Calvert Small Cap Fund: I Shares

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy	Morningstar Category: Small Blend	Morningstar Box
The Fund seeks to provide long-term capital appreciation through investment primarily in small-cap common stocks of U.S. companies that meet the Fund's investment criteria, including financial, sustainability, and social responsibility factors and that, at the time of purchase, are considered by the Advisor to be attractively valued.	The Fund offers opportunities for long-term capital appreciation with a moderate degree of risk through a mix of smaller company stocks that meet the Fund's investment criteria, including financial, sustainability and social responsibility factors. The Fund normally invests at least 80% of its net assets in common stocks of small-cap companies. The Fund currently defines small-cap companies as those with a market capitalization of $3 billion or less at the time of initial purchase. The Fund's investment process combines active stock selection and systematic portfolio construction to produce a portfolio that is capable of achieving positive excess returns with relatively low active risk (tracking error) relative to the Russell 2000 Index. 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
CSVIX	13161P862	$146.5	61	Russell 2000 Index	Calvert Investment Management, Inc. (Sub-Advisor)

RISK MEASURES (3-Year)As of 3/31/2013
	FUND	BENCHMARK
STANDARD DEVIATION	19.45%	20.10%
ALPHA	-0.32%	0.00%
BETA	0.94	1.00
EXCESS RETURN	-1.14%	0.00%
R-SQUARED	95.33%	100.00%
TRACKING ERROR	4.35%	0.00%
INFORMATION RATIO	-0.26	0.00
SHARPE RATIO	0.63	0.66

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

MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions)
	FUND	BENCHMARK
Weighted Average	1,526.9	1,376.0
Median	1,210.9	453.1
Weighted Median	1,330.7	1,214.6

Source: Analysis performed by FactSet.

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
SKYWEST INC	3.32%
WORTHINGTON INDUSTRIES	3.04%
SANMINA CORP	2.97%
DELUXE CORP	2.96%
PLATINUM UNDERWRITERS HLDGS	2.84%
EXTERRAN HOLDINGS INC	2.82%
MADISON SQUARE GARDEN CO A	2.79%
ACORDA THERAPEUTICS INC	2.77%
MOLINA HEALTHCARE INC	2.70%
HELIX ENERGY SOLUTIONS GROUP	2.66%
Total	28.86%

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 Small Cap Fund	98.50%	0.44%	1.06%

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 Small Cap Fund	13.5	13.9	11.8%	15.0%	12.1%	6.9	1.8	1.4
Russell 2000 Index	17.0	15.6	15.1%	20.6%	9.0%	9.4	2.0	1.4

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
I Shares	14.36	14.36	18.83	12.32	7.04	n/a	6.22	4/29/2005
Russell 2000 Index	12.39	12.39	16.30	13.45	8.24	11.52	7.90
Lipper Small-Cap Core Funds Index	11.85	11.85	15.86	13.36	8.39	11.53	8.06

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 Russell 2000 Index for the quarter ending 3/31/2013

TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Financials	19.41%	16.41%	3.17%
Industrials	14.31%	22.51%	3.08%
Health Care	13.54%	14.55%	2.00%
Energy	9.64%	14.19%	1.40%
Consumer Discretionary	15.98%	8.19%	1.31%

TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
SkyWest Inc.	3.09%	29.52%	0.85%
Deluxe Corp.	2.88%	29.25%	0.78%
Madison Square Garden Co.	2.75%	29.88%	0.77%
Acorda Therapeutics Inc.	2.72%	28.84%	0.73%
USANA Health Sciences Inc.	1.66%	46.77%	0.66%

BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Telecomm Services	0.93%	23.67%	0.21%
Utilities	2.46%	11.87%	0.30%
Materials	5.31%	17.59%	0.91%
Information Technology	12.46%	8.15%	1.05%
Consumer Staples	5.96%	21.63%	1.23%

BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Ann Inc.	1.96%	-14.24%	-0.35%
Brown Shoe Co. Inc.	1.95%	-12.54%	-0.28%
Plexus Corp.	1.36%	-5.78%	-0.08%
Magellan Health Services Inc.	1.63%	-2.92%	-0.02%
McClatchy Co. Cl A	0.16%	-11.31%	-0.02%

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.

ANALYSIS By Calvert Investment Management, Inc. (Sub-Advisor)
The Fund outperformed in the first quarter of 2013 primarily because it was able to capitalize on a strong rally in small-cap stocks with productive stock selection. In particular, the Fund’s stock selection in the Industrials, Financials, and Consumer Staples sectors all made significant contributions to its relative results. The Fund’s strongest relative performance came in the Industrials sector. The Fund was heavily invested in airline SkyWest, commercial services company Deluxe, and Barnes, an industrial components manufacturer. Each of these holdings advanced more than 29% for the quarter. In Financials, commercial banks drove the Fund’s results as PrivateBancorp and Columbia Banking System were both up more than 20%. Fund holding USANA Health Sciences, a Consumer Staples company and a weak performer at the end of last year, recovered from a management shakeup and produced a 46% gain in the first quarter of 2013.

10 BEST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Revlon Inc. Cl A	Consumer Staples	54.21%
2	American Pacific Corp.	Materials	49.58%
3	USANA Health Sciences Inc.	Consumer Staples	46.77%
4	PC Connection Inc.	Information Technology	42.17%
5	Glatfelter	Materials	34.41%
6	Atlantic Tele-Network Inc.	Telecomm Services	32.14%
7	Unisys Corp.	Information Technology	31.50%
8	AOL Inc	Information Technology	29.99%
9	Madison Square Garden Co.	Consumer Discretionary	29.88%
10	SkyWest Inc.	Industrials	29.52%

10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Ann Inc.	Consumer Discretionary	-14.24%
2	Brown Shoe Co. Inc.	Consumer Discretionary	-12.54%
3	McClatchy Co. Cl A	Consumer Discretionary	-11.31%
4	Plexus Corp.	Information Technology	-5.78%
5	Sparton Corp.	Industrials	-3.39%
6	Magellan Health Services Inc.	Health Care	-2.92%
7	Shenandoah Telecommunications Co.	Telecomm Services	-0.52%
8	Diebold Inc.	Information Technology	0.02%
9	L.B. Foster Co.	Industrials	2.03%
10	Sanmina Corp.	Information Technology	2.62%

As of March 31, 2013, Calvert Small Cap Fund’s holdings included SkyWest (3.32% of the Portfolio), Deluxe (2.96%), Barnes (2.26%), PrivateBancorp (1.62%), Columbia Banking System (1.32%), and USANA Health Sciences (1.81%). 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/funHoldings.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 held by the Fund may fall; the individual investments of the Fund may not perform as expected; and/or the Fund’s portfolio management practices may not achieve the desired result. Prices of small cap stocks can be more volatile than those of larger, more established companies. Small cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.

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.

I800ATT

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

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