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) -3.46 -4.68 -4.68 14.99 7.05 n/a 1.29 5/31/2007
MSCI EAFE Small/Mid Cap Index -1.21 -2.97 -2.97 13.73 8.14 6.13 0.59  
Lipper International Small/Mid Cap Core Funds Average -3.58 -6.48 -6.48 11.79 6.65 5.48 0.07  
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 102 2,712
W. Avg Cap. (mils) $3,479.4 $5,440.4
W. Median Cap (mils) $2,241.3 $4,433.5
P/E 1-year trailing 14.8 16.6
P/E 1-year forward 14.7 16.9
EPS Growth, past 3 years 31.3% 12.6%
EPS Growth, next 3 - 5 years 21.9% 13.8%
Price to Book 1.4 1.6
Price to Sales 1.0 0.1
Dividend Yield 2.4% 2.3%
Active Share 95.6% N/A
September 30, 2014
Portfolio Benchmark
103 2,677
$3,460.2 $5,402.4
$2,304.4 $4,466.2
13.2 16.2
14.2 16.4
25.1% 12.9%
17.5% 13.6%
1.4 1.6
0.9 0.8
2.5% 2.5%
95.4% 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
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 14.98% 13.73%
Standard Deviation 13.03% 13.03%
Beta vs. Market 0.97 1.00
Excess Return 1.26% 0.00%
R-Squared 93.72% 100.00%
Tracking Error 3.29% 0.00%
Information Ratio 0.38 0.00
Sharpe Ratio 1.15 1.05
September 30, 2014
Portfolio Benchmark
17.10% 14.36%
13.88% 14.04%
0.95 1.00
2.73% 0.00%
93.18% 100.00%
3.68% 0.00%
0.74 0.00
1.23 1.02
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
Sector Weights / Percentage of Holdings (ex-cash)
  December 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 21.40% 17.77% 3.62%
Consumer Staples 7.11% 5.57% 1.54%
Energy 1.89% 2.35% -0.46%
Financials 34.60% 23.08% 11.52%
Health Care 1.19% 6.10% -4.91%
Industrials 16.47% 22.44% -5.97%
Information Tech 7.95% 7.84% 0.10%
Materials 8.18% 9.47% -1.29%
Telecomm Services 1.21% 2.07% -0.86%
Utilities 0.00% 3.30% -3.30%
September 30, 2014
Portfolio Benchmark + / -
19.63% 17.16% 2.47%
7.16% 5.65% 1.52%
0.69% 2.90% -2.21%
36.36% 22.35% 14.01%
1.11% 6.22% -5.11%
16.28% 22.90% -6.62%
7.00% 7.90% -0.90%
10.43% 9.48% 0.94%
1.34% 2.18% -0.84%
0.00% 3.26% -3.26%
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%
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
SMURFIT KAPPA GROUP PLC 2.16%
AOZORA BANK LTD 1.83%
BUWOG AG 1.78%
CATLIN GROUP LTD 1.62%
BUZZI UNICEM SPA 1.49%
DELTA LLOYD NV 1.37%
ZUMTOBEL GROUP AG 1.37%
ASHTEAD GROUP PLC 1.32%
PURECIRCLE LTD 1.29%
OPERA SOFTWARE ASA 1.27%
Total 15.50%
September 30, 2014
AOZORA BANK LTD 1.99%
SMURFIT KAPPA GROUP PLC 1.87%
CERMAQ ASA 1.72%
BUZZI UNICEM SPA 1.62%
PURECIRCLE LTD 1.59%
CATLIN GROUP LTD 1.57%
BUWOG AG 1.57%
IMMOFINANZ AG 1.53%
DELTA LLOYD NV 1.46%
OPERA SOFTWARE ASA 1.41%
Total 16.34%
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%
Regions
  December 31, 2014
  Portfolio Benchmark + / -
Africa/Mideast 0.27% 0.75% -0.48%
Asia/Pacific 35.54% 39.48% -3.94%
Europe 54.88% 59.55% -4.67%
Latin America 2.86% 0.00% 2.86%
North America 1.21% 0.14% 1.06%
  September 30, 2014
  Portfolio Benchmark + / -
Africa/Mideast 0.26% 0.81% -0.54%
Asia/Pacific 35.32% 39.93% -4.61%
Europe 60.55% 59.13% 1.43%
Latin America 3.34% 0.00% 3.34%
North America 0.53% 0.02% 0.51%
  December 31, 2013
  Portfolio Benchmark + / -
Africa/Mideast 0.19% 0.86% -0.67%
Asia/Pacific 33.20% 37.85% -4.66%
Europe 57.44% 61.02% -3.58%
Latin America 1.51% 0.00% 1.51%
North America 7.66% 0.27% 7.39%
Countries
  December 31, 2014
  Portfolio Benchmark + / -
Australia 1.98% 6.74% -4.76%
Austria 4.74% 0.68% 4.05%
Belgium 0.57% 1.68% -1.12%
