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) 0.08 6.77 18.08 22.15 13.09 6.80 6.56 12/29/1999
Russell 1000 Value Index -0.19 8.07 18.89 23.93 15.26 7.84 6.44  
Lipper Large-Cap Value Funds Average -0.13 6.60 17.04 22.30 13.64 7.03 6.14  
Characteristics
  September 30, 2014
  Portfolio Benchmark
Number of Holdings 48 690
W. Avg Cap. (mils) $103,740.5 $111,505.2
W. Median Cap (mils) $70,277.8 $58,486.6
P/E 1-year trailing 16.6 16.5
P/E 1-year forward 15.0 15.3
EPS Growth, past 3 years 6.0% 9.8%
EPS Growth, next 3 - 5 years 10.3% 9.0%
Price to Book 1.8 1.8
Price to Sales 1.8 1.4
Dividend Yield 2.0% 2.3%
Active Share 72.8% N/A
June 30, 2014
Portfolio Benchmark
51 685
$97,524.0 $103,551.9
$63,111.6 $52,411.9
16.5 16.1
14.8 15.3
5.8% 7.8%
9.8% 9.3%
1.8 1.9
1.6 1.4
2.1% 2.3%
71.4% N/A
December 31, 2013
Portfolio Benchmark
43 662
$90,006.9 $108,938.9
$53,733.5 $50,284.4
16.6 15.6
15.3 15.0
7.1% 9.5%
10.1% 9.2%
1.8 1.8
1.5 1.4
2.0% 2.2%
74.6% N/A
Returns Based Statistics (3 Year)
  September 30, 2014
  Portfolio Benchmark
Average Annual Return 22.15% 23.93%
Standard Deviation 11.03% 10.98%
Beta vs. Market 0.99 1.00
Excess Return -1.78% 0.00%
R-Squared 97.05% 100.00%
Tracking Error 1.90% 0.00%
Information Ratio -0.94 0.00
Sharpe Ratio 2.00 2.17
June 30, 2014
Portfolio Benchmark
15.54% 16.92%
12.97% 13.00%
0.99 1.00
-1.38% 0.00%
97.84% 100.00%
1.91% 0.00%
-0.72 0.00
1.19 1.30
December 31, 2013
Portfolio Benchmark
14.40% 16.06%
12.95% 12.88%
0.99 1.00
-1.66% 0.00%
97.63% 100.00%
2.00% 0.00%
-0.83 0.00
1.11 1.24
Sector Weights / Percentage of Holdings (ex-cash)
  September 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 8.73% 6.21% 2.52%
Consumer Staples 10.82% 7.06% 3.77%
Energy 14.67% 12.86% 1.81%
Financials 23.37% 29.17% -5.80%
Health Care 14.47% 13.51% 0.96%
Industrials 12.82% 10.17% 2.65%
Information Tech 10.85% 9.38% 1.47%
Materials 0.00% 3.33% -3.33%
Telecomm Services 1.90% 2.29% -0.39%
Utilities 2.37% 6.03% -3.66%
June 30, 2014
Portfolio Benchmark + / -
9.70% 6.28% 3.41%
7.90% 6.87% 1.04%
14.99% 13.91% 1.08%
24.08% 28.48% -4.40%
13.25% 13.15% 0.10%
9.62% 10.47% -0.85%
9.89% 8.91% 0.98%
4.05% 3.35% 0.70%
4.08% 2.28% 1.81%
2.44% 6.30% -3.86%
December 31, 2013
Portfolio Benchmark + / -
10.19% 6.57% 3.62%
6.58% 5.90% 0.67%
12.11% 15.03% -2.92%
26.09% 28.97% -2.88%
12.81% 12.92% -0.11%
9.50% 10.50% -1.00%
9.96% 8.92% 1.04%
5.91% 2.93% 2.98%
5.00% 2.52% 2.48%
1.85% 5.74% -3.88%
Top Ten Holdings / Percentage of Net Assets
September 30, 2014
GENERAL ELECTRIC CO 2.94%
COMCAST CORP CLASS A 2.91%
TIME WARNER INC 2.80%
NATIONAL OILWELL VARCO INC 2.71%
BANK OF AMERICA CORP 2.67%
MORGAN STANLEY 2.67%
PROCTER + GAMBLE CO/THE 2.62%
CITIGROUP INC 2.58%
EBAY INC 2.55%
PFIZER INC 2.43%
Total 26.89%
June 30, 2014
GENERAL ELECTRIC CO 3.00%
TIME WARNER INC 2.61%
METLIFE INC 2.55%
GOLDMAN SACHS GROUP INC 2.50%
MORGAN STANLEY 2.49%
EATON CORP PLC 2.49%
PROCTER + GAMBLE CO/THE 2.45%
PFIZER INC W/D 2.43%
CAPITAL ONE FINANCIAL CORP 2.43%
COMCAST CORP CLASS A 2.42%
Total 25.37%
December 31, 2013
GENERAL ELECTRIC CO 3.42%
CAPITAL ONE FINANCIAL CORP 3.30%
DOW CHEMICAL CO/THE 3.29%
OCCIDENTAL PETROLEUM CORP 3.28%
MARATHON OIL CORP 3.23%
TYCO INTERNATIONAL LTD 3.15%
PNC FINANCIAL SERVICES GROUP 3.09%
BB+T CORP 3.09%
DEVON ENERGY CORPORATION 2.97%
CITIGROUP INC 2.97%
Total 31.81%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Value 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
Financials 23.60% 28.72% 3.43% 2.01% -0.12% 0.31% 0.19%
