Calvert Large Cap Value Fund: A Shares

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy	Morningstar Category: Large Value	Morningstar Box
The Fund seeks long-term capital appreciation through investment primarily in large-cap U.S. common stocks that are trading at prices below what are believed to be their intrinsic value, in accordance with the Fund's corporate responsibility standards and strategies.	The Fund offers opportunities for long-term growth of capital through investments in large-cap company equity securities that the portfolio manager believes are undervalued. The Fund normally invests at least 80% of its net assets in the common stocks of large-cap companies, as defined by those within the range of market capitalizations of the Russell 1000 Value Index. The Advisor seeks to identify common stocks of companies it believes are significantly undervalued compared to their perceived worth or prospects, historical valuations or the general market level of valuation. The Advisor primarily uses a bottom-up approach focused on fundamental analysis of issuers in a number of different sectors and industries, in light of the issuers' current financial condition and industry position, as well as market, economic, political and regulatory conditions. The Fund has threshold responsibility standards with respect to tobacco, weapons and human rights, which it applies in determining whether a security qualifies for investment.	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
CLVAX	131619504	$87.5	57	Russell 1000 Value Index	Calvert Investment Management, Inc. (Sub-Advisor)

RISK MEASURES (3-Year)As of 3/31/2013
	FUND	BENCHMARK
STANDARD DEVIATION	15.97%	15.62%
ALPHA	-2.59%	0.00%
BETA	1.01	1.00
EXCESS RETURN	-2.75%	0.00%
R-SQUARED	98.34%	100.00%
TRACKING ERROR	2.07%	0.00%
INFORMATION RATIO	-1.33	0.00
SHARPE RATIO	0.62	0.81

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

MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions)
	FUND	BENCHMARK
Weighted Average	95,430.2	90,738.9
Median	54,558.0	5,340.9
Weighted Median	63,143.9	36,593.0

Source: Analysis performed by FactSet.

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
TARGET CORP	2.53%
PFIZER INC	2.52%
EXXON MOBIL CORP	2.51%
MICROSOFT CORP	2.50%
ROYAL DUTCH SHELL PLC ADR	2.47%
GLAXOSMITHKLINE PLC SPON ADR	2.46%
DIRECTV	2.37%
CAPITAL ONE FINANCIAL CORP	2.34%
PNC FINANCIAL SERVICES GROUP	2.33%
DU PONT (E.I.) DE NEMOURS	2.28%
Total	24.30%

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 Value Fund	97.03%	0.00%	2.97%

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 Value Fund	12.0	14.2	8.7%	26.4%	13.0%	8.3	1.5	2.4
Russell 1000 Value Index	13.1	14.1	8.1%	29.1%	12.9%	8.4	1.6	2.3

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)	11.02	11.02	16.10	10.00	3.24	8.29	5.43	12/29/1999
Russell 1000 Value Index	12.31	12.31	18.77	12.74	4.85	9.18	5.24
Lipper Large-Cap Value Funds Index	11.25	11.25	15.35	10.46	4.40	8.09	3.42

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 Value Index for the quarter ending 3/31/2013

TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Financials	25.21%	12.11%	2.97%
Consumer Discretionary	11.72%	17.87%	2.05%
Energy	15.49%	9.56%	1.54%
Health Care	11.55%	12.28%	1.40%
Information Technology	9.70%	10.41%	1.03%

TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Marathon Petroleum Corp.	1.34%	42.83%	0.53%
Target Corp.	2.58%	16.36%	0.41%
Phillips 66	1.35%	32.41%	0.40%
Pfizer Inc.	2.53%	16.08%	0.40%
Time Warner Inc.	1.86%	21.13%	0.37%

BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Materials	6.39%	0.91%	0.04%
Telecomm Services	2.98%	11.82%	0.35%
Utilities	3.76%	12.94%	0.48%
Industrials	5.99%	11.78%	0.71%
Consumer Staples	7.22%	13.49%	0.96%

BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Newmont Mining Corp.	1.58%	-8.81%	-0.14%
Royal Dutch Shell PLC ADS Cl A	2.36%	-4.47%	-0.11%
Barrick Gold Corp.	0.50%	-8.40%	-0.09%
Capital One Financial Corp.	1.80%	-3.50%	-0.07%
Deere & Co.	0.02%	-1.47%	-0.01%

