0001193125-13-053325.txt : 20130213 0001193125-13-053325.hdr.sgml : 20130213 20130213070819 ACCESSION NUMBER: 0001193125-13-053325 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 10 FILED AS OF DATE: 20130213 DATE AS OF CHANGE: 20130213 EFFECTIVENESS DATE: 20130213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALVERT SOCIAL INVESTMENT FUND CENTRAL INDEX KEY: 0000356682 IRS NUMBER: 000000000 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-75106 FILM NUMBER: 13599533 BUSINESS ADDRESS: STREET 1: 4550 MONTGOMERY AVE STREET 2: SUITE 1000 N CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 3019514800 MAIL ADDRESS: STREET 1: CALVERT GROUP STREET 2: 4550 MONTGOMERY AVENUE, SUITE 1000 N CITY: BETHESDA STATE: MD ZIP: 20814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALVERT SOCIAL INVESTMENT FUND CENTRAL INDEX KEY: 0000356682 IRS NUMBER: 000000000 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03334 FILM NUMBER: 13599534 BUSINESS ADDRESS: STREET 1: 4550 MONTGOMERY AVE STREET 2: SUITE 1000 N CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 3019514800 MAIL ADDRESS: STREET 1: CALVERT GROUP STREET 2: 4550 MONTGOMERY AVENUE, SUITE 1000 N CITY: BETHESDA STATE: MD ZIP: 20814 0000356682 S000008716 Calvert Money Market Portfolio C000023753 Money Market Portfolio CSIXX 0000356682 S000008717 Calvert Balanced Portfolio C000023754 Class A CSIFX C000023755 Class B CSLBX C000023756 Class C CSGCX C000023757 Class I CBAIX 0000356682 S000008718 Calvert Bond Portfolio C000023758 Class A CSIBX C000023759 Class B CBDBX C000023760 Class C CSBCX C000023761 Class I CBDIX C000073558 Class Y 0000356682 S000008719 Calvert Equity Portfolio C000023762 Class A CSIEX C000023763 Class B CSEBX C000023764 Class C CSECX C000023765 Class I CEYIX C000073559 Class Y 0000356682 S000008720 Calvert Large Cap Core Portfolio C000023766 Class A CMIFX C000023767 Class B CDXBX C000023768 Class C CMICX C000023769 Class I CMIIX 0000356682 S000008721 Calvert Conservative Allocation Fund C000023770 Class A CCRAX C000023771 Class C CALCX 0000356682 S000008722 Calvert Moderate Allocation Fund C000023772 Class A CMAAX C000023773 Class C CMACX 0000356682 S000008723 Calvert Aggressive Allocation Fund C000023774 Class A CAAAX C000023775 Class C CAACX 485BPOS 1 d477095d485bpos.htm 485BPOS 485BPOS

SEC Registration Nos.

Nos. 811-03334 and 002-75106

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

  THE SECURITIES ACT OF 1933   ¨
  Post-Effective Amendment No. 74    x

and/or

REGISTRATION STATEMENT

UNDER

THE INVESTMENT ACT OF 1940

  Amendment No. 74   x

 

 

Calvert Social Investment Fund

(Exact Name of Registrant as Specified in Charter)

 

 

4550 Montgomery Avenue

Bethesda, Maryland 20814

(Address of Principal Executive Offices)

Registrant’s Telephone Number: (301) 951-4800

 

 

William M. Tartikoff

4550 Montgomery Avenue

Bethesda, Maryland 20814

(Name and Address of Agent for Service)

 

 

It is proposed that this filing will become effective (check appropriate box):

 

  x immediately upon filing pursuant to paragraph (b)

 

  ¨ on (date) pursuant to paragraph (b)

 

  ¨ 60 days after filing pursuant to paragraph (a)(1)

 

  ¨ on (date) pursuant to paragraph (a)(1)

 

  ¨ 75 days after filing pursuant to paragraph (a)(2)

 

  ¨ on (date) pursuant to paragraph (a)(2) of Rule 485.

 

 

 

EXPLANTORY NOTE

This post-effective amendment is being filed solely to submit exhibits containing risk/return summary information in interactive data format that is identical to the risk/return information filed as part of Post-Effective Amendment No. 73 to this Registration Statement, as filed on January 30, 2013.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Bethesda, and State of Maryland on the 13th day of February 2013.

 

CALVERT SOCIAL INVESTMENT FUND
BY:

            **             

Barbara J. Krumsiek

President and Trustee

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below on the 13th day of February 2013, by the following persons in the capacities indicated.

 

Signature       Title

            **             

D. WAYNE SILBY

     TRUSTEE

            **             

JOHN G. GUFFEY, JR.

     TRUSTEE

            **             

BARBARA J. KRUMSIEK

     PRESIDENT AND TRUSTEE

            **             

RONALD M. WOLFSHEIMER

    

TREASURER

(PRINCIPAL ACCOUNTING OFFICER)

            **             

REBECCA L. ADAMSON

     TRUSTEE

            **             

RICHARD L. BAIRD, JR.

     TRUSTEE

            **             

JOY V. JONES

     TRUSTEE

            **             

TERRENCE J. MOLLNER

     TRUSTEE

            **             

MILES D. HARPER, III

     TRUSTEE

**By: /s/ Lancelot A. King

        Lancelot A. King        

    

Executed by Lancelot A. King, Attorney-in-fact on behalf of those indicated, pursuant to Powers of Attorney, incorporated by reference to registrant’s Post-Effective Amendment No. 73, January 30, 2013, accession number 0000356682-13-000002.

Calvert Social Investment Fund

Post-Effective Amendment No. 74

Registration No. 002-75106

EXHIBIT INDEX

 

