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) -0.58 7.81 17.76 n/a n/a n/a 17.09 10/31/2011
Russell 1000 Value Index -0.19 8.07 18.89 23.93 15.26 7.84 20.16  
Lipper Equity Income Funds Average -1.09 6.13 15.02 19.28 13.78 7.83 16.09  
Characteristics
  September 30, 2014
  Portfolio Benchmark
Number of Holdings 52 690
W. Avg Cap. (mils) $116,644.0 $111,505.2
W. Median Cap (mils) $86,714.5 $58,486.6
P/E 1-year trailing 16.1 16.5
P/E 1-year forward 14.5 15.3
EPS Growth, past 3 years 9.7% 9.8%
EPS Growth, next 3 - 5 years 7.4% 9.0%
Price to Book 2.1 1.8
Price to Sales 1.6 1.4
Dividend Yield 3.1% 2.3%
Active Share 70.9% N/A
June 30, 2014
Portfolio Benchmark
51 685
$115,280.0 $103,551.9
$75,036.5 $52,411.9
15.5 16.1
14.6 15.3
10.5% 7.8%
7.6% 9.3%
2.2 1.9
1.5 1.4
3.1% 2.3%
71.4% N/A
December 31, 2013
Portfolio Benchmark
55 662
$115,506.2 $108,938.9
$68,983.5 $50,284.4
16.2 15.6
14.8 15.0
11.0% 9.5%
8.1% 9.2%
2.2 1.8
1.6 1.4
2.8% 2.2%
65.1% N/A
Sector Weights / Percentage of Holdings (ex-cash)
  September 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 7.67% 6.21% 1.46%
Consumer Staples 11.21% 7.06% 4.15%
Energy 14.35% 12.86% 1.50%
Financials 21.44% 29.17% -7.73%
Health Care 11.78% 13.51% -1.73%
Industrials 11.29% 10.17% 1.12%
Information Tech 7.62% 9.38% -1.76%
Materials 4.24% 3.33% 0.91%
Telecomm Services 6.30% 2.29% 4.01%
Utilities 4.10% 6.03% -1.94%
June 30, 2014
Portfolio Benchmark + / -
7.49% 6.28% 1.20%
11.04% 6.87% 4.17%
15.09% 13.91% 1.18%
20.33% 28.48% -8.16%
12.10% 13.15% -1.05%
11.36% 10.47% 0.89%
7.84% 8.91% -1.07%
4.12% 3.35% 0.77%
6.42% 2.28% 4.14%
4.22% 6.30% -2.08%
December 31, 2013
Portfolio Benchmark + / -
8.54% 6.57% 1.98%
8.19% 5.90% 2.29%
11.15% 15.03% -3.88%
24.76% 28.97% -4.21%
12.34% 12.92% -0.58%
10.26% 10.50% -0.24%
10.25% 8.92% 1.32%
4.24% 2.93% 1.31%
7.36% 2.52% 4.84%
2.90% 5.74% -2.83%
Top Ten Holdings / Percentage of Net Assets
September 30, 2014
TARGET CORP 3.04%
CONOCOPHILLIPS 3.01%
AT+T INC 2.99%
WELLS FARGO + CO 2.99%
PROCTER + GAMBLE CO/THE 2.98%
GENERAL ELECTRIC CO 2.98%
PFIZER INC 2.97%
ROYAL DUTCH SHELL SPON ADR A 2.97%
JOHNSON + JOHNSON 2.53%
MICROSOFT CORP 2.51%
Total 28.97%
June 30, 2014
ROYAL DUTCH SHELL PLC ADR 3.14%
WELLS FARGO + CO 3.07%
CONOCOPHILLIPS 3.07%
AT+T INC 3.03%
PFIZER INC W/D 3.03%
PROCTER + GAMBLE CO/THE 3.00%
TARGET CORP 2.99%
GENERAL ELECTRIC CO 2.98%
OCCIDENTAL PETROLEUM CORP 2.79%
GLAXOSMITHKLINE PLC SPON ADR 2.78%
Total 29.88%
December 31, 2013
GENERAL ELECTRIC CO 3.00%
JOHNSON + JOHNSON 2.97%
AT+T INC 2.97%
PFIZER INC 2.73%
EXXON MOBIL CORP 2.54%
JPMORGAN CHASE + CO 2.53%
ROYAL DUTCH SHELL PLC ADR 2.53%
PNC FINANCIAL SERVICES GROUP 2.48%
DOW CHEMICAL CO/THE 2.46%
APPLE INC 2.43%
Total 26.63%
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 20.74% 28.72% -0.12% 2.01% -0.17% -0.44% -0.61%
Energy 14.63% 13.57% -9.21% -7.70% -0.08% -0.25% -0.33%
Health Care 11.99% 13.27% -1.27% 2.54% -0.03% -0.45% -0.48%
Industrials 11.32% 10.26% -1.38% -2.90% -0.02% 0.17% 0.15%
Consumer Staples 11.09% 6.97% 1.70% 2.88% 0.13% -0.13% 0.00%
Information Tech 7.91% 9.22% 6.76% 5.16% -0.06% 0.12% 0.06%
Consumer Disc. 7.65% 6.33% 7.85% -1.25% -0.01% 0.67% 0.65%
Telecomm Services 6.40% 2.26% 0.20% 1.01% 0.05% -0.05% -0.00%
Materials 4.16% 3.39% 5.66% -1.58% -0.01% 0.30% 0.29%
