.
(ii)	General Motors filed for Chapter 11 bankruptcy on June 1, 2009. This security is no longer accruing interest. Subsequent to period end, the Fund received a distribution of new GM stock and new GM war- rants in exchange for the Motors Liquidation Co. Notes.
*	Non-income producing security.

Abbreviations:
FCB: Farm Credit Bank
FSB: Federal Savings Bank
GO: General Obligation
LLC: Limited Liability Corporation
LP: Limited Partnership
VRDN: Variable Rate Demand Notes

See notes to financial statements.

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STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2011

ASSETS
Investments in securities, at value (Cost $366,950,503) -
see accompanying schedule	$	369,125,129
Cash		27,824,092
Receivable for securities sold		5,425,564
Receivable for shares sold		9,202,290
Interest and dividends receivable		2,677,755
Other assets		351,421
Total assets		414,606,251
LIABILITIES
Payable for securities purchased		9,252,994
Payable for shares redeemed		2,551,841
Payable for futures variation margin		34,547
Payable to Calvert Asset Management Company, Inc.		117,825
Payable to Calvert Administrative Services Company		80,256
Payable to Calvert Shareholder Services, Inc.		5,964
Payable to Calvert Distributors, Inc.		68,222
Accrued expenses and other liabilities		37,298
Total liabilities		12,148,947
NET ASSETS	$	402,457,304
NET ASSETS CONSIST OF:
Paid-in capital applicable to the following shares of beneficial interest,
unlimited number of no par value shares authorized:
Class A: 21,667,530 shares outstanding	$	336,306,515
Class Y: 4,021,410 shares outstanding		63,257,828
Undistributed net investment income (loss)		(876,834	)
Accumulated net realized gain (loss) on investments		1,616,212
Net unrealized appreciation (depreciation) on investments		2,153,583
NET ASSETS	$	402,457,304
NET ASSET VALUE PER SHARE:
Class A (based on net assets of $339,318,542)	$	15.66
Class Y (based on net assets of $63,138,762)	$	15.70

See notes to financial statements.

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STATEMENT OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 2011
NET INVESTMENT INCOME
Investment Income:
Interest income	$	4,279,955
Dividend income (net of foreign taxes withheld of $7)		12,866
Total investment income		4,292,821
Expenses:
Investment advisory fee		486,151
Administrative fees		405,125
Transfer agency fees and expenses		267,281
Distribution Plan expenses:
Class A		346,120
Trustees’ fees and expenses		8,114
Custodian fees		34,151
Accounting fees		24,918
Registration fees		27,090
Reports to shareholders		39,321
Professional fees		12,088
Miscellaneous		7,694
Total expenses		1,658,053
Reimbursement from Advisor:
Class A		(261,037	)
Fees paid indirectly		(1,154	)
Net expenses		1,395,862
NET INVESTMENT INCOME		2,896,959
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		1,404,512
Futures		109,496
		1,514,008
Change in unrealized appreciation (depreciation) on:
Investments		(1,388,551	)
Futures		180,221
		(1,208,330	)
NET REALIZED AND UNREALIZED GAIN
(LOSS)		305,678
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	3,202,637

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

		SIX MONTHS ENDED			YEAR ENDED
		MARCH 31,			SEPTEMBER 30,
INCREASE (DECREASE) IN NET ASSETS		2011			2010
Operations:
Net investment income	$	2,896,959		$	3,051,099
Net realized gain (loss) on investments		1,514,008			1,574,203
Change in unrealized appreciation (depreciation)		(1,208,330	)		1,413,311
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS		3,202,637			6,038,613
Distributions to shareholders from:
Net investment income:
Class A shares		(3,208,297	)		(2,657,904	)
Class Y shares		(593,114	)		(138,380	)
Net realized gain:
Class A shares		(1,414,272	)		(728,246	)
Class Y shares		(231,350	)		—
Total distributions		(5,447,033	)		(3,524,530	)
Capital share transactions:
Shares sold:
Class A shares		182,699,339			263,983,680
Class Y shares		42,348,901			43,789,323
Reinvestment of distributions:
Class A shares		4,002,540			2,918,935
Class Y shares		438,324			67,565
Redemption fees:
Class A shares		1,236			2,171
Class Y shares		2,688			1,592
Shares redeemed:
Class A shares		(86,705,956	)		(121,841,396	)
Class Y shares		(16,608,919	)		(6,782,437	)
Total capital share transactions		126,178,153			182,139,433
TOTAL INCREASE (DECREASE) IN NET ASSETS		123,933,757			184,653,516

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

INCREASE (DECREASE) IN NET ASSETS - (CONT’D)
		SIX MONTHS ENDED			YEAR ENDED
		MARCH  31,			SEPTEMBER 30,
NET ASSETS		2011			2010
Beginning of period	$	278,523,547		$	93,870,031
End of period (including distributions in excess of net investment
income and undistributed net investment income
of $876,834 and $27,618, respectively)	$	402,457,304		$	278,523,547
CAPITAL SHARE ACTIVITY
Shares sold:
Class A shares		11,641,667			16,841,241
Class Y shares		2,691,194			2,782,351
Reinvestment of distributions:
Class A shares		255,332			186,214
Class Y shares		27,898			4,278
Shares redeemed:
Class A shares		(5,524,107	)		(7,758,030	)
Class Y shares		(1,055,065	)		(429,246	)
Total capital share activity		8,036,919			11,626,808

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A –– SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert Ultra-Short Income Fund (the “Fund”), a series of The Calvert Fund, is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The operations of each series are accounted for separately. The Fund offers Class A and Class Y shares of beneficial interest. Class Y shares commenced operations on May 28, 2010. Class A shares are sold with a maximum front-end sales charge of 1.25%. Class Y shares are generally only available to wrap or similar fee-based programs offered by financial intermediaries that have entered into an agreement with the Fund’s Distributor to offer Class Y shares. Class Y shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Each class has different: (a) dividend rates due to differences in Distribution Plan expenses and other class specific expenses, (b) exchange privileges and (c) class specific voting rights.

Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Trustees to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Trustees. In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

At March 31, 2011, securities valued at $4,616,864 or 1.1% of net assets were fair valued in good faith under the direction of the Board of Trustees.

The Fund utilizes various methods to measure the fair value of its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below: Level 1 – quoted prices in active markets for identical securities Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. Valuation techniques used to value the Fund’s investments by major category are as follows.

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Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, floating rate loans, municipal securities, and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For asset backed securities, collateralized mortgage obligations, and commercial mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Foreign securities are valued based on quotations from the principle market in which such securities are normally traded. If events occur after the close of the principle market in which foreign securities are traded, and before the close of business of the Fund, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2011:

	valuatIonInPuts
InvestMents In securItIes		level 1			level 2		level 3			total
Equity securities		-			-	$	700,000		$	700,000
Asset-backed securities		-		$	37,455,251		-			37,455,251
Collateralized mortgage-backed
obligations		-			2,766,348		-			2,766,348
Commercial mortgage-backed
securities		-			98,102,424		-			98,102,424
Corporate debt		-			202,428,767		284,974			202,713,741
Municipal obligations		-			9,540,610		-			9,540,610
U.S. government obligations		-			11,581,318		3,500,000			15,081,318
Other debt obligations		-			2,765,437		-			2,765,437
TOTAL		-		$	364,640,155	$	4,484,974	**	$	369,125,129
Other financial instruments*	($	21,043	)		-		-		($	21,043	)

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* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument.

**Level 3 securities represent 1.1% of net assets.

Repurchase Agreements: The Fund may enter into repurchase agreements with recognized financial institutions or registered broker/dealers and, in all instances, holds underlying securities with a value exceeding the total repurchase price, including accrued interest. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its value and a possible loss of income or value if the counterparty fails to perform in accordance with the terms of the agreement.

Loan Participations and Assignments: The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders it acquires direct rights against the borrower of the loan. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower.

Futures Contracts: The Fund may purchase and sell futures contracts, but only when, in the judgment of the Advisor, such a position acts as a hedge. The Fund may not enter into futures contracts for the purpose of speculation or leverage. These futures contracts may include, but are not limited to, futures contracts based on U.S. Government obligations. The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may use futures contracts to hedge against changes in the value of interest rates. The Fund may enter into futures contracts agreeing to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade which

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are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund. During the period, the Fund used U.S. Treasury futures contracts to hedge against interest rate changes and to manage overall duration of the Fund.

Short Sales: The Fund may use a hedging technique that involves short sales of U.S. Treasury securities for the purposes of managing the duration of the Fund. Any short sales are “covered” with an equivalent amount of high-quality, liquid securities.

Security Transactions and Net Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. (See Schedule of Investments footnotes on page 20.) A debt obligation may be removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as income in the accompanying financial statements.

Distributions to Shareholders: Distributions to shareholders are recorded by the Fund on ex-dividend date. Dividends from net investment income are paid monthly. Distributions from net realized capital gains, if any, are paid at least annually. Distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.

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Redemption Fees: The Fund charges a 2% redemption fee on redemptions, including exchanges, made within 7 days of purchase in the same Fund. The redemption fee is paid to the Class of the Fund from which the redemption is made, and is accounted for as an addition to paid-in capital. The fee is intended to discourage market-timers by ensuring that short-term trading costs are borne by the investors making the transactions and not the shareholders already in the Fund.

Expense Offset Arrangements: The Fund has an arrangement with its custodian bank whereby the custodian’s fees may be paid indirectly by credits earned on the Fund’s cash on deposit with the bank. These credits are used to reduce the Fund’s expenses. Such a deposit arrangement may be an alternative to overnight investments.

Federal Income Taxes: No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly-owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Trustees of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives a monthly fee based on an annual rate of .30% of the first $1 billion of the Fund’s average daily net assets, and .29% of all assets above $1 billion.

The Advisor has contractually agreed to limit net annual fund operating expenses through January 31, 2012. The contractual expense cap is .89% for Class A and .84% for Class Y. For the purposes of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense offset credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Administrative Services Company, an affiliate of the Advisor, provides administrative services to the Fund for an annual fee, payable monthly, of .25% for Classes A and Y based on their average daily net assets.

Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and principal underwriter for the Fund. The Distribution Plan, adopted by Class A shares, allows the Fund to pay the Distributor for expenses and services associated with the distribution of shares. The expenses paid may not exceed .50% annually of the Fund’s average daily net assets of Class A. The amount actually paid by the Fund is an annualized fee, payable monthly of .25% of the Fund’s average daily net assets of Class A. Class Y shares do not have Distribution Plan expenses.

The Distributor received $42,867 as its portion of the commissions charged on sales of

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the Fund’s Class A shares for the six months ended March 31, 2011.

Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, is the shareholder servicing agent for the Fund. For its services, CSSI received a fee of $31,066 for the six months ended March 31, 2011. Boston Financial Data Services, Inc., is the transfer and dividend disbursing agent.

Each Trustee of the Fund who is not an employee of the Advisor or its affiliates receives an annual retainer of $45,000 plus up to $2,000 for each Board and Committee meeting attended. The Board chair and Committee chairs each receive an additional $5,000 annual retainer. Trustee’s fees are allocated to each of the funds served.

NOTE C — INVESTMENT ACTIVITY

During the period, the cost of purchases and proceeds from sales of investments, other than short-term and U.S. government securities, were $317,395,900 and $157,234,021, respectively. U.S. government security purchases and sales were $97,988,936 and $102,264,735, respectively.

As of March 31, 2011, the tax basis components of unrealized appreciation/ (depreciation) and the federal tax cost were as follows:

Unrealized appreciation	$	3,965,521
Unrealized (depreciation)		(1,831,478	)
Net unrealized appreciation/(depreciation)	$	2,134,043
Federal income tax cost of investments	$	366,991,086

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Fund had no loans outstanding pursuant to this line of credit at March 31, 2011. For the six months ended March 31, 2011, borrowings by the Fund under the Agreement were as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$31,200	1.50%	$1,458,867	January 2011

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NOTE E – SUBSEQUENT EVENTS

In preparing the financial statements as of March 31, 2011, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

Effective April 30, 2011, the Calvert operating companies will be renamed as follows: Calvert Group, Ltd. will be renamed Calvert Investments, Inc., Calvert Asset Management Company, Inc. will be renamed Calvert Investment Management, Inc., Calvert Distributors, Inc. will be renamed Calvert Investment Distributors, Inc., Calvert Administrative Services Company will be renamed Calvert Investment Administrative Services, Inc., and Calvert Shareholder Services, Inc. will be renamed Calvert Investment Services, Inc.

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FINANCIAL HIGHLIGHTS
					Periods ended
					MARCH 31,			SEPTEMBER 30,
class A shares					2011			2010
Net asset value, beginning				$	15.77		$	15.58
Income from investment operations:
Net investment income					.14			.21
Net realized and unrealized gain (loss)					.01			.27
Total from investment operations					.15			.48
Distributions from:
Net investment income					(.18	)		(.20	)
Net realized gain					(.08	)		(.09	)
Total distributions					(.26	)		(.29	)
Total increase (decrease) in net asset value					(.11	)		.19
Net asset value, ending				$	15.66		$	15.77
Total return*					.97	%		3.07	%
Ratios to average net assets: A
Net investment income					1.76	% (a)		1.46	%
Total expenses					1.08	% (a)		1.08	%
Expenses before offsets					.89	% (a)		.89	%
Net expenses					.89	% (a)		.89	%
Portfolio turnover					98	%		268	%
Net assets, ending (in thousands)				$	339,319		$	241,254
		Periods ended
		SEPTEMBER 30,			SEPTEMBER 30,			SEPTEMBER 30,
class A shares		2009			2008			2007	^
Net asset value, beginning	$	14.97		$	15.04		$	15.00
Income from investment operations:
Net investment income		.34			.60			.61
Net realized and unrealized gain (loss)		.60			.04			.03
Total from investment operations		.94			.64			.64
Distributions from:
Net investment income		(.30	)		(.61	)		(.60	)
Net realized gain		(.03	)		(.10	)		—
Total distributions		(.33	)		(.71	)		(.60	)
Total increase (decrease) in net asset value		.61			(.07	)		.04
Net asset value, ending	$	15.58		$	14.97		$	15.04
Total return*		6.42	%		4.34	%		4.34	%
Ratios to average net assets: A
Net investment income		2.36	%		3.57	%		4.52	% (a)
Total expenses		1.26	%		2.09	%		3.90	% (a)
Expenses before offsets		.93	%		.92	%		1.05	% (a)
Net expenses		.89	%		.89	%		.89	% (a)
Portfolio turnover		300	%		475	%		506	%
Net assets, ending (in thousands)	$	93,870		$	27,333		$	3,256

See notes to financial highlights.

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FINANCIAL HIGHLIGHTS
		Periods ended
		MARCH 31,			SEPTEMBER 30,
class Y shares		2011			2010	^^
Net asset value, beginning	$	15.81		$	15.67
Income from investment operations:
Net investment income		.15			.07
Net realized and unrealized gain (loss)		.01			.14
Total from investment operations		.16			.21
Distributions from:
Net investment income		(.19	)		(.07	)
Net realized gain		(.08	)		—
Total distributions		(.27	)		(.07	)
Total increase (decrease) in net asset value		(.11	)		.14
Net asset value, ending	$	15.70		$	15.81
Total return*		1.05	%		1.35	%
Ratios to average net assets: A
Net investment income		1.95	% (a)		1.69	% (a)
Total expenses		.69	% (a)		.75	% (a)
Expenses before offsets		.69	% (a)		.75	% (a)
Net expenses		.69	% (a)		.75	% (a)
Portfolio turnover		98	%		62	%
Net assets, ending (in thousands)	$	63,139		$	37,270

A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
(a)	Annualized.
*	Total return is not annualized for periods less than one year and does not reflect deduction of any front-end sales charge.
^	From October 31, 2006, inception.
^^	From May 28, 2010, inception.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

The Schedule of Investments is a snapshot of all securities held in the fund at their market value, on the last day of the reporting period. Securities are listed by asset type (e.g., common stock, corporate bonds, U.S. government obligations) and may be further broken down into sub-groups and by industry classification.

STATEMENT OF ASSETS AND LIABILITIES

The Statement of Assets and Liabilities is often referred to as the fund’s balance sheet. It lists the value of what the fund owns, is due and owes on the last day of the reporting period. The fund’s assets include the market value of securities owned, cash, receivables for securities sold and shareholder subscriptions, and receivables for dividends and interest payments that have been earned, but not yet received. The fund’s liabilities include payables for securities purchased and shareholder redemptions, and expenses owed but not yet paid. The statement also reports the fund’s net asset value (NAV) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. This statement is accompanied by a Schedule of Investments. Alternatively, if certain conditions are met, a Statement of Net Assets may be presented in lieu of this statement and the Schedule of Investments.

STATEMENT OF NET ASSETS

The Statement of Net Assets provides a detailed list of the fund’s holdings, including each security’s market value on the last day of the reporting period. The Statement of Net Assets includes a Schedule of Investments. Other assets are added and other liabilities subtracted from the investments total to calculate the fund’s net assets. Finally, net assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) per share.

At the end of the Statement of Net Assets is a table displaying the composition of the fund’s net assets. Paid in Capital is the money invested by shareholders and represents the bulk of net assets. Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the amounts the fund had available to distribute to shareholders as of the statement date. Accumulated Realized Losses will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.

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STATEMENT OF OPERATIONS

The Statement of Operations summarizes the fund’s investment income earned and expenses incurred in operating the fund. Investment income includes dividends earned from stocks and interest earned from interest-bearing securities in the fund. Expenses incurred in operating the fund include the advisory fee paid to the investment advisor, administrative services fees, distribution plan expenses (if applicable), transfer agent fees, shareholder servicing expenses, custodial, legal, and audit fees, and the printing and postage expenses related to shareholder reports. Expense offsets (fees paid indirectly) are also shown. Credits earned from offset arrangements are used to reduce the fund’s expenses. This statement also shows net gains (losses) realized on the sale of investments and the increase or decrease in the unrealized appreciation (depreciation) on investments held during the period.

STATEMENT OF CHANGES IN NET ASSETS

The Statement of Changes in Net Assets shows how the fund’s total net assets changed during the two most recent reporting periods. Changes in the fund’s net assets are attributable to investment operations, distributions and capital share transactions.

The Operations section of the report summarizes information detailed in the Statement of Operations. The Distribution section shows the dividend and capital gain distributions made to shareholders. The amounts shown as distributions in this section may not match the net investment income and realized gains amounts shown in the Operations section because distributions are determined on a tax basis and certain investments or transactions may be treated differently for financial statement and tax purposes. The Capital Share Transactions section shows the amount shareholders invested in the fund, either by purchasing shares or by reinvesting distributions, and the amounts redeemed. The corresponding numbers of shares issued, reinvested and redeemed are shown at the end of the report.

FINANCIAL HIGHLIGHTS

The Financial Highlights table provides a per-share breakdown per class of the components that affect the fund’s net asset value for current and past reporting periods. The table provides total return, total distributions, expense ratios, portfolio turnover and net assets for the applicable period. Total return is a measure of a fund’s performance that encompasses all elements of return: dividends, capital gain distributions and changes in net asset value. Total return is the change in value of an investment over a given period, assuming reinvestment of any dividends and capital gain distributions, expressed as a percentage of the initial investment. Total distributions include distributions from net investment income and net realized gains. Long-term gains are earned on securities held in the fund more than one year. Short-term gains, on the sale of securities held less than one year, are treated as ordinary dividend income for tax purposes. The expense ratio is a fund’s cost of doing business, expressed as a percentage of net assets. These expenses directly reduce returns to shareholders. Portfolio turnover measures the trading activity in a fund’s investment portfolio – how often securities are bought and sold by a fund. Portfolio turnover is affected by market conditions, changes in the size of the fund, the nature of the fund’s investments and the investment style of the portfolio manager.

www.calvert.com CALVERT ULTRA-SHORT INCOME FUND SEMI-ANNUAL REPORT (UNAUDITED) 35

PROXY VOTING

The Proxy Voting Guidelines of the Calvert Funds that the Fund uses to determine how to vote proxies relating to portfolio securities are provided as an Appendix to the Fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Fund at 1-800-368-2745, by visiting the Calvert website at www.calvert.com; or by visiting the SEC’s website at www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at www.calvert.com and on the SEC’s website at www.sec.gov.

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACT

At a meeting held on December 8, 2010, the Board of Trustees, and by a separate vote, the disinterested Trustees, approved the continuance of the Investment Advisory Agreement between The Calvert Fund and the Advisor with respect to the Fund.

