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) 4.39 6.68 21.95 15.54 16.55 6.78 6.67 12/29/1999
Russell 1000 Value Index 5.10 8.28 23.81 16.92 19.23 8.03 6.56  
Lipper Large-Cap Value Funds Average 4.36 6.77 22.73 15.02 17.24 7.08 6.24  
Characteristics
  June 30, 2014
  Portfolio Benchmark
Number of Holdings 51 685
W. Avg Cap. (mils) $97,524.0 $103,551.9
W. Median Cap (mils) $63,111.6 $52,411.9
P/E 1-year trailing 16.5 16.1
P/E 1-year forward 14.8 15.3
EPS Growth, past 3 years 5.8% 7.8%
EPS Growth, next 3 - 5 years 9.8% 9.3%
Price to Book 1.8 1.9
Price to Sales 1.6 1.4
Dividend Yield 2.1% 2.3%
Active Share 71.4% N/A
March 31, 2014
Portfolio Benchmark
44 664
$98,315.7 $106,799.9
$63,998.2 $50,280.8
16.1 15.8
14.1 14.7
6.9% 10.2%
9.8% 9.6%
1.8 1.8
1.6 1.4
2.1% 2.2%
73.5% 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)
  June 30, 2014
  Portfolio Benchmark
Average Annual Return 15.54% 16.92%
Standard Deviation 12.97% 13.00%
Beta vs. Market 0.99 1.00
Excess Return -1.38% 0.00%
R-Squared 97.84% 100.00%
Tracking Error 1.91% 0.00%
Information Ratio -0.72 0.00
Sharpe Ratio 1.19 1.30
March 31, 2014
Portfolio Benchmark
13.38% 14.80%
13.23% 13.22%
0.99 1.00
-1.42% 0.00%
97.79% 100.00%
1.97% 0.00%
-0.72 0.00
1.01 1.11
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)
  June 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 9.70% 6.28% 3.41%
Consumer Staples 7.90% 6.87% 1.04%
Energy 14.99% 13.91% 1.08%
Financials 24.08% 28.48% -4.40%
Health Care 13.25% 13.15% 0.10%
Industrials 9.62% 10.47% -0.85%
Information Tech 9.89% 8.91% 0.98%
Materials 4.05% 3.35% 0.70%
Telecomm Services 4.08% 2.28% 1.81%
Utilities 2.44% 6.30% -3.86%
March 31, 2014
Portfolio Benchmark + / -
9.62% 6.41% 3.21%
6.57% 5.83% 0.74%
12.60% 14.53% -1.93%
25.27% 29.09% -3.82%
13.36% 13.53% -0.18%
10.13% 10.17% -0.04%
10.59% 8.96% 1.63%
4.79% 2.94% 1.86%
5.46% 2.47% 2.99%
1.62% 6.08% -4.46%
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
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%
March 31, 2014
GENERAL ELECTRIC CO 3.31%
CAPITAL ONE FINANCIAL CORP 3.19%
OCCIDENTAL PETROLEUM CORP 3.16%
MARATHON OIL CORP 3.12%
DEVON ENERGY CORPORATION 3.09%
PFIZER INC 2.94%
CVS CAREMARK CORP 2.88%
BANK OF AMERICA CORP 2.76%
TIME WARNER INC 2.71%
AT+T INC 2.65%
Total 29.82%
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 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 24.02% 28.48% 1.70% 1.95% 0.14% -0.05% 0.08%
Energy 14.83% 15.11% 12.17% 10.47% -0.01% 0.22% 0.21%
Health Care 13.61% 13.34% 5.06% 3.35% 0.00% 0.22% 0.22%
Information Tech 10.15% 9.06% 1.25% 10.55% 0.05% -0.92% -0.87%
Industrials 9.84% 10.26% 4.80% 4.08% 0.00% 0.06% 0.07%
Consumer Disc. 9.57% 6.40% 7.87% 6.00% 0.04% 0.17% 0.21%
Consumer Staples 6.47% 5.77% 4.53% 1.73% -0.03% 0.18% 0.15%
Telecomm Services 4.69% 2.47% 4.44% 2.93% -0.02% 0.07% 0.05%
Materials 4.60% 2.95% 2.83% 5.79% 0.00% -0.10% -0.10%
Utilities 2.21% 6.16% 3.13% 7.85% -0.13% -0.08% -0.21%
Total 100.00% 100.00% 4.91% 5.10% 0.05% -0.23% -0.19%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Devon Energy Corporation Energy 0.35%
JPMorgan Chase & Co. Financials 0.24%
Marathon Oil Corporation Energy 0.21%
