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) -6.32 -0.10 9.69 19.98 11.75 n/a 9.51 9/30/2008
S-Network Global Water Index -7.37 0.78 8.28 18.15 10.76 11.14 8.86  
Lipper Global Natural Resources Funds Average -10.00 0.93 4.63 8.48 3.64 8.52 1.74  
Characteristics
  September 30, 2014
  Portfolio Benchmark
Number of Holdings 42 60
W. Avg Cap. (mils) $6,529.2 $4,766.9
W. Median Cap (mils) $3,894.2 $3,732.7
P/E 1-year trailing 17.9 17.8
P/E 1-year forward 17.9 18.0
EPS Growth, past 3 years 16.0% 7.4%
EPS Growth, next 3 - 5 years 17.1% 11.4%
Price to Book 2.0 1.9
Price to Sales 0.9 1.2
Dividend Yield 1.9% 2.4%
Active Share 67.9% N/A
June 30, 2014
Portfolio Benchmark
40 60
$6,694.8 $4,514.4
$3,003.8 $2,879.2
19.6 20.0
17.7 18.7
2.9% 5.2%
14.9% 12.2%
2.0 2.0
1.0 1.3
2.2% 2.2%
67.2% N/A
December 31, 2013
Portfolio Benchmark
40 58
$5,957.5 $4,285.0
$3,880.6 $2,226.5
18.8 19.6
19.0 18.5
5.6% 5.1%
12.4% 11.7%
1.9 1.9
1.0 1.2
2.5% 2.3%
63.8% N/A
Returns Based Statistics (3 Year)
  September 30, 2014
  Portfolio Benchmark
Average Annual Return 19.97% 18.04%
Standard Deviation 13.72% 13.27%
Beta vs. Market 0.99 1.00
Excess Return 1.93% 0.00%
R-Squared 91.73% 100.00%
Tracking Error 3.95% 0.00%
Information Ratio 0.49 0.00
Sharpe Ratio 1.45 1.36
June 30, 2014
Portfolio Benchmark
15.97% 13.39%
14.69% 14.75%
0.96 1.00
2.59% 0.00%
92.70% 100.00%
4.02% 0.00%
0.64 0.00
1.08 0.90
December 31, 2013
Portfolio Benchmark
13.81% 11.16%
14.54% 14.28%
0.98 1.00
2.65% 0.00%
92.71% 100.00%
3.94% 0.00%
0.67 0.00
0.95 0.78
Sector Weights / Percentage of Holdings (ex-cash)
  September 30, 2014
  Portfolio Benchmark + / -
GICS Industrials 5.35% 0.00% 5.35%
GICS Info Tech 0.00% 0.00% 0.00%
Not Applicable 0.00% 0.00% 0.00%
Water Infrastructure 56.11% 34.26% 21.85%
Water Technologies 17.28% 15.89% 1.39%
Water Utilities 21.25% 49.85% -28.59%
June 30, 2014
Portfolio Benchmark + / -
3.69% 0.00% 3.69%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
53.84% 34.48% 19.36%
17.68% 15.24% 2.44%
24.79% 50.28% -25.49%
December 31, 2013
Portfolio Benchmark + / -
5.89% 0.00% 5.89%
0.00% 0.00% 0.00%
0.00% 0.00% -0.00%
45.39% 34.54% 10.85%
20.48% 21.60% -1.11%
28.24% 43.86% -15.62%
Top Ten Holdings / Percentage of Net Assets
September 30, 2014
HD SUPPLY HOLDINGS INC 5.77%
PENTAIR PLC 4.63%
FLOWSERVE CORP 4.58%
EBARA CORP 4.53%
CALGON CARBON CORP 4.50%
WOLSELEY PLC 4.24%
TRAVIS PERKINS PLC 4.03%
TETRA TECH INC 3.89%
REXNORD CORP 3.85%
ENERCARE INC 3.82%
Total 43.84%
June 30, 2014
HD SUPPLY HOLDINGS INC 5.77%
TRAVIS PERKINS PLC 5.02%
WOLSELEY PLC 4.98%
EBARA CORP 4.86%
CALGON CARBON CORP 4.52%
CIA SANEAMENTO BASICO DE ADR 4.33%
TETRA TECH INC 4.09%
DANAHER CORP 4.03%
FLOWSERVE CORP 3.98%
SULZER AG REG 3.96%
Total 45.53%
December 31, 2013
SULZER AG REG 6.19%
UNITED UTILITIES GROUP PLC 6.10%
CIA SANEAMENTO BASICO DE ADR 5.54%
EBARA CORP 4.94%
SUEZ ENVIRONNEMENT CO 4.51%
WOLSELEY PLC 4.23%
AMERICAN WATER WORKS CO INC 4.13%
HD SUPPLY HOLDINGS INC 3.90%
FLOWSERVE CORP 3.66%
PENTAIR LTD REGISTERED 3.48%
Total 46.68%
Regions
  September 30, 2014
  Portfolio Benchmark + / -
Asia/Pacific 6.37% 22.36% -15.99%
Europe 27.82% 24.68% 3.14%
Latin America 3.08% 4.57% -1.49%
North America 59.23% 46.90% 12.32%
  June 30, 2014
  Portfolio Benchmark + / -
