PERFORMANCE Average Annual Returns (%) for Period Ended 9/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
I Shares -3.91 0.68 4.49 n/a n/a n/a 8.90 10/29/2012
MSCI Emerging Markets Index -3.36 2.75 4.66 7.56 n/a n/a 3.69  
Lipper Emerging Markets Funds Average -3.42 2.10 4.80 7.76 4.28 9.81 n/a  
Characteristics
  September 30, 2014
  Portfolio Benchmark
Number of Holdings N/A 834
W. Avg Cap. (mils) $28,058.6 $42,076.5
W. Median Cap (mils) $6,461.3 $18,393.9
P/E 1-year trailing 13.8 11.9
P/E 1-year forward 12.9 11.5
EPS Growth, past 3 years 19.8% 9.1%
EPS Growth, next 3 - 5 years 17.2% 13.8%
Price to Book 1.7 1.5
Price to Sales 1.2 1.0
Dividend Yield 2.1% 2.7%
Active Share 89.3% N/A
June 30, 2014
Portfolio Benchmark
N/A 835
$16,472.5 $22,243.3
$4,258.2 $9,051.1
14.8 12.2
12.3 11.4
12.2% 9.7%
15.7% 13.5%
1.8 1.5
1.1 1.0
2.2% 2.7%
90.1% N/A
December 31, 2013
Portfolio Benchmark
N/A 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)
  September 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 22.55% 8.97% 13.58%
Consumer Staples 8.65% 8.32% 0.34%
Energy 4.59% 10.18% -5.58%
Financials 38.64% 27.53% 11.11%
Health Care 2.66% 2.11% 0.55%
Industrials 3.79% 6.63% -2.84%
Information Tech 16.59% 16.70% -0.12%
Materials 0.00% 8.30% -8.30%
Telecomm Services 0.00% 7.71% -7.71%
Utilities 2.53% 3.55% -1.02%
June 30, 2014
Portfolio Benchmark + / -
23.17% 9.11% 14.06%
9.98% 8.25% 1.74%
7.06% 10.78% -3.72%
36.64% 26.96% 9.68%
2.37% 1.84% 0.53%
5.02% 6.52% -1.51%
13.30% 17.28% -3.98%
0.00% 8.75% -8.75%
0.00% 6.96% -6.96%
2.47% 3.56% -1.09%
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
September 30, 2014
TENCENT HOLDINGS LTD 5.10%
INDIA FUND INC/THE 4.69%
CHINAAMC ETF SERIES CHINAAMC 3.73%
TAIWAN SEMICONDUCTOR SP ADR 3.53%
HDFC BANK LTD ADR 3.38%
KB FINANCIAL GROUP INC 3.34%
TECHTRONIC INDUSTRIES CO 3.13%
BANGKOK BANK PUBLIC CO NVDR 3.05%
GALAXY ENTERTAINMENT GROUP L 3.04%
SAMSUNG CARD CO 2.99%
Total 36.00%
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%
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
  September 30, 2014
  Portfolio Benchmark + / -
Africa/Mideast 5.16% 8.63% -3.46%
Asia/Pacific 68.11% 63.45% 4.66%
Europe 10.58% 9.03% 1.56%
Latin America 11.42% 13.17% -1.75%
North America 0.88% 5.44% -4.56%
  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%
  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
  September 30, 2014
  Portfolio Benchmark + / -
Austria 1.92% 0.00% 1.92%
Brazil 11.42% 10.25% 1.17%
Chile 0.00% 1.46% -1.46%
China 20.54% 19.24% 1.30%
Colombia 0.00% 1.01% -1.01%
Czech Republic 0.00% 0.24% -0.24%
Greece 0.00% 0.65% -0.65%
Hong Kong 9.34% 0.00% 9.34%
Hungary 0.00% 0.20% -0.20%
India 10.71% 7.05% 3.65%
Indonesia 2.83% 2.66% 0.17%
Korea 11.39% 15.02% -3.63%
Malaysia 0.00% 3.92% -3.92%
Mexico 0.00% 5.44% -5.44%
Peru 0.00% 0.44% -0.44%
Philippines 0.00% 1.23% -1.23%
Poland 0.00% 1.74% -1.74%
Qatar 0.00% 0.64% -0.64%
Russia 5.42% 4.64% 0.79%
Saudi Arabia 1.14% 0.00% 1.14%
South Africa 4.03% 7.38% -3.35%
South Korea 1.71% 0.00% 1.71%
Taiwan 8.46% 11.95% -3.50%
Thailand 3.13% 2.37% 0.76%
Turkey 1.99% 1.56% 0.43%
United Arab Emirates 0.00% 0.61% -0.61%
United Kingdom 1.25% 0.00% 1.25%
United States 0.88% 0.00% 0.88%
  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%
  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 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 37.87% 27.47% -0.11% -1.13% 0.19% 0.46% 0.65%
Consumer Disc. 20.95% 9.12% -9.74% -6.36% -0.36% -0.74% -1.10%
Information Tech 15.46% 16.79% -3.86% -6.02% 0.05% 0.35% 0.40%
Consumer Staples 10.11% 8.22% -8.61% -2.40% 0.01% -0.61% -0.60%
Energy 6.18% 10.48% -15.29% -7.47% 0.18% -0.52% -0.34%
Industrials 4.09% 6.49% 8.84% -3.02% -0.05% 0.37% 0.32%
Health Care 2.72% 1.91% 1.08% 9.85% 0.10% -0.24% -0.14%
