Calvert Large Cap Core Portfolio: A Shares

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy	Morningstar Category: Large Blend	Morningstar Box
The Fund seeks to provide a total return which exceeds the total return of the Russell 1000® Index over a market cycle through investment in securities that meet the Fund's investment criteria, including financial, sustainability and social responsibility factors.	The Fund employs an active investment strategy and invests primarily in the common stock of U.S. large-cap companies that meet the Fund's investmetn criteria, inclduing financial, sustainability and social responsibility factors, using quantitative, fundamental, and macro-economic insights that are designed to identify stocks with the greatest potential to outperform the market. Insights from this stock selection process are enhanced by the Advisor's fundamental investment research, which seeks to add value by integrating traditional fundamental investment analysis with the Advisor's proprietary views on critical environmental, sustainability and governance issues.	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
CMIFX	131618803	$114.7	39	Russell 1000 Index	Calvert Investment Management, Inc. (Advisor)

RISK MEASURES (3-Year)As of 3/31/2013
	PORTFOLIO	BENCHMARK
STANDARD DEVIATION	14.12%	15.34%
ALPHA	-0.15%	0.00%
BETA	0.91	1.00
EXCESS RETURN	-1.37%	0.00%
R-SQUARED	96.88%	100.00%
TRACKING ERROR	2.88%	0.00%
INFORMATION RATIO	-0.48	0.00
SHARPE RATIO	0.81	0.84

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

MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions)
	PORTFOLIO	BENCHMARK
Weighted Average	75,285.4	89,037.7
Median	31,816.0	6,057.0
Weighted Median	47,905.7	45,840.3

Source: Analysis performed by FactSet.

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
JPMORGAN CHASE + CO	4.24%
SYMANTEC CORP	4.06%
AT+T INC	4.01%
WELLS FARGO + CO	3.94%
GOLDMAN SACHS GROUP INC	3.91%
AMGEN INC	3.86%
TIME WARNER INC	3.83%
COCA COLA CO/THE	3.83%
TOYOTA MOTOR CORP SPON ADR	3.78%
CISCO SYSTEMS INC	3.77%
Total	39.22%

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 Large Cap Core Portfolio	92.89%	0.00%	7.11%

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 Large Cap Core Portfolio	13.0	14.2	11.1%	14.8%	18.7%	8.2	2.0	2.1
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 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)	11.88	11.88	14.13	11.56	5.24	6.76	3.59	4/15/1998
Russell 1000 Index	10.96	10.96	14.43	12.93	6.15	8.97	4.49
Lipper Large-Cap Core Funds Index	10.54	10.54	14.00	11.13	5.09	7.54	3.49

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 1000 Index for the quarter ending 3/31/2013

TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Consumer Discretionary	18.83%	13.51%	2.52%
Consumer Staples	13.07%	18.07%	2.29%
Health Care	13.31%	15.52%	2.04%
Financials	20.25%	9.41%	1.99%
Information Technology	13.95%	13.88%	1.93%

TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Symantec Corp.	4.14%	31.21%	1.17%
Time Warner Inc.	3.93%	21.13%	0.79%
Amgen Inc.	3.74%	19.41%	0.71%
Goldman Sachs Group Inc.	4.39%	15.75%	0.69%
General Mills Inc.	3.12%	23.00%	0.68%

BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Materials	0.00%	0.00%	0.00%
Utilities	0.00%	0.00%	0.00%
Energy	5.21%	11.72%	0.61%
Industrials	7.79%	9.15%	0.76%
Telecomm Services	7.59%	11.00%	0.84%

BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Apple Inc.	0.88%	-16.49%	-0.18%
Capital One Financial Corp.	0.62%	-5.06%	-0.03%
Time Warner Cable Inc.	2.70%	-0.42%	-0.03%
AFLAC Inc.	0.28%	-1.37%	-0.01%
St. Jude Medical Inc.	0.19%	12.59%	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 Large Cap Core Portfolio outperformed the benchmark Russell 1000 Index during the quarter, due primarily to strong stock selection. Stock selection was particularly beneficial in the Information Technology and Consumer Staples sectors. A zero weighting to the Materials sector also added value relative to the benchmark as Materials was the market’s weakest sector in the first quarter. In the Information Technology sector, an underweight to Apple was a major contributor to relative performance as the company struggled during the period. Symantec, a security and storage management company, was another Information Technology holding that lifted relative results with a significant gain. In the Consumer Staples sector, the Fund benefited from an overweight to food stocks Campbell Soup and General Mills, both of which were up more than 20% for the first quarter. Among detractors, Financials firm Barclays posted disappointing results in the first quarter. The company was a strong performer in the fourth quarter of 2012 but slowed down significantly in the first quarter of 2013. While it produced a small gain in the quarter, it substantially lagged the benchmark.

10 BEST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Symantec Corp.	Information Technology	31.21%
2	Campbell Soup Co.	Consumer Staples	30.01%
3	General Mills Inc.	Consumer Staples	23.00%
4	Time Warner Inc.	Consumer Discretionary	21.13%
5	Amgen Inc.	Health Care	19.41%
6	Roche Holding AG ADS	Health Care	19.36%
7	Omnicom Group Inc.	Consumer Discretionary	18.72%
8	Viacom Inc. Cl B	Consumer Discretionary	17.26%
9	Target Corp.	Consumer Discretionary	16.36%
10	Goldman Sachs Group Inc.	Financials	15.75%

10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Apple Inc.	Information Technology	-16.49%
2	Capital One Financial Corp.	Financials	-5.06%
3	AFLAC Inc.	Financials	-1.37%
4	Time Warner Cable Inc.	Consumer Discretionary	-0.42%
5	Barclays PLC ADS	Financials	3.65%
6	QEP Resources Inc.	Energy	5.26%
7	Cisco Systems Inc.	Information Technology	6.41%
8	FedEx Corp.	Industrials	7.21%
9	DaVita HealthCare Partners Inc.	Health Care	7.29%
10	Cummins Inc.	Industrials	7.35%

As of March 31, 2013, Calvert Large Cap Core Portfolio’s holdings included Apple (0.74% of the Portfolio), Symantec (4.06%), Campbell Soup (2.10%), General Mills (3.11%), and Barclays (2.35%). 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 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.

Formerly named Calvert Enhanced Equity Portfolio

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.

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