Key Takeaways MARKET OVERVIEW. MORNINGSTAR RATING as of 12/31/15

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1 Q INVESTMENT COMMENTARY Calvert Equity Portfolio A: CSIEX C: CSECX I: CEYIX Y: CIEYX The Fund invests primarily in the common stocks of U.S. largecap companies. The Subadvisor looks for established companies with a history of steady earnings growth and selects companies it believes can sustain growth and are favorably priced. In conjunction with financial analysis, Calvert's comprehensive responsible investment principles guide the investment research process and decisionmaking. MORNINGSTAR RATING as of 12/31/15 Class I Shares. Overall rating out of 1542 Large Growth funds as of 12/31/15, based on riskadjusted returns. Key Takeaways Fund shares rose in the fourth quarter but underperformed the S&P 500 Index, with positive contributions from sector weighting offset by negative MARKET BENCHMARKS Quarter ended 12/31/15 S&P 500 Russell 1000 Russell 2000 MSCI EAFE IMI The Fund also lagged the Russell 1000 Growth Index mainly due to negative The portfolio trailed the market s rebound in October and November, but provided capital preservation during the December decline. The market continued to remain narrowly traded, with only a few securities driving index returns. Highquality stocks underperformed lowquality ones in several growth indices for the quarter, including the Russell 1000 Growth Index. MARKET OVERVIEW The equity markets rebounded in the final quarter of 2015, allowing the S&P 500 Index to eke out a slightly positive 12month total return, inclusive of dividends. However, most U.S. smallcap and foreign stock indices posted negative returns for the year. Energy continued to weigh on the markets as oil and natural gas prices continued to decline into yearend toward levels not seen since the recession. The U.S. labor market improved throughout the year, allowing the Federal Reserve (the Fed) to raise interest rates for the first time in nine years. The December hike in the fed funds rate was a modest 25 basis points (0.25%) and signaled that the Fed had begun the process of normalizing interest rates. The yield curve, however, began to flatten and may indicate some stress in the system. In addition, gross domestic product (GDP) looks to have further decelerated in the fourth quarter. MAJOR GLOBAL EQUITY INDICES MSCI Emerging Markets Source: S&P, Russell, MSCI CORE 7.04% 6.50% 3.59% 5.03% 0.73% 7.86% 7.32% 4.32% 6.97% 2.71% VALUE 6.05% 5.64% 2.88% 3.01% 1.36% CALVERT'S APPROACH TO RESPONSIBLE INVESTING Financial Performance: Deliver an expected risk return profile based on the investment objective. Comprehensive ESG Research: Understand the full impact that investments have on society. Shareholder Engagement: Actively engage with companies directly on behalf of our investors. Direct Impact: Solve problems by investment in private equity and community investment notes. To learn more about Calvert s Principles for Responsible Investment and the Calvert Research System, go to PORTFOLIO MANAGEMENT ATLANTA CAPITAL MANAGEMENT COMPANY, LLC (SUBADVISOR) Richard B. England, Fund Since 2006 Industry Since 1987 Lance V. Garrison, Jeffrey A. Miller, Fund Since 2015 Fund Since 2015 Industry Since 2000 Industry Since 1999 Robert R. Walton, Jr., Fund Since 2015 Industry Since 1994 Joseph B. Hudepohl, Fund Since 2015 Industry Since 1997 CALVERT INVESTMENT MANAGEMENT, INC. (ADVISOR) In addition to mutual funds managed by a proprietary investment team, Calvert oversees premier equity subadvisors who contribute expertise to specific investment styles and objectives.

