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) 7.12 4.58 18.12 n/a n/a n/a 12.55 10/29/2012
MSCI Emerging Markets Index 6.71 6.32 14.68 -0.06 n/a n/a 3.69  
Lipper Emerging Markets Funds Average 6.50 5.74 14.13 0.10 9.16 11.15 n/a  
Characteristics
  June 30, 2014
  Portfolio Benchmark
Number of Holdings 46 835
W. Avg Cap. (mils) $16,472.5 $22,243.3
W. Median Cap (mils) $4,258.2 $9,051.1
P/E 1-year trailing 14.8 12.2
P/E 1-year forward 12.3 11.4
EPS Growth, past 3 years 12.2% 9.7%
EPS Growth, next 3 - 5 years 15.7% 13.5%
Price to Book 1.8 1.5
Price to Sales 1.1 1.0
Dividend Yield 2.2% 2.7%
Active Share 90.1% N/A
March 31, 2014
Portfolio Benchmark
52 822
$18,564.8 $21,213.0
$3,906.1 $8,685.8
12.0 11.7
10.7 10.7
8.1% 11.5%
14.1% 12.8%
1.7 1.5
1.1 1.0
2.6% 2.7%
91.2% N/A
December 31, 2013
Portfolio Benchmark
50 824
$18,453.2 $21,550.2
$4,257.2 $8,926.2
11.9 11.2
11.3 11.3
9.5% 13.5%
13.7% 13.4%
1.6 1.5
1.0 1.0
2.7% 2.6%
82.0% N/A
Sector Weights / Percentage of Holdings (ex-cash)
  June 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 23.17% 9.11% 14.06%
Consumer Staples 9.98% 8.25% 1.74%
Energy 7.06% 10.78% -3.72%
Financials 36.64% 26.96% 9.68%
Health Care 2.37% 1.84% 0.53%
Industrials 5.02% 6.52% -1.51%
Information Tech 13.30% 17.28% -3.98%
Materials 0.00% 8.75% -8.75%
Telecomm Services 0.00% 6.96% -6.96%
Utilities 2.47% 3.56% -1.09%
March 31, 2014
Portfolio Benchmark + / -
20.92% 9.25% 11.67%
10.92% 8.50% 2.43%
7.61% 10.80% -3.19%
32.67% 26.73% 5.93%
2.67% 1.73% 0.94%
6.77% 6.54% 0.22%
14.14% 16.67% -2.53%
1.25% 9.36% -8.12%
0.00% 6.93% -6.93%
3.05% 3.49% -0.43%
December 31, 2013
Portfolio Benchmark + / -
20.00% 8.89% 11.12%
11.45% 8.60% 2.85%
8.06% 11.26% -3.20%
32.19% 26.66% 5.53%
2.15% 1.67% 0.48%
7.05% 6.49% 0.56%
12.40% 15.99% -3.59%
2.68% 9.70% -7.02%
0.00% 7.38% -7.38%
4.02% 3.36% 0.66%
Top Ten Holdings / Percentage of Net Assets
June 30, 2014
INDIA FUND INC/THE 4.80%
TAIWAN SEMICONDUCTOR SP ADR 3.87%
TENCENT HOLDINGS LTD 3.70%
SBERBANK SPONSORED ADR 3.13%
BANGKOK BANK PUBLIC CO NVDR 3.11%
GALAXY ENTERTAINMENT GROUP L 2.96%
PING AN INSURANCE GROUP CO H 2.88%
TECHTRONIC INDUSTRIES CO 2.85%
MAGNIT 2.82%
SAMSONITE INTERNATIONAL SA 2.77%
Total 32.89%
March 31, 2014
TAIWAN SEMICONDUCTOR SP ADR 3.95%
HYUNDAI MOTOR CO 3.47%
PING AN INSURANCE GROUP CO H 3.33%
TECHTRONIC INDUSTRIES CO 3.25%
TENCENT HOLDINGS LTD 2.74%
SAMSUNG FIRE + MARINE INS 2.61%
PACIFIC RUBIALES ENERGY CORP 2.54%
SAMSONITE INTERNATIONAL SA 2.53%
CHINA MERCHANTS HLDGS INTL 2.53%
FRANSHION PROPERTIES 2.50%
Total 29.44%
December 31, 2013
PING AN INSURANCE GROUP CO H 3.85%
BANK RAKYAT INDONESIA PERSER 3.50%
INVESTEC PLC 3.24%
HYUNDAI MOTOR CO 3.22%
SBERBANK SPONSORED ADR 3.22%
CHINA MERCHANTS HLDGS INTL 3.17%
FRANSHION PROPERTIES 2.86%
IND + COMM BK OF CHINA H 2.71%
