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) 2.51 1.62 17.43 6.54 9.22 3.50 4.13 7/2/1992
MSCI EAFE Investable Market Index 4.08 5.22 24.73 8.79 12.65 7.65 n/a  
Lipper International Multi-Cap Growth Funds Average 3.35 3.16 20.25 6.53 11.80 6.73 6.61  
Characteristics
  June 30, 2014
  Portfolio Benchmark
Number of Holdings 231 3,081
W. Avg Cap. (mils) $51,048.6 $49,834.7
W. Median Cap (mils) $30,625.6 $25,550.4
P/E 1-year trailing 17.3 15.7
P/E 1-year forward 15.4 14.9
EPS Growth, past 3 years 14.4% 7.2%
EPS Growth, next 3 - 5 years 11.2% 10.6%
Price to Book 2.1 1.7
Price to Sales 1.3 1.0
Dividend Yield 2.5% 2.9%
Active Share 73.5% N/A
March 31, 2014
Portfolio Benchmark
225 3,068
$49,614.7 $48,081.4
$29,721.0 $24,729.3
17.3 15.3
15.1 14.4
11.0% 8.7%
12.1% 11.7%
2.1 1.6
1.3 1.0
2.4% 3.0%
73.2% 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)
  June 30, 2014
  Portfolio Benchmark
Average Annual Return 6.55% 8.79%
Standard Deviation 15.51% 16.23%
Beta vs. Market 0.94 1.00
Excess Return -2.24% 0.00%
R-Squared 96.47% 100.00%
Tracking Error 3.08% 0.00%
Information Ratio -0.73 0.00
Sharpe Ratio 0.42 0.54
March 31, 2014
Portfolio Benchmark
6.16% 7.96%
15.86% 16.68%
0.93 1.00
-1.80% 0.00%
96.51% 100.00%
3.16% 0.00%
-0.57 0.00
0.39 0.47
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)
  June 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 19.59% 12.43% 7.16%
Consumer Staples 9.04% 10.45% -1.41%
Energy 4.19% 6.87% -2.68%
Financials 24.40% 24.85% -0.45%
Health Care 11.27% 10.05% 1.22%
Industrials 14.84% 13.99% 0.86%
Information Tech 4.94% 5.02% -0.08%
Materials 4.17% 8.22% -4.05%
Telecomm Services 5.25% 4.48% 0.78%
Utilities 2.31% 3.64% -1.32%
March 31, 2014
Portfolio Benchmark + / -
20.20% 12.67% 7.53%
10.10% 10.32% -0.22%
4.16% 6.51% -2.35%
25.11% 24.97% 0.14%
10.29% 9.89% 0.40%
12.87% 14.18% -1.31%
6.02% 5.10% 0.92%
4.11% 8.34% -4.23%
5.15% 4.51% 0.64%
1.99% 3.51% -1.53%
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
June 30, 2014
ROCHE HOLDING AG GENUSSCHEIN 2.26%
TOYOTA MOTOR CORP 2.06%
PERSIMMON PLC 1.34%
AIA GROUP LTD 1.23%
ASSA ABLOY AB B 1.22%
SCHNEIDER ELECTRIC SE 1.20%
AIR LIQUIDE SA 1.20%
SOFTBANK CORP 1.11%
ORIX CORP 1.04%
MIZUHO FINANCIAL GROUP INC 1.01%
Total 13.66%
March 31, 2014
ROCHE HOLDING AG GENUSSCHEIN 2.23%
TOYOTA MOTOR CORP 1.97%
PERSIMMON PLC 1.38%
AIA GROUP LTD 1.26%
ASSA ABLOY AB B 1.26%
SCHNEIDER ELECTRIC SA 1.20%
SOFTBANK CORP 1.16%
AIR LIQUIDE SA 1.16%
MIZUHO FINANCIAL GROUP INC 1.02%
NOVO NORDISK A/S B 1.02%
Total 13.65%
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
  June 30, 2014
  Portfolio Benchmark + / -
Africa/Mideast 2.20% 0.58% 1.63%
Asia/Pacific 24.22% 33.46% -9.24%
Europe 64.46% 65.70% -1.25%
Latin America 0.29% 0.00% 0.29%
North America 8.83% 0.26% 8.56%
  March 31, 2014
  Portfolio Benchmark + / -
Africa/Mideast 2.55% 0.60% 1.95%
Asia/Pacific 24.67% 32.60% -7.93%
Europe 64.24% 66.44% -2.19%
Latin America 0.46% 0.00% 0.46%
North America 8.08% 0.36% 7.71%
  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
  June 30, 2014
  Portfolio Benchmark + / -
Australia 3.70% 7.62% -3.92%
