PERFORMANCE Average Annual Returns (%) for Period Ended 12/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) -6.20 -10.84 -10.84 8.74 -7.38 n/a -9.82 5/31/2007
Ardour Global Alternative Energy Index (Composite) -9.92 -4.14 -4.14 15.44 -6.24 -1.15 -9.04  
Lipper Global Natural Resources Funds Average -14.59 -13.89 -13.89 -0.52 -0.86 5.61 -2.71  
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Index reflects no deductions for fees or expenses. An investor cannot invest directly in an index. Visit www.calvert.com to obtain performance data current to the most recent month-end. Returns for periods of less than one year are not annualized.
Characteristics
  December 31, 2014
  Portfolio Benchmark
Number of Holdings 49 120
W. Avg Cap. (mils) $7,697.7 $8,978.3
W. Median Cap (mils) $1,850.4 $3,847.7
P/E 1-year trailing 15.6 19.6
P/E 1-year forward 17.0 20.5
EPS Growth, past 3 years 4.1% 0.2%
EPS Growth, next 3 - 5 years 16.3% 12.7%
Price to Book 1.5 2.0
Price to Sales 1.1 1.3
Dividend Yield 1.9% 1.0%
Active Share 77.8% N/A
September 30, 2014
Portfolio Benchmark
48 122
$8,134.2 $9,044.6
$2,848.1 $4,918.7
17.4 22.9
16.3 20.5
-2.8% -6.6%
15.8% 18.4%
1.6 2.1
0.9 1.3
2.0% 0.9%
74.4% N/A
December 31, 2013
Portfolio Benchmark
49 119
$9,096.7 $7,009.6
$2,226.5 $2,874.9
20.8 21.9
17.1 24.1
2.7% -6.0%
15.4% 18.2%
1.6 2.1
1.1 1.3
2.1% 0.8%
73.9% N/A
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 8.74% 14.85%
Standard Deviation 16.31% 20.52%
Beta vs. Market 0.71 1.00
Excess Return -6.11% 0.00%
R-Squared 79.27% 100.00%
Tracking Error 9.55% 0.00%
Information Ratio -0.64 0.00
Sharpe Ratio 0.53 0.72
September 30, 2014
Portfolio Benchmark
10.01% 16.06%
18.02% 21.17%
0.76 1.00
-6.05% 0.00%
78.70% 100.00%
9.80% 0.00%
-0.62 0.00
0.55 0.76
December 31, 2013
Portfolio Benchmark
-1.46% -3.79%
22.67% 24.50%
0.86 1.00
2.33% 0.00%
85.64% 100.00%
9.29% 0.00%
0.25 0.00
-0.07 -0.16
Sector Weights / Percentage of Holdings (ex-cash)
  December 31, 2014
  Portfolio Benchmark + / -
Energy Efficiency 32.94% 28.71% 4.23%
Other 7.13% 19.74% -12.61%
Renewable Energy 42.23% 43.76% -1.54%
Unassigned 3.61% 2.40% 1.21%
Utilities 14.09% 5.39% 8.70%
September 30, 2014
Portfolio Benchmark + / -
40.96% 27.87% 13.09%
2.63% 17.94% -15.32%
41.92% 48.10% -6.18%
0.00% 0.49% -0.49%
14.49% 5.59% 8.90%
December 31, 2013
Portfolio Benchmark + / -
40.58% 41.20% -0.62%
3.35% 20.38% -17.03%
37.90% 33.54% 4.36%
18.17% 4.88% 13.29%
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
JOHNSON CONTROLS INC 5.08%
CAPITAL STAGE AG 4.70%
EATON CORP PLC 3.85%
QUANTA SERVICES INC 3.76%
COSAN LTD CLASS A SHARES 3.42%
SUNPOWER CORP 3.39%
ZUMTOBEL GROUP AG 3.16%
DELPHI AUTOMOTIVE PLC 3.10%
CANADIAN SOLAR INC 3.05%
RENEWABLES INFRASTRUCTURE GR 2.96%
Total 36.47%
September 30, 2014
JOHNSON CONTROLS INC 4.64%
EATON CORP PLC 4.34%
COSAN LTD CLASS A SHARES 3.83%
COVANTA HOLDING CORP 3.46%
QUANTA SERVICES INC 3.23%
EDP RENOVAVEIS SA 3.06%
PNE WIND AG REG 2.90%
CAPITAL STAGE AG 2.82%