Utilities 4.11% 6.01% -2.59% -4.41% 0.09% 0.08% 0.17%
Total 100.00% 100.00% -0.29% -0.19% -0.12% 0.02% -0.10%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Target Corporation Consumer Disc. 0.25%
Exxon Mobil Corporation Energy 0.25%
Chevron Corporation Energy 0.19%
ConAgra Foods, Inc. Consumer Staples 0.17%
E. I. du Pont de Nemours and Company Materials 0.16%
Norfolk Southern Corporation Industrials 0.16%
Darden Restaurants, Inc. Consumer Disc. 0.16%
Microsoft Corporation Information Tech 0.16%
Waste Management, Inc. Industrials 0.15%
Apple Inc. Information Tech 0.14%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Overweight 0.13%
Utilities Underweight 0.09%
Telecomm Services Overweight 0.05%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Microsoft Corporation Information Tech 0.30%
Target Corporation Consumer Disc. 0.27%
Procter & Gamble Company Consumer Staples 0.23%
ConAgra Foods, Inc. Consumer Staples 0.19%
Norfolk Southern Corporation Industrials 0.18%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
GlaxoSmithKline plc Sponsored ADR Health Care -0.36%
BP p.l.c. Sponsored ADR Energy -0.35%
Eaton Corp. Plc Industrials -0.31%
Statoil ASA Sponsored ADR Energy -0.29%
Unilever NV ADR Consumer Staples -0.22%
Berkshire Hathaway Inc. Class B Financials -0.22%
ConocoPhillips Energy -0.21%
ROYAL DUTCH SHELL PLC - ADR Energy -0.21%
Intel Corporation Information Tech -0.19%
Bank of America Corporation Financials -0.18%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight -0.17%
Energy Overweight -0.08%
Information Tech Underweight -0.06%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Eaton Corp. Plc Industrials -0.37%
GlaxoSmithKline plc Sponsored ADR Health Care -0.36%
BP p.l.c. Sponsored ADR Energy -0.36%
ConocoPhillips Energy -0.32%
Statoil ASA Sponsored ADR Energy -0.30%
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 22.00% 28.77% 8.80% 7.68% 0.04% 0.33% 0.37%
Energy 14.91% 14.41% 6.96% 1.79% 0.07% 0.76% 0.83%
Health Care 12.47% 13.34% 7.43% 14.61% -0.06% -0.80% -0.86%
Industrials 10.46% 10.28% 3.51% 0.99% 0.00% 0.25% 0.25%
Consumer Staples 8.75% 6.20% 8.96% 6.55% 0.06% 0.11% 0.17%
Information Tech 8.54% 9.09% 21.96% 20.47% -0.10% 0.00% -0.10%
Consumer Disc. 8.26% 6.40% 6.22% 2.56% -0.10% 0.22% 0.12%
Telecomm Services 7.29% 2.38% 3.60% 5.57% 0.21% -0.27% -0.06%
Materials 4.19% 3.09% 18.12% 7.51% 0.00% 0.44% 0.44%
Utilities 3.12% 6.04% 25.27% 13.05% -0.22% 0.21% -0.00%
Total 100.00% 100.00% 9.24% 8.07% -0.11% 1.27% 1.17%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Exxon Mobil Corporation Energy 0.51%
Apple Inc. Information Tech 0.30%
Microsoft Corporation Information Tech 0.28%
Dow Chemical Company Materials 0.27%
Chevron Corporation Energy 0.25%
Norfolk Southern Corporation Industrials 0.25%
Procter & Gamble Company Consumer Staples 0.24%
Statoil ASA Sponsored ADR Energy 0.18%
Edison International Utilities 0.16%
Citigroup Inc. Financials 0.15%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Overweight 0.21%
Energy Overweight 0.07%
Consumer Staples Overweight 0.06%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Apple Inc. Information Tech 0.60%
Microsoft Corporation Information Tech 0.59%
Johnson & Johnson Health Care 0.58%
Dow Chemical Company Materials 0.55%
