PERFORMANCE Average Annual Returns (%) for Period Ended 9/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
I Shares -2.46 2.13 8.53 20.99 17.72 8.67 5.93 2/26/1999
Russell Midcap Growth Index -0.73 5.73 14.43 22.74 17.12 10.24 7.36  
Lipper Mid-Cap Growth Funds Average -2.32 1.57 9.92 20.39 15.27 9.22 8.06  
Characteristics
  September 30, 2014
  Portfolio Benchmark
Number of Holdings N/A 546
W. Avg Cap. (mils) $5,378.5 $12,865.5
W. Median Cap (mils) $5,046.6 $11,145.9
P/E 1-year trailing 18.9 24.8
P/E 1-year forward 15.7 21.2
EPS Growth, past 3 years 25.0% 18.1%
EPS Growth, next 3 - 5 years 15.6% 18.4%
Price to Book 3.3 4.9
Price to Sales 1.3 1.9
Dividend Yield 0.8% 1.0%
Active Share 96.0% N/A
June 30, 2014
Portfolio Benchmark
N/A 544
$4,667.3 $11,637.3
$3,292.5 $10,122.5
18.0 25.0
16.1 21.7
23.4% 20.2%
15.0% 16.7%
3.3 5.1
1.1 1.8
0.8% 1.0%
96.5% 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)
  September 30, 2014
  Portfolio Benchmark
Average Annual Return 20.99% 22.74%
Standard Deviation 14.96% 13.10%
Beta vs. Market 1.08 1.00
Excess Return -1.75% 0.00%
R-Squared 90.01% 100.00%
Tracking Error 4.85% 0.00%
Information Ratio -0.36 0.00
Sharpe Ratio 1.40 1.73
June 30, 2014
Portfolio Benchmark
12.61% 14.54%
17.03% 15.23%
1.07 1.00
-1.93% 0.00%
92.37% 100.00%
4.84% 0.00%
-0.40 0.00
0.74 0.95
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)
  September 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 25.10% 23.28% 1.82%
Consumer Staples 4.73% 7.64% -2.91%
Energy 7.00% 6.71% 0.29%
Financials 7.73% 9.10% -1.37%
Health Care 13.11% 12.86% 0.25%
Industrials 15.97% 16.25% -0.29%
Information Tech 19.78% 18.08% 1.71%
Materials 4.92% 4.81% 0.11%
Telecomm Services 0.00% 1.06% -1.06%
Utilities 1.66% 0.21% 1.46%
June 30, 2014
Portfolio Benchmark + / -
25.48% 22.92% 2.57%
3.96% 7.66% -3.69%
6.56% 7.37% -0.82%
8.78% 8.88% -0.09%
12.25% 12.86% -0.62%
15.71% 16.64% -0.93%
20.79% 17.68% 3.11%
4.75% 4.80% -0.04%
0.00% 0.98% -0.98%
1.71% 0.21% 1.50%
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
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%
June 30, 2014
SYNAPTICS INC 4.50%
LITHIA MOTORS INC CL A 3.69%
PROTO LABS INC 3.15%
MYRIAD GENETICS INC 3.12%
ARROW ELECTRONICS INC 2.99%
TRW AUTOMOTIVE HOLDINGS CORP 2.96%
GANNETT CO 2.79%
UBIQUITI NETWORKS INC 2.79%
DELUXE CORP 2.77%
POLARIS INDUSTRIES INC 2.77%
Total 31.51%
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 9/30/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Consumer Disc. 25.93% 23.37% 1.19% -0.10% 0.03% 0.30% 0.32%
Information Tech 20.42% 17.86% -7.77% 1.01% 0.04% -1.77% -1.73%
Industrials 15.80% 16.49% -3.28% -2.97% 0.02% -0.05% -0.04%
Health Care 12.69% 12.49% 6.26% 4.06% 0.01% 0.24% 0.25%
Financials 8.39% 9.09% -6.49% -0.72% -0.01% -0.46% -0.47%
Energy 6.39% 7.03% 2.17% -10.55% 0.08% 0.83% 0.91%
Materials 4.51% 4.84% -11.31% -2.59% 0.01% -0.43% -0.43%
Consumer Staples 4.21% 7.59% -2.51% 0.28% -0.01% -0.15% -0.16%
Utilities 1.66% 0.21% -5.81% -3.36% -0.04% -0.05% -0.08%
Telecomm Services 0.00% 1.03% 0.00% 6.92% -0.07% 0.00% -0.07%
Total 100.00% 100.00% -2.23% -0.74% 0.05% -1.54% -1.49%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
United Therapeutics Corporation Health Care 0.99%
Dresser-Rand Group Inc. Energy 0.77%
Ulta Salon, Cosmetics & Fragrance, Inc. Consumer Disc. 0.51%
Polaris Industries Inc. Consumer Disc. 0.41%
TRW Automotive Holdings Corp. Consumer Disc. 0.38%
Ross Stores, Inc. Consumer Disc. 0.32%
Landstar System, Inc. Industrials 0.31%
Deckers Outdoor Corporation Consumer Disc. 0.21%
Middleby Corporation Industrials 0.19%
AmerisourceBergen Corporation Health Care 0.17%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.08%
Information Tech Overweight 0.04%
Consumer Disc. Overweight 0.03%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
United Therapeutics Corporation Health Care 0.99%
Dresser-Rand Group Inc. Energy 0.79%
Ulta Salon, Cosmetics & Fragrance, Inc. Consumer Disc. 0.53%
Polaris Industries Inc. Consumer Disc. 0.43%