Austria 0.84% 0.34% 0.50%
Belgium 0.15% 1.26% -1.11%
Brazil 0.29% 0.00% 0.29%
Canada 2.18% 0.00% 2.18%
Denmark 0.91% 1.54% -0.64%
Finland 0.57% 0.94% -0.37%
France 10.15% 9.39% 0.76%
Germany 5.77% 8.90% -3.14%
Hong Kong 2.49% 2.83% -0.33%
India 0.48% 0.00% 0.48%
Ireland 0.68% 0.37% 0.31%
Israel 0.88% 0.58% 0.30%
Italy 1.80% 2.69% -0.88%
Japan 15.43% 21.18% -5.75%
Netherlands 5.44% 2.55% 2.89%
New Zealand 0.08% 0.26% -0.18%
Norway 2.61% 0.95% 1.66%
Philippines 0.65% 0.00% 0.65%
Portugal 0.04% 0.25% -0.21%
Singapore 0.21% 1.57% -1.36%
South Africa 1.33% 0.00% 1.33%
Spain 2.99% 3.53% -0.54%
Sweden 2.90% 3.20% -0.30%
Switzerland 9.07% 8.36% 0.70%
Taiwan 1.19% 0.00% 1.19%
United Kingdom 20.53% 21.41% -0.88%
United States 6.65% 0.26% 6.38%
  March 31, 2014
  Portfolio Benchmark + / -
Australia 3.68% 7.68% -4.00%
Austria 0.74% 0.35% 0.39%
Belgium 0.36% 1.18% -0.82%
Bermuda 0.01% 0.07% -0.06%
Brazil 0.46% 0.00% 0.46%
Canada 2.10% 0.01% 2.10%
China 0.00% 0.07% -0.07%
Denmark 1.12% 1.50% -0.38%
Finland 0.60% 1.00% -0.39%
France 11.32% 9.07% 2.25%
Germany 6.15% 8.98% -2.83%
Gibraltar 0.00% 0.01% -0.01%
Hong Kong 2.95% 2.60% 0.35%
India 0.57% 0.00% 0.57%
Indonesia 0.00% 0.00% -0.00%
Ireland 1.49% 0.84% 0.65%
Israel 0.94% 0.59% 0.35%
Italy 1.59% 2.66% -1.07%
Japan 15.18% 20.45% -5.27%
Luxembourg 0.00% 0.40% -0.40%
Malta 0.00% 0.01% -0.01%
Mexico 0.00% 0.02% -0.02%
Netherlands 4.81% 4.58% 0.23%
New Zealand 0.07% 0.26% -0.19%
Norway 2.38% 0.83% 1.55%
Philippines 0.60% 0.00% 0.60%
Portugal 0.04% 0.25% -0.20%
Singapore 0.20% 1.54% -1.33%
South Africa 1.61% 0.00% 1.61%
Spain 3.64% 3.40% 0.24%
Sweden 2.63% 3.35% -0.73%
Switzerland 9.75% 9.16% 0.59%
Taiwan 1.41% 0.00% 1.41%
United Arab Emirates 0.00% 0.01% -0.01%
United Kingdom 17.60% 18.86% -1.25%
United States 5.97% 0.27% 5.69%
  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 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%
United Arab Emirates 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 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
Financials 25.01% 25.05% 1.51% 2.75% 0.01% -0.31% -0.30%
Consumer Disc. 19.88% 12.50% 2.80% 2.87% -0.10% -0.01% -0.11%
Industrials 13.74% 14.02% 2.17% 2.69% 0.01% -0.07% -0.06%
Health Care 10.34% 9.90% 3.31% 5.56% 0.00% -0.23% -0.23%
Consumer Staples 9.77% 10.47% 3.30% 6.19% -0.01% -0.27% -0.28%
Information Tech 5.74% 4.96% 0.62% 0.87% -0.05% 0.00% -0.05%
Telecomm Services 5.05% 4.49% 5.65% 3.80% 0.00% 0.09% 0.09%
Energy 4.24% 6.77% 14.44% 11.05% -0.16% 0.13% -0.03%
Materials 4.05% 8.33% 4.52% 3.50% 0.03% 0.04% 0.06%
Utilities 2.17% 3.52% 10.42% 6.71% -0.03% 0.07% 0.04%
Total 100.00% 100.00% 3.22% 4.08% -0.30% -0.56% -0.86%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Orix Corporation Financials 0.12%
EOG Resources, Inc. Energy 0.11%
Suncor Energy Inc. Energy 0.11%
Isuzu Motors Limited Consumer Disc. 0.08%
Canadian National Railway Company Industrials 0.08%
ALS Ltd. Industrials 0.08%
Air Liquide SA Materials 0.08%
Statoil ASA Sponsored ADR Energy 0.08%
HUGO BOSS AG Consumer Disc. 0.07%