CIA SANEAMENTO BASICO DE SP 2.58%
PETROBRAS PETROLEO BRAS PR 2.48%
Total 30.84%
Regions
  June 30, 2014
  Portfolio Benchmark + / -
Africa/Mideast 3.90% 8.39% -4.49%
Asia/Pacific 60.18% 62.43% -2.25%
Europe 20.95% 10.01% 10.94%
Latin America 10.50% 13.83% -3.33%
North America 1.90% 5.12% -3.22%
  March 31, 2014
  Portfolio Benchmark + / -
Africa/Mideast 6.41% 7.98% -1.58%
Asia/Pacific 56.40% 63.03% -6.63%
Europe 21.19% 9.72% 11.48%
Latin America 10.56% 13.99% -3.43%
North America 5.44% 5.26% 0.18%
  December 31, 2013
  Portfolio Benchmark + / -
Africa/Mideast 5.64% 7.42% -1.78%
Asia/Pacific 51.02% 62.98% -11.95%
Europe 21.70% 10.29% 11.41%
Latin America 13.65% 13.59% 0.06%
North America 7.98% 5.52% 2.46%
Countries
  June 30, 2014
  Portfolio Benchmark + / -
Austria 2.14% 0.00% 2.14%
Brazil 10.50% 10.85% -0.34%
Canada 1.90% 0.00% 1.90%
Chile 0.00% 1.52% -1.52%
China 16.01% 18.34% -2.32%
Colombia 0.00% 1.03% -1.03%
Czech Republic 0.00% 0.24% -0.24%
Greece 1.76% 0.78% 0.97%
Hong Kong 10.80% 0.00% 10.80%
Hungary 0.00% 0.22% -0.22%
India 9.57% 6.83% 2.74%
Indonesia 2.22% 2.46% -0.25%
Korea 7.35% 15.55% -8.21%
Malaysia 0.00% 3.91% -3.91%
Mexico 0.00% 5.12% -5.12%
Peru 0.00% 0.43% -0.43%
Philippines 0.00% 0.98% -0.98%
Poland 0.00% 1.66% -1.66%
Qatar 0.00% 0.41% -0.41%
Russia 10.15% 5.41% 4.74%
South Africa 3.90% 7.50% -3.60%
South Korea 1.32% 0.00% 1.32%
Taiwan 9.94% 12.15% -2.21%
Thailand 2.96% 2.19% 0.77%
Turkey 3.27% 1.70% 1.57%
United Arab Emirates 0.00% 0.48% -0.48%
United Kingdom 3.64% 0.00% 3.64%
  March 31, 2014
  Portfolio Benchmark + / -
Austria 1.82% 0.00% 1.82%
Brazil 10.56% 11.03% -0.46%
Canada 2.77% 0.00% 2.77%
Chile 0.00% 1.57% -1.57%
China 11.95% 12.95% -1.00%
Colombia 0.00% 1.09% -1.09%
Czech Republic 0.00% 0.26% -0.26%
Egypt 1.12% 0.21% 0.91%
Greece 0.00% 0.56% -0.56%
Hong Kong 16.34% 6.00% 10.35%
Hungary 0.00% 0.23% -0.23%
India 1.23% 6.72% -5.49%
Indonesia 2.51% 2.66% -0.16%
Luxembourg 2.76% 0.00% 2.76%
Malaysia 0.00% 3.88% -3.88%
Mexico 0.00% 5.13% -5.13%
Nigeria 1.21% 0.00% 1.21%
Peru 0.00% 0.31% -0.31%
Philippines 0.00% 0.95% -0.95%
Poland 0.00% 1.76% -1.76%
Russia 9.65% 5.26% 4.39%
South Africa 4.08% 7.77% -3.69%
South Korea 11.60% 15.77% -4.16%
Spain 0.00% 0.04% -0.04%
Taiwan 10.49% 11.86% -1.38%
Thailand 2.28% 2.25% 0.03%
Turkey 3.37% 1.59% 1.79%
Ukraine 0.00% 0.01% -0.01%
United Kingdom 3.59% 0.00% 3.59%
United States 2.67% 0.13% 2.54%
  December 31, 2013
  Portfolio Benchmark + / -
Bermuda 1.57% 0.00% 1.57%
Brazil 13.65% 10.70% 2.95%
Canada 1.64% 0.00% 1.64%
Chile 0.00% 1.56% -1.56%
China 14.56% 13.77% 0.80%
Colombia 0.00% 1.04% -1.04%
Czech Republic 0.00% 0.24% -0.24%
Greece 0.00% 0.47% -0.47%
Hong Kong 11.01% 6.04% 4.96%
Hungary 0.00% 0.25% -0.25%
India 0.00% 6.33% -6.33%
Indonesia 3.66% 2.19% 1.47%
Luxembourg 2.53% 0.00% 2.53%
Malaysia 0.00% 3.83% -3.83%
