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) 3.06 6.64 27.65 15.98 16.06 n/a 11.20 9/30/2008
S-Network Global Water Index 4.25 8.81 29.98 13.49 15.27 12.38 10.73  
Lipper Global Natural Resources Funds Average 9.02 12.44 29.49 1.64 9.10 10.98 3.72  
Characteristics
  June 30, 2014
  Portfolio Benchmark
Number of Holdings 40 60
W. Avg Cap. (mils) $6,694.8 $4,514.4
W. Median Cap (mils) $3,003.8 $2,879.2
P/E 1-year trailing 19.6 20.0
P/E 1-year forward 17.7 18.7
EPS Growth, past 3 years 2.9% 5.2%
EPS Growth, next 3 - 5 years 14.9% 12.2%
Price to Book 2.0 2.0
Price to Sales 1.0 1.3
Dividend Yield 2.2% 2.2%
Active Share 67.2% N/A
March 31, 2014
Portfolio Benchmark
37 60
$6,365.7 $4,355.8
$3,298.8 $2,331.7
18.5 20.1
17.7 17.8
2.2% 4.0%
11.4% 10.8%
1.9 1.9
1.0 1.3
2.5% 2.3%
65.7% 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)
  June 30, 2014
  Portfolio Benchmark
Average Annual Return 15.97% 13.39%
Standard Deviation 14.69% 14.75%
Beta vs. Market 0.96 1.00
Excess Return 2.59% 0.00%
R-Squared 92.70% 100.00%
Tracking Error 4.02% 0.00%
Information Ratio 0.64 0.00
Sharpe Ratio 1.08 0.90
March 31, 2014
Portfolio Benchmark
14.30% 11.69%
14.95% 14.82%
0.97 1.00
2.61% 0.00%
93.35% 100.00%
3.87% 0.00%
0.67 0.00
0.95 0.78
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)
  June 30, 2014
  Portfolio Benchmark + / -
GICS Industrials 3.69% 0.00% 3.69%
GICS Info Tech 0.00% 0.00% 0.00%
Not Applicable 0.00% 0.00% 0.00%
Water Infrastructure 53.84% 34.48% 19.36%
Water Technologies 17.68% 15.24% 2.44%
Water Utilities 24.79% 50.28% -25.49%
March 31, 2014
Portfolio Benchmark + / -
2.99% 0.00% 2.99%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
46.31% 32.99% 13.32%
23.75% 23.16% 0.59%
26.95% 43.85% -16.90%
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
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%
March 31, 2014
UNITED UTILITIES GROUP PLC 5.87%
CIA SANEAMENTO BASICO DE ADR 5.48%
SULZER AG REG 5.31%
EBARA CORP 5.10%
HD SUPPLY HOLDINGS INC 4.89%
AMERICAN WATER WORKS CO INC 4.49%
WOLSELEY PLC 4.43%
CALGON CARBON CORP 4.42%
SUEZ ENVIRONNEMENT CO 4.03%
DANAHER CORP 4.00%
Total 48.02%
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
  June 30, 2014
  Portfolio Benchmark + / -
Asia/Pacific 6.83% 23.27% -16.43%
Europe 29.32% 24.50% 4.82%
Latin America 5.09% 5.31% -0.21%
North America 58.76% 46.93% 11.83%
  March 31, 2014
  Portfolio Benchmark + / -
Africa/Mideast 0.88% 0.00% 0.88%
Asia/Pacific 6.53% 22.08% -15.55%
Europe 28.27% 23.80% 4.47%
Latin America 5.77% 5.39% 0.38%
North America 58.55% 48.74% 9.82%
  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
  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%
Malaysia 0.00% 2.78% -2.78%
Mexico 0.86% 0.00% 0.86%
Netherlands 1.01% 2.24% -1.23%
Philippines 0.00% 1.34% -1.34%
Singapore 0.00% 2.28% -2.28%
South Korea 0.00% 4.18% -4.18%
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%
  March 31, 2014
  Portfolio Benchmark + / -
Brazil 5.77% 3.94% 1.82%
Canada 7.80% 0.00% 7.80%
Chile 0.00% 1.44% -1.44%
China 0.00% 1.59% -1.59%
Finland 1.48% 0.80% 0.67%
France 6.33% 5.18% 1.15%
Greece 0.00% 1.34% -1.34%
Hong Kong 0.00% 4.70% -4.70%
Israel 0.88% 0.00% 0.88%
Italy 0.00% 2.91% -2.91%
Japan 6.53% 4.15% 2.39%
Malaysia 0.00% 2.65% -2.65%
Netherlands 0.00% 2.00% -2.00%
Philippines 0.00% 1.38% -1.38%
Singapore 0.00% 2.76% -2.76%
South Korea 0.00% 3.46% -3.46%
Switzerland 10.23% 4.32% 5.91%
Thailand 0.00% 1.40% -1.40%
United Kingdom 10.23% 7.25% 2.98%
United States 50.75% 48.74% 2.02%
  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 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
Water Technologies 49.13% 49.99% 6.32% 8.84% -0.07% -1.17% -1.24%