RENEWABLES INFRASTRUCTURE GR 2.82%
CAPSTONE INFRASTRUCTURE CORP 2.62%
Total 33.71%
December 31, 2013
EATON CORP PLC 5.70%
JOHNSON CONTROLS INC 4.95%
EDP RENOVAVEIS SA 4.65%
COSAN LTD CLASS A SHARES 4.26%
CREE INC 3.70%
NEXTERA ENERGY INC 3.24%
GREENCOAT UK WIND PLC/FUND 3.07%
QUANTA SERVICES INC 2.85%
CHINA SUNTIEN GREEN ENERGY H 2.78%
AMERESCO INC CL A 2.76%
Total 37.95%
Regions
  December 31, 2014
  Portfolio Benchmark + / -
Asia/Pacific 12.38% 17.29% -4.91%
Europe 33.99% 19.83% 14.16%
Latin America 3.42% 1.14% 2.28%
North America 49.68% 61.43% -11.75%
  September 30, 2014
  Portfolio Benchmark + / -
Asia/Pacific 10.68% 18.28% -7.60%
Europe 36.87% 18.42% 18.45%
Latin America 3.96% 1.45% 2.51%
North America 46.32% 60.70% -14.38%
  December 31, 2013
  Portfolio Benchmark + / -
Asia/Pacific 11.25% 21.36% -10.11%
Europe 33.41% 15.80% 17.61%
Latin America 4.34% 2.03% 2.31%
North America 48.62% 60.81% -12.19%
Countries
  December 31, 2014
  Portfolio Benchmark + / -
Australia 0.16% 0.65% -0.49%
Austria 3.18% 1.95% 1.23%
Brazil 3.42% 1.14% 2.28%
Canada 10.07% 2.42% 7.65%
China Free 9.61% 9.09% 0.52%
Denmark 0.83% 7.25% -6.42%
France 0.00% 0.65% -0.65%
Germany 8.60% 1.62% 6.98%
Greece 0.00% 0.08% -0.08%
Hong Kong 0.00% 0.48% -0.48%
Italy 1.29% 2.78% -1.49%
Japan 0.00% 2.11% -2.11%
Netherlands 1.79% 0.00% 1.79%
Norway 0.00% 0.24% -0.24%
Philippines 0.00% 1.35% -1.35%
Portugal 2.91% 1.14% 1.78%
Singapore 0.00% 0.04% -0.04%
Spain 3.47% 1.80% 1.66%
Sweden 0.00% 2.09% -2.09%
Switzerland 0.00% 0.09% -0.09%
Taiwan 2.62% 3.58% -0.96%
United Kingdom 11.91% 0.13% 11.78%
United States 39.62% 59.01% -19.40%
  September 30, 2014
  Portfolio Benchmark + / -
Australia 0.27% 0.64% -0.37%
Austria 1.90% 1.94% -0.04%
Brazil 3.96% 1.45% 2.51%
Canada 4.27% 2.01% 2.26%
China Free 8.37% 10.47% -2.10%
Denmark 0.78% 7.04% -6.26%
France 3.15% 0.62% 2.53%
Germany 6.94% 1.89% 5.05%
Greece 0.00% 0.11% -0.11%
Hong Kong 0.00% 0.59% -0.59%
Italy 4.95% 3.10% 1.85%
Japan 0.00% 2.04% -2.04%
Netherlands 2.53% 0.00% 2.53%
Norway 0.00% 0.37% -0.37%
Philippines 0.00% 1.22% -1.22%
Portugal 3.17% 1.10% 2.07%
Singapore 0.00% 0.03% -0.03%
Spain 3.12% 2.01% 1.11%
Switzerland 0.00% 0.09% -0.09%
Taiwan 2.04% 3.28% -1.25%
United Kingdom 10.32% 0.15% 10.17%
United States 42.05% 58.69% -16.64%
  December 31, 2013
  Portfolio Benchmark + / -
Australia 1.68% 0.83% 0.85%
Austria 0.00% 0.78% -0.78%
Belgium 1.48% 0.00% 1.48%
Bermuda 2.79% 0.23% 2.56%
Brazil 4.34% 2.03% 2.31%
Canada 3.30% 2.60% 0.70%
Cayman Islands 0.00% 0.18% -0.18%
China Free 5.86% 10.29% -4.43%
Denmark 0.71% 5.42% -4.70%
France 5.54% 0.82% 4.72%
Germany 8.02% 1.65% 6.37%
Greece 0.00% 0.17% -0.17%
Hong Kong 1.64% 3.02% -1.39%
Italy 3.66% 3.36% 0.30%
Japan 2.05% 2.13% -0.08%
Netherlands 2.72% 0.00% 2.72%
Norway 0.00% 0.62% -0.62%
Philippines 0.00% 0.90% -0.90%
Portugal 4.74% 0.93% 3.81%
Singapore 0.00% 0.02% -0.02%
Spain 1.60% 1.79% -0.19%
Switzerland 0.00% 0.11% -0.11%
Taiwan 0.02% 4.15% -4.14%
