PERFORMANCE Average Annual Returns (%) for Period Ended 3/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) 2.71 2.71 24.54 10.26 18.26 n/a 2.55 5/31/2007
MSCI EAFE Small/Mid Cap Index 2.85 2.85 21.81 8.74 19.81 n/a 1.90  
Lipper International Small/Mid Cap Core Funds Average 2.43 2.43 20.36 6.93 20.59 8.16 1.83  
Characteristics
  March 31, 2014
  Portfolio Benchmark
Number of Holdings 106 2,668
W. Avg Cap. (mils) $3,317.6 $4,669.7
W. Median Cap (mils) $2,098.7 $3,503.8
P/E 1-year trailing 14.3 16.5
P/E 1-year forward 15.0 16.3
EPS Growth, past 3 years 16.2% 12.3%
EPS Growth, next 3 - 5 years 20.5% 14.9%
Price to Book 1.4 1.6
Price to Sales 1.0 0.8
Dividend Yield 2.6% 2.4%
Active Share 95.5% N/A
December 31, 2013
Portfolio Benchmark
104 2,683
$3,208.3 $4,431.4
$2,298.1 $3,412.1
15.7 17.0
15.3 17.2
15.8% 15.1%
17.3% 14.7%
1.4 1.6
1.1 0.8
2.5% 2.4%
95.6% N/A
December 31, 2012
Portfolio Benchmark
109 2,682
$2,870.3 $3,605.5
$1,573.7 $2,683.3
12.9 14.1
13.7 14.2
35.0% 25.0%
13.8% 11.7%
1.2 1.3
0.8 0.6
3.0% 3.0%
95.9% N/A
Returns Based Statistics (3 Year)
  March 31, 2014
  Portfolio Benchmark
Average Annual Return 10.26% 8.74%
Standard Deviation 16.40% 16.35%
Beta vs. Market 0.97 1.00
Excess Return 1.51% 0.00%
R-Squared 94.09% 100.00%
Tracking Error 4.01% 0.00%
Information Ratio 0.38 0.00
Sharpe Ratio 0.62 0.53
December 31, 2013
Portfolio Benchmark
9.42% 8.99%
16.10% 16.05%
0.97 1.00
0.43% 0.00%
93.35% 100.00%
4.18% 0.00%
0.10 0.00
0.58 0.56
December 31, 2012
Portfolio Benchmark
4.94% 6.30%
19.30% 19.77%
0.95 1.00
-1.36% 0.00%
94.47% 100.00%
4.65% 0.00%
-0.29 0.00
0.25 0.31
Sector Weights / Percentage of Holdings (ex-cash)
  March 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 19.00% 17.73% 1.27%
Consumer Staples 8.92% 5.40% 3.52%
Energy 2.61% 3.25% -0.63%
Financials 31.53% 21.26% 10.27%
Health Care 3.29% 5.65% -2.36%
Industrials 17.26% 23.42% -6.16%
Information Tech 7.10% 8.11% -1.01%
Materials 8.62% 9.67% -1.05%
Telecomm Services 1.68% 2.32% -0.64%
Utilities 0.00% 3.21% -3.21%
December 31, 2013
Portfolio Benchmark + / -
18.89% 17.95% 0.94%
7.75% 5.44% 2.31%
2.53% 3.35% -0.82%
34.45% 21.00% 13.45%
3.68% 5.85% -2.17%
19.49% 23.43% -3.94%
6.19% 8.18% -1.99%
5.42% 9.48% -4.06%
1.60% 2.21% -0.61%
0.00% 3.10% -3.10%
December 31, 2012
Portfolio Benchmark + / -
17.24% 17.32% -0.08%
9.47% 6.26% 3.22%
3.47% 4.05% -0.57%
24.91% 20.95% 3.96%
5.18% 5.45% -0.27%
20.96% 22.65% -1.68%
8.34% 7.29% 1.05%
7.91% 10.73% -2.82%
1.55% 1.99% -0.44%
0.96% 3.31% -2.36%
Top Ten Holdings / Percentage of Net Assets
March 31, 2014
IMMOFINANZ AG 2.02%
BUZZI UNICEM SPA 1.96%
CATLIN GROUP LTD 1.78%
DELTA LLOYD NV 1.62%
AOZORA BANK LTD 1.55%
UNIPRES CORP 1.52%
MICHELIN (CGDE) 1.50%
NAMCO BANDAI HOLDINGS INC 1.46%
KONINKLIJKE DSM NV 1.44%
INDUSTRIVARDEN AB C SHS 1.43%
Total 16.27%
December 31, 2013
IMMOFINANZ AG 2.23%
GAM HOLDING AG 2.06%
CATLIN GROUP LTD 1.98%
BUZZI UNICEM SPA 1.97%
AOZORA BANK LTD 1.70%
DELTA LLOYD NV 1.65%
D/S NORDEN 1.58%
NAMCO BANDAI HOLDINGS INC 1.56%
INDUSTRIVARDEN AB C SHS 1.52%
RHOEN KLINIKUM AG 1.48%
Total 17.73%
December 31, 2012
MICHELIN (CGDE) 2.05%
GAM HOLDING AG 1.81%
CATLIN GROUP LTD 1.68%
BUZZI UNICEM SPA 1.66%
INDUSTRIVARDEN AB C SHS 1.62%
D/S NORDEN 1.57%
BEKAERT NV 1.56%
SECOM CO LTD 1.54%
KONINKLIJKE AHOLD NV 1.48%
VALLOUREC 1.42%
Total 16.39%
Regions
  March 31, 2014