In evaluating the Investment Advisory Agreement, the Board considered a variety of information relating to the Fund and the Advisor. The disinterested Trustees reviewed a report prepared by the Advisor regarding various services provided to the Fund by the Advisor and its affiliates. Such report included, among other data, information regarding the Advisor’s personnel and the Advisor’s revenue and cost of providing services to the Fund, and a separate report prepared by an independent third party, which provided a statistical analysis comparing the Fund’s investment performance, expenses, and fees to comparable mutual funds.

The disinterested Trustees were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement. Prior to voting, the disinterested Trustees reviewed the proposed continuance of the Investment Advisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In the course of its deliberations regarding the Investment Advisory Agreement, the Board considered the following factors, among others: the nature, extent and quality of the services provided by the Advisor, including the personnel providing such services; the Advisor’s financial condition; the level and method of computing the Fund’s advisory fee;

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comparative performance, fee and expense information for the Fund; the profitability of the Calvert Group of Funds to the Advisor and its affiliates; the direct and indirect benefits, if any, derived by the Advisor and its affiliates from their relationship with the Fund; the effect of the Fund’s growth and size on the Fund’s performance and expenses; the affiliated distributor’s process for monitoring sales load breakpoints; the Advisor’s compliance programs and policies; the Advisor’s performance of substantially similar duties for other funds; and any possible conflicts of interest.

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s investment, supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with management through Board of Trustees’ meetings, discussions and other reports. The Board considered the Advisor’s management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Fund, were also considered. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Advisor under the Investment Advisory Agreement.

In considering the Fund’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Fund’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer universe by an independent third party in its report. This comparison indicated that the Fund performed at the median of its peer universe for the one-year period ended June 30, 2010, and above the median of its peer universe for the three-year period ended June 30, 2010. The data also indicated that the Fund outperformed its Lipper index for the same one- and three-year periods. Based upon its review, the Board concluded that the Fund’s performance was satisfactory.

In considering the Fund’s fees and expenses, the Board compared the Fund’s fees and total expense ratio with various comparative data for the funds in its peer group. Among other findings, the data indicated that the Fund’s advisory fee (after taking into account waivers and/or reimbursements) and total expenses (net of waivers and/or reimbursements) were below the median of its peer group. The Board noted that the allocation of advisory and administrative fees may vary among the Fund’s peer group. The Board took into account the Advisor’s current undertaking to maintain expense limitations for the Fund’s Class A and Class Y shares. The Board also noted management’s discussion of the Fund’s expenses and certain factors that affected the level of such expenses. Based upon its review, the Board concluded that the advisory fee was reasonable in view of the quality of services provided by the Advisor.

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The Board reviewed the Advisor’s profitability on a fund-by-fund basis. In reviewing the overall profitability of the advisory fee to the Fund’s Advisor, the Board also considered the fact that affiliates of the Advisor provided shareholder servicing and administrative services to the Fund for which they received compensation. The information considered by the Board included Calvert’s operating profit margin information both before and after tax expenses with respect to the services that the Advisor and its affiliates provided to the Calvert Group of Funds complex. The Board reviewed the profitability of the Advisor’s relationship with the Fund in terms of the total amount of annual advisory fees it received with respect to the Fund and whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Fund. The Board noted that the Advisor had reimbursed expenses of the Fund for some classes. The Board also noted the Advisor’s current undertaking to maintain expense limitations for the Fund’s Class A and Class Y shares. The Trustees also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Fund. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from its relationship with the Fund was reasonable.

The Board considered the effect of the Fund’s current size and potential growth on its performance and fees. The Board took into account that the Fund’s advisory fee schedule contained breakpoints that would reduce the advisory fee rate on assets above specified levels as the Fund’s assets increased. The Board noted that the Fund had not yet reached the specified asset level at which a breakpoint to its advisory fee would be triggered. The Board also noted that if the Fund’s assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

In reapproving the Investment Advisory Agreement, the Board, including the disinterested Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weight to various factors.

CONCLUSIONS

The Board reached the following conclusions regarding the Investment Advisory Agreement, among others: (a) the Advisor has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Advisor maintains appropriate compliance programs; (c) performance of the Fund is satisfactory relative to the performance of funds with similar investment objectives and to relevant indices; (d) the Advisor is likely to execute its investment strategies consistently over time; and (e) the Fund’s advisory fee is reasonable relative to those of similar funds and to the services to be provided by the Advisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement would be in the best interests of the Fund and its shareholders.

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To Open an Account

800-368-2748

Yields and Prices

Calvert Information Network
(24 hours, 7 days a week)
800-368-2745

Service for Existing Account

Shareholders: 800-368-2745
Brokers: 800-368-2746

TDD for Hearing Impaired

800-541-1524

Branch Office

4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

Registered, Certified or Overnight Mail

Calvert Investments
c/o BFDS,
330 West 9th Street
Kansas City, MO 64105

Web Site

www.calvert.com

Principal Underwriter

Calvert Investment Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

CALVERT	CALVERT’S	Equity Funds
ULTRA-SHORT	FAMILY OF FUNDS	Enhanced Equity Portfolio
INCOME FUND		Equity Portfolio
	Tax-Exempt Money	Large Cap Growth Fund
	Market Funds	Large Cap Value Fund
	CTFR Money Market Portfolio	Social Index Fund
		Capital Accumulation Fund
	Taxable Money Market	International Equity Fund
	Funds	Small Cap Fund
	First Government Money Market	Global Alternative Energy Fund
	Fund	Global Water Fund
	Money Market Portfolio	International Opportunities Fund
	Municipal Funds	Balanced and Asset
	Tax-Free Bond Fund	Allocation Funds
		Balanced Portfolio
	Taxable Bond Funds	Conservative Allocation Fund
	Bond Portfolio	Moderate Allocation Fund
	Income Fund	Aggressive Allocation Fund
	Short Duration Income Fund
	Long-Term Income Fund
	Ultra-Short Income Fund
	Government Fund
	High-Yield Bond Fund

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Calvert Funds. This and other important information is contained in the fund’s summary prospectus and prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call Calvert at 800/368-2745 or visit www. calvert.com.

INFORMATION REGARDING CALVERT OPERATING COMPANY

NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each
		operating company listed
		below
Calvert Asset Management	Calvert Investment	Investment advisor to the
Company, Inc.	Management, Inc.	Calvert Funds
Calvert Distributors, Inc.	Calvert Investment Distributors,	Principal underwriter
	Inc.	and distributor for the
		Calvert Funds
Calvert Administrative	Calvert Investment	Administrative services
Services Company	Administrative Services, Inc.	provider for the Calvert
		Funds
Calvert Shareholder	Calvert Investment Services,	Shareholder servicing
Services, Inc.	Inc.	provider for the Calvert
		Funds

Choose Planet-friendly E-delivery!

Sign up now for on-line statements, prospectuses, and fund reports. In less than five minutes you can help reduce paper mail and lower fund costs.

Just go to www.calvert.com. If you already have an online account at Calvert, click on My Account, and select the documents you would like to receive via e-mail.

If you’re new to online account access, click on Login/Register to open an online account. Once you’re in, click on the E-delivery sign-up at the bottom of the Account Portfolio page and follow the quick, easy steps. Note: if your shares are not held directly at Calvert but through a brokerage firm, you must contact your broker for electronic delivery options available through their firm.

Dear Shareholder:

     The financial markets ended the six-month period on a high note. The Federal Reserve’s announcement in the fall of 2010 of a second round of quantitative easing (QE2) and the extension in December of the Bush-era tax cuts for all income levels helped buoy the markets and pushed Treasury yields higher. The resulting increase in U.S. consumer spending and confidence helped drive a year-end rally.

This calm lasted until new storms arrived in the beginning of 2011. Civil and political unrest in the Middle East and North Africa sent the price of crude soaring and heightened energy security concerns in many countries around the world. In March, the tragic earthquake and tsunami struck Japan. Our sympathies go out to the people of Japan who lost loved ones in this disaster. The earthquake—and its impact on the country’s nuclear reactors—roiled global financial markets. The cumulative effect of these events sparked a brief sell-off in corporate bonds as investors moved into the relative safety of U.S. Treasuries.

Fixed-Income Markets Continue to be Volatile

Investment-grade corporate bonds edged down slightly for the reporting period, with the Barclays Capital U.S. Credit Index returning -0.98%, while high-yield bonds, as measured by the BofA Merrill Lynch U.S. High Yield Master II Index, returned 7.09%. Money-market returns remained flat, reflecting the Fed’s efforts to keep its target interest rate very low.

Corporate bonds continued to benefit from generally strong corporate earnings and lower default expectations during the fourth quarter of 2010. This trend continued during the first quarter of 2011 as investors became more comfortable moving into riskier asset classes to chase yield. However, most fixed-income sectors experienced significant volatility as investors reacted to the turmoil in the Middle East and the ensuing climb in oil prices as well as the disaster in Japan—which prompted some investors to move back into the relative safety of Treasuries as noted above.

Municipal bond returns suffered greatly in the final months of 2010 due to heavy municipal debt issuance, record municipal bond fund redemptions by retail investors, and fear of massive municipal debt defaults, which appears to be unfounded. Fortunately, prices steadied after the turn of the year due to slowing investor outflows and minimal new debt issuance.

Opportunities and Challenges Ahead

Overall, we are optimistic and expect a slow, gradual economic recovery to continue, which we believe should help sustain a corporate bond rally through the remainder of 2011. A low core inflation rate (which excludes food and energy prices) will likely facilitate economic growth, while continued debt reduction, lingering high unem-

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ployment, and a struggling housing market will limit gains. Energy prices will remain a challenge until we see more resolution of the events in the Middle East and North Africa. Of course, more geopolitical crises, rising commodity prices, and inflation spikes could certainly dampen the markets.

In short, we believe the markets, the global economy, and your Calvert funds can successfully navigate through any temporary setbacks.

Discuss Your Portfolio Allocations with Your Advisor

Given the market shifts we have experienced, your overall portfolio asset allocation and investment strategy may no longer match your needs. Therefore, we recommend reviewing these with your financial advisor to ensure that your target mix of U.S. and international stocks, bonds, and cash is well-diversified and appropriate given your financial goals, time horizon, and risk tolerance.

We encourage you to visit our website, www.calvert.com, for fund information and updates as well as market and economic commentary from Calvert professionals.

As noted elsewhere in this report, the Calvert operating companies that provide services to the funds will change their names effective April 30, 2011. As part of the changes, Calvert Group, Ltd. will be known as Calvert Investments, Inc., and the funds’ advisor, Calvert Asset Management Company, Inc., will be known as Calvert Investment Management, Inc.

As always, we appreciate your investing with Calvert.

Barbara J. Krumsiek

President and CEO

Calvert Investments, Inc.

April 2011

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Investment Climate

The six-month reporting period was characterized by four clear phases in interest-rate movements. The first was a steady and strong upward movement in interest rates. The 10-year Treasury yield increased from 2.33% in early October to 3.57% by mid-Decem-ber. The Federal Reserve’s (Fed) announcement of new Treasury purchases in November did little to slow the advance as economic data improved. In December, many analysts raised their forecasts for economic growth, and stocks rallied as a larger-than-expected fiscal stimulus package was passed. The second phase featured a fairly quiet trading range. During phase three, from early to mid-February of 2011, yields rose as the unemployment rate fell sharply, boosting confidence in the economy and triggering a rally in stocks. The 10-year Treasury yield peaked at 3.74%.

*Investment performance/return of NAV does not reflect the deduction of the Fund’s maximum 3.75% front-end sales charge or any deferred sales charge.

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CALVERT
GOVERNMENT FUND
MARCH 31, 2011
	% of Total
ECONOMIC SECTORS	Investments
Communications	0.9	%
Consumer, Cyclical	2.3	%
Energy	0.7	%
Financials	24.1	%
Government	64.4	%
Industrials	1.3	%
Mortgage Securities	3.4	%
Technology	0.8	%
Total	100	%

In the final phase, yields began to fall as turmoil in the Middle East pushed up the price of oil and raised doubts about the strength of the young economic expansion. Volatility increased in global financial markets. Doubt, uncertainty, and volatility were amplified by the terrible March 11 earthquake and tsunami in Japan. Treasury yields continued to fall, with the 10-year yield bottoming at 3.14% a few days after the disaster. After the shock wore off, stocks regained their footing and Treasury yields recovered some ground. The 10-year Treasury yield ended the reporting period near 3.5%, which was close to the mid-
dle of the range over the full reporting period.¹

During the reporting period, we estimate that Utilities 2.1% the U.S. economy grew at an annualized rate of 3.3%.² This is very near the 50-year average growth rate, but remains below the rate seen, at a similar point in the business cycle, after prior deep recessions in the post-WWII era. The core consumer price inflation (CPI) rate increased from 0.6% to 1.1% during the reporting period,³ so the Fed’s concern about unwanted disinflation abated. While the inflation rate was trending up, the level of both core and headline inflation rates remained below long-run averages. Market expectations for inflation in coming years increased to a level more in line with long-term averages.

Portfolio Strategy

The Fund benefitted from higher interest rates across the yield curve. The yields on two- and 10-year Treasuries increased by 35 and 91 basis points, respectively, over the six-month reporting period. The Fund’s allocation to non-government sectors, including asset-backed securities and corporate bonds, which comprised 17.91% of the Fund at the start of the reporting period, helped boost relative returns.

The Fund employed a yield-curve-flattening strategy. This had a mixed effect as some portions of the yield curve narrowed while others widened. The Fund was positioned to benefit from a narrowing of the yield differential between the 10- and 30-year U.S. Treasuries, which helped performance, as this section of the yield curve narrowed from 160 basis points to 104 basis points. However, the Fund also was positioned to benefit from narrowing of the yield differential between two- and 10-year Treasuries. This section of the yield curve widened from 209 to 265 basis points during the reporting period, which hurt performance. The Fund uses Treasury futures to hedge its interest rate position.

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Growth of $10,000

The graph below shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds without 10-year records). The results shown are for Classes A and C shares and reflect the deduction of the maximum front-end Class A sales charge of 3.75%, or deferred sales charge, as applicable and assume the reinvestment of dividends. The result is compared with benchmarks that include a broad based market index and a Lipper peer group average. Market indexes are unmanaged and their results do not reflect the effect of expenses or sales charges. The Lipper average reflects the deduction of the category’s average front-end sales charge. The value of an investment in a different share class would be different.

All performance data shown, including the graph above and the adjacent table, represents past performance, does not guarantee future results, assumes reinvestment of dividends and distributions and does not reflect the deduction of taxes that a shareholder would pay on the Fund’s/Portfolio’s distributions or the redemption of the Fund/Portfolio shares. 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 lower or higher than the performance data quoted; for current performance data visit www.calvert.com. The gross expense ratio from the current prospectus for Class A shares is 3.81%. This number may differ from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. Performance data quoted already reflects the deduction of the Fund’s/Portfolio’s operating expenses.

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			Outlook The U.S. economy continues to recover from severe financial crisis. Deleveraging in household and financial sectors contin- ues, suggesting that both growth and price inflation are moderate and not heated. Monetary policy should remain easy in coming quarters as federal, state, and local fiscal stimuli continue to recede and con- tract. The impact from the long stretch of extraordinarily easy Fed policy, with its near-zero percent short-term interest rates and government bond purchases, is clear in the higher prices of stocks, bonds, and commodities, but not in consumer price indices.
CALVERT
GOVERNMENT FUND
MARCH 31, 2011
AVERAGE ANNUAL TOTAL RETURNS
Class A Shares	(with max. load)
One year	3.49	%
Since inception (12/31/2008)	5.96	%
Class C Shares	(with max. load)
One year	5.41	%
Since inception (12/31/2008)	6.78	%

Once again, events outside the United States created more uncertainty about the outlook for U.S. growth, inflation, and monetary policy. In addition to geopolitical tensions in the Middle East and natural disaster in Japan, deepening eurozone debt troubles have put Portugal on the brink of a bailout from the European Union/International Monetary Fund rescue facility. If the country does require a financial rescue package, Portugal would become the third eurozone member to receive a bailout. The rescue facility can accommodate Greece, Ireland, and Portugal but a debt crisis in Spain would cause a great stress on the facility and could disrupt financial markets worldwide. The Spanish government’s interest rates, while elevated, are not near crisis levels. Spain will remain under pressure, however, and has the potential to unnerve investors from time to time.

Despite increased uncertainty in recent months, we expect the Fed to conclude its Treasury purchases by the end of June. This would complete the easing cycle and, apart from some minor operations, move the Fed to the sidelines for the remainder of the year. There are monetary policy scenarios that could move bond yields quite sharply, including the small chance that the Fed will tighten faster than expected if core inflation increases rapidly. In addition, in light of the recent international turmoil, there is a chance—perhaps small—that the Fed will ease yet again if the economy weakens later this year. In uncertain times, we expect market volatility to erupt periodically.

April 2011

1	Interest rate data sources: Chicago Board Options Exchange and Federal Reserve
2	According to Bureau of Economic Analysis data and forecasts from the Wall Street Journal Survey of Professional Forecasters
3	Latest data as of February 2011 from the Bureau of Labor Statistics

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SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) and redemption fees and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2010 to March 31, 2011).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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		BEGINNING		ENDING ACCOUNT		EXPENSES PAID
		ACCOUNT VALUE		VALUE		DURING PERIOD*
		10/1/10		3/31/11		10/1/10 - 3/31/11
class A
Actual	$	1,000.00	$	1,021.50	$	5.24
Hypothetical	$	1,000.00	$	1,019.75	$	5.24
(5% return per year before expenses)
class c
Actual	$	1,000.00	$	1,016.10	$	10.25
Hypothetical	$	1,000.00	$	1,014.76	$	10.25
(5% return per year before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 1.04% and 2.04% for Class A and Class C respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

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CALVERT GOVERNMENT FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2011
		PRINCIPAL
FDIC GUARANTEED CORPORATE BONDS - 8.4%		AMOUNT		VALUE
Ally Financial, Inc.:
1.75%, 10/30/12	$	30,000	$	30,487
0.309%, 12/19/12 (r)		40,000		40,014
Bank of America Corp., 0.588%, 4/30/12 (r)		30,000		30,122
BankBoston Capital Trust III, 1.06%, 6/15/27 (r)		50,000		38,797
Citibank, 0.303%, 7/12/11 (r)		25,000		24,997
Citigroup Funding, Inc., 0.634%, 4/30/12 (r)		30,000		30,132
General Electric Capital Corp., 0.61%, 6/8/12 (r)		20,000		20,089
Goldman Sachs Group, Inc.:
0.562%, 11/9/11 (r)		30,000		30,059
0.51%, 3/15/12 (r)		80,000		80,172
JPMorgan Chase & Co.:
0.433%, 4/1/11 (r)		15,000		15,000
0.54%, 6/15/12 (r)		30,000		30,107
MetLife, Inc., 0.628%, 6/29/12 (r)		50,000		50,169
Morgan Stanley, 0.592%, 2/10/12 (r)		30,000		30,075
PNC Funding Corp., 0.503%, 4/1/12 (r)		30,000		30,083
State Street Bank and Trust Co., 0.51%, 9/15/11 (r)		35,000		35,037
Wells Fargo & Co., 0.53%, 6/15/12 (r)		30,000		30,091
Total FDIC Guaranteed Corporate Bonds (Cost $527,662)				545,431
COLLATERALIZED MORTGAGE-BACKED
OBLIGATIONS (PRIVATELY ORIGINATED) - 0.4%
JP Morgan Mortgage Trust, 5.279%, 7/25/35 (r)		8,997		8,768
Merrill Lynch Mortgage Investors, Inc., 2.669%, 12/25/35 (r)		15,510		15,381
Total Collateralized Mortgage-Backed Obligations
(Privately Originated) (Cost $23,754)				24,149
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.8%
Citigroup Commercial Mortgage Trust, 4.38%, 10/15/41		70,673		71,060
Wachovia Bank Commercial Mortgage Trust, 5.23%, 7/15/41 (r)		110,000		111,392
Total Commercial Mortgage-Backed Securities (Cost $183,497)				182,452
CORPORATE BONDS - 21.5%
American Express Travel Related Services Co., Inc., 5.25%,
11/21/11 (e)		15,000		15,330
APL Ltd., 8.00%, 1/15/24 (b)		25,000		22,464
Comcast Corp., 6.55%, 7/1/39		50,000		51,633