Utilities 2.61% 3.52% -3.83% -3.83% 0.01% -0.00% 0.01%
Telecomm Services 0.00% 7.35% 0.00% 6.16% -0.64% 0.00% -0.64%
Materials 0.00% 8.64% 0.00% -8.16% 0.41% 0.00% 0.41%
Total 100.00% 100.00% -4.39% -3.36% -0.10% -0.92% -1.03%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Commercial International Bank (Egypt) SAE Financials 1.02%
Yahoo! Inc. Information Tech 0.53%
Samsung Card Co., Ltd Financials 0.50%
India Fund Inc Financials 0.49%
Shenzhen International Holdings Limited Industrials 0.42%
Youngone Holdings Co., Ltd. Consumer Disc. 0.37%
Samsung Electronics Co., Ltd. Information Tech 0.37%
Grendene S.A. Consumer Disc. 0.32%
Bangkok Bank Public Company Limited NVDR Financials 0.31%
ChinaAMC CSI 300 Index ETF HKD Financials 0.29%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight 0.41%
Financials Overweight 0.19%
Energy Underweight 0.18%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Commercial International Bank (Egypt) SAE Financials 1.01%
Yahoo! Inc. Information Tech 0.45%
Samsung Card Co., Ltd Financials 0.39%
India Fund Inc Financials 0.33%
Youngone Holdings Co., Ltd. Consumer Disc. 0.30%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Galaxy Entertainment Group Limited Consumer Disc. -0.80%
Sberbank Russia OJSC Sponsored ADR Financials -0.72%
Cosan Limited Class A Energy -0.50%
Mail.ru Group Ltd. Sponsored GDR RegS Information Tech -0.47%
Eurobank Ergasias SA Financials -0.40%
Tong Yang Industry Co., Ltd. Consumer Disc. -0.39%
China Mobile Limited Telecomm Services -0.34%
Sollers OJSC Consumer Disc. -0.34%
Hyundai Motor Company Consumer Disc. -0.31%
Itau Unibanco Holding SA Pfd Financials -0.29%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Underweight -0.64%
Consumer Disc. Overweight -0.36%
Industrials Underweight -0.05%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Galaxy Entertainment Group Limited Consumer Disc. -0.89%
Sberbank Russia OJSC Sponsored ADR Financials -0.66%
Cosan Limited Class A Energy -0.59%
Hyundai Motor Company Consumer Disc. -0.53%
Mail.ru Group Ltd. Sponsored GDR RegS Information Tech -0.51%
PERFORMANCE ATTRIBUTIONRelative to the MSCI Emerging Markets 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 35.26% 26.93% 6.11% 3.86% 0.08% 0.88% 0.96%
Consumer Disc. 20.63% 9.10% -11.01% 1.39% -0.15% -2.74% -2.88%
Information Tech 14.65% 16.82% 12.29% 8.69% -0.17% 0.59% 0.42%
Consumer Staples 10.74% 8.36% -5.64% 0.23% -0.05% -0.53% -0.58%
Energy 6.69% 10.73% -9.85% -2.62% 0.26% -0.44% -0.17%
Industrials 5.43% 6.51% -0.80% 1.70% -0.02% -0.67% -0.69%
Utilities 3.24% 3.49% -12.09% 9.26% 0.02% -0.82% -0.81%
Health Care 2.40% 1.80% 2.18% 20.66% 0.10% -0.36% -0.26%
Materials 0.96% 9.09% 6.98% -7.97% 0.92% 0.25% 1.18%
Telecomm Services 0.00% 7.18% 0.00% 5.72% -0.15% 0.00% -0.15%
Total 100.00% 100.00% -0.23% 2.74% 0.85% -3.84% -2.97%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
PT Bank Rakyat Indonesia (Persero) Tbk Class B Financials 1.59%
India Fund Inc Financials 0.92%
Samsung Card Co., Ltd Financials 0.81%
Commercial International Bank (Egypt) SAE Financials 0.72%
Greatek Electronics, Inc. Information Tech 0.62%
Amorepacific Corp. Consumer Staples 0.61%
Yahoo! Inc. Information Tech 0.53%
Samsung Electronics Co., Ltd. Information Tech 0.51%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR Information Tech 0.50%
Petra Diamonds Limited Materials 0.49%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight 0.92%
Energy Underweight 0.26%
Health Care Overweight 0.10%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
PT Bank Rakyat Indonesia (Persero) Tbk Class B Financials 1.60%
India Fund Inc Financials 1.16%
Commercial International Bank (Egypt) SAE Financials 0.95%
Amorepacific Corp. Consumer Staples 0.81%