2 2 PERFORMANCE REVIEW Calvert Equity Portfolio posted returns of 5.14% (institutional I shares) and 5.02% (investor A shares, without sales charges) in the fourth quarter of 2015, underperforming the S&P 500 Index, which gained 7.04%. During the quarter, positive contributions to portfolio performance from sector positioning were outweighed by negative The Fund benefitted from overweights in the Health Care and Technology sectors along with underweights in Energy and Utilities. Stock selection was negatively affected by several securities in the benchmark that performed well that the Fund did not own, including Microsoft and Amazon. For the second straight quarter, Alphabet (Google) was the leading contributor to performance. The company continued to post solid revenue growth and show good expense management. The market is awaiting the company s disclosure of the profitability of the search engine business, which will be revealed when they report fourthquarter earnings in early We continue to maintain a positive outlook for Alphabet and have only trimmed the position to keep it under 5% of the portfolio. The negative trend in commodities continued to weigh on the Energy sector, which was the worst performer in the S&P 500. The Fund benefited from being underweight in Energy, as well as from positive A timely exit of EOG Resources, along with the Fund s focus on service company Cameron International, positively contributed to stock selection during the quarter. selection in the sector. The leading positive contributors to quarterly performance were Alphabet and Visa. Visa continues to be a longterm beneficiary of the use of debit and credit cards over cash. This longterm trend positions the company for revenue growth in the highsingle to lowdoubledigits for the foreseeable future. The Fund continues to maintain a sizable position in Visa. The leading detractors from performance were Vmware and the decision to not own Microsoft. Vmware s parent, EMC, announced a purchase by Dell in the quarter. As part of that transaction, Vmware was saddled with a more capitalintensive business that changed our outlook of the business model. In addition, Dell/EMC will be issuing more shares of Vmware, which weighed on share prices. The Fund exited the position during the quarter. Consumer Discretionary also had modestly negative stock selection as detractions from Nordstrom and not owning Amazon outweighed positive contributions from Lowes and Ross Stores. Similar to many apparel and retail businesses, Nordstrom experienced a slowdown in growth during the third quarter that continued into the fourth quarter. Warm weather seems to be a culprit, but we continue to monitor the industry for additional factors. Amazon posted solid results during the quarter with a positive outlook for the rest of the year which pushed shares higher. Lowes and Ross stores bucked the weak trends seen in other retailers and posted solid results and a positive outlook. The Fund s overweight to Technology benefited performance in the quarter. However, this was partially offset by negative stock CONTRIBUTORS Alphabet Energy Visa Alphabet (Google) continued to show strong topline growth and good expense management. Energy was the worstperforming S&P sector in the quarter. The Fund benefited from being underweight to the sector, along with positive Visa continues to benefit from the use of credit and debit cards over cash. DETRACTORS Vmware Microsoft Consumer Discretionary Stock sold off on deal to purchase its parent, EMC; the outlook for Vmware s business model changed for the negative as part of the transaction. Not owning Microsoft hurt performance as the stock rebounded on continued improvements in its cloud offerings. Negative stock selection from names owned (e.g., Nordstrom) as well as names not owned (e.g., Amazon) detracted from performance.

3 3 PORTFOLIO CHARACTERISTICS as of 12/31/15 Market Capitalization Weighted Average (MM) CALVERT EQUITY PORTFOLIO $129, RUSSELL 1000 INDEX $137, SECTOR ALLOCATIONS as of 12/31/15 (Data in %) Information Tech Health Care CALVERT EQUITY PORTFOLIO 27.50% 18.95% RUSSELL 1000 INDEX 27.99% 17.14% DIFFERENCE 0.49% # of Securities 49* 644 Consumer Disc % 21.21% 3.53% Price/Earnings (12 Month Trailing) Consumer Staples 14.21% 11.29% 2.92% Price/Earnings (Forward 1 Year Estimate) Industrials 7.30% 10.75% 3.45% Price/Book Financials 6.50% 5.54% 0.96% Historical 3 Year Earnings per Share Growth 16.85% 21.00% Materials 3.69% 3.43% 0.26% Return on Assets 11.72% 10.57% Energy 1.73% 0.53% 1.20% Long Term Debt to Capital 28.58% 40.12% Telecomm Services 2.06% 2.06% Utilities 0.05% 0.05% Cash 2.44% MARKET OUTLOOK Global economic forces are in a tug of war and there are several mixed signals in the global data. The Fed felt strong enough about the U.S. economy and the labor market to raise rates for the first time in nine years. Yet, gross domestic product (GDP) looks to have further decelerated in the fourth quarter, and S&P 500 earnings are likely to be down yearoveryear for the thirdstraight quarter. Data from several emerging markets, including China, show continuing weakness and slowing growth. And European central banks continue quantitative easing, which appears to have stabilized the European economies for now. While broad market valuations don t appear to be at extreme levels, market indices continue to be held up by a few select stocks. The market continues to remain narrow as investors continue to bid up stocks with near term revenue growth. For the year, the average stock in the Russell 1000 Growth was down 1.2% as measured by the equalweighted index, versus an increase of 5.7% for the Index overall. All of these crosscurrents resulted in the market becoming much more volatile in the second half of And while performance has bounced around month to month, we will continue our discipline of finding highquality growth stocks at a discount to intrinsic value. We believe our style of investing is the right place to be in today s market.