Ex-101.ins    XBRL Instance Document
Ex-101.sch    XBRL Taxonomy Extension Schema Document
Ex-101.cal    XBRL Taxonomy Extension Calculation Linkbase Document
Ex-101.lab    XBRL Taxonomy Extension Labels Linkbase
Ex-101.pre    XBRL Taxonomy Extension Presentation Linkbase Document
Ex-101.def    XBRL Taxonomy Extension Definition Linkbase
Ex-101.cal    XBRL Taxonomy Extension Calculation Linkbase
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2012-02-01 2013-01-31 0000356682 csif:S000008723Member csif:RetailMember rr:AfterTaxesOnDistributionsMember csif:C000023774Member 2012-02-01 2013-01-31 0000356682 csif:S000008723Member csif:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember csif:C000023774Member 2012-02-01 2013-01-31 0000356682 csif:S000008723Member csif:RetailMember csif:RussellThreeThousandIndexMember 2012-02-01 2013-01-31 0000356682 csif:S000008723Member csif:RetailMember csif:AggressiveAllocationCompositeIndexMember 2012-02-01 2013-01-31 0000356682 csif:S000008723Member csif:RetailMember csif:LipperMultiCapCoreFundsAvgMember 2012-02-01 2013-01-31 pure iso4217:USD 485BPOS 2012-09-30 CALVERT SOCIAL INVESTMENT FUND 0000356682 false 2013-01-30 2013-01-31 2013-01-31 <b>INVESTMENT OBJECTIVE </b> <b>CALVERT CONSERVATIVE ALLOCATION FUND</b><br/><b>Class&nbsp;&nbsp;</b>(Ticker):&nbsp;&nbsp;&nbsp;<b>A</b>&nbsp;&nbsp;(CCLAX)&nbsp;&nbsp;&nbsp;<b>C</b>&nbsp;&nbsp;(CALCX) <b>CALVERT BALANCED PORTFOLIO</b><br/><b>Class&nbsp;&nbsp;</b>(Ticker):&nbsp;&nbsp;&nbsp;<b>A</b>&nbsp;&nbsp;(CSIFX)&nbsp;&nbsp;&nbsp;<b>B</b>&nbsp;&nbsp;(CSLBX)&nbsp;&nbsp;&nbsp;<b>C</b>&nbsp;&nbsp;(CSGCX) <b>CALVERT EQUITY PORTFOLIO</b><br/><b>Class&nbsp;&nbsp;</b>(Ticker):&nbsp;&nbsp;&nbsp;<b>A</b>&nbsp;&nbsp;(CSIEX)&nbsp;&nbsp;&nbsp;<b>B</b>&nbsp;&nbsp;(CSEBX)&nbsp;&nbsp;&nbsp;<b>C</b>&nbsp;&nbsp;(CSECX)&nbsp;&nbsp;&nbsp;<b>Y</b>&nbsp;&nbsp;(CIEYX) <b>INVESTMENT OBJECTIVE</b> The Fund seeks current income and capital appreciation, consistent with the preservation of capital. This objective may be changed by the Fund&#8217;s Board of Trustees without shareholder approval. The Fund seeks growth of capital through investment in stocks believed to offer opportunities for potential capital appreciation and which meet the Fund&#8217;s investment criteria, including financial, sustainability and social responsibility factors. This objective may be changed by the Fund's Board of Trustees without shareholder approval. <b>FEES AND EXPENSES OF THE FUND </b> <b>FEES AND EXPENSES OF THE FUND</b> <b>INVESTMENT OBJECTIVE </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. More information about these and other discounts is available from your financial professional and under &#8220;Choosing a Share Class&#8221; on page 89 and &#8220;Reduced Sales Charges&#8221; on page 92 of this Prospectus, and under &#8220;Method of Distribution&#8221; on page 58 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). The Fund seeks to achieve a competitive total return through an actively managed portfolio of stocks, bonds, and money market instruments which offer income and capital growth opportunity and which satisfy the investment criteria, including financial, sustainability and social responsibility factors. This objective may be changed by the Fund's Board of Trustees without shareholder approval. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. More information about these and other discounts is available from your financial professional and under &#8220;Choosing a Share Class&#8221; on page 89 and &#8220;Reduced Sales Charges&#8221; on page 92 of this Prospectus, and under &#8220;Method of Distribution&#8221; on page 51 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <b>FEES AND EXPENSES OF THE FUND </b> <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Shareholder Fees</b> (fees paid directly from your investment) <b>CALVERT LARGE CAP CORE PORTFOLIO*</b><br/><b>Class&nbsp;&nbsp;</b>(Ticker):&nbsp;&nbsp;&nbsp;<b>A</b>&nbsp;&nbsp;(CMIFX)&nbsp;&nbsp;&nbsp;<b>B</b>&nbsp;&nbsp;(CDXBX)&nbsp;&nbsp;&nbsp;<b>C</b>&nbsp;&nbsp;(CMICX)<br/><br/>*Formerly named Calvert Enhanced Equity Portfolio. <b>INVESTMENT OBJECTIVE </b> 0.0475 0 0 0 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&#8217;s investment criteria, including financial, sustainability and social responsibility factors. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. 0.0475 0 0.05 0.01 0 50000 -0.02 -0.02 -0.02 -0.02 <b>FEES AND EXPENSES OF THE FUND</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. More information about these and other discounts is available from your financial professional and under &#8220;Choosing a Share Class&#8221; on page 89 and &#8220;Reduced Sales Charges&#8221; on page 92 of this Prospectus, and under &#8220;Method of Distribution&#8221; on page 58 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). 0 -0.02 <b>Shareholder Fees</b> (fees paid directly from your investment) You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. 50000 0.0475 0 0 0 0.05 0.01 <b>Shareholder Fees</b> (fees paid directly from your investment) -0.02 -0.02 -0.02 <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a <br/>% of the value of your investment) 0.0475 0 0 0 0.05 0.01 -0.02 -0.02 <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as <br/>a % of the value of your investment) -0.02 0 0 <b>Annual Fund Operating Expenses </b>(expenses that you pay each year as <br/>a % of the value of your investment) 0.0075 0.0025 0.004 0.014 0.0025 0.01 0.0037 0.0036 0.0065 0.0065 0.0142 0.0216 -0.0033 0.0109 The contingent deferred sales charge reduces over time. <b>Example</b> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li>you invest $10,000 in the Fund for the time periods indicated and then either redeem or hold your shares at the end of those periods;</li><li>your investment has a 5% return each year; and</li><li>the Fund&#8217;s operating expenses remain the same.</li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: 611 798 329 897 1313 706 1204 1752 1210 2075 2904 2595 January 31, 2014 <b>Example </b> 298 229 913 706 1552 1210 2904 2595 <b>Portfolio Turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 48% of its portfolio&#8217;s average value. 0.007 0.007 0.007 0.01 0.0023 0.01 0.0029 0.0053 0.0035 0.0002 0.0002 0.0002 0.0124 0.0225 0.0207 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that: <ul type="square"><li>you invest $10,000 in the Fund for the time periods indicated and then either redeem or hold your shares at the end of those periods; </li> <li>your investment has a 5% return each year; </li> <li>the Fund&#8217;s operating expenses remain the same; </li> <li>any Calvert expense limitation is in effect for the period indicated in the fee table above; and </li> <li>the estimated gross expenses of the underlying Calvert funds (or net expenses if subject to an expense limit for at least a year) are incorporated. </li></ul> Although your actual costs may be higher or lower, under these assumptions your costs would be: 0.48 581 319 872 676 1185 1159 2069 <b>INVESTMENTS, RISKS AND PERFORMANCE <br/><br/>Principal Investment Strategies</b> 2493 219 676 1159 <b>Example</b> 2493 The Fund employs an active investment strategy and invests primarily in the common stocks of U.S. large-cap companies that meet the Fund&#8217;s investment criteria, including financial, sustainability and social responsibility investment 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&#8217;s fundamental investment research, which seeks to add value by integrating traditional fundamental investment analysis with the Advisor&#8217;s proprietary views on critical environmental, sustainability and governance issues. The portfolio construction process seeks to maximize the benefit of these insights while controlling the Fund&#8217;s risk profile relative to its benchmark, the Russell 1000 Index, and minimizing transaction costs. The Fund may sell a security when it no longer appears attractive under this process or if it contributes disproportionately to portfolio risk.<br/><br/>The Fund will normally invest at least 80% of its net assets, including borrowings for investment purposes, in the equity securities (common stock) of large capitalization companies.<br/><br/>*Formerly named Calvert Enhanced Equity Portfolio.<br/><br/>The Fund will provide shareholders with at least 60 days&#8217; notice before changing this 80% policy.<br/><br/>The Fund defines large-cap companies as those within the range of market capitalizations of the Russell 1000 Index. The Russell 1000 Index measures the performance of the 1,000 largest U.S. companies based on the float-adjusted market capitalization of the index constituents. The Russell 1000 Index is adjusted, or reconstituted, annually. As of December 31, 2012, the market capitalization of the Russell 1000 Index ranged from $317 million to $500 billion with a weighted median level of $42.9 billion and a weighted average level of $94.3 billion. Although primarily investing in large-cap U.S. companies, the Fund may also invest in mid-cap and small-cap companies. The Fund may not invest more than 25% of its net assets in foreign securities. The Advisor rebalances the Fund as market conditions warrant while attempting to minimize transaction costs and adhere to its long-term investment objective.<br/><br/>Sustainable and Socially Responsible Investing. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert believes that there are long-term benefits in an investment philosophy that attaches material weight to the environment, workplace relations, human rights, Indigenous Peoples&#8217; rights, community relations, product safety and impact, and corporate governance and business ethics. Calvert also believes that managing risks and opportunities related to these issues can contribute positively to company performance as well as to investment performance over time. The Fund has sustainable and socially responsible investment criteria that reflect specific types of companies in which the Fund seeks to invest and seeks to avoid investing.<br/><br/>Investments are first selected for financial soundness and then evaluated according to the Fund&#8217;s sustainable and socially responsible investment criteria. Investments must be consistent with the Fund&#8217;s current investment criteria, including financial, sustainability and social responsibility factors, the application of which is in the economic interest of the Fund and its shareholders. <b>Portfolio Turnover </b> The Fund may pay transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). These transaction costs are also incurred by the underlying Calvert funds. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 26% of its portfolio&#8217;s average value. 0.26 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. &nbsp;The example assumes that:<ul type="square"><li>you invest $10,000 in the Fund for the time periods indicated and then either redeem or hold your shares at the end of those periods;</li></ul><ul type="square"><li>your investment has a 5% return each year; and</li></ul><ul type="square"><li>the Fund&#8217;s operating expenses remain the same. </li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: <b>Principal Risks</b> <b>INVESTMENTS, RISKS AND PERFORMANCE <br/><br/>Principal Investment Strategies</b> You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br/><br/>Management Risk. Individual investments of the Fund may not perform as expected, and the Fund&#8217;s portfolio management practices may not achieve the desired result.<br/><br/>Stock Market Risk. The market prices of stocks held by the Fund may fall.<br/><br/>Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company&#8217;s financial condition, on overall market and economic conditions, and on investors' perception of a company's well-being.<br/><br/>Large-Cap Company Risk. 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.<br/><br/>Small-Cap and Mid-Cap Company Risk. Prices of small-cap and mid-cap stocks can be more volatile than those of larger, more established companies. Small-cap and mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.<br/><br/>Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from differences between regulations that apply to U.S. and foreign issuers and markets, and the potential for foreign markets to be less liquid and more volatile than U.S. markets.<br/><br/>Foreign Currency Risk. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Performance </b> 595 728 310 850 1103 649 1124 1405 1114 1904 2330 The following bar chart and table show the Fund&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Class A shares has varied from year to year. The table compares the Fund&#8217;s performance over time with that of an index and an average.<br/><br/>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. For updated performance information, visit www.calvert.com.<br/><br/>The return for each of the Fund&#8217;s other Classes of shares will differ from the Class A returns shown in the bar chart, depending upon the expenses of that Class. The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. 2400 The bar chart shows how the performance of the Class A shares has varied from year to year. www.calvert.com The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 228 210 703 649 1205 1114 2330 2400 The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 145% of its portfolio&#8217;s average value. 1.45 <table style="WIDTH: 6in;" border="0" cellspacing="0"><tr valign="bottom"> <td align="left">&nbsp;</td> <td style="TEXT-INDENT: 0.225pt" align="right"><b>Quarter</b></td> <td align="right"><b>Total</b></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Ended</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.438pt" align="right"><b>Return</b></td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">Best Quarter (of periods shown)</td> <td align="right">9/30/09</td> <td align="right">17.31</td> <td align="left">%</td></tr> <tr valign="bottom"> <td align="left">Worst Quarter (of periods shown)</td> <td align="right">12/31/08</td> <td align="right">-23.84</td> <td align="left">%</td></tr></table> 0.2382 0.0947 0.048 0.1267 <b>INVESTMENTS, RISKS AND PERFORMANCE<br/><br/>Principal Investment Strategies</b> -0.0165 <b>Principal Risks </b> -0.3854 0.2958 0.13 0.0221 0.1439 The Fund typically invests about 60% of its net assets in stocks and 40% in bonds or other fixed-income investments. Stock investments are primarily common stock in large-cap companies. Fixed-income investments are primarily a wide variety of investment grade debt securities, such as corporate debt securities, mortgage-backed securities (including commercial mortgage-backed securities and collateralized mortgage obligations ("CMOs")) and other asset-backed securities ("ABS"). The Fund invests in debt and mortgage-backed securities issued by government-sponsored enterprises (&#8220;GSEs&#8221;) such as the Federal National Mortgage Association (&#8220;FNMA&#8221;) and the Federal Home Loan Mortgage Corporation (&#8220;FHLMC&#8221;). The Fund may also invest in repurchase agreements. <br /><br /> An investment grade debt security is rated BBB- or higher by a nationally recognized statistical rating organization (&#8220;NRSRO&#8221;), or is an unrated bond determined by the Advisor to be of comparable credit quality. The Fund may also invest in unrated debt securities. <a name="page_8"></a><br /><br /> The Fund invests in a combination of stocks, bonds and money market instruments in an attempt to provide a complete investment portfolio in a single product. The Advisor monitors the Fund&#8217;s allocation and may rebalance or reallocate the Fund&#8217;s assets based on its view of economic and market factors and events. The equity portion of the Fund is primarily a large cap core U.S. domestic portfolio, although the Fund may also invest in foreign stocks and mid-cap stocks. The equity portion of the Fund seeks companies that have the potential to outperform the market through exceptional growth and/or valuation improvement. The fixed-income portion of the Fund reflects an active trading strategy, seeking total return. <br /><br /> The Fund uses a hedging technique that includes the purchase and sale of U.S. Treasury securities and related futures contracts to manage the duration of the Fund. <br /><br /> The Fund may also use futures contracts as a substitute for direct investment in a particular asset class, in order to facilitate the periodic rebalancing of the Fund&#8217;s portfolio to maintain its target asset allocation, to make tactical asset allocations and to assist in managing cash. <br /><br /> The Subadvisors select the equity investments, while the Advisor manages the fixed-income assets and determines the overall asset class mix for the Fund depending upon its view of market conditions and economic outlook. <br /><br /> Sustainable and Socially Responsible Investing. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert believes that there are long-term benefits in an investment philosophy that attaches material weight to the environment, workplace relations, human rights, Indigenous Peoples&#8217; rights, community relations, product safety and impact, and corporate governance and business ethics. Calvert also believes that managing risks and opportunities related to these issues can contribute positively to company performance as well as to investment performance over time. The Fund has sustainable and socially responsible investment criteria that reflect specific types of companies in which the Fund seeks to invest and seeks to avoid investing. <br /><br /> Investments are first selected for financial soundness and then evaluated according to the Fund&#8217;s sustainable and socially responsible investment criteria. Investments must be consistent with the Fund&#8217;s current investment criteria, including financial, sustainability and social responsibility factors, the application of which is in the economic interest of the Fund and its shareholders. Best Quarter (of periods shown) <b>Principal Risks </b> 2009-09-30 0.1731 Worst Quarter (of periods shown) 2008-12-31 -0.2384 The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table.<br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary. You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <br /><br /> Management Risk. Individual investments of the Fund may not perform as expected, and the Fund&#8217;s portfolio management practices may not achieve the desired result. There is a risk that the Advisor may allocate assets to an asset class that underperforms other asset classes. <br /><br /> Stock Market Risk. The market prices of stocks held by the Fund may fall. <br /><br /> Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company&#8217;s financial condition, on overall market and economic conditions, and on investors&#8217; perception of a company&#8217;s well-being. <br /><br /> Large-Cap Company Risk. 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. <br /><br /> Mid-Cap Company Risk. Prices of mid-cap stocks can be more volatile than those of larger, more established companies. Mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies. <br /><br /> Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from differences between regulations that apply to U.S. and foreign issuers and markets, and the potential for foreign markets to be less liquid and more volatile than U.S. markets. <br /><br /> Foreign Currency Risk. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. <br /><br /> Bond Market Risk. The market prices of bonds held by the Fund may fall. <br /><br /> Interest Rate Risk. A change in interest rates may adversely affect the value of fixed-income securities. When interest rates rise, the value of fixed-income securities will generally fall. Longer-term securities are subject to greater interest rate risk. <br /><br /> Credit Risk. The credit quality of fixed-income securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. <br /><br /> Mortgage-Backed and Asset-Backed Securities Risk. The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit risk. These securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) or more slowly than expected (extension risk), which will affect the yield, average life and price of the securities. In addition, faster than expected prepayments may cause the Fund to invest the prepaid principal in lower yielding securities and slower than expected prepayments may reduce the potential for the Fund to invest in higher yielding securities. <br /><br /> Mortgage-Backed Securities Risk (Government-Sponsored Enterprises).