Mexico 0.00% 5.39% -5.39%
Nigeria 1.53% 0.00% 1.53%
Peru 0.00% 0.29% -0.29%
Philippines 0.00% 0.87% -0.87%
Poland 0.00% 1.70% -1.70%
Russia 13.09% 6.11% 6.98%
South Africa 4.11% 7.42% -3.31%
South Korea 13.12% 16.14% -3.02%
Taiwan 7.72% 11.66% -3.94%
Thailand 0.96% 2.15% -1.19%
Turkey 2.69% 1.51% 1.19%
United Kingdom 3.39% 0.00% 3.39%
United States 4.77% 0.13% 4.64%
PERFORMANCE ATTRIBUTIONRelative to the MSCI Emerging Markets 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 35.48% 26.94% 7.32% 5.42% -0.13% 0.68% 0.56%
Consumer Disc. 20.85% 9.06% 7.06% 4.18% -0.31% 0.62% 0.31%
Information Tech 14.97% 16.91% 11.47% 11.18% -0.07% 0.13% 0.06%
Consumer Staples 10.68% 8.44% 4.90% 4.12% -0.06% 0.09% 0.03%
Energy 6.81% 10.81% 13.35% 10.16% -0.13% 0.22% 0.10%
Industrials 5.04% 6.52% -1.97% 4.90% 0.03% -0.46% -0.42%
Utilities 2.76% 3.53% 4.88% 10.48% -0.02% -0.16% -0.19%
Health Care 2.38% 1.74% 7.90% 8.12% -0.00% 0.02% 0.01%
Materials 1.05% 9.08% -2.42% 3.88% 0.23% -0.07% 0.16%
Telecomm Services 0.00% 6.98% 0.00% 5.70% 0.06% 0.00% 0.06%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Techtronic Industries Co., Ltd. Consumer Disc. 0.38%
Samsung Card Co., Ltd Financials 0.31%
Greatek Electronics, Inc. Information Tech 0.30%
Cosan Limited Class A Energy 0.27%
HDFC Bank Limited Sponsored ADR Financials 0.23%
Magnit JSC Consumer Staples 0.23%
Youngone Holdings Co., Ltd. Consumer Disc. 0.22%
Phison Electronics Corp. Information Tech 0.22%
Sollers OJSC Consumer Disc. 0.20%
India Fund Inc Financials 0.20%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight 0.23%
Telecomm Services Underweight 0.06%
Industrials Underweight 0.03%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Techtronic Industries Co., Ltd. Consumer Disc. 0.59%
India Fund Inc Financials 0.46%
Cosan Limited Class A Energy 0.43%
Samsung Card Co., Ltd Financials 0.42%
Magnit JSC Consumer Staples 0.41%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Ping An Insurance (Group) Company of China, Ltd. Class H Financials -0.40%
Franshion Properties (China) Limited Financials -0.36%
China Merchants Holdings (International) Co., Ltd. Industrials -0.33%
Commercial International Bank Egypt SAE Financials -0.29%
Grendene S.A. Consumer Disc. -0.26%
Hyundai Motor Company Consumer Disc. -0.25%
China Child Care Corporation Limited Consumer Staples -0.25%
Tong Yang Industry Co., Ltd. Consumer Disc. -0.24%
China Mengniu Dairy Co., Ltd. Consumer Staples -0.23%
China Dongxiang (Group) Co., Ltd. Consumer Disc. -0.18%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight -0.31%
Financials Overweight -0.13%
Energy Underweight -0.13%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
China Merchants Holdings (International) Co., Ltd. Industrials -0.29%
Franshion Properties (China) Limited Financials -0.27%