ROYAL DUTCH SHELL PLC - ADR Energy 0.20%
Covidien Plc Health Care 0.19%
DIRECTV Consumer Disc. 0.18%
Time Warner Inc. Consumer Disc. 0.16%
Zoetis, Inc. Class A Health Care 0.16%
Procter & Gamble Company Consumer Staples 0.13%
Cisco Systems, Inc. Information Tech 0.07%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight 0.14%
Information Tech Overweight 0.05%
Consumer Disc. Overweight 0.04%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Devon Energy Corporation Energy 0.53%
Marathon Oil Corporation Energy 0.40%
Time Warner Inc. Consumer Disc. 0.35%
Covidien Plc Health Care 0.33%
ROYAL DUTCH SHELL PLC - ADR Energy 0.33%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
eBay Inc. Information Tech -0.37%
Apple Inc. Information Tech -0.19%
Intel Corporation Information Tech -0.19%
Target Corporation Consumer Disc. -0.17%
ConocoPhillips Energy -0.16%
Bank of America Corporation Financials -0.14%
BB&T Corporation Financials -0.14%
Chevron Corporation Energy -0.14%
E. I. du Pont de Nemours and Company Materials -0.13%
International Business Machines Corporation Information Tech -0.13%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.13%
Consumer Staples Overweight -0.03%
Telecomm Services Overweight -0.02%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Bank of America Corporation Financials -0.32%
eBay Inc. Information Tech -0.24%
Pfizer Inc. Health Care -0.22%
Target Corporation Consumer Disc. -0.08%
International Business Machines Corporation Information Tech -0.06%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Value 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 24.74% 28.80% 4.31% 5.56% 0.12% -0.32% -0.20%
Energy 14.64% 14.84% 15.70% 10.28% 0.03% 0.72% 0.74%
Health Care 13.50% 13.37% 7.19% 11.78% 0.00% -0.62% -0.62%
Industrials 10.18% 10.29% 4.88% 4.01% 0.02% 0.08% 0.10%
Consumer Disc. 9.75% 6.43% 7.20% 3.85% -0.14% 0.31% 0.17%
Information Tech 9.21% 9.02% 6.81% 14.56% 0.05% -0.76% -0.71%
Consumer Staples 6.45% 5.81% 8.26% 3.56% -0.04% 0.30% 0.26%
Materials 4.96% 2.94% 10.87% 9.24% 0.01% 0.16% 0.17%
Telecomm Services 4.80% 2.44% 5.62% 4.51% -0.03% 0.03% -0.00%
Utilities 1.76% 6.06% 10.72% 18.27% -0.41% -0.09% -0.50%
Total 100.00% 100.00% 7.69% 8.28% -0.40% -0.19% -0.59%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Devon Energy Corporation Energy 0.51%
Exxon Mobil Corporation Energy 0.35%
DIRECTV Consumer Disc. 0.33%
Covidien Plc Health Care 0.31%
Dow Chemical Company Materials 0.25%
PNC Financial Services Group, Inc. Financials 0.22%
ROYAL DUTCH SHELL PLC - ADR Energy 0.22%
Procter & Gamble Company Consumer Staples 0.21%
JPMorgan Chase & Co. Financials 0.20%
Union Pacific Corporation Industrials 0.15%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight 0.12%
Information Tech Overweight 0.05%
Energy Underweight 0.03%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Devon Energy Corporation Energy 0.82%
Covidien Plc Health Care 0.56%
Dow Chemical Company Materials 0.48%
DIRECTV Consumer Disc. 0.46%
Marathon Oil Corporation Energy 0.42%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
eBay Inc. Information Tech -0.42%
Target Corporation Consumer Disc. -0.34%
