PERFORMANCE Average Annual Returns (%) for Period Ended 9/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) -5.93 -4.40 0.99 12.68 4.36 3.06 3.80 7/2/1992
MSCI EAFE Investable Market Index -6.07 -1.17 4.53 14.24 7.29 7.03 n/a  
Lipper International Multi-Cap Growth Funds Average -5.80 -2.84 3.07 12.95 6.78 6.13 6.26  
Characteristics
  September 30, 2014
  Portfolio Benchmark
Number of Holdings 222 3,067
W. Avg Cap. (mils) $56,933.8 $57,334.6
W. Median Cap (mils) $35,336.2 $31,280.1
P/E 1-year trailing 17.3 15.7
P/E 1-year forward 15.0 15.0
EPS Growth, past 3 years 16.0% 5.9%
EPS Growth, next 3 - 5 years 11.5% 10.4%
Price to Book 2.0 1.6
Price to Sales 1.2 1.0
Dividend Yield 2.5% 2.9%
Active Share 76.2% N/A
June 30, 2014
Portfolio Benchmark
231 3,081
$51,048.6 $49,834.7
$30,625.6 $25,550.4
17.3 15.7
15.4 14.9
14.4% 7.2%
11.2% 10.6%
2.1 1.7
1.3 1.0
2.5% 2.9%
73.5% N/A
December 31, 2013
Portfolio Benchmark
225 3,083
$48,413.1 $49,502.7
$26,707.1 $25,710.3
18.9 15.9
16.6 15.2
14.5% 10.4%
13.0% 11.9%
2.2 1.7
1.4 0.9
2.3% 2.9%
74.7% N/A
Returns Based Statistics (3 Year)
  September 30, 2014
  Portfolio Benchmark
Average Annual Return 12.69% 14.24%
Standard Deviation 13.12% 14.18%
Beta vs. Market 0.90 1.00
Excess Return -1.55% 0.00%
R-Squared 95.41% 100.00%
Tracking Error 3.13% 0.00%
Information Ratio -0.50 0.00
Sharpe Ratio 0.96 1.00
June 30, 2014
Portfolio Benchmark
6.55% 8.79%
15.51% 16.23%
0.94 1.00
-2.24% 0.00%
96.47% 100.00%
3.08% 0.00%
-0.73 0.00
0.42 0.54
December 31, 2013
Portfolio Benchmark
7.41% 8.78%
15.32% 16.37%
0.92 1.00
-1.37% 0.00%
96.75% 100.00%
3.05% 0.00%
-0.45 0.00
0.48 0.53
Sector Weights / Percentage of Holdings (ex-cash)
  September 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 17.81% 12.35% 5.46%
Consumer Staples 9.70% 10.31% -0.61%
Energy 4.80% 6.46% -1.66%
Financials 24.59% 25.20% -0.61%
Health Care 12.35% 10.67% 1.68%
Industrials 11.58% 13.74% -2.15%
Information Tech 5.05% 5.24% -0.20%
Materials 5.34% 7.90% -2.56%
Telecomm Services 5.81% 4.49% 1.33%
Utilities 2.97% 3.64% -0.67%
June 30, 2014
Portfolio Benchmark + / -
19.59% 12.43% 7.16%
9.04% 10.45% -1.41%
4.19% 6.87% -2.68%
24.40% 24.85% -0.45%
11.27% 10.05% 1.22%
14.84% 13.99% 0.86%
4.94% 5.02% -0.08%
4.17% 8.22% -4.05%
5.25% 4.48% 0.78%
2.31% 3.64% -1.32%
December 31, 2013
Portfolio Benchmark + / -
21.59% 12.86% 8.73%
9.17% 10.29% -1.12%
2.65% 6.86% -4.20%
25.53% 25.00% 0.54%
9.97% 9.55% 0.42%
14.19% 14.07% 0.12%
7.61% 5.09% 2.52%
4.05% 7.86% -3.81%
4.22% 5.15% -0.92%
1.01% 3.28% -2.27%
Top Ten Holdings / Percentage of Net Assets
September 30, 2014
ROCHE HOLDING AG GENUSSCHEIN 2.42%
TOYOTA MOTOR CORP 2.26%
HSBC HOLDINGS PLC 2.15%
SANOFI 1.64%
UNILEVER NV CVA 1.61%
AIA GROUP LTD 1.58%
SOFTBANK CORP 1.50%
ISUZU MOTORS LTD 1.39%
BG GROUP PLC 1.37%
INTESA SANPAOLO 1.36%
