PERFORMANCE Average Annual Returns (%) for Period Ended 12/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
Portfolio -4.50 -6.44 -6.44 9.84 4.30 3.48 6.66 11/12/2002
MSCI EAFE Index -3.53 -4.48 -4.48 11.56 5.81 4.91 8.60  
Lipper VA International Large-Cap Core Funds Average -4.75 0.40 -6.56 9.98 4.58 3.85 6.81  
Characteristics
  December 31, 2014
  Portfolio Benchmark
Number of Holdings 917 910
W. Avg Cap. (mils) $60,711.3 $60,667.7
W. Median Cap (mils) $38,357.9 $37,868.6
P/E 1-year trailing 16.3 16.4
P/E 1-year forward 15.1 15.1
EPS Growth, past 3 years 5.5% 5.5%
EPS Growth, next 3 - 5 years 9.7% 9.8%
Price to Book 1.7 1.7
Price to Sales 0.2 0.2
Dividend Yield 3.0% 3.0%
Active Share 0.4% N/A
September 30, 2014
Portfolio Benchmark
910 901
$65,191.8 $65,131.8
$40,845.2 $40,591.1
15.7 15.7
14.9 14.9
4.0% 4.0%
9.9% 9.9%
1.7 1.7
1.0 1.0
3.0% 3.0%
0.3% N/A
December 31, 2013
Portfolio Benchmark
911 904
$56,083.4 $56,154.3
$35,792.8 $33,985.7
16.0 16.0
15.1 15.1
9.6% 9.6%
11.5% 11.5%
1.7 1.7
1.0 1.0
3.0% 3.0%
1.5% N/A
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 9.84% 11.56%
Standard Deviation 13.08% 13.18%
Beta vs. Market 0.99 1.00
Excess Return -1.72% 0.00%
R-Squared 98.75% 100.00%
Tracking Error 1.47% 0.00%
Information Ratio -1.17 0.00
Sharpe Ratio 0.75 0.87
September 30, 2014
Portfolio Benchmark
12.97% 14.16%
13.98% 14.24%
0.97 1.00
-1.19% 0.00%
98.50% 100.00%
1.75% 0.00%
-0.68 0.00
0.92 0.99
December 31, 2013
Portfolio Benchmark
7.32% 8.66%
16.39% 16.45%
0.99 1.00
-1.34% 0.00%
98.80% 100.00%
1.80% 0.00%
-0.74 0.00
0.44 0.52
Sector Weights / Percentage of Holdings (ex-cash)
  December 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 12.38% 12.43% -0.05%
Consumer Staples 11.10% 11.10% -0.00%
Energy 5.70% 5.69% 0.01%
Financials 25.94% 25.93% 0.01%
Health Care 11.04% 11.01% 0.03%
Industrials 12.59% 12.58% 0.01%
Information Tech 4.81% 4.81% 0.00%
Materials 7.57% 7.57% 0.01%
Telecomm Services 5.00% 5.01% -0.01%
Utilities 3.87% 3.88% -0.01%
September 30, 2014
Portfolio Benchmark + / -
11.62% 11.62% 0.00%
10.92% 10.92% -0.01%
6.87% 6.86% 0.01%
25.69% 25.70% -0.00%
11.25% 11.24% 0.01%
12.49% 12.50% -0.01%
4.67% 4.67% -0.01%
7.69% 7.68% 0.00%
4.92% 4.93% -0.01%
3.89% 3.88% 0.00%
December 31, 2013
Portfolio Benchmark + / -
11.76% 11.93% -0.16%
10.77% 10.93% -0.16%
7.15% 7.25% -0.10%
26.60% 25.63% 0.97%
9.93% 10.03% -0.10%
12.74% 12.92% -0.18%
4.47% 4.52% -0.06%
7.51% 7.60% -0.09%
5.61% 5.69% -0.08%
3.46% 3.51% -0.05%
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
ISHARES MSCI EAFE ETF 2.13%
NESTLE SA REG 1.87%
NOVARTIS AG REG 1.67%
ROCHE HOLDING AG GENUSSCHEIN 1.50%
HSBC HOLDINGS PLC 1.43%
TOYOTA MOTOR CORP 1.35%
ROYAL DUTCH SHELL PLC A SHS 1.03%
BP PLC 0.92%
BAYER AG REG 0.89%
COMMONWEALTH BANK OF AUSTRAL 0.89%
Total 13.68%
September 30, 2014
ISHARES MSCI EAFE ETF 2.02%
NESTLE SA REG 1.80%
NOVARTIS AG REG 1.65%
ROCHE HOLDING AG GENUSSCHEIN 1.58%
HSBC HOLDINGS PLC 1.47%
TOYOTA MOTOR CORP 1.23%
ROYAL DUTCH SHELL PLC A SHS 1.14%
TOTAL SA 1.06%
BP PLC 1.03%
SANOFI 1.02%
Total 13.99%
December 31, 2013
NESTLE SA REG 1.76%
HSBC HOLDINGS PLC 1.52%
ROCHE HOLDING AG 1.46%
VODAFONE GROUP PLC 1.41%
NOVARTIS AG REG 1.37%
ISHARES MSCI EAFE ETF 1.35%
TOYOTA MOTOR CORP 1.25%
BP PLC 1.13%
ROYAL DUTCH SHELL PLC A SHS 1.02%
TOTAL SA 0.97%
Total 13.24%
Regions
  December 31, 2014
  Portfolio Benchmark + / -
Africa/Mideast 0.58% 0.58% -0.00%
Asia/Pacific 32.89% 32.99% -0.11%
Europe 65.77% 66.06% -0.29%
North America 0.20% 0.20% -0.00%
  September 30, 2014
  Portfolio Benchmark + / -
Africa/Mideast 0.55% 0.55% -0.00%
