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) 5.20 8.44 22.18 n/a n/a n/a 19.11 10/31/2011
Russell 1000 Value Index 5.10 8.28 23.81 16.92 19.23 8.03 22.35  
Lipper Equity Income Funds Average 5.03 7.29 20.97 14.09 17.07 8.01 18.21  
Characteristics
  June 30, 2014
  Portfolio Benchmark
Number of Holdings 51 685
W. Avg Cap. (mils) $115,280.0 $103,551.9
W. Median Cap (mils) $75,036.5 $52,411.9
P/E 1-year trailing 15.5 16.1
P/E 1-year forward 14.6 15.3
EPS Growth, past 3 years 10.5% 7.8%
EPS Growth, next 3 - 5 years 7.6% 9.3%
Price to Book 2.2 1.9
Price to Sales 1.5 1.4
Dividend Yield 3.1% 2.3%
Active Share 71.4% N/A
March 31, 2014
Portfolio Benchmark
50 664
$120,366.7 $106,799.9
$76,809.5 $50,280.8
15.0 15.8
13.6 14.7
12.5% 10.2%
8.0% 9.6%
2.2 1.8
1.5 1.4
3.0% 2.2%
67.4% 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)
  June 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 7.49% 6.28% 1.20%
Consumer Staples 11.04% 6.87% 4.17%
Energy 15.09% 13.91% 1.18%
Financials 20.33% 28.48% -8.16%
Health Care 12.10% 13.15% -1.05%
Industrials 11.36% 10.47% 0.89%
Information Tech 7.84% 8.91% -1.07%
Materials 4.12% 3.35% 0.77%
Telecomm Services 6.42% 2.28% 4.14%
Utilities 4.22% 6.30% -2.08%
March 31, 2014
Portfolio Benchmark + / -
9.67% 6.41% 3.26%
6.54% 5.83% 0.70%
13.09% 14.53% -1.44%
24.14% 29.09% -4.95%
13.51% 13.53% -0.02%
9.26% 10.17% -0.90%
8.20% 8.96% -0.76%
4.27% 2.94% 1.33%
9.81% 2.47% 7.34%
1.51% 6.08% -4.57%
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
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%
March 31, 2014
AT+T INC 3.13%
JOHNSON + JOHNSON 3.12%
ROYAL DUTCH SHELL PLC ADR 3.02%
GENERAL ELECTRIC CO 3.00%
PFIZER INC 2.74%
JPMORGAN CHASE + CO 2.67%
EXXON MOBIL CORP 2.59%
WELLS FARGO + CO 2.54%
BCE INC 2.53%
DOW CHEMICAL CO/THE 2.50%
Total 27.84%
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 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 22.06% 28.48% 3.24% 1.95% 0.22% 0.30% 0.52%
Energy 15.49% 15.11% 14.32% 10.47% 0.08% 0.52% 0.61%
Health Care 13.23% 13.34% 1.84% 3.35% 0.02% -0.19% -0.17%
Industrials 10.39% 10.26% 5.04% 4.08% -0.02% 0.11% 0.08%
Consumer Disc. 8.62% 6.40% 1.58% 6.00% 0.01% -0.33% -0.33%
Information Tech 8.08% 9.06% 10.95% 10.55% -0.05% 0.02% -0.03%
Telecomm Services 7.68% 2.47% 3.42% 2.93% 0.11% -0.01% 0.10%
Consumer Staples 6.85% 5.77% 5.25% 1.73% -0.05% 0.26% 0.21%
Materials 4.24% 2.95% 3.49% 5.79% 0.01% -0.08% -0.08%
Utilities 3.36% 6.16% 3.22% 7.85% -0.08% -0.11% -0.18%
Total 100.00% 100.00% 5.84% 5.10% 0.25% 0.49% 0.73%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
ConocoPhillips Energy 0.31%
Bank of America Corporation Financials 0.30%
ROYAL DUTCH SHELL PLC - ADR Energy 0.27%
Apple Inc. Information Tech 0.24%
Statoil ASA Sponsored ADR Energy 0.17%
Marathon Oil Corporation Energy 0.16%
Procter & Gamble Company Consumer Staples 0.11%
Exxon Mobil Corporation Energy 0.11%
Citigroup Inc. Financials 0.09%
Berkshire Hathaway Inc. Class B Financials 0.09%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight 0.22%
