PERFORMANCE Average Annual Returns (%) for Period Ended 9/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) -9.55 -4.95 2.31 10.00 -6.94 n/a -9.36 5/31/2007
Ardour Global Alternative Energy Index (Composite) -9.95 6.43 12.61 16.66 -4.35 1.34 -8.04  
Lipper Global Natural Resources Funds Average -10.00 0.93 4.63 8.48 3.64 8.52 -0.28  
Characteristics
  September 30, 2014
  Portfolio Benchmark
Number of Holdings 48 122
W. Avg Cap. (mils) $8,134.2 $9,044.6
W. Median Cap (mils) $2,848.1 $4,918.7
P/E 1-year trailing 17.4 22.9
P/E 1-year forward 16.3 20.5
EPS Growth, past 3 years -2.8% -6.6%
EPS Growth, next 3 - 5 years 15.8% 18.4%
Price to Book 1.6 2.1
Price to Sales 0.9 1.3
Dividend Yield 2.0% 0.9%
Active Share 74.4% N/A
June 30, 2014
Portfolio Benchmark
51 122
$8,951.9 $8,547.4
$3,261.9 $3,261.9
18.8 23.8
17.1 23.3
1.5% -0.9%
13.0% 21.9%
1.7 2.5
1.1 1.5
2.2% 0.8%
72.0% N/A
December 31, 2013
Portfolio Benchmark
49 119
$9,096.7 $7,009.6
$2,226.5 $2,874.9
20.8 21.9
17.1 24.1
2.7% -6.0%
15.4% 18.2%
1.6 2.1
1.1 1.3
2.1% 0.8%
73.9% N/A
Returns Based Statistics (3 Year)
  September 30, 2014
  Portfolio Benchmark
Average Annual Return 10.01% 16.06%
Standard Deviation 18.02% 21.17%
Beta vs. Market 0.76 1.00
Excess Return -6.05% 0.00%
R-Squared 78.70% 100.00%
Tracking Error 9.80% 0.00%
Information Ratio -0.62 0.00
Sharpe Ratio 0.55 0.76
June 30, 2014
Portfolio Benchmark
0.53% 4.40%
21.99% 24.78%
0.81 1.00
-3.87% 0.00%
83.69% 100.00%
10.03% 0.00%
-0.39 0.00
0.02 0.18
December 31, 2013
Portfolio Benchmark
-1.46% -3.79%
22.67% 24.50%
0.86 1.00
2.33% 0.00%
85.64% 100.00%
9.29% 0.00%
0.25 0.00
-0.07 -0.16
Sector Weights / Percentage of Holdings (ex-cash)
  September 30, 2014
  Portfolio Benchmark + / -
Energy Efficiency 40.96% 27.87% 13.09%
Other 2.63% 17.94% -15.32%
Renewable Energy 41.92% 48.10% -6.18%
Unassigned 0.00% 0.49% -0.49%
Utilities 14.49% 5.59% 8.90%
June 30, 2014
Portfolio Benchmark + / -
43.38% 27.79% 15.59%
2.73% 20.32% -17.59%
38.90% 46.61% -7.71%
14.99% 5.27% 9.72%
December 31, 2013
Portfolio Benchmark + / -
40.58% 41.20% -0.62%
3.35% 20.38% -17.03%
37.90% 33.54% 4.36%
18.17% 4.88% 13.29%
Top Ten Holdings / Percentage of Net Assets
September 30, 2014
JOHNSON CONTROLS INC 4.64%
EATON CORP PLC 4.34%
COSAN LTD CLASS A SHARES 3.83%
COVANTA HOLDING CORP 3.46%
QUANTA SERVICES INC 3.23%
EDP RENOVAVEIS SA 3.06%
PNE WIND AG REG 2.90%
CAPITAL STAGE AG 2.82%
RENEWABLES INFRASTRUCTURE GR 2.82%
CAPSTONE INFRASTRUCTURE CORP 2.62%
Total 33.71%
June 30, 2014
EATON CORP PLC 5.59%
JOHNSON CONTROLS INC 4.78%
COSAN LTD CLASS A SHARES 4.22%
CREE INC 3.52%
COVANTA HOLDING CORP 3.26%
CHINA SUNTIEN GREEN ENERGY H 2.99%
QUANTA SERVICES INC 2.79%
ADVANCED ENERGY INDUSTRIES 2.76%
CALGON CARBON CORP 2.65%
SUNEDISON INC 2.57%
Total 35.14%
December 31, 2013
EATON CORP PLC 5.70%
JOHNSON CONTROLS INC 4.95%
EDP RENOVAVEIS SA 4.65%
COSAN LTD CLASS A SHARES 4.26%
CREE INC 3.70%
NEXTERA ENERGY INC 3.24%
GREENCOAT UK WIND PLC/FUND 3.07%
QUANTA SERVICES INC 2.85%
CHINA SUNTIEN GREEN ENERGY H 2.78%
AMERESCO INC CL A 2.76%
Total 37.95%
Regions
  September 30, 2014
  Portfolio Benchmark + / -
Asia/Pacific 10.68% 18.28% -7.60%
Europe 36.87% 18.42% 18.45%
Latin America 3.96% 1.45% 2.51%
North America 46.32% 60.70% -14.38%
  June 30, 2014
  Portfolio Benchmark + / -
Asia/Pacific 7.99% 16.55% -8.56%
