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Calvert Global Water Fund (CFWAX)

Daily Performance (as of 5/20/2013)
Price $18.85
Price Change $0.12 (0.64%)
YTD Return (4.75% Sales Charge) 10.11%
YTD Return (No Charge) 15.57%
Fund Facts (as of 5/20/2013)
NASDAQ Symbol CFWAX (A Shares)
Calvert Fund Number 973 (A Shares)
CUSIP Number 13161P797 (A Shares)
Assets Under Management $166.06 Million

Overview

Fund Management

Calvert Investment Management, Inc.
Kleinwort Benson Investors International Ltd

Catherine Ryan,
Portfolio Manager

Matthew Sheldon,
Portfolio Manager

Top 10 Holdings

Top 10 Equity Holdings

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

Issues in Portfolio: 39
Click here for all Fund Holdings

Investment Objective

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.

Investment Strategy

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.

Investment Risk

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.

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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Benchmark Index

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Lipper Category Index

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Average Annual Total Returns (%) for period ending 4/30/2013
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (4.75% Sales Charge) 4.61 -3.81 15.11 9.27 n/a n/a 7.67 9/30/2008
A Shares (No Charge) 9.81 0.96 20.87 11.05 n/a n/a 8.82 9/30/2008
Average Annual Total Returns (%) for period ending 3/31/2013
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (4.75% Sales Charge) 3.62 3.62 13.33 9.12 n/a n/a 7.58 9/30/2008
A Shares (No Charge) 8.77 8.77 18.96 10.91 n/a n/a 8.76 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. 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.
Portfolio Expenses and Turnover (from Prospectus)
(Performance data quoted above already reflects deduction for portfolio 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)		 Fund Turnover
n/a 1.85% 2.34% 116.0%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 4/30/2013

  Fund (AShares) S-Network Global Water Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 2.47% 1.31% 0.00% 0.00%
Beta 0.99 1.00 1.00 1.00
R-Squared 94.62% 96.48% 100.00% 100.00%
Sharpe Ratio 0.64 0.42 0.50 0.37
Standard Deviation 17.09% 20.50% 16.87% 20.19%
Excess Return 2.47% 1.29% 0.00% 0.00%
Information Ratio 0.62 0.34 0.00 0.00
Tracking Error 3.97% 3.85% 0.00% 0.00%
*Source: Zephyr StyleADVISOR using MorningstarTM data


Standard Deviation is a measure of a fund's risk. A standard deviation of 1 means a fund can be expected to produce an annual return that is +/-1% of its average annual return 66% of the time.
Alpha is a measure of the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta.
Beta is a measure of portfolio risk relative to the market or benchmark. A portfolio beta of 1.0 indicates a risk level equal to that of the fund's benchmark.
Excess Return is return in excess of the risk-free rate or in excess of a benchmark.
R Squared is a statistical measure that represents the percentage of a fund's movements that can be explained by movements in its benchmark index.
Tracking Error is the difference in the return earned by a portfolio and the return earned by the benchmark against which the portfolio is constructed.
Information Ratio is a measure of the consistency of excess return of a mutual fund as compared to its benchmark.
Sharpe Ratio is used to measure risk-adjusted performance. It is calculated by using standard deviation and return in excess of the benchmark to determine reward per unit of risk.

Pricing & Distribution

Most Recent Distributions

A Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
12/28/2012 Dividend 0.00745 12/26/2012 12/27/2012 12/27/2012 16.21
12/7/2012 Short Term Gain 0.80244 12/5/2012 12/6/2012 12/6/2012 15.73
12/23/2011 Dividend 0.04114 12/21/2011 12/22/2011 12/22/2011 13.34
12/8/2011 Short Term Gain 0.75657 12/6/2011 12/7/2011 12/7/2011 13.68
12/8/2011 Long Term Gain 0.82773 12/6/2011 12/7/2011 12/7/2011 13.68
12/23/2010 Dividend 0.02017 12/21/2010 12/22/2010 12/22/2010 16.71
12/3/2010 Short Term Gain 0.17367 12/1/2010 12/2/2010 12/2/2010 15.88
12/3/2010 Long Term Gain 0.29015 12/1/2010 12/2/2010 12/2/2010 15.88
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

Holdings

Top 10 Holdings

Top 10 Equity Holdings

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

Issues in Portfolio: 39
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.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

Management & Commentary

Fund Management

Calvert Investment Management, Inc.

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

Kleinwort Benson Investors International Ltd

Kleinwort Benson Investors International Ltd 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.

Catherine Ryan,
Portfolio Manager

Matthew Sheldon,
Portfolio Manager

Quarterly Fund Commentary

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 1.300%
Distribution and service (12b-1) fees 0.250%
Other expenses 0.790%
Total annual Fund operating expenses 2.340%
Less fee waiver and/or expense reimbursement 0.490%
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
Redemption Fee
(unless otherwise noted in the prospectus 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)		 2.34%

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, 2014. 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 Funds expense limitation 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 Investment Administrative Services, Inc., 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

Morningstar Category™

Natural Resources

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