PERFORMANCE Average Annual Returns (%) for Period Ended 12/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
I Shares 5.83 8.09 8.09 17.77 17.13 8.18 6.22 2/26/1999
Russell Midcap Growth Index 5.84 11.90 11.90 20.71 16.94 9.43 7.62  
Lipper Mid-Cap Growth Funds Average 5.21 7.00 7.00 18.44 15.14 8.42 8.28  
Characteristics
  December 31, 2014
  Portfolio Benchmark
Number of Holdings N/A 552
W. Avg Cap. (mils) $5,713.2 $13,883.8
W. Median Cap (mils) $4,566.6 $11,770.9
P/E 1-year trailing 17.9 24.9
P/E 1-year forward 15.6 22.1
EPS Growth, past 3 years 19.8% 16.4%
EPS Growth, next 3 - 5 years 17.2% 15.7%
Price to Book 3.2 5.1
Price to Sales 1.2 0.0
Dividend Yield 0.8% 1.0%
Active Share 96.2% N/A
September 30, 2014
Portfolio Benchmark
N/A 546
$5,378.5 $12,865.5
$5,046.6 $11,145.9
18.9 24.8
15.7 21.2
25.0% 18.1%
15.6% 18.4%
3.3 4.9
1.3 1.9
0.8% 1.0%
96.0% N/A
December 31, 2013
Portfolio Benchmark
N/A 502
$5,377.0 $11,510.7
$4,023.0 $10,622.1
15.6 23.6
16.3 21.7
30.0% 16.5%
17.2% 16.1%
2.8 5.1
1.0 1.8
0.7% 1.0%
96.8% N/A
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 17.77% 20.71%
Standard Deviation 11.53% 11.02%
Beta vs. Market 0.97 1.00
Excess Return -2.95% 0.00%
R-Squared 85.94% 100.00%
Tracking Error 4.34% 0.00%
Information Ratio -0.68 0.00
Sharpe Ratio 1.54 1.87
September 30, 2014
Portfolio Benchmark
20.99% 22.74%
14.96% 13.10%
1.08 1.00
-1.75% 0.00%
90.01% 100.00%
4.85% 0.00%
-0.36 0.00
1.40 1.73
December 31, 2013
Portfolio Benchmark
15.86% 15.63%
16.88% 14.83%
1.10 1.00
0.22% 0.00%
93.09% 100.00%
4.67% 0.00%
0.05 0.00
0.94 1.05
Sector Weights / Percentage of Holdings (ex-cash)
  December 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 25.21% 23.77% 1.44%
Consumer Staples 4.75% 7.92% -3.17%
Energy 3.19% 4.96% -1.77%
Financials 9.55% 9.51% 0.03%
Health Care 14.52% 13.68% 0.84%
Industrials 15.34% 16.20% -0.86%
Information Tech 19.96% 17.93% 2.03%
Materials 5.81% 4.83% 0.98%
Telecomm Services 0.00% 0.98% -0.98%
Utilities 1.67% 0.22% 1.45%
September 30, 2014
Portfolio Benchmark + / -
25.10% 23.28% 1.82%
4.73% 7.64% -2.91%
7.00% 6.71% 0.29%
7.73% 9.10% -1.37%
13.11% 12.86% 0.25%
15.97% 16.25% -0.29%
19.78% 18.08% 1.71%
4.92% 4.81% 0.11%
0.00% 1.06% -1.06%
1.66% 0.21% 1.46%
December 31, 2013
Portfolio Benchmark + / -
26.42% 25.04% 1.38%
4.92% 8.01% -3.09%
7.61% 5.96% 1.65%
8.04% 8.28% -0.24%
9.70% 13.20% -3.50%
16.18% 15.09% 1.10%
20.10% 16.39% 3.71%
5.53% 5.80% -0.27%
0.00% 1.52% -1.52%
1.49% 0.71% 0.78%
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
ROSS STORES INC 3.48%
ALASKA AIR GROUP INC 3.31%
POLARIS INDUSTRIES INC 3.18%
AMTRUST FINANCIAL SERVICES 3.08%
MIDDLEBY CORP 3.06%
ROCK TENN COMPANY CL A 3.02%
ARROW ELECTRONICS INC 2.83%
F5 NETWORKS INC 2.82%
SYNTEL INC 2.81%
GANNETT CO 2.80%
Total 30.38%
September 30, 2014
DRESSER RAND GROUP INC 3.61%
UNITED THERAPEUTICS CORP 3.48%
POLARIS INDUSTRIES INC 3.29%
AMERISOURCEBERGEN CORP 3.00%
ROSS STORES INC 2.92%
SYNTEL INC 2.88%
MIDDLEBY CORP 2.85%
ARROW ELECTRONICS INC 2.84%
PROTO LABS INC 2.75%
LANDSTAR SYSTEM INC 2.74%
Total 30.36%
December 31, 2013
DST SYSTEMS INC 3.36%
CHURCH + DWIGHT CO INC 3.25%
POLARIS INDUSTRIES INC 3.12%
AOL INC 3.12%
WESCO INTERNATIONAL INC 3.08%
WADDELL + REED FINANCIAL A 2.98%
SOTHEBY S 2.96%
SYNTEL INC 2.90%
UBIQUITI NETWORKS INC 2.86%
ROSS STORES INC 2.82%
Total 30.43%
PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth 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
Consumer Disc. 24.82% 23.33% 8.19% 8.48% 0.05% -0.03% 0.02%
Information Tech 19.77% 17.84% 3.71% 5.82% 0.00% -0.40% -0.40%
Industrials 15.89% 16.28% 8.47% 6.18% 0.00% 0.36% 0.36%
Health Care 14.72% 13.43% 6.51% 12.06% 0.06% -0.81% -0.76%
Financials 9.16% 9.50% 17.76% 7.98% -0.05% 0.80% 0.75%
Materials 5.63% 4.79% 20.47% 5.38% -0.00% 0.78% 0.77%
Consumer Staples 4.73% 7.86% 6.82% 9.57% -0.11% -0.13% -0.25%
Energy 3.62% 5.74% -32.72% -22.02% 0.40% -0.41% -0.01%
Utilities 1.67% 0.22% 7.17% 11.60% 0.09% -0.09% -0.00%
Telecomm Services 0.00% 1.02% 0.00% -0.80% 0.06% 0.00% 0.06%
Total 100.00% 100.00% 6.38% 5.84% 0.50% 0.07% 0.54%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
AmTrust Financial Services Inc. Financials 0.84%
