PERFORMANCE Average Annual Returns (%) for Period Ended 6/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) 2.99 4.13 20.30 14.13 18.27 n/a 6.86 10/1/2004
Russell 2000 Index 2.05 3.19 23.64 14.57 20.21 8.70 9.03  
Lipper Small-Cap Core Funds Average 2.50 3.96 23.73 13.98 19.78 8.86 9.19  
Characteristics
  June 30, 2014
  Portfolio Benchmark
Number of Holdings 72 1,973
W. Avg Cap. (mils) $3,726.9 $1,607.8
W. Median Cap (mils) $1,777.5 $1,486.7
P/E 1-year trailing 15.2 20.1
P/E 1-year forward 15.7 20.0
EPS Growth, past 3 years 15.5% 16.4%
EPS Growth, next 3 - 5 years 10.2% 15.8%
Price to Book 1.9 2.3
Price to Sales 0.8 0.2
Dividend Yield 1.3% 1.2%
Active Share 96.4% N/A
March 31, 2014
Portfolio Benchmark
70 1,976
$3,558.2 $1,701.3
$1,663.4 $1,433.2
14.8 19.9
15.2 19.6
12.3% 17.5%
10.5% 15.2%
2.0 2.3
0.8 1.2
1.3% 1.3%
96.6% 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)
  June 30, 2014
  Portfolio Benchmark
Average Annual Return 14.13% 14.57%
Standard Deviation 16.19% 16.98%
Beta vs. Market 0.92 1.00
Excess Return -0.44% 0.00%
R-Squared 93.03% 100.00%
Tracking Error 4.48% 0.00%
Information Ratio -0.10 0.00
Sharpe Ratio 0.87 0.85
March 31, 2014
Portfolio Benchmark
13.00% 13.18%
16.15% 16.78%
0.92 1.00
-0.19% 0.00%
91.79% 100.00%
4.81% 0.00%
-0.04 0.00
0.80 0.78
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)
  June 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 12.89% 13.18% -0.29%
Consumer Staples 4.58% 3.15% 1.44%
Energy 2.95% 6.33% -3.38%
Financials 19.87% 22.96% -3.08%
Health Care 9.81% 13.27% -3.46%
Industrials 19.06% 13.99% 5.07%
Information Tech 23.44% 17.86% 5.58%
Materials 5.74% 5.11% 0.63%
Telecomm Services 1.65% 0.78% 0.87%
Utilities 0.00% 3.37% -3.37%
March 31, 2014
Portfolio Benchmark + / -
12.80% 13.04% -0.24%
4.54% 3.69% 0.85%
4.06% 5.61% -1.55%
20.00% 23.23% -3.23%
9.86% 13.39% -3.54%
18.75% 14.51% 4.24%
22.44% 17.79% 4.65%
5.69% 4.88% 0.80%
1.87% 0.72% 1.15%
0.00% 3.14% -3.14%
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
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%
March 31, 2014
DST SYSTEMS INC 3.65%
BECTON DICKINSON AND CO 3.59%
UNIFIRST CORP/MA 3.33%
BENCHMARK ELECTRONICS INC 3.12%
KEMPER CORP 3.06%
CASEY S GENERAL STORES INC 2.89%
MATSON INC 2.86%
TELETECH HOLDINGS INC 2.82%
BROWN SHOE COMPANY INC 2.82%
DELUXE CORP 2.59%
Total 30.72%
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 6/30/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Information Tech 23.05% 17.39% 7.15% 1.89% 0.02% 1.14% 1.16%
Financials 19.90% 23.60% 0.40% 1.71% 0.03% -0.29% -0.26%
Industrials 18.97% 14.58% 1.89% 0.06% -0.08% 0.35% 0.27%
Consumer Disc. 12.70% 12.82% 3.46% 1.20% -0.00% 0.30% 0.30%
Health Care 9.99% 13.12% 6.23% 1.02% 0.07% 0.50% 0.56%
Materials 5.64% 4.87% 3.65% 1.92% -0.00% 0.11% 0.11%
Consumer Staples 4.65% 3.75% 3.54% 0.85% -0.01% 0.12% 0.11%
Energy 3.43% 5.92% 4.79% 11.34% -0.23% -0.20% -0.43%
Telecomm Services 1.68% 0.70% -9.31% -3.08% -0.05% -0.13% -0.18%
Utilities 0.00% 3.25% 0.00% 8.90% -0.21% 0.00% -0.21%
Total 100.00% 100.00% 3.48% 2.05% -0.47% 1.89% 1.43%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Sanmina-SCI Corporation Information Tech 0.70%
TeleTech Holdings, Inc. Information Tech 0.48%
Benchmark Electronics, Inc. Information Tech 0.33%
PDL BioPharma, Inc. Health Care 0.32%
Deluxe Corporation Industrials 0.27%