Zoetis, Inc. Class A Health Care -0.28%
Citigroup Inc. Financials -0.23%
Wells Fargo & Company Financials -0.21%
Johnson & Johnson Health Care -0.18%
Intel Corporation Information Tech -0.15%
ConocoPhillips Energy -0.13%
International Business Machines Corporation Information Tech -0.13%
Goldman Sachs Group, Inc. Financials -0.12%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.41%
Consumer Disc. Overweight -0.14%
Consumer Staples Overweight -0.04%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Citigroup Inc. Financials -0.31%
eBay Inc. Information Tech -0.21%
Target Corporation Consumer Disc. -0.18%
General Electric Company Industrials -0.17%
WellPoint, Inc. Health Care -0.09%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Value 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 25.00% 28.96% 20.30% 18.20% 0.24% 0.60% 0.83%
Energy 15.33% 14.91% 36.11% 25.38% 0.03% 1.39% 1.42%
Health Care 13.34% 13.20% 21.07% 27.14% 0.02% -0.72% -0.69%
Consumer Disc. 10.11% 6.42% 22.82% 24.94% 0.11% -0.29% -0.17%
Industrials 9.18% 10.17% 27.72% 29.87% -0.16% -0.13% -0.29%
Information Tech 8.24% 8.92% 16.54% 34.97% 0.03% -1.37% -1.34%
Consumer Staples 7.08% 5.89% 22.24% 17.87% 0.03% 0.15% 0.18%
Materials 4.72% 2.89% 48.16% 35.54% 0.28% 0.63% 0.91%
Telecomm Services 4.26% 2.53% 10.64% 9.00% -0.18% 0.03% -0.15%
Utilities 2.75% 6.11% 12.71% 21.25% -0.03% -0.18% -0.21%
Total 100.00% 100.00% 24.31% 23.81% 0.37% 0.12% 0.50%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Dow Chemical Company Materials 0.87%
Devon Energy Corporation Energy 0.73%
Cisco Systems, Inc. Information Tech 0.45%
Phillips 66 Energy 0.44%
Tyco International Ltd. Industrials 0.43%
Procter & Gamble Company Consumer Staples 0.37%
Covidien Plc Health Care 0.37%
Exxon Mobil Corporation Energy 0.36%
TE Connectivity Ltd. Information Tech 0.28%
DIRECTV Consumer Disc. 0.27%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Overweight 0.28%
Financials Underweight 0.24%
Consumer Disc. Overweight 0.11%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Dow Chemical Company Materials 1.58%
Devon Energy Corporation Energy 1.45%
Tyco International Ltd. Industrials 1.02%
CVS Caremark Corporation Consumer Staples 0.98%
Capital One Financial Corporation Financials 0.93%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Target Corporation Consumer Disc. -0.87%
eBay Inc. Information Tech -0.50%
International Business Machines Corporation Information Tech -0.44%
Apple Inc. Information Tech -0.41%
Zoetis, Inc. Class A Health Care -0.37%
Southern Company Utilities -0.31%
Citigroup Inc. Financials -0.30%
Wells Fargo & Company Financials -0.24%
Unilever NV ADR Consumer Staples -0.21%
PepsiCo, Inc. Consumer Staples -0.18%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Overweight -0.18%
Industrials Underweight -0.16%
Utilities Underweight -0.03%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Target Corporation Consumer Disc. -0.36%
Citigroup Inc. Financials -0.12%
Southern Company Utilities -0.07%
International Business Machines Corporation Information Tech -0.03%
eBay Inc. Information Tech -0.01%

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