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First Quarter 2013

Calvert Balanced Portfolio: A Shares

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy
The Fund seeks to achieve a competitive total return through an actively managed portfolio of stocks, bonds, and money market instruments, which offer income and capital growth opportunity and which satisfy the investment criteria, including financial, sustainability and social responsibility factors.	The Fund invests in a combination of stocks, bonds, and money market instruments seeking to provide a complete investment portfolio in a single product. The Fund typically invests about 60% of its net assets in stocks and 40% in bonds or other fixed-income investments. The equity portion of the Fund is primarily a large cap core U.S. domestic portfolio, although the Fund may also invest in foreign stocks and mid-cap stocks. The fixed-income investments are primarily a wide variety of investment-grade debt securities, including corporate, mortgage-backed, and other asset-backed securities. The Fund uses a multi-manager approach that combines the complementary, growth-oriented stock selection strategies of New Amsterdam and Profit with Calvert’s in-house, relative-value fixed-income approach. The Advisor monitors the Fund's allocation and may rebalance or reallocate the Fund's assets based on its view of economic and market factors and events. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they addess corporate responsibility and sustainability challenges.

PERFORMANCE PROFILE AS OF 3/31/2013

Objective

Strategy

The Fund seeks to achieve a competitive total return through an actively managed portfolio of stocks, bonds, and money market instruments, which offer income and capital growth opportunity and which satisfy the investment criteria, including financial, sustainability and social responsibility factors.

The Fund invests in a combination of stocks, bonds, and money market instruments seeking to provide a complete investment portfolio in a single product. The Fund typically invests about 60% of its net assets in stocks and 40% in bonds or other fixed-income investments. The equity portion of the Fund is primarily a large cap core U.S. domestic portfolio, although the Fund may also invest in foreign stocks and mid-cap stocks. The fixed-income investments are primarily a wide variety of investment-grade debt securities, including corporate, mortgage-backed, and other asset-backed securities. The Fund uses a multi-manager approach that combines the complementary, growth-oriented stock selection strategies of New Amsterdam and Profit with Calvert’s in-house, relative-value fixed-income approach. The Advisor monitors the Fund's allocation and may rebalance or reallocate the Fund's assets based on its view of economic and market factors and events. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they addess corporate responsibility and sustainability challenges.

TICKER SYMBOL	CUSIP Number	Total Net Assets ($MILS)	% of Net Assets			Benchmark	Management
			Equity	Fixed Income	Cash
CSIFX	131618100	$535.6	58.67%	37.28%	4.05%	Russell 1000 Index	Calvert Investment Management, Inc. (Advisor) New Amsterdam Partners LLC (Sub-Advisor) Profit Investment Management (Sub-Advisor)

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 Morningstar^TM 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%
CASH AND CASH EQUIVALENTS	0.00%	0.00%	0.00%

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	RETURN ON EQUITY	PRICE TO CASH FLOW	PRICE TO BOOK	Dividend Yield
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

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.

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.

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FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

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