Telecomm Services Overweight 0.11%
Energy Overweight 0.08%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
ConocoPhillips Energy 0.62%
Apple Inc. Information Tech 0.56%
ROYAL DUTCH SHELL PLC - ADR Energy 0.43%
Statoil ASA Sponsored ADR Energy 0.30%
Marathon Oil Corporation Energy 0.25%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Target Corporation Consumer Disc. -0.22%
Intel Corporation Information Tech -0.19%
Chevron Corporation Energy -0.14%
Darden Restaurants, Inc. Consumer Disc. -0.13%
ConAgra Foods, Inc. Consumer Staples -0.13%
GlaxoSmithKline plc Sponsored ADR Health Care -0.11%
E. I. du Pont de Nemours and Company Materials -0.11%
Pfizer Inc. Health Care -0.10%
Anadarko Petroleum Corporation Energy -0.10%
BB&T Corporation Financials -0.09%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.08%
Consumer Staples Overweight -0.05%
Information Tech Underweight -0.05%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Pfizer Inc. Health Care -0.21%
JPMorgan Chase & Co. Financials -0.12%
Target Corporation Consumer Disc. -0.09%
Darden Restaurants, Inc. Consumer Disc. -0.08%
BB&T Corporation Financials -0.05%
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 22.66% 28.80% 8.93% 5.56% 0.21% 0.77% 0.98%
Energy 15.06% 14.84% 17.81% 10.28% 0.15% 1.01% 1.17%
Health Care 12.72% 13.37% 8.82% 11.78% -0.03% -0.35% -0.38%
Industrials 10.02% 10.29% 4.95% 4.01% 0.03% 0.08% 0.11%
Information Tech 8.86% 9.02% 14.24% 14.56% -0.04% -0.12% -0.16%
Consumer Disc. 8.57% 6.43% -1.51% 3.85% -0.09% -0.44% -0.53%
Telecomm Services 7.74% 2.44% 3.69% 4.51% 0.15% -0.20% -0.04%
Consumer Staples 7.55% 5.81% 7.14% 3.56% -0.07% 0.24% 0.17%
Materials 4.21% 2.94% 11.80% 9.24% 0.01% 0.14% 0.16%
Utilities 2.62% 6.06% 28.60% 18.27% -0.31% 0.13% -0.17%
Total 100.00% 100.00% 9.58% 8.28% 0.02% 1.27% 1.30%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Statoil ASA Sponsored ADR Energy 0.47%
ConocoPhillips Energy 0.31%
Citigroup Inc. Financials 0.30%
ROYAL DUTCH SHELL PLC - ADR Energy 0.28%
Exxon Mobil Corporation Energy 0.26%
Edison International Utilities 0.22%
Dow Chemical Company Materials 0.21%
Procter & Gamble Company Consumer Staples 0.16%
Apple Inc. Information Tech 0.16%
Bank of America Corporation Financials 0.16%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight 0.21%
Telecomm Services Overweight 0.15%
Energy Overweight 0.15%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Statoil ASA Sponsored ADR Energy 0.68%
ConocoPhillips Energy 0.68%
ROYAL DUTCH SHELL PLC - ADR Energy 0.54%
Johnson & Johnson Health Care 0.51%
Dow Chemical Company Materials 0.48%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Target Corporation Consumer Disc. -0.36%
ConAgra Foods, Inc. Consumer Staples -0.26%
GlaxoSmithKline plc Sponsored ADR Health Care -0.16%
Intel Corporation Information Tech -0.15%
Darden Restaurants, Inc. Consumer Disc. -0.13%
CME Group Inc. Class A Financials -0.12%
Anadarko Petroleum Corporation Energy -0.12%
Paychex, Inc. Information Tech -0.11%