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		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA,
4.20%, 5/13/14 (e)	$	51,000	$	53,914
Crown Castle Towers LLC, 4.883%, 8/15/20 (e)		40,000		39,950
CVS Caremark Corp., 6.302% to 6/1/12, floating rate
thereafter to 6/1/62 (r)		30,000		29,394
CVS Pass-Through Trust:
6.036%, 12/10/28		26,813		27,988
8.353%, 7/10/31 (e)		29,140		34,322
Dominion Resources, Inc., 6.30% to 9/30/11,
floating rate thereafter to 9/30/66 (r)		80,000		79,000
Dun & Bradstreet Corp., 2.875%, 11/15/15		50,000		48,980
Fifth Third Bank, 0.424%, 5/17/13 (r)		40,000		39,223
GenOn Americas Generation LLC, 8.30%, 5/1/11		50,000		50,125
Goldman Sachs Group, Inc., 6.75%, 10/1/37		60,000		59,852
Home Depot, Inc., 5.95%, 4/1/41		50,000		49,790
Main & Walton Development Co. VRDN, 0.39%, 9/1/26 (r)		500,000		500,000
McGuire Air Force Base Military Housing Project,
5.611%, 9/15/51 (e)		35,000		29,715
Ohana Military Communities LLC, 5.462%, 10/1/26 (e)		15,000		15,225
OPTI Canada, Inc., 9.75%, 8/15/13 (e)		40,000		39,950
Senior Housing Properties Trust, 8.625%, 1/15/12		60,000		62,775
Systems 2001 AT LLC, 6.664%, 9/15/13 (e)		51,076		54,524
Toll Road Investors Partnership II LP, Zero Coupon:
2/15/43 (b)(e)		70,000		18,465
2/15/45 (b)(e)		202,295		30,844
Wachovia Capital Trust III, 5.57% to 3/15/11, floating rate
thereafter to 3/29/49 (r)		40,000		36,700
Total Corporate Bonds (Cost $1,349,919)				1,390,163
U.S. GOVERNMENT AGENCIES
AND INSTRUMENTALITIES - 39.7%
AgFirst FCB, 6.585% to 6/15/12, floating rate
thereafter to 6/29/49 (e)(r)		50,000		40,000
COP I LLC, 3.613%, 12/5/21		91,764		94,707
Fannie Mae:
0.375%, 12/28/12		750,000		745,406
1.25%, 8/20/13		500,000		502,001
Federal Home Loan Bank, 5.00%, 11/17/17		60,000		67,297
Freddie Mac, 1.125%, 7/27/12		300,000		302,390
New Valley Generation I, 7.299%, 3/15/19		64,218		74,040
New Valley Generation II, 5.572%, 5/1/20		35,982		37,711
New Valley Generation V, 4.929%, 1/15/21		46,800		50,868
Overseas Private Investment Corp., 0.22%, 8/15/17 (b)(r)		200,000		200,000
Premier Aircraft Leasing EXIM 1 Ltd.:
3.576%, 2/6/22		93,094		92,829
3.547%, 4/10/22		47,223		47,029
Private Export Funding Corp.:
4.90%, 12/15/11		30,000		30,833
3.05%, 10/15/14		70,000		72,531
4.55%, 5/15/15		30,000		32,521

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U.S. GOVERNMENT AGENCIES			PRINCIPAL
AND INSTRUMENTALITIES - CONT’D			AMOUNT	VALUE
Tennessee Valley Authority, 4.375%, 6/15/15			100,000	109,038
US AgBank FCB, 6.11% to 7/10/12, floating rate
thereafter to 12/31/49 (e)(r)			40,000	26,800
Vessel Management Services, Inc., 5.85%, 5/1/27			46,000	50,489
Total U.S. Government Agencies and Instrumentalities
(Cost $2,529,335)				2,576,490
U.S. TREASURY - 19.9%
United States Treasury Bonds:
3.875%, 8/15/40			55,000	49,208
4.25%, 11/15/40			201,000	192,175
4.75%, 2/15/41			825,000	857,484
United States Treasury Notes, 3.625%, 2/15/21			190,000	192,731
Total U.S. Treasury (Cost $1,288,697)				1,291,598
TOTAL INVESTMENTS (Cost $5,902,864) - 92.7%				6,010,283
Other assets and liabilities, net - 7.3%				475,476
NET ASSETS - 100%				6,485,759
			UNDERLYING	UNREALIZED
	# OF	EXPIRATION	FACEAMOUNT	APPRECIATION
FUTURES	CONTRACTS	DATE	AT VALUE	(DEPRECIATION)
Sold:
2 Year U.S. Treasury Notes	16	6/11	$3,490,000	($1,356)
30 Year U.S. Treasury Bonds	10	6/11	1,201,875	4,895
Total Sold				$3,539

(b)	This security was valued by the Board of Trustees. See Note A.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(r)	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

Abbreviations:
FCB: Farm Credit Bank
LLC: Limited Liability Corporation
LP: Limited Partnership
VRDN: Variable Rate Demand Note

See notes to financial statements.

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STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2011

ASSETS
Investments in securities, at value (Cost $5,902,864)
see accompanying schedule	$	6,010,283
Cash		457,177
Receivable for securities sold		315,036
Receivable for shares sold		5
Interest and dividends receivable		32,420
Other assets		54,985
Total assets		6,869,906
LIABILITIES
Payable for securities purchased		363,764
Payable for future variation margin		1,000
Payable to Calvert Asset Management Company, Inc.		2,105
Payable to Calvert Administrative Services Company		804
Payable to Calvert Shareholder Services, Inc.		201
Payable to Calvert Distributors, Inc.		2,432
Accrued expenses and other liabilities		13,841
Total liabilities		384,147
NET ASSETS	$	6,485,759
NET ASSETS CONSIST OF:
Paid-in capital applicable to the following shares of beneficial interest,
unlimited number of no par value shares authorized:
Class A: 282,158 shares outstanding	$	4,483,056
Class C: 107,285 shares outstanding		1,758,104
Undistributed net investment income		495
Accumulated net realized gain (loss) on investments		133,146
Net unrealized appreciation (depreciation) on investments		110,958
NET ASSETS	$	6,485,759
NET ASSET VALUE PER SHARE
Class A (based on net assets of $4,702,945)	$	16.67
Class C (based on net assets of $1,782,814)	$	16.62

See notes to financial statements.

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STATEMENT OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 2011
NET INVESTMENT INCOME
Investment Income:
Interest income	$	57,608
Total investment income		57,608
Expenses:
Investment advisory fee		11,379
Transfer agency fees and expenses		14,975
Administrative fees		4,267
Distribution Plan expenses:
Class A		5,141
Class C		7,884
Trustees’ fees and expenses		146
Custodian fees		11,371
Registration fees		12,177
Reports to shareholders		3,766
Professional fees		11,697
Accounting fees		480
Miscellaneous		3,561
Total expenses		86,844
Reimbursement from Advisor:
Class A		(36,946	)
Class C		(12,097	)
Fees paid indirectly		(332	)
Net expenses		37,469
NET INVESTMENT INCOME		20,139
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		94,688
Futures		46,786
		141,474
Change in unrealized appreciation (depreciation) on:
Investments		(55,786	)
Futures		13,183
		(42,603	)
NET REALIZED AND UNREALIZED GAIN
(LOSS)		98,871
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	119,010

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

		SIX MONTHS ENDED			YEAR ENDED
		MARCH 31,			SEPTEMBER 30,
INCREASE (DECREASE) IN NET ASSETS		2011			2010
Operations:
Net investment income	$	20,139		$	40,297
Net realized gain (loss)		141,474			72,343
Change in unrealized appreciation (depreciation)		(42,603	)		83,002
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS		119,010			195,642
Distributions to shareholders from:
Net investment income:
Class A shares		(20,236	)		(34,076	)
Class C shares		—			(1,244	)
Net realized gain:
Class A shares		(53,461	)		(49,649	)
Class C shares		(22,483	)		(3,894	)
Total distributions		(96,180	)		(88,863	)
Capital share transactions:
Shares sold:
Class A shares		1,606,422			2,278,717
Class C shares		899,710			1,007,963
Reinvestment of distributions:
Class A shares		71,120			83,267
Class C shares		16,146			958
Redemption fees:
Class A shares		—			616
Shares redeemed:
Class A shares		(942,987	)		(383,619	)
Class C shares		(292,734	)		(13,341	)
Total capital share transactions		1,357,677			2,974,561
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,380,507			3,081,340
NET ASSETS
Beginning of period		5,105,252			2,023,912
End of period (including undistributed net investment income
of $495 and $592, respectively)	$	6,485,759		$	5,105,252

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

	SIX MONTHS ENDED		YEAR ENDED
	MARCH 31,		SEPTEMBER 30,
CAPITAL SHARE ACTIVITY	2011		2010
Shares sold:
Class A shares	97,181		139,241
Class C shares	54,467		61,536
Reinvestment of distributions:
Class A shares	4,324		5,250
Class C shares	988		60
Shares redeemed:
Class A shares	(56,981	)	(23,445	)
Class C shares	(17,790	)	(837	)
Total capital share activity	82,189		181,805

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A –– SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert Government Fund (the “Fund”), a series of The Calvert Fund, is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The operations of each series are accounted for separately. The Fund commenced operations on December 31, 2008 and offers two classes of shares of beneficial interest. Class A shares of the Fund are sold with a maximum front-end sales charge of 3.75%. Class C shares are sold without a front-end sales charge. With certain exceptions, the Fund will impose a deferred sales charge on shares sold within one year of purchase. Class C shares have higher levels of expenses than Class A shares. Each class has different: (a) dividend rates due to differences in Distribution Plan expenses and other class specific expenses, (b) exchange privileges and (c) class specific voting rights.

Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Trustees to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Trustees. In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

At March 31, 2011, securities valued at $271,773 or 4.2% of net assets were fair valued in good faith under the direction of the Board of Trustees.

The Fund utilizes various methods to measure the fair value of its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below: Level 1 – quoted prices in active markets for identical securities Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. Valuation techniques used to value the Fund’s investments by major category are as follows.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such

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securities. For corporate bonds and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For collateralized mortgage obligations and commercial mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2011:

		VALUATION INPUTS
InvestMents In securItIes		level 1		level 2		level 3		total
Corporate debt		-	$	1,882,286	$	53,308	$	1,935,594
Collateralized mortgage-backed
obligations		-		24,149		-		24,149
Commercial mortgage-backed
securities		-		182,452		-		182,452
U.S. government obligations		-		3,668,088		200,000		3,868,088
TOTAL		-	$	5,756,975	$	253,308	$	6,010,283
Other financial instruments*	$	3,539		-		-	$	3,539

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

				U.S.
		CORPORATE		GOVERNMENT
		DEBT		OBLIGATIONS		TOTAL
Balance as of 9/30/10	$	20,000	$	200,000	$	220,000
Accrued discounts/premiums		105		—		—
Realized gain (loss)		—		—		—
Change in unrealized appreciation
(depreciation)		2,359		—		2,359
Purchases		—		—		—
Sales		—		—		—
Transfers in and/or out of Level 31		30,8442		—		30,844
Balance as of 3/31/11	$	53,308	$	200,000	$	253,308

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¹ The Fund’s policy is to recognize transfers into and transfers out of Level 3 as of the end of the reporting period.

² Transferred from Level 2 to Level 3 because fair values were determined using valuation techniques utilizing unobservable inputs due to observable inputs being unavailable.

For the period ended March 31, 2011, total change in unrealized gain (loss) on Level 3 securities included in the change in net assets was ($377). Total unrealized gain (loss) for all securities (including Level 1 and Level 2) can be found on the accompanying Statement of Operations.

Repurchase Agreements: The Fund may enter into repurchase agreements with recognized financial institutions or registered broker/dealers and, in all instances, holds underlying securities with a value exceeding the total repurchase price, including accrued interest. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its value and a possible loss of income or value if the counterparty fails to perform in accordance with the terms of the agreement.

Futures Contracts: The Fund may purchase and sell futures contracts, but only when, in the judgment of the Advisor, such a position acts as a hedge. The Fund may not enter into futures contracts for the purpose of speculation or leverage. These futures contracts may include, but are not limited to, futures contracts based on U.S. Government obligations. The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may use futures contracts to hedge against changes in the value of interest rates. The Fund may enter into futures contracts agreeing to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund. During the period, the Fund used U.S. Treasury futures contracts to hedge against interest rate changes and to manage overall duration of the Fund.

Short Sales: The Fund may use a hedging technique that involves short sales of U.S. Treasury securities for the purposes of managing the duration of the Fund. Any short sales are “covered” with an equivalent amount of high-quality, liquid securities.

Security Transactions and Net Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain

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are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Expenses arising in connection with a class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets.

Distributions to Shareholders: Distributions to shareholders are recorded by the Fund on ex-dividend date. Dividends from net investment income are paid monthly. Distributions from net realized capital gains, if any, are paid at least annually. Distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.

Redemption Fees: The Fund charges a 2% redemption fee on redemptions, including exchanges, made within 30 days of purchase in the same Fund. The redemption fee is paid to the Class of the Fund from which the redemption is made, and is accounted for as an addition to paid-in capital. The fee is intended to discourage market-timers by ensuring that short-term trading costs are borne by the investors making the transactions and not the shareholders already in the Fund.

Expense Offset Arrangements: The Fund has an arrangement with its custodian bank whereby the custodian’s fees may be paid indirectly by credits earned on the Fund’s cash on deposit with the bank. These credits are used to reduce the Fund’s expenses. Such a deposit arrangement may be an alternative to overnight investments.

Federal Income Taxes: No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly-owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Trustees of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .40% of the Fund’s average daily net assets.

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The Advisor has contractually agreed to limit net annual fund operating expenses through January 31, 2012. The contractual expense cap is 1.04% for Class A and 2.04% for Class C. For the purposes of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent any expense offset credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Administrative Services Company, an affiliate of the Advisor, provides administrative services to the Fund for an annual fee, payable monthly, of .15% for Class A and Class C based on their average daily net assets.

Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and principal underwriter for the Fund. The Distribution Plan, adopted by Class A and C shares, allows the Fund to pay the Distributor for expenses and services associated with the distribution of shares. The expenses paid may not exceed .50% and 1.00% annually of the Fund’s average daily net assets of Class A and Class C, respectively. The amount actually paid by the Fund is an annualized fee, payable monthly of .25% and 1.00%, of the Fund’s average daily net assets of Class A and Class C, respectively.

The Distributor received $3,014 as its portion of the commissions charged on sales of the Fund’s Class A shares for the six months ended March 31, 2011.

Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, is the shareholder servicing agent for the Fund. For its services, CSSI received a fee of $1,017 for the six months ended March 31, 2011. Boston Financial Data Services, Inc., is the transfer and dividend disbursing agent.

Each Trustee of the Fund who is not an employee of the Advisor or its affiliates receives an annual retainer of $45,000 plus up to $2,000 for each Board and Committee meeting attended. The Board chair and Committee chairs each receive an additional $5,000 annual retainer. Trustee’s fees are allocated to each of the funds served

NOTE C — INVESTMENT ACTIVITY

During the period, the cost of purchases and proceeds from sales of investments, other than short-term and U.S. government securities, were $3,324,590 and $2,184,027, respectively. U.S. government security purchases and sales were $16,695,043 and $15,723,091, respectively.

The Fund intends to elect to defer net capital losses of $17,118 incurred from November 1, 2009 through September 30, 2010 and treat them as arising in the fiscal year ending September 30, 2011.

As of March 31, 2011, the tax basis components of unrealized appreciation/(depreciation) and the federal tax cost were as follows:

Unrealized appreciation	$	122,004
Unrealized (depreciation)		(15,770	)
Net unrealized appreciation/(depreciation)	$	106,234
Federal income tax cost of investments	$	5,904,049

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The Fund may sell or purchase securities to and from other funds managed by the Advisor, typically short-term variable rate demand notes. Interportfolio transactions are primarily used for cash management purposes. Interportfolio transactions are made pursuant to Rule 17a-7 of the Investment Company Act of 1940. For the six months ended March 31, 2011, such purchase and sales transactions were $1,500,000 and $1,000,000, respectively.

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under this committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Fund had no loans outstanding pursuant to this line of credit at March 31, 2011. For the six months ended March 31, 2011, borrowings by the Fund under the Agreement were as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$2,323	1.51%	$192,794	January 2011

NOTE E – SUBSEQUENT EVENTS

In preparing the financial statements as of March 31, 2011, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

Effective April 30, 2011, the Calvert operating companies will be renamed as follows: Calvert Group, Ltd. will be renamed Calvert Investments, Inc., Calvert Asset Management Company, Inc. will be renamed Calvert Investment Management, Inc., Calvert Distributors, Inc. will be renamed Calvert Investment Distributors, Inc., Calvert Administrative Services Company will be renamed Calvert Investment Administrative Services, Inc., and Calvert Shareholder Services, Inc. will be renamed Calvert Investment Services, Inc.

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FINANCIAL HIGHLIGHTS
		Periods ended
		MARCH  31,			SEPTEMBER 30,			SEPTEMBER 30,
class A shares		2011			2010			2009	#
Net asset value, beginning	$	16.63		$	16.14		$	15.00
Income from investment operations:
Net investment income		.08			.26			.06
Net realized and unrealized gain (loss)		.27			.88			1.14
Total from investment operations		.35			1.14			1.20
Distributions from:
Net investment income		(.08	)		(.24	)		(.06	)
Net realized gain		(.23	)		(.41	)		—
Total ditributions		(.31	)		(.65	)		(.06	)
Total increase (decrease) in net asset value		0.04			0.49			1.14
Net asset value, ending	$	16.67		$	16.63		$	16.14
Total return*		2.15	%		7.31	%		7.98	%
Ratios to average net assets:A
Net investment income		.99	% (a)		1.60	%		.63	% (a)
Total expenses		2.85	% (a)		3.81	%		5.67	% (a)
Expenses before offsets		1.05	% (a)		1.05	%		1.04	% (a)
Net expenses		1.04	% (a)		1.04	%		1.04	% (a)
Portfolio turnover		429	%		401	%		428	%
Net assets, ending (in thousands)	$	4,703		$	3,951		$	1,881

See notes to financial highlights.

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FINANCIAL HIGHLIGHTS
					Periods ended
		MARCH 31,			SEPTEMBER 30,			SEPTEMBER 30,
class c shares		2011			2010			2009	#
Net asset value, beginning	$	16.58		$	16.10		$	15.00
Income from investment operations:
Net investment income		***			.09			**
Net realized and unrealized gain (loss)		.27			.89			1.10
Total from investment operations		.27			.98			1.10
Distributions from:
Net investment income		—			(.09	)		—
Net realized gain		(.23	)		(.41	)		—
Total ditributions		(.23	)		(.50	)		—
Total increase (decrease) in net asset value		0.04			0.48			1.10
Net asset value, ending	$	16.62		$	16.58		$	16.10
Total return*		1.67	%		6.25	%		7.33	%
Ratios to average net assets:A
Net investment income		(.02	%) (a)		.37	%		.03	% (a)
Total expenses		3.59	% (a)		7.13	%		41.41	% (a)
Expenses before offsets		2.05	% (a)		2.05	%		2.04	% (a)
Net expenses		2.04	% (a)		2.04	%		2.04	% (a)
Portfolio turnover		429	%		401	%		428	%
Net assets, ending (in thousands)	$	1,783		$	1,154		$	143

A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
*	Total return is not annualized for periods less than one year and does not reflect deduction of any front-end or deferred sales charge.
**	Less than $.01 per share.
***	Net investment loss was $.002 per share.
#	From December 31, 2008 inception.
(a)	Annualized.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

The Schedule of Investments is a snapshot of all securities held in the fund at their market value, on the last day of the reporting period. Securities are listed by asset type (e.g., common stock, corporate bonds, U.S. government obligations) and may be further broken down into sub-groups and by industry classification.

STATEMENT OF ASSETS AND LIABILITIES

The Statement of Assets and Liabilities is often referred to as the fund’s balance sheet. It lists the value of what the fund owns, is due and owes on the last day of the reporting period. The fund’s assets include the market value of securities owned, cash, receivables for securities sold and shareholder subscriptions, and receivables for dividends and interest payments that have been earned, but not yet received. The fund’s liabilities include payables for securities purchased and shareholder redemptions, and expenses owed but not yet paid. The statement also reports the fund’s net asset value (NAV) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. This statement is accompanied by a Schedule of Investments. Alternatively, if certain conditions are met, a Statement of Net Assets may be presented in lieu of this statement and the Schedule of Investments.

STATEMENT OF NET ASSETS

The Statement of Net Assets provides a detailed list of the fund’s holdings, including each security’s market value on the last day of the reporting period. The Statement of Net Assets includes a Schedule of Investments. Other assets are added and other liabilities subtracted from the investments total to calculate the fund’s net assets. Finally, net assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) per share.

At the end of the Statement of Net Assets is a table displaying the composition of the fund’s net assets. Paid in Capital is the money invested by shareholders and represents the bulk of net assets. Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the amounts the fund had available to distribute to shareholders as of the statement date. Accumulated Realized Losses will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.

