Calvert International Opportunities Fund: A Shares

PERFORMANCE PROFILE AS OF 3/31/2013
Objective	Strategy	Morningstar Category: Medium Blend	Morningstar Box
The Fund seeks long-term capital appreciation through holdings that meet the Fund's investment criteria, including financial, sustainability and social responsibility factors.	The Fund invests primarily in common and preferred stocks of non-U.S. small-cap to mid-cap companies, which the Fund defines as companies whose market capitalization falls within the range of the Morgan Stanley Capital International ("MSCI") Europe, Australasia and Far East ("EAFE") Small-Mid ("SMID") Index. The Fund primarily holds stocks of companies in developed countries, but may also invest up to 20% of its assets in the securities of issuers in emerging market countries. 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. The Subadvisors primarily use a bottom-up approach focused on fundamental analysis of a broad universe of small- and mid-cap stocks across all geographic regions. Attractive companies are identified through a combination of valuation and growth metrics that seeks to identify companies with a sustainable competitive advantage. 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 each Subadvisor, and may shift allocations among Subadvisors depending on market conditions, the Subadvisors' 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
CIOAX	131649881	$63.5	110	MSCI EAFE Small/Mid Cap Index	Calvert Investment Management, Inc. (Advisor)

RISK MEASURES (3-Year)As of 3/31/2013
	FUND	BENCHMARK
STANDARD DEVIATION	18.95%	19.44%
ALPHA	-1.28%	0.00%
BETA	0.95	1.00
EXCESS RETURN	-1.75%	0.00%
R-SQUARED	94.85%	100.00%
TRACKING ERROR	4.41%	0.00%
INFORMATION RATIO	-0.40	0.00
SHARPE RATIO	0.30	0.38

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

MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions)
	FUND	BENCHMARK
Weighted Average	2,849.6	3,817.7
Median	1,473.7	634.8
Weighted Median	1,650.5	2,896.3

Source: Analysis performed by FactSet.

TOP HOLDINGSAs of 3/31/2013
Holding	% of Net Assets
GAM HOLDING AG	1.84%
CATLIN GROUP LTD	1.82%
INDUSTRIVARDEN AB C SHS	1.56%
KONINKLIJKE AHOLD NV	1.55%
MICHELIN (CGDE)	1.50%
DAISEKI CO LTD	1.45%
D/S NORDEN	1.44%
NAMCO BANDAI HOLDINGS INC	1.42%
WM MORRISON SUPERMARKETS	1.37%
RHOEN KLINIKUM AG	1.36%
Total	15.32%

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 Opportunities Fund	94.76%	0.00%	5.24%

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 Opportunities Fund	13.8	14.2	15.6%	21.7%	10.8%	8.2	1.3	2.9
MSCI EAFE Small/Mid Cap Index	15.3	16.0	14.0%	23.9%	11.9%	7.7	1.4	2.7

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)	5.25	5.25	13.89	5.76	0.45	n/a	-0.81	5/31/2007
MSCI EAFE Small/Mid Cap Index	7.17	7.17	12.41	7.51	0.94	n/a	-1.61
Lipper International Small/Mid-Cap Core Funds Index	6.90	6.90	11.54	8.35	3.30	n/a	0.28

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 Small/Mid Cap Index for the quarter ending 3/31/2013

TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Financials	26.36%	9.04%	2.27%
Industrials	21.58%	10.57%	2.23%
Consumer Discretionary	17.27%	4.82%	0.84%
Health Care	5.64%	14.61%	0.79%
Telecomm Services	1.68%	15.20%	0.24%

TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
GAM Holding AG	2.11%	23.43%	0.47%
NAMCO BANDAI Holdings Inc.	1.46%	37.36%	0.47%
Ashtead Group PLC	1.35%	25.83%	0.32%
Bank of Yokohama Ltd.	1.28%	25.79%	0.30%
Daiseki Co. Ltd.	1.31%	23.53%	0.29%

BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013
Sector	Average Weight	Return	Contribution
Energy	3.03%	-17.24%	-0.55%
Materials	7.03%	-1.22%	-0.08%
Utilities	0.88%	-3.61%	-0.02%
Information Technology	8.91%	0.54%	0.06%
Consumer Staples	7.64%	2.64%	0.23%

BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013
Holding	Average Weight	Return	Contribution
Electromagnetic GeoServices ASA	0.84%	-37.07%	-0.41%
Michelin	1.91%	-11.52%	-0.22%
Debenhams PLC	0.51%	-32.32%	-0.19%
New Britain Palm Oil Ltd.	0.53%	-28.57%	-0.15%
Chugoku Marine Paints Ltd.	1.13%	-9.71%	-0.14%

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	0.92%	n/a
Eastern Europe	0.51%	0.02%
Middle East	0.91%	0.88%
North America	8.44%	0.32%
Pacific Rim	33.99%	41.22%
South America	2.03%	n/a
Western Europe	53.20%	57.56%

COUNTRIESas of 3/31/2013
Country	% of Portfolio	Benchmark
Australia	1.34%	8.57%
Austria	2.77%	0.88%
Belgium	2.02%	1.91%
Bermuda	2.70%	0.27%
Brazil	0.85%	n/a
British Virgin Islands	n/a	0.04%
Canada	n/a	0.00%
China	1.24%	0.16%
Cyprus	n/a	0.02%
Denmark	1.47%	1.57%
Finland	0.94%	1.72%
France	5.20%	6.51%
Germany	8.80%	4.45%
Greece	n/a	0.48%
Hong Kong	0.34%	3.06%
Indonesia	n/a	0.02%
Ireland	n/a	1.13%
Israel	n/a	0.87%
Italy	3.15%	2.23%
Japan	24.31%	26.38%
Luxembourg	0.74%	0.48%
Malaysia	0.83%	n/a
Mexico	0.00%	n/a
Netherlands	4.69%	2.84%
New Zealand	n/a	0.75%
Norway	2.40%	1.47%
Panama	1.18%	n/a
Portugal	n/a	0.43%
Russia	0.51%	0.01%
Singapore	0.70%	2.28%
South Africa	0.92%	n/a
South Korea	4.58%	n/a
Spain	n/a	2.15%
Sweden	2.81%	4.69%
Switzerland	4.19%	4.31%
Taiwan	0.65%	n/a
United Arab Emirates (Uae)	0.91%	0.01%
United Kingdom	14.02%	20.30%
United States	5.75%	n/a

10 BEST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	NAMCO BANDAI Holdings Inc.	Consumer Discretionary	37.36%
2	Wienerberger AG	Industrials	29.62%
3	Intrum Justitia AB	Industrials	29.59%
4	Ashtead Group PLC	Industrials	25.83%
5	Bank of Yokohama Ltd.	Financials	25.79%
6	Mindray Medical International Ltd. ADS	Health Care	23.63%
7	Daiseki Co. Ltd.	Industrials	23.53%
8	GAM Holding AG	Financials	23.43%
9	Ono Pharmaceutical Co. Ltd.	Health Care	22.72%
10	All America Latina Logistica S.A.	Industrials	22.23%

10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013
Rank	Company	Industry	Return
1	Electromagnetic GeoServices ASA	Energy	-37.07%
2	Awilco LNG ASA	Energy	-34.48%
3	Debenhams PLC	Consumer Discretionary	-32.32%
4	New Britain Palm Oil Ltd.	Consumer Staples	-28.57%
5	Digital China Holdings Ltd.	Information Technology	-21.28%
6	Anite PLC	Information Technology	-16.96%
7	NCC Group PLC	Information Technology	-14.05%
8	Mando Corp.	Consumer Discretionary	-13.27%
9	Michelin	Consumer Discretionary	-11.52%
10	Immofinanz AG	Financials	-9.89%

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

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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