Brazil 2.13% 0.00% 2.13%
Denmark 0.75% 1.90% -1.15%
Finland 0.74% 1.44% -0.70%
France 3.40% 7.03% -3.63%
Germany 6.03% 5.23% 0.80%
Hong Kong 0.62% 2.66% -2.04%
India 0.40% 0.00% 0.40%
Ireland 2.16% 1.00% 1.17%
Israel 0.00% 0.75% -0.75%
Italy 3.58% 2.87% 0.71%
Japan 27.42% 27.03% 0.40%
Korea 3.12% 0.00% 3.12%
Malaysia 1.29% 0.00% 1.29%
Mexico 0.48% 0.00% 0.48%
Netherlands 2.50% 2.94% -0.43%
New Zealand 0.00% 0.93% -0.93%
Norway 2.88% 1.27% 1.60%
Panama 0.73% 0.00% 0.73%
Poland 0.76% 0.00% 0.76%
Portugal 0.00% 0.30% -0.30%
Singapore 0.00% 2.12% -2.12%
South Africa 0.27% 0.00% 0.27%
Spain 0.00% 2.71% -2.71%
Sweden 3.14% 3.88% -0.74%
Switzerland 2.39% 5.03% -2.64%
Taiwan 0.72% 0.00% 0.72%
United Kingdom 21.23% 21.57% -0.34%
United States 0.72% 0.14% 0.58%
  September 30, 2014
  Portfolio Benchmark + / -
Australia 2.00% 6.91% -4.91%
Austria 5.73% 0.74% 4.99%
Belgium 1.65% 1.71% -0.06%
Brazil 2.54% 0.00% 2.54%
Denmark 0.69% 2.03% -1.34%
Finland 0.92% 1.45% -0.53%
France 2.91% 6.93% -4.02%
Germany 5.02% 4.81% 0.21%
Hong Kong 0.59% 2.62% -2.03%
India 0.31% 0.00% 0.31%
Ireland 2.56% 0.96% 1.60%
Israel 0.00% 0.81% -0.81%
Italy 3.51% 3.09% 0.42%
Japan 25.99% 27.25% -1.25%
Korea 1.54% 0.00% 1.54%
Korea, South 2.26% 0.00% 2.26%
Malaysia 1.68% 0.00% 1.68%
Mexico 0.53% 0.00% 0.53%
Netherlands 2.74% 2.88% -0.15%
New Zealand 0.00% 0.86% -0.86%
Norway 5.61% 1.57% 4.05%
Panama 0.80% 0.00% 0.80%
Portugal 0.00% 0.38% -0.38%
Singapore 0.18% 2.28% -2.11%
South Africa 0.26% 0.00% 0.26%
Spain 0.00% 2.78% -2.78%
Sweden 4.28% 3.83% 0.45%
Switzerland 2.23% 5.10% -2.87%
Taiwan 0.76% 0.00% 0.76%
United Kingdom 22.71% 20.85% 1.85%
United States 0.00% 0.02% -0.02%
  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 Free 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%
Korea, South 4.14% 0.00% 4.14%
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%
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%
U.A.E 0.00% 0.02% -0.02%
United Kingdom 19.70% 21.51% -1.81%
United States 5.48% 0.00% 5.48%
PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Small/Mid Cap 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 35.80% 22.81% -1.90% -0.16% 0.15% -0.60% -0.45%
Consumer Disc. 20.87% 17.47% -1.26% 2.58% 0.14% -0.81% -0.67%
Industrials 15.75% 22.55% -6.22% -2.69% 0.10% -0.60% -0.50%
Materials 9.29% 9.48% 1.83% -0.01% -0.00% 0.18% 0.18%
Information Tech 7.48% 7.81% -9.15% -1.90% 0.03% -0.56% -0.54%
Consumer Staples 7.35% 5.68% -4.58% -1.60% 0.01% -0.27% -0.26%
Health Care 1.16% 6.17% -7.48% -0.59% -0.03% -0.09% -0.11%
Telecomm Services 1.15% 2.14% 10.34% 2.19% -0.04% 0.09% 0.06%
Energy 1.15% 2.57% -11.27% -25.94% 0.48% 0.18% 0.66%
Utilities 0.00% 3.32% 0.00% -0.62% -0.02% 0.00% -0.02%
Total 100.00% 100.00% -2.91% -1.25% 0.81% -2.48% -1.66%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Catlin Group Limited Financials 0.38%
Zumtobel Group AG Industrials 0.25%
Greggs plc Consumer Staples 0.14%
Yamaha Corporation Consumer Disc. 0.14%
Provident Financial PLC Financials 0.14%
Royal Imtech N.V. Industrials 0.14%
Chugoku Marine Paints,Ltd. Materials 0.13%
Ubisoft Entertainment SA Information Tech 0.12%
Paragon Group of Companies PLC Financials 0.12%
Yokohama Rubber Co. Ltd. Consumer Disc. 0.12%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.48%
Financials Overweight 0.15%
Consumer Disc. Overweight 0.14%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Catlin Group Limited Financials 0.37%
