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) 1.50 8.38 8.38 18.40 12.48 5.98 6.55 12/29/1999
Russell 1000 Value Index 4.98 13.45 13.45 20.89 15.42 7.30 6.67  
Lipper Large-Cap Value Funds Average 3.83 10.59 10.59 19.16 13.46 6.35 6.29  
Characteristics
  December 31, 2014
  Portfolio Benchmark
Number of Holdings 40 704
W. Avg Cap. (mils) $109,617.3 $112,631.5
W. Median Cap (mils) $72,057.9 $59,062.8
P/E 1-year trailing 16.4 16.3
P/E 1-year forward 15.2 16.2
EPS Growth, past 3 years 11.6% 12.9%
EPS Growth, next 3 - 5 years 8.1% 8.8%
Price to Book 1.8 1.9
Price to Sales 1.9 0.1
Dividend Yield 2.4% 2.2%
Active Share 80.4% N/A
September 30, 2014
Portfolio Benchmark
48 690
$103,740.5 $111,505.2
$70,277.8 $58,486.6
16.6 16.5
15.0 15.3
6.0% 9.8%
10.3% 9.0%
1.8 1.8
1.8 1.4
2.0% 2.3%
72.8% 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)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 18.40% 20.89%
Standard Deviation 9.48% 9.33%
Beta vs. Market 0.99 1.00
Excess Return -2.49% 0.00%
R-Squared 94.33% 100.00%
Tracking Error 2.26% 0.00%
Information Ratio -1.10 0.00
Sharpe Ratio 1.94 2.23
September 30, 2014
Portfolio Benchmark
22.15% 23.93%
11.03% 10.98%
0.99 1.00
-1.78% 0.00%
97.05% 100.00%
1.90% 0.00%
-0.94 0.00
2.00 2.17
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)
  December 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 6.91% 6.58% 0.34%
Consumer Staples 8.53% 7.38% 1.15%
Energy 10.68% 11.28% -0.59%
Financials 24.17% 29.87% -5.70%
Health Care 13.05% 13.70% -0.66%
Industrials 13.33% 10.08% 3.25%
Information Tech 13.55% 9.55% 4.00%
Materials 2.05% 3.04% -1.00%
Telecomm Services 5.08% 2.08% 3.00%
Utilities 2.65% 6.44% -3.79%
September 30, 2014
Portfolio Benchmark + / -
8.73% 6.21% 2.52%
10.82% 7.06% 3.77%
14.67% 12.86% 1.81%
23.37% 29.17% -5.80%
14.47% 13.51% 0.96%
12.82% 10.17% 2.65%
10.85% 9.38% 1.47%
0.00% 3.33% -3.33%
1.90% 2.29% -0.39%
2.37% 6.03% -3.66%
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
December 31, 2014
PNC FINANCIAL SERVICES GROUP 5.02%
PFIZER INC 4.34%
JPMORGAN CHASE + CO 4.01%
GENERAL ELECTRIC CO 3.92%
DEERE + CO 3.47%
MICROSOFT CORP 3.40%
MORGAN STANLEY 3.05%
FIFTH THIRD BANCORP 2.99%
VODAFONE GROUP PLC SP ADR 2.90%
PROCTER + GAMBLE CO/THE 2.78%
Total 35.87%
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%
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 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 23.71% 29.54% 5.18% 7.31% -0.12% -0.50% -0.62%
Health Care 14.48% 13.75% 4.02% 6.91% 0.07% -0.45% -0.38%
Industrials 13.14% 10.19% 3.35% 4.68% -0.00% -0.17% -0.17%
Energy 12.86% 11.80% -16.54% -9.36% -0.32% -1.13% -1.45%
Information Tech 11.33% 9.41% -1.04% 6.89% 0.01% -0.90% -0.89%
Consumer Staples 11.04% 7.30% 11.30% 10.12% 0.24% 0.13% 0.37%
Consumer Disc. 8.06% 6.31% 11.98% 11.55% 0.10% 0.05% 0.16%
Utilities 2.59% 6.34% 17.27% 12.68% -0.27% 0.11% -0.16%
Telecomm Services 2.45% 2.19% -3.63% -3.72% 0.03% -0.01% 0.03%
Materials 0.35% 3.18% 2.50% -3.59% 0.29% -0.05% 0.24%
Total 100.00% 100.00% 2.10% 4.98% 0.02% -2.91% -2.88%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Walgreens Boots Alliance Inc Consumer Staples 0.43%
FirstEnergy Corp. Utilities 0.27%
Zoetis, Inc. Class A Health Care 0.27%
Exxon Mobil Corporation Energy 0.23%
Chevron Corporation Energy 0.22%
Time Warner Inc. Consumer Disc. 0.19%
Covidien Plc Health Care 0.18%
Morgan Stanley Financials 0.17%
Target Corporation Consumer Disc. 0.16%
Johnson & Johnson Health Care 0.16%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight 0.29%
Consumer Staples Overweight 0.24%