Europe 31.53% 19.10% 12.42%
Latin America 4.46% 1.61% 2.85%
North America 56.02% 62.74% -6.72%
  December 31, 2013
  Portfolio Benchmark + / -
Asia/Pacific 11.25% 21.36% -10.11%
Europe 33.41% 15.80% 17.61%
Latin America 4.34% 2.03% 2.31%
North America 48.62% 60.81% -12.19%
Countries
  September 30, 2014
  Portfolio Benchmark + / -
Australia 0.27% 0.64% -0.37%
Austria 1.90% 1.94% -0.04%
Brazil 3.96% 1.45% 2.51%
Canada 4.27% 2.01% 2.26%
China 8.37% 10.47% -2.10%
Denmark 0.78% 7.04% -6.26%
France 3.15% 0.62% 2.53%
Germany 6.94% 1.89% 5.05%
Greece 0.00% 0.11% -0.11%
Hong Kong 0.00% 0.59% -0.59%
Italy 4.95% 3.10% 1.85%
Japan 0.00% 2.04% -2.04%
Netherlands 2.53% 0.00% 2.53%
Norway 0.00% 0.37% -0.37%
Philippines 0.00% 1.22% -1.22%
Portugal 3.17% 1.10% 2.07%
Singapore 0.00% 0.03% -0.03%
Spain 3.12% 2.01% 1.11%
Switzerland 0.00% 0.09% -0.09%
Taiwan 2.04% 3.28% -1.25%
United Kingdom 10.32% 0.15% 10.17%
United States 42.05% 58.69% -16.64%
  June 30, 2014
  Portfolio Benchmark + / -
Australia 0.34% 0.58% -0.24%
Austria 1.97% 1.64% 0.33%
Brazil 4.46% 1.61% 2.85%
Canada 7.21% 3.35% 3.86%
China 6.96% 9.21% -2.25%
Denmark 0.84% 8.01% -7.18%
France 3.40% 0.63% 2.77%
Germany 7.24% 1.95% 5.28%
Greece 0.00% 0.14% -0.14%
Hong Kong 0.69% 0.52% 0.17%
Italy 4.40% 3.05% 1.35%
Japan 0.00% 1.89% -1.89%
Netherlands 2.32% 0.00% 2.32%
Norway 0.00% 0.66% -0.66%
Philippines 0.00% 0.86% -0.86%
Portugal 2.49% 1.04% 1.45%
Singapore 0.00% 0.03% -0.03%
Spain 2.42% 1.79% 0.64%
Switzerland 0.00% 0.09% -0.09%
Taiwan 0.00% 3.46% -3.46%
United Kingdom 6.45% 0.11% 6.34%
United States 48.81% 59.39% -10.58%
  December 31, 2013
  Portfolio Benchmark + / -
Australia 1.68% 0.83% 0.85%
Austria 0.00% 0.78% -0.78%
Belgium 1.48% 0.00% 1.48%
Bermuda 2.79% 0.23% 2.56%
Brazil 4.34% 2.03% 2.31%
Canada 3.30% 2.60% 0.70%
Cayman Islands 0.00% 0.18% -0.18%
China 5.86% 10.29% -4.43%
Denmark 0.71% 5.42% -4.70%
France 5.54% 0.82% 4.72%
Germany 8.02% 1.65% 6.37%
Greece 0.00% 0.17% -0.17%
Hong Kong 1.64% 3.02% -1.39%
Italy 3.66% 3.36% 0.30%
Japan 2.05% 2.13% -0.08%
Netherlands 2.72% 0.00% 2.72%
Norway 0.00% 0.62% -0.62%
Philippines 0.00% 0.90% -0.90%
Portugal 4.74% 0.93% 3.81%
Singapore 0.00% 0.02% -0.02%
Spain 1.60% 1.79% -0.19%
Switzerland 0.00% 0.11% -0.11%
Taiwan 0.02% 4.15% -4.14%
United Kingdom 4.93% 0.16% 4.77%
United States 42.52% 57.80% -15.27%
PERFORMANCE ATTRIBUTIONRelative to the Ardour Global Alternative Energy Index (Composite) for the quarter ending 9/30/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Industrials 34.20% 38.03% -10.13% -14.12% 0.18% 1.46% 1.64%
Utilities 22.96% 11.46% -5.46% -4.01% 0.66% -0.38% 0.29%
Information Tech 20.05% 32.47% -6.70% -10.09% 0.02% 0.72% 0.74%
Energy 8.59% 4.08% -23.98% -16.41% -0.18% -0.78% -0.95%
Consumer Disc. 4.86% 12.38% -11.48% 0.43% -0.80% -0.62% -1.42%
Materials 4.84% 1.59% -10.75% -16.21% -0.21% 0.36% 0.15%
Financials 4.51% 0.00% -3.08% 0.00% 0.29% 0.00% 0.29%
Telecomm Services 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Consumer Staples 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% -9.30% -10.05% -0.04% 0.76% 0.75%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Vestas Wind Systems A/S Industrials 1.03%
GT Advanced Technologies Inc. Information Tech 0.55%
Eaton Corp. Plc Industrials 0.49%
Quanta Services, Inc. Industrials 0.44%
