Calvert Global Water Fund: A Shares

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy	Morningstar Category: Medium Blend	Morningstar Box
The Fund seeks growth of capital through investment in equity securities of companies active in the water-related resource sector, in accordance with the Fund's corporate responsibility standards and strategies.	The Fund normally invests at least 80% of its net assets in equity securities of U.S. and non-U.S. companies whose main business is in the water sector or are significantly involved in water related services or technologies. Investments in the water-related resource sectors and companies include: water treatment, engineering, filtration, environmental controls, water related equipment, water and wastewater services, and water utilities. The Fund invests in securities of all market capitalizations, but may contain more small- and mid-cap stocks than large-cap stocks because many water-related resource companies are relatively new. Subadvisor Kleinwort Benson Investors International Ltd. combines quantitative (initial screening and evaluation) and fundamental processes. The fundamental process focuses on company strength, growth, and cash flow measures, taking into account sustainable and socially responsible investing initiatives and policies. Top-down views on industries, sectors or regions act as risk controls in portfolio construction.	The Morningstar Style Box^TM reveals a fund's current investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned; the horizontal axis shows investment style (value, blend, or growth).

Ticker Symbol	CUSIP Number	Net Assets ($MILS)	# Of Holdings	Benchmark	Management
CFWAX	13161P797	$132.7	41	S-Network Global Water Index	Calvert Investment Management, Inc. (Advisor) Kleinwort Benson Investors International Ltd (Sub-Advisor)

RISK MEASURES (3-Year)As of 3/31/2013
	FUND	BENCHMARK
STANDARD DEVIATION	17.09%	16.87%
ALPHA	2.38%	0.00%
BETA	0.99	1.00
EXCESS RETURN	2.38%	0.00%
R-SQUARED	94.60%	100.00%
TRACKING ERROR	3.98%	0.00%
INFORMATION RATIO	0.60	0.00
SHARPE RATIO	0.63	0.50

Source: Zephyr StyleAdvisor using Morningstar^TM and/or Lipper data.

MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions)
	FUND	BENCHMARK
Weighted Average	5,528.5	3,622.6
Median	2,069.8	1,114.1
Weighted Median	4,011.6	2,083.6

Source: Analysis performed by FactSet.

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
EBARA CORP	5.93%
SEVERN TRENT PLC	5.88%
KURITA WATER INDUSTRIES LTD	5.63%
SUEZ ENVIRONNEMENT CO	5.62%
PENTAIR LTD REGISTERED	5.60%
SPX CORP	5.53%
GARDNER DENVER INC	4.55%
UNITED UTILITIES GROUP PLC	4.40%
XYLEM INC	4.30%
FLOWSERVE CORP	3.83%
Total	51.28%

The Fund may or may not still invest in, and no action is recommended on, companies listed. For the most recently available information on the Fund's holdings, visit www.calvert.com.

ASSET ALLOCATION% of assets as of 3/31/2013
	Equity	Fixed Income	Cash
Calvert Global Water Fund	92.81%	0.00%	7.19%

Source: State Street Bank & Trust Company

VALUATIONKey Portfolio Statistics as of 3/31/2013
	1 YEAR P/E		3 YEAR EPS GROWTH		RETURN ON EQUITY	PRICE TO CASH FLOW	PRICE TO BOOK	Dividend Yield
	PROJECTED	TRAILING	PROJECTED	TRAILING	RETURN ON EQUITY	PRICE TO CASH FLOW	PRICE TO BOOK	Dividend Yield
Calvert Global Water Fund	16.2	18.9	10.3%	21.4%	10.5%	8.7	1.7	2.1
S-Network Global Water Index	16.0	18.9	10.4%	9.5%	11.8%	8.7	1.7	2.6

Source: Analysis performed by FactSet.

PERFORMANCE Average Annual Returns (%) for Period Ended 3/31/2013
	QTR	YTD	1 YEAR	3 YEARS	5 YEARS	10 YEARS	SINCE INCEPTION	INCEPTION DATE
A Shares (NAV)	8.77	8.77	18.96	10.91	n/a	n/a	8.76	9/30/2008
S-Network Global Water Index	7.72	7.72	16.33	8.63	3.73	14.29	7.53
Lipper Global Natural Resources Funds Index	3.75	3.75	-0.36	0.77	-4.17	12.36	1.15

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.