Total 17.28%
June 30, 2014
ROCHE HOLDING AG GENUSSCHEIN 2.26%
TOYOTA MOTOR CORP 2.06%
PERSIMMON PLC 1.34%
AIA GROUP LTD 1.23%
ASSA ABLOY AB B 1.22%
SCHNEIDER ELECTRIC SE 1.20%
AIR LIQUIDE SA 1.20%
SOFTBANK CORP 1.11%
ORIX CORP 1.04%
MIZUHO FINANCIAL GROUP INC 1.01%
Total 13.66%
December 31, 2013
ROCHE HOLDING AG 2.25%
TOYOTA MOTOR CORP 2.06%
ASSA ABLOY AB B 1.65%
NOVARTIS AG REG 1.60%
AIA GROUP LTD 1.51%
NOVO NORDISK A/S B 1.29%
AIR LIQUIDE SA 1.25%
FANUC CORP 1.24%
PERSIMMON PLC 1.19%
RECKITT BENCKISER GROUP PLC 1.16%
Total 15.19%
Regions
  September 30, 2014
  Portfolio Benchmark + / -
Africa/Mideast 3.57% 0.61% 2.97%
Asia/Pacific 27.18% 34.13% -6.95%
Europe 62.75% 65.03% -2.27%
North America 6.29% 0.20% 6.09%
  June 30, 2014
  Portfolio Benchmark + / -
Africa/Mideast 2.20% 0.58% 1.63%
Asia/Pacific 24.22% 33.46% -9.24%
Europe 64.46% 65.70% -1.25%
Latin America 0.29% 0.00% 0.29%
North America 8.83% 0.26% 8.56%
  December 31, 2013
  Portfolio Benchmark + / -
Africa/Mideast 1.82% 0.53% 1.29%
Asia/Pacific 22.09% 33.68% -11.59%
Europe 63.58% 65.58% -2.01%
Latin America 1.45% 0.00% 1.45%
North America 11.06% 0.21% 10.86%
Countries
  September 30, 2014
  Portfolio Benchmark + / -
Australia 3.06% 7.40% -4.35%
Austria 1.03% 0.29% 0.74%
Belgium 0.14% 1.30% -1.15%
Canada 1.17% 0.00% 1.17%
China 0.22% 0.00% 0.22%
Denmark 0.30% 1.60% -1.30%
Finland 0.07% 0.94% -0.87%
France 7.84% 9.17% -1.33%
Germany 7.02% 8.39% -1.36%
Hong Kong 3.01% 2.89% 0.11%
India 0.77% 0.00% 0.77%
Ireland 0.99% 0.39% 0.60%
Israel 1.22% 0.61% 0.61%
Italy 3.72% 2.59% 1.12%
Japan 17.91% 21.94% -4.03%
Korea 0.22% 0.00% 0.22%
Netherlands 4.68% 2.57% 2.11%
New Zealand 0.08% 0.25% -0.16%
Norway 2.76% 0.96% 1.81%
Philippines 0.76% 0.00% 0.76%
Portugal 0.02% 0.22% -0.20%
Singapore 0.23% 1.65% -1.42%
South Africa 2.36% 0.00% 2.36%
Spain 2.61% 3.47% -0.86%
Sweden 2.64% 3.18% -0.54%
Switzerland 8.89% 8.52% 0.37%
Taiwan 0.93% 0.00% 0.93%
United Kingdom 20.02% 21.44% -1.42%
United States 5.13% 0.20% 4.92%
  June 30, 2014
  Portfolio Benchmark + / -
Australia 3.70% 7.62% -3.92%
Austria 0.84% 0.34% 0.50%
Belgium 0.15% 1.26% -1.11%
Brazil 0.29% 0.00% 0.29%
Canada 2.18% 0.00% 2.18%
Denmark 0.91% 1.54% -0.64%
Finland 0.57% 0.94% -0.37%
France 10.15% 9.39% 0.76%
Germany 5.77% 8.90% -3.14%
Hong Kong 2.49% 2.83% -0.33%
India 0.48% 0.00% 0.48%
Ireland 0.68% 0.37% 0.31%
Israel 0.88% 0.58% 0.30%
Italy 1.80% 2.69% -0.88%
Japan 15.43% 21.18% -5.75%
Netherlands 5.44% 2.55% 2.89%
New Zealand 0.08% 0.26% -0.18%
Norway 2.61% 0.95% 1.66%
Philippines 0.65% 0.00% 0.65%
Portugal 0.04% 0.25% -0.21%
Singapore 0.21% 1.57% -1.36%
South Africa 1.33% 0.00% 1.33%
Spain 2.99% 3.53% -0.54%
Sweden 2.90% 3.20% -0.30%
Switzerland 9.07% 8.36% 0.70%
Taiwan 1.19% 0.00% 1.19%
United Kingdom 20.53% 21.41% -0.88%
