Calvert International Equity Fund: A Shares

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy	Morningstar Category: Large Growth	Morningstar Box
The Fund seeks to provide a high total return consistent with reasonable risk by investing primarily in a diversified portfolio of stocks that meet the Fund's investment criteria, including financial, sustainability and social responsibility factors.	The Fund invests primarily in the common and preferred stocks of non-U.S. large cap companies. The Fund defines "non-U.S. large cap" companies as those whose market capitalization falls within the range of the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Global Investable Market Index (IMI). The Fund generally holds stocks of companies of the constituent countries of the MSCI EAFE IMI, but may invest in other countries, including emerging markets stocks. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they addess corporate responsibility and sustainability challenges. In the multi-manager structure, the Advisor and the Subadvisors utilize fundamental insights arrived at through qualitative and quantitative analysis of a broad range of non-U.S. securities to identify stocks expected to provide returns superior to that of the benchmark. The Advisor attempts to control the portfolio's risk level and maximize the Fund's return potential relative to the benchmark by balancing the risks and opportunities between the portions of the portfolio managed by the Advisor and each Subadvisor, and may shift allocations among the Advisor and Subadvisors depending on market conditions, managers' respective style biases, and performance opportunities.	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
CWVGX	131649105	$312.4	265	MSCI EAFE Investable Market Index	Calvert Investment Management, Inc. (Advisor) Martin Currie Investment Management, Ltd. (Sub-Advisor) Thornburg Investment Management, Inc. (Sub-Advisor)

RISK MEASURES (3-Year)As of 3/31/2013
	FUND	BENCHMARK
STANDARD DEVIATION	17.98%	19.28%
ALPHA	-1.91%	0.00%
BETA	0.92	1.00
EXCESS RETURN	-2.39%	0.00%
R-SQUARED	97.45%	100.00%
TRACKING ERROR	3.25%	0.00%
INFORMATION RATIO	-0.73	0.00
SHARPE RATIO	0.19	0.30

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

MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions)
	FUND	BENCHMARK
Weighted Average	40,509.1	44,015.8
Median	13,325.6	835.8
Weighted Median	21,744.9	21,913.6

Source: Analysis performed by FactSet.

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
TOYOTA MOTOR CORP	2.32%
NOVARTIS AG REG	2.12%
ROCHE HOLDING AG GENUSSCHEIN	2.11%
AIR LIQUIDE SA	1.80%
ADIDAS AG	1.75%
AIA GROUP LTD	1.61%
RECKITT BENCKISER GROUP PLC	1.44%
CHECK POINT SOFTWARE TECH	1.42%
NOVO NORDISK A/S B	1.35%
NIELSEN HOLDINGS NV	1.34%
Total	17.26%

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 International Equity Fund	96.23%	1.85%	1.92%

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 International Equity Fund	14.7	16.4	12.3%	22.4%	18.8%	9.8	2.1	2.4
MSCI EAFE Investable Market Index	13.4	14.5	10.8%	28.8%	14.9%	7.4	1.5	3.2

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)	4.65	4.65	9.56	3.48	-4.55	5.65	3.52	7/2/1992
MSCI EAFE Investable Market Index	5.61	5.61	12.01	5.87	-0.07	10.54	n/a
Lipper International Multi-Cap Growth Funds Index	4.07	4.07	9.75	5.97	0.77	11.51	n/a

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 MSCI EAFE Investable Market Index for the quarter ending 3/31/2013

TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Consumer Discretionary	23.51%	6.05%	1.38%
Health Care	9.46%	12.96%	1.18%
Financials	22.61%	5.00%	1.13%
Industrials	11.22%	5.58%	0.63%
Consumer Staples	8.44%	5.77%	0.47%

TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Novartis AG	2.25%	16.75%	0.35%
Kabel Deutschland Holding AG	0.97%	23.75%	0.28%
Reckitt Benckiser Group PLC	1.74%	16.23%	0.26%
adidas AG	1.72%	16.76%	0.26%
Roche Holding AG	1.45%	18.58%	0.25%

BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Energy	4.01%	-7.27%	-0.30%
Materials	7.03%	1.05%	0.08%
Utilities	0.89%	11.08%	0.10%
Information Technology	8.89%	3.49%	0.32%
Telecomm Services	3.92%	12.17%	0.44%

BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Fanuc Corp.	0.86%	-17.46%	-0.22%
Petrofac Ltd.	0.60%	-19.74%	-0.13%
Nikon Corp.	0.54%	-20.29%	-0.13%
Pearson PLC	1.40%	-8.09%	-0.13%
Natura Cosmeticos S.A.	0.83%	-12.79%	-0.12%

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
Africa	1.22%	n/a
Eastern Europe	1.24%	0.01%
Middle East	1.48%	0.60%
North America	12.90%	0.26%
Pacific Rim	23.98%	36.55%
South America	2.45%	n/a
Western Europe	56.72%	62.59%