&nbsp;&nbsp;Debt and mortgage-backed securities issued by GSEs such as FNMA and FHLMC are neither insured nor guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. government. Such securities are only supported by the credit of the applicable GSE. The U.S. government has provided financial support to FNMA and FHLMC, but there can be no assurance that it will support these or other GSEs in the future. <a name="page_9"></a><br /><br /> Collateralized Mortgage Obligation and Structured Asset-Backed Securities Risk. A CMO is a multiclass bond that is backed by a pool of mortgage loans or mortgage-backed securities. A structured ABS is a multiclass bond that is typically backed by a pool of auto loans, credit card receivables, home equity loans or student loans. A CMO or structured ABS is subject to interest rate risk, credit risk, prepayment risk and extension risk. In addition, if the Fund holds a class of a CMO or a structured ABS that is subordinated to other classes backed by the same pool of collateral, the likelihood that the Fund will receive payments of principal may be substantially limited. <br /><br /> Unrated Security Risk. Unrated securities may be less liquid than rated securities determined to be of comparable quality. The Fund&#8217;s purchase of unrated securities depends on the Advisor&#8217;s analysis of credit risk without the assessment of an NRSRO. <br /><br /> Active Trading Strategy Risk. The fixed-income portion of the Fund employs an active style that seeks to position the Fund with securities that offer the greatest price appreciation while minimizing risk. This style can result in higher turnover (exceeding 100%), may translate to higher transaction costs and may increase your tax liability. <br /><br /> Futures Contracts Risk. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Fund&#8217;s initial investment in such contracts. <br /><br /> Repurchase Agreement Risk. A repurchase agreement exposes the fixed-income portion of the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money because it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary. <b>Performance </b> The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. The following bar chart and table show the Fund&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Class A shares has varied from year to year. The table compares the Fund&#8217;s performance over time with that of a broad-based securities market index, a composite index and an average. <br /><br /> The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. For updated performance information, visit www.calvert.com. <br /><br /> The return for each of the Fund&#8217;s other Classes of shares will differ from the Class A returns shown in the bar chart, depending upon the expenses of that Class. The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. The bar chart shows how the performance of the Class A shares has varied from year to year. www.calvert.com The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 0.0894 0.088 0.06 0.0785 0.1241 0.1642 0.1495 0.0005 -0.0009 0.0001 -0.0047 0.0012 0.0192 0.0068 0.0466 0.0437 0.0404 0.0401 0.0424 0.0752 0.0651 The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a % of the value of your investment) <b>Calendar Year Total Returns for Class A at NAV</b> 0.007 0.007 0.007 0.007 0.1749 0.0025 0.01 0.01 0 0.0026 0.0039 0.0024 0.0012 0.0001 0.0001 0.0001 0.0001 0.0122 0.021 0.0195 0.0083 0.0784 0.0518 0.0843 0.0323 -0.2898 0.2393 0.109 0.0328 0.1083 <b>Example</b> The Fund is a &#8220;fund of funds&#8221; that seeks to achieve its investment objective by investing in a portfolio of underlying Calvert fixed-income, equity and money market funds that meets the Fund&#8217;s investment criteria, including financial, sustainability and social responsibility factors. <br/><br/> The Fund invests in underlying Calvert funds in accordance with a stable target asset allocation determined by the Advisor. The Fund&#8217;s asset allocation strategy incorporates historical risk and return characteristics of various asset classes and correlations between asset classes to establish allocations intended to provide an optimal level of return for a given level of risk. Historical returns-based analysis and actual holdings data of the target underlying Calvert funds are then integrated to blend the styles of the underlying Calvert funds with the asset allocation policy. <br/><br/> The Fund intends to invest in shares of underlying Calvert funds and typically invests in underlying Calvert funds as follows: <br/><br/><table style="WIDTH: 6in;" border="0" cellspacing="0"> <tr> <td width="31%"></td> <td width="68%"></td></tr> <tr valign="bottom"> <td align="left">60% to 80% of</td> <td align="left">In <b>Calvert Bond Portfolio </b>(which invests</td></tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">Fund's net assets</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">primarily in fixed-income securities)</td></tr> <tr valign="bottom"> <td align="left">20% to 40% of</td> <td align="left">In funds that invest primarily in equity secu-</td></tr> <tr valign="bottom"> <td align="left">Fund's net assets</td> <td align="left">rities (<b>Calvert Equity Portfolio, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Social Index Fund, Calvert Large Cap Core</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Portfolio, Calvert Capital Accumulation Fund,</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Calvert International Equity Fund, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>International Opportunities Fund, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Emerging Markets Equity Fund, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Global Alternative Energy Fund, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Global Water Fund and Calvert Small Cap</b></td></tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"><b>Fund</b>)</td></tr> <tr valign="bottom"> <td align="left">0% to 10% of Fund's</td> <td align="left">In <b>Calvert Money Market Portfolio </b>(which</td></tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">net assets</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">invests primarily in money market instruments)</td></tr></table><br/> The Fund may also invest, to a limited extent, in (1) derivative instruments, including, but not limited to, index futures, options and swaps; and (2) exchange-traded funds. The Fund will use these instruments to facilitate the periodic rebalancing of the Fund&#8217;s portfolio to maintain its target asset allocation, to make tactical asset allocations and to assist in managing cash. <br/><br/> For information on the investment objectives, strategies and risks of the underlying Calvert funds, see the respective Fund Summaries of the underlying equity funds in this Prospectus, and see &#8220;Description of Underlying Funds&#8221; in this Prospectus, which describes the underlying fixed-income and money market funds (<b>Calvert Bond Portfolio </b>and <b>Calvert Money Market Portfolio</b>). <br/><br/> The Advisor may select new or different underlying Calvert funds other than those listed above without prior approval of or prior notice to shareholders. <br/><br/> The above asset allocation percentages are allocation targets. The Advisor has discretion to reallocate the Fund&#8217;s assets among underlying Calvert funds. The Advisor monitors the Fund&#8217;s allocation and may rebalance or reallocate the Fund&#8217;s assets (1) based on its view of economic and market factors and events or (2) to adjust for shifts in the style biases of the underlying funds. The Advisor also evaluates any necessary rebalancing to reflect different target asset class allocations based on changed economic and market conditions. <br/><br/> Sustainable and Socially Responsible Investing. Each underlying fund (other than Calvert Global Alternative Energy Fund and Calvert Global Water Fund) seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert Global Alternative Energy Fund will invest in ways consistent with Calvert&#8217;s philosophy that long-term rewards to investors will come from companies and other entities whose products, services, and methods contribute to a more sustainable future. Calvert Global Water Fund seeks to invest in a wide range of companies and other enterprises that demonstrate varying degrees of commitment and progress toward addressing key corporate responsibility and sustainability challenges. <br/><br/> Each underlying fund (other than Calvert Global Water Fund) has sustainable and socially responsible investment criteria that reflect specific types of companies in which the fund seeks to invest and seeks to avoid investing. Calvert Global Water Fund&#8217;s sustainable and socially responsible investment criteria reflect threshold responsibility standards used in determining whether a security qualifies as an investment for the fund, and specific types of companies in which the fund seeks to invest. <br/><br/> Investments for each underlying fund are first selected for financial soundness and then evaluated according to the fund&#8217;s sustainable and socially responsible investment criteria. Investments for each underlying fund must be consistent with the fund&#8217;s current investment criteria, including financial, sustainability and social responsibility factors, as well as threshold responsibility standards (for Calvert Global Water Fund only), the application of which is in the economic interest of the underlying fund and its shareholders. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li>you invest $10,000 in the Fund for the time periods indicated and then either redeem or hold your shares at the end of those periods;</li><li>your investment has a 5% return each year; and</li><li>the Fund&#8217;s operating expenses remain the same.</li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: Best Quarter (of periods shown) 2009-09-30 0.1147 Worst Quarter (of periods shown) 2008-12-31 -0.1824 593 713 298 85 844 1058 612 265 1113 1329 You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br/><br/>Asset Allocation Risk. The Advisor&#8217;s selection of underlying funds and the allocation of Fund assets to those funds may cause the Fund to underperform. The Fund&#8217;s greater allocation to fixed-income funds makes it more susceptible to risks associated with fixed-income investments than equity investments.<br/><br/>Management Risk. Individual investments of an underlying fund may not perform as expected, and the underlying fund&#8217;s portfolio management practices may not achieve the desired result.<br/><br/>Derivatives Risk. In general, a derivative is a financial contract whose value is based on the value of a financial asset (such as a stock, bond, or currency), a physical asset (such as gold), or a market index (such as the S&amp;P 500 Index). Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying asset, credit risk with respect to the counterparty, and liquidity risk. The Fund&#8217;s use of certain derivatives may also have a leveraging effect, which may increase the volatility of the Fund and reduce its returns.<br/><br/>Exchange-Traded Fund (&#8220;ETF&#8221;) Risk. An ETF seeks to track the performance of an index by holding in its portfolio shares of all the companies, or a representative sample of the companies, that are components of a particular index. The risks of investment in ETFs typically reflect the risk of the types of securities in which the ETFs invest. In addition, when the Fund invests in an ETF, shareholders of the Fund bear their proportionate share of the ETF&#8217;s fees and expenses as well as their share of the Fund&#8217;s fees and expenses.<br/><br/><b>Equity Investments. </b>The Fund shares the principal risks of equity securities held by the underlying funds, including the key risks below.<br/><br/>Stock Market Risk. The market prices of stocks held by the underlying funds may fall.<br/><br/>Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company&#8217;s financial condition, on overall market and economic conditions, and on investors&#8217; perception of a company&#8217;s well-being.<br/><br/><b>Fixed-Income Investments. </b>The Fund shares the principal risks of fixed-income securities held by the underlying funds, including the key risks below.<br/><br/>Bond Market Risk. The market prices of bonds held by the underlying funds may fall.<br/><br/>Interest Rate Risk. A change in interest rates may adversely affect the value of the securities. When interest rates rise, the value of fixed-income securities will generally fall. Longer-term securities are subject to greater interest rate risk.<br/><br/>Credit Risk. 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.<br/><br/><b>Money Market Investments. </b>The Fund shares the principal risks of money market securities held by the underlying funds, including the key risk below.<br/><br/>Money Market Risk. Yield will change in response to market interest rates; in general, as market rates go up, so will yield, and vice versa. Although the underlying fund tries to keep the value of its shares constant at $1.00 per share, changes in market rates could cause the value to decrease. 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. Credit risk, however, should be low for the underlying fund because it invests primarily in securities that are considered to be of high quality; the underlying fund also limits the amount it invests in any one issuer to try to lessen its exposure to credit risk. 1052 460 1882 2206 2275 1025 <b>Average Annual Total Returns<br/>(as of 12/31/12) (with maximum<br/>sales charge deducted) 0.0075 0.0075 The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table. <br /><br />After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary. 0.01 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. 0.01 0.012 0.0051 50000 0.0295 0.0226 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. 213 198 The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. 658 612 The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. 1129 1052 2206 2275 <b>Portfolio Turnover</b> <b>Calendar Year Total Returns for Class A at NAV</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 36% of its portfolio&#8217;s average value. The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table. You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary. <b>INVESTMENTS, RISKS AND PERFORMANCE<br /><br />Principal Investment Strategies</b> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Performance </b> The following bar chart and table show the Fund&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Class A shares has varied from year to year. The table compares the Fund&#8217;s performance over time with that of a broad-based securities market index, a composite index and an average. <br/><br/>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. For updated performance information, visit www.calvert.com. <br/><br/>The return for the Fund&#8217;s other Class of shares will differ from the Class A returns shown in the bar chart, depending upon the expenses of that Class. The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. The Fund normally invests at least 80% of its net assets, including borrowings for investment purposes, in equity securities (common stock). The Fund will provide shareholders with at least 60 days&#8217; notice before changing this 80% policy. The Fund invests primarily in common stocks of U.S. large-cap companies. The Fund defines large-cap companies as those whose market capitalization falls within the range of the Standard &amp; Poor&#8217;s (&#8220;S&amp;P&#8221;) 500 Index. As of December 31, 2012, the market capitalization of the S&amp;P 500 Index companies ranged from $1.63 billion to $500 billion with a weighted median level of $56.8 billion and a weighted average level of $106.1 billion. The Fund normally seeks to have a weighted average market capitalization of at least $20 billion. <br /><br />The Fund may also invest in mid-cap stocks and may invest up to 25% of its net assets in foreign stocks. <br /><br />The Subadvisor looks for established companies with a history of steady earnings growth. The Subadvisor 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. <br /><br />Sustainable and Socially Responsible Investing. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert believes that there are long-term benefits in an investment philosophy that attaches material weight to the environment, workplace relations, human rights, Indigenous Peoples&#8217; rights, community relations, product safety and impact, and corporate governance and business ethics. Calvert also believes that managing risks and opportunities related to these issues can contribute positively to company performance as well as to investment performance over time. The Fund has sustainable and socially responsible investment criteria that reflect specific types of companies in which the Fund seeks to invest and seeks to avoid investing. <br /><br />Investments are first selected for financial soundness and then evaluated according to the Fund&#8217;s sustainable and socially responsible investment criteria. Investments must be consistent with the Fund&#8217;s current investment criteria, including financial, sustainability and social responsibility factors, the application of which is in the economic interest of the Fund and its shareholders. <b>Average Annual Total Returns<br />(as of 12/31/12) (with maximum sales<br /> charge deducted)</b> 0.0716 0.0589 -0.1617 0.1633 0.0856 0.0441 0.1061 <b>Principal Risks</b> 0.0557 0.0545 The bar chart shows how the performance of the Class A shares has varied from year to year. 0.0379 0.0473 0.0891 0.1642 0.136 0.1263 www.calvert.com The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. <b>Calendar Year Total Returns for Class A at NAV</b> 0.0125 0.0098 0.0095 0.0102 0.0136 0.0192 0.0421 0.0172 The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. 0.0473 0.0432 0.0398 0.0419 0.0428 0.0752 0.0701 0.0648 You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <br /><br />Management Risk. Individual investments of the Fund may not perform as expected, and the Fund&#8217;s portfolio management practices may not achieve the desired result. <br /><br />Stock Market Risk. The market prices of stocks held by the Fund may fall. <br /><br />Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company&#8217;s financial condition, on overall market and economic conditions, and on investors&#8217; perception of a company&#8217;s well-being. <br /><br />Large-Cap Company Risk. 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. <br /><br />Mid-Cap Company Risk. Prices of mid-cap stocks can be more volatile than those of larger, more established companies. Mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies. <br /><br />Growth Company Risk. Prices of growth company securities may fall more than the overall equity markets due to changing economic, political or market conditions or disappointing growth company earnings results. Growth stocks also generally lack the dividends of some value stocks that can cushion stock prices in a falling market. <br /><br />Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from differences between regulations that apply to U.S. and foreign issuers and markets, and the potential for foreign markets to be less liquid and more volatile than U.S. markets. <br /><br />Foreign Currency Risk. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. <b>Performance</b> <table style="WIDTH: 6in;" border="0" cellspacing="0"><tr valign="bottom"> <td align="left">&nbsp;</td> <td style="TEXT-INDENT: 0.225pt" align="right"><b>Quarter</b></td> <td align="right"><b>Total</b></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Ended</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.438pt" align="right"><b>Return</b></td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">Best Quarter (of periods shown)</td> <td align="right">9/30/09</td> <td align="right">9.08</td> <td align="left">%</td></tr> <tr valign="bottom"> <td align="left">Worst Quarter (of periods shown)</td> <td align="right">12/31/08</td> <td align="right">-9.39</td> <td align="left">%</td></tr></table> The following bar chart and table show the Fund&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Class A shares has varied from year to year. The table compares the Fund&#8217;s performance over time with that of an index and an average. <br /><br />The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. For updated performance information, visit www.calvert.com.