PERFORMANCE Average Annual Returns (%) for Period Ended 6/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) 2.61 5.09 21.14 0.52 -3.02 n/a -8.38 5/31/2007
Ardour Global Alternative Energy Index (Composite) 7.16 18.19 47.19 4.94 -0.81 1.62 -6.95  
Lipper Global Natural Resources Funds Average 9.02 12.44 29.49 1.64 9.10 10.98 1.30  
Characteristics
  June 30, 2014
  Portfolio Benchmark
Number of Holdings 51 122
W. Avg Cap. (mils) $8,951.9 $8,547.4
W. Median Cap (mils) $3,261.9 $3,261.9
P/E 1-year trailing 18.8 23.8
P/E 1-year forward 17.1 23.3
EPS Growth, past 3 years 1.5% -0.9%
EPS Growth, next 3 - 5 years 13.0% 21.9%
Price to Book 1.7 2.5
Price to Sales 1.1 1.5
Dividend Yield 2.2% 0.8%
Active Share 72.0% N/A
March 31, 2014
Portfolio Benchmark
49 124
$9,337.8 $7,758.1
$3,017.5 $2,690.3
20.4 23.4
17.3 22.7
0.8% -10.9%
22.3% 29.0%
1.6 2.3
1.3 1.5
2.6% 0.8%
72.2% 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)
  June 30, 2014
  Portfolio Benchmark
Average Annual Return 0.53% 4.40%
Standard Deviation 21.99% 24.78%
Beta vs. Market 0.81 1.00
Excess Return -3.87% 0.00%
R-Squared 83.69% 100.00%
Tracking Error 10.03% 0.00%
Information Ratio -0.39 0.00
Sharpe Ratio 0.02 0.18
March 31, 2014
Portfolio Benchmark
-4.46% -3.50%
22.37% 24.99%
0.82 1.00
-0.95% 0.00%
84.00% 100.00%
10.01% 0.00%
-0.10 0.00
-0.20 -0.14
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)
  June 30, 2014
  Portfolio Benchmark + / -
Energy Efficiency 43.38% 27.79% 15.59%
Other 2.73% 20.32% -17.59%
Renewable Energy 38.90% 46.61% -7.72%
Utilities 14.99% 5.27% 9.72%
March 31, 2014
Portfolio Benchmark + / -
0.00% 9.41% -9.41%
0.00% 0.10% -0.10%
0.00% 3.94% -3.94%
42.39% 0.00% 42.39%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 38.58% -38.58%
0.00% 35.28% -35.28%
0.00% 1.43% -1.43%
3.45% 0.00% 3.45%
35.52% 0.00% 35.52%
0.00% 0.00% 0.00%
0.00% 11.27% -11.27%
18.63% 0.00% 18.63%
December 31, 2013
Portfolio Benchmark + / -
40.58% 33.54% 7.04%
3.35% 20.38% -17.03%
37.90% 41.20% -3.30%
18.17% 4.88% 13.29%
Top Ten Holdings / Percentage of Net Assets
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%
March 31, 2014
JOHNSON CONTROLS INC 5.04%
EATON CORP PLC 5.00%
COSAN LTD CLASS A SHARES 4.24%
CREE INC 3.74%
QUANTA SERVICES INC 3.12%
EDP RENOVAVEIS SA 3.05%
GREENCOAT UK WIND PLC/FUND 3.01%
CAPSTONE INFRASTRUCTURE CORP 2.96%
ITRON INC 2.63%
CALGON CARBON CORP 2.60%
Total 35.39%
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
  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%
  March 31, 2014
  Portfolio Benchmark + / -
Asia/Pacific 9.46% 18.11% -8.64%
Europe 32.83% 17.73% 15.10%
Latin America 4.51% 1.49% 3.02%
North America 53.20% 62.68% -9.48%
  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
  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%
  March 31, 2014
  Portfolio Benchmark + / -
Australia 0.90% 0.63% 0.27%
Austria 0.00% 0.66% -0.66%
Bermuda 1.83% 0.00% 1.83%
Brazil 4.51% 1.49% 3.02%
Canada 4.13% 3.05% 1.08%
China 4.62% 7.11% -2.50%
Denmark 0.74% 7.11% -6.36%
France 4.39% 0.67% 3.73%
Germany 8.11% 1.87% 6.23%
Greece 0.00% 0.17% -0.17%
Hong Kong 3.17% 4.02% -0.85%
Italy 3.27% 3.35% -0.08%
Japan 0.78% 1.96% -1.18%
Netherlands 2.60% 0.00% 2.60%
Norway 0.00% 0.89% -0.89%
Philippines 0.00% 0.83% -0.83%
Singapore 0.00% 0.03% -0.03%
Spain 4.99% 2.75% 2.24%
Switzerland 0.00% 0.11% -0.11%
Taiwan 0.00% 3.53% -3.53%
United Kingdom 8.72% 0.15% 8.58%
United States 47.24% 59.63% -12.39%
  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 6/30/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Energy Efficiency 43.91% 30.90% -0.93% 0.16% -0.82% -0.53% -1.35%