Nippon Telegraph and Telephone Corporation Sponsored ADR Telecomm Services 0.07%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight 0.03%
Financials Underweight 0.01%
Industrials Underweight 0.01%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Orix Corporation Financials 0.17%
Air Liquide SA Materials 0.15%
EOG Resources, Inc. Energy 0.14%
BG Group plc Energy 0.14%
Suncor Energy Inc. Energy 0.13%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Mediobanca S.p.A. Financials -0.16%
lululemon athletica inc. Consumer Disc. -0.16%
Kingfisher Plc Consumer Disc. -0.10%
Shire PLC Health Care -0.10%
Royal Dutch Shell Plc Class A Energy -0.10%
Credit Suisse Group AG Financials -0.09%
Wipro Limited Sponsored ADR Information Tech -0.09%
ASSA ABLOY AB Class B Industrials -0.08%
BP p.l.c. Energy -0.07%
Total SA Energy -0.07%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight -0.16%
Consumer Disc. Overweight -0.10%
Information Tech Overweight -0.05%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
lululemon athletica inc. Consumer Disc. -0.14%
Mediobanca S.p.A. Financials -0.13%
Credit Suisse Group AG Financials -0.10%
BNP Paribas SA Class A Financials -0.09%
Kingfisher Plc Consumer Disc. -0.09%
PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Investable Market 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
Financials 25.18% 25.03% -1.84% 2.96% -0.00% -1.26% -1.26%
Consumer Disc. 20.53% 12.64% 0.81% 1.57% -0.30% -0.11% -0.41%
Industrials 13.64% 14.06% 1.52% 3.87% 0.01% -0.33% -0.32%
Health Care 10.28% 9.85% 12.36% 11.79% 0.02% 0.07% 0.09%
Consumer Staples 9.58% 10.33% 6.76% 7.08% -0.00% 0.00% -0.00%
Information Tech 6.26% 5.04% -3.09% 1.78% -0.06% -0.34% -0.40%
Telecomm Services 4.96% 4.68% 1.97% 2.13% -0.00% 0.01% 0.01%
Materials 4.05% 8.31% 3.29% 4.72% 0.02% -0.06% -0.05%
Energy 3.77% 6.61% 16.58% 12.52% -0.15% 0.20% 0.05%
Utilities 1.76% 3.45% 21.13% 14.58% -0.16% 0.11% -0.06%
Total 100.00% 100.00% 2.88% 5.22% -0.62% -1.71% -2.34%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Novo Nordisk A/S Class B Health Care 0.20%
Statoil ASA Sponsored ADR Energy 0.18%
EOG Resources, Inc. Energy 0.17%
Vodafone Group PLC Telecomm Services 0.15%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR Information Tech 0.12%
Aryzta AG Consumer Staples 0.12%
Compagnie Generale des Etablissements Michelin SCA Consumer Disc. 0.11%
Macquarie Group Limited Financials 0.10%
Suncor Energy Inc. Energy 0.10%
Sumitomo Mitsui Financial Group, Inc. Financials 0.10%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Overweight 0.02%
Materials Underweight 0.02%
Industrials Underweight 0.01%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Novo Nordisk A/S Class B Health Care 0.36%
Roche Holding Ltd Genusssch. Health Care 0.25%
Statoil ASA Sponsored ADR Energy 0.24%
EOG Resources, Inc. Energy 0.22%
Novartis AG Health Care 0.18%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
lululemon athletica inc. Consumer Disc. -0.26%
Yandex NV Class A Information Tech -0.26%
Mitsubishi Estate Company, Limited Financials -0.20%
Kubota Corporation Industrials -0.18%
SoftBank Corp. Telecomm Services -0.17%
