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) 1.46 9.38 9.38 17.43 n/a n/a 16.16 10/31/2011
Russell 1000 Value Index 4.98 13.45 13.45 20.89 15.42 7.30 20.25  
Lipper Equity Income Funds Average 3.38 9.76 9.76 16.33 13.28 7.23 16.05  
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Index reflects no deductions for fees or expenses. An investor cannot invest directly in an index. Visit www.calvert.com to obtain performance data current to the most recent month-end. Returns for periods of less than one year are not annualized.
Characteristics
  December 31, 2014
  Portfolio Benchmark
Number of Holdings 45 704
W. Avg Cap. (mils) $130,499.2 $112,631.5
W. Median Cap (mils) $101,053.5 $59,062.8
P/E 1-year trailing 15.3 16.3
P/E 1-year forward 14.2 16.2
EPS Growth, past 3 years 11.5% 12.9%
EPS Growth, next 3 - 5 years 6.4% 8.8%
Price to Book 2.1 1.9
Price to Sales 1.5 0.1
Dividend Yield 3.2% 2.2%
Active Share 71.8% N/A
September 30, 2014
Portfolio Benchmark
52 690
$116,644.0 $111,505.2
$86,714.5 $58,486.6
16.1 16.5
14.5 15.3
9.7% 9.8%
7.4% 9.0%
2.1 1.8
1.6 1.4
3.1% 2.3%
70.9% 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)
  December 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 4.91% 6.58% -1.67%
Consumer Staples 9.32% 7.38% 1.94%
Energy 13.71% 11.28% 2.43%
Financials 23.70% 29.87% -6.16%
Health Care 13.81% 13.70% 0.11%
Industrials 10.47% 10.08% 0.39%
Information Tech 9.69% 9.55% 0.14%
Materials 1.59% 3.04% -1.45%
Telecomm Services 6.82% 2.08% 4.73%
Utilities 5.98% 6.44% -0.46%
September 30, 2014
Portfolio Benchmark + / -
7.67% 6.21% 1.46%
11.21% 7.06% 4.15%
14.35% 12.86% 1.50%
21.44% 29.17% -7.73%
11.78% 13.51% -1.73%
11.29% 10.17% 1.12%
7.62% 9.38% -1.76%
4.24% 3.33% 0.91%
6.30% 2.29% 4.01%
4.10% 6.03% -1.94%
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
December 31, 2014
GENERAL ELECTRIC CO 3.48%
PFIZER INC 3.47%
WELLS FARGO + CO 3.31%
JPMORGAN CHASE + CO 3.17%
AT+T INC 3.10%
CONOCOPHILLIPS 3.08%
ROYAL DUTCH SHELL SPON ADR A 3.07%
UNILEVER N V NY SHARES 2.72%
JOHNSON + JOHNSON 2.71%
MERCK + CO. INC. 2.71%
Total 30.82%
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%
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 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 22.64% 29.54% 4.17% 7.31% -0.14% -0.71% -0.85%
Energy 13.76% 11.80% -13.52% -9.36% -0.24% -0.70% -0.94%
Health Care 12.75% 13.75% 1.44% 6.91% -0.04% -0.69% -0.73%
Industrials 11.14% 10.19% 4.02% 4.68% 0.02% -0.07% -0.05%
Consumer Staples 9.82% 7.30% 5.45% 10.12% 0.17% -0.43% -0.27%
Information Tech 8.65% 9.41% 9.07% 6.89% 0.02% 0.13% 0.15%
Telecomm Services 6.59% 2.19% -0.73% -3.72% -0.37% 0.19% -0.18%
Consumer Disc. 6.22% 6.31% 18.91% 11.55% -0.10% 0.35% 0.25%
Utilities 5.25% 6.34% 16.81% 12.68% -0.12% 0.18% 0.05%
Materials 3.18% 3.18% -10.59% -3.59% -0.01% -0.23% -0.24%
Total 100.00% 100.00% 2.18% 4.98% -0.83% -1.98% -2.80%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Target Corporation Consumer Disc. 0.39%
Edison International Utilities 0.24%
FirstEnergy Corp. Utilities 0.23%
Exxon Mobil Corporation Energy 0.23%
Chevron Corporation Energy 0.22%
Seagate Technology PLC Information Tech 0.22%
United Parcel Service, Inc. Class B Industrials 0.16%
Apache Corporation Energy 0.13%
Freeport-McMoRan, Inc. Materials 0.11%
Anadarko Petroleum Corporation Energy 0.11%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Overweight 0.17%
Industrials Overweight 0.02%