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STATEMENT OF OPERATIONS

The Statement of Operations summarizes the fund’s investment income earned and expenses incurred in operating the fund. Investment income includes dividends earned from stocks and interest earned from interest-bearing securities in the fund. Expenses incurred in operating the fund include the advisory fee paid to the investment advisor, administrative services fees, distribution plan expenses (if applicable), transfer agent fees, shareholder servicing expenses, custodial, legal, and audit fees, and the printing and postage expenses related to shareholder reports. Expense offsets (fees paid indirectly) are also shown. Credits earned from offset arrangements are used to reduce the fund’s expenses. This statement also shows net gains (losses) realized on the sale of investments and the increase or decrease in the unrealized appreciation (depreciation) on investments held during the period.

STATEMENT OF CHANGES IN NET ASSETS

The Statement of Changes in Net Assets shows how the fund’s total net assets changed during the two most recent reporting periods. Changes in the fund’s net assets are attributable to investment operations, distributions and capital share transactions.

The Operations section of the report summarizes information detailed in the Statement of Operations. The Distribution section shows the dividend and capital gain distributions made to shareholders. The amounts shown as distributions in this section may not match the net investment income and realized gains amounts shown in the Operations section because distributions are determined on a tax basis and certain investments or transactions may be treated differently for financial statement and tax purposes. The Capital Share Transactions section shows the amount shareholders invested in the fund, either by purchasing shares or by reinvesting distributions, and the amounts redeemed. The corresponding numbers of shares issued, reinvested and redeemed are shown at the end of the report.

FINANCIAL HIGHLIGHTS

The Financial Highlights table provides a per-share breakdown per class of the components that affect the fund’s net asset value for current and past reporting periods. The table provides total return, total distributions, expense ratios, portfolio turnover and net assets for the applicable period. Total return is a measure of a fund’s performance that encompasses all elements of return: dividends, capital gain distributions and changes in net asset value. Total return is the change in value of an investment over a given period, assuming reinvestment of any dividends and capital gain distributions, expressed as a percentage of the initial investment. Total distributions include distributions from net investment income and net realized gains. Long-term gains are earned on securities held in the fund more than one year. Short-term gains, on the sale of securities held less than one year, are treated as ordinary dividend income for tax purposes. The expense ratio is a fund’s cost of doing business, expressed as a percentage of net assets. These expenses directly reduce returns to shareholders. Portfolio turnover measures the trading activity in a fund’s investment portfolio – how often securities are bought and sold by a fund. Portfolio turnover is affected by market conditions, changes in the size of the fund, the nature of the fund’s investments and the investment style of the portfolio manager.

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PROXY VOTING

The Proxy Voting Guidelines of the Calvert Funds that the Fund uses to determine how to vote proxies relating to portfolio securities are provided as an Appendix to the Fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Fund at 1-800-368-2745, by visiting the Calvert website at www.calvert.com; or by visiting the SEC’s website at www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at www.calvert.com and on the SEC’s website at www.sec.gov.

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACT

At a meeting held on December 8, 2010, the Board of Trustees, and by a separate vote, the disinterested Trustees, approved the continuance of the Investment Advisory Agreement between The Calvert Fund and the Advisor with respect to the Fund.

In evaluating the Investment Advisory Agreement, the Board considered a variety of information relating to the Fund and the Advisor. The disinterested Trustees reviewed a report prepared by the Advisor regarding various services provided to the Fund by the Advisor and its affiliates. Such report included, among other data, information regarding the Advisor’s personnel and the Advisor’s revenue and cost of providing services to the Fund, and a separate report prepared by an independent third party, which provided a statistical analysis comparing the Fund’s investment performance, expenses, and fees to comparable mutual funds.

The disinterested Trustees were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement. Prior to voting, the disinterested Trustees reviewed the proposed continuance of the Investment Advisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

www.calvert.com CALVERT GOVERNMENT FUND SEMI-ANNUAL REPORT (UNAUDITED) 29

In the course of its deliberations regarding the Investment Advisory Agreement, the Board considered the following factors, among others: the nature, extent and quality of the services provided by the Advisor, including the personnel providing such services; the Advisor’s financial condition; the level and method of computing the Fund’s advisory fee; comparative performance, fee and expense information for the Fund; the profitability of the Calvert Group of Funds to the Advisor and its affiliates; the direct and indirect benefits, if any, derived by the Advisor and its affiliates from their relationship with the Fund; the effect of the Fund’s growth and size on the Fund’s performance and expenses; the affiliated distributor’s process for monitoring sales load breakpoints; the Advisor’s compliance programs and policies; the Advisor’s performance of substantially similar duties for other funds; and any possible conflicts of interest.

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s investment, supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with management through Board of Trustees’ meetings, discussions and other reports. The Board considered the Advisor’s management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Fund, were also considered. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Advisor under the Investment Advisory Agreement.

In considering the Fund’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Fund’s total return with its benchmark and with that of comparable mutual funds. This comparison indicated that the Fund performed above the median of its peer universe for the one-year period ended June 30, 2010. The data also indicated that the Fund outperformed its benchmark for the one-year period ended June 30, 2010. Based upon its review, the Board concluded that the Fund’s performance was satisfactory.

In considering the Fund’s fees and expenses, the Board compared the Fund’s fees and total expense ratio with various comparative data for the funds in its peer group. Among other findings, the data indicated that the Fund’s advisory fee (after taking into account waivers and/or reimbursements) was below the median of its peer group and that total expenses (net of waivers and/or reimbursements) were above the median of its peer group. The Board noted that the allocation of advisory and administrative fees may vary among the Fund’s peer group. The Board took into account the Advisor’s current undertaking to maintain expense limitations for the Fund’s Class A and Class C shares. Based upon its review, the Board concluded that the advisory fee was reasonable in view of the quality of services provided by the Advisor and the other factors considered.

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The Board reviewed the Advisor’s profitability on a fund-by-fund basis. In reviewing the overall profitability of the advisory fee to the Fund’s Advisor, the Board also considered the fact that affiliates of the Advisor provided shareholder servicing and administrative services to the Fund for which they received compensation. The information considered by the Board included Calvert’s operating profit margin information both before and after tax expenses with respect to the services that the Advisor and its affiliates provided to the Calvert Group of Funds complex. The Board reviewed the profitability of the Advisor’s relationship with the Fund in terms of the total amount of annual advisory fees it received with respect to the Fund and whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Fund. The Board noted that the Advisor had reimbursed expenses of the Fund. The Board also noted the Advisor’s current undertaking to maintain expense limitations for the Fund’s Class A and Class C shares. The Board also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Fund. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Fund was reasonable.

The Board considered the effect of the Fund’s current size and potential growth on its performance and expenses. The Board concluded that adding breakpoints to the advisory fee at specified asset levels would not be appropriate at this time given the Fund’s current size. The Board noted that if the Fund’s assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

In reapproving the Investment Advisory Agreement, the Board, including the disinterested Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weight to various factors.

Conclusions

The Board reached the following conclusions regarding the Investment Advisory Agreement, among others: (a) the Advisor has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Advisor maintains appropriate compliance programs; (c) performance of the Fund is satisfactory relative to the performance of funds with similar investment objectives and to relevant indices; (d) the Advisor is likely to execute its investment strategies consistently over time; and (e) the Fund’s advisory fee is reasonable relative to those of similar funds and to the services to be provided by the Advisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement would be in the best interests of the Fund and its shareholders.

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To Open an Account

800-368-2748

Yields and Prices

Calvert Information Network
(24 hours, 7 days a week)
800-368-2745

Service for Existing Account

Shareholders: 800-368-2745
Brokers: 800-368-2746

TDD for Hearing Impaired

800-541-1524

Branch Office

4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

Registered, Certified or Overnight Mail

Calvert Investments
c/o BFDS,
330 West 9th Street
Kansas City, MO 64105

Web Site

www.calvert.com

Principal Underwriter

Calvert Investment Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

CALVERT	CALVERT’S	Equity Funds
GOVERNMENT	FAMILY OF FUNDS	Enhanced Equity Portfolio
FUND		Equity Portfolio
	Tax-Exempt Money	Large Cap Growth Fund
	Market Funds	Large Cap Value Fund
	CTFR Money Market Portfolio	Social Index Fund
		Capital Accumulation Fund
	Taxable Money Market	International Equity Fund
	Funds	Small Cap Fund
	First Government Money Market	Global Alternative Energy Fund
	Fund	Global Water Fund
	Money Market Portfolio	International Opportunities Fund
	Municipal Funds	Balanced and Asset
	Tax-Free Bond Fund	Allocation Funds
		Balanced Portfolio
	Taxable Bond Funds	Conservative Allocation Fund
	Bond Portfolio	Moderate Allocation Fund
	Income Fund	Aggressive Allocation Fund
	Short Duration Income Fund
	Long-Term Income Fund
	Ultra-Short Income Fund
	Government Fund
	High-Yield Bond Fund

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Calvert Funds. This and other important information is contained in the fund’s summary prospectus and prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call Calvert at 800/368-2745 or visit www. calvert.com.

INFORMATION REGARDING CALVERT OPERATING COMPANY

NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each
		operating company listed
		below
Calvert Asset Management	Calvert Investment	Investment advisor to the
Company, Inc.	Management, Inc.	Calvert Funds
Calvert Distributors, Inc.	Calvert Investment Distributors,	Principal underwriter
	Inc.	and distributor for the
		Calvert Funds
Calvert Administrative	Calvert Investment	Administrative services
Services Company	Administrative Services, Inc.	provider for the Calvert
		Funds
Calvert Shareholder	Calvert Investment Services,	Shareholder servicing
Services, Inc.	Inc.	provider for the Calvert
		Funds

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Just go to www.calvert.com. If you already have an online account at Calvert, click on My Account, and select the documents you would like to receive via e-mail.

If you’re new to online account access, click on Login/Register to open an online account. Once you’re in, click on the E-delivery sign-up at the bottom of the Account Portfolio page and follow the quick, easy steps. Note: if your shares are not held directly at Calvert but through a brokerage firm, you must contact your broker for electronic delivery options available through their firm.

Dear Shareholder:

     The financial markets ended the six-month period on a high note. The Federal Reserve’s announcement in the fall of 2010 of a second round of quantitative easing (QE2) and the extension in December of the Bush-era tax cuts for all income levels helped buoy the markets and pushed Treasury yields higher. The resulting increase in U.S. consumer spending and confidence helped drive a year-end rally.

This calm lasted until new storms arrived in the beginning of 2011. Civil and political unrest in the Middle East and North Africa sent the price of crude soaring and heightened energy security concerns in many countries around the world. In March, the tragic earthquake and tsunami struck Japan. Our sympathies go out to the people of Japan who lost loved ones in this disaster. The earthquake—and its impact on the country’s nuclear reactors—roiled global financial markets. The cumulative effect of these events sparked a brief sell-off in corporate bonds as investors moved into the relative safety of U.S. Treasuries.

Fixed-Income Markets Continue to be Volatile

Investment-grade corporate bonds edged down slightly for the reporting period, with the Barclays Capital U.S. Credit Index returning -0.98%, while high-yield bonds, as measured by the BofA Merrill Lynch U.S. High Yield Master II Index, returned 7.09%. Money-market returns remained flat, reflecting the Fed’s efforts to keep its target interest rate very low.

Corporate bonds continued to benefit from generally strong corporate earnings and lower default expectations during the fourth quarter of 2010. This trend continued during the first quarter of 2011 as investors became more comfortable moving into riskier asset classes to chase yield. However, most fixed-income sectors experienced significant volatility as investors reacted to the turmoil in the Middle East and the ensuing climb in oil prices as well as the disaster in Japan—which prompted some investors to move back into the relative safety of Treasuries as noted above.

Municipal bond returns suffered greatly in the final months of 2010 due to heavy municipal debt issuance, record municipal bond fund redemptions by retail investors, and fear of massive municipal debt defaults, which appears to be unfounded. Fortunately, prices steadied after the turn of the year due to slowing investor outflows and minimal new debt issuance.

Opportunities and Challenges Ahead

Overall, we are optimistic and expect a slow, gradual economic recovery to continue, which we believe should help sustain a corporate bond rally through the remainder of 2011. A low core inflation rate (which excludes food and energy prices) will likely

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 4

facilitate economic growth, while continued debt reduction, lingering high unemployment, and a struggling housing market will limit gains. Energy prices will remain a challenge until we see more resolution of the events in the Middle East and North Africa. Of course, more geopolitical crises, rising commodity prices, and inflation spikes could certainly dampen the markets.

In short, we believe the markets, the global economy, and your Calvert funds can successfully navigate through any temporary setbacks.

Discuss Your Portfolio Allocations with Your Advisor

Given the market shifts we have experienced, your overall portfolio asset allocation and investment strategy may no longer match your needs. Therefore, we recommend reviewing these with your financial advisor to ensure that your target mix of U.S. and international stocks, bonds, and cash is well-diversified and appropriate given your financial goals, time horizon, and risk tolerance.

We encourage you to visit our website, www.calvert.com, for fund information and updates as well as market and economic commentary from Calvert professionals.

As noted elsewhere in this report, the Calvert operating companies that provide services to the funds will change their names effective April 30, 2011. As part of the changes, Calvert Group, Ltd. will be known as Calvert Investments, Inc., and the funds’ advisor, Calvert Asset Management Company, Inc., will be known as Calvert Investment Management, Inc.

As always, we appreciate your investing with Calvert.

Barbara J. Krumsiek

President and CEO

Calvert Investments, Inc.

April 2011

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 5

PORTFOLIO MANAGEMENT DISCUSSION

Gregory Habeeb

Senior Vice President and Senior Portfolio

Manager of
Calvert Investment
Management, Inc.

Performance

For the six-month period ended March 31, 2011, Calvert High-Yield Bond Fund (Class A shares at NAV) returned 7.84%. Its benchmark index, the BofA Merrill Lynch High Yield Master II Index, returned 7.09% for the period. Security selection was the primary reason for the Fund’s outperformance.

CALVERT HIGH YIELD BOND FUND
MARCH 31, 2011
INVESTMENT PERFORMANCE
(TOTAL RETURN AT NAV*)

	6 Months		12 Months
	ended		ended
	3/31/11		3/31/11
Class A	7.84	%	15.81	%
Class I	8.20	%	16.61	%
BofA Merrill Lynch High
Yield Master II Index	7.09	%	14.18	%
Lipper High Current
Yield Funds Average	7.31	%	13.57	%
SEC YIELDS
	30 days ended
	3/31/11		9/30/10
Class A	4.85	%	5.79	%
Class I	5.73	%	6.70	%

Investment Climate

The six-month reporting period was characterized by four clear phases in interest-rate movements. The first was a steady and strong upward movement in interest rates. The 10-year Treasury yield increased from 2.33% in early October to 3.57% by mid-Decem-ber. The Federal Reserve’s (Fed) announcement of new Treasury purchases in November did little to slow the advance as economic data improved. In December, many analysts raised their forecasts for economic growth, and stocks rallied as a larger-than-expected fiscal stimulus package was passed. The second phase featured a fairly quiet trading range. During phase three, from early to mid-February, yields rose as the unemployment rate fell sharply, boosting confidence in the economy and triggering a rally in stocks. The 10-year Treasury yield peaked at 3.74%.

In the final phase, yields began to fall as turmoil in the Middle East pushed up the price of oil and raised doubts about the strength of the young economic expansion. Volatility increased in global financial markets. Doubt, uncertainty, and volatility were amplified by the terrible March 11 earthquake and tsunami in Japan. Treasury yields continued to fall, with the 10-year yield bottoming at 3.14% a few days after the disaster. After

*      Investment performance/return at NAV does not reflect the deduction of the Fund’s maximum 3.75% front-end sales charge or any deferred sales charge.

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	% of Total
ECONOMIC SECTORS	Investments
Basic Materials	4.5	%
Communications	15.7	%
Consumer, Cyclical	15.6	%
Consumer, Non-cyclical	21.4	%
Diversified	0.5	%
Energy	5.6	%
Financials	14.2	%
Government	0.7	%
Industrials	15.2	%
Technology	3.0	%
Telecommunication Services	0.4	%
Utilities	3.2	%
Total	100	%

the shock wore off, stocks regained their footing and Treasury yields recovered some ground. The 10-year Treasury yield ended the reporting period near 3.5%, which was close to the middle of the range over the full reporting period.¹

During the reporting period, we estimate that the U.S. economy grew at an annualized rate of 3.3%.² This is very near the 50-year average growth rate, but remains below the rate seen, at a similar point in the
business cycle, after prior deep recessions in the post-WWII era. The core consumer price inflation (CPI) rate increased from 0.6% to 1.1% during the reporting period,³ so the Fed’s concern about unwanted disinflation abated. While the inflation rate was trending up, the level of both core and headline inflation rates remained below long-run averages. Market expectations for inflation in coming years increased to a level more in line with long-term averages.

Portfolio Strategy

The high yield bond market has performed well since March 2009. Record new bond issuance has been supported by robust cash flows. Investors have flocked to the sector, attracted by low default rates and appealing yields. Our strong performance during the reporting period was the result of better bond selection and increasing exposure to bonds in more cyclical parts of the market, including the industrial, consumer, and financial sectors. We avoided credits with European and Japan exposure, while seeking bonds with higher yields than the index yield, which was approximately 7.5% during the reporting period. The portfolio is underweight BB rated bonds which, in our opinion, offer poor relative value as they yield less than six percent on average. Twenty-five percent of the portfolio was invested in BB rated issues while 38% of the index was invested there. Notably, the Fund has a significant out-of-index play with 4.5% allocated to investment-grade bonds, which we believe have strong total return potential.

Outlook

The U.S. economy continues to recover from severe financial crisis. Deleveraging in household and financial sectors continues, suggesting moderate, not heated, growth and consumer price inflation. Monetary policy should remain easy in coming quarters as federal, state, and local fiscal stimuli continue to recede or contract. The impact from the long stretch of extraordinarily easy Fed policy, with its near-zero percent short-term interest rates and government bond purchases, is clear in the higher prices of stocks, bonds, and commodities, but not in consumer price indices.

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 7

Growth of $10,000

The graph below shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds without 10-year records). The results shown are for Classes A and I shares and reflect the deduction of Class A’s maximum front-end sales charge of 3.75%, and assume the reinvestment of dividends. The result is compared with benchmarks that include a broad based market index and a Lipper peer group average. Market indexes are unmanaged and their results do not reflect the effect of expenses or sales charges. The Lipper average reflects the deduction of the category’s average front-end sales charge. The value of an investment in a different share class would be different.

All performance data shown, including the graph above and the adjacent table, represents past performance, does not guarantee future results, assumes reinvestment of dividends and distributions and does not reflect the deduction of taxes that a shareholder would pay on the Fund’s/Portfolio’s distributions or the redemption of the Fund/Portfolio shares. 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 lower or higher than the performance data quoted; for current performance data visit www.calvert.com. The gross expense ratio from the current prospectus for Class A shares is 1.91%. This number may differ from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. Performance data quoted already reflects the deduction of the Fund’s/Portfolio’s operating expenses.

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 8

Once again, events external to the United States created more uncertainty about the outlook for U.S. growth, inflation, and monetary policy. In addition to geopolitical tensions in the Middle East and natural disaster in Japan, deepening eurozone debt troubles have put Portugal on the brink of a bailout from the European Union/International Monetary Fund rescue facility. If the country does require a financial rescue package, Portugal would become the third eurozone member to receive a bailout. The rescue facility can accommodate Greece, Ireland, and Portugal but a debt crisis in Spain would disrupt financial markets worldwide. The Spanish government’s interest rates, while elevated, are not near crisis levels. Spain will remain under pressure, however, and has the potential to unnerve investors from time to time.

Despite increased uncertainty in recent months, we expect the Fed to conclude its Treasury purchases by the end of June. This would complete the easing cycle and, apart from some minor operations, move the Fed to the sidelines for the remainder of the year. There are monetary policy scenarios that could move bond yields quite sharply, including the small chance that the Fed will tighten faster than expected if core inflation increases rapidly. In addition, in light of the recent international turmoil, there also is a chance—perhaps small—that the Fed will ease yet again if the economy weakens later this year. In uncertain times, we expect market volatility to erupt from time to time.

April 2011

CALVERT HIGH YIELD BOND FUND
MARCH 31, 2011
AVERAGE ANNUAL TOTAL RETURNS

Class A shares*	(with max. load)
One year	11.46	%
Five year	6.20	%
Since inception (7/9/2001)	6.23	%
Class I shares
One year	16.61	%
Five year	7.45	%
Since inception (7/9/2001)	6.99	%

* Pursuant to an Agreement and Plan of Reorganization, Class A 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 shares of an identical and newly created series of The Calvert Fund, Calvert High Yield Bond Fund, which commenced operations on September 18, 2009. The performance results prior to September 18, 2009, for Class A shares reflect the performance of SMF Calvert High Yield Bond Fund. In addition, performance results for Class A shares 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.