Water Infrastructure 33.48% 30.47% -6.35% -5.94% -0.63% -0.23% -0.87%
Water Utilities 17.38% 19.54% 11.48% -0.42% -0.00% 1.81% 1.80%
Not Applicable 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% 2.66% 2.97% -0.70% 0.41% -0.31%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Consolidated Water Co. Ltd. Water Utilities 1.43%
Capstone Infrastructure Corporation Water Utilities 1.38%
Itron, Inc. Water Technologies 1.13%
Franklin Electric Co., Inc. Water Infrastructure 0.53%
Badger Meter, Inc. Water Technologies 0.13%
Calgon Carbon Corporation Water Technologies -0.30%
Kurita Water Industries Ltd. Water Technologies -0.64%
Pure Cycle Corporation Water Utilities -1.00%
Tetra Tech, Inc. Water Infrastructure -1.41%
Hankore Environment Tech Group Ltd. Water Technologies -1.57%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Water Utilities Underweight -0.00%
Water Technologies Underweight -0.07%
Water Infrastructure Overweight -0.63%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Capstone Infrastructure Corporation Water Utilities 1.95%
Itron, Inc. Water Technologies 1.77%
Calgon Carbon Corporation Water Technologies 1.04%
Franklin Electric Co., Inc. Water Infrastructure -0.09%
Badger Meter, Inc. Water Technologies -0.12%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Hankore Environment Tech Group Ltd. Water Technologies -1.57%
Tetra Tech, Inc. Water Infrastructure -1.41%
Pure Cycle Corporation Water Utilities -1.00%
Kurita Water Industries Ltd. Water Technologies -0.64%
Calgon Carbon Corporation Water Technologies -0.30%
Badger Meter, Inc. Water Technologies 0.13%
Franklin Electric Co., Inc. Water Infrastructure 0.53%
Itron, Inc. Water Technologies 1.13%
Capstone Infrastructure Corporation Water Utilities 1.38%
Consolidated Water Co. Ltd. Water Utilities 1.43%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Water Infrastructure Overweight -0.63%
Water Technologies Underweight -0.07%
Water Utilities Underweight -0.00%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Tetra Tech, Inc. Water Infrastructure -1.89%
Badger Meter, Inc. Water Technologies -0.12%
Franklin Electric Co., Inc. Water Infrastructure -0.09%
Calgon Carbon Corporation Water Technologies 1.04%
Itron, Inc. Water Technologies 1.77%
PERFORMANCE ATTRIBUTIONRelative to the S-Network Global Water Index 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
Water Technologies 53.90% 51.08% 3.98% 7.25% 0.07% -1.53% -1.47%
Water Infrastructure 28.49% 33.19% -4.09% -5.52% -1.14% 0.17% -0.98%
Water Utilities 17.61% 15.73% 23.39% -9.44% -0.03% 5.18% 5.14%
Not Applicable 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% 3.68% 0.99% -1.10% 3.82% 2.69%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Capstone Infrastructure Corporation Water Utilities 3.64%
Consolidated Water Co. Ltd. Water Utilities 1.89%
Calgon Carbon Corporation Water Technologies 1.37%
Franklin Electric Co., Inc. Water Infrastructure 0.65%
Itron, Inc. Water Technologies 0.10%
Badger Meter, Inc. Water Technologies 0.02%
Energy Recovery, Inc. Water Technologies -0.00%
Pure Cycle Corporation Water Utilities -0.36%
Hankore Environment Tech Group Ltd. Water Technologies -1.37%
Kurita Water Industries Ltd. Water Technologies -1.60%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Water Technologies Overweight 0.07%
Water Utilities Overweight -0.03%
Water Infrastructure Underweight -1.14%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Capstone Infrastructure Corporation Water Utilities 3.93%
Calgon Carbon Corporation Water Technologies 3.17%
Kurita Water Industries Ltd. Water Technologies 0.04%
Energy Recovery, Inc. Water Technologies 0.00%