United Kingdom 4.93% 0.16% 4.77%
United States 42.52% 57.80% -15.27%
PERFORMANCE ATTRIBUTIONRelative to the Ardour Global Alternative Energy Index (Composite) for the quarter ending 12/31/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Industrials 32.70% 40.97% -4.72% -2.38% -0.55% -0.90% -1.46%
Utilities 22.64% 12.78% -5.13% -5.30% 0.47% 0.06% 0.53%
Information Tech 19.03% 30.80% -15.38% -16.95% 1.03% 0.42% 1.46%
Consumer Disc. 8.64% 10.43% 12.32% -8.51% -0.23% 1.81% 1.58%
Energy 6.66% 3.41% -28.57% -32.13% -0.84% 0.26% -0.58%
Financials 5.61% 0.00% 13.51% 0.00% 1.20% 0.00% 1.20%
Materials 4.72% 1.60% 6.29% 0.26% 0.29% 0.26% 0.56%
Consumer Staples 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Telecomm Services 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% -5.99% -9.29% 1.37% 1.91% 3.30%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Capital Stage AG Financials 1.10%
Johnson Controls, Inc. Consumer Disc. 1.02%
GT Advanced Technologies Inc. Information Tech 0.97%
First Solar, Inc. Information Tech 0.96%
Zumtobel Group AG Industrials 0.75%
Delphi Automotive PLC Consumer Disc. 0.62%
NextEra Energy, Inc. Utilities 0.56%
Owens Corning Industrials 0.48%
Epistar Corporation Information Tech 0.40%
Enel Green Power S.p.A. Utilities 0.37%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Overweight 1.20%
Information Tech Underweight 1.03%
Utilities Overweight 0.47%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Capital Stage AG Financials 0.76%
Johnson Controls, Inc. Consumer Disc. 0.55%
Delphi Automotive PLC Consumer Disc. 0.53%
Zumtobel Group AG Industrials 0.53%
Eaton Corp. Plc Industrials 0.43%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Eaton Corp. Plc Industrials -1.15%
Abengoa S.A. Class B Industrials -0.81%
Quanta Services, Inc. Industrials -0.53%
Cosan Limited Class A Energy -0.50%
Polypore International, Inc. Industrials -0.47%
Capstone Infrastructure Corporation Utilities -0.45%
EnerSys Industrials -0.36%
Solazyme, Inc. Energy -0.32%
Canadian Solar Inc. Information Tech -0.31%
Trina Solar Ltd. Sponsored ADR Information Tech -0.28%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Overweight -0.84%
Industrials Underweight -0.55%
Consumer Disc. Underweight -0.23%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Cosan Limited Class A Energy -1.15%
Abengoa S.A. Class B Industrials -0.88%
Quanta Services, Inc. Industrials -0.88%
GCL-Poly Energy Holdings Limited Information Tech -0.86%
Canadian Solar Inc. Information Tech -0.79%
PERFORMANCE ATTRIBUTIONRelative to the Ardour Global Alternative Energy Index (Composite) for the period ending 12/31/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Industrials 33.20% 38.85% -12.93% -2.13% -0.52% -3.67% -4.18%
Utilities 24.45% 11.44% 5.20% -4.67% -0.56% 2.31% 1.76%
Information Tech 18.76% 32.83% -18.19% -15.51% 1.61% -0.28% 1.34%
Energy 7.93% 3.83% -46.21% -42.03% -1.54% -0.65% -2.19%
Consumer Disc. 5.94% 11.31% -2.36% 44.54% -2.79% -1.09% -3.88%
