Calvert Bond Portfolio: A Shares

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy
The Fund seeks to provide as high a level of current income as is consistent with prudent investment risk and preservation of capital through investment in bonds and other debt securities meeting the Fund's investment criteria, including financial, sustainability, and social responsibility factors.	The Fund uses an active strategy, seeking relative value to earn incremental income. Under normal circumstances, the Fund invests at least 80% of its net assets in bonds. Bonds include debt securities of any maturity. At least 80% of the Fund's net assets will be invested in investment grade debt securities. The remaining 20% of Fund net assets may be in below-investment grade, high-yield debt securities. The Fund invests principally in bonds issued by U.S. corporations, the U.S. government or its agencies, and U.S. government-sponsored enterprises. The Fund may also invest in trust preferred securities, taxable municipal securities, asset-backed securities, including commercial mortgage-backed securities, repurchase agreements, and foreign debt securities. 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 provide as high a level of current income as is consistent with prudent investment risk and preservation of capital through investment in bonds and other debt securities meeting the Fund's investment criteria, including financial, sustainability, and social responsibility factors.

The Fund uses an active strategy, seeking relative value to earn incremental income. Under normal circumstances, the Fund invests at least 80% of its net assets in bonds. Bonds include debt securities of any maturity. At least 80% of the Fund's net assets will be invested in investment grade debt securities. The remaining 20% of Fund net assets may be in below-investment grade, high-yield debt securities. The Fund invests principally in bonds issued by U.S. corporations, the U.S. government or its agencies, and U.S. government-sponsored enterprises. The Fund may also invest in trust preferred securities, taxable municipal securities, asset-backed securities, including commercial mortgage-backed securities, repurchase agreements, and foreign debt securities. 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	Net Assets ($MILS)	# Of Fixed Income Holdings	Benchmark	Management
CSIBX	131618407	$782.4	293	Barclays U.S. Credit Index	Calvert Investment Management, Inc.

PORTFOLIO STATISTICSAs of 3/31/2013
	PORTFOLIO	BENCHMARK
SEC YIELD	1.52%	N/A
EFFECTIVE DURATION	6.05 YRS	6.97 YRS
WEIGHTED AVERAGE EFFECTIVE MATURITY	8.26 YRS	10.16 YRS
WEIGHTED AVERAGE PRICE	104.10	113.17
# OF FIXED INCOME HOLDINGS	293	5294

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
US TREASURY N/B	3.16%
FREDDIE MAC	1.72%
WACHOVIA CAP TRUST III	1.64%
JPMORGAN CHASE + CO	1.63%
BANK OF AMERICA NA	1.58%
ROYAL BANK OF CANADA	1.53%
GOLDMAN SACHS GROUP INC	1.49%
US TREASURY N/B	1.48%
ENTERPRISE PRODUCTS OPER	1.44%
FNMA TBA 3PCT APR 30YR	1.25%
Total	16.94%

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.

CREDIT QUALITY (% of Net Assets)As of 3/31/2013
	PORTFOLIO	BENCHMARK
Cash	2.68%	-
Government	11.62%	-
AAA/Aaa/AAA	6.59%	8.93%
AA/Aa/AA	7.50%	12.06%
A/A/A	27.43%	40.62%
BBB/Baa/BBB	37.49%	38.39%
BB/Ba/BB	2.44%	-
B/B/B	1.22%	-
CCC/Caa/CCC	1.20%	-
CC/CC/CC	-	-
C/C/C	-	-
Not Rated	1.85%	-
Equities	-	-

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.

EFFECTIVE MATURITY DISTRIBUTIONAs of 3/31/2013
Years	Percentage
0-1	11.87%
1-3	12.65%
3-5	20.04%
5-7	8.77%
7-10	29.73%
10-20	6.35%
20-30	9.54%
30+	1.05%
TOTAL	100%

EFFECTIVE DURATIONAs of 3/31/2013
Years	Percentage
0-1	15.56%
1-2	6.99%
2-3	4.68%
3-5	20.66%
5-7	8.41%
7-9	26.37%
9+	17.33%
TOTAL	100%

RISK MEASURES (3-Year)As of 3/31/2013
	PORTFOLIO	BENCHMARK
STANDARD DEVIATION	2.89%	3.77%
ALPHA	1.50%	0.00%
BETA	0.53	1.00
EXCESS RETURN	-2.19%	0.00%
R-SQUARED	48.23%	100.00%
TRACKING ERROR	2.73%	0.00%
INFORMATION RATIO	-0.80	0.00
SHARPE RATIO	1.93	2.06

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

SECTOR WEIGHTSAs of 3/31/2013
	PORTFOLIO	BENCHMARK
CORPORATE	70.41%	79.73%
GOVERNMENT RELATED	6.70%	20.24%
SECURITIZED	9.61%	-
TREASURY	7.29%	-
CASH AND CASH EQUIVALENTS	3.68%	-
OTHER	2.30%	-
TOTAL	100%	100%

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)	0.08	0.08	6.83	5.67	4.83	5.28	6.90	8/24/1987
Barclays U.S. Credit Index	-0.17	-0.17	7.00	7.86	7.52	5.96	7.82

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.

ANALYSIS By Calvert Investment Management, Inc.
The Portfolio’s allocation to high-yield bonds during a quarter when high-yield securities outperformed investment-grade debt was the most significant factor that led to its relative outperformance in the first quarter, but its short relative duration also contributed. Since the Index is entirely investment-grade bonds, it did not benefit from the continuing rally in the high-yield sector. The Portfolio’s high-yield holdings generally tend to be on the higher end of the high-yield credit quality range. As of the beginning of the first quarter, high-yield securities accounted for 4.85% (does not include non-rated securities) of the Portfolio’s net assets. We have been keeping the Portfolio’s duration somewhat shorter than that of the Index, and this conservative interest-rate positioning helped cushion the negative effects of the slight increase in interest rates during the quarter relative to the Index. As of December 31, 2012, the duration of the Portfolio was 5.89 years while the duration of the Index was 7.05 years. On the negative side, the Portfolio’s tendency to hold higher- quality investment-grade corporates held back its relative returns to some degree in a quarter when lower-quality bonds generally performed best. During the quarter, we continued to add some 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, for example. As of December 31, 2012, ABS accounted for 2.70% of the Portfolio’s net assets and CMBS accounted for 3.10%.

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. Mortgage-backed securities are also subject to the risk that issuers will prepay the principal more quickly or more slowly than expected, which could cause a Fund to invest the proceeds in less attractive investments or increase the volatility of their prices. To the extent mortgage-backed securities held by a Fund are subordinated to other interests in the same mortgage or asset pool, the likelihood of the Fund receiving payments of principal or interest may be substantially limited.

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 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. Bond funds are subject to interest rate risk and credit risk. When interest rates rise, the value of fixed-income securities will generally fall. In addition, the credit quality of the securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. Investments in high-yield, high risk bonds can involve a substantial risk of loss. An active trading style can result in higher turnover (exceeding 100%), may translate to higher transaction costs, may increase your tax liability, and may affect Fund performance. The Fund is nondiversified and may be more volatile than a diversified fund.

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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