PERFORMANCE Average Annual Returns (%) for Period Ended 12/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) -3.02 -7.28 -7.28 10.10 3.98 1.30 3.61 7/2/1992
MSCI EAFE Investable Market Index -3.37 -4.50 -4.50 11.87 6.17 5.15 n/a  
Lipper International Multi-Cap Growth Funds Average -2.22 -4.95 -4.95 10.38 5.55 4.47 6.09  
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.
Characteristics
  December 31, 2014
  Portfolio Benchmark
Number of Holdings 223 3,106
W. Avg Cap. (mils) $50,646.5 $53,271.9
W. Median Cap (mils) $27,935.2 $29,768.9
P/E 1-year trailing 16.9 16.2
P/E 1-year forward 15.3 15.2
EPS Growth, past 3 years 14.7% 6.9%
EPS Growth, next 3 - 5 years 11.1% 10.2%
Price to Book 1.9 1.6
Price to Sales 0.1 0.2
Dividend Yield 2.5% 2.9%
Active Share 76.7% N/A
September 30, 2014
Portfolio Benchmark
222 3,067
$56,933.8 $57,334.6
$35,336.2 $31,280.1
17.3 15.7
15.0 15.0
16.0% 5.9%
11.5% 10.4%
2.0 1.6
1.2 1.0
2.5% 2.9%
76.2% N/A
December 31, 2013
Portfolio Benchmark
225 3,083
$48,413.1 $49,502.7
$26,707.1 $25,710.3
18.9 15.9
16.6 15.2
14.5% 10.4%
13.0% 11.9%
2.2 1.7
1.4 0.9
2.3% 2.9%
74.7% N/A
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 10.10% 11.87%
Standard Deviation 11.89% 13.12%
Beta vs. Market 0.88 1.00
Excess Return -1.77% 0.00%
R-Squared 94.49% 100.00%
Tracking Error 3.20% 0.00%
Information Ratio -0.55 0.00
Sharpe Ratio 0.85 0.90
September 30, 2014
Portfolio Benchmark
12.69% 14.24%
13.12% 14.18%
0.90 1.00
-1.55% 0.00%
95.41% 100.00%
3.13% 0.00%
-0.50 0.00
0.96 1.00
December 31, 2013
Portfolio Benchmark
7.41% 8.78%
15.32% 16.37%
0.92 1.00
-1.37% 0.00%
96.75% 100.00%
3.05% 0.00%
-0.45 0.00
0.48 0.53
Sector Weights / Percentage of Holdings (ex-cash)
  December 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 17.71% 13.16% 4.54%
Consumer Staples 10.45% 10.46% -0.01%
Energy 4.31% 5.33% -1.01%
Financials 23.84% 25.51% -1.67%
Health Care 10.98% 10.50% 0.48%
Industrials 12.16% 13.75% -1.59%
Information Tech 5.70% 5.38% 0.32%
Materials 5.88% 7.75% -1.87%
Telecomm Services 5.87% 4.56% 1.32%
Utilities 3.08% 3.61% -0.53%
September 30, 2014
Portfolio Benchmark + / -
17.81% 12.35% 5.46%
9.70% 10.31% -0.61%
4.80% 6.46% -1.66%
24.59% 25.20% -0.61%
12.35% 10.67% 1.68%
11.58% 13.74% -2.15%
5.05% 5.24% -0.20%
5.34% 7.90% -2.56%
5.81% 4.49% 1.33%
2.97% 3.64% -0.67%
December 31, 2013
Portfolio Benchmark + / -
21.59% 12.86% 8.73%
9.17% 10.29% -1.12%
2.65% 6.86% -4.20%
25.53% 25.00% 0.54%
9.97% 9.55% 0.42%
14.19% 14.07% 0.12%
7.61% 5.09% 2.52%
4.05% 7.86% -3.81%
4.22% 5.15% -0.92%
1.01% 3.28% -2.27%
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
TOYOTA MOTOR CORP 2.45%
HSBC HOLDINGS PLC 2.06%
ROCHE HOLDING AG GENUSSCHEIN 1.86%
AIA GROUP LTD 1.73%
UNILEVER NV CVA 1.64%
PRUDENTIAL PLC 1.42%
ASPEN PHARMACARE HOLDINGS LT 1.38%
CHECK POINT SOFTWARE TECH 1.36%
AIR LIQUIDE SA 1.36%
INTESA SANPAOLO 1.33%
Total 16.60%
September 30, 2014
ROCHE HOLDING AG GENUSSCHEIN 2.42%
TOYOTA MOTOR CORP 2.26%