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 9

¹ Interest rate data sources: Chicago Board Options Exchange and Federal Reserve

² According to Bureau of Economic Analysis data and forecasts from the Wall Street Journal Survey of Professional Forecasters

³ Latest data as of February 2011 from the Bureau of Labor Statistics

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 10

SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges and redemption fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2010 to March 31, 2011).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 11

		BEGINNING		ENDING ACCOUNT		EXPENSES PAID
		ACCOUNT VALUE		VALUE		DURING PERIOD*
		10/1/10		3/31/11		10/1/10 - 3/31/11
class A
Actual	$	1,000.00	$	1,078.80	$	8.37
Hypothetical	$	1,000.00	$	1,016.88	$	8.12
(5% return per year before expenses)
class I
Actual	$	1,000.00	$	1,082.40	$	5.00
Hypothetical	$	1,000.00	$	1,020.13	$	4.85
(5% return per year before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 1.61% and 0.96% for Class A and Class I respectively, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 12

SCHEDULE OF INVESTMENTS
MARCH 31, 2011
		PRINCIPAL
CORPORATE BONDS - 94.8%		AMOUNT		VALUE
Accellent, Inc., 8.375%, 2/1/17	$	250,000	$	268,125
Acquisition Co. Lanza Parent, 10.00%, 6/1/17 (e)		750,000		828,750
AES Corp., 9.75%, 4/15/16		500,000		573,750
Alere, Inc., 7.875%, 2/1/16 (b)		250,000		261,250
Ally Financial, Inc., 4.50%, 2/11/14		850,000		847,875
Altra Holdings, Inc., 8.125%, 12/1/16		250,000		268,125
American Axle & Manufacturing Holdings, Inc.,
9.25%, 1/15/17 (e)		200,000		221,500
APL Ltd., 8.00%, 1/15/24 (b)		500,000		449,280
Apria Healthcare Group, Inc., 12.375%, 11/1/14		500,000		546,250
Associated Materials LLC, 9.125%, 11/1/17 (e)		250,000		265,625
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
9.625%, 3/15/18		250,000		276,250
Bausch & Lomb, Inc., 9.875%, 11/1/15		250,000		268,750
BE Aerospace, Inc., 6.875%, 10/1/20		500,000		516,875
Beverages & More, Inc., 9.625%, 10/1/14 (e)		500,000		525,000
Boise Paper Holdings LLC/Boise Finance Co., 9.00%, 11/1/17		250,000		277,500
Buccaneer Merger Sub, Inc., 9.125%, 1/15/19 (e)		250,000		265,625
Burger King Corp., 9.875%, 10/15/18		500,000		526,250
C8 Capital SPV Ltd., 6.64% to 12/31/14, floating rate
thereafter to 12/29/49 (b)(e)(r)		250,000		193,375
Cablevision Systems Corp.:
8.625%, 9/15/17		250,000		276,875
8.00%, 4/15/20		250,000		272,500
Calpine Corp. Escrow (b)*		500,000		-
Cantor Fitzgerald LP, 7.875%, 10/15/19 (e)		250,000		255,951
CapitalSource, Inc., 12.75%, 7/15/14 (e)		250,000		298,750
Case New Holland, Inc., 7.75%, 9/1/13		500,000		544,375
Cemex Finance LLC, 9.50%, 12/14/16 (e)		250,000		269,199
Cemex SAB de CV, 5.301%, 9/30/15 (e)(r)		250,000		247,999
Central Garden and Pet Co., 8.25%, 3/1/18		250,000		261,250
Cincinnati Bell, Inc., 8.375%, 10/15/20		250,000		245,625
CIT Group, Inc.:
5.25%, 4/1/14 (e)		500,000		502,722
7.00%, 5/1/14		750,000		765,000
CKE Restaurants, Inc., 11.375%, 7/15/18		250,000		275,625
Commercial Barge Line Co., 12.50%, 7/15/17		250,000		290,000
Constellation Brands, Inc., 7.25%, 9/1/16		500,000		541,875
Cott Beverages, Inc., 8.375%, 11/15/17		500,000		540,000
CPM Holdings, Inc., 10.625%, 9/1/14 (e)		250,000		270,000
Delta Air Lines Pass Through Trust, 6.75%, 5/23/17		250,000		241,875
Developers Diversified Realty Corp., 4.75%, 4/15/18		250,000		243,750
Digicel Group Ltd., 10.50%, 4/15/18 (e)		250,000		285,937
Digicel Ltd., 8.25%, 9/1/17 (e)		250,000		265,000
Discover Bank, 7.00%, 4/15/20		250,000		275,246
Drummond Co., Inc., 9.00%, 10/15/14 (e)		250,000		265,000
DuPont Fabros Technology LP, 8.50%, 12/15/17		250,000		275,313
Dynegy Holdings, Inc., 8.375%, 5/1/16		500,000		417,500

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 13

		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
E*Trade Financial Corp., 7.375%, 9/15/13	$	500,000	$	503,750
Edison Mission Energy, 7.50%, 6/15/13		250,000		248,125
Empire Today LLC / Empire Today Finance Corp.,
11.375%, 2/1/17 (e)		250,000		264,375
Enterprise Products Operating LLC, 7.034% to 1/15/18,
floating rate thereafter to 1/15/68 (r)		250,000		259,375
Ferrellgas LP/Ferrellgas Finance Corp., 9.125%, 10/1/17		500,000		557,500
First Data Corp., 9.875%, 9/24/15		550,000		566,500
Ford Motor Credit Co. LLC:
5.56%, 6/15/11 (r)		250,000		250,625
7.25%, 10/25/11		250,000		256,250
7.80%, 6/1/12		250,000		265,000
7.50%, 8/1/12		250,000		266,250
8.70%, 10/1/14		250,000		282,500
Freescale Semiconductor, Inc., 10.125%, 3/15/18 (e)		250,000		279,375
Frontier Communications Corp.:
7.875%, 4/15/15		250,000		268,750
8.25%, 4/15/17		250,000		268,750
Giant Funding Corp., 8.25%, 2/1/18 (e)		500,000		512,500
Gibson Energy ULC, 10.00%, 1/15/18		500,000		525,000
Global Aviation Holdings, Inc., 14.00%, 8/15/13		500,000		586,250
Goodyear Tire & Rubber Co., 10.50%, 5/15/16		500,000		560,625
Griffon Corp., 7.125%, 4/1/18 (e)		250,000		255,000
Hanesbrands, Inc., 8.00%, 12/15/16		250,000		269,375
Harland Clarke Holdings Corp., 9.50%, 5/15/15		250,000		246,875
HCA, Inc.:
9.25%, 11/15/16		500,000		537,500
9.625%, 11/15/16		125,000		134,688
Hertz Corp.:
8.875%, 1/1/14		92,000		94,070
6.75%, 4/15/19 (e)		500,000		495,000
HOA Restaurant Group LLC / HOA Finance Corp.,
11.25%, 4/1/17 (e)		500,000		508,750
Huntington BancShares, Inc., 7.00%, 12/15/20		250,000		274,869
Ineos Finance plc, 9.00%, 5/15/15 (e)		500,000		547,500
Ineos Group Holdings plc, 8.50%, 2/15/16 (e)		250,000		253,125
Ingles Markets, Inc., 8.875%, 5/15/17		500,000		536,875
Integra Telecom Holdings, Inc., 10.75%, 4/15/16 (e)		250,000		271,250
Intelsat Jackson Holdings Ltd., 11.25%, 6/15/16		450,000		480,375
Intelsat Jackson Holdings SA, 7.25%, 4/1/19 (e)		250,000		250,625
Interactive Data Corp., 10.25%, 8/1/18 (e)		500,000		561,250
International Lease Finance Corp.:
5.875%, 5/1/13		250,000		255,000
7.125%, 9/1/18 (e)		250,000		268,125
Jarden Corp., 7.50%, 5/1/17		500,000		532,500
JET Equipment Trust, 7.63%, 8/15/12 (b)(e)(w)*		109,297		601
Jones Group, Inc., 6.875%, 3/15/19		500,000		491,250
Kennedy-Wilson, Inc., 8.75%, 4/1/19 (e)		500,000		496,485
Kinder Morgan Finance Co. LLC, 6.00%, 1/15/18 (e)		500,000		518,125
Koppers, Inc., 7.875%, 12/1/19		500,000		542,500
Lamar Media Corp., 9.75%, 4/1/14		250,000		288,750
Land O’Lakes Capital Trust I, 7.45%, 3/15/28 (e)		754,000		682,370
Leucadia National Corp., 8.125%, 9/15/15		250,000		276,115

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 14

		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Level 3 Communications, Inc., 11.875%, 2/1/19 (e)	$	500,000	$	470,000
Level 3 Financing, Inc., 9.25%, 11/1/14		250,000		255,625
Ltd Brands, Inc.:
6.90%, 7/15/17		250,000		268,125
6.625%, 4/1/21		250,000		255,000
MBNA Capital, 1.104%, 2/1/27 (r)		250,000		192,407
MetroPCS Wireless, Inc., 7.875%, 9/1/18		250,000		267,500
MGM Resorts International, 6.75%, 9/1/12		500,000		508,750
Mylan, Inc., 7.625%, 7/15/17 (e)		250,000		268,750
NFR Energy LLC, 9.75%, 2/15/17 (e)		500,000		495,000
NII Capital Corp., 8.875%, 12/15/19		500,000		553,750
Novelis, Inc., 8.375%, 12/15/17 (e)		500,000		542,500
NRG Energy, Inc., 7.375%, 2/1/16		500,000		518,125
Offshore Group Investments Ltd., 11.50%, 8/1/15		500,000		554,754
OPTI Canada, Inc., 8.25%, 12/15/14		750,000		399,375
OSI Restaurant Partners LLC, 10.00%, 6/15/15		500,000		520,000
Overseas Shipholding Group, Inc., 8.125%, 3/30/18		500,000		491,250
Packaging Dynamics Corp., 8.75%, 2/1/16 (e)		650,000		664,625
Penske Automotive Group, Inc., 7.75%, 12/15/16		125,000		129,063
Petco Animal Supplies, Inc., 9.25%, 12/1/18 (e)		500,000		535,000
PharmaNet Development Group, Inc., 10.875%, 4/15/17 (e)		300,000		330,000
Pilgrim’s Pride Corp., 7.875%, 12/15/18 (e)		500,000		481,250
Pioneer Natural Resources Co., 5.875%, 7/15/16		250,000		262,500
Potlatch Corp., 7.50%, 11/1/19		300,000		317,625
RailAmerica, Inc., 9.25%, 7/1/17		400,000		443,000
Reliance Intermediate Holdings LP, 9.50%, 12/15/19 (e)		250,000		272,439
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC:
7.125%, 4/15/19 (e)		500,000		508,750
9.00%, 4/15/19 (e)		250,000		258,125
Rock-Tenn Co., 9.25%, 3/15/16		250,000		275,000
SandRidge Energy, Inc., 8.75%, 1/15/20		350,000		381,500
Scientific Games International, Inc.:
7.875%, 6/15/16 (e)		250,000		261,875
9.25%, 6/15/19		250,000		275,625
Sealy Mattress Co., 10.875%, 4/15/16 (e)		225,000		255,656
Simmons Foods, Inc., 10.50%, 11/1/17 (e)		500,000		542,500
Smithfield Foods, Inc., 10.00%, 7/15/14		250,000		295,625
Southern States Cooperative, Inc., 11.25%, 5/15/15 (e)		500,000		546,250
Sprint Nextel Corp., 6.00%, 12/1/16		500,000		500,000
Standard Pacific Corp., 10.75%, 9/15/16		250,000		291,250
STATS ChipPAC Ltd., 7.50%, 8/12/15 (e)		500,000		545,000
Steel Dynamics, Inc., 7.625%, 3/15/20		500,000		540,000
SunGard Data Systems, Inc., 10.25%, 8/15/15		250,000		262,500
Telcordia Technologies, Inc., 11.00%, 5/1/18 (e)		500,000		555,000
Triumph Group, Inc., 8.625%, 7/15/18		250,000		275,625
TRW Automotive, Inc.:
7.25%, 3/15/17 (e)		250,000		271,875
8.875%, 12/1/17 (e)		250,000		280,000
Uncle Acquisition 2010 Corp., 8.625%, 2/15/19 (e)		250,000		265,625
United Rentals North America, Inc.:
10.875%, 6/15/16		250,000		288,750
9.25%, 12/15/19		250,000		278,750

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 15

		PRINCIPAL
CORPORATE BONDS - CONT’D		AMOUNT		VALUE
Valeant Pharmaceuticals International, 6.50%, 7/15/16 (e)	$	500,000	$	494,375
Videotron Ltd., 9.125%, 4/15/18		500,000		561,250
Virgin Media Finance plc, 9.50%, 8/15/16		250,000		283,750
Visant Corp., 10.00%, 10/1/17		500,000		540,000
West Corp., 7.875%, 1/15/19 (e)		500,000		510,000
Western Express, Inc., 12.50%, 4/15/15 (e)		750,000		729,375
Windsor Petroleum Transport Corp., 7.84%, 1/15/21 (e)		717,707		649,977
Windstream Corp.:
7.875%, 11/1/17		250,000		268,125
7.75%, 10/15/20 (e)		250,000		255,625
Total Corporate Bonds (Cost $51,245,811)				54,542,141
FLOATING RATE LOANS(d) - 0.8%
Clear Channel Communications, Inc., Term Loan B,
3.912%, 1/29/16 (r)		250,000		219,827
CommScope, Inc., Term Loan B:
5.00%, 1/14/18 (r)		25,000		25,156
5.00%, 1/14/18 (r)		225,000		226,406
Total Floating Rate Loans (Cost $480,339)				471,389
U.S. GOVERNMENT AGENCIES
AND INSTRUMENTALITIES - 0.7%
AgFirst FCB, 6.585% to 6/15/12, floating rate
thereafter to 6/29/49 (e)(r)		500,000		400,000
Total U.S. Government Agencies and
Instrumentalities (Cost $196,403)				400,000
EQUITY SECURITIES - 0.0%		SHARES
Avado Brands, Inc. (b)*		9,462		95
Intermet Corp. (b)*		6,346		63
Paging Network Do Brazil Holding Co. LLC, Class B (b)(e)*		1,000		-
Total Equity Securities (Cost $282,378)				158
TOTAL INVESTMENTS (Cost $52,204,931) - 96.3%				55,413,688
Other assets and liabilities, net - 3.7%				2,107,063
NET ASSETS - 100%			$	57,520,751

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 16

(b)	This security was valued by the Board of Trustees. See Note A.
(d)	Remaining maturities of floating rate loans may be less than the stated maturities shown as a result of contrac- tual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. Floating rate loans generally pay interest at rates which are periodically re-determined at a margin above the London InterBank Offered Rate (LIBOR) or other short-term rates. The rate shown is the rate in effect at period end.
	Floating rate loans are generally considered restrictive in that the Fund is ordinarily contractually obligated to receive consent from the Agent Bank and/or Borrower prior to disposition of a floating rate loan.
(e)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(r)	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.
(w)	Security is in default and is no longer accruing interest.
*	Non-income producing security.

Abbreviations:
FCB: Farm Credit Bank
LLC: Limited Liability Corporation
LP: Limited Partnership
ULC: Unlimited Liability Corporation

See notes to financial statements.

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 17

STATEMENT OF ASSETS AND LIABILITIES
 MARCH 31, 2011

ASSETS
Investments in securities, at value (Cost $52,204,931, respectively) -
see accompanying schedule	$	55,413,688
Cash		7,976,622
Receivable for securities sold		2,757,187
Receivable for shares sold		186,184
Interest and dividends receivable		1,209,440
Other assets		11,983
Total assets		67,555,104
LIABILITIES
Payable for securities purchased		6,499,529
Payable for shares purchased		3,466,932
Payable to Calvert Asset Management Company, Inc		41,090
Payable to Calvert Administrative Services Company		4,686
Payable to Calvert Shareholder Services, Inc.		883
Payable to Calvert Distributors, Inc.		3,863
Accrued expenses and other liabilities		17,370
Total liabilities		10,034,353
NET ASSETS	$	57,520,751
NET ASSETS CONSIST OF:
Paid-in capital applicable to the following shares of beneficial interest,
unlimited number of no par value shares authorized:
Class A: 695,615 shares outstanding	$	14,665,173
Class I: 1,330,916 shares outstanding		42,823,532
Undistributed net investment income (loss)		(32,999	)
Accumulated net realized gain (loss) on investments		(3,143,712	)
Net unrealized appreciation (depreciation) on investments		3,208,757
NET ASSETS	$	57,520,751
NET ASSET VALUE PER SHARE
Class A (based on net assets of $19,890,413)	$	28.59
Class I (based on net assets of $37,630,338)	$	28.27

See notes to financial statements.

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 18

STATEMENT OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 2011
NET INVESTMENT INCOME
Investment Income:
Interest income	$	2,038,279
Total investment income		2,038,279
Expenses:
Investment advisory fee		163,941
Administrative fees		25,222
Transfer agency fees and expenses		27,169
Distribution Plan expenses:
Class A		17,630
Trustees’ fees and expenses		1,050
Custodian fees		15,310
Registration fees		12,618
Reports to shareholders		6,469
Professional fees		10,599
Accounting fees		4,130
Miscellaneous		4,790
Total expenses		288,928
Fees paid indirectly		(265	)
Net expenses		288,663
NET INVESTMENT INCOME		1,749,616
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss)		917,382
Change in unrealized appreciation (depreciation)		1,233,762
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		2,151,144
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	3,900,760

See notes to financial statements.

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stateMents of changes in net assets

		SIX MONTHS ENDED			YEAR  ENDED
		MARCH 31,			SEPTEMBER 30,
INCREASE (DECREASE) IN NET ASSETS		2011			2010
Operations:
Net investment income	$	1,749,616		$	3,007,731
Net realized gain (loss)		917,382			1,192,406
Change in unrealized appreciation (depreciation)		1,233,762			2,478,024
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS		3,900,760			6,678,161
Distributions to shareholders from:
Net investment income:
Class A shares		(466,808	)		(483,889	)
Class I shares		(1,323,746	)		(2,425,117	)
Total distributions		(1,790,554	)		(2,909,006	)
Capital share transactions:
Shares sold:
Class A shares		11,486,823			4,985,796
Class I shares		9,555,512			9,704,420
Reinvestment of distributions:
Class A shares		343,890			423,919
Class I shares		1,163,868			1,931,636
Redemption fees:
Class A shares		1,148			240
Shares redeemed:
Class A shares		(1,935,777	)		(3,874,415	)
Class I shares		(11,049,708	)		(12,971,539	)
Total capital share transactions		9,565,756			200,057
TOTAL INCREASE (DECREASE) IN NET ASSETS		11,675,962			3,969,212
NET ASSETS
Beginning of period		45,844,789			41,875,577
End of period (including distributions in excess of net investment
income of $32,999 and undistributed net investment
income of $7,939, respectively)	$	57,520,751		$	45,844,789
CAPITAL SHARE ACTIVITY
Shares sold:
Class A shares		407,441			190,092
Class I shares		339,804			372,219
Reinvestment of distributions:
Class A shares		12,204			16,180
Class I shares		41,821			74,543
Shares redeemed:
Class A shares		(68,614	)		(151,186	)
Class I shares		(395,462	)		(506,026	)
Total capital share activity		337,194			(4,178	)

See notes to financial statements. www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 20

NOTES TO FINANCIAL STATEMENTS

NOTE A –– SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert High Yield Bond Fund (the “Fund”), a series of The Calvert Fund, is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The operations of each series are accounted for separately. Prior to September 18, 2009, the Fund was a series of Summit Mutual Funds, Inc. The Fund offers two classes of shares. Class A shares are sold with a maximum front-end sales charge of 3.75%. Class I shares require a minimum account balance of $1,000,000. The $1 million minimum initial investment may be waived for certain institutional accounts, where it is believed to be in the best interest of the Fund and its shareholders. Class I shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Each class has different: (a) dividend rates due to differences in Distribution Plan expenses and other class specific expenses, (b) exchange privileges and (c) class specific voting rights.

Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Trustees to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Trustees. In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

At March 31, 2011, securities valued at $904,664 or 1.6% of net assets were fair valued in good faith under the direction of the Board of Trustees.