Asia/Pacific 6.83% 21.93% -15.10%
Europe 29.32% 24.50% 4.82%
Latin America 5.09% 5.31% -0.21%
North America 58.76% 46.93% 11.83%
  December 31, 2013
  Portfolio Benchmark + / -
Africa/Mideast 0.85% 0.00% 0.85%
Asia/Pacific 6.95% 21.83% -14.88%
Europe 27.38% 23.62% 3.76%
Latin America 5.55% 6.09% -0.54%
North America 59.28% 48.46% 10.81%
Countries
  September 30, 2014
  Portfolio Benchmark + / -
Australia 0.94% 0.00% 0.94%
Brazil 3.08% 3.19% -0.11%
Canada 9.95% 0.00% 9.95%
Chile 0.00% 1.38% -1.38%
China 0.00% 3.92% -3.92%
Finland 0.89% 0.78% 0.11%
France 5.85% 5.17% 0.67%
Greece 0.00% 1.18% -1.18%
Hong Kong 0.00% 2.84% -2.84%
Italy 0.00% 2.65% -2.65%
Japan 5.44% 5.11% 0.33%
Korea 0.00% 3.92% -3.92%
Malaysia 0.00% 2.67% -2.67%
Mexico 0.99% 0.00% 0.99%
Netherlands 1.45% 2.30% -0.86%
Singapore 0.00% 2.51% -2.51%
Switzerland 5.50% 4.77% 0.72%
Thailand 0.00% 1.41% -1.41%
United Kingdom 14.14% 7.82% 6.32%
United States 48.29% 46.90% 1.38%
  June 30, 2014
  Portfolio Benchmark + / -
Australia 0.75% 0.00% 0.75%
Brazil 5.09% 3.97% 1.13%
Canada 7.40% 0.00% 7.40%
Chile 0.00% 1.34% -1.34%
China 0.00% 3.84% -3.84%
Finland 1.03% 0.97% 0.05%
France 6.71% 4.89% 1.82%
Greece 0.00% 1.33% -1.33%
Hong Kong 0.00% 2.71% -2.71%
Italy 0.00% 2.66% -2.66%
Japan 6.08% 4.83% 1.25%
Korea 0.00% 4.18% -4.18%
Malaysia 0.00% 2.78% -2.78%
Mexico 0.86% 0.00% 0.86%
Netherlands 1.01% 2.24% -1.23%
Singapore 0.00% 2.28% -2.28%
Switzerland 4.06% 4.67% -0.61%
Thailand 0.00% 1.31% -1.31%
United Kingdom 16.51% 7.74% 8.77%
United States 50.50% 46.93% 3.57%
  December 31, 2013
  Portfolio Benchmark + / -
Brazil 5.55% 4.64% 0.90%
Canada 7.03% 0.00% 7.03%
Cayman Islands 0.00% 1.29% -1.29%
Chile 0.00% 1.44% -1.44%
China 0.00% 2.35% -2.35%
Finland 1.59% 0.90% 0.69%
France 6.74% 4.84% 1.90%
Greece 0.00% 1.39% -1.39%
Hong Kong 0.00% 4.92% -4.92%
Israel 0.85% 0.00% 0.85%
Italy 0.00% 2.95% -2.95%
Japan 6.95% 4.27% 2.68%
Malaysia 0.00% 1.70% -1.70%
Netherlands 0.00% 2.07% -2.07%
Philippines 0.00% 1.43% -1.43%
Singapore 0.00% 2.14% -2.14%
South Korea 0.00% 3.61% -3.61%
Switzerland 6.20% 4.44% 1.77%
Thailand 0.00% 1.42% -1.42%
United Kingdom 12.85% 7.04% 5.80%
United States 52.25% 47.17% 5.07%
PERFORMANCE ATTRIBUTIONRelative to the S-Network Global Water Index 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 64.11% 42.28% -4.07% -8.64% -0.23% 3.04% 2.81%
Utilities 19.74% 51.08% -11.49% -6.51% -0.31% -1.03% -1.34%
Materials 5.57% 1.15% -13.93% -13.21% -0.26% -0.05% -0.32%
Consumer Disc. 3.72% 2.49% 9.45% -4.57% 0.01% 0.47% 0.47%
Information Tech 2.98% 2.24% 5.23% -3.35% 0.05% 0.21% 0.26%
Financials 2.66% 0.51% -16.04% -16.04% -0.20% -0.00% -0.21%
Energy 1.21% 0.25% -26.65% -26.65% -0.19% -0.00% -0.19%
Health Care 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% -6.02% -7.50% -1.14% 2.63% 1.48%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Advanced Drainage Systems Inc Industrials 1.20%
EnerCare Inc. Consumer Disc. 0.51%
Doosan Heavy Industries & Construction Co., Ltd. Industrials 0.41%
AECOM Technology Corporation Industrials 0.35%
Pure Technologies Ltd. Information Tech 0.33%
Rexnord Corporation Industrials 0.33%
Aalberts Industries N.V. Industrials 0.32%
Companhia de Saneamento de Minas Gerais Utilities 0.32%