<br /><br />Performance results for Class Y shares prior to 10/31/08 (the Class Y shares&#8217; inception date) reflect the performance of Class A shares at net asset value. Actual Class Y share performance would have been higher than Class A share performance because Class Y, unlike Class A, has no Rule 12b-1 fees.<br /><br />The return for each of the Fund&#8217;s other Classes of shares will differ from the Class A returns shown in the bar chart, depending upon the expenses of that Class. The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. <b>Calendar Year Total Returns for Class A at NAV</b> Best Quarter (of periods shown) 2009-09-30 0.0908 Worst Quarter (of periods shown) 2008-12-31 -0.0939 <b>Average Annual Total Returns<br/>(as of 12/31/12) (with maximum <br/>sales charge deducted)</b> The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table. <br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. After-tax returns are shown only for Class A shares; after-tax returns for the other Class will vary. The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. After-tax returns are shown only for Class A shares; after-tax returns for the other Class will vary. <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertLargeCapCorePortfolio column period compact * ~</div> The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertLargeCapCorePortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertLargeCapCorePortfolio column period compact * ~</div> 0.0535 0.0418 <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleNoRedemptionTransposedCalvertLargeCapCorePortfolio column period compact * ~</div> 0.0394 0.0848 0.0937 0.107 0.0936 0.031 0.0196 0.0205 0.0282 0.0765 0.0486 0.0384 0.0314 0.0308 0.043 0.0367 <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertLargeCapCorePortfolioBarChart column period compact * ~</div> 0.0641 0.0559 0.0468 2005-04-29 2005-04-29 <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertLargeCapCorePortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertBalancedPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertBalancedPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertBalancedPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertConservativeAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertConservativeAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleNoRedemptionTransposedCalvertBalancedPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertConservativeAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertBalancedPortfolioBarChart column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertBalancedPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertConservativeAllocationFundBarChart column period compact * ~</div> 0.2231 0.0669 <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertConservativeAllocationFund column period compact * ~</div> 0.0416 0.1016 0.0994 -0.3553 0.3341 0.1723 -0.0223 0.1552 Best Quarter (of periods shown) 2009-06-30 0.1797 Worst Quarter (of periods shown) 2008-12-31 -0.2439 <table style="WIDTH: 6in; " border="0" cellspacing="0"><tr valign="bottom"> <td align="left">&nbsp;</td> <td style="TEXT-INDENT: 0.225pt" align="right"><b>Quarter</b></td> <td align="right"><b>Total</b></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Ended</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.438pt" align="right"><b>Return</b></td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">Best Quarter (of periods shown)</td> <td align="right">9/30/09</td> <td align="right">11.47</td> <td align="left">%</td></tr> <tr valign="bottom"> <td align="left">Worst Quarter (of periods shown)</td> <td align="right">12/31/08</td> <td align="right">-18.24</td> <td align="left">%</td></tr></table> <table style="WIDTH: 6in;" border="0" cellspacing="0"><tr valign="bottom"> <td align="left">&nbsp;</td> <td style="TEXT-INDENT: 0.225pt" align="right"><b>Quarter</b></td> <td align="right"><b>Total</b></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Ended</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.438pt" align="right"><b>Return</b></td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">Best Quarter (of periods shown)</td> <td align="right">6/30/09</td> <td align="right">17.97</td> <td align="left">%</td></tr> <tr valign="bottom"> <td align="left">Worst Quarter (of periods shown)</td> <td align="right">12/31/08</td> <td align="right">-24.39</td> <td align="left">%</td></tr></table> The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table.<br /><br />After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary. <b>Average Annual Total Returns<br />(as of 12/31/12) (with maximum sales<br />charge deducted, if any)</b> 0.1004 0.1001 0.0656 0.0949 0.1369 0.1596 0.16 0.1526 0.0164 0.0124 0.013 0.0153 0.0185 0.0293 0.0166 0.0119 0.0597 0.0557 0.0517 0.0557 0.0567 0.0664 0.071 0.0667 0.36 0 0.01 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. -0.02 50000 You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The bar chart shows how the performance of the Class A shares has varied from year to year. www.calvert.com The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertEquityPortfolio column period compact * ~</div> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. More information about these and other discounts is available from your financial professional and under &#8220;Choosing a Share Class&#8221; on page 89 and &#8220;Reduced Sales Charges&#8221; on page 92 of this Prospectus, and under &#8220;Method of Distribution&#8221; on page 58 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertEquityPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertEquityPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleNoRedemptionTransposedCalvertConservativeAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleNoRedemptionTransposedCalvertEquityPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertEquityPortfolioBarChart column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertEquityPortfolio column period compact * ~</div> The contingent deferred sales charge reduces over time. The contingent deferred sales charge reduces over time. The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table. <b>INVESTMENT OBJECTIVE</b> <b>CALVERT MODERATE ALLOCATION FUND</b><br/><b>Class&nbsp;&nbsp;</b>(Ticker):&nbsp;&nbsp;&nbsp;<b>A</b>&nbsp;&nbsp;(CMAAX)&nbsp;&nbsp;&nbsp;<b>C</b>&nbsp;&nbsp;(CMACX) <b>FEES AND EXPENSES OF THE FUND </b> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. 50000 <b>Shareholder Fees </b>(fees paid directly from your investment) 0.0475 0 0 0.01 -0.02 -0.02 <b>Annual Fund Operating Expenses </b>(expenses that you pay each year as a <br/>% of the value of your investment) 0 0 0.0025 0.01 0.0032 0.003 0.0073 0.0073 0.0145 0.0218 The contingent deferred sales charge reduces over time. <b>Example</b> <b>CALVERT AGGRESSIVE ALLOCATION FUND</b><br/><b>Class&nbsp;&nbsp;</b>(Ticker):&nbsp;&nbsp;&nbsp;<b>A</b>&nbsp;&nbsp;(CAAAX)&nbsp;&nbsp;&nbsp;<b>C</b>&nbsp;&nbsp;(CAACX) <b>INVESTMENT OBJECTIVE </b> The Fund seeks long-term capital appreciation. This objective may be changed by the Fund's Board of Trustees without shareholder approval. <b>FEES AND EXPENSES OF THE FUND </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. More information about these and other discounts is available from your financial professional and under &#8220;Choosing a Share Class&#8221; on page 89 and &#8220;Reduced Sales Charges&#8221; on page 92 of this Prospectus, and under &#8220;Method of Distribution&#8221; on page 51 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li> you invest $10,000 in the Fund for the time periods indicated and then either redeem or hold your shares at the end of those periods;</li><li>your investment has a 5% return each year;</li><li> the Fund&#8217;s operating expenses remain the same; and</li><li> the estimated gross expenses of the underlying Calvert funds (or net expenses if subject to an expense limit for at least a year) are incorporated.</li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: 616 321 912 682 1230 1170 2128 2513 221 682 <b>Shareholder Fees</b> (fees paid directly from your investment) 1170 2513 <b>Portfolio Turnover</b> 0.0475 0 0 0.01 -0.02 -0.02 <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a<br/><br /><br />% of the value of your investment) <b>INVESTMENTS, RISKS AND PERFORMANCE<br/><br/>Principal Investment Strategies</b> 0 0 0.0025 0.01 0.0082 0.0082 0.0168 0.0251 -0.0043 0.0125 <b>Example </b> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that: <ul type="square"><li>you invest $10,000 in the Fund for the time periods indicated and then either redeem or hold your shares at the end of those periods; </li></ul><ul type="square"><li>your investment has a 5% return each year; </li></ul><ul type="square"><li>the Fund&#8217;s operating expenses remain the same; </li></ul><ul type="square"><li>any Calvert expense limitation is in effect for the period indicated in the fee table above; and </li></ul><ul type="square"><li>the estimated gross expenses of the underlying Calvert funds (or net expenses if subject to an expense limit for at least a year) are incorporated. </li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: <b>CALVERT BALANCED PORTFOLIO</b><br/><b>Class&nbsp;&nbsp;</b> (Ticker):&nbsp;&nbsp;&nbsp;<b>I</b>&nbsp;&nbsp;(CBAIX) <b>INVESTMENT OBJECTIVE</b> <b>CALVERT EQUITY PORTFOLIO</b><br/><b>Class&nbsp;&nbsp;</b>(Ticker):&nbsp;&nbsp;&nbsp;<b>I</b>&nbsp;&nbsp;(CEYIX) <b>INVESTMENT OBJECTIVE </b> The Fund seeks to achieve a competitive total return through an actively managed portfolio of stocks, bonds, and money market instruments which offer income and capital growth opportunity and which satisfy the investment criteria, including financial, sustainability and social responsibility factors. This objective may be changed by the Fund&#8217;s Board of Trustees without shareholder approval. The Fund seeks growth of capital through investment in stocks believed to offer opportunities for potential capital appreciation and which meet the Fund&#8217;s investment criteria, including financial, sustainability and social responsibility factors. This objective may be changed by the Fund&#8217;s Board of Trustees without shareholder approval. <b>FEES AND EXPENSES OF THE FUND </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>Shareholder Fees</b> (fees paid directly from your investment) -0.02 <b>FEES AND EXPENSES OF THE FUND</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a <br/>% of the value of your investment) <b>Shareholder Fees</b> (fees paid directly from your investment) 0.006 0 0.0007 0.0001 0.0068 <b>Example</b> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li>you invest $1,000,000 in the Fund for the time periods indicated;</li><li>your investment has a 5% return each year; and</li><li>the Fund&#8217;s operating expenses remain the same.</li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: -0.02 <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a<br/> % of the value of your investment) 6947 21754 37868 84653 <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 36% of its portfolio&#8217;s average value. 0.36 <b>INVESTMENTS, RISKS AND PERFORMANCE<br/><br/>Principal Investment Strategies</b> January 31, 2014 <b>Example</b> 0.0055 0 The Fund normally invests at least 80% of its net assets, including borrowings for investment purposes, in equity securities (common stock). The Fund will provide shareholders with at least 60 days&#8217; notice before changing this 80% policy. The Fund invests primarily in common stocks of U.S. large-cap companies. The Fund defines large-cap companies as those whose market capitalization falls within the range of the Standard &amp; Poor&#8217;s (&#8220;S&amp;P&#8221;) 500 Index. As of December 31, 2012, the market capitalization of the S&amp;P 500 Index companies ranged from $1.63 billion to $500 billion with a weighted median level of $56.8 billion and a weighted average level of $106.1 billion.<br/><br/>The Fund normally seeks to have a weighted average market capitalization of at least $20 billion.<br/><br/>The Fund may also invest in mid-cap stocks and may invest up to 25% of its net assets in foreign stocks.<br/><br/>The Subadvisor looks for established companies with a history of steady earnings growth. The Subadvisor 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.<br/><br/>Sustainable and Socially Responsible Investing. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert believes that there are long-term benefits in an investment philosophy that attaches material weight to the environment, workplace relations, human rights, Indigenous Peoples&#8217; rights, community relations, product safety and impact, and corporate governance and business ethics. Calvert also believes that managing risks and opportunities related to these issues can contribute positively to company performance as well as to investment performance over time. The Fund has sustainable and socially responsible investment criteria that reflect specific types of companies in which the Fund seeks to invest and seeks to avoid investing.<br/><br/>Investments are first selected for financial soundness and then evaluated according to the Fund&#8217;s sustainable and socially responsible investment criteria. Investments must be consistent with the Fund&#8217;s current investment criteria, including financial, sustainability and social responsibility factors, the application of which is in the economic interest of the Fund and its shareholders. <b>Principal Risks </b> <b>CALVERT BOND PORTFOLIO</b><br/><b>Class&nbsp;</b>(Ticker):&nbsp;&nbsp;&nbsp;&nbsp;<b>I</b>&nbsp;(CBDIX) <b>INVESTMENT OBJECTIVE</b> You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br/><br/>Management Risk. Individual investments of the Fund may not perform as expected, and the Fund&#8217;s portfolio management practices may not achieve the desired result.<br/><br/>Stock Market Risk. The market prices of stocks held by the Fund may fall.<br/><br/>Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company&#8217;s financial condition, on overall market and economic conditions, and on investors&#8217; perception of a company&#8217;s well-being.<br/><br/>Large-Cap Company Risk. 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.<br/><br/>Mid-Cap Company Risk. Prices of mid-cap stocks can be more volatile than those of larger, more established companies. Mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.<br/><br/>Growth Company Risk. Prices of growth company securities may fall more than the overall equity markets due to changing economic, political or market conditions or disappointing growth company earnings results. Growth stocks also generally lack the dividends of some value stocks that can cushion stock prices in a falling market.<br/><br/>Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from differences between regulations that apply to U.S. and foreign issuers and markets, and the potential for foreign markets to be less liquid and more volatile than U.S. markets.<br/><br/>Foreign Currency Risk. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. 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&#8217;s investment criteria, including financial, sustainability and social responsibility factors. This objective may be changed by the Fund's Board of Trustees without shareholder approval. 0.0028 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li>you invest $1,000,000 in the Fund for the time periods indicated;</li><li>your investment has a 5% return each year;</li><li> the Fund&#8217;s operating expenses remain the same; and </li><li>any Calvert expense limitation is in effect for the period indicated in the fee table above.</li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: <b>CALVERT MONEY MARKET PORTFOLIO</b><br/><b>Class&nbsp;&nbsp;</b>(Ticker):&nbsp;&nbsp;&nbsp;<b>O</b>&nbsp;&nbsp;(CSIXX) <b>FEES AND EXPENSES OF THE FUND</b> You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Fund seeks to provide the highest level of current income, consistent with liquidity, safety and security of capital, through investment in money market instruments meeting the Fund&#8217;s investment criteria, including financial, sustainability and social responsibility factors. This objective may be changed by the Fund&#8217;s Board of Trustees without shareholder approval. <b>Portfolio Turnover</b> <b>Shareholder Fees</b> (fees paid directly from your investment) The Fund pays transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 145% of its portfolio&#8217;s average value. <b>Performance </b> 0.0002 <b>FEES AND EXPENSES OF THE FUND</b> The following bar chart and table show the Fund&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Class I shares has varied from year to year. The table compares the Fund&#8217;s performance over time with that of an index and an average.<br/><br/>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. For updated performance information, visit www.calvert.com. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. -0.02 0.0085 <b>Shareholder Fees</b> (fees paid directly from your investment) An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 1.45 -0.0011 <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a<br/>% of the value of your investment) 0 <b>INVESTMENTS, RISKS AND PERFORMANCE <br/><br/>Principal Investment Strategies</b> 0 The bar chart shows how the performance of the Class I shares has varied from year to year. visit www.calvert.com The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 0.0045 0 0.0011 <b>Calendar Year Total Returns</b> 0.0056 <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a<br/>% of the value of your investment) The Fund typically invests about 60% of its net assets in stocks and 40% in bonds or other fixed-income investments. Stock investments are primarily common stock in large-cap companies. Fixed-income investments are primarily a wide variety of investment grade debt securities, such as corporate debt securities, mortgage-backed securities (including commercial mortgage-backed securities and collateralized mortgage obligations (&#8220;CMOs&#8221;)), and other asset-backed securities (&#8220;ABS&#8221;). The Fund invests in debt and mortgage-backed securities issued by government-sponsored enterprises (&#8220;GSEs&#8221;) such as the Federal National Mortgage Association (&#8220;FNMA&#8221;) and the Federal Home Loan Mortgage Corporation (&#8220;FHLMC&#8221;). The Fund may also invest in repurchase agreements.<br /><br />An investment grade debt security is rated BBB- or higher by a nationally recognized statistical rating organization (&#8220;NRSRO&#8221;), or is an unrated bond determined by the Advisor to be of comparable credit quality. The Fund may also invest in unrated debt securities.<br /><br />The Fund invests in a combination of stocks, bonds and money market instruments in an attempt to provide a complete investment portfolio in a single product. The Advisor monitors the Fund&#8217;s allocation and may rebalance or reallocate the Fund&#8217;s assets based on its view of economic and market factors and events. The equity portion of the Fund is primarily a large cap core U.S. domestic portfolio, although the Fund may also invest in foreign stocks and mid-cap stocks. The equity portion of the Fund seeks companies that have the potential to outperform the market through exceptional growth and/or valuation improvement. The fixed-income portion of the Fund reflects an active trading strategy, seeking total return.<br /><br />The Fund uses a hedging technique that includes the purchase and sale of U.S. Treasury securities and related futures contracts to manage the duration of the Fund.<br /><br />The Fund may also use futures contracts as a substitute for direct investment in a particular asset class, in order to facilitate the periodic rebalancing of the Fund&#8217;s portfolio to maintain its target asset allocation, to make tactical asset allocations and to assist in managing cash. <br /><br />The Subadvisors select the equity investments, while the Advisor manages the fixed-income assets and determines the overall asset class mix for the Fund depending upon its view of market conditions and economic outlook.<br /><br />Sustainable and Socially Responsible Investing. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert believes that there are long-term benefits in an investment philosophy that attaches material weight to the environment, workplace relations, human rights, Indigenous Peoples&#8217; rights, community relations, product safety and impact, and corporate governance and business ethics. Calvert also believes that managing risks and opportunities related to these issues can contribute positively to company performance as well as to investment performance over time. The Fund has sustainable and socially responsible investment criteria that reflect specific types of companies in which the Fund seeks to invest and seeks to avoid investing.