HSBC HOLDINGS PLC 2.15%
SANOFI 1.64%
UNILEVER NV CVA 1.61%
AIA GROUP LTD 1.58%
SOFTBANK CORP 1.50%
ISUZU MOTORS LTD 1.39%
BG GROUP PLC 1.37%
INTESA SANPAOLO 1.36%
Total 17.28%
December 31, 2013
ROCHE HOLDING AG 2.25%
TOYOTA MOTOR CORP 2.06%
ASSA ABLOY AB B 1.65%
NOVARTIS AG REG 1.60%
AIA GROUP LTD 1.51%
NOVO NORDISK A/S B 1.29%
AIR LIQUIDE SA 1.25%
FANUC CORP 1.24%
PERSIMMON PLC 1.19%
RECKITT BENCKISER GROUP PLC 1.16%
Total 15.19%
Regions
  December 31, 2014
  Portfolio Benchmark + / -
Africa/Mideast 4.12% 0.62% 3.50%
Asia/Pacific 24.36% 34.06% -9.69%
Europe 63.87% 64.99% -1.11%
North America 4.84% 0.17% 4.67%
  September 30, 2014
  Portfolio Benchmark + / -
Africa/Mideast 3.57% 0.61% 2.97%
Asia/Pacific 27.18% 34.13% -6.95%
Europe 62.75% 65.03% -2.27%
North America 6.29% 0.20% 6.09%
  December 31, 2013
  Portfolio Benchmark + / -
Africa/Mideast 1.82% 0.53% 1.29%
Asia/Pacific 22.09% 33.68% -11.59%
Europe 63.58% 65.58% -2.01%
Latin America 1.45% 0.00% 1.45%
North America 11.06% 0.21% 10.86%
Countries
  December 31, 2014
  Portfolio Benchmark + / -
Australia 2.32% 7.37% -5.05%
Austria 1.04% 0.28% 0.76%
Belgium 0.16% 1.35% -1.19%
Canada 1.56% 0.00% 1.56%
China Free 0.32% 0.00% 0.32%
Denmark 0.89% 1.56% -0.67%
Finland 0.84% 0.95% -0.11%
France 6.28% 8.99% -2.72%
Germany 6.94% 8.72% -1.78%
Hong Kong 1.45% 2.60% -1.15%
India 0.72% 0.00% 0.72%
Ireland 1.13% 0.42% 0.71%
Israel 1.38% 0.62% 0.76%
Italy 3.51% 2.36% 1.15%
Japan 16.88% 22.16% -5.28%
Korea 0.49% 0.00% 0.49%
Malaysia 0.36% 0.00% 0.36%
Netherlands 6.40% 3.10% 3.30%
New Zealand 0.09% 0.28% -0.18%
Norway 1.83% 0.78% 1.06%
Philippines 0.71% 0.00% 0.71%
Portugal 0.01% 0.18% -0.17%
Singapore 0.23% 1.65% -1.42%
South Africa 2.74% 0.00% 2.74%
Spain 2.48% 3.33% -0.85%
Sweden 3.48% 3.08% 0.40%
Switzerland 7.03% 8.62% -1.59%
Taiwan 0.79% 0.00% 0.79%
United Kingdom 21.86% 21.27% 0.59%
United States 3.28% 0.17% 3.11%
  September 30, 2014
  Portfolio Benchmark + / -
Australia 3.06% 7.40% -4.35%
Austria 1.03% 0.29% 0.74%
Belgium 0.14% 1.30% -1.15%
Canada 1.17% 0.00% 1.17%
China Free 0.22% 0.00% 0.22%
Denmark 0.30% 1.60% -1.30%
Finland 0.07% 0.94% -0.87%
France 7.84% 9.17% -1.33%
Germany 7.02% 8.39% -1.36%
Hong Kong 3.01% 2.89% 0.11%
India 0.77% 0.00% 0.77%
Ireland 0.99% 0.39% 0.60%
Israel 1.22% 0.61% 0.61%
Italy 3.72% 2.59% 1.12%
Japan 17.91% 21.94% -4.03%
Korea 0.22% 0.00% 0.22%
Netherlands 4.68% 2.57% 2.11%
New Zealand 0.08% 0.25% -0.16%
Norway 2.76% 0.96% 1.81%
Philippines 0.76% 0.00% 0.76%
Portugal 0.02% 0.22% -0.20%
Singapore 0.23% 1.65% -1.42%
South Africa 2.36% 0.00% 2.36%
Spain 2.61% 3.47% -0.86%
Sweden 2.64% 3.18% -0.54%
Switzerland 8.89% 8.52% 0.37%
Taiwan 0.93% 0.00% 0.93%
United Kingdom 20.02% 21.44% -1.42%
United States 5.13% 0.20% 4.92%
  December 31, 2013
  Portfolio Benchmark + / -
Argentina 0.44% 0.00% 0.44%
Australia 2.10% 7.35% -5.24%
Austria 0.52% 0.33% 0.19%
Belgium 0.49% 1.21% -0.72%
Bermuda 0.01% 0.08% -0.07%
Brazil 1.01% 0.00% 1.01%
Canada 3.15% 0.00% 3.15%