Sberbank Russia OJSC Sponsored ADR Financials -0.16%
adidas AG Consumer Disc. -0.15%
SJM Holdings Limited Consumer Disc. -0.15%
Sumitomo Mitsui Trust Holdings, Inc. Financials -0.15%
Total SA Energy -0.13%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight -0.30%
Utilities Underweight -0.16%
Energy Underweight -0.15%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Yandex NV Class A Information Tech -0.26%
lululemon athletica inc. Consumer Disc. -0.23%
Mitsubishi Estate Company, Limited Financials -0.22%
SoftBank Corp. Telecomm Services -0.22%
Kubota Corporation Industrials -0.18%
PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Investable Market 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
Financials 24.45% 24.97% 19.50% 23.33% -0.04% -0.85% -0.90%
Consumer Disc. 21.91% 12.72% 17.56% 22.11% -0.13% -0.91% -1.05%
Industrials 13.69% 13.96% 24.98% 25.97% -0.02% -0.09% -0.12%
Health Care 9.95% 9.69% 26.07% 27.40% -0.01% -0.12% -0.13%
Consumer Staples 8.86% 10.48% 16.08% 18.33% 0.20% -0.14% 0.05%
Information Tech 7.22% 5.00% 16.76% 22.93% -0.02% -0.36% -0.39%
Materials 5.27% 8.34% 15.15% 24.54% 0.02% -0.64% -0.63%
Telecomm Services 4.25% 4.81% 29.71% 34.20% -0.17% -0.13% -0.31%
Energy 3.14% 6.59% 38.15% 32.10% -0.11% 0.22% 0.10%
Utilities 1.27% 3.44% 18.89% 28.24% -0.01% -0.03% -0.05%
Total 100.00% 100.00% 21.27% 24.72% -0.29% -3.05% -3.44%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Mediobanca S.p.A. Financials 0.25%
Continental AG Consumer Disc. 0.25%
Macquarie Group Limited Financials 0.19%
Novo Nordisk A/S Class B Health Care 0.19%
Statoil ASA Sponsored ADR Energy 0.18%
EOG Resources, Inc. Energy 0.17%
Nielsen N.V. Industrials 0.17%
Aon plc Financials 0.13%
ING Groep NV Cert. of Shs Financials 0.12%
Deutsche Post AG Industrials 0.12%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Underweight 0.20%
Materials Underweight 0.02%
Health Care Overweight -0.01%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Novo Nordisk A/S Class B Health Care 0.60%
Roche Holding Ltd Genusssch. Health Care 0.54%
Continental AG Consumer Disc. 0.48%
Nielsen N.V. Industrials 0.44%
Novartis AG Health Care 0.43%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
lululemon athletica inc. Consumer Disc. -0.47%
Banco Santander S.A. Financials -0.27%
Toyota Motor Corp. Consumer Disc. -0.26%
adidas AG Consumer Disc. -0.23%
Kubota Corporation Industrials -0.22%
Total SA Energy -0.22%
Mitsubishi Estate Company, Limited Financials -0.21%
Natura Cosmeticos S.A. Consumer Staples -0.20%
Sberbank Russia OJSC Sponsored ADR Financials -0.20%
Nitto Denko Corp. Materials -0.19%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Underweight -0.17%
Consumer Disc. Overweight -0.13%
Energy Underweight -0.11%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
lululemon athletica inc. Consumer Disc. -0.29%
Nitto Denko Corp. Materials -0.14%
Natura Cosmeticos S.A. Consumer Staples -0.12%
Mitsubishi Estate Company, Limited Financials -0.12%
Sberbank Russia OJSC Sponsored ADR Financials -0.11%

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