  Portfolio Benchmark + / -
Africa 0.20% 0.01% 0.19%
Central Asia 0.19% 0.00% 0.19%
Middle East 0.00% 0.84% -0.84%
North America 3.85% 0.31% 3.54%
Pacific Rim 31.31% 36.05% -4.73%
South America 1.29% 0.00% 1.29%
Western Europe 58.51% 62.80% -4.29%
  December 31, 2013
  Portfolio Benchmark + / -
Africa 0.19% 0.00% 0.19%
Central Asia 0.16% 0.00% 0.16%
Eastern Europe 0.39% 0.00% 0.39%
Middle East 0.00% 0.86% -0.86%
North America 7.66% 0.27% 7.39%
Pacific Rim 33.03% 37.85% -4.82%
South America 1.51% 0.00% 1.51%
Western Europe 57.05% 61.02% -3.96%
  December 31, 2012
  Portfolio Benchmark + / -
Eastern Europe 0.73% 0.03% 0.70%
Middle East 1.12% 0.89% 0.22%
North America 4.21% 0.36% 3.85%
Pacific Rim 34.89% 39.70% -4.82%
South America 2.19% 0.00% 2.19%
Western Europe 56.87% 59.02% -2.15%
Countries
  March 31, 2014
  Portfolio Benchmark + / -
Australia 2.36% 6.78% -4.42%
Austria 3.50% 0.88% 2.62%
Belgium 1.41% 1.52% -0.12%
Bermuda 1.88% 0.24% 1.64%
Brazil 1.29% 0.00% 1.29%
Canada 0.76% 0.03% 0.74%
China 0.66% 0.10% 0.56%
Denmark 1.81% 1.97% -0.17%
Finland 0.74% 1.76% -1.02%
France 4.64% 6.91% -2.27%
Germany 4.65% 5.16% -0.51%
Gibraltar 0.00% 0.04% -0.04%
Hong Kong 0.28% 2.49% -2.21%
India 0.19% 0.00% 0.19%
Indonesia 0.00% 0.01% -0.01%
Ireland 1.93% 1.37% 0.56%
Israel 0.00% 0.82% -0.82%
Italy 4.99% 3.40% 1.59%
Japan 26.23% 23.88% 2.34%
Luxembourg 0.00% 0.67% -0.67%
Malaysia 1.37% 0.00% 1.37%
Malta 0.00% 0.03% -0.03%
Netherlands 4.35% 3.38% 0.98%
New Zealand 0.00% 0.91% -0.91%
Norway 6.16% 1.25% 4.92%
Portugal 0.00% 0.51% -0.51%
Singapore 0.43% 1.89% -1.46%
South Africa 0.20% 0.01% 0.19%
Spain 0.00% 3.18% -3.18%
Sweden 3.08% 4.22% -1.14%
Switzerland 3.68% 5.69% -2.01%
United Arab Emirates 0.00% 0.02% -0.02%
United Kingdom 17.57% 20.86% -3.29%
United States 1.21% 0.04% 1.17%
  December 31, 2013
  Portfolio Benchmark + / -
Australia 1.53% 6.73% -5.20%
Austria 3.34% 0.82% 2.52%
Belgium 0.51% 1.67% -1.17%
Bermuda 2.18% 0.27% 1.91%
Brazil 0.32% 0.00% 0.32%
China 0.76% 0.13% 0.64%
Denmark 2.60% 1.87% 0.73%
Faroe Islands 0.00% 0.01% -0.01%
Finland 0.76% 1.76% -0.99%
France 4.25% 6.77% -2.52%
Germany 5.39% 5.09% 0.29%
Hong Kong 0.31% 2.71% -2.39%
India 0.16% 0.00% 0.16%
Indonesia 0.00% 0.03% -0.03%
Ireland 0.69% 1.11% -0.42%
Israel 0.00% 0.84% -0.84%
Italy 4.84% 2.96% 1.88%
Japan 24.48% 25.52% -1.04%
Luxembourg 0.00% 0.45% -0.45%
Malaysia 1.32% 0.00% 1.32%
Mexico 0.00% 0.00% 0.00%
Netherlands 3.98% 3.23% 0.74%
New Zealand 0.00% 0.83% -0.83%
Norway 4.57% 1.47% 3.10%
Panama 1.19% 0.00% 1.19%
Portugal 0.00% 0.46% -0.46%
Russia 0.39% 0.00% 0.39%
Singapore 0.41% 1.89% -1.48%
South Africa 0.19% 0.00% 0.19%
South Korea 4.14% 0.00% 4.14%
Spain 0.00% 2.83% -2.83%
Sweden 2.27% 4.27% -2.00%
Switzerland 4.15% 4.74% -0.59%
Taiwan 0.09% 0.02% 0.07%
United Arab Emirates 0.00% 0.02% -0.02%
United Kingdom 19.70% 21.51% -1.81%
United States 5.48% 0.00% 5.48%
  December 31, 2012
  Portfolio Benchmark + / -
Australia 2.30% 8.55% -6.26%
Austria 3.28% 0.99% 2.29%
Belgium 1.64% 2.00% -0.35%
Bermuda 3.35% 0.31% 3.05%
Brazil 0.79% 0.00% 0.79%
Bv Islands 0.00% 0.03% -0.03%
Canada 0.00% 0.02% -0.02%
China 1.13% 0.21% 0.92%
Cyprus 0.00% 0.02% -0.02%
Denmark 1.65% 1.46% 0.19%
Finland 1.00% 1.82% -0.82%
France 6.39% 6.65% -0.26%
Germany 8.97% 4.49% 4.49%
Greece 0.00% 0.56% -0.56%
Hong Kong 0.48% 3.02% -2.55%
Indonesia 0.00% 0.03% -0.03%