Merck & Co., Inc. Health Care 0.49%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
GlaxoSmithKline plc Sponsored ADR Health Care -0.52%
Intel Corporation Information Tech -0.34%
Eaton Corp. Plc Industrials -0.34%
BP p.l.c. Sponsored ADR Energy -0.28%
Berkshire Hathaway Inc. Class B Financials -0.19%
Unilever NV ADR Consumer Staples -0.16%
CME Group Inc. Class A Financials -0.15%
Hewlett-Packard Company Information Tech -0.12%
Paychex, Inc. Information Tech -0.11%
Target Corporation Consumer Disc. -0.11%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.22%
Consumer Disc. Overweight -0.10%
Information Tech Underweight -0.10%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
GlaxoSmithKline plc Sponsored ADR Health Care -0.31%
Eaton Corp. Plc Industrials -0.28%
General Electric Company Industrials -0.19%
BP p.l.c. Sponsored ADR Energy -0.15%
CME Group Inc. Class A Financials -0.12%
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 22.31% 28.83% 18.24% 17.76% 0.08% 0.16% 0.24%
Energy 14.90% 14.55% 18.36% 11.94% 0.08% 0.87% 0.96%
Health Care 12.53% 13.27% 15.69% 24.81% -0.04% -0.95% -0.99%
Industrials 10.26% 10.28% 21.85% 15.95% -0.01% 0.52% 0.51%
Information Tech 8.76% 9.01% 37.15% 35.02% -0.07% 0.04% -0.02%
Consumer Staples 8.55% 6.14% 20.56% 18.93% 0.11% 0.03% 0.14%
Consumer Disc. 8.34% 6.42% 12.52% 14.10% -0.08% -0.25% -0.32%
Telecomm Services 7.26% 2.42% 8.63% 13.13% 0.08% -0.44% -0.36%
Materials 4.07% 3.04% 35.57% 19.49% 0.03% 0.60% 0.63%
Utilities 3.00% 6.04% 32.25% 16.03% 0.06% 0.30% 0.36%
Total 100.00% 100.00% 20.04% 18.89% 0.24% 0.88% 1.16%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Norfolk Southern Corporation Industrials 0.45%
Chevron Corporation Energy 0.45%
Dow Chemical Company Materials 0.42%
Apple Inc. Information Tech 0.37%
Microsoft Corporation Information Tech 0.36%
Exxon Mobil Corporation Energy 0.34%
Phillips 66 Energy 0.34%
Tyco International Ltd. Industrials 0.30%
Procter & Gamble Company Consumer Staples 0.26%
Seagate Technology PLC Information Tech 0.24%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Overweight 0.11%
Energy Overweight 0.08%
Telecomm Services Overweight 0.08%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Apple Inc. Information Tech 1.02%
Dow Chemical Company Materials 0.96%
Norfolk Southern Corporation Industrials 0.93%
Microsoft Corporation Information Tech 0.90%
Johnson & Johnson Health Care 0.81%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
GlaxoSmithKline plc Sponsored ADR Health Care -0.58%
Intel Corporation Information Tech -0.40%
Target Corporation Consumer Disc. -0.33%
BP p.l.c. Sponsored ADR Energy -0.28%
Eaton Corp. Plc Industrials -0.27%
BCE Inc. Telecomm Services -0.26%
Hewlett-Packard Company Information Tech -0.24%
Unilever NV ADR Consumer Staples -0.21%
Walt Disney Company Consumer Disc. -0.16%
McDonald's Corporation Consumer Disc. -0.15%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight -0.08%
Information Tech Underweight -0.07%
Health Care Underweight -0.04%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
BP p.l.c. Sponsored ADR Energy -0.15%
Eaton Corp. Plc Industrials -0.13%
GlaxoSmithKline plc Sponsored ADR Health Care -0.12%
General Motors Company Consumer Disc. -0.10%
Fifth Third Bancorp Financials -0.04%

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