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) -3.69 -3.79 -3.79 16.34 10.02 n/a 8.46 9/30/2008
S-Network Global Water Index 2.09 2.89 2.89 17.01 10.09 9.55 8.85  
Lipper Global Natural Resources Funds Average -14.59 -13.89 -13.89 -0.52 -0.86 5.61 -0.86  
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 44 60
W. Avg Cap. (mils) $6,551.7 $5,093.4
W. Median Cap (mils) $2,868.0 $4,373.8
P/E 1-year trailing 19.0 19.9
P/E 1-year forward 17.9 18.7
EPS Growth, past 3 years 18.4% 6.6%
EPS Growth, next 3 - 5 years 15.4% 10.7%
Price to Book 2.0 1.9
Price to Sales 0.9 1.2
Dividend Yield 2.0% 2.4%
Active Share 67.3% N/A
September 30, 2014
Portfolio Benchmark
42 60
$6,529.2 $4,766.9
$3,894.2 $3,732.7
17.9 17.8
17.9 18.0
16.0% 7.4%
17.1% 11.4%
2.0 1.9
0.9 1.2
1.9% 2.4%
67.9% N/A
December 31, 2013
Portfolio Benchmark
40 58
$5,957.5 $4,285.0
$3,880.6 $2,226.5
18.8 19.6
19.0 18.5
5.6% 5.1%
12.4% 11.7%
1.9 1.9
1.0 1.2
2.5% 2.3%
63.8% N/A
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 16.32% 16.90%
Standard Deviation 12.99% 12.48%
Beta vs. Market 0.98 1.00
Excess Return -0.58% 0.00%
R-Squared 88.68% 100.00%
Tracking Error 4.38% 0.00%
Information Ratio -0.13 0.00
Sharpe Ratio 1.25 1.35
September 30, 2014
Portfolio Benchmark
19.97% 18.04%
13.72% 13.27%
0.99 1.00
1.93% 0.00%
91.73% 100.00%
3.95% 0.00%
0.49 0.00
1.45 1.36
December 31, 2013
Portfolio Benchmark
13.81% 11.16%
14.54% 14.28%
0.98 1.00
2.65% 0.00%
92.71% 100.00%
3.94% 0.00%
0.67 0.00
0.95 0.78
Sector Weights / Percentage of Holdings (ex-cash)
  December 31, 2014
  Portfolio Benchmark + / -
GICS Industrials 6.49% 0.00% 6.49%
GICS Info Tech 0.00% 0.00% 0.00%
Not Applicable 0.00% 0.00% 0.00%
Water Infrastructure 53.47% 34.28% 19.19%
Water Technologies 17.58% 16.21% 1.37%
Water Utilities 22.46% 49.51% -27.05%
September 30, 2014
Portfolio Benchmark + / -
5.35% 0.00% 5.35%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
56.11% 34.26% 21.85%
17.28% 15.89% 1.39%
21.25% 49.85% -28.59%
December 31, 2013
Portfolio Benchmark + / -
5.89% 0.00% 5.89%
0.00% 0.00% 0.00%
0.00% 0.00% -0.00%
45.39% 34.54% 10.85%
20.48% 21.60% -1.11%
28.24% 43.86% -15.62%
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
HD SUPPLY HOLDINGS INC 6.66%
PENTAIR PLC 5.16%
ENERCARE INC 5.15%
REXNORD CORP 4.93%
EBARA CORP 4.86%
CALGON CARBON CORP 4.71%
TRAVIS PERKINS PLC 4.70%
FLOWSERVE CORP 4.47%
WOLSELEY PLC 3.80%
TETRA TECH INC 3.29%
Total 47.73%
September 30, 2014
HD SUPPLY HOLDINGS INC 5.77%
PENTAIR PLC 4.63%
FLOWSERVE CORP 4.58%
EBARA CORP 4.53%
CALGON CARBON CORP 4.50%
WOLSELEY PLC 4.24%
TRAVIS PERKINS PLC 4.03%
TETRA TECH INC 3.89%
REXNORD CORP 3.85%
ENERCARE INC 3.82%
Total 43.84%
December 31, 2013
SULZER AG REG 6.19%
UNITED UTILITIES GROUP PLC 6.10%
CIA SANEAMENTO BASICO DE ADR 5.54%
EBARA CORP 4.94%
SUEZ ENVIRONNEMENT CO 4.51%
WOLSELEY PLC 4.23%
AMERICAN WATER WORKS CO INC 4.13%
HD SUPPLY HOLDINGS INC 3.90%
FLOWSERVE CORP 3.66%
PENTAIR LTD REGISTERED 3.48%
Total 46.68%
Regions
  December 31, 2014
  Portfolio Benchmark + / -
Asia/Pacific 5.50% 18.80% -13.31%
Europe 26.82% 26.71% 0.11%
Latin America 3.63% 5.27% -1.64%
North America 64.04% 47.28% 16.76%
  September 30, 2014
  Portfolio Benchmark + / -
Asia/Pacific 6.37% 22.36% -15.99%
Europe 27.82% 24.68% 3.14%
Latin America 3.08% 4.57% -1.49%
North America 59.23% 46.90% 12.32%
  December 31, 2013
  Portfolio Benchmark + / -
Africa/Mideast 0.85% 0.00% 0.85%
Asia/Pacific 6.95% 21.83% -14.88%
Europe 27.38% 23.62% 3.76%