China Free 0.00% 0.04% -0.04%
Denmark 1.34% 1.32% 0.02%
Faroe Islands 0.00% 0.00% -0.00%
Finland 0.71% 0.99% -0.27%
France 10.33% 8.77% 1.56%
Germany 5.32% 8.98% -3.65%
Hong Kong 3.36% 2.88% 0.48%
Indonesia 0.00% 0.01% -0.01%
Ireland 0.65% 0.43% 0.22%
Israel 0.62% 0.52% 0.10%
Italy 1.17% 2.29% -1.12%
Japan 14.29% 21.63% -7.34%
Luxembourg 0.00% 0.34% -0.34%
Mexico 0.00% 0.02% -0.02%
Netherlands 4.21% 3.02% 1.19%
New Zealand 0.04% 0.23% -0.19%
Norway 2.30% 0.96% 1.34%
Philippines 0.42% 0.00% 0.42%
Portugal 0.03% 0.21% -0.18%
Russia 1.48% 0.00% 1.48%
Singapore 0.15% 1.54% -1.40%
South Africa 1.20% 0.00% 1.20%
Spain 3.60% 3.18% 0.42%
Sweden 3.55% 3.28% 0.27%
Switzerland 9.13% 8.21% 0.92%
Taiwan 1.48% 0.01% 1.48%
Thailand 0.24% 0.00% 0.24%
U.A.E 0.00% 0.01% -0.01%
United Kingdom 18.74% 22.05% -3.31%
United States 7.90% 0.12% 7.79%
PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Investable Market Index for the quarter ending 12/31/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 24.64% 25.49% -4.90% -2.62% -0.01% -0.56% -0.57%
Consumer Disc. 17.34% 12.73% 3.79% 2.73% 0.28% 0.16% 0.43%
Health Care 12.03% 10.62% -5.68% -4.92% -0.02% -0.06% -0.09%
Industrials 11.16% 13.63% 0.18% -3.81% 0.02% 0.45% 0.46%
Consumer Staples 10.22% 10.46% -2.52% -1.40% -0.01% -0.12% -0.13%
Telecomm Services 5.81% 4.57% -7.08% -0.44% 0.04% -0.39% -0.36%
Materials 5.71% 7.81% 0.58% -4.75% 0.03% 0.30% 0.33%
Information Tech 5.61% 5.25% 6.49% -1.07% 0.02% 0.39% 0.41%
Energy 4.47% 5.81% -23.25% -19.70% 0.25% -0.20% 0.05%
Utilities 3.03% 3.64% -0.64% -3.85% 0.00% 0.10% 0.10%
Total 100.00% 100.00% -2.75% -3.38% 0.58% 0.06% 0.63%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Aspen Pharmacare Holdings Limited Health Care 0.26%
CVS Health Corporation Consumer Staples 0.22%
Dialog Semiconductor plc Information Tech 0.21%
Check Point Software Technologies Ltd. Information Tech 0.21%
Numericable-SFR SA Consumer Disc. 0.20%
Persimmon Plc Consumer Disc. 0.18%
Naspers Limited Class N Consumer Disc. 0.16%
Total SA Energy 0.15%
Brenntag AG Industrials 0.15%
Meggitt PLC Industrials 0.14%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight 0.28%
Energy Underweight 0.25%
Telecomm Services Overweight 0.04%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Aspen Pharmacare Holdings Limited Health Care 0.22%
Numericable-SFR SA Consumer Disc. 0.20%
CVS Health Corporation Consumer Staples 0.19%
Dialog Semiconductor plc Information Tech 0.18%
Check Point Software Technologies Ltd. Information Tech 0.17%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Statoil ASA Sponsored ADR Energy -0.31%
BG Group plc Energy -0.26%
Sanofi Health Care -0.17%
DNB ASA Financials -0.15%
Isuzu Motors Limited Consumer Disc. -0.13%
Nippon Telegraph and Telephone Corporation Sponsored ADR Telecomm Services -0.13%
SoftBank Corp. Telecomm Services -0.12%
Roche Holding Ltd Genusssch. Health Care -0.11%
Unit Corporation Energy -0.11%