Athens Water Supply and Sewerage Company S.A. Utilities 0.31%
Travis Perkins plc Industrials 0.20%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Information Tech Overweight 0.05%
Consumer Disc. Overweight 0.01%
Energy Overweight -0.19%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Advanced Drainage Systems Inc Industrials 1.00%
AECOM Technology Corporation Industrials 0.30%
EnerCare Inc. Consumer Disc. 0.24%
Pure Technologies Ltd. Information Tech 0.16%
Rexnord Corporation Industrials 0.03%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
China Water Affairs Group Limited Utilities -0.47%
ALS Ltd. Industrials -0.44%
Tianjin Capital Environmental Protection Group Co., Ltd. Class H Industrials -0.30%
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR Utilities -0.29%
TTW Public Company Limited Utilities -0.29%
Manila Water Co. Inc. Utilities -0.28%
Guangdong Investment Limited Utilities -0.23%
Pall Corporation Industrials -0.22%
Calgon Carbon Corporation Materials -0.21%
Sulzer AG Industrials -0.21%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.31%
Materials Overweight -0.26%
Industrials Overweight -0.23%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR Utilities -1.01%
Calgon Carbon Corporation Materials -0.64%
Sulzer AG Industrials -0.51%
ALS Ltd. Industrials -0.50%
PICO Holdings, Inc. Financials -0.45%
PERFORMANCE ATTRIBUTIONRelative to the S-Network Global Water Index 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 56.02% 42.88% -1.56% -5.04% -0.73% 2.32% 1.58%
Utilities 26.60% 50.39% 4.31% 6.54% -1.08% 0.15% -0.93%
Materials 6.05% 1.26% -8.05% -5.75% -0.24% -0.21% -0.45%
Information Tech 4.32% 2.36% 7.31% -5.70% -0.36% 0.48% 0.12%
Consumer Disc. 3.14% 2.25% 37.92% 29.43% 0.24% 0.19% 0.42%
Financials 2.77% 0.59% -13.67% -13.67% -0.27% -0.01% -0.28%
Energy 1.05% 0.28% -12.15% -12.15% -0.06% -0.01% -0.08%
Health Care 0.05% 0.00% 6.15% 0.00% 0.05% 0.00% 0.05%
Total 100.00% 100.00% 1.62% 1.19% -2.47% 2.92% 0.43%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Advanced Drainage Systems Inc Industrials 1.20%
EnerCare Inc. Consumer Disc. 0.91%
United Utilities Group PLC Utilities 0.75%
HD Supply Holdings, Inc. Industrials 0.48%
Doosan Heavy Industries & Construction Co., Ltd. Industrials 0.46%
Aalberts Industries N.V. Industrials 0.42%
AECOM Technology Corporation Industrials 0.37%
Pentair plc Industrials 0.36%
Capstone Infrastructure Corporation Utilities 0.35%
Pure Technologies Ltd. Information Tech 0.34%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight 0.24%
Health Care Overweight 0.05%
Energy Overweight -0.06%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
United Utilities Group PLC Utilities 1.57%
Advanced Drainage Systems Inc Industrials 1.00%
EnerCare Inc. Consumer Disc. 0.89%
HD Supply Holdings, Inc. Industrials 0.73%
American Water Works Company, Inc. Utilities 0.63%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Sulzer AG Industrials -1.21%
Tianjin Capital Environmental Protection Group Co., Ltd. Class H Industrials -0.54%
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR Utilities -0.53%
Coway Co., Ltd. Consumer Disc. -0.52%
Guangdong Investment Limited Utilities -0.43%
Manila Water Co. Inc. Utilities -0.41%