Information Tech Underweight 0.02%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Target Corporation Consumer Disc. 0.60%
Edison International Utilities 0.38%
FirstEnergy Corp. Utilities 0.36%
Seagate Technology PLC Information Tech 0.31%
Procter & Gamble Company Consumer Staples 0.28%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Statoil ASA Energy -1.17%
Royal Dutch Shell Plc Class A Energy -0.43%
Dow Chemical Company Materials -0.34%
Occidental Petroleum Corporation Energy -0.31%
ConocoPhillips Energy -0.30%
GlaxoSmithKline plc Health Care -0.19%
Verizon Communications Inc. Telecomm Services -0.16%
Unilever NV Cert. of shs Consumer Staples -0.14%
CVS Health Corporation Consumer Staples -0.13%
AT&T Inc. Telecomm Services -0.11%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Overweight -0.37%
Energy Overweight -0.24%
Financials Underweight -0.14%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Statoil ASA Energy -1.05%
Dow Chemical Company Materials -0.31%
Occidental Petroleum Corporation Energy -0.30%
Royal Dutch Shell Plc Class A Energy -0.27%
ConocoPhillips Energy -0.25%
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 22.17% 28.97% 13.34% 15.56% -0.10% -0.38% -0.48%
Energy 14.62% 13.75% -3.51% -7.74% -0.17% 0.72% 0.55%
Health Care 12.54% 13.44% 10.87% 22.53% -0.11% -1.29% -1.40%
Industrials 10.63% 10.25% 7.67% 5.72% 0.02% 0.17% 0.19%
Consumer Staples 9.03% 6.48% 15.35% 17.33% 0.22% -0.29% -0.07%
Information Tech 8.56% 9.17% 33.02% 28.77% -0.10% 0.12% 0.03%
Consumer Disc. 7.74% 6.38% 26.30% 14.40% -0.22% 0.58% 0.36%
Telecomm Services 7.11% 2.33% 2.84% 1.65% -0.17% -0.09% -0.26%
Materials 3.93% 3.11% 5.61% 3.66% -0.02% 0.22% 0.20%
Utilities 3.67% 6.12% 46.33% 27.39% -0.35% 0.39% 0.04%
Total 100.00% 100.00% 12.61% 13.46% -1.00% 0.16% -0.85%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Exxon Mobil Corporation Energy 0.74%
Chevron Corporation Energy 0.48%
Edison International Utilities 0.41%
Apple Inc. Information Tech 0.38%
Procter & Gamble Company Consumer Staples 0.28%
Target Corporation Consumer Disc. 0.27%
Seagate Technology PLC Information Tech 0.24%
Microsoft Corporation Information Tech 0.23%
FirstEnergy Corp. Utilities 0.19%
Freeport-McMoRan, Inc. Materials 0.19%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Overweight 0.22%
Industrials Overweight 0.02%
Materials Overweight -0.02%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Apple Inc. Information Tech 0.78%
Edison International Utilities 0.73%
Target Corporation Consumer Disc. 0.71%
Wells Fargo & Company Financials 0.66%
Microsoft Corporation Information Tech 0.62%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Statoil ASA Energy -1.07%
GlaxoSmithKline plc Health Care -0.49%
Occidental Petroleum Corporation Energy -0.38%
Intel Corporation Information Tech -0.35%
Eaton Corp. Plc Industrials -0.29%
Berkshire Hathaway Inc. Class B Financials -0.28%
Unilever NV Cert. of shs Consumer Staples -0.27%
Verizon Communications Inc. Telecomm Services -0.19%
ConocoPhillips Energy -0.19%
CME Group Inc. Class A Financials -0.18%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.35%
Consumer Disc. Overweight -0.22%
Energy Overweight -0.17%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Statoil ASA Energy -0.74%
General Electric Company Industrials -0.21%
Occidental Petroleum Corporation Energy -0.19%
GlaxoSmithKline plc Health Care -0.13%
CME Group Inc. Class A Financials -0.12%

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