Ping An Insurance (Group) Company of China, Ltd. Class H Financials -0.24%
Hyundai Motor Company Consumer Disc. -0.19%
China Child Care Corporation Limited Consumer Staples -0.17%
PERFORMANCE ATTRIBUTIONRelative to the MSCI Emerging Markets 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 33.91% 26.65% 6.23% 5.05% -0.11% 0.45% 0.34%
Consumer Disc. 20.47% 9.08% -1.41% 8.28% 0.23% -2.09% -1.86%
Information Tech 14.23% 16.83% 16.80% 15.65% -0.22% 0.25% 0.03%
Consumer Staples 11.06% 8.43% 3.25% 2.69% -0.05% 0.08% 0.03%
Energy 6.95% 10.85% 6.42% 5.23% 0.09% 0.09% 0.19%
Industrials 6.12% 6.53% -8.85% 4.87% 0.03% -1.08% -1.05%
Utilities 3.56% 3.48% -8.59% 13.61% 0.01% -0.85% -0.84%
Health Care 2.24% 1.74% 1.08% 9.85% -0.00% -0.13% -0.13%
Materials 1.46% 9.32% 6.98% 0.21% 0.54% 0.27% 0.81%
Telecomm Services 0.00% 7.09% 0.00% -0.42% 0.51% 0.00% 0.51%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
PT Bank Rakyat Indonesia (Persero) Tbk Class B Financials 1.64%
Amorepacific Corp. Consumer Staples 0.71%
Greatek Electronics, Inc. Information Tech 0.62%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR Information Tech 0.54%
Investec plc Financials 0.53%
Petra Diamonds Limited Materials 0.52%
India Fund Inc Financials 0.45%
Pacific Rubiales Energy Corp. Energy 0.42%
Techtronic Industries Co., Ltd. Consumer Disc. 0.40%
HDFC Bank Limited Sponsored ADR Financials 0.39%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight 0.54%
Telecomm Services Underweight 0.51%
Consumer Disc. Overweight 0.23%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
PT Bank Rakyat Indonesia (Persero) Tbk Class B Financials 1.76%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR Information Tech 0.92%
India Fund Inc Financials 0.87%
Amorepacific Corp. Consumer Staples 0.84%
Techtronic Industries Co., Ltd. Consumer Disc. 0.75%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Sollers OJSC Consumer Disc. -0.88%
China Child Care Corporation Limited Consumer Staples -0.75%
Ping An Insurance (Group) Company of China, Ltd. Class H Financials -0.68%
M.video OJSC Consumer Disc. -0.67%
Sberbank Russia OJSC Sponsored ADR Financials -0.59%
China Merchants Holdings (International) Co., Ltd. Industrials -0.53%
Franshion Properties (China) Limited Financials -0.50%
Cathay Pacific Airways Limited Industrials -0.45%
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Utilities -0.44%
Grendene S.A. Consumer Disc. -0.37%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Information Tech Underweight -0.22%
Financials Overweight -0.11%
Consumer Staples Overweight -0.05%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Sollers OJSC Consumer Disc. -0.87%
M.video OJSC Consumer Disc. -0.68%
China Child Care Corporation Limited Consumer Staples -0.65%
Ping An Insurance (Group) Company of China, Ltd. Class H Financials -0.60%