Worthington Industries, Inc. Materials 0.22%
Matson, Inc. Industrials 0.22%
Regal Entertainment Group Class A Consumer Disc. 0.21%
Brown Shoe Company, Inc. Consumer Disc. 0.18%
Comtech Telecommunications Corp. Information Tech 0.17%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Underweight 0.07%
Financials Underweight 0.03%
Information Tech Overweight 0.02%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Sanmina-SCI Corporation Information Tech 0.80%
TeleTech Holdings, Inc. Information Tech 0.58%
Benchmark Electronics, Inc. Information Tech 0.41%
PDL BioPharma, Inc. Health Care 0.40%
Deluxe Corporation Industrials 0.35%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Unisys Corporation Information Tech -0.54%
Kemper Corporation Financials -0.25%
UniFirst Corporation Industrials -0.19%
ICF International, Inc. Industrials -0.18%
DST Systems, Inc. Information Tech -0.18%
Atlantic Tele-Network, Inc. Telecomm Services -0.16%
PrivateBancorp, Inc. Financials -0.14%
SkyWest, Inc Industrials -0.13%
McClatchy Company Class A Consumer Disc. -0.13%
Idenix Pharmaceuticals, Inc. Health Care -0.12%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight -0.23%
Utilities Underweight -0.21%
Industrials Overweight -0.08%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Unisys Corporation Information Tech -0.54%
Kemper Corporation Financials -0.21%
ICF International, Inc. Industrials -0.17%
Atlantic Tele-Network, Inc. Telecomm Services -0.15%
McClatchy Company Class A Consumer Disc. -0.13%
PERFORMANCE ATTRIBUTIONRelative to the Russell 2000 Index for the period ending 6/30/2014
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 22.79% 17.69% 7.71% 2.24% 0.00% 1.16% 1.17%
Financials 19.71% 23.22% 1.35% 3.09% 0.04% -0.34% -0.30%
Industrials 18.93% 14.51% 0.04% 0.98% -0.09% -0.20% -0.29%
Consumer Disc. 13.48% 12.93% 11.09% -2.12% -0.16% 1.91% 1.75%
Health Care 10.01% 13.57% 6.57% 4.86% -0.01% 0.05% 0.04%
Materials 5.61% 4.88% 2.30% 2.80% 0.00% -0.03% -0.02%
Consumer Staples 4.54% 3.70% 0.80% 2.82% 0.01% -0.09% -0.07%
Energy 3.26% 5.64% 28.87% 16.74% -0.29% 0.33% 0.05%
Telecomm Services 1.67% 0.73% 9.05% -1.46% -0.05% 0.19% 0.15%
Utilities 0.00% 3.15% 0.00% 14.75% -0.33% 0.00% -0.33%
Total 100.00% 100.00% 5.34% 3.19% -0.86% 2.98% 2.15%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Sanmina-SCI Corporation Information Tech 0.79%
CEC Entertainment, Inc . Consumer Disc. 0.67%
TeleTech Holdings, Inc. Information Tech 0.53%
Exterran Holdings, Inc. Energy 0.40%
PDL BioPharma, Inc. Health Care 0.28%
Deluxe Corporation Industrials 0.27%
McClatchy Company Class A Consumer Disc. 0.26%
EPL Oil & Gas, Inc. Energy 0.26%
Benchmark Electronics, Inc. Information Tech 0.23%
Knightsbridge Tankers Limited Industrials 0.18%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight 0.04%
Consumer Staples Overweight 0.01%
Materials Overweight 0.00%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Sanmina-SCI Corporation Information Tech 0.92%
CEC Entertainment, Inc . Consumer Disc. 0.69%
TeleTech Holdings, Inc. Information Tech 0.67%
Exterran Holdings, Inc. Energy 0.50%
PDL BioPharma, Inc. Health Care 0.38%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Unisys Corporation Information Tech -0.84%
SkyWest, Inc Industrials -0.50%
Kemper Corporation Financials -0.41%
Mindray Medical International Ltd. Sponsored ADR Class A Health Care -0.31%