Zumtobel Group AG Industrials 0.22%
Greggs plc Consumer Staples 0.13%
Provident Financial PLC Financials 0.13%
Yamaha Corporation Consumer Disc. 0.12%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Vallourec SA Industrials -0.30%
PureCircle Limited Consumer Staples -0.29%
Aker ASA Class A Financials -0.27%
Opus Group AB Information Tech -0.24%
Sl Corporation Consumer Disc. -0.21%
Makita Corporation Industrials -0.19%
Bank of Georgia Holdings PLC Financials -0.18%
TOM TAILOR Holding AG Consumer Disc. -0.17%
MRV Engenharia e Participacoes S.A. Consumer Disc. -0.17%
Unipres Corporation Consumer Disc. -0.16%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Underweight -0.04%
Health Care Underweight -0.03%
Utilities Underweight -0.02%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Vallourec SA Industrials -0.37%
PureCircle Limited Consumer Staples -0.31%
Aker ASA Class A Financials -0.29%
Opus Group AB Information Tech -0.25%
Makita Corporation Industrials -0.25%
PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Small/Mid Cap 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 33.43% 21.94% 2.64% 0.63% 0.42% 0.56% 0.98%
Consumer Disc. 20.15% 17.46% -1.27% -1.03% 0.13% -0.18% -0.05%
Industrials 17.55% 23.07% -12.60% -6.32% 0.20% -1.15% -0.95%
Materials 8.79% 9.59% -0.23% -3.44% -0.01% 0.29% 0.28%
Consumer Staples 8.10% 5.57% 8.90% -2.93% 0.03% 0.82% 0.85%
Information Tech 7.08% 7.96% -6.69% -3.44% 0.03% -0.29% -0.26%
Health Care 1.68% 5.94% -7.08% 5.17% -0.37% -0.11% -0.47%
Energy 1.65% 3.03% -39.97% -35.03% 0.66% -0.07% 0.59%
Telecomm Services 1.56% 2.21% 8.09% 2.77% -0.05% 0.06% 0.01%
Utilities 0.00% 3.22% 0.00% 4.27% -0.22% 0.00% -0.22%
Total 100.00% 100.00% -2.24% -2.99% 0.82% -0.07% 0.75%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Greggs plc Consumer Staples 0.53%
Cermaq ASA Consumer Staples 0.51%
F&C Asset Management plc Financials 0.45%
Cookpad Inc. Consumer Disc. 0.44%
Chugoku Marine Paints,Ltd. Materials 0.42%
Ashtead Group plc Industrials 0.42%
Provident Financial PLC Financials 0.41%
Orora Ltd. Materials 0.31%
Samsung Card Co., Ltd Financials 0.29%
Ubisoft Entertainment SA Information Tech 0.28%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.66%
Financials Overweight 0.42%
Industrials Underweight 0.20%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Greggs plc Consumer Staples 0.55%
Cermaq ASA Consumer Staples 0.45%
F&C Asset Management plc Financials 0.44%
Ashtead Group plc Industrials 0.42%
Provident Financial PLC Financials 0.41%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
D/S Norden A/S Industrials -0.74%
Buzzi Unicem S.p.A. Materials -0.51%
IMMOFINANZ AG Financials -0.51%
Petroleum Geo-Services ASA Energy -0.44%
Vallourec SA Industrials -0.39%
Ramirent Oyj Industrials -0.36%
Wm Morrison Supermarkets plc Consumer Staples -0.34%
TOM TAILOR Holding AG Consumer Disc. -0.33%
Aker ASA Class A Financials -0.30%
Countrywide Plc Financials -0.30%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Underweight -0.37%
Utilities Underweight -0.22%
Telecomm Services Underweight -0.05%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
D/S Norden A/S Industrials -0.76%
IMMOFINANZ AG Financials -0.59%
Buzzi Unicem S.p.A. Materials -0.58%
Vallourec SA Industrials -0.48%
Petroleum Geo-Services ASA Energy -0.47%

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