Forest Laboratories, Inc. Health Care -0.10%
Micron Technology, Inc. Information Tech -0.09%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.31%
Consumer Disc. Overweight -0.09%
Consumer Staples Overweight -0.07%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Target Corporation Consumer Disc. -0.17%
General Electric Company Industrials -0.15%
ConAgra Foods, Inc. Consumer Staples -0.13%
CME Group Inc. Class A Financials -0.12%
General Motors Company Consumer Disc. -0.10%
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 23.96% 28.96% 21.09% 18.20% 0.30% 0.53% 0.83%
Energy 15.13% 14.91% 38.17% 25.38% 0.16% 1.61% 1.77%
Health Care 12.65% 13.20% 21.04% 27.14% -0.01% -0.66% -0.66%
Industrials 9.65% 10.17% 29.82% 29.87% -0.04% -0.03% -0.07%
Consumer Disc. 8.73% 6.42% 12.56% 24.94% 0.08% -0.92% -0.83%
Information Tech 8.57% 8.92% 32.06% 34.97% -0.04% -0.21% -0.24%
Consumer Staples 7.42% 5.89% 17.66% 17.87% -0.04% -0.05% -0.09%
Telecomm Services 6.75% 2.53% 7.54% 9.00% -0.09% -0.27% -0.35%
Materials 3.97% 2.89% 49.89% 35.54% 0.14% 0.51% 0.65%
Utilities 3.17% 6.11% 33.68% 21.25% -0.14% 0.05% -0.08%
Total 100.00% 100.00% 24.74% 23.81% 0.31% 0.57% 0.93%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Dow Chemical Company Materials 0.66%
ConocoPhillips Energy 0.51%
Statoil ASA Sponsored ADR Energy 0.40%
Norfolk Southern Corporation Industrials 0.37%
Tyco International Ltd. Industrials 0.37%
Phillips 66 Energy 0.35%
Exxon Mobil Corporation Energy 0.35%
Citigroup Inc. Financials 0.35%
ROYAL DUTCH SHELL PLC - ADR Energy 0.29%
Seagate Technology PLC Information Tech 0.27%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight 0.30%
Energy Overweight 0.16%
Materials Overweight 0.14%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Dow Chemical Company Materials 1.38%
ConocoPhillips Energy 1.29%
ROYAL DUTCH SHELL PLC - ADR Energy 0.95%
Norfolk Southern Corporation Industrials 0.90%
Apple Inc. Information Tech 0.83%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Target Corporation Consumer Disc. -0.83%
GlaxoSmithKline plc Sponsored ADR Health Care -0.28%
Southern Company Utilities -0.25%
Wells Fargo & Co 7 1/2 % Non Cum Perp Conv Pfd Shs A Series L Financials -0.25%
Verizon Communications Inc. Telecomm Services -0.23%
ConAgra Foods, Inc. Consumer Staples -0.23%
Discover Financial Services Deposit Shs Repr 1/40th Non-Cum Perp Pfd Shs Series B Financials -0.18%
PepsiCo, Inc. Consumer Staples -0.18%
Bank of America Corp 7 1/4 % Non-Cum Perp Conv Pfd Shs Series L Financials -0.18%
McDonald's Corporation Consumer Disc. -0.16%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.14%
Telecomm Services Overweight -0.09%
Industrials Underweight -0.04%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Target Corporation Consumer Disc. -0.33%
Southern Company Utilities -0.21%
General Motors Company Consumer Disc. -0.10%
Duke Energy Corporation Utilities -0.09%
Darden Restaurants, Inc. Consumer Disc. -0.08%

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