Woolworths Ltd Consumer Staples -0.10%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Overweight -0.02%
Consumer Staples Underweight -0.01%
Financials Underweight -0.01%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
BG Group plc Energy -0.41%
Sanofi Health Care -0.35%
Statoil ASA Sponsored ADR Energy -0.34%
Roche Holding Ltd Genusssch. Health Care -0.30%
SoftBank Corp. Telecomm Services -0.23%
PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Investable Market Index for the period ending 12/31/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 24.81% 25.17% -11.21% -4.51% -0.02% -1.74% -1.76%
Consumer Disc. 19.19% 12.66% -2.81% -4.44% -0.14% 0.29% 0.14%
Industrials 13.05% 13.84% -4.44% -7.31% 0.03% 0.29% 0.31%
Health Care 11.07% 10.12% 8.25% 6.14% 0.09% 0.25% 0.34%
Consumer Staples 9.76% 10.38% -3.39% -1.78% -0.02% -0.15% -0.17%
Information Tech 5.81% 5.12% 0.04% -1.17% -0.04% 0.03% -0.01%
Telecomm Services 5.42% 4.59% -8.97% -3.87% 0.05% -0.30% -0.26%
Materials 4.56% 8.17% -6.99% -9.58% 0.14% 0.22% 0.36%
Energy 4.09% 6.40% -24.03% -19.97% 0.24% -0.20% 0.04%
Utilities 2.25% 3.54% 15.42% 4.19% -0.15% 0.24% 0.09%
Total 100.00% 100.00% -5.44% -4.51% 0.18% -1.08% -0.93%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Aspen Pharmacare Holdings Limited Health Care 0.41%
Persimmon Plc Consumer Disc. 0.33%
CVS Health Corporation Consumer Staples 0.31%
Check Point Software Technologies Ltd. Information Tech 0.27%
Numericable-SFR SA Consumer Disc. 0.20%
Dialog Semiconductor plc Information Tech 0.20%
Novo Nordisk A/S Class B Health Care 0.20%
AIA Group Limited Financials 0.18%
Ashtead Group plc Industrials 0.17%
Astellas Pharma Inc. Health Care 0.16%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.24%
Materials Underweight 0.14%
Health Care Overweight 0.09%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Aspen Pharmacare Holdings Limited Health Care 0.34%
Novo Nordisk A/S Class B Health Care 0.30%
Persimmon Plc Consumer Disc. 0.30%
CVS Health Corporation Consumer Staples 0.26%
Check Point Software Technologies Ltd. Information Tech 0.21%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
BG Group plc Energy -0.32%
SoftBank Corp. Telecomm Services -0.28%
Yandex NV Class A Information Tech -0.24%
adidas AG Consumer Disc. -0.23%
Mizuho Financial Group, Inc. Financials -0.21%
ORIX Corporation Financials -0.20%
Mitsubishi Estate Company, Limited Financials -0.19%
Statoil ASA Sponsored ADR Energy -0.19%
Sumitomo Mitsui Trust Holdings, Inc. Financials -0.16%
Sberbank Russia OJSC Sponsored ADR Financials -0.15%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.15%
Consumer Disc. Overweight -0.14%
Information Tech Overweight -0.04%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
BG Group plc Energy -0.56%
SoftBank Corp. Telecomm Services -0.53%
Mizuho Financial Group, Inc. Financials -0.34%
ORIX Corporation Financials -0.34%
adidas AG Consumer Disc. -0.28%

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