Renewable Energy 35.63% 45.20% 6.25% 10.12% -0.35% -1.39% -1.74%
Utilities 17.06% 4.86% 7.05% 4.18% -0.16% 0.45% 0.29%
Other 3.40% 19.05% 3.03% 9.82% -0.48% -0.23% -0.70%
Total 100.00% 100.00% 3.11% 6.61% -1.81% -1.70% -3.50%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Cosan Limited Class A Renewable Energy 0.39%
Power Integrations, Inc. Energy Efficiency 0.30%
PowerSecure International, Inc. Energy Efficiency 0.26%
Cree, Inc. Energy Efficiency 0.25%
First Solar, Inc. Renewable Energy 0.20%
Capstone Turbine Corporation Energy Efficiency 0.19%
Canadian Solar Inc. Renewable Energy 0.18%
EnerSys Energy Efficiency 0.18%
Capstone Infrastructure Corporation Utilities 0.17%
SMA Solar Technology AG Renewable Energy 0.17%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Overweight -0.16%
Renewable Energy Underweight -0.35%
Other Underweight -0.48%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Cosan Limited Class A Renewable Energy 0.89%
SunEdison, Inc. Renewable Energy 0.50%
Covanta Holding Corporation Renewable Energy 0.46%
Itron, Inc. Energy Efficiency 0.37%
SunPower Corporation Renewable Energy 0.37%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Vestas Wind Systems A/S Renewable Energy -1.44%
Advanced Energy Industries, Inc. Renewable Energy -0.86%
Tesla Motors, Inc. Other -0.84%
Owens Corning Energy Efficiency -0.45%
Polypore International, Inc. Energy Efficiency -0.42%
Quanta Services, Inc. Energy Efficiency -0.41%
Royal Philips NV Energy Efficiency -0.34%
Ameresco, Inc. Class A Energy Efficiency -0.32%
Nordex SE Renewable Energy -0.26%
Prysmian S.p.A. Energy Efficiency -0.23%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Efficiency Overweight -0.82%
Other Underweight -0.48%
Renewable Energy Underweight -0.35%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Advanced Energy Industries, Inc. Renewable Energy -0.71%
Cree, Inc. Energy Efficiency -0.51%
Owens Corning Energy Efficiency -0.26%
Quanta Services, Inc. Energy Efficiency -0.23%
GCL-Poly Energy Holdings Limited Renewable Energy -0.19%
PERFORMANCE ATTRIBUTIONRelative to the Ardour Global Alternative Energy Index (Composite) for the period ending 6/30/2014
Performance Attribution Chart
Year-To-Date Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Energy Efficiency 43.11% 31.10% -1.31% -0.46% -1.91% -0.45% -2.38%
Renewable Energy 35.49% 43.79% 9.15% 26.49% -0.64% -5.71% -6.36%
Utilities 18.02% 4.78% 17.11% 10.25% -0.93% 1.03% 0.08%
Other 3.38% 20.33% 9.23% 32.00% -2.24% -0.74% -3.00%
Total 100.00% 100.00% 6.03% 17.68% -5.71% -5.88% -11.65%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Cree, Inc. Energy Efficiency 0.70%
Eaton Corp. Plc Energy Efficiency 0.68%
FuelCell Energy, Inc. Energy Efficiency 0.59%
China Longyuan Power Group Corp. Ltd. Class H Renewable Energy 0.56%
EDP Renovaveis SA Renewable Energy 0.52%
EnerSys Energy Efficiency 0.50%
Franklin Electric Co., Inc. Other 0.39%
Yingli Green Energy Holding Co. Ltd. Sponsored ADR Renewable Energy 0.27%
Neo Solar Power Corp. Renewable Energy 0.25%
Capstone Infrastructure Corporation Utilities 0.25%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Renewable Energy Underweight -0.64%
Utilities Overweight -0.93%
Energy Efficiency Overweight -1.91%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SunEdison, Inc. Renewable Energy 1.67%
EDP Renovaveis SA Renewable Energy 1.36%
FuelCell Energy, Inc. Energy Efficiency 0.80%
Capstone Infrastructure Corporation Utilities 0.61%
NextEra Energy, Inc. Utilities 0.56%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Tesla Motors, Inc. Other -3.87%
Vestas Wind Systems A/S Renewable Energy -2.87%
Ameresco, Inc. Class A Energy Efficiency -1.21%