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Utilities -0.59%
PERFORMANCE ATTRIBUTIONRelative to the MSCI Emerging Markets 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 30.46% 26.90% 19.25% 9.78% -0.13% 2.76% 2.64%
Consumer Disc. 21.36% 8.87% 19.76% 21.04% 0.84% 0.04% 0.90%
Information Tech 14.56% 15.94% 36.58% 36.07% -0.30% 0.01% -0.28%
Consumer Staples 10.74% 8.64% 18.79% 0.88% -0.13% 1.68% 1.55%
Energy 7.92% 11.32% 4.22% 13.55% 0.10% -0.82% -0.71%
Industrials 6.02% 6.42% 8.42% 15.68% 0.03% -0.59% -0.56%
Utilities 3.67% 3.38% -8.31% 20.53% 0.01% -1.12% -1.10%
Health Care 2.76% 1.65% 32.79% 17.53% -0.09% 0.61% 0.53%
Materials 2.52% 9.53% 33.40% 11.77% 0.28% 0.55% 0.83%
Telecomm Services 0.00% 7.34% 0.00% 2.80% 0.90% 0.00% 0.90%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Galaxy Entertainment Group Limited Consumer Disc. 1.26%
PT Bank Rakyat Indonesia (Persero) Tbk Class B Financials 1.11%
Investec plc Financials 0.93%
Amorepacific Corp. Consumer Staples 0.90%
Greatek Electronics, Inc. Information Tech 0.80%
Egis Pharmaceuticals Plc Health Care 0.64%
Samsung Electronics Co Ltd Pfd Non-Voting Information Tech 0.59%
Petra Diamonds Limited Materials 0.57%
Hana Financial Group Inc. Financials 0.56%
Techtronic Industries Co., Ltd. Consumer Disc. 0.49%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Underweight 0.90%
Consumer Disc. Overweight 0.84%
Materials Underweight 0.28%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Galaxy Entertainment Group Limited Consumer Disc. 1.78%
Tencent Holdings Ltd. Information Tech 1.28%
PT Bank Rakyat Indonesia (Persero) Tbk Class B Financials 1.26%
Greatek Electronics, Inc. Information Tech 1.04%
Amorepacific Corp. Consumer Staples 1.03%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
China Child Care Corporation Limited Consumer Staples -1.58%
Grendene S.A. Consumer Disc. -0.83%
Cosan Limited Class A Energy -0.72%
Franshion Properties (China) Limited Financials -0.67%
Sollers OJSC Consumer Disc. -0.58%
Industrial and Commercial Bank of China Limited Class H Financials -0.44%
Sberbank Russia OJSC Sponsored ADR Financials -0.41%
Naspers Limited Class N Consumer Disc. -0.37%
NAVER Corp. Information Tech -0.35%
Commercial International Bank Egypt SAE Financials -0.35%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Information Tech Underweight -0.30%
Consumer Staples Overweight -0.13%
Financials Overweight -0.13%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
China Child Care Corporation Limited Consumer Staples -1.33%
Sollers OJSC Consumer Disc. -0.60%
Grendene S.A. Consumer Disc. -0.52%
Industrial and Commercial Bank of China Limited Class H Financials -0.46%
Cosan Limited Class A Energy -0.44%

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