Calvert Global Alternative Energy Fund: I Shares

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy	Morningstar Category: Medium Blend	Morningstar Box
The Fund seeks long-term growth of capital through investment in equity securities of companies active in the alternative energy 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 alternative energy or that are significantly involved in the alternative energy sector. Alternative energy includes renewable energy (solar, wind, geothermal, biofuel, hydrogen, biomass and other renewable energy sources that may be developed in the future), technologies that enable these sources to be tapped, and services or technologies that conserve or enable more efficient use of energy. The Fund invests in securities of all market capitalizations, but may contain more small- and mid-cap stocks than large-cap stocks because many alternative energy companies are relatively new. Subadvisor Kleinwort Benson Investors International Ltd. employs long-term strategic allocations for each sub-activity within the alternative energy sector, and uses fundamental and qualitative models to evaluate stocks from the bottom up, focused on fundamental analysis of stocks across all geographic regisons. Top-down views on industries, sectors or regisons act as risk controls in portfolio construction. The Subadvisor consults a panel of experts in the alternative energy field to obtain research and insight on political, economic and regional trends with respect to alternative energy segments.	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
CAEIX	13161P813	$78.7	44	Ardour Global Alternative Energy Index (Composite)	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	26.29%	25.52%
ALPHA	8.18%	0.00%
BETA	0.99	1.00
EXCESS RETURN	6.75%	0.00%
R-SQUARED	93.02%	100.00%
TRACKING ERROR	6.95%	0.00%
INFORMATION RATIO	0.97	0.00
SHARPE RATIO	-0.42	-0.70

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

MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions)
	FUND	BENCHMARK
Weighted Average	6,364.9	4,651.8
Median	1,574.9	249.6
Weighted Median	2,371.1	1,642.4

Source: Analysis performed by FactSet.

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
EATON CORP PLC	5.57%
JOHNSON CONTROLS INC	4.58%
ITRON INC	4.14%
EDP RENOVAVEIS SA	3.79%
CREE INC	3.74%
COVANTA HOLDING CORP	3.56%
ESCO TECHNOLOGIES INC	3.39%
COSAN LTD CLASS A SHARES	3.38%
NEXTERA ENERGY INC	3.02%
SECHILIENNE SIDEC	3.01%
Total	38.19%

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 Alternative Energy Fund	97.59%	0.00%	2.41%

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 Alternative Energy Fund	17.5	19.0	12.3%	20.2%	6.9%	8.1	1.5	1.6
Ardour Global Alternative Energy Index (Composite)	18.9	16.7	12.3%	23.8%	2.8%	7.9	1.3	1.1

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
I Shares	9.24	9.24	6.03	-10.95	-17.10	n/a	-13.48	5/31/2007
Ardour Global Alternative Energy Index (Composite)	10.18	10.18	1.04	-17.28	-20.88	1.68	-16.42
Lipper Global Natural Resources Funds Index	3.75	3.75	-0.36	0.77	-4.17	12.36	-1.57

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 Ardour Global Alternative Energy Index (Composite) for the quarter ending 3/31/2013

TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Information Technology	17.60%	17.08%	3.03%
Industrials	32.07%	9.24%	2.90%
Materials	10.65%	13.20%	1.52%
Energy	7.17%	20.99%	1.43%
Consumer Discretionary	7.39%	16.44%	1.16%

TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Cree Inc.	3.83%	61.01%	1.88%
China Everbright International Ltd.	3.25%	40.24%	1.11%
Novozymes A/S	3.91%	21.50%	0.95%
Calgon Carbon Corp.	3.25%	27.64%	0.95%
China Suntien Green Energy Corp. Ltd.	3.21%	24.17%	0.72%

BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Consumer Staples	0.00%	0.00%	0.00%
Health Care	0.00%	0.00%	0.00%
Telecomm Services	0.00%	0.00%	0.00%
Financials	0.14%	2.01%	0.06%
Utilities	24.97%	0.35%	0.21%

BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Trina Solar Ltd. ADS	1.82%	-16.36%	-0.52%
Ameresco Inc. Cl A	1.56%	-24.57%	-0.43%
Iberdrola S.A.	2.33%	-13.94%	-0.33%
EDP Renovaveis S/A	2.86%	-9.11%	-0.33%
Polypore International Inc.	1.43%	-13.59%	-0.30%

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	49.36%	61.14%
Pacific Rim	16.11%	21.28%
South America	3.38%	4.31%
Western Europe	31.15%	13.27%

COUNTRIESas of 3/31/2013
Country	% of Portfolio	Benchmark
Australia	3.33%	0.13%
Austria	1.57%	1.44%
Belgium	1.97%	n/a
Bermuda	2.09%	0.17%
Brazil	3.38%	4.31%
Canada	3.91%	3.98%
Cayman Islands	n/a	0.18%
China	6.69%	8.39%
Denmark	0.81%	2.27%
France	4.96%	0.94%
Germany	1.38%	1.38%
Greece	n/a	0.14%
Hong Kong	2.51%	2.80%
Italy	5.65%	4.13%
Japan	3.57%	3.41%
Norway	n/a	0.39%
Philippines	n/a	2.14%
Portugal	3.79%	1.45%
Singapore	n/a	0.07%
Spain	2.01%	0.80%
Switzerland	n/a	0.13%
Taiwan	0.02%	4.34%
United Kingdom	9.01%	0.19%
United States	43.35%	56.80%

10 BEST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	China Hydroelectric Corpora *W Exp 01/25/2014	Utilities	401.82%
2	Ballard Power Systems Inc.	Consumer Discretionary	68.85%
3	Cree Inc.	Information Technology	61.01%
4	ITM Power PLC	Industrials	56.64%
5	Lamprell PLC	Energy	44.19%
6	Canadian Solar Inc.	Information Technology	44.12%
7	China Everbright International Ltd.	Industrials	40.24%
8	MEMC Electronic Materials Inc.	Information Technology	37.07%
9	Advanced Energy Industries Inc.	Information Technology	32.51%
10	China Longyuan Power Group Corp. Ltd.	Utilities	29.47%

10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Ameresco Inc. Cl A	Industrials	-24.57%
2	4Energy Invest N.V.	Utilities	-22.55%
3	GCL-Poly Energy Holdings Ltd.	Information Technology	-18.63%
4	Trina Solar Ltd. ADS	Information Technology	-16.36%
5	Iberdrola S.A.	Utilities	-13.94%
6	Polypore International Inc.	Industrials	-13.59%
7	Verbund AG	Utilities	-12.22%
8	Johnson Matthey PLC	Materials	-9.12%
9	EDP Renovaveis S/A	Utilities	-9.11%
10	Umicore S.A.	Materials	-7.83%

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 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 alternative energy (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.

I800ATT

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

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