Latin America 5.55% 6.09% -0.54%
North America 59.28% 48.46% 10.81%
Countries
  December 31, 2014
  Portfolio Benchmark + / -
Australia 0.53% 0.00% 0.53%
Brazil 3.63% 3.52% 0.11%
Canada 10.90% 0.00% 10.90%
Chile 0.00% 1.76% -1.76%
China Free 0.00% 3.88% -3.88%
Finland 0.60% 0.83% -0.22%
France 4.22% 5.10% -0.89%
Greece 0.00% 1.86% -1.86%
Hong Kong 0.00% 1.98% -1.98%
Italy 0.58% 3.16% -2.59%
Japan 4.97% 4.44% 0.53%
Korea 0.00% 3.51% -3.51%
Malaysia 0.00% 0.87% -0.87%
Mexico 0.78% 0.00% 0.78%
Netherlands 1.73% 2.32% -0.59%
Singapore 0.00% 2.67% -2.67%
Switzerland 5.06% 4.98% 0.08%
Thailand 0.00% 1.45% -1.45%
United Kingdom 14.64% 8.45% 6.18%
United States 52.36% 47.28% 5.08%
  September 30, 2014
  Portfolio Benchmark + / -
Australia 0.94% 0.00% 0.94%
Brazil 3.08% 3.19% -0.11%
Canada 9.95% 0.00% 9.95%
Chile 0.00% 1.38% -1.38%
China Free 0.00% 3.92% -3.92%
Finland 0.89% 0.78% 0.11%
France 5.85% 5.17% 0.67%
Greece 0.00% 1.18% -1.18%
Hong Kong 0.00% 2.84% -2.84%
Italy 0.00% 2.65% -2.65%
Japan 5.44% 5.11% 0.33%
Korea 0.00% 3.92% -3.92%
Malaysia 0.00% 2.67% -2.67%
Mexico 0.99% 0.00% 0.99%
Netherlands 1.45% 2.30% -0.86%
Singapore 0.00% 2.51% -2.51%
Switzerland 5.50% 4.77% 0.72%
Thailand 0.00% 1.41% -1.41%
United Kingdom 14.14% 7.82% 6.32%
United States 48.29% 46.90% 1.38%
  December 31, 2013
  Portfolio Benchmark + / -
Brazil 5.55% 4.64% 0.90%
Canada 7.03% 0.00% 7.03%
Cayman Islands 0.00% 1.29% -1.29%
Chile 0.00% 1.44% -1.44%
China Free 0.00% 2.35% -2.35%
Finland 1.59% 0.90% 0.69%
France 6.74% 4.84% 1.90%
Greece 0.00% 1.39% -1.39%
Hong Kong 0.00% 4.92% -4.92%
Israel 0.85% 0.00% 0.85%
Italy 0.00% 2.95% -2.95%
Japan 6.95% 4.27% 2.68%
Korea, South 0.00% 3.61% -3.61%
Malaysia 0.00% 1.70% -1.70%
Netherlands 0.00% 2.07% -2.07%
Philippines 0.00% 1.43% -1.43%
Singapore 0.00% 2.14% -2.14%
Switzerland 6.20% 4.44% 1.77%
Thailand 0.00% 1.42% -1.42%
United Kingdom 12.85% 7.04% 5.80%
United States 52.25% 47.17% 5.07%
PERFORMANCE ATTRIBUTIONRelative to the S-Network Global Water Index 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 65.43% 42.43% -3.02% 3.34% 0.35% -4.00% -3.66%
Utilities 17.51% 51.00% -2.95% 1.05% 0.34% -0.77% -0.43%
Materials 5.77% 1.15% 4.32% 7.22% 0.22% -0.17% 0.04%
Consumer Disc. 4.76% 2.39% 2.90% -2.67% -0.06% 0.17% 0.10%
Financials 2.80% 0.48% -5.51% -5.51% -0.15% -0.01% -0.16%
Information Tech 2.78% 2.40% -5.49% 10.97% 0.03% -0.46% -0.43%
Energy 0.96% 0.15% -62.37% -62.37% -0.76% -0.01% -0.77%
Health Care 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% -3.25% 2.04% -0.03% -5.25% -5.30%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Pure Cycle Corporation Utilities 0.43%
Salcon Bhd. Utilities 0.38%
Wolseley Plc Industrials 0.33%
Puncak Niaga Holdings Bhd. Utilities 0.32%
Athens Water Supply and Sewerage Company S.A. Utilities 0.29%
Travis Perkins plc Industrials 0.28%
Sembcorp Industries Ltd. Industrials 0.27%
HD Supply Holdings, Inc. Industrials 0.26%
Companhia de Saneamento de Minas Gerais Utilities 0.25%
Danaher Corporation Industrials 0.25%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Industrials Overweight 0.35%
Utilities Underweight 0.34%
Materials Overweight 0.22%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
HD Supply Holdings, Inc. Industrials 0.51%
Mueller Water Products, Inc. Class A Industrials 0.42%
Wolseley Plc Industrials 0.40%
Travis Perkins plc Industrials 0.34%
Calgon Carbon Corporation Materials 0.30%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Ebara Corporation Industrials -0.98%