Samsung Card Co., Ltd Financials 0.79%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Sberbank Russia OJSC Sponsored ADR Financials -1.28%
Sollers OJSC Consumer Disc. -1.17%
China Child Care Corporation Limited Consumer Staples -0.81%
Galaxy Entertainment Group Limited Consumer Disc. -0.80%
Mail.ru Group Ltd. Sponsored GDR RegS Information Tech -0.74%
Tong Yang Industry Co., Ltd. Consumer Disc. -0.65%
M.video OJSC Consumer Disc. -0.64%
Ping An Insurance (Group) Company of China, Ltd. Class H Financials -0.61%
Cosan Limited Class A Energy -0.60%
China Merchants Holdings (International) Co., Ltd. Industrials -0.51%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Information Tech Underweight -0.17%
Telecomm Services Underweight -0.15%
Consumer Disc. Overweight -0.15%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Sollers OJSC Consumer Disc. -1.18%
Sberbank Russia OJSC Sponsored ADR Financials -1.11%
Galaxy Entertainment Group Limited Consumer Disc. -0.78%
China Child Care Corporation Limited Consumer Staples -0.73%
M.video OJSC Consumer Disc. -0.65%
PERFORMANCE ATTRIBUTIONRelative to the MSCI Emerging Markets 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 33.83% 26.97% 13.76% 4.92% 0.02% 2.68% 2.70%
Consumer Disc. 20.59% 9.02% -6.12% 3.94% -0.09% -2.16% -2.25%
Information Tech 14.53% 16.48% 25.43% 17.24% -0.23% 1.04% 0.81%
Consumer Staples 11.06% 8.43% -4.82% -1.36% -0.16% -0.27% -0.43%
Energy 7.16% 10.98% -19.74% -5.13% 0.41% -1.21% -0.80%
Industrials 5.64% 6.46% 2.23% 4.58% -0.02% -0.67% -0.69%
Utilities 3.40% 3.43% -8.27% 14.44% 0.03% -0.85% -0.82%
Health Care 2.31% 1.75% 16.76% 26.25% 0.11% -0.20% -0.09%
Materials 1.49% 9.24% 6.85% -5.96% 0.89% 0.08% 0.97%
Telecomm Services 0.00% 7.23% 0.00% 5.79% -0.02% 0.00% -0.02%
Total 100.00% 100.00% 4.04% 4.65% 0.94% -1.56% -0.61%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
PT Bank Rakyat Indonesia (Persero) Tbk Class B Financials 1.42%
India Fund Inc Financials 0.94%
Samsung Card Co., Ltd Financials 0.81%
Investec plc Financials 0.81%
Amorepacific Corp. Consumer Staples 0.80%
Greatek Electronics, Inc. Information Tech 0.72%
Samsung Electronics Co Ltd Pfd Non-Voting Information Tech 0.71%
Youngone Holdings Co., Ltd. Consumer Disc. 0.71%
Commercial International Bank (Egypt) SAE Financials 0.70%
Yahoo! Inc. Information Tech 0.53%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight 0.89%
Energy Underweight 0.41%
Health Care Overweight 0.11%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
PT Bank Rakyat Indonesia (Persero) Tbk Class B Financials 1.42%
India Fund Inc Financials 1.21%
Investec plc Financials 0.99%
Amorepacific Corp. Consumer Staples 0.99%
Commercial International Bank (Egypt) SAE Financials 0.95%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
China Child Care Corporation Limited Consumer Staples -1.55%
Sberbank Russia OJSC Sponsored ADR Financials -1.19%
Cosan Limited Class A Energy -0.93%
Sollers OJSC Consumer Disc. -0.89%
Galaxy Entertainment Group Limited Consumer Disc. -0.72%
Tong Yang Industry Co., Ltd. Consumer Disc. -0.69%
China Merchants Holdings (International) Co., Ltd. Industrials -0.55%
Hyundai Motor Company Consumer Disc. -0.51%
Eurobank Ergasias SA Financials -0.51%
Petroleo Brasileiro SA Pfd Energy -0.48%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Information Tech Underweight -0.23%
Consumer Staples Overweight -0.16%
Consumer Disc. Overweight -0.09%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
China Child Care Corporation Limited Consumer Staples -1.43%
Sberbank Russia OJSC Sponsored ADR Financials -0.94%
Sollers OJSC Consumer Disc. -0.93%
Cosan Limited Class A Energy -0.87%
Tong Yang Industry Co., Ltd. Consumer Disc. -0.63%

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