PERFORMANCE Average Annual Returns (%) for Period Ended 12/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) 9.31 7.03 7.03 20.23 15.20 5.99 6.79 10/1/2004
Russell 2000 Index 9.73 4.89 4.89 19.21 15.55 7.77 8.74  
Lipper Small-Cap Core Funds Average 7.18 3.85 3.85 17.64 14.41 7.69 8.68  
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Index reflects no deductions for fees or expenses. An investor cannot invest directly in an index. Visit www.calvert.com to obtain performance data current to the most recent month-end. Returns for periods of less than one year are not annualized.
Characteristics
  December 31, 2014
  Portfolio Benchmark
Number of Holdings 44 2,011
W. Avg Cap. (mils) $7,335.7 $1,910.7
W. Median Cap (mils) $3,695.6 $1,737.0
P/E 1-year trailing 15.4 16.8
P/E 1-year forward 16.5 19.9
EPS Growth, past 3 years 12.8% 18.4%
EPS Growth, next 3 - 5 years 10.4% 14.7%
Price to Book 1.9 2.2
Price to Sales 1.2 0.1
Dividend Yield 1.3% 1.3%
Active Share 98.2% N/A
September 30, 2014
Portfolio Benchmark
48 1,951
$10,627.5 $1,694.3
$4,710.0 $1,593.2
14.4 19.7
15.3 18.4
14.1% 20.2%
10.1% 14.8%
1.8 2.1
1.1 0.2
1.4% 1.4%
98.1% N/A
December 31, 2013
Portfolio Benchmark
71 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)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 20.23% 19.21%
Standard Deviation 12.13% 13.31%
Beta vs. Market 0.86 1.00
Excess Return 1.02% 0.00%
R-Squared 88.62% 100.00%
Tracking Error 4.51% 0.00%
Information Ratio 0.23 0.00
Sharpe Ratio 1.66 1.44
September 30, 2014
Portfolio Benchmark
21.10% 21.26%
14.06% 15.22%
0.88 1.00
-0.16% 0.00%
90.62% 100.00%
4.68% 0.00%
-0.03 0.00
1.50 1.39
December 31, 2013
Portfolio Benchmark
15.54% 15.67%
16.07% 16.68%
0.93 1.00
-0.14% 0.00%
92.39% 100.00%
4.60% 0.00%
-0.03 0.00
0.96 0.94
Sector Weights / Percentage of Holdings (ex-cash)
  December 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 16.64% 13.71% 2.93%
Consumer Staples 0.00% 3.34% -3.34%
Energy 4.04% 3.47% 0.56%
Financials 30.87% 24.25% 6.62%
Health Care 12.93% 14.76% -1.83%
Industrials 19.94% 13.76% 6.19%
Information Tech 10.54% 17.88% -7.34%
Materials 0.00% 4.52% -4.52%
Telecomm Services 5.05% 0.77% 4.28%
Utilities 0.00% 3.55% -3.55%
September 30, 2014
Portfolio Benchmark + / -
18.24% 13.22% 5.02%
0.00% 3.25% -3.25%
4.45% 5.52% -1.06%
28.36% 23.78% 4.58%
13.36% 13.37% -0.01%
17.21% 13.89% 3.32%
13.13% 18.02% -4.89%
0.40% 4.98% -4.58%
4.85% 0.78% 4.07%
0.00% 3.19% -3.19%
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
December 31, 2014
CENTENE CORP 4.64%
MATSON INC 3.93%
PRIVATEBANCORP INC 3.86%
EAST WEST BANCORP INC 3.74%
DELUXE CORP 3.72%
EDWARDS LIFESCIENCES CORP 3.64%
SVB FINANCIAL GROUP 3.56%
PARTNERRE LTD 3.50%
DST SYSTEMS INC 3.46%
BECTON DICKINSON AND CO 3.34%
Total 37.39%
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%
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 12/31/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 28.80% 24.27% 8.37% 11.43% 0.09% -0.93% -0.84%
Industrials 17.96% 13.83% 11.24% 9.22% -0.01% 0.29% 0.28%
Consumer Disc. 17.43% 13.60% 10.08% 13.77% 0.17% -0.63% -0.46%
Health Care 13.83% 14.11% 23.86% 17.61% 0.02% 0.70% 0.72%
Information Tech 12.47% 17.70% 3.74% 11.97% -0.06% -0.89% -0.95%
Telecomm Services 5.00% 0.76% 11.61% 8.89% -0.02% 0.14% 0.12%
Energy 4.18% 4.39% -10.91% -32.02% 0.29% 1.15% 1.45%
Materials 0.34% 4.62% -13.46% 4.73% 0.22% -0.06% 0.17%
Consumer Staples 0.00% 3.25% 0.00% 12.85% -0.08% 0.00% -0.08%
Utilities 0.00% 3.49% 0.00% 16.60% -0.21% 0.00% -0.21%
Total 100.00% 100.00% 9.93% 9.73% 0.41% -0.24% 0.20%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Matson, Inc. Industrials 0.73%
Centene Corporation Health Care 0.56%
Edwards Lifesciences Corporation Health Care 0.46%
Becton, Dickinson and Company Health Care 0.37%
Medtronic, Inc. Health Care 0.36%
Allegiant Travel Company Industrials 0.24%
