Share Class

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Calvert Global Water Fund (CFWAX)

Daily Performance (as of 9/3/2010)
Price $14.76
Price Change $0.19 (1.29%)
YTD Return (4.75% Sales Charge) -7.52%
YTD Return (No Charge) -2.89%
Fund Facts (as of 9/3/2010)
NASDAQ Symbol CFWAX (A Shares)
Calvert Fund Number 973 (A Shares)
CUSIP Number 13161P797 (A Shares)
Assets Under Management $35.23 Million

Overview

Fund Management

Calvert Asset Management Company, Inc.

KBC Asset Management International Ltd.

Top 10 Equity Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Issues in Portfolio: 50
Click here for all Fund Holdings

Investment Objectives

The Fund seeks growth of capital through investment in equity securities of companies active in the water-related resource sector, using the Fund’s corporate responsibility standards and strategies.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 decline in value. The stock markets in which the Fund invests may also experience periods of volatility and instability. In addition, shares of the companies involved in the water sector have been more volatile than shares of companies operating in other, more established industries. Consequently, the Fund may tend to be more volatile than other mutual funds. Lastly, foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations.

Investment Strategy

The Fund seeks to achieve its investment objective by investing, under normal circumstances, 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 will include: water treatment, engineering, filtration, environmental controls, water related equipment, water and wastewater services, and water utilities.

Important Disclosure

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.


Performance

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Lipper Category Index

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Average Annual Returns (%) for period ending 8/31/2010
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (4.75% Sales Charge) -12.16 -3.18 -4.85 n/a n/a n/a -5.04 9/30/2008
A Shares (No Charge) -7.76 1.67 -0.12 n/a n/a n/a -2.59 9/30/2008
Average Annual Returns (%) for period ending 6/30/2010
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (4.75% Sales Charge) -13.60 -16.73 1.88 n/a n/a n/a -6.41 9/30/2008
A Shares (No Charge) -9.28 -12.56 6.93 n/a n/a n/a -3.76 9/30/2008
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. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index.
Fund Expenses (from Prospectus)
(Performance data quoted above already reflects deduction for Fund operating expenses)
Expense Ratio
(if no waiver reimbursement in effect)		 Net Expense Ratio
(if waiver reimbursement in effect)		 Gross Expense Ratio
(if waiver reimbursement in effect)
n/a 1.85% 5.78%

Hypothetical Growth of $10,000

Yearly Percentage Return

Pricing & Distribution

Most Recent Distributions

A Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
12/24/2009 Dividend 0.02836 12/22/2009 12/23/2009 12/23/2009 15.23
12/3/2009 Short Term Gain 0.22838 12/1/2009 12/2/2009 12/2/2009 15.07
12/3/2009 Long Term Gain 0.00399 12/1/2009 12/2/2009 12/2/2009 15.07

Top Holdings

Top 10 Equity Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Issues in Portfolio: 50
Click here for all Fund Holdings

Top 10 Countries (% of total investment)

Top 10 Countries (% of total investment)

The portfolio invests in companies based in these countries. The number next to each country name indicates the percentage of the portfolio that investments in that country comprise.

Important Disclosure

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.


Management & Commentary

Fund Management

Calvert Asset Management Company, Inc.

As investment advisor to the Calvert family of funds, CAMCO oversees assets covering a broad range of equity, fixed-income, balanced, and asset allocation funds.

KBC Asset Management International Ltd.

KBC is a leading Dublin-based SRI firm whose principals have expertise in the fast-growing, nascent alternative energy sector, a long history of socially responsible investing, and a strong reputation in multi-cap global investing.

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 1.350%
Distribution and service (12b-1) fees 0.250%
Other expenses 4.180%
Total annual Fund operating expenses 5.780%
Less fee waiver and/or expense reimbursement 3.930%
Net expenses 1.850%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)		 4.75%
Maximum deferred sales charge (load)
(as a percentage of purchase or redemption
proceeds, whichever is lower) 		none
Short term trading fee
(unless otherwise noted the redemption fee applies to redemptions, including exchanges within 30 days of purchase (seven days for Class I and R shares)		 2.00%

Fund Expense Ratios

Description Expense
Expense Ratio
(if no waiver/reimbursement
in effect)		 n/a
Net Expense Ratio
(if waiver/reimbursement
in effect)		 1.85%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 5.78%

Investment Minimums

Description Minimum
Minimum Initial Investment (ClassA) $2,000
Minimum Initial Investment for IRA (ClassA) $1,000
Minimum Subsequent Investment (ClassA) $250

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert Global Water Fund through January 31, 2011. This limitation does not limit the acquired fund fees and expenses incurred by a shareholder. Direct net operating expenses for the Fund will not exceed 1.85% for Class A shares, 2.85% for Class C shares, and 1.60% for Class Y Shares of the Fund. Only the Board of Directors of the Fund may terminate the Fund’s expense cap before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expense, brokerage commissions, extraordinary expenses and taxes.


Management fees include the advisory fee paid by the Fund to the Advisor, and the administrative fee paid by the Fund to Calvert Administrative Services Company, an affiliate of the Advisor.


Fund literature and resources
MorningStar Style Box™

MorningStar Style

A style box is a graphical representation of a mutual fund's characteristics. Together, the vertical and horizontal axes can be used to classify a mutual fund into one of nine categories.

Medium Blend

CFWAX is categorized as: Medium Blend

Risk/Return Assessment

Risk/Return Assessment

Demonstrates where the Fund falls on a risk/return spectrum, relative to other Calvert Funds. Funds with more conservative objectives and strategies would fall on the left side of the spectrum, while funds with more aggressive objectives and strategies would appear on the right.

Compared against all Calvert funds