PERFORMANCE Average Annual Returns (%) for Period Ended 3/31/2013
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION		 INCEPTION
DATE
A Shares (NAV) 5.50 5.50 7.17 8.74 4.51 5.98 7.77 10/21/1982
Russell 1000 Index 10.96 10.96 14.43 12.93 6.15 8.97 11.11  
Balanced Composite Index 6.51 6.51 11.46 10.90 6.70 7.77 10.28  
The performance data quoted represents past performance, which does not guarantee future results. 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 higher or lower than the performance data quoted. Index reflects no deductions for fees or expenses. An investor cannot invest directly in an index. Visit www.calvert.com to obtain performance data current to the most recent month-end. Returns for periods of less than one year are not annualized.

Equity Portfolio Performance Attribution

Equity Managers:

 New Amsterdam Partners LLC (Sub-Advisor), Profit Investment Management (Sub-Advisor),
RISK MEASURES (3-Year)As of 3/31/2013
  PORTFOLIO BENCHMARK
STANDARD DEVIATION 8.55% 15.34%
ALPHA 1.47% 0.00%
BETA 0.55 1.00
EXCESS RETURN -4.19% 0.00%
R-SQUARED 96.22% 100.00%
TRACKING ERROR 7.15% 0.00%
INFORMATION RATIO -0.59 0.00
SHARPE RATIO 1.01 0.84
Source: Zephyr StyleAdvisor using MorningstarTM and/or Lipper data.
SECTOR WEIGHTS3/31/2013
  PORTFOLIO BENCHMARK + / -
INFORMATION TECHNOLOGY 21.31% 17.37% 3.93%
CONSUMER DISCRETIONARY 15.40% 12.42% 2.98%
HEALTH CARE 14.73% 12.28% 2.45%
FINANCIALS 12.87% 16.65% -3.78%
INDUSTRIALS 11.15% 10.94% 0.21%
CONSUMER STAPLES 9.09% 10.05% -0.96%
ENERGY 7.13% 10.24% -3.11%
MATERIALS 3.95% 3.74% 0.21%
TELECOMM SERVICES 2.19% 2.79% -0.60%
UTILITIES 2.19% 3.52% -1.34%
TOP HOLDINGSAs of 3/31/2013
Holding % of Net Assets
CIGNA CORP 1.49%
GOOGLE INC CL A 1.49%
INTERCONTINENTALEXCHANGE INC 1.47%
EMC CORP/MA 1.45%
PIONEER NATURAL RESOURCES CO 1.39%
CAMERON INTERNATIONAL CORP 1.38%
EXPRESS SCRIPTS HOLDING CO 1.37%
CUMMINS INC 1.34%
WHITING PETROLEUM CORP 1.32%
TRAVELERS COS INC/THE 1.30%
Total 14.01%
The Fund may or may not still invest in, and no action is recommended on, companies listed. For the most recently available information on the Fund's holdings, visit www.calvert.com.
MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions)
  PORTFOLIO BENCHMARK
Weighted Average 50,418.4 89,037.7
Median 20,911.0 6,057.0
Weighted Median 21,930.4 45,840.3
Source: Analysis performed by FactSet.
VALUATIONKey Portfolio Statistics as of 3/31/2013
  1 YEAR P/E 3 YEAR EPS GROWTH RETURN ON
EQUITY		 PRICE TO
CASH FLOW		 PRICE TO
BOOK		 Dividend
Yield
PROJECTED TRAILING PROJECTED TRAILING
Calvert Balanced Portfolio 14.8 17.1 12.8% 25.4% 22.8% 11.0 3.0 1.2
Russell 1000 Index 14.5 15.9 10.9% 27.3% 18.2% 10.0 2.4 2.1
Source: Analysis performed by FactSet.
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Index for the quarter ending 3/31/2013
Performance Attribution Chart
TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector Average Weight Return Contribution
Health Care 14.25% 13.58% 1.87%
Financials 12.62% 12.98% 1.60%
Consumer Staples 8.66% 18.00% 1.49%
Consumer Discretionary 15.15% 7.82% 1.21%
Industrials 11.39% 9.69% 1.11%
BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector Average Weight Return Contribution
Telecomm Services 2.34% -4.07% -0.09%
Utilities 2.17% 12.35% 0.26%
Materials 3.84% 9.28% 0.36%
Information Technology 22.50% 3.53% 0.84%
Energy 7.06% 14.90% 1.00%
TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding Average Weight Return Contribution
IntercontinentalExchange Inc. 2.35% 31.71% 0.66%
Walgreen Co. 1.82% 29.68% 0.50%
Church & Dwight Co. 2.11% 21.21% 0.42%
Cigna Corporation 2.52% 16.74% 0.40%
Google Inc. Cl A 3.03% 11.93% 0.40%
BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding Average Weight Return Contribution
Apple Inc. 2.34% -16.49% -0.50%
Ulta Salon Cosmetics & Frg Inc. 1.73% -17.39% -0.32%
EMC Corp. 2.65% -5.57% -0.17%
CenturyLink Inc. 1.72% -8.80% -0.15%
F5 Networks Inc. 1.58% -8.31% -0.13%
Source: Analysis performed by FactSet. Equity holdings only. Return calculation is based on daily holding periods and excludes all fund expenses and trading costs. Portfolio weight is calculated as the average weight over the quarter.
The performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from that shown. The statistical information above is taken from sources believed to be reliable but cannot be guaranteed as to accuracy.
10 BEST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank Company Industry Return
1 HCA Holdings Inc. Health Care 34.67%
2 ManpowerGroup Industrials 33.65%
3 IntercontinentalExchange Inc. Financials 31.71%
4 Symantec Corp. Information Technology 31.21%
5 Walgreen Co. Consumer Staples 29.68%
6 Genuine Parts Co. Consumer Discretionary 23.59%
7 CareFusion Corp. Health Care 22.43%
8 B/E Aerospace Inc. Industrials 22.04%
9 Hershey Co. Consumer Staples 21.83%
10 Church & Dwight Co. Consumer Staples 21.21%
10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank Company Industry Return
1 Ulta Salon Cosmetics & Frg Inc. Consumer Discretionary -17.39%
2 Apple Inc. Information Technology -16.49%
3 Akamai Technologies Inc. Information Technology -13.74%
4 CenturyLink Inc. Telecomm Services -8.80%
5 F5 Networks Inc. Information Technology -8.31%
6 Monster Beverage Corp. Consumer Staples -7.79%
7 EMC Corp. Information Technology -5.57%
8 Capital One Financial Corp. Financials -5.06%
9 Jabil Circuit Inc. Information Technology -3.81%
10 Green Mountain Coffee Roasters Inc. Consumer Staples -2.83%

