Calvert Equity Portfolio: A Shares

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy	Morningstar Category: Large Growth	Morningstar Box
The Fund seeks growth of capital through investment in stocks believed to offer opportunities for potential capital appreciation and which meet the Fund's investment criteria, including financial, sustainability and social responsibility factors.	The Fund invests primarily in the common stocks of U.S. large-cap companies, although it may have other investments, including foreign stocks and mid-cap stocks. The Fund defines large-cap companies as those whose market capitalization falls within the range of the S&P 500 Index. Subadvisor Atlanta Capital looks for established companies with a history of steady earnings growth and selects companies based on its opinion that the company has the ability to sustain growth through high profitability and that the stock is favorably priced with respect to those growth expectations. 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.	The Morningstar Style Box^TM reveals a fund's current investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned; the horizontal axis shows investment style (value, blend, or growth).

Ticker Symbol	CUSIP Number	Net Assets ($MILS)	# Of Holdings	Benchmark	Management
CSIEX	131618308	$2,612.3	112	S&P 500 Index	Calvert Investment Management, Inc. (Advisor) Atlanta Capital Management Company, LLC (Sub-Advisor)

RISK MEASURES (3-Year)As of 3/31/2013
	PORTFOLIO	BENCHMARK
STANDARD DEVIATION	15.88%	15.01%
ALPHA	-1.74%	0.00%
BETA	1.02	1.00
EXCESS RETURN	-1.80%	0.00%
R-SQUARED	93.02%	100.00%
TRACKING ERROR	4.21%	0.00%
INFORMATION RATIO	-0.43	0.00
SHARPE RATIO	0.68	0.84

Source: Zephyr StyleAdvisor using Morningstar^TM and/or Lipper data.

MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions)
	PORTFOLIO	BENCHMARK
Weighted Average	79,875.1	100,079.3
Median	31,338.2	13,294.1
Weighted Median	42,565.1	56,469.6

Source: Analysis performed by FactSet.

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
CVS CAREMARK CORP	4.18%
QUALCOMM INC	3.85%
GOOGLE INC CL A	3.67%
APPLE INC	3.57%
ECOLAB INC	3.51%
MICROSOFT CORP	3.40%
CAMERON INTERNATIONAL CORP	3.38%
GILEAD SCIENCES INC	3.29%
ALLERGAN INC	3.28%
AMERICAN EXPRESS CO	3.26%
Total	35.40%

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.

ASSET ALLOCATION% of assets as of 3/31/2013
	Equity	Fixed Income	Cash
Calvert Equity Portfolio	97.31%	0.59%	2.10%

Source: State Street Bank & Trust Company

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 Equity Portfolio	16.1	19.0	14.1%	18.5%	20.7%	13.0	3.1	1.1
S&P 500 Index	14.2	15.9	10.4%	27.9%	18.8%	10.1	2.3	2.1

Source: Analysis performed by FactSet.

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)	8.79	8.79	8.77	10.88	6.25	7.86	7.64	8/24/1987
S&P 500 Index	10.61	10.61	13.96	12.67	5.81	8.53	n/a
Lipper Large-Cap Growth Funds Index	8.17	8.17	7.04	10.36	5.09	7.40	7.22

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.

PERFORMANCE ATTRIBUTIONRelative to the S&P 500 Index for the quarter ending 3/31/2013

TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Health Care	14.53%	17.53%	2.42%
Financials	12.13%	14.15%	1.66%
Consumer Staples	11.30%	12.52%	1.39%
Information Technology	27.30%	4.48%	1.29%
Consumer Discretionary	11.46%	8.46%	1.00%

TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Allergan Inc.	4.03%	21.75%	0.97%
Gilead Sciences Inc.	3.03%	33.23%	0.91%
IntercontinentalExchange Inc.	2.28%	31.71%	0.64%
CVS Caremark Corp.	4.28%	14.22%	0.59%
American Express Co.	3.26%	17.76%	0.55%

BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Telecomm Services	0.00%	0.00%	0.00%
Utilities	0.00%	0.00%	0.00%
Materials	3.58%	11.85%	0.42%
Energy	9.84%	5.24%	0.52%
Industrials	9.85%	9.12%	0.90%

BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Apple Inc.	4.10%	-16.49%	-0.82%
Suncor Energy Inc.	2.79%	-8.63%	-0.25%
Edwards Lifesciences Corp.	1.41%	-8.88%	-0.14%
C.H. Robinson Worldwide Inc.	1.39%	-5.37%	-0.09%
Juniper Networks Inc.	1.18%	-5.74%	-0.05%

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	Gilead Sciences Inc.	Health Care	33.23%
2	IntercontinentalExchange Inc.	Financials	31.71%
3	B/E Aerospace Inc.	Industrials	22.04%
4	Cerner Corp.	Health Care	22.04%
5	Allergan Inc.	Health Care	21.75%
6	American Express Co.	Financials	17.76%
7	PepsiCo Inc.	Consumer Staples	16.43%
8	Novartis AG ADS	Health Care	16.01%
9	T. Rowe Price Group Inc.	Financials	15.54%
10	Cameron International Corp.	Energy	15.48%

10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Apple Inc.	Information Technology	-16.49%
2	Expeditors International of Washington Inc.	Industrials	-9.48%
3	Edwards Lifesciences Corp.	Health Care	-8.88%
4	Suncor Energy Inc.	Energy	-8.63%
5	Juniper Networks Inc.	Information Technology	-5.74%
6	C.H. Robinson Worldwide Inc.	Industrials	-5.37%
7	Kohl's Corp.	Consumer Discretionary	-2.35%
8	AFLAC Inc.	Financials	-1.37%
9	AON Plc	Financials	-0.52%
10	DaVita HealthCare Partners Inc.	Health Care	0.33%

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 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. In addition, large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during periods of economic expansion.

Holdings 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.

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For more information on any Calvert fund, please contact Calvert at 800.368.2748 for a free summary prospectus and/or prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money.