Flowserve Corporation Industrials -0.34%
Salcon Bhd. Utilities -0.34%
TTW Public Company Limited Utilities -0.33%
Wolseley Plc Industrials -0.32%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -1.08%
Industrials Overweight -0.73%
Information Tech Overweight -0.36%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR Utilities -1.25%
Sulzer AG Industrials -1.10%
Pentair plc Industrials -0.52%
Tetra Tech, Inc. Industrials -0.49%
Flowserve Corporation Industrials -0.40%
PERFORMANCE ATTRIBUTIONRelative to the S-Network Global Water Index 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 54.61% 43.43% 13.21% 5.14% -0.56% 4.39% 3.82%
Utilities 27.39% 49.82% 10.79% 11.69% -0.60% 0.60% -0.00%
Materials 6.39% 1.28% -2.57% -1.49% -0.38% -0.11% -0.50%
Information Tech 4.60% 2.43% 22.90% -3.18% -0.50% 1.08% 0.58%
Consumer Disc. 3.01% 2.15% 39.28% 47.09% 0.31% -0.16% 0.14%
Financials 2.85% 0.59% -7.89% -7.89% -0.25% 0.00% -0.25%
Energy 0.82% 0.29% -15.71% -35.59% 0.13% 0.00% 0.13%
Health Care 0.34% 0.00% 18.73% 0.00% 0.13% 0.00% 0.13%
Total 100.00% 100.00% 12.77% 8.72% -1.74% 5.79% 4.06%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Advanced Drainage Systems Inc Industrials 1.20%
Doosan Heavy Industries & Construction Co., Ltd. Industrials 1.02%
Rexnord Corporation Industrials 0.95%
Pure Technologies Ltd. Information Tech 0.88%
HD Supply Holdings, Inc. Industrials 0.86%
EnerCare Inc. Consumer Disc. 0.73%
United Utilities Group PLC Utilities 0.62%
SPX Corporation Industrials 0.57%
Flowserve Corporation Industrials 0.40%
Xylem Inc. Industrials 0.39%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight 0.31%
Health Care Overweight 0.13%
Energy Overweight 0.13%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
United Utilities Group PLC Utilities 1.67%
HD Supply Holdings, Inc. Industrials 1.28%
Rexnord Corporation Industrials 1.18%
Xylem Inc. Industrials 1.12%
Pure Technologies Ltd. Information Tech 1.09%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Sulzer AG Industrials -1.38%
Tianjin Capital Environmental Protection Group Co., Ltd. Class H Industrials -0.83%
Beijing Enterprises Water Group Limited Utilities -0.76%
Coway Co., Ltd. Consumer Disc. -0.62%
Guangdong Investment Limited Utilities -0.54%
Geberit AG Industrials -0.49%
Hera S.p.A. Utilities -0.38%
Acea S.p.A. Utilities -0.35%
Organo Corp. Industrials -0.31%
Itron, Inc. Information Tech -0.30%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.60%
Industrials Overweight -0.56%
Information Tech Overweight -0.50%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Sulzer AG Industrials -0.82%
Travis Perkins plc Industrials -0.40%
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR Utilities -0.34%
Itron, Inc. Information Tech -0.31%
ALS Ltd. Industrials -0.30%

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 water-related sector may fall in value. The water industry can be significantly affected by a number of factors, including availability of water, the level of rainfall, water consumption, price and supply fluctuations, and government regulations and policies. A downturn in the water-related resource sector 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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