United States 6.65% 0.26% 6.38%
  December 31, 2013
  Portfolio Benchmark + / -
Argentina 0.44% 0.00% 0.44%
Australia 2.10% 7.35% -5.24%
Austria 0.52% 0.33% 0.19%
Belgium 0.49% 1.21% -0.72%
Bermuda 0.01% 0.08% -0.07%
Brazil 1.01% 0.00% 1.01%
Canada 3.15% 0.00% 3.15%
China 0.00% 0.04% -0.04%
Denmark 1.34% 1.32% 0.02%
Faroe Islands 0.00% 0.00% -0.00%
Finland 0.71% 0.99% -0.27%
France 10.33% 8.77% 1.56%
Germany 5.32% 8.98% -3.65%
Hong Kong 3.36% 2.88% 0.48%
Indonesia 0.00% 0.01% -0.01%
Ireland 0.65% 0.43% 0.22%
Israel 0.62% 0.52% 0.10%
Italy 1.17% 2.29% -1.12%
Japan 14.29% 21.63% -7.34%
Luxembourg 0.00% 0.34% -0.34%
Mexico 0.00% 0.02% -0.02%
Netherlands 4.21% 3.02% 1.19%
New Zealand 0.04% 0.23% -0.19%
Norway 2.30% 0.96% 1.34%
Philippines 0.42% 0.00% 0.42%
Portugal 0.03% 0.21% -0.18%
Russia 1.48% 0.00% 1.48%
Singapore 0.15% 1.54% -1.40%
South Africa 1.20% 0.00% 1.20%
Spain 3.60% 3.18% 0.42%
Sweden 3.55% 3.28% 0.27%
Switzerland 9.13% 8.21% 0.92%
Taiwan 1.48% 0.01% 1.48%
Thailand 0.24% 0.00% 0.24%
United Arab Emirates 0.00% 0.01% -0.01%
United Kingdom 18.74% 22.05% -3.31%
United States 7.90% 0.12% 7.79%
PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Investable Market 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 24.24% 25.12% -4.95% -4.75% -0.01% -0.04% -0.06%
Consumer Disc. 18.44% 12.49% -7.18% -8.32% -0.14% 0.20% 0.06%
Industrials 13.81% 13.78% -6.09% -7.33% -0.00% 0.15% 0.15%
Health Care 11.64% 10.16% 2.05% -0.14% 0.10% 0.24% 0.34%
Consumer Staples 9.66% 10.40% -7.18% -6.98% -0.00% -0.04% -0.04%
Telecomm Services 5.91% 4.45% -4.01% -5.47% 0.02% 0.07% 0.09%
Information Tech 5.13% 5.13% -3.06% -1.84% -0.01% -0.05% -0.06%
Materials 4.40% 8.27% -10.49% -9.34% 0.10% -0.03% 0.07%
Energy 4.34% 6.60% -15.09% -11.43% 0.13% -0.19% -0.06%
Utilities 2.43% 3.60% -4.09% -5.43% -0.00% 0.04% 0.04%
Total 100.00% 100.00% -5.54% -6.08% 0.18% 0.37% 0.54%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Astellas Pharma Inc. Health Care 0.15%
Isuzu Motors Limited Consumer Disc. 0.15%
Aspen Pharmacare Holdings Limited Health Care 0.11%
BASF SE Materials 0.11%
BP p.l.c. Energy 0.10%
ASSA ABLOY AB Class B Industrials 0.09%
Nabtesco Corporation Industrials 0.09%
Check Point Software Technologies Ltd. Information Tech 0.09%
AIA Group Limited Financials 0.09%
Tesco PLC Consumer Staples 0.08%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.13%
Materials Underweight 0.10%
Health Care Overweight 0.10%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Astellas Pharma Inc. Health Care 0.12%
Isuzu Motors Limited Consumer Disc. 0.08%
Sanofi Health Care 0.07%
Nabtesco Corporation Industrials 0.06%
Ashtead Group plc Industrials 0.05%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
ALS Ltd. Industrials -0.17%
Orix Corporation Financials -0.12%
Kingfisher Plc Consumer Disc. -0.11%
