Truth be told, 

 I'm as financially 

 ambitious as I am 

 socially conscious. 



V Ve hear you. You want to do good. You also want to 

 do well. That's why we manage Calvert mutual funds 

 with Double Diligence.™ It's our disciplined process for 

 finding stocks with strong growth potential and avoiding 

 those at risk from unethical business practices. So you can 

 invest for your goals without compromising your values. 

 Keep in mind, mutual fund investments entail market 

 risk. Talk to your financial advisor or retirement plan 

 sponsor, or visit www.CALVERT.com to leam more about us. 



Calvert — 



INVESTMENTS 

 THAT MAKE A DIFFERENCE® 



CSIF Equity Portfolio 

 ★ ★★★★ 



Morningstar Rating™ for five years among 1065 funds, four 

 stars for ten years and Overall among 370 and 1353 funds, and 

 two stars for three years among 1353 funds in the large growth 

 domestic equity category for Class A shares as of 12/31/05. 



Calvert Large Cap Growth Fund 

 ★ ★ ★ ★ ★ 



Morningstar Rating™ for three years among 1353 

 funds, and four stars for five years and Overall among 

 1065 and 1353 funds in the large growth domestic 

 equity category for Class A shares as of 12/31/05. 



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 



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

 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 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.) The Overall Morningstar Rating for a 

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

 load) only; other classes may 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. 

 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 Group, Ltd.#s8i3 (1/06) a U N I F I company 