Badger Meter, Inc. Water Technologies -0.04%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Tetra Tech, Inc. Water Infrastructure -1.63%
Kurita Water Industries Ltd. Water Technologies -1.60%
Hankore Environment Tech Group Ltd. Water Technologies -1.37%
Pure Cycle Corporation Water Utilities -0.36%
Energy Recovery, Inc. Water Technologies -0.00%
Badger Meter, Inc. Water Technologies 0.02%
Itron, Inc. Water Technologies 0.10%
Franklin Electric Co., Inc. Water Infrastructure 0.65%
Calgon Carbon Corporation Water Technologies 1.37%
Consolidated Water Co. Ltd. Water Utilities 1.89%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Water Infrastructure Underweight -1.14%
Water Utilities Overweight -0.03%
Water Technologies Overweight 0.07%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Itron, Inc. Water Technologies -2.18%
Tetra Tech, Inc. Water Infrastructure -0.89%
Franklin Electric Co., Inc. Water Infrastructure -0.35%
Badger Meter, Inc. Water Technologies -0.04%
Energy Recovery, Inc. Water Technologies 0.00%
PERFORMANCE ATTRIBUTIONRelative to the S-Network Global Water Index 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
Water Technologies 54.42% 52.48% 14.71% 15.17% 0.06% 0.29% 0.38%
Water Infrastructure 30.11% 32.89% 22.02% 19.08% -0.43% 0.54% 0.15%
Water Utilities 15.47% 14.63% 19.46% 12.86% 0.35% 0.12% 0.50%
Not Applicable 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total 100.00% 100.00% 17.95% 16.92% -0.01% 0.96% 1.03%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Calgon Carbon Corporation Water Technologies 1.95%
Itron, Inc. Water Technologies 1.15%
Energy Recovery, Inc. Water Technologies 0.86%
Franklin Electric Co., Inc. Water Infrastructure 0.65%
China Everbright International Limited Water Infrastructure 0.60%
Capstone Infrastructure Corporation Water Utilities 0.48%
Consolidated Water Co. Ltd. Water Utilities 0.25%
Badger Meter, Inc. Water Technologies 0.18%
Met-Pro Corporation Water Technologies 0.02%
Pure Cycle Corporation Water Utilities -0.33%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Water Utilities Overweight 0.35%
Water Technologies Overweight 0.06%
Water Infrastructure Underweight -0.43%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Calgon Carbon Corporation Water Technologies 7.72%
Franklin Electric Co., Inc. Water Infrastructure 4.34%
Capstone Infrastructure Corporation Water Utilities 2.86%
Tetra Tech, Inc. Water Infrastructure 2.41%
Energy Recovery, Inc. Water Technologies 0.98%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Kurita Water Industries Ltd. Water Technologies -2.56%
Hankore Environment Tech Group Ltd. Water Technologies -1.34%
Tetra Tech, Inc. Water Infrastructure -1.25%
Pure Cycle Corporation Water Utilities -0.33%
Met-Pro Corporation Water Technologies 0.02%
Badger Meter, Inc. Water Technologies 0.18%
Consolidated Water Co. Ltd. Water Utilities 0.25%
Capstone Infrastructure Corporation Water Utilities 0.48%
China Everbright International Limited Water Infrastructure 0.60%
Franklin Electric Co., Inc. Water Infrastructure 0.65%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Water Infrastructure Underweight -0.43%
Water Technologies Overweight 0.06%
Water Utilities Overweight 0.35%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Itron, Inc. Water Technologies -2.38%
Badger Meter, Inc. Water Technologies 0.58%
Kurita Water Industries Ltd. Water Technologies 0.58%
China Everbright International Limited Water Infrastructure 0.86%
Energy Recovery, Inc. Water Technologies 0.98%

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.

G200ATT FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

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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