Canadian Solar Inc. Information Tech 0.29%
Royal Philips NV Industrials 0.25%
Westport Innovations Inc. Industrials 0.23%
Greencoat UK Wind Plc Utilities 0.21%
Covanta Holding Corporation Industrials 0.21%
Renewables Infrastructure Group Limited GBP Red.Shs Utilities 0.21%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Overweight 0.66%
Financials Overweight 0.29%
Industrials Underweight 0.18%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Canadian Solar Inc. Information Tech 0.32%
GCL-Poly Energy Holdings Limited Information Tech 0.24%
Quanta Services, Inc. Industrials 0.13%
Covanta Holding Corporation Industrials 0.13%
Rockwood Holdings, Inc. Materials 0.11%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Tesla Motors, Inc. Consumer Disc. -1.41%
International Rectifier Corporation Information Tech -0.76%
China Suntien Green Energy Corp. Class H Energy -0.42%
Energy Development Corp. Utilities -0.33%
PNE WIND AG Industrials -0.32%
Solazyme, Inc. Energy -0.30%
VERBUND AG Class A Utilities -0.24%
Xinjiang Goldwind Science & Technology Co., Ltd. Class H Industrials -0.23%
Cosan Limited Class A Energy -0.21%
Owens Corning Industrials -0.21%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Underweight -0.80%
Materials Overweight -0.21%
Energy Overweight -0.18%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Eaton Corp. Plc Industrials -0.80%
Cosan Limited Class A Energy -0.79%
China Suntien Green Energy Corp. Class H Energy -0.69%
Solazyme, Inc. Energy -0.56%
Johnson Controls, Inc. Consumer Disc. -0.56%
PERFORMANCE ATTRIBUTIONRelative to the Ardour Global Alternative Energy Index (Composite) for the period ending 9/30/2014
Performance Attribution Chart
Year-To-Date Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Industrials 33.37% 38.10% -8.61% 0.31% 0.04% -2.98% -2.94%
Utilities 25.06% 10.98% 10.89% 0.67% -1.09% 2.38% 1.29%
Information Tech 18.67% 33.52% -3.32% 1.79% 0.59% -0.77% -0.18%
Energy 8.37% 3.97% -24.70% -14.46% -0.74% -1.00% -1.74%
Consumer Disc. 5.02% 11.65% -13.06% 57.92% -2.61% -3.10% -5.72%
Materials 5.00% 1.78% -3.47% -8.24% -0.35% 0.26% -0.10%
Financials 4.52% 0.00% 0.05% 0.00% -0.28% 0.00% -0.28%
Telecomm Services 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Consumer Staples 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% -3.82% 5.85% -4.46% -5.21% -9.67%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Eaton Corp. Plc Industrials 1.12%
Cree, Inc. Information Tech 0.76%
EnerSys Industrials 0.58%
China Longyuan Power Group Corp. Ltd. Class H Utilities 0.52%
FuelCell Energy, Inc. Industrials 0.51%
EDP Renovaveis SA Utilities 0.50%
Canadian Solar Inc. Information Tech 0.46%
Franklin Electric Co., Inc. Industrials 0.40%
Capstone Infrastructure Corporation Utilities 0.34%
Clean Energy Fuels Corp. Energy 0.31%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Information Tech Underweight 0.59%
Industrials Underweight 0.04%
Financials Overweight -0.28%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SunEdison, Inc. Information Tech 1.19%
EDP Renovaveis SA Utilities 0.98%
Covanta Holding Corporation Industrials 0.61%
FuelCell Energy, Inc. Industrials 0.61%
Canadian Solar Inc. Information Tech 0.47%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Tesla Motors, Inc. Consumer Disc. -4.92%
Vestas Wind Systems A/S Industrials -1.57%
