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 -5.92 -1.71 5.27 21.95 14.57 n/a 7.44 4/29/2005
Russell 2000 Index -7.36 -4.41 3.93 21.26 14.29 8.19 8.50  
Lipper Small-Cap Core Funds Average -6.74 -3.05 5.72 20.53 13.92 8.23 8.35  
Characteristics
  September 30, 2014
  Portfolio Benchmark
Number of Holdings N/A 1,951
W. Avg Cap. (mils) $10,627.5 $1,694.3
W. Median Cap (mils) $4,710.0 $1,593.2
P/E 1-year trailing 14.4 19.7
P/E 1-year forward 15.3 18.4
EPS Growth, past 3 years 14.1% 20.2%
EPS Growth, next 3 - 5 years 10.1% 14.8%
Price to Book 1.8 2.1
Price to Sales 1.1 0.2
Dividend Yield 1.4% 1.4%
Active Share 98.1% N/A
June 30, 2014
Portfolio Benchmark
N/A 1,973
$3,726.9 $1,607.8
$1,777.5 $1,486.7
15.2 20.1
15.7 20.0
15.5% 16.4%
10.2% 15.8%
1.9 2.3
0.8 0.2
1.3% 1.2%
96.4% N/A
December 31, 2013
Portfolio Benchmark
N/A 2,004
$3,477.2 $1,605.0
$1,670.3 $1,440.6
15.3 19.7
15.4 20.5
11.5% 17.2%
10.8% 15.5%
2.1 2.3
0.8 1.2
1.2% 1.2%
96.6% N/A
Returns Based Statistics (3 Year)
  September 30, 2014
  Portfolio Benchmark
Average Annual Return 21.95% 21.26%
Standard Deviation 14.09% 15.22%
Beta vs. Market 0.88 1.00
Excess Return 0.69% 0.00%
R-Squared 90.53% 100.00%
Tracking Error 4.70% 0.00%
Information Ratio 0.15 0.00
Sharpe Ratio 1.55 1.39
June 30, 2014
Portfolio Benchmark
14.99% 14.57%
16.21% 16.98%
0.92 1.00
0.42% 0.00%
92.97% 100.00%
4.50% 0.00%
0.09 0.00
0.92 0.85
December 31, 2013
Portfolio Benchmark
16.43% 15.67%
16.08% 16.68%
0.93 1.00
0.75% 0.00%
92.36% 100.00%
4.61% 0.00%
0.16 0.00
1.02 0.94
Sector Weights / Percentage of Holdings (ex-cash)
  September 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 18.24% 13.22% 5.02%
Consumer Staples 0.00% 3.25% -3.25%
Energy 4.45% 5.52% -1.06%
Financials 28.36% 23.78% 4.58%
Health Care 13.36% 13.37% -0.01%
Industrials 17.21% 13.89% 3.32%
Information Tech 13.13% 18.02% -4.89%
Materials 0.40% 4.98% -4.58%
Telecomm Services 4.85% 0.78% 4.07%
Utilities 0.00% 3.19% -3.19%
June 30, 2014
Portfolio Benchmark + / -
12.89% 13.18% -0.29%
4.58% 3.15% 1.44%
2.95% 6.33% -3.38%
19.87% 22.96% -3.08%
9.81% 13.27% -3.46%
19.06% 13.99% 5.07%
23.44% 17.86% 5.58%
5.74% 5.11% 0.63%
1.65% 0.78% 0.87%
0.00% 3.37% -3.37%
December 31, 2013
Portfolio Benchmark + / -
15.15% 13.75% 1.40%
4.48% 3.80% 0.68%
3.14% 5.46% -2.33%
19.06% 22.77% -3.71%
9.68% 13.24% -3.56%
18.54% 14.50% 4.04%
22.93% 17.81% 5.12%
5.53% 4.91% 0.62%
1.49% 0.75% 0.74%
0.00% 3.01% -3.01%
Top Ten Holdings / Percentage of Net Assets
September 30, 2014
CENTENE CORP 3.61%
TRW AUTOMOTIVE HOLDINGS CORP 3.46%
PRIVATEBANCORP INC 3.38%
EDWARDS LIFESCIENCES CORP 3.37%
SVB FINANCIAL GROUP 3.36%
E TRADE FINANCIAL CORP 3.31%
ANIXTER INTERNATIONAL INC 3.31%
PARTNERRE LTD 3.29%
UMPQUA HOLDINGS CORP 3.25%
DELUXE CORP 3.22%
Total 33.57%
June 30, 2014
BECTON DICKINSON AND CO 3.61%
DST SYSTEMS INC 3.54%
BENCHMARK ELECTRONICS INC 3.49%
TELETECH HOLDINGS INC 3.32%
UNIFIRST CORP/MA 3.19%
SANMINA CORP 3.15%
MATSON INC 3.10%
BROWN SHOE COMPANY INC 3.02%
CASEY S GENERAL STORES INC 2.99%
DELUXE CORP 2.88%
Total 32.29%
December 31, 2013
DST SYSTEMS INC 3.55%
BECTON DICKINSON AND CO 3.45%
UNIFIRST CORP/MA 3.13%
KEMPER CORP 3.08%
BENCHMARK ELECTRONICS INC 3.06%
MATSON INC 2.92%
CASEY S GENERAL STORES INC 2.90%
BROWN SHOE COMPANY INC 2.88%
CEC ENTERTAINMENT INC 2.82%
UNISYS CORP 2.68%
Total 30.47%
PERFORMANCE ATTRIBUTIONRelative to the Russell 2000 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 22.53% 23.38% -1.28% -5.20% 0.05% 1.00% 1.05%
Information Tech 20.32% 17.76% -8.87% -5.60% 0.02% -0.68% -0.66%
Industrials 18.61% 14.09% -12.93% -9.52% -0.07% -0.72% -0.79%