The Fund utilizes various methods to measure the fair value of its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below: Level 1 – quoted prices in active markets for identical securities Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. Valuation techniques used to value the Fund’s investments by major category are as follows.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, floating rate loans, and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Foreign securities are valued based on quotations from the principle market in which such securities are normally traded. If events occur after the close of the principle market in which foreign securities are traded, and before the close of business of the Fund, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2011:

	VALUATION INPUTS
INVESTMENTS IN SECURITIES	level 1		level 2		level 3			total
Equity securities	-		-	$	158		$	158
Corporate debt	-	$	54,092,260		449,881			54,542,141
Other debt obligations	-		471,389		-			471,389
U.S. government obligations	-		400,000		-			400,000
TOTAL	-	$	54,963,649	$	450,039	*	$	55,413,688

*Level 3 securities represent 0.8% of net assets.

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Repurchase Agreements: The Fund may enter into repurchase agreements with recognized financial institutions or registered broker/dealers and, in all instances, holds underlying securities with a value exceeding the total repurchase price, including accrued interest. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its value and a possible loss of income or value if the counterparty fails to perform in accordance with the terms of the agreement.

Loan Participations and Assignments: The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. A Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When a Fund purchases assignments from lenders it acquires direct rights against the borrower of the loan. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower.

Security Transactions and Net Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. (See the Schedule of Investments footnotes on page 17.) A debt obligation may be removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured. Expenses arising in connection with a class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as income in the accompanying financial statements.

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Foreign Currency Transactions: The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are translated into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. The effect of changes in foreign exchange rates on securities and foreign currencies is included in the net realized and unrealized gain or loss on securities and foreign currencies.

Distributions to Shareholders: Distributions to shareholders are recorded by the Fund on ex-dividend date. Dividends from net investment income are paid monthly. Distributions from net realized capital gains, if any, are paid at least annually. Distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.

Redemption Fees: The Fund charges a 2% redemption fee on redemptions, including exchanges, made within 30 days of purchase in the same Fund (within seven days for Class I shares). The redemption fee is paid to the Class of the Fund from which the redemption is made, and is accounted for as an addition to paid-in capital. The fee is intended to discourage market-timers by ensuring that short-term trading costs are borne by the investors making the transactions and not the shareholders already in the Fund.

Expense Offset Arrangements: The Fund has an arrangement with its custodian bank whereby the custodian’s fees may be paid indirectly by credits earned on the Fund’s cash on deposit with the bank. These credits are used to reduce the Fund’s expenses. Such a deposit arrangement may be an alternative to overnight investments.

Federal Income Taxes: No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly-owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Trustees of the Fund who are employees of the Advisor or its affiliates. For its services, the

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 24

Advisor receives an annual fee, payable monthly, of .65% of the Fund’s average daily net assets.

The Advisor has contractually agreed to limit net annual fund operating expenses through January 31, 2012. The contractual expense cap is 1.65% for Class A and 1.40% for Class I. For the purposes of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent that any expense offset credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Administrative Services Company, an affiliate of the Advisor, provides administrative services to the Fund for an annual fee, payable monthly, of .10% for Class A and Class I based on their average daily net assets.

Calvert Distributors, Inc. (“CDI”), an affiliate of the Advisor, is the distributor and principal underwriter for the Fund. Pursuant to Rule 12b-1 under the Investment Company Act of 1940, the Fund has adopted a Distribution Plan that permits the Fund to pay certain expenses associated with the distribution and servicing of its shares. The expenses paid may not exceed .25% annually of the average daily net assets of Class A. The amount actually paid by the Fund is an annualized fee, payable monthly, of .25% of the average daily net assets of Class A. Class I shares do not have Distribution Plan expenses.

CDI received $12,871 as its portion of the commissions charged on sales of the Fund’s Class A shares for the six months ended March 31, 2011.

Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, is the shareholder servicing agent for the Fund. For its services, CSSI received a fee of $4,078 for the six months ended March 31, 2011. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

Each Trustee of the Fund who is not an employee of the Advisor or its affiliates receives an annual retainer of $45,000 plus up to $2,000 for each Board and Committee meeting attended. The Board chair and Committee chairs each receive an additional $5,000 annual retainer. Trustee’s fees are allocated to each of the funds served

NOTE C — INVESTMENT ACTIVITY

During the period, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $83,918,562 and $74,822,490, respectively.

CAPITAL LOSS CARRYFORWARDS
EXPIRATION DATE
30-Sept-11	($	1,025,886	)
30-Sept-12		(791,075	)
30-Sept-15		(476,585	)
30-Sept-17		(924,312	)
30-Sept-18		(15,613	)

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Capital losses may be utilized to offset future capital gains until expiration. Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may more likely expire unused. Also, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The Fund intends to elect to defer net capital losses of $816,267 incurred from November 1, 2009 through September 30, 2010 and treat them as arising in the fiscal year ending September 30, 2011.

As of March 31, 2011, the tax basis components of unrealized appreciation/(depreciation) and the federal tax cost were as follows:

Unrealized appreciation	$	3,660,814
Unrealized (depreciation)		(641,397	)
Net unrealized appreciation/(depreciation)	$	3,019,417
Federal income tax cost of investments	$	52,394,271

NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Fund had no loans outstanding pursuant to this line of credit at March 31, 2011. For the six months ended March 31, 2011, borrowings by the Fund under the Agreement were as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$30,525	1.51%	$1,387,703	December 2010

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NOTE E – SUBSEQUENT EVENTS

In preparing the financial statements as of March 31, 2011, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

Effective April 30, 2011, the Calvert operating companies will be renamed as follows: Calvert Group, Ltd. will be renamed Calvert Investments, Inc., Calvert Asset Management Company, Inc. will be renamed Calvert Investment Management, Inc., Calvert Distributors, Inc. will be renamed Calvert Investment Distributors, Inc., Calvert Administrative Services Company will be renamed Calvert Investment Administrative Services, Inc., and Calvert Shareholder Services, Inc. will be renamed Calvert Investment Services, Inc.

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FINANCIAL HIGHLIGHTS
					Periods ended
		MARCH  31,			SEPTEMBER 30,			SEPTEMBER 30,
class A shares		2011			2010			2009	(z)
Net asset value, beginning	$	27.36		$	24.92		$	24.03
Income from investment operations:
Net investment income		.87			1.80			1.54
Net realized and unrealized gain (loss)		1.25			2.39			.95
Total from investment operations		2.12			4.19			2.49
Distributions from:
Net investment income		(.89	)		(1.75	)		(1.60	)
Total distributions		(.89	)		(1.75	)		(1.60	)
Total increase (decrease) in net asset value		1.23			2.44			.89
Net asset value, ending	$	28.59		$	27.36		$	24.92
Total return*		7.84	%		17.35	%		11.68	%
Ratios to average net assets:A
Net investment income		6.44	% (a)		6.98	%		6.87	%
Total expenses		1.62	% (a)		1.91	%		2.30	%
Expenses before offsets		1.62	% (a)		1.65	%		1.65	%
Net expenses		1.61	% (a)		1.65	%		1.65	%
Portfolio turnover		158	%		233	%		156	%
Net assets, ending (in thousands)	$	19,890		$	9,427		$	7,213
					Periods ended
					SEPTEMBER 30,			SEPTEMBER 30,
class A shares					2008	(z)		2007	^
Net asset value, beginning				$	28.55		$	29.18
Income from investment operations:
Net investment income					1.77			.96
Net realized and unrealized gain (loss)					(4.45	)		(.63	)
Total from investment operations					(2.68	)		.33
Distributions from:
Net investment income					(1.84	)		(.96	)
Total distributions					(1.84	)		(.96	)
Total increase (decrease) in net asset value					(4.52	)		(.63	)
Net asset value, ending				$	24.03		$	28.55
Total return*					(9.91	%)		1.16	%
Ratios to average net assets: A
Net investment income					6.65	%		6.50	% (a)
Total expenses					1.49	%		1.54	% (a)
Expenses before offsets					1.49	%		1.54	% (a)
Net expenses					1.49	%		1.54	% (a)
Portfolio turnover					67	%		97	%
Net assets, ending (in thousands)				$	444		$	225

See notes to financial highlights.

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FINANCIAL HIGHLIGHTS
					Periods ended
		MARCH 31,			SEPTEMBER 30,			SEPTEMBER 30,
class I shares		2011			2010			2009	(z)
Net asset value, beginning	$	27.08		$	24.69		$	23.94
Income from investment operations:
Net investment income		.98			1.99			1.63
Net realized and unrealized gain (loss)		1.21			2.33			.90
Total from investment operations		2.19			4.32			2.53
Distributions from:
Net investment income		(1.00	)		(1.93	)		(1.78	)
Total distributions		(1.00	)		(1.93	)		(1.78	)
Total increase (decrease) in net asset value		1.19			2.39			.75
Net asset value, ending	$	28.27		$	27.08		$	24.69
Total return*		8.20	%		18.14	%		12.07	%
Ratios to average net assets: A
Net investment income		7.13	% (a)		7.68	%		7.70	%
Total expenses		.96	% (a)		.97	%		1.22	%
Expenses before offsets		.96	% (a)		.97	%		1.22	%
Net expenses		.96	% (a)		.97	%		1.22	%
Portfolio turnover		158	%		233	%		156	%
Net assets, ending (in thousands)	$	37,630		$	36,418		$	34,663
					Years ended
		SEPTEMBER 30,			SEPTEMBER 30,			SEPTEMBER 30,
class I shares		2008	(z)		2007			2006
Net asset value, beginning	$	28.43		$	28.75		$	28.69
Income from investment operations:
Net investment income		1.85			1.81			1.94
Net realized and unrealized gain (loss)		(4.44	)		(.30	)		.13
Total from investment operations		(2.59	)		1.51			2.07
Distributions from:
Net investment income		(1.90	)		(1.83	)		(2.01	)
Total distributions		(1.90	)		(1.83	)		(2.01	)
Total increase (decrease) in net asset value		(4.49	)		(.32	)		.06
Net asset value, ending	$	23.94		$	28.43		$	28.75
Total return*		(9.63	%)		5.40	%		7.52	%
Ratios to average net assets: A
Net investment income		6.90	%		6.68	%		7.17	%
Total expenses		1.24	%		1.25	%		1.17	%
Expenses before offsets		1.24	%		1.25	%		1.17	%
Net expenses		1.24	%		1.25	%		1.17	%
Portfolio turnover		67	%		97	%		100	%
Net assets, ending (in thousands)	$	19,919		$	24,300		$	19,942

See notes to financial highlights.

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A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
(a)	Annualized.
(z)	Per share figures are calculated using the Average Share Method.
*	Total return is not annualized for periods less than one year and does not reflect deduction of any front-end or deferred sales charge.
^	From February 1, 2007, inception.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

The Schedule of Investments is a snapshot of all securities held in the fund at their market value, on the last day of the reporting period. Securities are listed by asset type (e.g., common stock, corporate bonds, U.S. government obligations) and may be further broken down into sub-groups and by industry classification.

STATEMENT OF ASSETS AND LIABILITIES

The Statement of Assets and Liabilities is often referred to as the fund’s balance sheet. It lists the value of what the fund owns, is due and owes on the last day of the reporting period. The fund’s assets include the market value of securities owned, cash, receivables for securities sold and shareholder subscriptions, and receivables for dividends and interest payments that have been earned, but not yet received. The fund’s liabilities include payables for securities purchased and shareholder redemptions, and expenses owed but not yet paid. The statement also reports the fund’s net asset value (NAV) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. This statement is accompanied by a Schedule of Investments. Alternatively, if certain conditions are met, a Statement of Net Assets may be presented in lieu of this statement and the Schedule of Investments.

STATEMENT OF NET ASSETS

The Statement of Net Assets provides a detailed list of the fund’s holdings, including each security’s market value on the last day of the reporting period. The Statement of Net Assets includes a Schedule of Investments. Other assets are added and other liabilities subtracted from the investments total to calculate the fund’s net assets. Finally, net assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) per share.

At the end of the Statement of Net Assets is a table displaying the composition of the fund’s net assets. Paid in Capital is the money invested by shareholders and represents the bulk of net assets. Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the amounts the fund had available to distribute to shareholders as of the statement date. Accumulated Realized Losses will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.

STATEMENT OF OPERATIONS

The Statement of Operations summarizes the fund’s investment income earned and expenses incurred in operating the fund. Investment income includes dividends earned from stocks and interest earned from interest-bearing securities in the fund. Expenses incurred in operating the fund include the advisory fee paid to the investment advisor,

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administrative services fees, distribution plan expenses (if applicable), transfer agent fees, shareholder servicing expenses, custodial, legal, and audit fees, and the printing and postage expenses related to shareholder reports. Expense offsets (fees paid indirectly) are also shown. Credits earned from offset arrangements are used to reduce the fund’s expenses. This statement also shows net gains (losses) realized on the sale of investments and the increase or decrease in the unrealized appreciation (depreciation) on investments held during the period.

STATEMENT OF CHANGES IN NET ASSETS

The Statement of Changes in Net Assets shows how the fund’s total net assets changed during the two most recent reporting periods. Changes in the fund’s net assets are attributable to investment operations, distributions and capital share transactions.

The Operations section of the report summarizes information detailed in the Statement of Operations. The Distribution section shows the dividend and capital gain distributions made to shareholders. The amounts shown as distributions in this section may not match the net investment income and realized gains amounts shown in the Operations section because distributions are determined on a tax basis and certain investments or transactions may be treated differently for financial statement and tax purposes. The Capital Share Transactions section shows the amount shareholders invested in the fund, either by purchasing shares or by reinvesting distributions, and the amounts redeemed. The corresponding numbers of shares issued, reinvested and redeemed are shown at the end of the report.

FINANCIAL HIGHLIGHTS

The Financial Highlights table provides a per-share breakdown per class of the components that affect the fund’s net asset value for current and past reporting periods. The table provides total return, total distributions, expense ratios, portfolio turnover and net assets for the applicable period. Total return is a measure of a fund’s performance that encompasses all elements of return: dividends, capital gain distributions and changes in net asset value. Total return is the change in value of an investment over a given period, assuming reinvestment of any dividends and capital gain distributions, expressed as a percentage of the initial investment. Total distributions include distributions from net investment income and net realized gains. Long-term gains are earned on securities held in the fund more than one year. Short-term gains, on the sale of securities held less than one year, are treated as ordinary dividend income for tax purposes. The expense ratio is a fund’s cost of doing business, expressed as a percentage of net assets. These expenses directly reduce returns to shareholders. Portfolio turnover measures the trading activity in a fund’s investment portfolio – how often securities are bought and sold by a fund. Portfolio turnover is affected by market conditions, changes in the size of the fund, the nature of the fund’s investments and the investment style of the portfolio manager.

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 32

PROXY VOTING

The Proxy Voting Guidelines of the Calvert Funds that the Fund uses to determine how to vote proxies relating to portfolio securities are provided as an Appendix to the Fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Fund at 1-800-368-2745, by visiting the Calvert website at www.calvert.com; or by visiting the SEC’s website at www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at www.calvert.com and on the SEC’s website at www.sec.gov.

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACT

At a meeting held on December 8, 2010, the Board of Trustees, and by a separate vote, the disinterested Trustees, approved the continuance of the Investment Advisory Agreement between The Calvert Fund and the Advisor with respect to the Fund.

In evaluating the Investment Advisory Agreement, the Board considered a variety of information relating to the Fund and the Advisor. The disinterested Trustees reviewed a report prepared by the Advisor regarding various services provided to the Fund by the Advisor and its affiliates. Such report included, among other data, information regarding the Advisor’s personnel and the Advisor’s revenue and cost of providing services to the Fund, and a separate report prepared by an independent third party, which provided a statistical analysis comparing the Fund’s investment performance, expenses, and fees to comparable mutual funds.

The disinterested Trustees were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement. Prior to voting, the disinterested Trustees reviewed the proposed continuance of the Investment Advisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In the course of its deliberations regarding the Investment Advisory Agreement, the Board considered the following factors, among others: the nature, extent and quality of the services provided by the Advisor, including the personnel providing such services;

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 33

the Advisor’s financial condition; the level and method of computing the Fund’s advisory fee; comparative performance, fee and expense information for the Fund; the profitability of the Calvert Group of Funds to the Advisor and its affiliates; the direct and indirect benefits, if any, derived by the Advisor and its affiliates from their relationship with the Fund; the effect of the Fund’s growth and size on the Fund’s performance and expenses; the affiliated distributor’s process for monitoring sales load breakpoints; the Advisor’s compliance programs and policies; the Advisor’s performance of substantially similar duties for other funds; and any possible conflicts of interest.

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s investment, supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with management through Board of Trustees’ meetings, discussions and other reports. The Board considered the Advisor’s management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Fund, were also considered. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Advisor under the Investment Advisory Agreement.

In considering the Fund’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Fund’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer group by an independent third party in its report. This comparison indicated that the Fund performed below the median of its peer group for the one-year period ended June 30, 2010, and at the median of its peer group for the three-year period ended June 30, 2010. The data also indicated that the Fund underperformed its Lipper index for the one-year period ended June 30, 2010 and outperformed its Lipper index for the three-year period ended June 30, 2010. Based upon its review, the Board concluded that the Fund’s performance was satisfactory.

In considering the Fund’s fees and expenses, the Board compared the Fund’s fees and total expense ratio with various comparative data for the funds in its peer group. Among other findings, the data indicated that the Fund’s advisory fee (after taking into account waivers and/or reimbursements) was below the median of its peer group and that total expenses (net of waivers and/or reimbursements) were above the median of its peer group. The Board noted that the allocation of advisory and administrative fees may vary among the Fund’s peer group. The Board took into account the Advisor’s current undertaking to maintain expense limitations for the Fund’s shares. The Board

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 34

also noted management’s discussion of the Fund’s expenses and certain factors that affected the level of such expenses. Based upon its review, the Board concluded that the advisory fee was reasonable in view of the quality of services provided by the Advisor.

The Board reviewed the Advisor’s profitability on a fund-by-fund basis. In reviewing the overall profitability of the advisory fee to the Fund’s Advisor, the Board also considered the fact that affiliates of the Advisor provided shareholder servicing and administrative services to the Fund for which they received compensation. The information considered by the Board included Calvert’s operating profit margin information both before and after tax expenses with respect to the services that the Advisor and its affiliates provided to the Calvert Group of Funds complex. The Board reviewed the profitability of the Advisor’s relationship with the Fund in terms of the total amount of annual advisory fees it received with respect to the Fund and whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Fund. The Board noted that the Advisor had reimbursed expenses of the Fund for some classes. The Board also noted the Advisor’s current undertaking to maintain expense limitations for the Fund’s shares. The Trustees also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Fund. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Fund was reasonable.

The Board considered the effect of the Fund’s current size and its potential growth on its performance and expenses. The Board concluded that adding breakpoints to the advisory fee at specified asset levels would not be appropriate at this time given the Fund’s current size. The Board noted that if the Fund’s assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

In reapproving the Investment Advisory Agreement, the Board, including the disinterested Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weight to various factors.

CONCLUSIONS

The Board reached the following conclusions regarding the Investment Advisory Agreement, among others: (a) the Advisor has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Advisor maintains appropriate compliance programs; (c) performance of the Fund is satisfactory relative to the performance of funds with similar investment objectives and to relevant indices; (d) the Advisor is likely to execute its investment strategies consistently over time; and (e) the Fund’s advisory fee is reasonable relative to those of similar funds and to the services to be provided by the Advisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement would be in the best interests of the Fund and its shareholders.

www.calvert.com CALVERT HIGH YIELD BOND FUND SEMI-ANNUAL REPORT (UNAUDITED) 35

To Open an Account

800-368-2748

Yields and Prices

Calvert Information Network
(24 hours, 7 days a week)
800-368-2745

Service for Existing Account

Shareholders: 800-368-2745
Brokers: 800-368-2746

TDD for Hearing Impaired

800-541-1524

Branch Office

4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

Registered, Certified or Overnight Mail

Calvert Investments
c/o BFDS,
330 West 9th Street
Kansas City, MO 64105

Web Site

www.calvert.com

Principal Underwriter

Calvert Investment Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

CALVERT	CALVERT’S	Equity Funds
HIGH YIELD	FAMILY OF FUNDS	Enhanced Equity Portfolio
BOND FUND		Equity Portfolio
	Tax-Exempt Money	Large Cap Growth Fund
	Market Funds	Large Cap Value Fund
	CTFR Money Market Portfolio	Social Index Fund
		Capital Accumulation Fund
	Taxable Money Market	International Equity Fund
	Funds	Small Cap Fund
	First Government Money Market	Global Alternative Energy Fund
	Fund	Global Water Fund
	Money Market Portfolio	International Opportunities Fund
	Municipal Funds	Balanced and Asset
	Tax-Free Bond Fund	Allocation Funds
		Balanced Portfolio
	Taxable Bond Funds	Conservative Allocation Fund
	Bond Portfolio	Moderate Allocation Fund
	Income Fund	Aggressive Allocation Fund
	Short Duration Income Fund
	Long-Term Income Fund
	Ultra-Short Income Fund
	Government Fund
	High-Yield Bond Fund

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Calvert Funds. This and other important information is contained in the fund’s summary prospectus and prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call Calvert at 800/368-2745 or visit www. calvert.com.