Ireland 0.00% 1.05% -1.05%
Israel 0.00% 0.88% -0.88%
Italy 3.09% 2.37% 0.72%
Japan 22.37% 24.85% -2.48%
Luxembourg 0.66% 0.50% 0.16%
Malaysia 1.03% 0.00% 1.03%
Netherlands 3.89% 3.04% 0.84%
New Zealand 0.00% 0.73% -0.73%
Norway 3.19% 1.56% 1.63%
Panama 1.40% 0.00% 1.40%
Portugal 0.00% 0.45% -0.45%
Russia 0.73% 0.00% 0.72%
Singapore 0.95% 2.31% -1.36%
South Korea 5.91% 0.00% 5.91%
Spain 0.00% 2.33% -2.33%
Sweden 2.69% 4.72% -2.02%
Switzerland 3.34% 4.25% -0.91%
Taiwan 0.72% 0.00% 0.72%
United Arab Emirates 1.12% 0.01% 1.10%
United Kingdom 17.07% 20.79% -3.73%
United States 0.86% 0.00% 0.86%
PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Small/Mid Cap Index for the quarter ending 3/31/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 32.01% 21.07% 3.14% 3.21% 0.03% -0.05% -0.02%
Industrials 19.39% 23.33% 1.41% 2.62% 0.00% -0.24% -0.24%
Consumer Disc. 18.57% 17.94% 2.89% 1.60% -0.01% 0.20% 0.19%
Consumer Staples 9.61% 5.36% 6.59% 2.76% -0.01% 0.36% 0.35%
Materials 6.80% 9.66% 5.12% 2.15% 0.02% 0.19% 0.21%
Information Tech 6.11% 8.22% 9.57% 3.16% -0.01% 0.41% 0.40%
Health Care 3.41% 5.74% 3.94% 4.71% -0.05% -0.02% -0.07%
Energy 2.51% 3.24% 1.84% -0.52% 0.02% 0.07% 0.09%
Telecomm Services 1.60% 2.27% 5.31% 8.64% -0.04% -0.05% -0.08%
Utilities 0.00% 3.16% 0.00% 6.89% -0.13% 0.00% -0.13%
Total 100.00% 100.00% 3.56% 2.85% -0.16% 0.88% 0.71%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
F&C Asset Management plc Financials 0.47%
Norwegian Air Shuttle ASA Industrials 0.25%
Compagnie Generale des Etablissements Michelin SCA Consumer Disc. 0.23%
Chugoku Marine Paints,Ltd. Materials 0.22%
Greggs plc Consumer Staples 0.22%
Nongshim Co., Ltd. Consumer Staples 0.20%
Ubisoft Entertainment SA Information Tech 0.20%
NKT Holding A/S Industrials 0.18%
Ashtead Group plc Industrials 0.18%
BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros Financials 0.17%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Overweight 0.03%
Energy Underweight 0.02%
Materials Underweight 0.02%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
F&C Asset Management plc Financials 0.46%
Norwegian Air Shuttle ASA Industrials 0.29%
Compagnie Generale des Etablissements Michelin SCA Consumer Disc. 0.28%
Greggs plc Consumer Staples 0.27%
Ashtead Group plc Industrials 0.25%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
D/S Norden A/S Industrials -0.31%
Wm Morrison Supermarkets plc Consumer Staples -0.29%
Yamaha Corporation Consumer Disc. -0.26%
GAM Holding AG Financials -0.23%
Credit Saison Co., Ltd. Financials -0.22%
Eurasia Drilling Co. Ltd. Sponsored GDR RegS Energy -0.20%
Daiseki Co., Ltd. Industrials -0.18%
Royal DSM NV Materials -0.16%
Bank of Yokohama, Ltd. Financials -0.16%
TOM TAILOR Holding AG Consumer Disc. -0.16%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.13%
Health Care Underweight -0.05%
Telecomm Services Underweight -0.04%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
D/S Norden A/S Industrials -0.28%
Yamaha Corporation Consumer Disc. -0.26%
Wm Morrison Supermarkets plc Consumer Staples -0.26%
Credit Saison Co., Ltd. Financials -0.23%
Eurasia Drilling Co. Ltd. Sponsored GDR RegS Energy -0.19%
PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Small/Mid Cap Index for the period ending 3/31/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 31.21% 21.19% 22.18% 18.19% -0.17% 1.09% 0.93%