Consumer Disc. 14.79% 13.15% -2.32% -8.61% 0.03% 0.99% 1.02%
Health Care 10.97% 13.34% 0.67% -3.45% -0.07% 0.49% 0.43%
Materials 3.87% 5.06% -16.61% -8.47% 0.14% -0.30% -0.16%
Energy 3.20% 6.00% -10.63% -20.56% 0.34% 0.42% 0.76%
Consumer Staples 3.02% 3.19% -0.33% -3.26% -0.07% 0.01% -0.07%
Telecomm Services 2.70% 0.77% -7.25% -6.95% 0.03% 0.01% 0.04%
Utilities 0.00% 3.26% 0.00% -10.02% 0.10% 0.00% 0.10%
Total 100.00% 100.00% -5.64% -7.36% 0.49% 1.23% 1.72%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Centene Corporation Health Care 0.40%
TRW Automotive Holdings Corp. Consumer Disc. 0.32%
Edwards Lifesciences Corporation Health Care 0.30%
PrivateBancorp, Inc. Financials 0.28%
E*TRADE Financial Corporation Financials 0.27%
Nelnet, Inc. Class A Financials 0.22%
Texas Roadhouse, Inc. Consumer Disc. 0.21%
Brown Shoe Company, Inc. Consumer Disc. 0.20%
SVB Financial Group Financials 0.18%
PartnerRe Ltd. Financials 0.16%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.34%
Materials Underweight 0.14%
Utilities Underweight 0.10%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Centene Corporation Health Care 0.20%
TRW Automotive Holdings Corp. Consumer Disc. 0.13%
Brown Shoe Company, Inc. Consumer Disc. 0.13%
Texas Roadhouse, Inc. Consumer Disc. 0.12%
Edwards Lifesciences Corporation Health Care 0.12%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
SkyWest, Inc Industrials -0.47%
McClatchy Company Class A Consumer Disc. -0.32%
Puma Biotechnology, Inc. Health Care -0.25%
TeleTech Holdings, Inc. Information Tech -0.24%
UniFirst Corporation Industrials -0.21%
Barnes Group Inc. Industrials -0.21%
InterMune, Inc. Health Care -0.19%
Navigant Consulting, Inc. Industrials -0.19%
Magellan Health, Inc. Health Care -0.14%
Plexus Corp. Information Tech -0.12%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Underweight -0.07%
Industrials Overweight -0.07%
Health Care Underweight -0.07%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SkyWest, Inc Industrials -0.53%
McClatchy Company Class A Consumer Disc. -0.39%
TeleTech Holdings, Inc. Information Tech -0.36%
Harris Corporation Information Tech -0.33%
Navigant Consulting, Inc. Industrials -0.31%
PERFORMANCE ATTRIBUTIONRelative to the Russell 2000 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
Information Tech 21.95% 17.71% -1.85% -3.48% 0.02% 0.42% 0.45%
Financials 20.67% 23.27% 0.05% -2.27% 0.09% 0.68% 0.78%
Industrials 18.82% 14.41% -12.90% -8.64% -0.15% -0.91% -1.05%
Consumer Disc. 13.92% 12.96% 8.52% -10.55% -0.12% 2.79% 2.67%
Health Care 10.34% 13.49% 7.29% 1.24% -0.07% 0.54% 0.47%
Materials 5.02% 4.94% -14.69% -5.90% 0.14% -0.32% -0.17%
Consumer Staples 4.03% 3.52% 0.47% -0.53% -0.06% -0.07% -0.13%
Energy 3.24% 5.76% 15.17% -7.26% 0.07% 0.73% 0.81%
Telecomm Services 2.02% 0.75% 1.14% -8.31% -0.01% 0.20% 0.19%
Utilities 0.00% 3.19% 0.00% 3.25% -0.21% 0.00% -0.21%
Total 100.00% 100.00% -0.60% -4.41% -0.31% 4.07% 3.81%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Sanmina-SCI Corporation Information Tech 0.90%
CEC Entertainment, Inc . Consumer Disc. 0.64%
Exterran Holdings, Inc. Energy 0.41%
PDL BioPharma, Inc. Health Care 0.41%
Centene Corporation Health Care 0.35%
TRW Automotive Holdings Corp. Consumer Disc. 0.32%
Deluxe Corporation Industrials 0.32%
Edwards Lifesciences Corporation Health Care 0.30%
E*TRADE Financial Corporation Financials 0.30%
Becton, Dickinson and Company Health Care 0.29%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Overweight 0.14%
Financials Underweight 0.09%
Energy Underweight 0.07%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Sanmina-SCI Corporation Information Tech 0.98%