Strayer Education, Inc. Consumer Disc. 0.20%
Atlantic Tele-Network, Inc. Telecomm Services 0.17%
FBL Financial Group, Inc. Class A Financials 0.17%
U.S. Silica Holdings, Inc. Energy 0.14%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.29%
Materials Underweight 0.22%
Consumer Disc. Overweight 0.17%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Matson, Inc. Industrials 1.07%
Centene Corporation Health Care 0.95%
Edwards Lifesciences Corporation Health Care 0.82%
Becton, Dickinson and Company Health Care 0.70%
Medtronic, Inc. Health Care 0.63%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Tesco Corporation Energy -0.52%
Comtech Telecommunications Corp. Information Tech -0.41%
Pitney Bowes Inc. Industrials -0.36%
Bristow Group Inc. Energy -0.31%
AGCO Corporation Industrials -0.30%
TRW Automotive Holdings Corp. Consumer Disc. -0.29%
Ducommun Incorporated Industrials -0.25%
SVB Financial Group Financials -0.20%
PartnerRe Ltd. Financials -0.20%
Frontier Communications Corporation Class B Telecomm Services -0.18%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.21%
Consumer Staples Underweight -0.08%
Information Tech Underweight -0.06%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Tesco Corporation Energy -0.44%
Comtech Telecommunications Corp. Information Tech -0.27%
Ducommun Incorporated Industrials -0.11%
Pitney Bowes Inc. Industrials -0.06%
Olympic Steel, Inc. Materials -0.05%
PERFORMANCE ATTRIBUTIONRelative to the Russell 2000 Index for the period ending 12/31/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 22.73% 23.49% 8.43% 8.92% 0.19% -0.19% 0.01%
Information Tech 19.54% 17.62% 1.83% 7.70% -0.03% -0.37% -0.39%
Industrials 18.60% 14.26% -3.10% -0.22% -0.18% -0.71% -0.88%
Consumer Disc. 14.82% 13.24% 19.54% 2.28% 0.07% 2.35% 2.43%
Health Care 11.22% 13.65% 32.89% 19.07% -0.06% 1.29% 1.24%
Materials 3.83% 4.78% -26.18% -2.84% 0.35% -0.31% 0.05%
Energy 3.48% 5.49% 2.60% -36.04% 0.35% 1.91% 2.27%
Consumer Staples 3.00% 3.45% 0.47% 12.26% -0.15% -0.07% -0.21%
Telecomm Services 2.78% 0.75% 12.88% -0.15% -0.03% 0.35% 0.33%
Utilities 0.00% 3.26% 0.00% 20.39% -0.45% 0.00% -0.45%
Total 100.00% 100.00% 9.29% 4.89% 0.06% 4.26% 4.39%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Sanmina-SCI Corporation Information Tech 0.98%
Centene Corporation Health Care 0.95%
Edwards Lifesciences Corporation Health Care 0.79%
Matson, Inc. Industrials 0.79%
CEC Entertainment, Inc . Consumer Disc. 0.70%
Becton, Dickinson and Company Health Care 0.69%
Exterran Holdings, Inc. Energy 0.51%
Medtronic, Inc. Health Care 0.48%
Deluxe Corporation Industrials 0.47%
PDL BioPharma, Inc. Health Care 0.45%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Underweight 0.35%
Energy Underweight 0.35%
Financials Underweight 0.19%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Centene Corporation Health Care 1.18%
Sanmina-SCI Corporation Information Tech 1.08%
Matson, Inc. Industrials 0.99%
Edwards Lifesciences Corporation Health Care 0.95%
Becton, Dickinson and Company Health Care 0.93%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
SkyWest, Inc Industrials -1.06%
Unisys Corporation Information Tech -0.98%
Tesco Corporation Energy -0.53%
Pitney Bowes Inc. Industrials -0.43%
Bristow Group Inc. Energy -0.40%
UniFirst Corporation Industrials -0.39%
Kemper Corporation Financials -0.39%
InterMune, Inc. Health Care -0.39%
AGCO Corporation Industrials -0.35%
Navigant Consulting, Inc. Industrials -0.34%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.45%
Industrials Overweight -0.18%
Consumer Staples Underweight -0.15%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SkyWest, Inc Industrials -1.09%
Unisys Corporation Information Tech -0.98%
Tesco Corporation Energy -0.53%
Kemper Corporation Financials -0.36%
Pitney Bowes Inc. Industrials -0.33%

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