 

Fixed Income Portfolio Performance Attribution

Fixed Income Manager:

 Calvert Investment Management, Inc. (Advisor),
TOP HOLDINGSAs of 3/31/2013
Holding % of Net Assets
US TREASURY N/B 2.16%
FREDDIE MAC 1.40%
US TREASURY N/B 1.07%
CALVERT SOCIAL FOUNDATION NOTE 0.78%
JPMORGAN CHASE + CO 0.64%
FNMA TBA 3PCT APR 30YR 0.49%
US TREASURY N/B 0.46%
AMERICAN EXPR CENTURION 0.44%
ROYAL BANK OF CANADA 0.42%
SAFEWAY INC 0.42%
Total 8.28%
The Fund may or may not still invest in, and no action is recommended on, companies listed. For the most recently available information on the Fund's holdings, visit www.calvert.com.
PORTFOLIO STATISTICSAs of 3/31/2013
  PORTFOLIO BENCHMARK
EFFECTIVE DURATION 6.06 YRS 6.97 YRS
WEIGHTED AVERAGE
EFFECTIVE MATURITY		 8.15 YRS 10.16 YRS
WEIGHTED AVERAGE PRICE 102.56 113.17
# OF FIXED INCOME HOLDINGS 244 5294
SECTOR WEIGHTSAs of 3/31/2013
  PORTFOLIO BENCHMARK
CORPORATE 68.26% 79.73%
GOVERNMENT RELATED 8.32% 20.24%
SECURITIZED 8.11% -
TREASURY 10.12% -
CASH AND CASH EQUIVALENTS 4.43% -
OTHER 0.78% -
TOTAL 100% 100%
EFFECTIVE DURATIONAs of 3/31/2013
Years Percentage
0-1 20.90%
1-2 4.89%
2-3 3.67%
3-5 14.06%
5-7 9.67%
7-9 30.08%
9+ 16.71%
TOTAL 100%
EFFECTIVE MATURITY DISTRIBUTIONAs of 3/31/2013
Years Percentage
0-1 15.60%
1-3 10.65%
3-5 13.98%
5-7 9.93%
7-10 35.50%
10-20 5.15%
20-30 7.86%
30+ 1.30%
TOTAL 100%
Source: Analysis performed by FactSet.
ANALYSIS By Calvert Investment Management, Inc. (Advisor)
New Amsterdam Partners LLC (Sub-Advisor)
Profit Investment Management (Sub-Advisor)