Materials 4.93% 1.74% 2.60% -8.01% -0.03% 0.52% 0.50%
Financials 4.79% 0.00% 13.57% 0.00% 0.94% 0.00% 0.94%
Telecomm Services 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Consumer Staples 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% -9.58% -3.87% -2.90% -2.86% -5.71%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Capital Stage AG Financials 0.84%
Cree, Inc. Information Tech 0.77%
GT Advanced Technologies Inc. Information Tech 0.76%
NextEra Energy, Inc. Utilities 0.69%
Delphi Automotive PLC Consumer Disc. 0.62%
Zumtobel Group AG Industrials 0.57%
EDP Renovaveis SA Utilities 0.55%
Westport Innovations Inc. Industrials 0.52%
First Solar, Inc. Information Tech 0.52%
Covanta Holding Corporation Industrials 0.47%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Information Tech Underweight 1.61%
Financials Overweight 0.94%
Materials Overweight -0.03%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SunEdison, Inc. Information Tech 1.30%
Covanta Holding Corporation Industrials 0.83%
EDP Renovaveis SA Utilities 0.73%
NextEra Energy, Inc. Utilities 0.64%
Capital Stage AG Financials 0.60%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Tesla Motors, Inc. Consumer Disc. -4.84%
Vestas Wind Systems A/S Industrials -1.74%
China Suntien Green Energy Corp. Class H Energy -1.15%
Cosan Limited Class A Energy -1.01%
International Rectifier Corporation Information Tech -0.82%
Ceramic Fuel Cells Limited Industrials -0.79%
Solazyme, Inc. Energy -0.66%
Abengoa S.A. Class B Industrials -0.63%
PNE WIND AG Industrials -0.60%
Ameresco, Inc. Class A Industrials -0.55%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Underweight -2.79%
Energy Overweight -1.54%
Utilities Overweight -0.56%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Cosan Limited Class A Energy -1.85%
Cree, Inc. Information Tech -1.82%
China Suntien Green Energy Corp. Class H Energy -1.22%
Solazyme, Inc. Energy -1.05%
Trina Solar Ltd. Sponsored ADR Information Tech -0.88%

Investment in mutual funds involves risk, including the possible loss of principal invested. The Fund is subject to the risk that stocks that comprise the energy sector may fall in value, and the risk that prices of energy (including traditional sources such as oil, gas or electricity) or alternative energy may fall. The alternative energy sector can be significantly affected by a number of factors, including fluctuations in energy prices, supply and demand of alternative energy fuels, energy conservation, and government regulations and policies. A downturn in the alternative energy industry would impact the Fund more than a fund that does not concentrate in this industry, and the Fund therefore may be more volatile than a typical mutual fund. Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations. The Fund is non-diversified and may be more volatile than a diversified fund.

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