Energy 14.32% 13.57% -9.23% -7.70% -0.04% -0.26% -0.30%
Health Care 13.97% 13.27% 3.77% 2.54% 0.04% 0.17% 0.21%
Industrials 11.42% 10.26% -4.97% -2.90% 0.00% -0.23% -0.23%
Information Tech 10.42% 9.22% 6.46% 5.16% 0.06% 0.12% 0.18%
Consumer Disc. 9.76% 6.33% 3.46% -1.25% -0.03% 0.46% 0.43%
Consumer Staples 9.21% 6.97% 2.19% 2.88% 0.05% -0.07% -0.02%
Telecomm Services 3.20% 2.26% 0.44% 1.01% -0.05% -0.03% -0.07%
Utilities 2.34% 6.01% -2.22% -4.41% 0.17% 0.05% 0.22%
Materials 1.77% 3.39% 0.60% -1.58% 0.11% 0.03% 0.14%
Total 100.00% 100.00% 0.55% -0.19% 0.19% 0.55% 0.74%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
eBay Inc. Information Tech 0.31%
Zoetis, Inc. Class A Health Care 0.28%
Exxon Mobil Corporation Energy 0.25%
Chevron Corporation Energy 0.19%
Target Corporation Consumer Disc. 0.17%
Union Pacific Corporation Industrials 0.17%
Morgan Stanley Financials 0.16%
Time Warner Inc. Consumer Disc. 0.15%
Sanofi Sponsored ADR Health Care 0.15%
Goldman Sachs Group, Inc. Financials 0.11%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight 0.17%
Materials Underweight 0.11%
Information Tech Overweight 0.06%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
eBay Inc. Information Tech 0.31%
Bank of America Corporation Financials 0.28%
Zoetis, Inc. Class A Health Care 0.28%
Citigroup Inc. Financials 0.25%
Microsoft Corporation Information Tech 0.20%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Eaton Corp. Plc Industrials -0.38%
Devon Energy Corporation Energy -0.26%
Southwestern Energy Company Energy -0.25%
BP p.l.c. Sponsored ADR Energy -0.22%
Intel Corporation Information Tech -0.19%
Unilever NV ADR Consumer Staples -0.16%
ROYAL DUTCH SHELL PLC - ADR Energy -0.16%
National Oilwell Varco, Inc. Energy -0.15%
Marathon Oil Corporation Energy -0.11%
BB&T Corporation Financials -0.10%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight -0.12%
Telecomm Services Overweight -0.05%
Energy Overweight -0.04%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Eaton Corp. Plc Industrials -0.44%
Devon Energy Corporation Energy -0.31%
Southwestern Energy Company Energy -0.24%
National Oilwell Varco, Inc. Energy -0.20%
BP p.l.c. Sponsored ADR Energy -0.19%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Value 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
Financials 24.35% 28.77% 7.89% 7.68% 0.00% -0.00% -0.00%
Energy 14.53% 14.41% 5.02% 1.79% -0.01% 0.47% 0.45%
Health Care 13.66% 13.34% 11.23% 14.61% 0.04% -0.45% -0.41%
Industrials 10.60% 10.28% -0.33% 0.99% 0.03% -0.15% -0.12%
Consumer Disc. 9.75% 6.40% 10.91% 2.56% -0.17% 0.77% 0.60%
Information Tech 9.62% 9.09% 13.70% 20.47% 0.12% -0.64% -0.52%
Consumer Staples 7.39% 6.20% 10.64% 6.55% 0.02% 0.23% 0.24%
Telecomm Services 4.26% 2.38% 6.08% 5.57% -0.08% 0.01% -0.07%
Materials 3.88% 3.09% 11.54% 7.51% 0.12% 0.20% 0.32%
Utilities 1.96% 6.04% 8.26% 13.05% -0.24% -0.04% -0.28%
Total 100.00% 100.00% 8.28% 8.07% -0.19% 0.39% 0.21%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Exxon Mobil Corporation Energy 0.60%
DIRECTV Consumer Disc. 0.34%
Union Pacific Corporation Industrials 0.32%
Dow Chemical Company Materials 0.31%
Covidien Plc Health Care 0.28%
Devon Energy Corporation Energy 0.26%
Procter & Gamble Company Consumer Staples 0.26%
Chevron Corporation Energy 0.25%
Time Warner Inc. Consumer Disc. 0.21%
PNC Financial Services Group, Inc. Financials 0.18%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Overweight 0.12%
Information Tech Overweight 0.12%