Equities:

In the first quarter of 2013, the Portfolio’s stock holdings had a strong absolute gain but underperformed the Russell 1000 Index. Both stock selection and sector positioning detracted somewhat from relative results, particularly an underweight to the surging Consumer Staples sector. Among the Portfolio’s major stock contributors were holdings in the Energy and Consumer Staples sectors. Energy holding Pioneer Natural Resources (up 16.6% for the quarter) rose in concert with improving commodity prices. In Consumer Staples, Walgreen (up 29.7%) advanced on robust earnings and recent successful partnerships. Also within Consumer Staples, Church & Dwight (up 21.2%) benefited from solid volume growth. Another key contributor was Financials holding IntercontinentalExchange (up 31.7%), which was buoyed by optimism surrounding its proposed acquisition of New York Stock Exchange operator NYSE Euronext.

Leading detractors included stock selections in the Consumer Discretionary, Industrials, and Information Technology sectors. In Consumer Discretionary, Ulta Beauty (down 17.3%) traded lower on disappointing earnings and the resignation of its CEO. Industrials holding Deere (up 0.1%) moved sideways on slumping grain prices. In the Information Technology sector, F5 Networks (down 8.3%) slipped as its security initiatives failed to impress and a senior sales executive resigned.

Fixed Income:

An allocation to high-yield bonds during a quarter when high-yield securities outperformed investment-grade debt helped the fixed-income portion of the Portfolio outpace its bond market benchmark, the Barclays U.S. Credit Index (which does not include high-yield bonds). The Portfolio’s high-yield holdings generally tend to be on the higher end of the high-yield credit quality range. As of December 31, 2012, high-yield bonds accounted for 5.78% (not including non-rated bonds) of the net assets of the Portfolio’s fixed-income allocation.

A short duration2 relative to the Barclays U.S. Credit Index also helped the relative performance of the Portfolio’s bond allocation. This conservative interest-rate positioning helped cushion the negative effects of a slight increase in interest rates during the quarter. As of the beginning of the first quarter, the Portfolio’s duration was 5.82 years while the duration of the Barclays U.S. Credit Index was 7.05 years.

During the quarter, the portfolio managers continued to selectively add asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) to the Portfolio. These structured bonds should increase the diversification level of the Portfolio and potentially help offset the negative impact of a sustained sell-off in the corporate bond market, should one occur.

High-yield, high risk bonds, which are rated below investment grade, can involve a substantial risk of loss because they have a greater risk of issuer default and are subject to greater price volatility than investment-grade bonds.

As of March 31, 2013, Calvert Balanced Portfolio’s holdings included Pioneer Natural Resources (1.39% of the Portfolio’s net assets), Walgreen (1.25%), Church & Dwight (1.29%), IntercontinentalExchange (1.47%), NYSE Euronext (0%), Ulta Beauty (0.86%), Deere (1.25%), and F5 Networks (0.80%). Calvert may or may not still invest in, and is not recommending any action on, companies listed. For the most recently available information on individual holdings in each Calvert fund, visit www.calvert.com/fundHoldings.html. Current and future portfolio holdings are subject to market risk.

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of stocks or bonds held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund’s portfolio management practices may not achieve the desired result.

* Negative Cash positions may occur as the result of varying settlement schedules for securities.

Holdings are subject to change.

Ratings are determined by using S&P, Moody's and Fitch rating services, whose rating categories are reflected above respectively. The letter ratings generally range from AAA (judged to be of the highest quality, with minimal credit risk) to D (the lowest rated class of bonds, typically in default with respect to timely payment of principal or interest). Bonds rated by all three services are assigned the median rating; if a bond is rated by only two agencies, it is assigned the lowest rating; if it is only rated by one agency, it is assigned that rating. Government securities may be rated lower than AAA/Aaa/AAA or may not be rated, and may include foreign government securities. If a bond is not rated by any of the aforementioned rating services, it appears in the "Not Rated" category. Ratings are subject to change.

Net assets include all share classes.

Calvert funds are available at NAV for RIAs and Wrap Programs. Not all funds available at all firms.
G200ATT FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.