INFORMATION REGARDING CALVERT OPERATING COMPANY

NAME CHANGES

Effective on April 30, 2011, the following Calvert operating companies will be renamed as indicated:

Current Company Name	Company Name on 4/30/11	Company Description
Calvert Group, Ltd.	Calvert Investments, Inc.	Corporate parent of each
		operating company listed
		below
Calvert Asset Management	Calvert Investment	Investment advisor to the
Company, Inc.	Management, Inc.	Calvert Funds
Calvert Distributors, Inc.	Calvert Investment Distributors,	Principal underwriter
	Inc.	and distributor for the
		Calvert Funds
Calvert Administrative	Calvert Investment	Administrative services
Services Company	Administrative Services, Inc.	provider for the Calvert
		Funds
Calvert Shareholder	Calvert Investment Services,	Shareholder servicing
Services, Inc.	Inc.	provider for the Calvert
		Funds

Choose Planet-friendly E-delivery!

Sign up now for on-line statements, prospectuses, and fund reports. In less than five minutes you can help reduce paper mail and lower fund costs.

Just go to www.calvert.com. If you already have an online account at Calvert, click on My Account, and select the documents you would like to receive via e-mail.

If you’re new to online account access, click on Login/Register to open an online account. Once you’re in, click on the E-delivery sign-up at the bottom of the Account Portfolio page and follow the quick, easy steps. Note: if your shares are not held directly at Calvert but through a brokerage firm, you must contact your broker for electronic delivery options available through their firm.

Dear Shareholder:

     The financial markets ended the six-month period on a high note. The Federal Reserve’s announcement in the fall of 2010 of a second round of quantitative easing (QE2) and the extension in December of the Bush-era tax cuts for all income levels helped buoy the markets and pushed Treasury yields higher. The resulting increase in U.S. consumer spending and confidence helped drive a year-end rally.

This calm lasted until new storms arrived in the beginning of 2011. Civil and political unrest in the Middle East and North Africa sent the price of crude soaring and heightened energy security concerns in many countries around the world. In March, the tragic earthquake and tsunami struck Japan. Our sympathies go out to the people of Japan who lost loved ones in this disaster. The earthquake—and its impact on the country’s nuclear reactors—roiled global financial markets. The cumulative effect of these events sparked a brief sell-off in corporate bonds as investors moved into the relative safety of U.S. Treasuries.

Fixed-Income Markets Continue to be Volatile

Investment-grade corporate bonds edged down slightly for the reporting period, with the Barclays Capital U.S. Credit Index returning -0.98%, while high-yield bonds, as measured by the BofA Merrill Lynch U.S. High Yield Master II Index, returned 7.09%. Money-market returns remained flat, reflecting the Fed’s efforts to keep its target interest rate very low.

Corporate bonds continued to benefit from generally strong corporate earnings and lower default expectations during the fourth quarter of 2010. This trend continued during the first quarter of 2011 as investors became more comfortable moving into riskier asset classes to chase yield. However, most fixed-income sectors experienced significant volatility as investors reacted to the turmoil in the Middle East and the ensuing climb in oil prices as well as the disaster in Japan—which prompted some investors to move back into the relative safety of Treasuries as noted above.

Municipal bond returns suffered greatly in the final months of 2010 due to heavy municipal debt issuance, record municipal bond fund redemptions by retail investors, and fear of massive municipal debt defaults, which appears to be unfounded. Fortunately, prices steadied after the turn of the year due to slowing investor outflows and minimal new debt issuance.

Opportunities and Challenges Ahead

Overall, we are optimistic and expect a slow, gradual economic recovery to continue, which we believe should help sustain a corporate bond rally through the remainder of 2011. A low core inflation rate (which excludes food and energy prices) will likely facilitate economic growth, while continued debt reduction, lingering high unemploy-

www.calvert.com CALVERT SHORT-TERM GOVERNMENT FUND SEMI-ANNUAL REPORT (UNAUDITED) 4

ment, and a struggling housing market will limit gains. Energy prices will remain a challenge until we see more resolution of the events in the Middle East and North Africa. Of course, more geopolitical crises, rising commodity prices, and inflation spikes could certainly dampen the markets.

In short, we believe the markets, the global economy, and your Calvert funds can successfully navigate through any temporary setbacks.

Discuss Your Portfolio Allocations with Your Advisor

Given the market shifts we have experienced, your overall portfolio asset allocation and investment strategy may no longer match your needs. Therefore, we recommend reviewing these with your financial advisor to ensure that your target mix of U.S. and international stocks, bonds, and cash is well-diversified and appropriate given your financial goals, time horizon, and risk tolerance.

We encourage you to visit our website, www.calvert.com, for fund information and updates as well as market and economic commentary from Calvert professionals.

As noted elsewhere in this report, the Calvert operating companies that provide services to the funds will change their names effective April 30, 2011. As part of the changes, Calvert Group, Ltd. will be known as Calvert Investments, Inc., and the funds’ advisor, Calvert Asset Management Company, Inc., will be known as Calvert Investment Management, Inc.

As always, we appreciate your investing with Calvert.

Barbara J. Krumsiek

President and CEO

Calvert Investments, Inc.

April 2011

www.calvert.com CALVERT SHORT-TERM GOVERNMENT FUND SEMI-ANNUAL REPORT (UNAUDITED) 5

ECONOMIC SECTORS
MARCH 31, 2011
	% OF TOTAL
	INVESTMENTS
Financials	39.9	%
Government	48.3	%
Mortgage Securities	11.8	%
Total	100	%

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SHAREHOLDER EXPENSE EXAMPLE

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) and redemption fees and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2010 to March 31, 2011).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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		BEGINNING		ENDING ACCOUNT		EXPENSES PAID
		ACCOUNT VALUE		VALUE		DURING PERIOD*
		10/1/10		3/31/11		10/1/10 - 3/31/11
class A
Actual	$	1,000.00	$	1,000.10	$	4.89
Hypothetical	$	1,000.00	$	1,020.04	$	4.94
(5% return per year before expenses)
class I
Actual	$	1,000.00	$	1,001.10	$	3.64
Hypothetical	$	1,000.00	$	1,021.29	$	3.68
(5% return per year before expenses)

* Expenses are equal to the Fund’s annualized expense ratio of 0.98% and 0.73% for Class A and Class I, respectively, mult iplied by the average account value over the period, mutliplied by 182/365 (to reflect the one-half year period).

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SCHEDULE OF INVESTMENTS
MARCH 31, 2011
		PRINCIPAL
FDIC GUARANTEED CORPORATE BONDS - 36.9%		AMOUNT		VALUE
Ally Financial, Inc., 0.309%, 12/19/12 (r)	$	1,000,000	$	1,000,358
Bank of America Corp., 0.588%, 4/30/12 (r)		1,000,000		1,004,078
Citibank:
0.303%, 7/12/11 (r)		300,000		299,959
0.341%, 5/7/12 (r)		200,000		200,178
Citigroup Funding, Inc., 0.634%, 4/30/12 (r)		1,000,000		1,004,398
Goldman Sachs Group, Inc., 0.562%, 11/9/11 (r)		1,000,000		1,001,962
JPMorgan Chase & Co.:
0.433%, 4/1/11 (r)		300,000		300,000
0.54%, 6/15/12 (r)		1,000,000		1,003,564
MetLife, Inc., 0.628%, 6/29/12 (r)		800,000		802,707
Morgan Stanley, 0.592%, 2/10/12 (r)		1,000,000		1,002,510
PNC Funding Corp., 0.503%, 4/1/12 (r)		500,000		501,383
State Street Bank and Trust Co., 0.51%, 9/15/11 (r)		600,000		600,641
Wells Fargo & Co., 0.53%, 6/15/12 (r)		810,000		812,463
Total FDIC Guaranteed Corporate Bonds
(Cost $9,510,052)				9,534,201
U.S. GOVERNMENT AGENCIES
AND INSTRUMENTALITIES - 43.4%
COP I LLC:
3.613%, 12/5/21		183,527		189,413
3.65%, 12/5/21		273,325		271,689
Fannie Mae, 0.75%, 2/26/13		400,000		399,476
Freddie Mac:
1.125%, 7/27/12		700,000		705,577
0.875%, 10/28/13		1,000,000		992,013
5.25%, 4/18/16		200,000		226,465
Overseas Private Investment Corp., 0.22%, 8/15/17 (b)(r)		500,000		500,000
Premier Aircraft Leasing EXIM 1 Ltd.:
3.576%, 2/6/22		837,850		835,462
3.547%, 4/10/22		188,893		188,115
Private Export Funding Corp.:
4.90%, 12/15/11		2,970,000		3,052,484
3.05%, 10/15/14		1,000,000		1,036,157
4.55%, 5/15/15		1,102,000		1,194,584
Tennessee Valley Authority, 4.375%, 6/15/15		1,000,000		1,090,383
Vessel Management Services, Inc., 5.85%, 5/1/27		472,000		518,062
Total U.S. Government Agencies and Instrumentalities
(Cost $11,045,297)				11,199,880

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U.S. GOVERNMENT AGENCY				PRINCIPAL
MORTGAGE-BACKED SECURITIES - 10.9%				AMOUNT		VALUE
Fannie Mae:
5.50%, 5/1/12			$	20,142	$	20,499
7.00%, 12/1/29				263,221		299,645
5.50%, 11/25/31				331,067		346,181
2.527%, 8/1/32 (r)				86,589		88,900
Freddie Mac:
4.00%, 10/15/16				251,452		254,433
5.00%, 5/1/18				115,913		124,053
5.00%, 11/15/28				326,050		332,389
0.605%, 11/15/32 (r)				250,863		249,706
0.655%, 10/15/34 (r)				223,224		222,392
0.505%, 7/15/35 (r)				873,977		871,825
Total U.S. Government Agency Mortgage-Backed
Securities (Cost $2,750,599)						2,810,023
U.S. TREASURY - 1.3%
United States Treasury Bonds, 4.75%, 2/15/41				95,000		98,741
United States Treasury Notes, 3.625%, 2/15/21				235,000		238,378
Total U.S. Treasury (Cost $332,625)						337,119
TOTAL INVESTMENTS (Cost $23,638,573) - 92.5%						23,881,223
Other assets and liabilities, net - 7.5%						1,947,959
NET ASSETS - 100%					$	25,829,182
				UNDERLYING		UNREALIZED
	# OF	EXPIRATION		FACEAMOUNT		APPRECIATION
FUTURES	CONTRACTS	DATE		AT VALUE		(DEPRECIATION)
Purchased:
10 Year U.S. Treasury Notes	17	6/11	$	2,023,531		$    3,434
30 Year U.S. Treasury Bonds	6	6/11		721,125		2,993
Total Purchased						$    6,427
Sold:
2 Year U.S. Treasury Notes	70	6/11	$	15,268,750		($    5,930	)

(b)	This security was valued by the Board of Trustees. See Note A.
(r)	The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

Abbreviations:
LLC: Limited Liability Corporation

See notes to financial statements.

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STATEMENT OF ASSETS AND LIABILITIES
 MARCH 31, 2011

ASSETS
Investments in securities, at value (Cost $23,638,573)
see accompanying schedule	$	23,881,223
Cash		1,755,078
Receivable for securities sold		525,060
Receivable for shares sold		37,390
Interest and dividends receivable		133,132
Other assets		51,806
Total assets		26,383,689
LIABILITIES
Payable for securities purchased		519,634
Payable for shares redeemed		2,591
Payable for futures variation margin		5,969
Payable to Calvert Asset Management Company, Inc.		12,300
Payable to Calvert Administrative Services Company		2,196
Payable to Calvert Shareholder Services, Inc.		120
Payable to Calvert Distributors, Inc.		576
Accrued expenses and other liabilities		11,121
Total liabilities		554,507
NET ASSETS	$	25,829,182
NET ASSETS CONSIST OF:
Paid-in capital applicable to the following shares of beneficial interest,
unlimited number of no par value shares authorized:
Class A: 51,847 shares outstanding	$	2,801,468
Class I: 440,650 shares outstanding		22,562,105
Undistributed net investment income		462
Accumulated net realized gain (loss) on investments		222,000
Net unrealized appreciation (depreciation) on investments		243,147
NET ASSETS	$	25,829,182
NET ASSET VALUE PER SHARE
Class A (based on net assets of $2,723,982)	$	52.54
Class I (based on net assets of $23,105,200)	$	52.43

See notes to financial statements.

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STATEMENT OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 2011
NET INVESTMENT INCOME
Investment Income:
Interest income	$	227,271
Total investment income		227,271
Expenses:
Investment advisory fee		62,649
Transfer agency fees and expenses		14,283
Administrative fees		13,922
Distribution Plan expenses:
Class A		3,531
Trustees’ fees and expenses		201
Registration fees		12,686
Custodian fees		10,267
Reports to shareholders		8,017
Professional fees		21,722
Accounting fees		2,211
Miscellaneous		4,453
Total expenses		153,942
Reimbursement from Advisor:
Class A		(20,834	)
Class I		(27,760	)
Fees paid indirectly		(186	)
Net Expenses		105,162
NET INVESTMENT INCOME		122,109
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments		325,271
Futures		16,488
		341,759
Change in unrealized appreciation (depreciation) on:
Investments		(451,561	)
Futures		6,203
		(445,358	)
NET REALIZED AND UNREALIZED GAIN
(LOSS)		(103,599	)
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	18,510

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

		SIX MONTHS ENDED			YEAR ENDED
		MARCH 31,			SEPTEMBER 30,
INCREASE (DECREASE) IN NET ASSETS		2011			2010
Operations:
Net investment income	$	122,109		$	443,370
Net realized gain (loss)		341,759			132,550
Change in unrealized appreciation (depreciation)		(445,358	)		334,945
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS		18,510			910,865
Distributions to shareholders from:
Net investment income:
Class A shares		(11,142	)		(49,422	)
Class I shares		(128,058	)		(431,181	)
Net realized gain:
Class A shares		(27,945	)		(101,674	)
Class I shares		(255,206	)		(576,505	)
Total distributions		(422,351	)		(1,158,782	)
Capital share transactions:
Shares sold:
Class A shares		703,349			4,161,608
Class I shares		2,090,433			5,362,221
Reinvestment of distributions:
Class A shares		34,289			142,681
Class I shares		383,264			1,007,686
Redemption fees:
Class A shares		543			50
Shares redeemed:
Class A shares		(1,784,650	)		(4,627,450	)
Class I shares		(6,752,911	)		(10,921,734	)
Total capital share transactions		(5,325,683	)		(4,874,938	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(5,729,524	)		(5,122,855	)
NET ASSETS
Beginning of period		31,558,706			36,681,561
End of period (including undistributed net investment
income of $462 and $17,553, respectively)	$	25,829,182		$	31,558,706

See notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

	SIX MONTHS ENDED		YEAR ENDED
	MARCH 31,		SEPTEMBER 30,
CAPITAL SHARE ACTIVITY	2011		2010
Shares sold:
Class A shares	13,341		78,639
Class I shares	39,722		101,804
Reinvestment of distributions:
Class A shares	652		2,713
Class I shares	7,297		19,194
Shares redeemed:
Class A shares	(33,698	)	(88,301	)
Class I shares	(128,288	)	(207,795	)
Total capital share activity	(100,974	)	(93,746	)

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

NOTE A –– SIGNIFICANT ACCOUNTING POLICIES

General: The Calvert Short-Term Government Fund (the “Fund”), a series of The Calvert Fund, is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The operations of each series are accounted for separately. Prior to September 18, 2009, the Fund was a series of Summit Mutual Funds, Inc. The Fund currently offers two classes of shares of capital stock. Class A shares are sold with a maximum front-end sales charge of 2.75%. Class I shares require a minimum account balance of $1,000,000. The $1 million minimum initial investment may be waived for certain institutional accounts, where it is believed to be in the best interest of the Fund and its shareholders. Class I shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Each class has different: (a) dividend rates due to differences in Distribution Plan expenses and other class specific expenses, (b) exchange privileges and (c) class specific voting rights.

Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Trustees to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Trustees. In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

At March 31, 2011, securities valued at $500,000 or 1.9% of net assets were fair valued in good faith under the direction of the Board of Trustees.

The Fund utilizes various methods to measure the fair value of its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below: Level 1 – quoted prices in active markets for identical securities Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. Valuation techniques used to value the Fund’s investments by major category are as follows.

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Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds and U.S. government and government agency obligations, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. For U.S. government agency mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2011:

		VALUATION INPUTS
InvesTmenTs In securITIes		level 1		level 2		level 3			ToTal
Corporate debt		-	$	9,534,201		-		$	9,534,201
U.S. government obligations		-		13,847,022	$	500,000			14,347,022
TOTAL		-	$	23,381,223	$	500,000	**	$	23,881,223
Other financial instruments*	$	497		-		-		$	497

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument.

** Level 3 securities represent 1.9% of net assets.

Repurchase Agreements: The Fund may enter into repurchase agreements with recognized financial institutions or registered broker/dealers and, in all instances, holds underlying securities with a value exceeding the total repurchase price, including accrued interest. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its value and a possible loss of income or value if the counterparty fails to perform in accordance with the terms of the agreement.

Futures Contracts: The Fund may purchase and sell futures contracts, but only when, in the judgment of the Advisor, such a position acts as a hedge. The Fund may not enter into futures contracts for the purpose of speculation or leverage. These futures contracts may include, but are not limited to, futures contracts based on U.S. Government obligations. The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may use futures contracts to hedge against changes in the value of interest rates. The Fund may enter into futures contracts agreeing to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract.

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While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund. During the period, the Fund used U.S. Treasury futures contracts to hedge against interest rate changes and to manage overall duration of the Fund.

Security Transactions and Net Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Expenses arising in connection with a class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets.

Distributions to Shareholders: Distributions to shareholders are recorded by the Fund on ex-dividend date. Dividends from net investment income are paid monthly. Distributions from net realized capital gains, if any, are paid at least annually. Distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.

Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.

Redemption Fees: The Fund charges a 2% redemption fee on redemptions, including exchanges, made within 30 days of purchase in the same Fund (within seven days

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for Class I shares). The redemption fee is paid to the Class of the Fund from which the redemption is made, and is accounted for as an addition to paid-in capital. The fee is intended to discourage market-timers by ensuring that short-term trading costs are borne by the investors making the transactions and not the shareholders already in the Fund.

Expense Offset Arrangements: The Fund has an arrangement with its custodian bank whereby the custodian’s fees may be paid indirectly by credits earned on the Fund’s cash on deposit with the bank. These credits are used to reduce the Fund’s expenses. Such a deposit arrangement may be an alternative to overnight investments.

Federal Income Taxes: No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

NOTE B — RELATED PARTY TRANSACTIONS

Calvert Asset Management Company, Inc. (the “Advisor”) is wholly-owned by Calvert Group, Ltd. (“Calvert”), which is indirectly wholly-owned by UNIFI Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Trustees of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, based on annual rates of .45% of average daily net assets.

The Advisor has contractually agreed to limit net annual fund operating expenses through January 31, 2012. The contractual expense cap is .98% for Class A, and .73% for Class I. For the purposes of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes, and extraordinary expenses. To the extent that any expense offset credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.

Calvert Administrative Services Company, an affiliate of the Advisor, provides administrative services to the Fund for an annual fee, payable monthly. Class A and Class I shares pay an annual rate of .10%.

Calvert Distributors, Inc., an affiliate of the Advisor, is the distributor and principal underwriter for the Fund. A Distribution Plan, adopted by Class A shares, allows the Fund to pay the Distributor for expenses and services associated with the distribution of shares. The expenses paid may not exceed .25% annually of the Fund’s average daily net assets of Class A. The amount actually paid by the Fund is an annualized fee, payable monthly of .25% of the Fund’s average daily net assets of Class A. Class I shares do not have Distribution Plan expenses.

The Distributor received $1,164 as its portion of the commissions charged on sales of the Fund’s Class A shares for the six months ended March 31, 2011.

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Calvert Shareholder Services, Inc. (“CSSI”), an affiliate of the Advisor, is the shareholder servicing agent for the Fund. For its services, CSSI received a fee of $686 for the six months ended March 31, 2011. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.