Texas Roadhouse, Inc. Consumer Disc. -0.20%
InterMune, Inc. Health Care -0.17%
Ducommun Incorporated Industrials -0.16%
SunEdison, Inc. Information Tech -0.16%
Umpqua Holdings Corporation Financials -0.15%
Navigant Consulting, Inc. Industrials -0.14%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.33%
Energy Underweight -0.29%
Consumer Disc. Overweight -0.16%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Unisys Corporation Information Tech -0.81%
SkyWest, Inc Industrials -0.48%
Kemper Corporation Financials -0.32%
Mindray Medical International Ltd. Sponsored ADR Class A Health Care -0.24%
Ducommun Incorporated Industrials -0.14%
PERFORMANCE ATTRIBUTIONRelative to the Russell 2000 Index for the period ending 6/30/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 20.03% 23.00% 17.62% 18.48% 0.18% -0.12% 0.06%
Information Tech 19.78% 17.77% 33.84% 25.56% -0.04% 1.43% 1.40%
Industrials 17.37% 14.46% 22.98% 25.99% -0.02% -0.63% -0.64%
Consumer Disc. 14.27% 13.41% 33.72% 14.85% -0.20% 2.41% 2.22%
Health Care 11.37% 13.23% 13.29% 30.72% -0.03% -2.18% -2.21%
Materials 5.54% 4.90% 34.41% 25.26% 0.03% 0.45% 0.48%
Consumer Staples 5.02% 3.76% 3.43% 23.17% 0.04% -0.80% -0.76%
Energy 4.43% 5.61% 44.37% 40.51% 0.03% -0.22% -0.19%
Telecomm Services 1.46% 0.75% 33.95% 14.91% -0.08% 0.27% 0.20%
Utilities 0.74% 3.12% -2.61% 23.21% -0.14% -0.21% -0.34%
Total 100.00% 100.00% 23.87% 23.64% -0.23% 0.40% 0.22%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Deluxe Corporation Industrials 0.99%
Exterran Holdings, Inc. Energy 0.75%
Sanmina-SCI Corporation Information Tech 0.60%
Grand Canyon Education, Inc. Consumer Disc. 0.55%
Belden Inc. Information Tech 0.50%
Minerals Technologies Inc. Materials 0.44%
CEC Entertainment, Inc . Consumer Disc. 0.39%
Worthington Industries, Inc. Materials 0.34%
Harris Corporation Information Tech 0.33%
ViroPharma Incorporated Health Care 0.33%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight 0.18%
Consumer Staples Overweight 0.04%
Energy Underweight 0.03%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Deluxe Corporation Industrials 1.66%
Sanmina-SCI Corporation Information Tech 1.46%
Exterran Holdings, Inc. Energy 1.19%
Grand Canyon Education, Inc. Consumer Disc. 1.13%
Worthington Industries, Inc. Materials 1.02%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Mindray Medical International Ltd. Sponsored ADR Class A Health Care -0.81%
Molina Healthcare, Inc. Health Care -0.79%
SkyWest, Inc Industrials -0.74%
ProAssurance Corporation Financials -0.64%
Diebold, Incorporated Information Tech -0.53%
Casey's General Stores, Inc. Consumer Staples -0.51%
Portland General Electric Company Utilities -0.42%
Acorda Therapeutics, Inc. Health Care -0.41%
Madison Square Garden Company Class A Consumer Disc. -0.40%
Texas Roadhouse, Inc. Consumer Disc. -0.38%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight -0.20%
Utilities Underweight -0.14%
Telecomm Services Overweight -0.08%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Molina Healthcare, Inc. Health Care -0.34%
ProAssurance Corporation Financials -0.31%
Mindray Medical International Ltd. Sponsored ADR Class A Health Care -0.29%
Diebold, Incorporated Information Tech -0.24%
Casey's General Stores, Inc. Consumer Staples -0.20%

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