PERFORMANCE Average Annual Returns (%) for Period Ended 3/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) 3.47 3.47 22.46 14.30 20.73 n/a 11.13 9/30/2008
S-Network Global Water Index 4.37 4.37 24.32 11.79 19.35 12.43 10.73  
Lipper Global Natural Resources Funds Average 3.11 3.11 13.33 -3.37 11.97 9.94 3.72  
Characteristics
  March 31, 2014
  Portfolio Benchmark
Number of Holdings 37 60
W. Avg Cap. (mils) $6,365.7 $4,355.8
W. Median Cap (mils) $3,298.8 $2,331.7
P/E 1-year trailing 18.5 20.1
P/E 1-year forward 17.7 17.8
EPS Growth, past 3 years 2.2% 4.0%
EPS Growth, next 3 - 5 years 11.4% 10.8%
Price to Book 1.9 1.9
Price to Sales 1.0 1.3
Dividend Yield 2.5% 2.3%
Active Share 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
December 31, 2012
Portfolio Benchmark
44 60
$4,819.2 $3,421.9
$3,370.2 $1,959.0
17.9 17.1
16.0 15.8
16.5% 14.2%
10.5% 10.4%
1.6 1.6
0.8 1.1
2.1% 2.8%
61.1% N/A
Returns Based Statistics (3 Year)
  March 31, 2014
  Portfolio Benchmark
Average Annual Return 14.30% 11.69%
Standard Deviation 14.95% 14.82%
Beta vs. Market 0.97 1.00
Excess Return 2.61% 0.00%
R-Squared 93.35% 100.00%
Tracking Error 3.87% 0.00%
Information Ratio 0.67 0.00
Sharpe Ratio 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
December 31, 2012
Portfolio Benchmark
9.18% 6.90%
17.43% 17.13%
0.99 1.00
2.28% 0.00%
95.13% 100.00%
3.85% 0.00%
0.59 0.00
0.52 0.40
Sector Weights / Percentage of Holdings (ex-cash)
  March 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 0.00% 2.01% -2.01%
Consumer Staples 0.00% 0.00% 0.00%
Energy 0.00% 0.35% -0.35%
Financials 0.00% 0.67% -0.67%
GICS Industrials 2.99% 0.00% 2.99%
GICS Info Tech 0.00% 0.00% 0.00%
Health Care 0.00% 0.00% 0.00%
Industrials 0.00% 42.58% -42.58%
Information Tech 0.00% 2.32% -2.32%
Materials 0.00% 1.30% -1.30%
Telecomm Services 0.00% 0.00% 0.00%
Utilities 0.00% 50.78% -50.78%
Water Infrastructure 46.31% 0.00% 46.31%
Water Technologies 23.75% 0.00% 23.75%
Water Utilities 26.95% 0.00% 26.95%
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%
December 31, 2012
Portfolio Benchmark + / -
13.30% 0.00% 13.30%
2.50% 0.00% 2.50%
0.00% 0.00% 0.00%
31.14% 29.15% 1.98%
26.29% 20.94% 5.35%
26.77% 49.91% -23.13%
Top Ten Holdings / Percentage of Net Assets
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%
December 31, 2012
SPX CORP 6.81%
SUEZ ENVIRONNEMENT CO 6.00%
EBARA CORP 5.61%
KURITA WATER INDUSTRIES LTD 5.58%
GARDNER DENVER INC 5.54%
FLOWSERVE CORP 5.07%
CALGON CARBON CORP 4.37%
SEVERN TRENT PLC 3.37%
PENTAIR LTD REGISTERED 2.85%
SULZER AG REG 2.69%
Total 47.89%
Regions
  March 31, 2014
  Portfolio Benchmark + / -
Middle East 0.88% 0.00% 0.88%
North America 58.55% 48.74% 9.82%
Pacific Rim 6.53% 18.62% -12.09%
South America 5.77% 5.39% 0.38%
Western Europe 28.27% 23.80% 4.47%
  December 31, 2013
  Portfolio Benchmark + / -
Middle East 0.85% 0.00% 0.85%
North America 59.28% 48.46% 10.81%
Pacific Rim 6.95% 21.83% -14.88%
South America 5.55% 6.09% -0.54%
Western Europe 27.38% 23.62% 3.76%
  December 31, 2012
  Portfolio Benchmark + / -
North America 50.95% 46.91% 4.04%
Pacific Rim 21.67% 23.19% -1.52%
South America 2.48% 5.33% -2.85%
Western Europe 24.90% 24.57% 0.33%
Countries
  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%
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%
  December 31, 2012
  Portfolio Benchmark + / -
Brazil 2.48% 3.74% -1.26%
Canada 1.84% 0.00% 1.84%
Cayman Islands 0.00% 0.86% -0.86%
Chile 0.00% 1.59% -1.59%
China 0.68% 2.40% -1.72%
Finland 0.68% 0.80% -0.12%
France 8.76% 4.08% 4.68%
Germany 0.38% 0.00% 0.38%
Greece 0.00% 1.68% -1.68%
Hong Kong 3.85% 5.52% -1.67%
Italy 0.00% 2.67% -2.67%
Japan 13.49% 4.53% 8.96%
Malaysia 0.00% 0.22% -0.22%
Netherlands 1.78% 2.20% -0.42%
Philippines 1.23% 1.58% -0.35%
Singapore 0.00% 2.43% -2.43%
South Korea 2.43% 4.88% -2.45%
Switzerland 5.04% 5.17% -0.13%
Thailand 0.00% 1.64% -1.64%
United Kingdom 8.27% 7.98% 0.29%
United States 49.11% 46.05% 3.06%
PERFORMANCE ATTRIBUTIONRelative to the S-Network Global Water Index for the quarter ending 3/31/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Water Infrastructure 45.32% 34.45% 4.40% 4.18% 0.01% 0.07% 0.07%
Water Utilities 26.95% 43.16% 5.48% 6.00% -0.25% -0.09% -0.34%
Water Technologies 26.67% 22.39% 2.19% 1.35% -0.14% 0.22% 0.08%
Not Applicable 1.06% 0.00% 8.10% 0.00% 0.11% 0.00% 0.11%
Total 100.00% 100.00% 4.23% 4.31% -0.27% 0.21% -0.07%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