PERFORMANCE ATTRIBUTIONRelative to the S-Network Global Water Index for the quarter ending 3/31/2013

TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Industrials	56.84%	10.09%	5.75%
Utilities	28.74%	7.79%	2.28%
Materials	5.16%	22.46%	1.19%
Consumer Discretionary	1.66%	11.30%	0.22%
Health Care	1.83%	2.81%	0.16%

TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Calgon Carbon Corp.	3.38%	27.64%	0.97%
SPX Corp.	6.53%	12.91%	0.89%
China Everbright International Ltd.	2.02%	40.24%	0.79%
Flowserve Corp.	4.17%	14.53%	0.66%
Gardner Denver Inc.	5.98%	9.72%	0.62%

BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Consumer Staples	0.00%	0.00%	0.00%
Energy	0.00%	0.00%	0.00%
Telecomm Services	0.00%	0.00%	0.00%
Financials	1.47%	9.52%	0.14%
Information Technology	4.30%	3.06%	0.16%

BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Ebara Corp.	6.07%	-4.93%	-0.23%
United Utilities Group PLC	3.65%	-2.02%	-0.06%
Tri-Tech Holding Inc.	0.11%	-23.64%	-0.04%
Organo Corp.	1.56%	-0.58%	-0.01%
Sound Global Ltd.	0.38%	2.12%	-0.01%

Source: Analysis performed by FactSet. Equity holdings only. Return calculation is based on daily holding periods and excludes all fund expenses and trading costs. Portfolio weight is calculated as the average weight over the quarter.

The performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from that shown. The statistical information above is taken from sources believed to be reliable but cannot be guaranteed as to accuracy.

REGIONSas of3/31/2013
Region	% of Portfolio	Benchmark
North America	55.96%	47.45%
Pacific Rim	17.38%	23.03%
South America	3.30%	5.61%
Western Europe	23.37%	23.90%

COUNTRIESas of 3/31/2013
Country	% of Portfolio	Benchmark
Brazil	3.30%	3.95%
Canada	2.73%	n/a
Cayman Islands	n/a	1.06%
Chile	n/a	1.66%
China	0.08%	2.43%
Finland	n/a	0.80%
France	6.94%	4.13%
Germany	0.42%	n/a
Greece	n/a	1.36%
Hong Kong	2.19%	5.21%
Italy	n/a	2.44%
Japan	13.17%	4.64%
Malaysia	n/a	0.25%
Netherlands	1.31%	2.22%
Philippines	1.08%	1.74%
Singapore	n/a	2.35%
South Korea	0.87%	4.79%
Switzerland	4.17%	5.41%
Thailand	n/a	1.63%
United Kingdom	10.53%	7.55%
United States	53.22%	46.39%

10 BEST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	China Everbright International Ltd.	Industrials	40.24%
2	GWR Global Water Resources Corp.	Utilities	33.78%
3	AECOM Technology Corp.	Industrials	32.02%
4	Calgon Carbon Corp.	Materials	27.64%
5	Manila Water Co. Inc.	Utilities	25.59%
6	Joyou AG	Industrials	23.19%
7	Uponor Oyj	Industrials	16.09%
8	Tetra Tech Inc.	Industrials	15.27%
9	Beijing Enterprises Water Group Ltd.	Utilities	14.94%
10	Flowserve Corp.	Industrials	14.53%

10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Tri-Tech Holding Inc.	Utilities	-23.64%
2	Ebara Corp.	Industrials	-4.93%
3	Rexnord Corp	Industrials	-4.08%
4	United Utilities Group PLC	Utilities	-2.02%
5	Ashland Inc.	Materials	-0.83%
6	Organo Corp.	Industrials	-0.58%
7	Pure Technologies Ltd.	Information Technology	1.00%
8	Severn Trent PLC	Utilities	1.40%
9	Kurita Water Industries Ltd.	Industrials	1.66%
10	Xylem Inc.	Industrials	2.12%

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 water-related sector may fall in value. The water industry can be significantly affected by a number of factors, including availability of water, the level of rainfall, water consumption, price and supply fluctuations, and government regulations and policies. A downturn in the water-related resource sector 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 nondiversified and may be more volatile than a diversified fund.

Companies labeled GICS are those classified using the Global Industry Classification Standards. These companies are involved in the water industry (though not to the degree required per prospectus definition) and the sub-advisor believes will generate above average returns going forward.

Holdings are subject to change.

Net assets include all share classes.

Calvert funds are available at NAV for RIAs and Wrap Programs. Not all funds available at all firms.

G200ATT

FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

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