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)
Despite a very strong absolute return for the quarter, the Fund’s results modestly lagged its benchmark. Its holdings in the Technology sector accounted for much of the shortfall. The Fund lacked exposure to the Computers & Peripherals sub-sector, particularly the surging Hewlett-Packard. It also had poor stock selection in the Software and Internet Software & Services sub- sectors, with Microsoft and eBay being key detractors. The Fund was also overweight the underperforming Materials sector. Holdings in gold-mining companies Newmont Mining and Barrick Gold hurt performance. The Fund used the pullback to increase its position in the companies during the quarter, as management changes and a focus on reducing capital expenditures are expected to drive better performance in the future. Finally, a position in GlaxoSmithKline was a drag on relative performance in the Health Care sector. The Fund also had numerous successful holdings, particularly in the Consumer Discretionary, Telecommunication Services, and Energy sectors. Consumer Discretionary outperformance was driven by a position in Sony, which benefited from a weakening yen, asset sales, and an improving outlook for some of its business segments. It has since been sold from the Fund. Media holdings in CBS and Time Warner along with retailer Target also pushed returns higher in the Consumer Discretionary sector. Within Telecommunication Services, positions in Verizon Communications and AT&T performed well. Finally, stock selection in the Energy sector added to the Fund’s relative returns. The Fund did not have exposure to the underperforming Energy Equipment & Services sub-sector, but overweight positions in refiners Marathon Petroleum and Phillips 66 provided strong returns.

10 BEST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Sony Corp. ADS	Consumer Discretionary	57.31%
2	Marathon Petroleum Corp.	Energy	42.83%
3	Phillips 66	Energy	32.41%
4	Norfolk Southern Corp.	Industrials	25.55%
5	CBS Corp (Cl B)	Consumer Discretionary	23.03%
6	Time Warner Inc.	Consumer Discretionary	21.13%
7	Covidien PLC	Health Care	17.49%
8	Johnson & Johnson	Health Care	17.24%
9	PepsiCo Inc.	Consumer Staples	16.43%
10	Target Corp.	Consumer Discretionary	16.36%

10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Newmont Mining Corp.	Materials	-8.81%
2	Barrick Gold Corp.	Materials	-8.40%
3	Royal Dutch Shell PLC ADS Cl A	Energy	-4.47%
4	Capital One Financial Corp.	Financials	-3.50%
5	Deere & Co.	Industrials	-1.47%
6	AbbVie Inc.	Health Care	-0.83%
7	Dow Chemical Co.	Materials	-0.53%
8	Occidental Petroleum Corp.	Energy	3.10%
9	Emerson Electric Co.	Industrials	3.87%
10	Exxon Mobil Corp.	Energy	4.79%

As of March 31, 2013, Calvert Large Cap Value Fund’s holdings included Hewlett-Packard (0.00% of the Fund), Microsoft (2.50%), eBay (1.68%), Newmont Mining (1.66%), Barrick Gold (0.87%), GlaxoSmithKline (2.46%), Sony (0.00%), CBS (0.91%), Time Warner (1.62%), Target (2.53%), Verizon Communications (1.01%), AT&T (1.95%), Marathon Petroleum (1.03%) and Phillips 66 (1.08%). 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. The Fund's value-oriented investing approach may fall out of favor with investors from time to time, during which the Fund may underperform other funds using different investment approaches. In addition, the market may not recognize a security’s intrinsic value for a long time, or a stock judged to be undervalued may actually be appropriately priced, and it may not appreciate as anticipated. 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 extended periods of economic expansion.

Class A and Class I shares of the Everest Fund of Summit Mutual Funds, Inc. were reorganized into the Class A and Class Y shares, respectively, of Calvert Large Cap Value Fund, which commenced operations on 12/12/08. Performance results for Class A and Class Y shares of Calvert Large Cap Value Fund prior to 12/12/08 reflect the performance of Class A and Class I shares, respectively, of the Everest Fund since their inception on 12/29/99.

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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