Asia/Pacific 33.03% 33.05% -0.02%
Europe 66.14% 66.13% 0.02%
North America 0.23% 0.23% 0.00%
  December 31, 2013
  Portfolio Benchmark + / -
Africa/Mideast 0.44% 0.44% -0.01%
Asia/Pacific 32.36% 32.79% -0.43%
Europe 65.60% 66.61% -1.02%
North America 1.60% 0.15% 1.45%
Countries
  December 31, 2014
  Portfolio Benchmark + / -
Australia 7.47% 7.50% -0.03%
Austria 0.20% 0.20% -0.00%
Belgium 1.32% 1.33% -0.00%
Denmark 1.51% 1.51% -0.01%
Finland 0.89% 0.89% -0.00%
France 9.63% 9.69% -0.06%
Germany 9.09% 9.15% -0.06%
Hong Kong 2.57% 2.58% -0.01%
Ireland 0.33% 0.33% -0.00%
Israel 0.58% 0.58% -0.00%
Italy 2.19% 2.20% -0.01%
Japan 21.15% 21.21% -0.06%
Netherlands 3.28% 3.29% -0.01%
New Zealand 0.16% 0.16% -0.00%
Norway 0.61% 0.61% -0.00%
Portugal 0.15% 0.15% 0.00%
Singapore 1.54% 1.55% -0.00%
Spain 3.41% 3.46% -0.04%
Sweden 2.92% 2.92% -0.01%
Switzerland 9.20% 9.25% -0.05%
United Kingdom 21.03% 21.08% -0.04%
United States 0.20% 0.20% -0.00%
  September 30, 2014
  Portfolio Benchmark + / -
Australia 7.53% 7.52% 0.01%
Austria 0.21% 0.21% -0.00%
Belgium 1.28% 1.28% 0.00%
Denmark 1.57% 1.57% 0.00%
Finland 0.88% 0.88% -0.00%
France 9.91% 9.90% 0.01%
Germany 8.72% 8.72% -0.01%
Hong Kong 2.92% 2.91% 0.00%
Ireland 0.31% 0.31% -0.00%
Israel 0.55% 0.55% -0.00%
Italy 2.47% 2.47% 0.00%
Japan 20.96% 20.98% -0.02%
Netherlands 2.73% 2.73% 0.00%
New Zealand 0.13% 0.13% -0.00%
Norway 0.77% 0.77% 0.00%
Portugal 0.18% 0.18% -0.00%
Singapore 1.50% 1.50% -0.00%
Spain 3.58% 3.58% 0.00%
Sweden 3.06% 3.06% 0.00%
Switzerland 9.10% 9.11% -0.01%
United Kingdom 21.37% 21.36% 0.01%
United States 0.23% 0.23% 0.00%
  December 31, 2013
  Portfolio Benchmark + / -
Australia 7.37% 7.45% -0.08%
Austria 0.27% 0.27% -0.00%
Belgium 1.16% 1.19% -0.03%
China Free 0.01% 0.01% -0.00%
Denmark 1.15% 1.17% -0.03%
Finland 0.90% 0.91% -0.01%
France 9.33% 9.48% -0.15%
Germany 9.27% 9.41% -0.14%
Hong Kong 2.84% 2.87% -0.03%
Ireland 0.28% 0.29% -0.01%
Israel 0.44% 0.44% -0.01%
Italy 2.04% 2.07% -0.04%
Japan 20.62% 20.92% -0.30%
Luxembourg 0.37% 0.37% -0.01%
Mexico 0.02% 0.02% -0.00%
Netherlands 3.14% 3.19% -0.05%
New Zealand 0.11% 0.12% -0.00%
Norway 0.80% 0.81% -0.01%
Portugal 0.17% 0.18% -0.00%
Singapore 1.41% 1.43% -0.02%
Spain 3.26% 3.32% -0.05%
Sweden 3.14% 3.19% -0.05%
Switzerland 8.63% 8.78% -0.15%
United Kingdom 21.68% 21.98% -0.30%
United States 1.59% 0.13% 1.45%

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Portfolio or the Portfolio could underperform because of the following risks: the stock market (including markets outside the U.S.) or stocks in the MSCI EAFE Index may fall in value, causing prices of stocks held by the Portfolio to fall; individual investments of the Portfolio may not perform as expected; and/or the Portfolio's portfolio management practices may not achieve the desired result. An index fund has operating expenses; a market index does not. Although expected to track its target index as closely as possible while satisfying its investment criteria, the Portfolio will not be able to match the performance of the index exactly. It is not possible to invest directly in an index. Investment in foreign securities involves greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations.

I800ATT FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member, FINRA, and subsidiary of Calvert Investments, Inc. 800.368.2748

Calvert Investment Management, Inc. serves as the investment advisor and provides sustainability research for the Calvert mutual funds and institutional investment strategies.

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