ProSafe SE Energy -0.11%
adidas AG Consumer Disc. -0.10%
Continental AG Consumer Disc. -0.09%
voestalpine AG Materials -0.09%
EOG Resources, Inc. Energy -0.09%
Coca-Cola East Japan Co., Ltd. Consumer Staples -0.08%
Brenntag AG Industrials -0.08%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight -0.14%
Financials Underweight -0.01%
Information Tech Underweight -0.01%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Orix Corporation Financials -0.21%
ALS Ltd. Industrials -0.21%
Continental AG Consumer Disc. -0.16%
BG Group plc Energy -0.16%
voestalpine AG Materials -0.15%
PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Investable Market 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 24.86% 25.07% -6.73% -1.94% -0.01% -1.23% -1.25%
Consumer Disc. 19.82% 12.64% -6.42% -6.99% -0.43% 0.12% -0.31%
Industrials 13.70% 13.91% -4.66% -3.64% 0.01% -0.17% -0.17%
Health Care 10.74% 9.96% 14.66% 11.63% 0.12% 0.31% 0.42%
Consumer Staples 9.60% 10.35% -0.91% -0.39% -0.00% -0.03% -0.04%
Information Tech 5.88% 5.07% -6.05% -0.09% -0.06% -0.37% -0.43%
Telecomm Services 5.28% 4.60% -2.12% -3.46% 0.01% 0.09% 0.10%
Materials 4.17% 8.30% -7.55% -5.07% 0.12% -0.09% 0.03%
Energy 3.96% 6.61% -1.01% -0.33% -0.01% 0.00% -0.01%
Utilities 1.99% 3.50% 16.17% 8.35% -0.15% 0.15% -0.01%
Total 100.00% 100.00% -2.83% -1.17% -0.41% -1.23% -1.66%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Astellas Pharma Inc. Health Care 0.19%
Isuzu Motors Limited Consumer Disc. 0.17%
Novo Nordisk A/S Class B Health Care 0.17%
Persimmon Plc Consumer Disc. 0.15%
Aspen Pharmacare Holdings Limited Health Care 0.15%
Novartis AG Sponsored ADR Health Care 0.13%
Statoil ASA Sponsored ADR Energy 0.12%
Tesco PLC Consumer Staples 0.12%
Philippine Long Distance Telephone Co. Sponsored ADR Telecomm Services 0.12%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR Information Tech 0.12%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight 0.12%
Health Care Overweight 0.12%
Telecomm Services Overweight 0.01%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Novo Nordisk A/S Class B Health Care 0.34%
Roche Holding Ltd Genusssch. Health Care 0.21%
Novartis AG Health Care 0.21%
Astellas Pharma Inc. Health Care 0.20%
Persimmon Plc Consumer Disc. 0.16%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
adidas AG Consumer Disc. -0.24%
Yandex NV Class A Information Tech -0.24%
lululemon athletica inc. Consumer Disc. -0.21%
Mitsubishi Estate Company, Limited Financials -0.20%
SoftBank Corp. Telecomm Services -0.17%
Sberbank Russia OJSC Sponsored ADR Financials -0.16%
Sumitomo Mitsui Trust Holdings, Inc. Financials -0.15%
Shire PLC Health Care -0.15%
Orix Corporation Financials -0.15%
Kingfisher Plc Consumer Disc. -0.14%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight -0.43%