<br /><br />Investments are first selected for financial soundness and then evaluated according to the Fund&#8217;s sustainable and socially responsible investment criteria. Investments must be consistent with the Fund&#8217;s current investment criteria, including financial, sustainability and social responsibility factors, the application of which is in the economic interest of the Fund and its shareholders. 0.005 0 <b>Principal Risks</b> 0.0034 0.0084 <table style="WIDTH: 6in; " border="0" cellspacing="0"><tr valign="bottom"> <td align="left">&nbsp;</td> <td style="TEXT-INDENT: 0.225pt" align="right"><b>Quarter</b></td> <td align="right"><b>Total</b></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Ended</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.438pt" align="right"><b>Return</b></td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">Best Quarter (of periods shown)</td> <td align="right">6/30/09</td> <td align="right">18.18</td> <td align="left">%</td></tr> <tr valign="bottom"> <td align="left">Worst Quarter (of periods shown)</td> <td align="right">12/31/08</td> <td align="right">-24.28</td> <td align="left">%</td></tr></table> 0.0074 <b>Example</b> Best Quarter (of periods shown) 2009-06-30 0.1818 Worst Quarter (of periods shown) 2008-12-31 -0.2428 <b>Example</b> <b>Average Annual Total Returns<br />(as of 12/31/12)</b> You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br /><br />Management Risk. Individual investments of the Fund may not perform as expected, and the Fund&#8217;s portfolio management practices may not achieve the desired result. There is a risk that the Advisor may allocate assets to an asset class that underperforms other asset classes.<br /><br />Stock Market Risk. The market prices of stocks held by the Fund may fall. <br /><br />Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company&#8217;s financial condition, on overall market and economic conditions, and on investors&#8217; perception of a company&#8217;s well-being.<br /><br />Large-Cap Company Risk. 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.<br /><br />Mid-Cap Company Risk. Prices of mid-cap stocks can be more volatile than those of larger, more established companies. Mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.<br /><br />Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from differences between regulations that apply to U.S. and foreign issuers and markets, and the potential for foreign markets to be less liquid and more volatile than U.S. markets.<br /><br />Foreign Currency Risk. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall.<br /><br />Bond Market Risk. The market prices of bonds held by the Fund may fall.<br /><br />Interest Rate Risk. A change in interest rates may adversely affect the value of fixed-income securities. When interest rates rise, the value of fixed-income securities will generally fall. Longer-term securities are subject to greater interest rate risk.<br /><br />Credit Risk. The credit quality of fixed-income securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due.<br /><br />Mortgage-Backed and Asset-Backed Securities Risk. The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit risk. These securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) or more slowly than expected (extension risk), which will affect the yield, average life and price of the securities. In addition, faster than expected prepayments may cause the Fund to invest the prepaid principal in lower yielding securities and slower than expected prepayments may reduce the potential for the Fund to invest in higher yielding securities.<br /><br />Mortgage-Backed Securities Risk (Government-Sponsored Enterprises). &nbsp;Debt and mortgage-backed securities issued by GSEs such as FNMA and FHLMC are neither insured nor guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. Government. Such securities are only supported by the credit of the applicable GSE. The U.S. government has provided financial support to FNMA and FHLMC, but there can be no assurance that it will support these or other GSEs in the future.<br /><br />Collateralized Mortgage Obligation and Structured Asset-Backed Securities Risk. A CMO is a multiclass bond that is backed by a pool of mortgage loans or mortgage-backed securities. A structured ABS is a multiclass bond that is typically backed by a pool of auto loans, credit card receivables, home equity loans or student loans. A CMO or structured ABS is subject to interest rate risk, credit risk, prepayment risk and extension risk. In addition, if the Fund holds a class of a CMO or a structured ABS that is subordinated to other classes backed by the same pool of collateral, the likelihood that the Fund will receive payments of principal may be substantially limited.<br /><br />Unrated Security Risk. Unrated securities may be less liquid than rated securities determined to be of comparable quality. The Fund&#8217;s purchase of unrated securities depends on the Advisor&#8217;s analysis of credit risk without the assessment of an NRSRO.<br /><br />Active Trading Strategy Risk. The fixed-income portion of the Fund employs an active style that seeks to position the Fund with securities that offer the greatest price appreciation while minimizing risk. This style can result in higher turnover (exceeding 100%), may translate to higher transaction costs and may increase your tax liability.<br /><br />Futures Contracts Risk. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Fund&#8217;s initial investment in such contracts.<br /><br />Repurchase Agreement Risk. A repurchase agreement exposes the fixed-income portion of the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money because it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li>you invest $10,000 in the Fund for the time periods indicated;</li><li>your investment has a 5% return each year; and</li><li>the Fund&#8217;s operating expenses remain the same.</li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li>you invest $1,000,000 in the Fund for the time periods indicated; </li><li>your investment has a 5% return each year; and </li><li>the Fund&#8217;s operating expenses remain the same.</li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 86 268 466 <b>Performance</b> 0.23 0.0733 0.0474 0.1077 0.1053 -0.3519 0.3421 0.1786 -0.017 0.1614 7558 The following bar chart and table show the Fund&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Class I shares has varied from year to year. The table compares the Fund&#8217;s performance over time with that of a broad-based securities market index, a composite index and an average.<br /><br />The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. For updated performance information, visit www.calvert.com.<br /><br />No shareholders held Class I shares for the period from June 30, 2003 through December 27, 2004. Performance results for Class I shares for this period reflect the performance of Class A shares at net asset value. Actual Class I share performance would have been higher than Class A share performance because Class I, unlike Class A, has no Rule 12b-1 fees. 1037 The bar chart shows how the performance of the Class I shares has varied from year to year. The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.calvert.com <b>INVESTMENTS, RISKS AND PERFORMANCE</b><br/><br/><b>Principal Investment Strategies</b> <b>Calendar Year Total Returns</b> 26025 46057 The Fund invests in high quality money market instruments, such as commercial paper, variable rate demand notes, corporate, agency and taxable municipal obligations, and repurchase agreements. All investments must comply with the SEC&#8217;s money market fund requirements per Rule 2a-7 of the Investment Company Act of 1940.<br/><br/>Sustainable and Socially Responsible Investing. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert believes that there are long-term benefits in an investment philosophy that attaches material weight to the environment, workplace relations, human rights, Indigenous Peoples&#8217; rights, community relations, product safety and impact, and corporate governance and business ethics. Calvert also believes that managing risks and opportunities related to these issues can contribute positively to company performance as well as to investment performance over time. The Fund has sustainable and socially responsible investment criteria that reflect specific types of companies in which the Fund seeks to invest and seeks to avoid investing.<br/><br/>Investments are first selected for financial soundness and then evaluated according to the Fund&#8217;s sustainable and socially responsible investment criteria. Investments must be consistent with the Fund&#8217;s current investment criteria, including financial, sustainability and social responsibility factors, the application of which is in the economic interest of the Fund and its shareholders. 103880 <b>Principal Risks</b> 5724 <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertEquityPortfolioClassI column period compact * ~</div> 17947 31279 70146 <table style="WIDTH: 6in;" border="0" cellspacing="0"><tr valign="bottom"> <td align="left">&nbsp;</td> <td style="TEXT-INDENT: 0.225pt" align="right"><b>Quarter</b></td> <td align="right"><b>Total</b></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Ended</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.438pt" align="right"><b>Return</b></td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">Best Quarter (of periods shown)</td> <td align="right">9/30/09</td> <td align="right">11.60</td> <td align="left">%</td></tr> <tr valign="bottom"> <td align="left">Worst Quarter (of periods shown)</td> <td align="right">12/31/08</td> <td align="right">-18.11</td> <td align="left">%</td></tr></table> Best Quarter (of periods shown) You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<br/><br/>Income Risk. The income level of the Fund will fluctuate with changing market conditions and interest rate levels. The income the Fund receives may fall as a result of a decline in interest rates.<br/><br/>Interest Rate Risk. A change in interest rates may adversely affect the value of fixed-income securities. When interest rates rise, the value of fixed-income securities will generally fall.<br/><br/>Credit Risk. The credit quality of fixed-income securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due. Credit risk, however, should be low for the Fund because it invests primarily in securities that are considered to be of high quality. The Fund also limits the amount it invests in any one issuer to try to lessen its exposure to credit risk.<br/><br/>Management Risk. The individual bonds in the Fund may not perform as expected, due to credit, political or other risks and/or the Fund&#8217;s portfolio management practices may not achieve the desired result.<br/><br/>Repurchase Agreement Risk. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money because it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. 0.1614 2009-09-30 0.116 0.161 <b>Performance</b> 0.1055 Worst Quarter (of periods shown) 0.16 0.1526 0.1781 2008-12-31 The following bar chart and table show the Fund&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Class O shares has varied from year to year. The table compares the Fund&#8217;s performance over time with an average.<br/><br/>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. For updated performance information, visit www.calvert.com. <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertEquityPortfolioClassI column period compact * ~</div> <b>Portfolio Turnover</b> -0.1811 <b>Calendar Year Total Returns</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 228% of its portfolio&#8217;s average value. 0.032 0.028 0.0264 0.0166 0.0119 0.0708 0.0669 0.0617 0.071 0.0667 2.28 <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertEquityPortfolioClassI column period compact * ~</div> 0.0049 0.0064 0.0247 <b>INVESTMENTS, RISKS AND PERFORMANCE<br/><br/>Principal Investment Strategies</b> 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 (including borrowings for investment purposes) in bonds. Bonds include debt securities of any maturity. The Fund will provide shareholders with at least 60 days&#8217; notice before changing this 80% policy. At least 80% of the Fund&#8217;s net assets will be invested in investment grade debt securities. A debt security is investment grade when assigned a credit quality rating of BBB- or higher by Standard &amp; Poor&#8217;s Ratings Services ("Standard &amp; Poor's") or an equivalent rating by another nationally recognized statistical rating organization (&#8216;&#8216;NRSRO&#8221;), including Moody&#8217;s Investors Service or Fitch Ratings, or if unrated, considered to be of comparable credit quality by the Fund&#8217;s Advisor.<br/><br/>The Fund invests principally in bonds issued by U.S. corporations, the U.S. Government or its agencies, and U.S. government-sponsored enterprises (e.g., the Federal National Mortgage Association (&#8220;FNMA&#8221;) and the Federal Home Loan Mortgage Corporation (&#8220;FHLMC&#8221;)). The Fund also may invest in trust preferred securities, taxable municipal securities, asset-backed securities (&#8220;ABS&#8221;), including commercial mortgage-backed securities, and repurchase agreements.<br/><br/>The Fund may invest in securities that represent interests in pools of mortgage loans or other assets assembled for sale to investors by various U.S. governmental agencies, government-related organizations and private issuers. These investments may include derivative securities such as collateralized mortgage obligations (&#8220;CMOs&#8221;) and ABS.<br/><br/>In addition, the Fund may invest in leveraged loans. The loans in which the Fund will invest are expected to be below-investment-grade quality and to bear interest at a floating rate that resets periodically.<br/><br/>The Fund may invest up to 20% of its net assets in below-investment grade, high-yield debt securities (commonly known as &#8220;junk bonds&#8221;), including bonds rated in default. A debt security is below investment grade when assigned a credit quality rating below BBB- by Standard &amp; Poor&#8217;s or an equivalent rating by another NRSRO, or if unrated, considered to be of comparable credit quality by the Fund&#8217;s Advisor.<br/><br/>The Fund may also invest up to 25% of its net assets in foreign debt securities. Foreign debt securities include American Depositary Receipts (&#8220;ADRs&#8221;).<br/><br/>The Fund is &#8220;non-diversified,&#8221; which means it may invest a greater percentage of its assets in a particular issuer than a &#8220;diversified&#8221; fund.<br/><br/>The Fund uses a hedging technique that includes the purchase and sale of U.S. Treasury securities and related futures contracts to manage the duration of the Fund.<br/><br/>Sustainable and Socially Responsible Investing. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert believes that there are long-term benefits in an investment philosophy that attaches material weight to the environment, workplace relations, human rights, Indigenous Peoples&#8217; rights, community relations, product safety and impact, and corporate governance and business ethics. Calvert also believes that managing risks and opportunities related to these issues can contribute positively to company performance as well as to investment performance over time. The Fund has sustainable and socially responsible investment criteria that reflect specific types of companies in which the Fund seeks to invest and seeks to avoid investing.<br/><br/>Investments are first selected for financial soundness and then evaluated according to the Fund&#8217;s sustainable and socially responsible investment criteria. Investments must be consistent with the Fund&#8217;s current investment criteria, including financial, sustainability and social responsibility factors, the application of which is in the economic interest of the Fund and its shareholders. 0.0427 0.0455 <b>Principal Risks</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. 0.0255 <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertEquityPortfolioClassIBarChart column period compact * ~</div> 0.0729 0.0043 0.0624 0.0897 0.0369 The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br/><br/>Non-Diversification Risk. Because the Fund may invest a greater percentage of its assets in a particular issuer than a diversified fund, the gains or losses on a single bond may have greater impact on the Fund than a diversified fund.<br/><br/>Bond Market Risk. The market prices of bonds held by the Fund may fall.<br/><br/>Credit Risk. The credit quality of fixed-income securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due.<br/><br/>Mortgage-Backed and Asset-Backed Securities Risk. The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit risk. These securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) or more slowly than expected (extension risk), which will affect the yield, average life and price of the securities. In addition, faster than expected prepayments may cause the Fund to invest the prepaid principal in lower yielding securities and slower than expected prepayments may reduce the potential for the Fund to invest in higher yielding securities.<br/><br/>Mortgage-Backed Security Risk (Government-Sponsored Enterprises). &nbsp;Debt and mortgage-backed securities issued by government-sponsored enterprises (&#8220;GSEs&#8221;) such as FNMA and FHLMC are neither insured nor guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. Government. Such securities are only supported by the credit of the applicable GSE. The U.S. government has provided financial support to FNMA and FHLMC, but there can be no assurance that it will support these or other GSEs in the future.<br/><br/>Leveraged Loan Risk. Leveraged loans are subject to the risks typically associated with debt securities, such as credit risk discussed above. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. Leveraged loans are usually more credit sensitive than investment-grade securities.<br/><br/>Management Risk. The individual investments of the Fund may not perform as expected, due to credit, political or other risks and/ or the Fund&#8217;s portfolio management practices may not achieve the desired result.<br/><br/>Interest Rate Risk. A change in interest rates may adversely affect the value of fixed-income securities. When interest rates rise, the value of fixed-income securities will generally fall. Longer-term securities are subject to greater interest rate risk.<br/><br/>Junk Bond Risk. Investments in junk bonds can involve a substantial risk of loss. Junk bonds are considered to be speculative with respect to the issuer&#8217;s ability to pay interest and principal. These securities, which are rated below investment grade, have a higher risk of issuer default, are subject to greater price volatility than investment grade securities and may be illiquid.<br/><br/>Defaulted Bonds Risk. For bonds in default (rated &#8220;D&#8221; by Standard &amp; Poor&#8217;s or the equivalent by another NRSRO), there is a significant risk that these bonds will not achieve full recovery.<br/><br/>Unrated Security Risk. Unrated securities may be less liquid than rated securities determined to be of comparable quality. When the Fund purchases unrated securities, it will depend on the Advisor&#8217;s analysis of credit risk without the assessment of an NRSRO.<br/><br/>Corporate and Taxable Municipal Bond Risk. For corporate and taxable municipal bonds, there is credit risk in addition to the interest rate risk that affects all fixed-income securities.<br/><br/>Trust Preferred Securities Risk. Trust preferred securities are preferred stocks issued by a special purpose trust subsidiary backed by subordinated debt of the corporate parent. Trust preferred securities are subject to unique risks, which include the fact that dividend payments will only be paid if interest payments on the underlying obligations are made, which interest payments are dependent on the financial condition of the parent corporation. There is also the risk that the underlying obligations, and thus the trust preferred securities, may be prepaid after a stated call date or as a result of certain tax or regulatory events, resulting in a lower yield to maturity. There can be no assurance as to the liquidity of trust preferred securities and the ability of holders of such securities to sell their holdings.