United Utilities Group PLC Water Infrastructure 0.49%
China Water Affairs Group Limited Water Utilities 0.26%
HD Supply Holdings, Inc. Water Infrastructure 0.24%
EnerCare Inc. Water Technologies 0.21%
Aegion Corporation Water Infrastructure 0.20%
SUEZ Environnement Co. SA Water Utilities 0.20%
PICO Holdings, Inc. Water Utilities 0.19%
Puncak Niaga Holdings Bhd. Water Technologies 0.18%
Watts Water Technologies, Inc. Class A Water Infrastructure 0.18%
Capstone Infrastructure Corporation Water Infrastructure 0.14%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Not Applicable Overweight 0.11%
Water Infrastructure Overweight 0.01%
Water Technologies Overweight -0.14%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
United Utilities Group PLC Water Infrastructure 1.20%
SUEZ Environnement Co. SA Water Utilities 0.53%
HD Supply Holdings, Inc. Water Infrastructure 0.52%
Veolia Environnement SA Water Utilities 0.45%
Aegion Corporation Water Infrastructure 0.42%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Sulzer AG Water Infrastructure -1.14%
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR Water Utilities -0.65%
Acea S.p.A. Water Utilities -0.37%
Hera S.p.A. Water Utilities -0.34%
Itron, Inc. Water Technologies -0.27%
Kemira Oyj Water Technologies -0.21%
Danaher Corporation Water Technologies -0.20%
Coway Co., Ltd. Water Technologies -0.18%
Ebara Corporation Water Infrastructure -0.17%
Sound Global Ltd. Water Utilities -0.17%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Water Utilities Underweight -0.25%
Water Technologies Overweight -0.14%
Water Infrastructure Overweight 0.01%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR Water Utilities -1.14%
Sulzer AG Water Infrastructure -0.89%
Itron, Inc. Water Technologies -0.50%
Kemira Oyj Water Technologies -0.14%
Ebara Corporation Water Infrastructure -0.09%
PERFORMANCE ATTRIBUTIONRelative to the S-Network Global Water Index for the period ending 3/31/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Water Infrastructure 38.43% 33.33% 34.25% 35.43% 0.70% -0.30% 0.42%
Water Technologies 29.18% 23.03% 22.68% 15.58% -0.26% 1.90% 1.65%
Water Utilities 26.29% 43.29% 16.93% 20.64% 0.79% -0.81% 0.00%
Not Applicable 6.10% 0.00% 40.86% 0.00% 0.20% 0.00% 0.20%
Total 100.00% 100.00% 26.44% 24.03% 1.57% 0.79% 2.42%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Ebara Corporation Water Infrastructure 1.62%
SUEZ Environnement Co. SA Water Utilities 1.25%
Rexnord Corporation Water Technologies 1.13%
Georg Fischer AG Water Infrastructure 1.03%
Companhia de Saneamento de Minas Gerais Water Utilities 0.96%
Nuverra Environmental Solutions, Inc. Water Utilities 0.86%
Flowserve Corporation Water Infrastructure 0.83%
Doosan Heavy Industries & Construction Co., Ltd. Water Technologies 0.81%
Aguas Andinas S.A. Series A Water Utilities 0.73%
Severn Trent Plc Water Utilities 0.70%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Water Utilities Underweight 0.79%
Water Infrastructure Overweight 0.70%
Not Applicable Overweight 0.20%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Ebara Corporation Water Infrastructure 3.55%
SUEZ Environnement Co. SA Water Utilities 3.09%
Pentair Ltd. Water Infrastructure 2.08%
Veolia Environnement SA Water Utilities 1.91%
Flowserve Corporation Water Infrastructure 1.90%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR Water Utilities -3.09%
Sulzer AG Water Infrastructure -2.35%
Acea S.p.A. Water Utilities -1.75%
Athens Water Supply and Sewerage Company S.A. Water Utilities -1.09%
Beijing Enterprises Water Group Limited Water Utilities -0.96%
Organo Corp. Water Technologies -0.81%
Coway Co., Ltd. Water Technologies -0.57%
Aalberts Industries N.V. Water Infrastructure -0.52%
Kurita Water Industries Ltd. Water Technologies -0.51%
Mueller Water Products, Inc. Class A Water Infrastructure -0.48%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Water Technologies Overweight -0.26%
Not Applicable Overweight 0.20%
Water Infrastructure Overweight 0.70%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR Water Utilities -3.69%
Sulzer AG Water Infrastructure -1.02%
Manila Water Co. Inc. Water Utilities -0.79%
Itron, Inc. Water Technologies -0.73%
Organo Corp. Water Technologies -0.43%

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 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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