COUNTRIESas of 3/31/2013
Country	% of Portfolio	Benchmark
Argentina	0.56%	n/a
Australia	1.59%	9.15%
Austria	0.02%	0.35%
Belgium	0.48%	1.22%
Bermuda	n/a	0.08%
Brazil	1.90%	n/a
British Virgin Islands	n/a	0.01%
Canada	4.44%	0.00%
China	0.23%	0.04%
Cyprus	n/a	0.00%
Denmark	1.48%	1.22%
Finland	0.05%	0.86%
France	8.74%	8.18%
Germany	8.46%	8.06%
Greece	0.01%	0.13%
Hong Kong	4.76%	3.13%
Indonesia	0.54%	0.01%
Ireland	0.71%	0.43%
Israel	1.48%	0.59%
Italy	1.02%	2.00%
Japan	14.45%	22.10%
Luxembourg	n/a	0.30%
Mexico	0.52%	0.03%
Netherlands	2.51%	2.60%
New Zealand	n/a	0.21%
Norway	2.01%	1.04%
Philippines	0.62%	n/a
Portugal	0.04%	0.20%
Russia	1.24%	0.00%
Singapore	0.79%	1.91%
South Africa	1.22%	n/a
Spain	0.49%	2.58%
Sweden	3.73%	3.28%
Switzerland	8.96%	8.35%
Taiwan	0.56%	n/a
Thailand	0.46%	n/a
United Arab Emirates (Uae)	n/a	0.00%
United Kingdom	17.99%	21.79%
United States	7.95%	0.14%

ANALYSIS By Martin Currie Investment Management, Ltd. (Sub-Advisor) Thornburg Investment Management, Inc. (Sub-Advisor)
The Fund’s stock selection, particularly in the Consumer Staples sector, was unproductive during the quarter. Natura Cosmeticos, Fanuc, and Nikon were major detractors from the Fund’s relative performance during the quarter and by themselves were a key source of the Fund’s underperformance. On the positive side, the Fund’s stock selection in the Materials sector—specifically in the Metals and Mining sub-sector—was a significant contributor. The Fund’s lack of exposure to mining stocks such as BHP Billiton, Rio Tinto, and Anglo American, none of which meet the Fund’s environmental, social, and governance (ESG) criteria, provided a meaningful benefit to the Fund’s relative results. From a sector positioning perspective, the Fund’s results were mixed but ultimately beneficial compared with the benchmark. The Fund’s overweight position in the Consumer Discretionary sector added value, as did an underweight to the lagging Materials and Energy sectors. The Fund’s underweight position in Consumer Staples was a modest detractor from relative performance, however. From a country and region standpoint, the Fund’s country allocation had an overall negative impact. The underweight to Japan was harmful to relative results, and stock selection in that market was disappointing. The Fund’s best stock selection results by country came in Germany.

10 BEST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Sony Corp. ADS	Consumer Discretionary	56.50%
2	Japan Exchange Group, Inc.	Financials	55.11%
3	Sealed Air Corp.	Materials	38.51%
4	Sumitomo Mitsui Trust Holdings Inc. ADS	Financials	36.52%
5	Delhaize Group ADS	Consumer Staples	34.62%
6	H. Lundbeck A/S ADS	Health Care	28.33%
7	Bristol-Myers Squibb Co.	Health Care	27.74%
8	ProSiebenSat.1 Media AG	Consumer Discretionary	27.24%
9	Kubota Corp. ADS	Industrials	26.04%
10	H.J. Heinz Co.	Consumer Staples	25.68%

10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	PostNL N.V. Sponsored ADR	Industrials	-50.63%
2	National Bank of Greece S.A. ADS	Financials	-50.08%
3	TNT Express N.V. ADS	Industrials	-35.98%
4	Aviva PLC ADS	Financials	-24.43%
5	Li & Fung Ltd. ADS	Consumer Discretionary	-24.02%
6	Commerzbank AG ADS	Financials	-23.74%
7	Royal Bank of Scotland Group Plc	Financials	-22.38%
8	Nikon Corp.	Consumer Discretionary	-20.29%
9	Sharp Corp. ADS	Consumer Discretionary	-20.11%
10	Petrofac Ltd.	Energy	-19.74%

As of March 31, 2013, Calvert International Equity Fund’s holdings included Natura Cosmeticos (0.70% of the Fund), Fanuc (0.55%), Nikon (0.53%), BHP Billiton (0%), Rio Tinto (0%), and Anglo American (0%). Calvert may or may not still invest in, and is not recommending any action on, companies listed. For the most recently available information on individual holdings in each Calvert fund, visit www.calvert.com/fundHoldings.html. Current and future portfolio holdings are subject to market risk.

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of stocks held by the Fund may fall; individual investments of the Fund may not perform as expected; the Fund’s portfolio management practices may not achieve the desired result; and/or the Advisor’s allocation of Fund assets between the portions of the portfolio managed by the Advisor and each Subadvisor may cause the Fund to underperform. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad; differences between the regulations that apply to U.S. and foreign issuers and markets; the potential for foreign markets to be less liquid and more volatile than U.S. markets; and currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar. In addition, the risks of investing in emerging market securities are greater than those of investing in securities of developed foreign countries.

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.

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