Consumer Disc. Overweight 0.10%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Walgreens Boots Alliance Inc Consumer Staples 0.57%
FirstEnergy Corp. Utilities 0.42%
Morgan Stanley Financials 0.36%
Time Warner Inc. Consumer Disc. 0.35%
CVS Health Corporation Consumer Staples 0.30%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Noble Energy, Inc. Energy -1.04%
Sanofi Health Care -0.59%
National Oilwell Varco, Inc. Energy -0.51%
Marathon Oil Corporation Energy -0.44%
Google Inc. Class C Information Tech -0.27%
Occidental Petroleum Corporation Energy -0.27%
Devon Energy Corporation Energy -0.26%
Royal Dutch Shell Plc Class A Energy -0.20%
International Business Machines Corporation Information Tech -0.17%
Google Inc. Class A Information Tech -0.16%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Overweight -0.32%
Utilities Underweight -0.27%
Financials Underweight -0.12%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Noble Energy, Inc. Energy -0.92%
Marathon Oil Corporation Energy -0.47%
Sanofi Health Care -0.46%
National Oilwell Varco, Inc. Energy -0.41%
Occidental Petroleum Corporation Energy -0.30%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Value 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 24.19% 28.97% 13.47% 15.56% -0.13% -0.52% -0.65%
Energy 14.11% 13.75% -12.33% -7.74% -0.34% -0.67% -1.01%
Health Care 13.87% 13.44% 16.00% 22.53% 0.10% -0.89% -0.79%
Industrials 11.25% 10.25% 3.01% 5.72% 0.02% -0.33% -0.31%
Information Tech 10.06% 9.17% 12.52% 28.77% 0.12% -1.56% -1.45%
Consumer Disc. 9.32% 6.38% 24.20% 14.40% -0.08% 0.83% 0.75%
Consumer Staples 8.32% 6.48% 23.26% 17.33% 0.25% 0.36% 0.61%
Telecomm Services 3.80% 2.33% 2.23% 1.65% -0.06% -0.01% -0.06%
Materials 2.98% 3.11% 14.33% 3.66% 0.41% 0.14% 0.55%
Utilities 2.12% 6.12% 26.96% 27.39% -0.52% 0.06% -0.47%
Total 100.00% 100.00% 10.62% 13.46% -0.24% -2.58% -2.84%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Exxon Mobil Corporation Energy 0.84%
Chevron Corporation Energy 0.48%
Covidien Plc Health Care 0.46%
Time Warner Inc. Consumer Disc. 0.41%
Dow Chemical Company Materials 0.41%
Union Pacific Corporation Industrials 0.40%
Walgreens Boots Alliance Inc Consumer Staples 0.37%
DIRECTV Consumer Disc. 0.35%
Procter & Gamble Company Consumer Staples 0.29%
Zoetis, Inc. Class A Health Care 0.27%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight 0.41%
Consumer Staples Overweight 0.25%
Information Tech Overweight 0.12%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Time Warner Inc. Consumer Disc. 0.82%
Covidien Plc Health Care 0.75%
CVS Health Corporation Consumer Staples 0.65%
Cisco Systems, Inc. Information Tech 0.65%
Morgan Stanley Financials 0.64%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Noble Energy, Inc. Energy -1.05%
National Oilwell Varco, Inc. Energy -0.69%
Eaton Corp. Plc Industrials -0.45%
Sanofi Health Care -0.44%
Marathon Oil Corporation Energy -0.41%
Occidental Petroleum Corporation Energy -0.35%
Intel Corporation Information Tech -0.35%
Google Inc. Class C Information Tech -0.26%
Southwestern Energy Company Energy -0.26%
eBay Inc. Information Tech -0.25%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.52%
Energy Overweight -0.34%
Financials Underweight -0.13%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Noble Energy, Inc. Energy -0.95%
National Oilwell Varco, Inc. Energy -0.61%
Southwestern Energy Company Energy -0.24%
Eaton Corp. Plc Industrials -0.19%
General Electric Company Industrials -0.19%

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