<br/><br/>Asset-Backed Security Risk. The value of investments in asset-backed securities is subject to interest rate risk and credit risk. Asset-backed securities are also subject to prepayment risk and extension risk.<br/><br/>Collateralized Mortgage Obligation and Structured Asset-Backed Securities Risk. A CMO is a multiclass bond that is backed by a pool of mortgage loans or mortgage-backed securities. A structured ABS is a multiclass bond that is typically backed by a pool of auto loans, credit card receivables, home equity loans or student loans. A CMO or structured ABS is subject to interest rate risk, credit risk, prepayment risk and extension risk. In addition, if the Fund holds a class of a CMO or a structured ABS that is subordinated to other classes backed by the same pool of collateral, the likelihood that the Fund will receive payments of principal may be substantially limited.<br/><br/>Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from the differences between the regulations to which U.S. and foreign issuers and markets are subject, and the potential for foreign markets to be less liquid and more volatile than U.S. markets. Foreign securities include ADRs. Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from movement of share prices and payment of dividends.<br/><br/>Foreign Currency Risk. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. ADRs indirectly bear currency risk because they represent an interest in securities that are not denominated in U.S. dollars.<br/><br/>Repurchase Agreement Risk. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money because it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.<br/><br/>Active Trading Strategy Risk. The Fund employs an active style that seeks to position the Fund with securities that offer the greatest price appreciation while minimizing risk. This style can result in higher turnover (exceeding 100%), may translate to higher transaction costs and may increase your tax liability.<br/><br/>Futures Contracts Risk. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Fund&#8217;s initial investment in such contracts.<br/><br/> <b>Average Annual Total Returns<br/>(as of 12/31/12)</b> You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. 0.1138 0.1118 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0766 0.1642 Non-Diversification Risk. Because the Fund may invest a greater percentage of its assets in a particular issuer than a diversified fund, the gains or losses on a single bond may have greater impact on the Fund than a diversified fund. 0.136 0.1263 0.0278 0.024 0.0222 0.0192 0.0172 0.0421 0.0569 0.0521 0.048 0.0752 0.0701 0.0648 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. <b>Performance </b> The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. 0.0001 0.0001 0.0003 The bar chart shows how the performance of the Class I shares has varied from year to year. The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.calvert.com <b>Calendar Year Total Return</b> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertBalancedPortfolioClassI column period compact * ~</div> 0.0877 0.0661 <table style="WIDTH: 6in;" border="0" cellspacing="0"><tr valign="bottom"> <td align="left">&nbsp;</td> <td style="TEXT-INDENT: 0.225pt" align="right"><b>Quarter</b></td> <td align="right"><b>Total</b></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Ended</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.438pt" align="right"><b>Return</b></td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">Best Quarter (of periods shown)</td> <td align="right">9/30/07</td> <td align="right">1.15</td> <td align="left">%</td></tr> <tr valign="bottom"> <td align="left">Worst Quarter (of periods shown)</td> <td align="right">3/31/10</td> <td align="right">0.00</td> <td align="left">%</td></tr></table> 0.0504 0.0495 0.0725 <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertBalancedPortfolioClassI column period compact * ~</div> -0.045 0.1157 0.068 0.0623 0.0827 <b>Average Annual Total Returns</b><br/><b>(as of 12-31-11)</b> 0.0003 0.0002 0.006 0.0047 0.0153 0.0145 <table style="WIDTH: 6in;" border="0" cellspacing="0"><tr valign="bottom"> <td align="left">&nbsp;</td> <td style="TEXT-INDENT: 0.225pt" align="right"><b>Quarter</b></td> <td align="right"><b>Total</b></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Ended</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.438pt" align="right"><b>Return</b></td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">Best Quarter (of periods shown)</td> <td align="right">9/30/09</td> <td align="right">5.73</td> <td align="left">%</td></tr> <tr valign="bottom"> <td align="left">Worst Quarter (of periods shown)</td> <td align="right">12/31/08</td> <td align="right">-3.55</td> <td align="left">%</td></tr></table> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertEquityPortfolioClassI column period compact * ~</div> Best Quarter (of periods shown) 2009-09-30 0.0573 Worst Quarter (of periods shown) 2008-12-31 -0.0355 The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. For current yield information, call 800-368-2745, or visit Calvert&#8217;s website at www.calvert.com. You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. <b>Average Annual Total Returns<br/>(as of 12-31-12)</b> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertBalancedPortfolioClassIBarChart column period compact * ~</div> You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The bar chart shows how the performance of the Class O shares has varied from year to year. www.calvert.com The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 800-368-2745 <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertBalancedPortfolioClassI column period compact * ~</div> Best Quarter (of periods shown) 2007-09-30 0.0115 0.0827 0.0654 0.0537 Worst Quarter (of periods shown) 0.0937 0.0711 2010-03-31 0 0.0553 0.0381 0.0371 0.0765 0.0631 0.0602 0.0414 0.0408 0.0623 0.0533 <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertMoneyMarketPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertMoneyMarketPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertMoneyMarketPortfolio column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertMoneyMarketPortfolioBarChart column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertMoneyMarketPortfolio column period compact * ~</div> The contingent deferred sales charge reduces over time. <b>INVESTMENT OBJECTIVE</b> <b>INVESTMENT OBJECTIVE</b> The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. 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&#8217;s investment criteria, including financial, sustainability and social responsibility factors. <b>FEES AND EXPENSES OF THE FUND</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a<br/>% of the value of your investment) <b>CALVERT BOND PORTFOLIO</b><br/><b>Class&nbsp;&nbsp;</b>(Ticker):&nbsp;&nbsp;&nbsp;<b>A</b>&nbsp;&nbsp;(CSIBX)&nbsp;&nbsp;&nbsp;<b>B</b>&nbsp;&nbsp;(CBDBX)&nbsp;&nbsp;&nbsp;<b>C</b>&nbsp;&nbsp;(CSBCX)&nbsp;&nbsp;&nbsp;<b>Y</b>&nbsp;&nbsp;(CSIYX) <b>INVESTMENT OBJECTIVE </b> 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&#8217;s investment criteria, including financial, sustainability and social responsibility factors. This objective may be changed by the Fund&#8217;s Board of Trustees without shareholder approval. January 31, 2014 <b>FEES AND EXPENSES OF THE FUND </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. More information about these and other discounts is available from your financial professional and under &#8220;Choosing a Share Class&#8221; on page 48 and &#8220;Reduced Sales Charges&#8221; on page 52 of this Prospectus, and under &#8220;Method of Distribution&#8221; on page 49 of the Fund&#8217;s Statement of Additional Information. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. 50000 <b>Shareholder Fees</b> (fees paid directly from your investment) <b>Example</b> -0.2862 0.0375 0 0 0.2463 0 0.115 0.038 0 0.04 0.01 0 0.1138 -0.02 -0.02 -0.02 -0.02 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li>you invest $1,000,000 in the Fund for the time periods indicated;</li><li>your investment has a 5% return each year;</li><li>the Fund&#8217;s operating expenses remain the same; and </li><li>any Calvert expense limitation is in effect for the period indicated in the fee table above.</li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: <b>Portfolio Turnover</b> <b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a <br/>% of the value of your investment) The Fund pays transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 48% of its portfolio&#8217;s average value. <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertBondPortfolioClassI column period compact * ~</div> <b>INVESTMENTS, RISKS AND PERFORMANCE<br/><br/> Principal Investment Strategies</b> 0.0065 0.0065 0.0065 0.0065 0.002 0.01 <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertBondPortfolioClassI column period compact * ~</div> 0.01 0 0.0031 0.0066 0.0031 0.0022 0.0116 0.0231 0.0196 0.0087 <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertBondPortfolioClassI column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertBondPortfolioClassIBarChart column period compact * ~</div> <b>Example</b> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that:<ul type="square"><li>you invest $10,000 in the Fund for the time periods indicated and then either redeem or hold your shares at the end of those periods;</li><li>your investment has a 5% return each year;</li><li> the Fund&#8217;s operating expenses remain the same; and</li><li>any Calvert expense limitation is in effect for the period indicated in the fee table above.</li></ul>Although your actual costs may be higher or lower, under these assumptions your costs would be: <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertBondPortfolioClassI column period compact * ~</div> 489 634 299 89 730 921 278 615 482 989 1235 1057 1731 2090 2285 1073 234 199 721 615 1235 1057 2090 2285 The Fund employs an active investment strategy and invests primarily in the common stocks of U.S. large-cap companies that meet the Fund&#8217;s investment criteria, including financial, sustainability and social responsibility investment 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&#8217;s fundamental investment research, which seeks to add value by integrating traditional fundamental investment analysis with the Advisor&#8217;s proprietary views on critical environmental, sustainability and governance issues. The portfolio construction process seeks to maximize the benefit of these insights while controlling the Fund&#8217;s risk profile relative to its benchmark, the Russell 1000 Index, and minimizing transaction costs. The Fund may sell a security when it no longer appears attractive under this process or if it contributes disproportionately to portfolio risk.<br /><br />The Fund will normally invest at least 80% of its net assets, including borrowings for investment purposes, in the equity securities (common stock) of large capitalization companies. The Fund will provide shareholders with at least 60 days&#8217; notice before changing this 80% policy.<br /><br />The Fund defines large-cap companies as those within the range of market capitalizations of the Russell 1000 Index. The Russell 1000 Index measures the performance of the 1,000 largest U.S. companies based on the float-adjusted market capitalization of the index constituents. The Russell 1000 Index is adjusted, or reconstituted, annually. As of December 31, 2012, the market capitalization of the Russell 1000 Index ranged from $317 million to $500 billion with a weighted median level of $42.9 billion and a weighted average level of $94.3 billion. Although primarily investing in large-cap U.S. companies, the Fund may also invest in mid-cap and small-cap companies. The Fund may not invest more than 25% of its net assets in foreign securities. The Advisor rebalances the Fund as market conditions warrant while attempting to minimize transaction costs and adhere to its long-term investment objective.<br /><br />Sustainable and Socially Responsible Investing. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert believes that there are long-term benefits in an investment philosophy that attaches material weight to the environment, workplace relations, human rights, Indigenous Peoples&#8217; rights, community relations, product safety and impact, and corporate governance and business ethics. Calvert also believes that managing risks and opportunities related to these issues can contribute positively to company performance as well as to investment performance over time. The Fund has sustainable and socially responsible investment criteria that reflect specific types of companies in which the Fund seeks to invest and seeks to avoid investing.<br /><br />Investments are first selected for financial soundness and then evaluated according to the Fund&#8217;s sustainable and socially responsible investment criteria. Investments must be consistent with the Fund&#8217;s current investment criteria, including financial, sustainability and social responsibility factors, the application of which is in the economic interest of the Fund and its shareholders. <b>Principal Risks</b> You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br /><br />Management Risk. Individual investments of the Fund may not perform as expected, and the Fund&#8217;s portfolio management practices may not achieve the desired result.<br /><br />Stock Market Risk. The market prices of stocks held by the Fund may fall.<br /><br />Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company&#8217;s financial condition and on overall market and economic conditions, and on investors&#8217; perception of a company&#8217;s well-being.<br /><br />Large-Cap Company Risk. 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.<br /><br />Small-Cap and Mid-Cap Company Risk. Prices of small-cap and mid-cap stocks can be more volatile than those of larger, more established companies. Small-cap and mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.<br /><br />Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from differences between regulations that apply to U.S. and foreign issuers and markets, and the potential for foreign markets to be less liquid and more volatile than U.S. markets.<br /><br />Foreign Currency Risk. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertBondPortfolio column period compact * ~</div> <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 228% of its portfolio&#8217;s average value. <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertBondPortfolio column period compact * ~</div> 2.28 <b>INVESTMENTS, RISKS AND PERFORMANCE<br/><br/>Principal Investment Strategies</b> <b>Principal Risks</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. 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 (including borrowings for investment purposes) in bonds. Bonds include debt securities of any maturity. The Fund will provide shareholders with at least 60 days&#8217; notice before changing this 80% policy. At least 80% of the Fund&#8217;s net assets will be invested in investment grade debt securities. A debt security is investment grade when assigned a credit quality rating of BBB- or higher by Standard &amp; Poor&#8217;s Rating Services (&#8220;Standard &amp; Poor&#8217;s&#8221;) or an equivalent rating by another nationally recognized statistical rating organization (&#8216;&#8216;NRSRO&#8221;), including Moody&#8217;s Investors Service or Fitch Ratings, or if unrated, considered to be of comparable credit quality by the Fund&#8217;s Advisor.<br/><br/>The Fund invests principally in bonds issued by U.S. corporations, the U.S. government or its agencies, and U.S. government-sponsored entities (e.g., the Federal National Mortgage Association (&#8220;FNMA&#8221;) and the Federal Home Loan Mortgage Corporation (&#8220;FHLMC&#8221;)). The Fund also may invest in trust preferred securities, taxable municipal securities, asset-backed securities (&#8220;ABS&#8221;), including commercial mortgage-backed securities, and repurchase agreements.<br/><br/>The Fund may invest in securities that represent interests in pools of mortgage loans or other assets assembled for sale to investors by various U.S. governmental agencies, government-related organizations and private issuers. These investments may include derivative securities such as collateralized mortgage obligations (&#8220;CMOs&#8221;) and ABS.<br/><br/>In addition, the Fund may invest in leveraged loans. The loans in which the Fund will invest are expected to be below-investment-grade quality and to bear interest at a floating rate that resets periodically.<br/><br/>The Fund may invest up to 20% of its net assets in below-investment grade, high-yield debt securities (commonly known as &#8220;junk bonds&#8221;), including bonds rated in default. A debt security is below investment grade when assigned a credit quality rating below BBB- by Standard &amp; Poor&#8217;s or an equivalent rating by another NRSRO, or if unrated, considered to be of comparable credit quality by the Fund&#8217;s Advisor.<br/><br/>The Fund may also invest up to 25% of its net assets in foreign debt securities. Foreign debt securities include American Depositary Receipts (&#8220;ADRs&#8221;).<br/><br/>The Fund is &#8220;non-diversified,&#8221; which means it may invest a greater percentage of its assets in a particular issuer than a &#8220;diversified&#8221; fund.<br/><br/>The Fund uses a hedging technique that includes the purchase and sale of U.S. Treasury securities and related futures contracts to manage the duration of the Fund.<br/><br/>Sustainable and Socially Responsible Investing. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert believes that there are long-term benefits in an investment philosophy that attaches material weight to the environment, workplace relations, human rights, Indigenous Peoples&#8217; rights, community relations, product safety and impact, and corporate governance and business ethics. Calvert also believes that managing risks and opportunities related to these issues can contribute positively to company performance as well as to investment performance over time. The Fund has sustainable and socially responsible investment criteria that reflect specific types of companies in which the Fund seeks to invest and seeks to avoid investing.<br/><br/>Investments are first selected for financial soundness and then evaluated according to the Fund&#8217;s sustainable and socially responsible investment criteria. Investments must be consistent with the Fund&#8217;s current investment criteria, including financial, sustainability and social responsibility factors, the application of which is in the economic interest of the Fund and its shareholders. <b>Principal Risks </b> <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertBalancedPortfolioClassI column period compact * ~</div> You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br/><br/>Non-Diversification Risk. Because the Fund may invest a greater percentage of its assets in a particular issuer than a diversified fund, the gains or losses on a single stock may have greater impact on the Fund than a diversified fund.<br/><br/>Bond Market Risk. The market prices of bonds held by the Fund may fall.<br/><br/>Credit Risk. The credit quality of fixed-income securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due.<br/><br/>Mortgage-Backed and Asset-Backed Securities Risk. The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit risk. These securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) or more slowly than expected (extension risk), which will affect the yield, average life and price of the securities. In addition, faster than expected prepayments may cause the Fund to invest the prepaid principal in lower yielding securities and slower than expected prepayments may reduce the potential for the Fund to invest in higher yielding securities.<br/><br/>Mortgage-Backed Security Risk (Government-Sponsored Enterprises). Debt and mortgage-backed securities issued by government-sponsored enterprises (&#8220;GSEs&#8221;) such as FNMA and FHLMC are neither insured nor guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. government. Such securities are only supported by the credit of the applicable GSE. The U.S. government has provided financial support to FNMA and FHLMC, but there can be no assurance that it will support these or other GSEs in the future.<br/><br/>Leveraged Loan Risk. Leveraged loans are subject to the risks typically associated with debt securities, such as credit risk discussed above. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. Leveraged loans are usually more credit sensitive than investment-grade securities.<br/><br/>Management Risk. The individual investments of the Fund may not perform as expected, due to credit, political or other risks and/or the Fund&#8217;s portfolio management practices may not achieve the desired result.<br/><br/>Interest Rate Risk. A change in interest rates may adversely affect the value of fixed-income securities. When interest rates rise, the value of fixed-income securities will generally fall. Longer-term securities are subject to greater interest rate risk.<br/><br/>Junk Bond Risk. Investments in junk bonds can involve a substantial risk of loss. Junk bonds are considered to be speculative with respect to the issuer&#8217;s ability to pay interest and principal. These securities, which are rated below investment grade, have a higher risk of issuer default, are subject to greater price volatility than investment grade securities and may be illiquid.<br/><br/>Defaulted Bonds Risk. For bonds in default (rated &#8220;D&#8221; by Standard &amp; Poor&#8217;s or the equivalent by another NRSRO), there is a significant risk that these bonds will not achieve full recovery.<br/><br/>Unrated Security Risk. Unrated securities may be less liquid than rated securities determined to be of comparable quality. When the Fund purchases unrated securities, it will depend on the Advisor&#8217;s analysis of credit risk without the assessment of an NRSRO.<br/><br/>Corporate and Taxable Municipal Bond Risk. For corporate and taxable municipal bonds, there is credit risk in addition to the interest rate risk that affects all fixed-income securities.<br/><br/>Trust Preferred Securities Risk. Trust preferred securities are preferred stocks issued by a special purpose trust subsidiary backed by subordinated debt of the corporate parent. Trust preferred securities are subject to unique risks, which include the fact that dividend payments will only be paid if interest payments on the underlying obligations are made, which interest payments are dependent on the financial condition of the parent corporation. There is also the risk that the underlying obligations, and thus the trust preferred securities, may be prepaid after a stated call date or as a result of certain tax or regulatory events, resulting in a lower yield to maturity.<br/><br/>Collateralized Mortgage Obligation and Structured Asset-Backed Securities Risk. A CMO is a multiclass bond that is backed by a pool of mortgage loans or mortgage-backed securities. A structured ABS is a multiclass bond that is typically backed by a pool of auto loans, credit card receivables, home equity loans or student loans. A CMO or structured ABS is subject to interest rate risk, credit risk, prepayment risk and extension risk. In addition, if the Fund holds a class of a CMO or a structured ABS that is subordinated to other classes backed by the same pool of collateral, the likelihood that the Fund will receive payments of principal may be substantially limited.<br/><br/>Foreign Securities Risk. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad. Other risks result from the differences between the regulations to which U.S. and foreign issuers and markets are subject, and the potential for foreign markets to be less liquid and more volatile than U.S. markets. Foreign securities include ADRs. Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from movement of share prices and payment of dividends.<br/><br/>Foreign Currency Risk. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. ADRs indirectly bear currency risk because they represent an interest in securities that are not denominated in U.S. dollars.<br/><br/>Repurchase Agreement Risk. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money because it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold.<br/><br/>Active Trading Strategy Risk. The Fund employs an active style that seeks to position the Fund with securities that offer the greatest price appreciation while minimizing risk. This style can result in higher turnover (exceeding 100%), may translate to higher transaction costs and may increase your tax liability.<br/><br/>Futures Contracts Risk. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Fund&#8217;s initial investment in such contracts. You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. The following bar chart and table show the Fund&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Class I shares has varied from year to year. The table compares the Fund&#8217;s performance over time with that of an index and an average.<br/><br/>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. For updated performance information, visit www.calvert.com. Non-Diversification Risk. Because the Fund may invest a greater percentage of its assets in a particular issuer than a diversified fund, the gains or losses on a single stock may have greater impact on the Fund than a diversified fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Performance </b> You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br/><br/>Asset Allocation Risk. The Advisor&#8217;s selection of underlying funds and the allocation of Fund assets to those funds may cause the Fund to underperform. The Fund&#8217;s greater allocation to equity funds makes it more susceptible to risks associated with equity investments than fixed-income investments.<br/><br/>Management Risk. Individual investments of an underlying fund may not perform as expected, and the underlying fund&#8217;s portfolio management practices may not achieve the desired result.<br/><br/>Derivatives Risk. In general, a derivative is a financial contract whose value is based on the value of a financial asset (such as a stock, bond, or currency), a physical asset (such as gold), or a market index (such as the S&amp;P 500 Index). Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying asset, credit risk with respect to the counterparty, and liquidity risk. The Fund&#8217;s use of certain derivatives may also have a leveraging effect, which may increase the volatility of the Fund and reduce its returns.<br/><br/>Exchange-Traded Fund (&#8220;ETF&#8221;) Risk. An ETF seeks to track the performance of an index by holding in its portfolio shares of all the companies, or a representative sample of the companies, that are components of a particular index. The risks of investment in ETFs typically reflect the risk of the types of securities in which the ETFs invest. In addition, when the Fund invests in an ETF, shareholders of the Fund bear their proportionate share of the ETF&#8217;s fees and expenses as well as their share of the Fund&#8217;s fees and expenses.<br/><br/><b>Equity Investments. </b> The Fund shares the principal risks of equity securities held by the underlying funds, including the key risks below.<br/><br/>Stock Market Risk. The market prices of stocks held by the underlying funds may fall.<br/><br/>Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company&#8217;s financial condition, on overall market and economic conditions, and on investors&#8217; perception of a company&#8217;s well-being.<br/><br/><b>Fixed-Income Investments. </b> The Fund shares the principal risks of fixed-income securities held by the underlying funds, including the key risks below.<br/><br/>Bond Market Risk. The market prices of bonds held by the underlying funds may fall.<br/><br/>Interest Rate Risk. A change in interest rates may adversely affect the value of the securities. When interest rates rise, the value of fixed-income securities will generally fall. Longer-term securities are subject to greater interest rate risk.<br/><br/>Credit Risk. 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.<br/><br/><b>Money Market Investments. </b> The Fund shares the principal risks of money market securities held by the underlying funds, including the key risk below.<br/><br/>Money Market Risk. Yield will change in response to market interest rates; in general, as market rates go up, so will yield, and vice versa. Although the underlying fund tries to keep the value of its shares constant at $1.00 per share, changes in market rates could cause the value to decrease. 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. Credit risk, however, should be low for the underlying fund because it invests primarily in securities that are considered to be of high quality; the underlying fund also limits the amount it invests in any one issuer to try to lessen its exposure to credit risk. <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertBondPortfolio column period compact * ~</div> The following bar chart and table show the Fund&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Class A shares has varied from year to year. The table compares the Fund&#8217;s performance over time with that of an index and an average.<br/><br/>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. For updated performance information, visit www.calvert.com.<br/><br/>Performance results for Class Y shares prior to October 31, 2008 (the Class Y shares&#8217; inception date) reflect the performance of Class A shares at net asset value. Actual Class Y share performance would have been higher than Class A share performance because Class Y, unlike Class A, has no Rule 12b-1 fees.<br/><br/>The return for each of the Fund&#8217;s other Classes of shares will differ from the Class A returns shown in the bar chart, depending upon the expenses of that Class. The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. The bar chart shows how the performance of the Class A shares has varied from year to year. www.calvert.com You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. <b>Performance</b> The following bar chart and table show the Fund&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Class A shares has varied from year to year. The table compares the Fund&#8217;s performance over time with that of a broad-based securities market index, a composite index and an average.<br/><br/>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. For updated performance information, visit www.calvert.com.<br/><br/>The return for the Fund&#8217;s other Class of shares will differ from the Class A returns shown in the bar chart, depending upon the expenses of that Class. The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. <b>Calendar Year Total Returns for Class A at NAV</b> <b>Calendar Year Total Returns for Class A at NAV</b> 0.1021 0.055 -0.2905 0.2192 0.1022 -0.0028 <table style="WIDTH: 6in; " border="0" cellspacing="0"><tr valign="bottom"> <td align="left">&nbsp;</td> <td style="TEXT-INDENT: 0.225pt" align="right"><b>Quarter</b></td> <td align="right"><b>Total</b></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Ended</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.438pt" align="right"><b>Return</b></td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">Best Quarter (of periods shown)</td> <td align="right">9/30/09</td> <td align="right">5.58</td> <td align="left">%</td></tr> <tr valign="bottom"> <td align="left">Worst Quarter (of periods shown)</td> <td align="right">12/31/08</td> <td align="right">-3.66</td> <td align="left">%</td></tr></table> 0.1304 <b>Performance</b> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleNoRedemptionTransposedCalvertBondPortfolio column period compact * ~</div> Best Quarter (of periods shown) 0.0558 2009-09-30 2008-12-31 Worst Quarter (of periods shown) -0.0366 <table style="WIDTH: 6in;" border="0" cellspacing="0"><tr valign="bottom"> <td align="left">&nbsp;</td> <td style="TEXT-INDENT: 0.225pt" align="right"><b>Quarter</b></td> <td align="right"><b>Total</b></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Ended</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.438pt" align="right"><b>Results</b></td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">Best Quarter (of periods shown)</td> <td align="right">6/30/09</td> <td align="right">13.24</td> <td align="left">%</td></tr> <tr valign="bottom"> <td align="left">Worst Quarter (of periods shown)</td> <td align="right">12/31/08</td> <td align="right">-16.48</td> <td align="left">%</td></tr></table> The following bar chart and table show the Fund&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Class I shares has varied from year to year. The table compares the Fund&#8217;s performance over time with that of an index and an average.<br /><br />The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. For updated performance information, visit www.calvert.com.<br /><br /> No shareholders held Class I shares for the period from January 18, 2002 through April 29, 2005. Performance results for Class I shares for this period reflect the performance of Class A shares at net asset value. Actual Class I share performance would have been higher than Class A share performance because Class I, unlike Class A, has no Rule 12b-1 fees. The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table.<br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary. 0.0818 0.0594 0.0451 0.0429 0.0666 -0.0503 0.1086 0.0617 0.056 <b>Average Annual Total Returns</b><br/><b>(as of 12/31/12) (with maximum</b><br/><b>sales charge deducted)</b> 0.0767 0.0766 0.0739 0.0513 0.1116 0.1642 0.1381 0.1263 <b>Average Annual Total Returns<br />(as of 12-31-12) (with maximum</b><br/><b>sales charge deducted, if any)</b> 0.0047 -0.0001 0.0019 0.0067 0.0204 0.0276 0.0172 0.0328 0.0275 0.0259 0.031 0.0536 0.0538 0.0474 The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table.<br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary. <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertBondPortfolioBarChart column period compact * ~</div> The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. <b>Calendar Year Total Returns</b> <table style="WIDTH: 6in;" border="0" cellspacing="0"><tr valign="bottom"> <td align="left">&nbsp;</td> <td style="TEXT-INDENT: 0.225pt" align="right"><b>Quarter</b></td> <td align="right"><b>Total</b></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Ended</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.438pt" align="right"><b>Return</b></td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">Best Quarter (of periods shown)</td> <td align="right">9/30/09</td> <td align="right">17.40</td> <td align="left">%</td></tr> <tr valign="bottom"> <td align="left">Worst Quarter (of periods shown)</td> <td align="right">12/31/08</td> <td align="right">-23.72</td> <td align="left">%</td></tr></table> Best Quarter (of periods shown) 2009-09-30 0.174 Worst Quarter (of periods shown) 2008-12-31 -0.2372 The bar chart shows how the performance of the Class I shares has varied from year to year. The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.calvert.com After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. <b>Average Annual Total Returns<br/>(as of 12/31/12)</b> 0.0366 0.0223 0.0238 0.0257 0.0585 0.0797 0.0937 0.0711 <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertBondPortfolio column period compact * ~</div> 0.0411 0.0263 0.0264 0.0384 0.0408 0.0514 0.0765 0.0631 0.05 0.0335 0.0333 0.0437 0.0454 0.0552 0.0623 0.0533 596 354 2005-04-29 2005-04-29 939 782 1306 1335 2333 2846 254 782 1335 2846 0.0046 0.0054 The Fund seeks long-term capital appreciation and growth of income, with current income a secondary objective, consistent with the preservation of capital. This objective may be changed by the Fund&#8217;s Board of Trustees without shareholder approval. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). These transaction costs are also incurred by the underlying Calvert funds. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 25% of its portfolio&#8217;s average value. -0.02 0.25 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. More information about these and other discounts is available from your financial professional and under &#8220;Choosing a Share Class&#8221; on page 89 and &#8220;Reduced Sales Charges&#8221; on page 92 of this Prospectus, and under &#8220;Method of Distribution&#8221; on page 51 of the Fund&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). 0.007 8270 0 27155 0.0017 47633 106702 0.0087 -0.0006 0.0081 0.0947 0.2382 0.1501 0.148 0.1003 0.1642 0.1495 0.016 0.014 0.0133 0.0192 0.0068 0.0557 0.0524 0.0485 0.0752 0.0651 <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertLargeCapCorePortfolioClassI column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertLargeCapCorePortfolioClassI column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertLargeCapCorePortfolioClassI column period compact * ~</div> The contingent deferred sales charge reduces over time. <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertLargeCapCorePortfolioClassIBarChart column period compact * ~</div> January 31, 2014 Portfolio Turnover The Fund may pay transaction costs, such as commissions, when it buys and sells securities (&#8220;turns over&#8221; its portfolio). These transaction costs are also incurred by the underlying Calvert funds. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the &#8220;Example&#8221;, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 24% of its portfolio&#8217;s average value. <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertLargeCapCorePortfolioClassI column period compact * ~</div> 0.24 <b>INVESTMENTS, RISKS AND PERFORMANCE<br/><br/>Principal Investment Strategies</b> 0.48 0.1024 0.1304 -0.0114 -0.3818 0.3044 0.1363 0.0276 0.1501 The Fund is a &#8220;fund of funds&#8221; that seeks to achieve its investment objective by investing in a portfolio of underlying Calvert fixed-income, equity and money market funds that meets the Fund&#8217;s investment criteria, including financial, sustainability and social responsibility factors.<br/><br/>The Fund invests in underlying Calvert funds in accordance with a stable target asset allocation determined by the Advisor. The Fund&#8217;s asset allocation strategy incorporates historical risk and return characteristics of various asset classes and correlations between asset classes to establish allocations intended to provide an optimal level of return for a given level of risk. Historical returns-based analysis and actual holdings data of the target underlying Calvert funds are then integrated to blend the styles of the underlying Calvert funds with the asset allocation policy.<br/><br/>The Fund intends to invest in shares of underlying Calvert funds and typically invests in underlying Calvert funds as follows:<br/><br/><table style="WIDTH: 6in;" border="0" cellspacing="0"><tr valign="bottom"> <td align="left">50% to 80% of</td> <td align="left">In funds that invest primarily in equity secu-</td></tr> <tr valign="bottom"> <td align="left">Fund's net assets</td> <td align="left">rities (<b>Calvert Equity Portfolio, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Social Index Fund, Calvert Large Cap Core</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Portfolio, Calvert Capital Accumulation Fund,</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Calvert International Equity Fund, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>International Opportunities Fund, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Emerging Markets Equity Fund, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Global Alternative Energy Fund, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Global Water Fund and Calvert Small Cap</b></td></tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"><b>Fund</b>)</td></tr> <tr> <td width="31%"></td> <td width="68%"></td></tr> <tr valign="bottom"> <td align="left">20% to 50% of</td> <td align="left">In <b>Calvert Bond Portfolio </b>(which invests pri-</td></tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">Fund's net assets</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">marily in fixed-income securities)</td></tr><tr valign="bottom"> <td align="left">0% to 10% of Fund's</td> <td align="left">In <b>Calvert Money Market Portfolio </b>(which</td></tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">net assets</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">invests primarily in money market instruments)</td></tr></table><br/><br/>The Fund may also invest, to a limited extent, in (1) derivative instruments, including, but not limited to, index futures, options and swaps; and (2) exchange-traded funds. The Fund will use these instruments to facilitate the periodic rebalancing of the Fund&#8217;s portfolio to maintain its target asset allocation, to make tactical asset allocations and to assist in managing cash.