Flowserve Corporation Industrials -0.76%
Nuverra Environmental Solutions, Inc. Energy -0.75%
Capstone Infrastructure Corporation Utilities -0.73%
Pall Corporation Industrials -0.69%
Sulzer AG Industrials -0.53%
Newalta Corporation Industrials -0.49%
Amiad Water Systems Ltd Industrials -0.37%
Empresas ICA SAB de CV Industrials -0.35%
American States Water Company Utilities -0.31%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Overweight -0.76%
Financials Overweight -0.15%
Consumer Disc. Overweight -0.06%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Ebara Corporation Industrials -1.82%
Nuverra Environmental Solutions, Inc. Energy -0.90%
Capstone Infrastructure Corporation Utilities -0.70%
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR Utilities -0.66%
Flowserve Corporation Industrials -0.63%
PERFORMANCE ATTRIBUTIONRelative to the S-Network Global Water Index 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 58.41% 42.67% -4.53% -2.23% -0.38% -1.58% -1.98%
Utilities 24.29% 50.64% 1.23% 7.99% -0.76% -0.73% -1.50%
Materials 5.98% 1.23% -4.07% 1.05% -0.02% -0.38% -0.40%
Information Tech 3.93% 2.37% 1.42% 4.64% -0.32% 0.00% -0.33%
Consumer Disc. 3.55% 2.28% 41.92% 25.98% 0.17% 0.34% 0.50%
Financials 2.78% 0.56% -18.43% -18.43% -0.42% -0.02% -0.44%
Energy 1.03% 0.25% -66.94% -66.94% -0.82% -0.02% -0.85%
Health Care 0.04% 0.00% 6.15% 0.00% 0.04% 0.00% 0.04%
Total 100.00% 100.00% -1.69% 3.26% -2.52% -2.38% -4.94%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Advanced Drainage Systems Inc Industrials 1.39%
EnerCare Inc. Consumer Disc. 0.86%
HD Supply Holdings, Inc. Industrials 0.72%
United Utilities Group PLC Utilities 0.64%
Doosan Heavy Industries & Construction Co., Ltd. Industrials 0.63%
Companhia de Saneamento de Minas Gerais Utilities 0.45%
AECOM Technology Corporation Industrials 0.42%
Pentair plc Industrials 0.40%
Pure Cycle Corporation Utilities 0.38%
Athens Water Supply and Sewerage Company S.A. Utilities 0.38%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight 0.17%
Health Care Overweight 0.04%
Materials Overweight -0.02%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
United Utilities Group PLC Utilities 1.73%
Advanced Drainage Systems Inc Industrials 1.25%
HD Supply Holdings, Inc. Industrials 1.22%
EnerCare Inc. Consumer Disc. 0.92%
American Water Works Company, Inc. Utilities 0.77%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Sulzer AG Industrials -1.70%
Ebara Corporation Industrials -1.20%
Flowserve Corporation Industrials -1.09%
Nuverra Environmental Solutions, Inc. Energy -0.81%
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR Utilities -0.70%
Guangdong Investment Limited Utilities -0.63%
Pall Corporation Industrials -0.62%
Newalta Corporation Industrials -0.48%
Amiad Water Systems Ltd Industrials -0.48%
Geberit AG Industrials -0.42%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Overweight -0.82%
Utilities Underweight -0.76%
Financials Overweight -0.42%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Ebara Corporation Industrials -2.09%
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR Utilities -1.87%
Sulzer AG Industrials -1.52%
Flowserve Corporation Industrials -1.02%
Nuverra Environmental Solutions, Inc. Energy -1.00%

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 non-diversified and may be more volatile than a diversified fund.

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