Utilities Underweight -0.15%
Information Tech Overweight -0.06%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SoftBank Corp. Telecomm Services -0.30%
adidas AG Consumer Disc. -0.29%
Yandex NV Class A Information Tech -0.25%
Mitsubishi Estate Company, Limited Financials -0.23%
Orix Corporation Financials -0.21%
PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Investable Market 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 24.61% 25.07% 1.51% 4.14% -0.03% -0.65% -0.68%
Consumer Disc. 20.65% 12.69% -2.41% -1.56% -0.42% -0.24% -0.66%
Industrials 13.87% 13.89% 3.68% 1.43% 0.00% 0.31% 0.31%
Health Care 10.41% 9.83% 20.45% 19.66% 0.11% 0.12% 0.23%
Consumer Staples 9.33% 10.37% 6.44% 2.94% 0.04% 0.29% 0.33%
Information Tech 6.41% 5.05% 0.39% 8.03% -0.00% -0.45% -0.46%
Telecomm Services 4.91% 4.73% 8.80% 7.85% -0.06% 0.06% -0.00%
Materials 4.58% 8.31% -6.19% -2.18% 0.17% -0.22% -0.05%
Energy 3.57% 6.58% 3.95% 5.81% -0.02% -0.03% -0.06%
Utilities 1.68% 3.48% 6.92% 10.47% -0.06% 0.06% -0.00%
Total 100.00% 100.00% 3.48% 4.53% -0.27% -0.74% -1.04%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Persimmon Plc Consumer Disc. 0.23%
Astellas Pharma Inc. Health Care 0.23%
Novo Nordisk A/S Class B Health Care 0.19%
Nielsen N.V. Industrials 0.18%
CVS Health Corporation Consumer Staples 0.17%
Canadian National Railway Company Industrials 0.17%
Isuzu Motors Limited Consumer Disc. 0.16%
Tesco PLC Consumer Staples 0.15%
ASSA ABLOY AB Class B Industrials 0.15%
DNB ASA Financials 0.14%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight 0.17%
Health Care Overweight 0.11%
Consumer Staples Underweight 0.04%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Novo Nordisk A/S Class B Health Care 0.45%
Roche Holding Ltd Genusssch. Health Care 0.30%
Persimmon Plc Consumer Disc. 0.29%
Astellas Pharma Inc. Health Care 0.29%
Novartis AG Health Care 0.28%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
lululemon athletica inc. Consumer Disc. -0.40%
Mitsubishi Estate Company, Limited Financials -0.20%
MercadoLibre SA Information Tech -0.18%
Kingfisher Plc Consumer Disc. -0.17%
Shire PLC Health Care -0.17%
AstraZeneca PLC Health Care -0.17%
adidas AG Consumer Disc. -0.16%
Sberbank Russia OJSC Sponsored ADR Financials -0.16%
Banco Santander S.A. Financials -0.15%
voestalpine AG Materials -0.14%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight -0.42%
Utilities Underweight -0.06%
Telecomm Services Overweight -0.06%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
lululemon athletica inc. Consumer Disc. -0.36%
Mitsubishi Estate Company, Limited Financials -0.20%
Mizuho Financial Group, Inc. Financials -0.18%
voestalpine AG Materials -0.16%
MercadoLibre SA Information Tech -0.16%

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