Advanced Energy Industries, Inc. Renewable Energy -0.94%
Johnson Controls, Inc. Energy Efficiency -0.93%
GT Advanced Technologies Inc. Renewable Energy -0.86%
Ceramic Fuel Cells Limited Renewable Energy -0.77%
Royal Philips NV Energy Efficiency -0.75%
China Suntien Green Energy Corp. Class H Renewable Energy -0.66%
Owens Corning Energy Efficiency -0.50%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Other Underweight -2.24%
Energy Efficiency Overweight -1.91%
Utilities Overweight -0.93%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Cree, Inc. Energy Efficiency -0.93%
Ameresco, Inc. Class A Energy Efficiency -0.83%
Ceramic Fuel Cells Limited Renewable Energy -0.66%
Advanced Energy Industries, Inc. Renewable Energy -0.56%
Royal Philips NV Energy Efficiency -0.30%
PERFORMANCE ATTRIBUTIONRelative to the Ardour Global Alternative Energy Index (Composite) for the period ending 6/30/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Energy Efficiency 39.80% 32.87% 18.94% 9.73% -1.73% 2.55% 0.70%
Renewable Energy 36.54% 41.68% 28.43% 72.95% -1.01% -12.93% -14.05%
Utilities 18.04% 5.06% 29.18% 32.90% -1.70% -1.10% -2.92%
Other 5.63% 20.39% 23.09% 68.80% -2.81% -3.04% -5.97%
Total 100.00% 100.00% 24.11% 46.35% -7.25% -14.52% -22.24%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Cree, Inc. Energy Efficiency 1.93%
Eaton Corp. Plc Energy Efficiency 1.08%
China Longyuan Power Group Corp. Ltd. Class H Renewable Energy 0.62%
Canadian Solar Inc. Renewable Energy 0.57%
FuelCell Energy, Inc. Energy Efficiency 0.54%
Polypore International, Inc. Energy Efficiency 0.48%
Clean Energy Fuels Corp. Energy Efficiency 0.43%
Energy Development Corp. Renewable Energy 0.41%
Veeco Instruments Inc. Energy Efficiency 0.35%
Westport Innovations Inc. Energy Efficiency 0.34%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Renewable Energy Underweight -1.01%
Utilities Overweight -1.70%
Energy Efficiency Overweight -1.73%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SunEdison, Inc. Renewable Energy 3.30%
Johnson Controls, Inc. Energy Efficiency 2.18%
EDP Renovaveis SA Renewable Energy 1.56%
Canadian Solar Inc. Renewable Energy 1.36%
Prysmian S.p.A. Energy Efficiency 1.31%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Tesla Motors, Inc. Other -6.13%
Vestas Wind Systems A/S Renewable Energy -5.55%
Ameresco, Inc. Class A Energy Efficiency -1.48%
GT Advanced Technologies Inc. Renewable Energy -1.34%
Cosan Limited Class A Renewable Energy -1.28%
China Suntien Green Energy Corp. Class H Renewable Energy -1.24%
Ceramic Fuel Cells Limited Renewable Energy -1.18%
PSI AG Energy Efficiency -0.99%
Brookfield Renewable Energy Partners LP Utilities -0.95%
Gamesa Corporacion Tecnologica, S.A. Renewable Energy -0.81%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Other Underweight -2.81%
Energy Efficiency Overweight -1.73%
Utilities Overweight -1.70%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Cree, Inc. Energy Efficiency -0.83%
Cosan Limited Class A Renewable Energy -0.69%
Ceramic Fuel Cells Limited Renewable Energy -0.68%
Westport Innovations Inc. Energy Efficiency -0.68%
Ameresco, Inc. Class A Energy Efficiency -0.60%

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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Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member, FINRA, and subsidiary of Calvert Investments, Inc. 800.368.2748

Calvert Investment Management, Inc. serves as the investment advisor and provides sustainability research for the Calvert mutual funds and institutional investment strategies.

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