Industrials 22.02% 22.64% 31.49% 24.78% 0.01% 1.76% 1.78%
Consumer Disc. 17.94% 18.21% 32.82% 28.67% -0.12% 0.64% 0.53%
Consumer Staples 8.75% 5.82% 29.46% 10.31% -0.26% 1.57% 1.32%
Information Tech 6.51% 7.93% 53.60% 30.84% -0.05% 1.29% 1.25%
Materials 5.42% 9.59% 33.46% 16.11% 0.20% 0.90% 1.11%
Health Care 4.10% 5.68% 25.43% 22.31% 0.00% 0.33% 0.34%
Energy 2.20% 3.47% -15.49% -5.05% 0.35% -0.17% 0.19%
Telecomm Services 1.59% 2.18% 22.66% 34.84% -0.06% -0.18% -0.23%
Utilities 0.27% 3.29% 8.88% 27.01% -0.09% -0.19% -0.27%
Total 100.00% 100.00% 28.66% 21.73% -0.19% 7.04% 6.94%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
PureCircle Limited Consumer Staples 0.94%
LEONI AG Consumer Disc. 0.85%
Opera Software ASA Information Tech 0.65%
Delta Lloyd N.V. Financials 0.58%
Compagnie Generale des Etablissements Michelin SCA Consumer Disc. 0.45%
Monitise plc Information Tech 0.44%
Jungheinrich AG Pref Industrials 0.43%
Ashtead Group plc Industrials 0.41%
Banca Generali S.p.A. Financials 0.40%
DMG Mori Seiki Aktiengesellschaft Industrials 0.40%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.35%
Materials Underweight 0.20%
Industrials Underweight 0.01%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
PureCircle Limited Consumer Staples 1.16%
LEONI AG Consumer Disc. 1.14%
Delta Lloyd N.V. Financials 0.92%
Opera Software ASA Information Tech 0.88%
Compagnie Generale des Etablissements Michelin SCA Consumer Disc. 0.81%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Polarcus Limited Energy -0.47%
Bank of Yokohama, Ltd. Financials -0.42%
Wm Morrison Supermarkets plc Consumer Staples -0.42%
All America Latina Logistica S.A. Industrials -0.35%
Credit Saison Co., Ltd. Financials -0.31%
Aker ASA Class A Financials -0.31%
Doshisha Co., Ltd. Consumer Disc. -0.30%
Samsung Card Co., Ltd Financials -0.29%
ElectroMagnetic GeoServices ASA Energy -0.29%
K+S AG Materials -0.27%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Overweight -0.26%
Financials Overweight -0.17%
Consumer Disc. Underweight -0.12%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Polarcus Limited Energy -0.37%
All America Latina Logistica S.A. Industrials -0.26%
K+S AG Materials -0.26%
Mando Corporation Consumer Disc. -0.21%
ElectroMagnetic GeoServices ASA Energy -0.20%

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of stocks held by the Fund may fall; individual investments of the Fund may not perform as expected; the Fund's portfolio management practices may not achieve the desired result; and/or the Advisor's allocation of Fund assets between the portions of the portfolio managed by each Sub-advisor may cause the Fund to underperform. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad; differences between the regulations that apply to U.S. and foreign issuers and markets; the potential for foreign markets to be less liquid and more volatile than U.S. markets; and currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar. In addition, the risks of investing in emerging market securities are greater than those of investing in securities of developed foreign countries. The Fund is non-diversified and may be more volatile than a diversified fund.

G200ATT 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.

This site intended for citizens and permanent residents of the United States of America.