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We distribute Calvert funds primarily through financial advisors because we believe investors are well served by the ongoing advice and guidance of a financial professional. The complexity of investing and the thousands of options now available to investors make professional advice desirable.

However, we recognize that people may have different preferences for how they pay for financial advice based on their investment goals and timeframes. Therefore, Calvert offers several share classes for the purchase of its mutual funds, which feature different sales charge and fee structures appropriate for a variety of investment objectives.

• Share class options
• How you can reduce sales charges
• Rights of accumulation
• Letter of intent
• Redemption fees

Share class options
When you choose a Calvert mutual fund to purchase, you generally have the option of investing in one of three share classes. Differences among the share classes include the sales charge, also called the "load," and annual expenses. A front-end load is deducted from your investment at the time you purchase the shares; a back-end load or contingent deferred sales charge is deducted from your investment when you sell the shares.

Your decision about which Calvert share class to choose should be based on your investment objectives, particularly how much you plan to invest and how long you expect to leave the money in the fund:

• A shares have a front-end sales charge and lower annual expenses than Class B and C shares.
• B shares have a back-end sales charge and higher annual expenses than Class A shares.
• C shares have a one-year back-end sales charge and higher annual expenses than Class A shares.

Your financial advisor can help you decide on the appropriate share class given your investment objectives and your particular situation, and the following information can help you prepare for that discussion.

How you can reduce sales charges
Calvert offers discounts on Class A sales charges at "breakpoints." These breakpoints are generally based on purchase volume, as you can see in the lists of sales charges below.

In addition, Calvert offers "rights of accumulation" and "letters of intent," both of which can help reduce Class A sales charges.

Rights of accumulation
If you and your family have investments in Calvert funds, the value of your accounts can be aggregated to qualify a new Calvert fund share purchase for the breakpoint discounts listed below. The balance that qualifies for rights of accumulation differs from fund to fund and is listed in each fund's prospectus. In considering rights of accumulation, Calvert's definition of "family" includes spouse, parent, grandparent, child, grandchild, brother, sister, stepfamily member, and in-law, including trusts and estates on which such persons are signees.

Note that in the lists of sales charges below, "Account Value" refers to the individual or family accumulated balance.

Letters of intent
Signing a letter of intent to purchase a specified amount in a particular fund's shares can qualify the purchases for breakpoint discounts.

Say, for example, you plan to invest $125,000 over a 13-month period in a particular Calvert fund. Signing a letter of intent to that effect qualifies your first purchase, of, say, $25,000, for the discount available for a $125,000 purchase. Subsequent purchases within the $125,000 purchase would be priced at the same discount.

During this time, part of your shares will be held in escrow, so that if you do not invest the amount indicated by the end of the 13 months, you will have to pay the sales charge applicable to the smaller investment actually made. For more information, see the Summary of Additional Information (SAI).

Redemption Fees
Each fund and each share class within the fund (except for money market funds), charges a 2% redemption fee on redemptions, including exchanges, within 30 days of purchase into that fund (within seven days for Calvert Tax-Free Reserves Limited-Term Fund and Calvert Ultra-Short Floating Income Fund). Please consult the prospectus for more detail.

If you have questions about sales charges that are not addressed here, please be sure to talk with your financial advisor.

 Calvert A Share Sales Charges

• Front-end sales charges are reduced as investment increases
• A shares involve lower annual expenses than Class B and C shares
• Sales charges can be reduced using rights of accumulation and letter of intent, explained above

Calvert B Share Sales Charges

• No front-end sales charges are imposed with Class B shares
• Back-end sales charges decrease the longer you hold your shares
• B shares involve higher annual expenses than Class A shares
• B shares are automatically converted to Class A shares after 8 years (6 years for Calvert  Income Fund and CSIF Bond Portfolio), reducing future annual expenses

Calvert C Share Sales Charges

For all of the following Calvert funds, the Class C back-end load of 1% applies only if fund shares are sold during the first investment year. Class C shares have higher annual expenses than Class A shares, and there is no automatic conversion after a set time period, as described for Class B shares above.

• Calvert Capital Accumulation Fund
• Calvert Income Fund
• Calvert Large Cap Growth Fund
• Calvert New Vision Small Cap Fund
• Calvert Short Duration Income Fund
• Calvert Social Index Fund
• CSIF Bond, Balanced, Enhanced Equity, and Equity Portfolios
• Calvert World Values International Equity Fund
• Calvert Small Cap Value Fund
• Calvert Mid Cap Value Fund
• Calvert Conservative Allocation Fund
• Calvert Moderate Allocation Fund 
• Calvert Global Alternative Energy Fund
• Calvert International Opportunities Fund