Call me greedy, but 

 I expect my funds to be 

 as solid as my values. 



Looking for high performance potential and high 

 ethical standards? Only Calvert mutual funds feature 

 Double Diligence, a unique approach to seeking 

 stocks whose growth prospects aren't put at risk by 

 irresponsible business practices. So you can focus on 

 your bottom line without compromising your values. 

 For details, talk to your financial advisor or retirement 

 plan sponsor, call 800.CALVERT or visit www.CALVERT.com. 



Calvert 



INVESTMENTS 

 THAT MAKE A DIFFERENCES 



CSIF Equity Portfolio 

 ★ ★ ★ ★ ★ 



Momingstar Rating'" for five years among 850 funds, four 

 stars for ten years and Overall among 280 and 1117 funds, and 

 two stars for three years among 1117 funds in the large growth 

 domestic equity category for Class A shares as of 10/31/05. 



Calvert Large Cap Growth Fund 

 ★ ★★★★ 



Momingstar Rating™ for three years among 1117 

 funds, and four stars for five years and Overall among 

 850 and 1117 funds in the large grovrth domestic 

 equity category for Class A shares as of 10/31/05. 



DOUBLE DILIGENCE^ 



Our unique research process has two Integral 

 components: a rigorous review of financial 

 performance plus a thorough assessment of 

 corporate integrity. Only when a company 

 meets our standards for both do we invest. 



You could lose money on your investment in the Funds, or the Funds could underperform, most likely due to the following reasons: a decline in the stock market; the individual stocks in the Funds' 

 portfolios do not perform as well as expected; and/or the Funds' portfolio management practices might not work to achieve the desired results. 



Performance data quoted represents past performance, which does not guarantee future results. For each fund with at least a three-year history, Momingstar calculates a Momingstar Ratine based on a Momingstar 

 Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on aownward 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 tnree stars, tne next 22.5% receive two stars, and the bottom 10% 

 receive one star (Each share class is counted as a fraction of one fund witnin this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Momingstar Rating for a 

 fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Momingstar Rating metrics. Momingstar Rating is for the A share class (4.75% max 

 load) only; other classes may have different performance characteristics. Momingstar, Inc. All Rights Reserved.! he information contained nerein; (1) is proprietary to Momingstar and/or its content providers; (2) may 

 not be copied or distributed; and (3) is not warranted to be accurate, complete or timely Neither Momingstar nor its content providers are responsible for any damages or losses arising from any use of this information, 

 For more information on any Calvert fund, please contact your financial advisor or call Calvert at 800.CALVERT for a free prospectus. An investor should consider the investment objectives, risks, charges, 

 and expenses of an investment carefully before investing. The prospectus contains this and other information. Read it carefully before you invest or send money. 

 Calvert mutual funds are underwritten and distributed by Calvert Distributors, Inc., member NASD, a subsidiary of Calvert Croup Ltd.#5o89 (12/05) UNIFl,. Company 



