Calvert Funds(3)

Stable and Risk Averse

Summit Short-Term Government Fund

US> Large-Cap > Growth

Aug 21, 2007

It would hardly be a surprise that the Summit Short-Term Government Fund invests the majority of its assets in government and agency bonds. Targeted for risk-averse investors who seek stable income, the fund eliminates the credit risk from the portfolio and manages the interest rate risk with different strategies. In addition, Mike Schultz, the manager of the fund, aims to add alpha through investments in the agency mortgage-backed area.

Relative Value in High Yield

Summit High Yield Bond Fund

US> Multi-Cap > Growth

Jan 19, 2007

Any bond is a potential candidate for the Summit High Yield Bond Fund, as long as it meets the selection criteria for the right price, asset coverage, free cash flow, and economics. The strategies employed by the high yield team include investing in upgrade candidates, special situations, or pure yield plays, with the idea of building a diversified portfolio with stable performance.

Exploiting Human Emotions

Summit Everest Fund

US> Small-Cap > Value

Mar 17, 2006

At Summit Investment Partners, the Everest portfolio team finds value in large cap, primarily domestic, stocks. Contrary to popular belief, the market at times is inefficient in pricing large cap stocks. This is the kind of opportunity which the fund seeks to profit from. The portfolio manager James McGlynn keeps a close tab on more than 400 stocks and follows a quantitative discipline to buy and sell stocks in the fund.