Alaska Air Group, Inc. Industrials 0.76%
Rock-Tenn Company Class A Materials 0.57%
Ross Stores, Inc. Consumer Disc. 0.46%
PetSmart, Inc. Consumer Disc. 0.29%
Twitter, Inc. Information Tech 0.28%
AmerisourceBergen Corporation Health Care 0.27%
Netflix, Inc. Consumer Disc. 0.26%
Jones Lang LaSalle Incorporated Financials 0.23%
Dresser-Rand Group Inc. Energy 0.23%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.40%
Utilities Overweight 0.09%
Telecomm Services Underweight 0.06%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
AmTrust Financial Services Inc. Financials 1.03%
Alaska Air Group, Inc. Industrials 1.01%
Ross Stores, Inc. Consumer Disc. 0.75%
Rock-Tenn Company Class A Materials 0.74%
PetSmart, Inc. Consumer Disc. 0.61%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
SM Energy Company Energy -1.45%
Ubiquiti Networks, Inc. Information Tech -0.62%
Gentherm Incorporated Consumer Disc. -0.50%
Proto Labs, Inc. Industrials -0.35%
Geospace Technologies Corporation Energy -0.29%
Synaptics Incorporated Information Tech -0.22%
WESCO International, Inc. Industrials -0.21%
United Continental Holdings, Inc. Industrials -0.20%
RPC, Inc. Energy -0.17%
United Therapeutics Corporation Health Care -0.17%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Underweight -0.11%
Financials Underweight -0.05%
Materials Overweight -0.00%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SM Energy Company Energy -1.40%
Ubiquiti Networks, Inc. Information Tech -0.49%
Gentherm Incorporated Consumer Disc. -0.35%
Deckers Outdoor Corporation Consumer Disc. -0.30%
Proto Labs, Inc. Industrials -0.25%
PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth 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
Consumer Disc. 25.30% 23.72% 9.25% 10.49% 0.01% -0.37% -0.35%
Information Tech 19.95% 16.98% 6.22% 11.41% -0.04% -0.83% -0.87%
Industrials 15.99% 15.83% 11.04% 10.01% 0.03% 0.11% 0.15%
Health Care 13.05% 13.32% 43.20% 30.39% -0.17% 1.09% 0.92%
Financials 8.64% 9.27% 12.46% 11.07% -0.02% 0.12% 0.10%
Energy 5.82% 6.45% -37.79% -19.56% 0.48% -1.33% -0.85%
Materials 5.12% 5.34% 5.10% 12.08% -0.00% -0.28% -0.28%
Consumer Staples 4.50% 7.89% 1.32% 19.33% -0.19% -0.83% -1.03%
Utilities 1.63% 0.30% 19.98% 23.49% 0.14% -0.06% 0.07%
Telecomm Services 0.00% 0.89% 0.00% 29.73% -0.13% 0.00% -0.13%
Total 100.00% 100.00% 9.62% 11.89% 0.11% -2.38% -2.28%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Myriad Genetics, Inc. Health Care 1.43%
Questcor Pharmaceuticals, Inc. Health Care 1.32%
AmTrust Financial Services Inc. Financials 1.13%
Dresser-Rand Group Inc. Energy 1.09%
Synaptics Incorporated Information Tech 0.98%
TRW Automotive Holdings Corp. Consumer Disc. 0.78%
Alaska Air Group, Inc. Industrials 0.75%
F5 Networks, Inc. Information Tech 0.48%
Lithia Motors, Inc. Class A Consumer Disc. 0.47%
Jones Lang LaSalle Incorporated Financials 0.41%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.48%
Utilities Overweight 0.14%
Industrials Overweight 0.03%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Myriad Genetics, Inc. Health Care 1.78%
AmTrust Financial Services Inc. Financials 1.47%
Questcor Pharmaceuticals, Inc. Health Care 1.34%
Synaptics Incorporated Information Tech 1.34%
Alaska Air Group, Inc. Industrials 1.20%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
SM Energy Company Energy -1.73%
Geospace Technologies Corporation Energy -1.59%
Ubiquiti Networks, Inc. Information Tech -1.32%
Gentherm Incorporated Consumer Disc. -0.83%
Inter Parfums, Inc. Consumer Staples -0.79%
Sotheby's Class A Consumer Disc. -0.75%
AOL Inc. Information Tech -0.72%
Waddell & Reed Financial, Inc. Class A Financials -0.69%
WESCO International, Inc. Industrials -0.53%
Express, Inc. Consumer Disc. -0.52%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Underweight -0.19%
Health Care Underweight -0.17%
Telecomm Services Underweight -0.13%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SM Energy Company Energy -1.55%
Geospace Technologies Corporation Energy -1.41%
Ubiquiti Networks, Inc. Information Tech -1.04%
Sotheby's Class A Consumer Disc. -0.72%
Gentherm Incorporated Consumer Disc. -0.72%

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