Each Trustee of the Fund who is not an employee of the Advisor or its affiliates receives an annual retainer of $45,000 plus up to $2,000 for each Board and Committee meeting attended. The Board chair and Committee chairs each receive an additional $5,000 annual retainer. Trustee’s fees are allocated to each funds served.

NOTE C — INVESTMENT ACTIVITY

During the period, the cost of purchases and proceeds from sales of investments, other than short-term and U.S. government securities, were $399,384 and $2,521,911, respectively. U.S. government security purchases and sales were $34,187,300 and $34,852,705, respectively.

The Fund intends to elect to defer net capital losses of $120,403 incurred from November 1, 2009 through September 30, 2010 and treat them as arising in the fiscal year ending September 30, 2011.

As of March 31, 2011, the tax basis components of unrealized appreciation/(depreciation) and the federal tax cost were as follows:

Unrealized appreciation	$	263,747
Unrealized (depreciation)		(21,097	)
Net unrealized appreciation/(depreciation)	$	242,650
Federal income tax cost of investments	$	23,638,573

The Fund may sell or purchase securities to and from other Funds managed by the Advisor, typically short-term variable demand notes. Interportfolio transactions are primarily used for cash management purposes. Interportfolio transactions are made pursuant to Rule 17a-7 of the Investment Company Act of 1940. For the six months ended March 31, 2011, there were no such transactions.

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NOTE D — LINE OF CREDIT

A financing agreement is in place with all Calvert Group Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate, (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Fund had no loans outstanding pursuant to this line of credit at March 31, 2011. For the six months ended March 31, 2011, borrowings by the Fund under the Agreement were as follows:

	WEIGHTED		MONTH OF
AVERAGE	AVERAGE	MAXIMUM	MAXIMUM
DAILY	INTEREST	AMOUNT	AMOUNT
BALANCE	RATE	BORROWED	BORROWED
$14,377	1.51%	$334,921	January 2011

NOTE E – SUBSEQUENT EVENTS

In preparing the financial statements as of March 31, 2011, no subsequent events or transactions occurred that would have materially impacted the financial statements as presented.

Effective April 30, 2011, the Calvert operating companies will be renamed as follows: Calvert Group, Ltd. will be renamed Calvert Investments, Inc., Calvert Asset Management Company, Inc. will be renamed Calvert Investment Management, Inc., Calvert Distributors, Inc., will be renamed Calvert Investment Distributors, Inc., Calvert Administrative Services Company will be renamed Calvert Investment Administrative Services, Inc., and Calvert Shareholder Services, Inc. will be renamed Calvert Investment Services, Inc.

NOTE F – OTHER

On December 8, 2010, the Board of Trustees approved a resolution to reorganize the Calvert Short-Term Government Fund into the Calvert Government Fund. Shareholders of the Calvert Short-Term Government Fund approved the resolution to reorganize and the reorganization took place at the close of business on April 29, 2011.

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FINANCIAL HIGHLIGHTS
					Periods ended
		MARCH 31,			SEPTEMBER 30,			SEPTEMBER 30,
class A shares		2011			2010			2009	(z)
Net asset value, beginning	$	53.27		$	53.53		$	51.87
Income from investment operations:
Net investment income		.19			.65			.60
Net realized and unrealized gain (loss)		(.19	)		.83			1.99
Total from investment operations		—			1.48			2.59
Distributions from:
Net investment income		(.21	)		(.71	)		(.93	)
Net realized gains		(.52	)		(1.03	)		—
Total distributions		(.73	)		(1.74	)		(.93	)
Total increase (decrease) in net asset value		(.73	)		(.26	)		1.66
Net asset value, ending	$	52.54		$	53.27		$	53.53
Total return*		.01	%		2.84	%		5.03	%
Ratios to average net assets: A
Net investment income		.66	% (a)		1.19	%		1.27	%
Total expenses		2.46	% (a)		2.10	%		2.54	%
Expenses before offsets		.98	% (a)		.98	%		.98	%
Net expenses		.98	% (a)		.98	%		.98	%
Portfolio turnover		134	%		208	%		197	%
Net assets, ending (in thousands)	$	2,724		$	3,811		$	4,202
					Periods ended
					SEPTEMBER 30,			SEPTEMBER 30,
class a shares					2008	(z)		2007	#
Net asset value, beginning				$	51.65		$	50.99
Income from investment operations:
Net investment income					1.74			1.37
Net realized and unrealized gain (loss)					.28			.43
Total from investment operations					2.02			1.80
Distributions from:
Net investment income					(1.80	)		(1.14	)
Total distributions					(1.80	)		(1.14	)
Total increase (decrease) in net asset value					0.22			0.66
Net asset value, ending				$	51.87		$	51.65
Total return*					3.97	%		3.57	%
Ratios to average net assets: A
Net investment income					3.36	%		4.73	% (a)
Total expenses					1.18	%		1.25	% (a)
Expenses before offsets					.98	%		.98	% (a)
Net expenses					.98	%		.98	% (a)
Portfolio turnover					38	%		32	%
Net assets, ending (in thousands)				$	301		$	10

See notes to financial highlights.

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FINANCIAL HIGHLIGHTS
					Periods ended
		MARCH 31,			SEPTEMBER 30,			SEPTEMBER 30,
class I shares		2011			2010			2009	(z)
Net asset value, beginning	$	53.16		$	53.40		$	51.72
Income from investment operations:
Net investment income		.24			.75			.81
Net realized and unrealized gain (loss)		(.18	)		.85			1.88
Total from investment operations		.06			1.60			2.69
Distributions from:
Net investment income		(.27	)		(.81	)		(1.01	)
Net realized gain		(.52	)		(1.03	)		—
Total distributions		(.79	)		(1.84	)		(1.01	)
Total increase (decrease) in net asset value		(.73	)		(.24	)		1.68
Net asset value, ending	$	52.43		$	53.16		$	53.40
Total return*		.13	%		3.09	%		5.25	%
Ratios to average net assets: A
Net investment income		.90	% (a)		1.42	%		1.52	%
Total expenses		.95	% (a)		.82	%		.82	%
Expenses before offsets		.73	% (a)		.73	%		.73	%
Net expenses		.73	% (a)		.73	%		.73	%
Portfolio turnover		134	%		208	%		197	%
Net assets, ending (in thousands)	$	23,105		$	27,747		$	32,479
					Years ended
		SEPTEMBER 30,			SEPTEMBER 30,			SEPTEMBER 30,
class I shares		2008	(z)		2007			2006
Net asset value, beginning	$	51.50		$	51.10		$	51.05
Income from investment operations:
Net investment income		1.87			2.09			1.84
Net realized and unrealized gain (loss)		.27			.44			(.05	)
Total from investment operations		2.14			2.53			1.79
Distributions from:
Net investment income		(1.92	)		(2.13	)		(1.74	)
Total distributions		—			(2.13	)		(1.74	)
Total increase (decrease) in net asset value		(1.92	)		0.40			0.05
Net asset value, ending	$	51.72		$	51.50		$	51.10
Total return*		4.22	%		5.06	%		3.58	%
Ratios to average net assets: A
Net investment income		3.61	%		4.11	%		3.55	%
Total expenses		.93	%		.96	%		.84	%
Expenses before offsets		.73	%		.73	%		.73	%
Net expenses		.73	%		.73	%		.73	%
Portfolio turnover		38	%		32	%		42	%
Net assets, ending (in thousands)	$	34,737		$	27,270		$	28,013

See notes to financial highlights.

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A	Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
*	Total return is not annualized for periods less than one year and does not reflect deduction of any front-end or deferred sales charge.
#	From February 1, 2007 inception.
(a)	Annualized.
(z)	Per share figures are calculated using the Average Shares Method.

See notes to financial statements.

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EXPLANATION OF FINANCIAL TABLES

SCHEDULE OF INVESTMENTS

The Schedule of Investments is a snapshot of all securities held in the fund at their market value, on the last day of the reporting period. Securities are listed by asset type (e.g., common stock, corporate bonds, U.S. government obligations) and may be further broken down into sub-groups and by industry classification.

STATEMENT OF ASSETS AND LIABILITIES

The Statement of Assets and Liabilities is often referred to as the fund’s balance sheet. It lists the value of what the fund owns, is due and owes on the last day of the reporting period. The fund’s assets include the market value of securities owned, cash, receivables for securities sold and shareholder subscriptions, and receivables for dividends and interest payments that have been earned, but not yet received. The fund’s liabilities include payables for securities purchased and shareholder redemptions, and expenses owed but not yet paid. The statement also reports the fund’s net asset value (NAV) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. This statement is accompanied by a Schedule of Investments. Alternatively, if certain conditions are met, a Statement of Net Assets may be presented in lieu of this statement and the Schedule of Investments.

STATEMENT OF NET ASSETS

The Statement of Net Assets provides a detailed list of the fund’s holdings, including each security’s market value on the last day of the reporting period. The Statement of Net Assets includes a Schedule of Investments. Other assets are added and other liabilities subtracted from the investments total to calculate the fund’s net assets. Finally, net assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) per share.

At the end of the Statement of Net Assets is a table displaying the composition of the fund’s net assets. Paid in Capital is the money invested by shareholders and represents the bulk of net assets. Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the amounts the fund had available to distribute to shareholders as of the statement date. Accumulated Realized Losses will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.

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STATEMENT OF OPERATIONS

The Statement of Operations summarizes the fund’s investment income earned and expenses incurred in operating the fund. Investment income includes dividends earned from stocks and interest earned from interest-bearing securities in the fund. Expenses incurred in operating the fund include the advisory fee paid to the investment advisor, administrative services fees, distribution plan expenses (if applicable), transfer agent fees, shareholder servicing expenses, custodial, legal, and audit fees, and the printing and postage expenses related to shareholder reports. Expense offsets (fees paid indirectly) are also shown. Credits earned from offset arrangements are used to reduce the fund’s expenses. This statement also shows net gains (losses) realized on the sale of investments and the increase or decrease in the unrealized appreciation (depreciation) on investments held during the period.

STATEMENT OF CHANGES IN NET ASSETS

The Statement of Changes in Net Assets shows how the fund’s total net assets changed during the two most recent reporting periods. Changes in the fund’s net assets are attributable to investment operations, distributions and capital share transactions.

The Operations section of the report summarizes information detailed in the Statement of Operations. The Distribution section shows the dividend and capital gain distributions made to shareholders. The amounts shown as distributions in this section may not match the net investment income and realized gains amounts shown in the Operations section because distributions are determined on a tax basis and certain investments or transactions may be treated differently for financial statement and tax purposes. The Capital Share Transactions section shows the amount shareholders invested in the fund, either by purchasing shares or by reinvesting distributions, and the amounts redeemed. The corresponding numbers of shares issued, reinvested and redeemed are shown at the end of the report.

FINANCIAL HIGHLIGHTS

The Financial Highlights table provides a per-share breakdown per class of the components that affect the fund’s net asset value for current and past reporting periods. The table provides total return, total distributions, expense ratios, portfolio turnover and net assets for the applicable period. Total return is a measure of a fund’s performance that encompasses all elements of return: dividends, capital gain distributions and changes in net asset value. Total return is the change in value of an investment over a given period, assuming reinvestment of any dividends and capital gain distributions, expressed as a percentage of the initial investment. Total distributions include distributions from net investment income and net realized gains. Long-term gains are earned on securities held in the fund more than one year. Short-term gains, on the sale of securities held less than one year, are treated as ordinary dividend income for tax purposes. The expense ratio is a fund’s cost of doing business, expressed as a percentage of net assets. These expenses directly reduce returns to shareholders. Portfolio turnover measures the trading activity in a fund’s investment portfolio – how often securities are bought and sold by a fund. Portfolio turnover is affected by market conditions, changes in the size of the fund, the nature of the fund’s investments and the investment style of the portfolio manager.

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PROXY VOTING

The Proxy Voting Guidelines of the Calvert Funds that the Fund uses to determine how to vote proxies relating to portfolio securities are provided as an Appendix to the Fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Fund at 1-800-368-2745, by visiting the Calvert website at www.calvert.com; or by visiting the SEC’s website at www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available on the Fund’s website at www.calvert.com and on the SEC’s website at www.sec.gov.

AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

BASIS FOR BOARD’S APPROVAL OF INVESTMENT ADVISORY CONTRACT

At a meeting held on December 8, 2010, the Board of Trustees, and by a separate vote, the disinterested Trustees, approved the continuance of the Investment Advisory Agreement between The Calvert Fund and the Advisor with respect to the Fund.

In evaluating the Investment Advisory Agreement, the Board considered a variety of information relating to the Fund and the Advisor. The disinterested Trustees reviewed a report prepared by the Advisor regarding various services provided to the Fund by the Advisor and its affiliates. Such report included, among other data, information regarding the Advisor’s personnel and the Advisor’s revenue and cost of providing services to the Fund, and a separate report prepared by an independent third party, which provided a statistical analysis comparing the Fund’s investment performance, expenses, and fees to comparable mutual funds.

The disinterested Trustees were separately represented by independent legal counsel with respect to their consideration of the reapproval of the Investment Advisory Agreement. Prior to voting, the disinterested Trustees reviewed the proposed continuance of the Investment Advisory Agreement with management and also met in private sessions with their counsel at which no representatives of management were present.

In the course of its deliberations regarding the Investment Advisory Agreement, the Board considered the following factors, among others: the nature, extent and quality of the services provided by the Advisor, including the personnel providing such services; the Advisor’s financial condition; the level and method of computing the Fund’s advisory

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fee; comparative performance, fee and expense information for the Fund; the profitability of the Calvert Group of Funds to the Advisor and its affiliates; the direct and indirect benefits, if any, derived by the Advisor and its affiliates from their relationship with the Fund; the effect of the Fund’s growth and size on the Fund’s performance and expenses; the affiliated distributor’s process for monitoring sales load breakpoints; the Advisor’s compliance programs and policies; the Advisor’s performance of substantially similar duties for other funds; and any possible conflicts of interest.

In considering the nature, extent and quality of the services provided by the Advisor under the Investment Advisory Agreement, the Board reviewed information provided by the Advisor relating to its operations and personnel, including, among other information, biographical information on the Advisor’s investment, supervisory and professional staff and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Advisor as well as the Board’s familiarity with management through Board of Trustees’ meetings, discussions and other reports. The Board considered the Advisor’s management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Fund, were also considered. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Advisor under the Investment Advisory Agreement.

In considering the Fund’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund’s performance results, portfolio composition and investment strategies. In addition, the Board took into account overall financial market conditions. The Board also reviewed various comparative data provided to it in connection with its consideration of the renewal of the Investment Advisory Agreement, including, among other information, a comparison of the Fund’s total return with its Lipper index and with that of other mutual funds deemed to be in its peer group by an independent third party in its report. This comparison indicated that the Fund performed below the median of its peer group for the one- and three- year periods ended June 30, 2010. The data also indicated that the Fund underperformed its Lipper index for the one- and three-year periods ended June 30, 2010. The Board took into account management’s discussion of the Fund’s performance and its plans with respect to the Fund. Based upon its review, the Board concluded that appropriate action was being taken with respect to the Fund’s performance.

In considering the Fund’s fees and expenses, the Board compared the Fund’s fees and total expense ratio with various comparative data for the funds in its peer group. Among other findings, the data indicated that the Fund’s advisory fee (after taking into account waivers and/or reimbursements) was below the median of its peer group and that total expenses (net of waivers and/or reimbursements) were above the median of its peer group. The Board noted that the allocation of advisory and administrative fees may vary among the Fund’s peer group. The Board took into account the Advisor’s current undertaking to maintain expense limitations for the Fund’s shares. The Board also noted management’s discussion of the Fund’s expenses and certain factors that affected the level of such expenses. Based upon its review, the Board concluded that the advisory

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fee was reasonable in view of the quality of services provided by the Advisor.

The Board reviewed the Advisor’s profitability on a fund-by-fund basis. In reviewing the overall profitability of the advisory fee to the Fund’s Advisor, the Board also considered the fact that affiliates of the Advisor provided shareholder servicing and administrative services to the Fund for which they received compensation. The information considered by the Board included Calvert’s operating profit margin information both before and after tax expenses with respect to the services that the Advisor and its affiliates provided to the Calvert Group of Funds complex. The Board reviewed the profitability of the Advisor’s relationship with the Fund in terms of the total amount of annual advisory fees it received with respect to the Fund and whether the Advisor had the financial wherewithal to continue to provide a high level of services to the Fund. The Board noted that the Advisor had reimbursed expenses of the Fund. The Board also noted the Advisor’s current undertaking to maintain expense limitations for the Fund’s shares. The Trustees also considered that the Advisor derived benefits to its reputation and other indirect benefits from its relationship with the Fund. Based upon its review, the Board concluded that the Advisor’s and its affiliates’ level of profitability from their relationship with the Fund was reasonable.

The Board considered the effect of the Fund’s current size and its potential growth on its performance and expenses. The Board concluded that adding breakpoints to the advisory fee at specified asset levels would not be appropriate at this time given the Fund’s current size. The Board noted that if the Fund’s assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

In reapproving the Investment Advisory Agreement, the Board, including the disinterested Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weight to various factors.

CONCLUSIONS

The Board reached the following conclusions regarding the Investment Advisory Agreement, among others: (a) the Advisor has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement; (b) the Advisor maintains appropriate compliance programs; (c) appropriate action is being taken with respect to the performance of the Fund; (d) the Advisor is likely to execute its investment strategies consistently over time; and (e) the Fund’s advisory fee is reasonable relative to those of similar funds and to the services to be provided by the Advisor. Based on its conclusions, the Board determined that reapproval of the Investment Advisory Agreement would be in the best interests of the Fund and its shareholders.

www.calvert.com CALVERT SHORT-TERM GOVERNMENT FUND SEMI-ANNUAL REPORT (UNAUDITED) 28

To Open an Account

800-368-2748

Yields and Prices

Calvert Information Network
(24 hours, 7 days a week)
800-368-2745

Service for Existing Account

Shareholders: 800-368-2745
Brokers: 800-368-2746

TDD for Hearing Impaired

800-541-1524

Branch Office

4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

Registered, Certified or Overnight Mail

Calvert Investments
c/o BFDS,
330 West 9th Street
Kansas City, MO 64105

Web Site

www.calvert.com

Principal Underwriter

Calvert Investment Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814

CALVERT	CALVERT’S	Equity Funds
SHORT-TERM	FAMILY OF FUNDS	Enhanced Equity Portfolio
GOVERNMENT		Equity Portfolio
FUND	Tax-Exempt Money	Large Cap Growth Fund
	Market Funds	Large Cap Value Fund
	CTFR Money Market Portfolio	Social Index Fund
		Capital Accumulation Fund
	Taxable Money Market	International Equity Fund
	Funds	Small Cap Fund
	First Government Money Market	Global Alternative Energy Fund
	Fund	Global Water Fund
	Money Market Portfolio	International Opportunities Fund
	Municipal Funds	Balanced and Asset
	Tax-Free Bond Fund	Allocation Funds
		Balanced Portfolio
	Taxable Bond Funds	Conservative Allocation Fund
	Bond Portfolio	Moderate Allocation Fund
	Income Fund	Aggressive Allocation Fund
	Short Duration Income Fund
	Long-Term Income Fund
	Ultra-Short Income Fund
	Government Fund
	Short-Term Government Fund
	High-Yield Bond Fund

This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Calvert Funds. This and other important information is contained in the fund’s summary prospectus and prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call Calvert at 800/368-2745 or visit www. calvert.com.

Item 2.  Code of Ethics.

Not applicable.

Item 3.  Audit Committee Financial Expert. 

Not applicable.

Item 4.  Principal Accountant Fees and Services.

Not applicable.

Item 5.  Audit Committee of Listed Registrants.

Not applicable.

Item 6.  Schedule of Investments.

(a)        This Schedule is included as part of the report to shareholders filed under Item 1 of this Form.   

(b)        Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

No material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees since registrant last provided disclosure in response to this Item.

Item 11.  Controls and Procedures.

(a)        The principal executive and financial officers concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act, as of a date within 90 days of the filing date of this report.

(b)        There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12.  Exhibits.

(a)(1)   Not applicable.

(a)(2)  A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2). 

Attached hereto.

(a)(3)   Not applicable.

(b)        A certification for the registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached hereto.  The certification furnished pursuant to this paragraph is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section.  Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates it by reference.

            Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

THE CALVERT FUND

By:       /s/  Barbara J. Krumsiek

            Barbara J. Krumsiek

            President -- Principal Executive Officer

Date:    June 2, 2011

            Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/  Barbara J. Krumsiek

            Barbara J. Krumsiek

            President -- Principal Executive Officer

Date:    June 2, 2011

/s/  Ronald M. Wolfsheimer

            Ronald M. Wolfsheimer

            Treasurer -- Principal Financial Officer

Date:    June 2, 2011