CEC Entertainment, Inc . Consumer Disc. 0.65%
Exterran Holdings, Inc. Energy 0.48%
PDL BioPharma, Inc. Health Care 0.44%
TeleTech Holdings, Inc. Information Tech 0.27%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
SkyWest, Inc Industrials -0.95%
Unisys Corporation Information Tech -0.88%
Kemper Corporation Financials -0.36%
InterMune, Inc. Health Care -0.35%
UniFirst Corporation Industrials -0.34%
Navigant Consulting, Inc. Industrials -0.33%
Mindray Medical International Ltd. Sponsored ADR Class A Health Care -0.28%
Barnes Group Inc. Industrials -0.26%
Puma Biotechnology, Inc. Health Care -0.19%
Insperity, Inc. Industrials -0.18%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.21%
Industrials Overweight -0.15%
Consumer Disc. Overweight -0.12%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SkyWest, Inc Industrials -0.99%
Unisys Corporation Information Tech -0.89%
Navigant Consulting, Inc. Industrials -0.42%
Kemper Corporation Financials -0.33%
Umpqua Holdings Corporation Financials -0.30%
PERFORMANCE ATTRIBUTIONRelative to the Russell 2000 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
Information Tech 21.24% 17.74% 5.34% 3.74% 0.12% 0.50% 0.62%
Financials 20.49% 23.12% 12.67% 6.65% 0.13% 1.36% 1.49%
Industrials 18.61% 14.46% -6.05% 1.75% -0.07% -1.53% -1.60%
Consumer Disc. 14.20% 13.13% 18.96% -2.58% -0.08% 2.92% 2.85%
Health Care 10.56% 13.37% 6.20% 9.86% -0.16% -0.51% -0.66%
Materials 5.16% 4.93% 0.36% 4.37% 0.17% 0.05% 0.24%
Consumer Staples 4.27% 3.60% -8.14% 5.35% -0.09% -0.69% -0.77%
Energy 3.40% 5.75% 15.09% -1.49% 0.31% 0.26% 0.59%
Telecomm Services 1.90% 0.75% 9.66% -3.43% -0.04% 0.26% 0.23%
Utilities 0.17% 3.15% 4.53% 9.94% -0.11% 0.01% -0.09%
Total 100.00% 100.00% 6.82% 3.93% 0.18% 2.62% 2.89%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Deluxe Corporation Industrials 0.75%
PrivateBancorp, Inc. Financials 0.59%
Exterran Holdings, Inc. Energy 0.56%
SVB Financial Group Financials 0.50%
Brown Shoe Company, Inc. Consumer Disc. 0.48%
Centene Corporation Health Care 0.39%
PDL BioPharma, Inc. Health Care 0.39%
CEC Entertainment, Inc . Consumer Disc. 0.37%
E*TRADE Financial Corporation Financials 0.33%
TRW Automotive Holdings Corp. Consumer Disc. 0.32%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.31%
Materials Overweight 0.17%
Financials Underweight 0.13%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Deluxe Corporation Industrials 0.88%
Brown Shoe Company, Inc. Consumer Disc. 0.74%
Exterran Holdings, Inc. Energy 0.73%
Sanmina-SCI Corporation Information Tech 0.64%
PrivateBancorp, Inc. Financials 0.59%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
SkyWest, Inc Industrials -1.09%
Mindray Medical International Ltd. Sponsored ADR Class A Health Care -0.60%
UniFirst Corporation Industrials -0.39%
Casey's General Stores, Inc. Consumer Staples -0.37%
Unisys Corporation Information Tech -0.37%
USANA Health Sciences, Inc. Consumer Staples -0.36%
InterMune, Inc. Health Care -0.34%
Molina Healthcare, Inc. Health Care -0.30%
Kemper Corporation Financials -0.29%
Navigant Consulting, Inc. Industrials -0.27%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Underweight -0.16%
Utilities Underweight -0.11%
Consumer Staples Overweight -0.09%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SkyWest, Inc Industrials -0.93%
Mindray Medical International Ltd. Sponsored ADR Class A Health Care -0.38%
Navigant Consulting, Inc. Industrials -0.31%
Bristow Group Inc. Energy -0.27%
Olympic Steel, Inc. Materials -0.24%

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