4 4 CALVERT EQUITY PORTFOLIO AVERGAE ANNUAL RETURNS (%) as of 12/31/15 YTD QTD 1 YR 3 YRS 5 YRS 10 YRS SINCE FUND INCEPTION A Shares (No Charge) A Shares (4.75% Sales Charge) I Shares Y Shares Russell 1000 Growth Index S&P 500 Index Lipper LargeCap Growth Funds Index EXPENSE RATIOS GROSS NET A Shares C Shares I Shares 1.07% 0.68% 1.07% 0.66% Y Shares 0.77% 0.77% Fund Inception date (Class A Shares): 8/24/1987; Class C: 3/1/1994; Class I: 11/1/1999; Class Y: 10/31/2008 The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Performance assumes the reinvestment of all distributions, and reflects the deduction of fund expenses and applicable fees. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index. Visit to obtain performance data current to the most recent monthend. Returns for periods of less than one year are not annualized. In the table above, performance results are calculated from the date of inception of the fund's earliest class of shares (the "Fund Inception Date"). For share classes launched subsequent to the Fund Inception Date, returns prior to the share class' inception date are linked to the performance of that fund's Class A shares at NAV (i.e., without deduction of any frontend sales charge). Actual share class performance would have been lower (Class C) or higher (Class Y and Class I shares) for any such period, depending on whether that share class has higher or lower expenses than Class A shares. *The number of holdings excludes 61 securities in Calvert s Special Equities investments, which represent 1.62% of the portfolio as of 12/31/2015. The Special Equities program seeks direct investment in young enterprises providing solutions to pressing social, environmental, and health problems. These investments are generally illiquid and involve high risks. All views and opinions expressed are being presented for informational and educational purposes only, represent the views and opinions of the author(s) as of the date of the writing and are subject to change without notice. These views and opinions are not intended to forecast future events or guarantee future results and do not constitute a recommendation or a solicitation to buy or sell any security. This information does not take into account the specific investment objective, financial situation or specific needs of any individual, does not provide information reasonably sufficient upon which to base an investment decision and should not be relied upon as investment advice. This information has been obtained from sources believed to be reliable, but Calvert makes no representation as to its accuracy or completeness. Definition of Terms: Portfolio Characteristics. Price/Earnings Ratio is a measure of value for a company. It is equal to the price of a share of common stock divided by the earnings per share for a twelvemonth period. Price to Cash Flow is a measure of value for a company. It is equal to the current price per share divided. Price to Book Value (P/B) is a measure of value for a company. It is equal to the market value of all the shares of common stock divided by the book value of the company. Price to Sales Ratio is a measure of value for a company. It is equal to the current price per share of common stock divided by its annual salespershare value. Historical Sales Growth is measured by a weighted average annual growth rate of sales per common stock share. Earnings Per Share is a measure of a company s profitability. It is equal to a company s profit divided by its number of common outstanding shares. Return on Assets represents a measure of a company's profitability, specifically relating profits to the total investments required to achieve the profits. It is equal to income divided by total assets. Return on Equity is a measure of a company s profitability that measures the ability of a company to generate profits from its shareholders investments in the company. It is equal to net income divided by shareholder equity. DebttoCapital Ratio is a measure of a company's financial leverage calculated by dividing the company's total capital by its debt. The higher the debttocapital ratio, the more debt the company has compared to its equity. Cited securities holdings weight as of December 31, 2015: Alphabet Class C (Google) 4.78%, Amazon 0.00%, Cameron International 1.70%, EMC 1.44%, EOG Resources 0.00%, Lowe s 3.26%, Microsoft 0.00%, Nordstrom 0.74%, Ross Stores 1.72%, Visa 4.43%, Vmware 0.00%. Securities named above but not listed here were not held by the Fund as of the date of this Commentary. Securities discussed in this Commentary are intended to illustrate the adviser s investment style, do not represent all securities purchased or sold for the Fund during the period, are no indication that investment in these securities was or would be profitable in the future, and are not recommendations to buy or sell. Portfolio holdings are subject to change at any time. Current and future holdings are subject to risk. Morningstar ratings are subject to change on a monthly basis. For each fund with at least a threeyear history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) A high rating does not necessarily mean a fund had a positive return for the period. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three, five, and tenyear (if applicable) Morningstar Rating metrics. For the period ended 12/31/2015, the Fund (Class I Shares) received 3 stars, 3 stars and 4 stars among 1542, 1326 and 933 funds, respectively, for the three, five and 10year periods in the Morningstar Large Growth category. The Fund (Class A Shares loadwaived) received 4 stars Overall among 1542 funds, and

5 5 3 stars, 3 stars and 4 stars among 1542, 1326 and 933 funds, respectively, for the three, five and 10year periods in the Morningstar Large Growth category. During the ranking periods, the Fund benefited from a fee waiver, which had a material effect on total return. The Fund classes included in the rankings have a common portfolio of investments but have different expense structures and will have different performance characteristics Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of stocks held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. In addition, largecap companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during periods of economic expansion. Class I shares are offered with no sales charge and require an initial investment minimum of $1,000,000, which can be waived under certain circumstances. See a fund s Institutional Class prospectus for additional information. Class Y shares are generally available only to (1) wrap or similar feebased programs offered by financial intermediaries; and (2) retirement plans, foundations, endowments and other consultantdriven business. Calvert funds are available at NAV for RIAs and Wrap Programs. Not all funds available at all firms. For more information on any Calvert fund, please contact your financial advisor, call Calvert at , or visit for a free summary prospectus and/or prospectus. An institutional investor should call Calvert at An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money. Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member FINRA and subsidiary of Calvert Investments, Inc. PC