<br/><br/>For information on the investment objectives, strategies and risks of the underlying Calvert funds, see the respective Fund Summaries of the underlying equity funds in this Prospectus, and see &#8220;Description of Underlying Funds&#8221; in this Prospectus, which describes the underlying fixed-income and money market funds (<b>Calvert Bond Portfolio </b> and <b>Calvert Money Market Portfolio</b>).<br/><br/>The Advisor may select new or different underlying Calvert funds other than those listed above without prior approval of or prior notice to shareholders.<br/><br/>The above asset allocation percentages are allocation targets. The Advisor has discretion to reallocate the Fund&#8217;s assets among underlying Calvert funds. The Advisor monitors the Fund&#8217;s allocation and may rebalance or reallocate the Fund&#8217;s assets (1) based on its view of economic and market factors and events or (2) to adjust for shifts in the style biases of the underlying funds. The Advisor also evaluates any necessary rebalancing to reflect different target asset class allocations based on changed economic and market conditions.<br/><br/>Sustainable and Socially Responsible Investing. Each underlying fund (other than Calvert Global Alternative Energy Fund and Calvert Global Water Fund) seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert Global Alternative Energy Fund will invest in ways consistent with Calvert&#8217;s philosophy that long-term rewards to investors will come from companies and other entities whose products, services, and methods contribute to a more sustainable future. Calvert Global Water Fund seeks to invest in a wide range of companies and other enterprises that demonstrate varying degrees of commitment and progress toward addressing key corporate responsibility and sustainability challenges.<br/><br/>Each underlying fund (other than Calvert Global Water Fund) has sustainable and socially responsible investment criteria that reflect specific types of companies in which the fund seeks to invest and seeks to avoid investing. Calvert Global Water Fund&#8217;s sustainable and socially responsible investment criteria reflect threshold responsibility standards used in determining whether a security qualifies as an investment for the fund, and specific types of companies in which the fund seeks to invest.<br/><br/>Investments for each underlying fund are first selected for financial soundness and then evaluated according to the fund&#8217;s sustainable and socially responsible investment criteria. Investments for each underlying fund must be consistent with the fund&#8217;s current investment criteria, including financial, sustainability and social responsibility factors, as well as threshold responsibility standards (for Calvert Global Water Fund only), the application of which is in the economic interest of the underlying fund and its shareholders. You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The bar chart shows how the performance of the Class A shares has varied from year to year. The Fund is a &#8220;fund of funds&#8221; that seeks to achieve its investment objective by investing in a portfolio of underlying Calvert fixed-income, equity and money market funds that meets the Fund&#8217;s investment criteria, including financial, sustainability and social responsibility factors.<br/><br/>The Fund invests in underlying Calvert funds in accordance with a stable target asset allocation determined by the Advisor. The Fund&#8217;s asset allocation strategy incorporates historical risk and return characteristics of various asset classes and correlations between asset classes to establish allocations intended to provide an optimal level of return for a given level of risk. Historical returns-based analysis and actual holdings data of the target underlying Calvert funds are then integrated to blend the styles of the underlying Calvert funds with the asset allocation policy.<br/><br/>The Fund intends to invest in shares of underlying Calvert funds and typically invests in underlying Calvert funds as follows:<br/><br/><table style="WIDTH: 6in;" border="0" cellspacing="0"><tr valign="bottom"> <td align="left">80% to 100% of</td> <td align="left">In funds that invest primarily in equity secu-</td></tr> <tr valign="bottom"> <td align="left">Fund's net assets</td> <td align="left">rities (<b>Calvert Equity Portfolio, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Social Index Fund, Calvert Large Cap Core</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Portfolio, Calvert Capital Accumulation Fund,</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Calvert International Equity Fund, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>International Opportunities Fund, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Emerging Markets Equity Fund, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Global Alternative Energy Fund, Calvert</b></td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td align="left"><b>Global Water Fund and Calvert Small Cap</b></td></tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left"><b>Fund</b>)</td></tr> <tr> <td width="31%"></td> <td width="68%"></td></tr> <tr valign="bottom"> <td align="left">0% to 20% of</td> <td align="left">In <b>Calvert Bond Portfolio </b>(which invests pri-</td></tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">Fund's net assets</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">marily in fixed-income securities)</td></tr><tr valign="bottom"> <td align="left">0% to 5% of Fund's</td> <td align="left">In <b>Calvert Money Market Portfolio </b>(which</td></tr> <tr valign="bottom"> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">net assets</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">invests primarily in money market instruments)</td></tr></table><br/><br/>The Fund may also invest, to a limited extent, in (1) derivative instruments, including, but not limited to, index futures, options and swaps; and (2) exchange-traded funds. The Fund will use these instruments to facilitate the periodic rebalancing of the Fund&#8217;s portfolio to maintain its target asset allocation, to make tactical asset allocations and to assist in managing cash.<br/><br/>For information on the investment objectives, strategies and risks of the underlying Calvert funds, see the respective Fund Summaries of the underlying equity funds in this Prospectus, and see &#8220;Description of Underlying Funds&#8221; in this Prospectus, which describes the underlying fixed-income and money market funds (<b>Calvert Bond Portfolio </b> and <b>Calvert Money Market Portfolio</b>).<br/><br/>The Advisor may select new or different underlying Calvert funds other than those listed above without prior approval of or prior notice to shareholders.<br/><br/>The above asset allocation percentages are allocation targets. The Advisor has discretion to reallocate the Fund&#8217;s assets among underlying Calvert funds. The Advisor monitors the Fund&#8217;s allocation and may rebalance or reallocate the Fund&#8217;s assets (1) based on its view of economic and market factors and events or (2) to adjust for shifts in the style biases of the underlying funds. The Advisor also evaluates any necessary rebalancing to reflect different target asset class allocations based on changed economic and market conditions.<br/><br/>Sustainable and Socially Responsible Investing. Each underlying fund (other than Calvert Global Alternative Energy Fund and Calvert Global Water Fund) seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. Calvert Global Alternative Energy Fund will invest in ways consistent with Calvert&#8217;s philosophy that long-term rewards to investors will come from companies and other entities whose products, services, and methods contribute to a more sustainable future. Calvert Global Water Fund seeks to invest in a wide range of companies and other enterprises that demonstrate varying degrees of commitment and progress toward addressing key corporate responsibility and sustainability challenges.<br/><br/>Each underlying fund (other than Calvert Global Water Fund) has sustainable and socially responsible investment criteria that reflect specific types of companies in which the fund seeks to invest and seeks to avoid investing. Calvert Global Water Fund&#8217;s sustainable and socially responsible investment criteria reflect threshold responsibility standards used in determining whether a security qualifies as an investment for the fund, and specific types of companies in which the fund seeks to invest.<br/><br/>Investments for each underlying fund are first selected for financial soundness and then evaluated according to the fund&#8217;s sustainable and socially responsible investment criteria. Investments for each underlying fund must be consistent with the fund&#8217;s current investment criteria, including financial, sustainability and social responsibility factors, as well as threshold responsibility standards (for Calvert Global Water Fund only), the application of which is in the economic interest of the underlying fund and its shareholders. www.calvert.com Principal Risks The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.<br/><br/>Asset Allocation Risk. The Advisor&#8217;s selection of underlying funds and the allocation of Fund assets to those funds may cause the Fund to underperform. The Fund&#8217;s greater allocation to equity funds makes it more susceptible to risks associated with equity investments than fixed-income investments.<br/><br/>Management Risk. Individual investments of an underlying fund may not perform as expected, and the underlying fund&#8217;s portfolio management practices may not achieve the desired result.<br/><br/>Derivatives Risk. In general, a derivative is a financial contract whose value is based on the value of a financial asset (such as a stock, bond, or currency), a physical asset (such as gold), or a market index (such as the S&amp;P 500 Index). Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying asset, credit risk with respect to the counterparty, and liquidity risk. The Fund&#8217;s use of certain derivatives may also have a leveraging effect, which may increase the volatility of the Fund and reduce its returns.<br/><br/>Exchange-Traded Fund (&#8220;ETF&#8221;) Risk. An ETF seeks to track the performance of an index by holding in its portfolio shares of all the companies, or a representative sample of the companies, that are components of a particular index. The risks of investment in ETFs typically reflect the risk of the types of securities in which the ETFs invest. In addition, when the Fund invests in an ETF, shareholders of the Fund bear their proportionate share of the ETF&#8217;s fees and expenses as well as their share of the Fund&#8217;s fees and expenses.<br/><br/><b>Equity Investments.</b> The Fund shares the principal risks of equity securities held by the underlying funds, including the key risks below.<br/><br/>Stock Market Risk. The market prices of stocks held by the underlying funds may fall.<br/><br/>Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company&#8217;s financial condition, on overall market and economic conditions, and on investors&#8217; perception of a company&#8217;s well-being.<br/><br/><b>Fixed-Income Investments.</b> The Fund shares the principal risks of fixed-income securities held by the underlying funds, including the key risks below.<br/><br/>Bond Market Risk. The market prices of bonds held by the underlying funds may fall.<br/><br/>Interest Rate Risk. A change in interest rates may adversely affect the value of the securities. When interest rates rise, the value of fixed-income securities will generally fall. Longer-term securities are subject to greater interest rate risk.<br/><br/>Credit Risk. 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.<br/><br/><b>Money Market Investments.</b> The Fund shares the principal risks of money market securities held by the underlying funds, including the key risk below.<br/><br/>Money Market Risk. Yield will change in response to market interest rates; in general, as market rates go up, so will yield, and vice versa. Although the underlying fund tries to keep the value of its shares constant at $1.00 per share, changes in market rates could cause the value to decrease. 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. Credit risk, however, should be low for the underlying fund because it invests primarily in securities that are considered to be of high quality; the underlying fund also limits the amount it invests in any one issuer to try to lessen its exposure to credit risk. You could lose money on your investment in the Fund, or the Fund could underperform, because of the risks described below. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>Performance</b> The following bar chart and table show the Fund&#8217;s annual returns and its long-term performance, which give some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Class A shares has varied from year to year. The table compares the Fund&#8217;s performance over time with that of a broad-based securities market index, a composite index and an average.<br/><br/>The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. For updated performance information, visit www.calvert.com.<br/><br/>The return for the Fund&#8217;s other Class of shares will differ from the Class A returns shown in the bar chart, depending upon the expenses of that Class. The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. The bar chart shows how the performance of the Class A shares has varied from year to year. The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.calvert.com <b>Calendar Year Total Returns for Class A at NAV</b> <table style="WIDTH: 6in;" border="0" cellspacing="0"><tr valign="bottom"> <td align="left">&nbsp;</td> <td style="TEXT-INDENT: 0.225pt" align="right"><b>Quarter</b></td> <td align="right"><b>Total</b></td> <td align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">&nbsp;</td> <td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b>Ended</b></td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.438pt" align="right"><b>Return</b></td> <td style="BORDER-BOTTOM: #000000 1px solid" align="left">&nbsp;</td></tr> <tr valign="bottom"> <td align="left">Best Quarter (of periods shown)</td> <td align="right">6/30/09</td> <td align="right">16.87</td> <td align="left">%</td></tr> <tr valign="bottom"> <td align="left">Worst Quarter (of periods shown)</td> <td align="right">12/31/08</td> <td align="right">-21.79</td> <td align="left">%</td></tr></table> Best Quarter (of periods shown) 2009-06-30 0.1687 Worst Quarter (of periods shown) 2008-12-31 -0.2179 0.1306 0.0522 -0.3732 0.2618 0.1207 -0.0381 0.1525 <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertModerateAllocationFund column period compact * ~</div> The bar chart does not reflect any sales charge that you may be required to pay upon purchase or redemption of the Fund&#8217;s shares. Any sales charge will reduce your return. The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table.<br/><br/>After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to you if you hold your Fund shares through a tax-deferred arrangement such as a 401(k) plan or individual retirement account. The return after taxes on distributions and sale of Fund shares may be higher than the return before taxes because the calculation assumes that shareholders receive a tax benefit for capital losses incurred on the sale of their shares. After-tax returns are shown only for Class A shares; after-tax returns for other Classes will vary. 0.098 0.0969 0.0652 0.1279 0.1642 0.1617 0.1509 -0.0132 -0.0155 -0.0117 -0.0167 0.0204 0.0132 0.0098 0.0225 0.0196 0.0186 0.016 0.0487 0.0493 0.0416 <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertModerateAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleNoRedemptionTransposedCalvertModerateAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertModerateAllocationFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertModerateAllocationFund column period compact * ~</div> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <b>CALVERT LARGE CAP CORE PORTFOLIO</b>*<br/><b>Class&nbsp;&nbsp;</b>(Ticker):&nbsp;&nbsp;&nbsp;<b>I</b>&nbsp;&nbsp;(CMIIX)<br/><br/>*Formerly named Calvert Enhanced Equity Portfolio. <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertModerateAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleNoRedemptionTransposedCalvertAggressiveAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualTotalReturnsCalvertAggressiveAllocationFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleShareholderFeesCalvertAggressiveAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAnnualFundOperatingExpensesCalvertAggressiveAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleExpenseExampleTransposedCalvertAggressiveAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.calvert.com/role/ScheduleAverageAnnualTotalReturnsTransposedCalvertAggressiveAllocationFund column period compact * ~</div> Best Quarter (of periods shown) 2009-06-30 0.1324 Worst Quarter (of periods shown) 2008-12-31 -0.1648 2005-06-30 2005-06-30 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds that are not money market funds. 50000 The average total return table shows the Fund&#8217;s returns with the maximum sales charge deducted, and no sales charge has been applied to the indices used for comparison in the table. <div align="right">0.15%</div> <div align="right">0.15%</div> <div align="right">0.15%</div> <div align="right">0.15%</div> <div align="right">0.15 <div align="right">0.15 The contingent deferred sales charge reduces over time. The contingent deferred sales charge reduces over time. The investment advisor has agreed to contractually limit direct ordinary operating expenses through January 31, 2014. This expense limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Direct ordinary operating expenses will not exceed 0.44% for Class A and 2.00% for Class C. Only the Board of Trustees of the Fund may terminate the Fund's expense limitation before the contractual period expires. The Fund also shows the Balanced Composite Index (60% Russell 1000 Index; 40% Barclays U.S. Credit Index) because it is more consistent with the Fund's portfolio construction process and represents a more accurate reflection of the Fund's anticipated risk and return patterns. The Fund also shows the Conservative Allocation Composite Index (22% Russell 3000 Index; 8% Morgan Stanley Capital International Europe Australasia Far East Global Investable Market Index; 60% Barclays U.S. Credit Index; 10% Barclays 3-month T-Bill Bellwether Index) because it is more consistent with the Fund's portfolio construction process and represents a more accurate reflection of the Fund's anticipated risk and return patterns. The investment advisor has agreed to contractually limit direct ordinary operating expenses through January 31, 2014. This expense limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Direct ordinary operating expenses will not exceed 0.43% for Class A and 2.00% for Class C. Only the Board of Trustees of the Fund may terminate the Fund's expense limitation before the contractual period expires. The investment advisor has agreed to contractually limit direct net annual fund operating expenses to 0.72% through January 31, 2014. This expense limitation does not limit the acquired fund fees and expenses paid indirectly by a shareholder. Only the Board of Trustees of the Fund may terminate the Fund's expense limitation before the contractual period expires. The Fund also shows the Moderate Allocation Composite Index (47% Russell 3000 Index; 18% Morgan Stanley Capital International Europe Australasia Far East Global Investable Market Index; 30% Barclays U.S. Credit Index; 5% Barclays 3-month T-Bill Bellwether Index) because it is more consistent with the Fund's portfolio construction process and represents a more accurate reflection of the Fund's anticipated risk and return patterns. The investment advisor has agreed to contractually limit direct net annual fund operating expenses to 0.81% through January 31, 2014. Only the Board of Trustees of the Fund may terminate the Fund's expense limitation before the contractual period expires. The Fund also shows the Aggressive Allocation Composite Index (64% Russell 3000 Index; 26% Morgan Stanley Capital International Europe Australasia Far East Global Investable Market Index; 10% Barclays U.S. Credit Index) because it is more consistent with the Fund's portfolio construction process and represents a more accurate reflection of the Fund's anticipated risk and return patterns. 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