China Suntien Green Energy Corp. Class H Energy -1.01%
Johnson Controls, Inc. Consumer Disc. -0.90%
Ameresco, Inc. Class A Industrials -0.88%
Ceramic Fuel Cells Limited Industrials -0.74%
Owens Corning Industrials -0.65%
Advanced Energy Industries, Inc. Information Tech -0.64%
International Rectifier Corporation Information Tech -0.61%
Prysmian S.p.A. Industrials -0.55%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Underweight -2.61%
Utilities Overweight -1.09%
Energy Overweight -0.74%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Cree, Inc. Information Tech -1.33%
China Suntien Green Energy Corp. Class H Energy -0.85%
Cosan Limited Class A Energy -0.75%
Ameresco, Inc. Class A Industrials -0.74%
Ceramic Fuel Cells Limited Industrials -0.67%
PERFORMANCE ATTRIBUTIONRelative to the Ardour Global Alternative Energy Index (Composite) for the period ending 9/30/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Industrials 33.71% 37.76% -4.03% 10.70% 0.02% -4.82% -4.80%
Utilities 26.00% 11.18% 17.49% 13.93% 0.08% 0.37% 0.45%
Information Tech 18.12% 33.90% 15.72% 11.96% -0.23% 0.59% 0.35%
Energy 8.42% 4.14% -22.74% -18.66% -1.16% -0.36% -1.53%
Consumer Disc. 4.96% 11.11% 7.94% 23.03% -0.64% -1.28% -1.92%
Materials 4.79% 1.92% 6.97% -3.01% -0.37% 0.43% 0.06%
Financials 4.00% 0.00% 0.57% 0.00% -0.34% 0.00% -0.34%
Telecomm Services 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Consumer Staples 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% 4.25% 11.98% -2.64% -5.07% -7.74%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Eaton Corp. Plc Industrials 0.94%
Cree, Inc. Information Tech 0.81%
Yingli Green Energy Holding Co. Ltd. Sponsored ADR Information Tech 0.59%
Canadian Solar Inc. Information Tech 0.58%
FuelCell Energy, Inc. Industrials 0.52%
Quanta Services, Inc. Industrials 0.44%
EDP Renovaveis SA Utilities 0.36%
Clean Energy Fuels Corp. Energy 0.35%
Albioma Utilities 0.34%
Westport Innovations Inc. Industrials 0.32%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Overweight 0.08%
Industrials Underweight 0.02%
Information Tech Underweight -0.23%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SunEdison, Inc. Information Tech 2.64%
EDP Renovaveis SA Utilities 1.08%
Canadian Solar Inc. Information Tech 0.99%
Albioma Utilities 0.71%
FuelCell Energy, Inc. Industrials 0.65%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Vestas Wind Systems A/S Industrials -2.11%
Tesla Motors, Inc. Consumer Disc. -1.96%
First Solar, Inc. Information Tech -1.31%
PNE WIND AG Industrials -1.05%
Ameresco, Inc. Class A Industrials -1.00%
Ceramic Fuel Cells Limited Industrials -0.95%
Cosan Limited Class A Energy -0.91%
Owens Corning Industrials -0.65%
International Rectifier Corporation Information Tech -0.59%
China Suntien Green Energy Corp. Class H Energy -0.55%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Overweight -1.16%
Consumer Disc. Underweight -0.64%
Materials Overweight -0.37%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Cosan Limited Class A Energy -1.25%
Cree, Inc. Information Tech -1.10%
Ceramic Fuel Cells Limited Industrials -0.81%
Ameresco, Inc. Class A Industrials -0.72%
PNE WIND AG Industrials -0.69%

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

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