Health Care Overweight 0.04%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Devon Energy Corporation Energy 0.52%
Dow Chemical Company Materials 0.52%
Covidien Plc Health Care 0.51%
Union Pacific Corporation Industrials 0.50%
Time Warner Inc. Consumer Disc. 0.47%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Eaton Corp. Plc Industrials -0.50%
Intel Corporation Information Tech -0.35%
Southwestern Energy Company Energy -0.25%
Johnson & Johnson Health Care -0.25%
Wells Fargo & Company Financials -0.20%
BP p.l.c. Sponsored ADR Energy -0.18%
National Oilwell Varco, Inc. Energy -0.17%
Target Corporation Consumer Disc. -0.17%
WellPoint, Inc. Health Care -0.15%
Citigroup Inc. Financials -0.13%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.24%
Consumer Disc. Overweight -0.17%
Telecomm Services Overweight -0.08%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Eaton Corp. Plc Industrials -0.39%
Southwestern Energy Company Energy -0.23%
General Electric Company Industrials -0.22%
National Oilwell Varco, Inc. Energy -0.20%
Fifth Third Bancorp Financials -0.11%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Value 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
Financials 24.59% 28.83% 20.12% 17.76% 0.04% 0.53% 0.58%
Energy 14.80% 14.55% 17.20% 11.94% -0.01% 0.76% 0.75%
Health Care 13.71% 13.27% 21.66% 24.81% 0.07% -0.39% -0.32%
Industrials 10.09% 10.28% 16.23% 15.95% -0.04% 0.02% -0.02%
Consumer Disc. 9.87% 6.42% 19.99% 14.10% -0.12% 0.45% 0.33%
Information Tech 9.07% 9.01% 19.76% 35.02% 0.12% -1.17% -1.05%
Consumer Staples 7.48% 6.14% 27.08% 18.93% 0.11% 0.43% 0.54%
Telecomm Services 4.23% 2.42% 11.49% 13.13% -0.18% -0.08% -0.26%
Materials 3.98% 3.04% 28.09% 19.49% 0.20% 0.43% 0.63%
Utilities 2.18% 6.04% 13.39% 16.03% 0.07% 0.03% 0.10%
Total 100.00% 100.00% 20.18% 18.89% 0.26% 1.00% 1.29%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Dow Chemical Company Materials 0.57%
Phillips 66 Energy 0.45%
DIRECTV Consumer Disc. 0.45%
Chevron Corporation Energy 0.44%
Exxon Mobil Corporation Energy 0.41%
CVS Health Corporation Consumer Staples 0.39%
Procter & Gamble Company Consumer Staples 0.37%
Cisco Systems, Inc. Information Tech 0.36%
Tyco International Ltd. Industrials 0.32%
Union Pacific Corporation Industrials 0.32%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Overweight 0.20%
Information Tech Overweight 0.12%
Consumer Staples Overweight 0.11%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
CVS Health Corporation Consumer Staples 1.10%
Dow Chemical Company Materials 1.07%
Phillips 66 Energy 0.92%
Devon Energy Corporation Energy 0.82%
Tyco International Ltd. Industrials 0.81%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Eaton Corp. Plc Industrials -0.45%
Target Corporation Consumer Disc. -0.44%
Intel Corporation Information Tech -0.40%
eBay Inc. Information Tech -0.28%
International Business Machines Corporation Information Tech -0.27%
BCE Inc. Telecomm Services -0.25%
Southwestern Energy Company Energy -0.25%
Hewlett-Packard Company Information Tech -0.24%
Wells Fargo & Company Financials -0.24%
Marathon Oil Corporation Energy -0.22%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Overweight -0.18%
Consumer Disc. Overweight -0.12%
Industrials Underweight -0.04%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Eaton Corp. Plc Industrials -0.26%
Southwestern Energy Company Energy -0.23%
National Oilwell Varco, Inc. Energy -0.20%
Fifth Third Bancorp Financials -0.11%
BP p.l.c. Sponsored ADR Energy -0.08%

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