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 MorningstarTM 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
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
Performance Attribution Chart
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
ANALYSIS By Advisory Research, Inc. (Sub-Advisor)
Trilogy Global Advisors, LP (Sub-Advisor)

In a relatively strong environment for global stocks, the Fund posted a solid gain for the quarter but nonetheless underperformed its benchmark. Stock selection and country allocation were largely responsible for the Fund’s relative shortfall.

The Fund’s stock selection results lagged the most in the Consumer Discretionary sector. For example, Fund holding Michelin had a difficult quarter and weighed on relative results. Other significant relative performance detractors included ElectroMagnetic GeoServices and Debenhams. On a brighter note, GAM and NAMCO Bandai were top contributors, as was Ashtead.

The Fund’s relative results from sector allocation were mixed. The Fund’s underweights to Materials and Utilities added value as both sectors lagged. However, the Fund’s modest allocation to cash detracted significantly in a quarter that saw broad-based equity gains.

From a country perspective, both stock selection and country allocation detracted for the quarter. The Fund’s slight underweight to Japan was a major drag on results as Japanese stocks enjoyed a strong rally. However, stock selection drove most of the underperformance country-by-country. Fund holdings such as Hokuto, Tokyo Electron, Yamaha, and Chugoku Marine Paints were significant laggards.
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%

As of March 31, 2013, Calvert International Opportunities Fund’s holdings included Michelin (1.50% of Fund assets), ElectroMagnetic GeoServices (0.63%), Debenhams (0.55%), GAM (1.84%), Namco Bandai (1.42%), Ashtead (1.34%), Hokuto (1.33%), Tokyo Electron (0.88%), Yamaha (1.09%), and Chugoku Marine Paints (0.93%). 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 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.
G200ATT FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.