TRW Automotive Holdings Corp. Consumer Disc. 0.39%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Synaptics Incorporated Information Tech -0.70%
Lithia Motors, Inc. Class A Consumer Disc. -0.58%
Proto Labs, Inc. Industrials -0.49%
Geospace Technologies Corporation Energy -0.46%
Ubiquiti Networks, Inc. Information Tech -0.44%
Waddell & Reed Financial, Inc. Class A Financials -0.33%
Sotheby's Class A Consumer Disc. -0.32%
Domtar Corporation Materials -0.32%
Gentherm Inc. Consumer Disc. -0.31%
Myriad Genetics, Inc. Health Care -0.29%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Underweight -0.07%
Utilities Overweight -0.04%
Consumer Staples Underweight -0.01%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Synaptics Incorporated Information Tech -0.72%
Lithia Motors, Inc. Class A Consumer Disc. -0.61%
Proto Labs, Inc. Industrials -0.51%
Geospace Technologies Corporation Energy -0.47%
Ubiquiti Networks, Inc. Information Tech -0.46%
PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth Index for the period ending 9/30/2014
Performance Attribution Chart
Year-To-Date Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Consumer Disc. 25.47% 24.06% 0.98% 1.79% -0.03% -0.30% -0.33%
Information Tech 20.01% 16.76% 2.42% 5.52% -0.04% -0.45% -0.48%
Industrials 16.02% 15.53% 2.37% 3.44% 0.03% -0.21% -0.18%
Health Care 12.48% 13.28% 34.45% 16.35% -0.21% 1.79% 1.58%
Financials 8.47% 9.07% -4.50% 2.94% 0.02% -0.65% -0.62%
Energy 6.57% 6.69% -7.54% 3.16% 0.07% -0.87% -0.79%
Materials 4.95% 5.53% -12.76% 6.36% -0.00% -1.00% -1.00%
Consumer Staples 4.42% 7.90% -5.15% 8.91% -0.08% -0.66% -0.74%
Utilities 1.62% 0.33% 11.95% 10.66% 0.04% 0.03% 0.07%
Telecomm Services 0.00% 0.85% 0.00% 30.78% -0.18% 0.00% -0.18%
Total 100.00% 100.00% 3.04% 5.72% -0.37% -2.32% -2.68%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Myriad Genetics, Inc. Health Care 1.33%
Questcor Pharmaceuticals, Inc. Health Care 1.24%
Synaptics Incorporated Information Tech 1.13%
Dresser-Rand Group Inc. Energy 0.81%
TRW Automotive Holdings Corp. Consumer Disc. 0.73%
United Therapeutics Corporation Health Care 0.42%
F5 Networks, Inc. Information Tech 0.35%
Ulta Salon, Cosmetics & Fragrance, Inc. Consumer Disc. 0.29%
AmTrust Financial Services Inc. Financials 0.27%
Whole Foods Market, Inc. Consumer Staples 0.26%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.07%
Utilities Overweight 0.04%
Industrials Overweight 0.03%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Myriad Genetics, Inc. Health Care 1.67%
Synaptics Incorporated Information Tech 1.34%
Questcor Pharmaceuticals, Inc. Health Care 1.26%
Dresser-Rand Group Inc. Energy 1.03%
TRW Automotive Holdings Corp. Consumer Disc. 0.93%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Geospace Technologies Corporation Energy -1.23%
Sotheby's Class A Consumer Disc. -0.88%
AOL Inc. Information Tech -0.68%
Ubiquiti Networks, Inc. Information Tech -0.65%
Inter Parfums, Inc. Consumer Staples -0.64%
Waddell & Reed Financial, Inc. Class A Financials -0.54%
Express, Inc. Consumer Disc. -0.49%
American Equity Investment Life Holding Company Financials -0.44%
Ryland Group, Inc. Consumer Disc. -0.40%
Domtar Corporation Materials -0.38%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Underweight -0.21%
Telecomm Services Underweight -0.18%
Consumer Staples Underweight -0.08%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Geospace Technologies Corporation Energy -1.09%
Sotheby's Class A Consumer Disc. -0.74%
Inter Parfums, Inc. Consumer Staples -0.57%
AOL Inc. Information Tech -0.54%
Ubiquiti Networks, Inc. Information Tech -0.52%
PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth Index for the period ending 9/30/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Consumer Disc. 25.48% 24.30% 2.96% 11.29% -0.03% -2.26% -2.29%
Information Tech 20.18% 16.62% 17.69% 12.41% -0.11% 1.21% 1.09%
Industrials 15.70% 15.34% 11.82% 15.10% 0.01% -0.52% -0.51%
Health Care 12.32% 13.23% 37.56% 25.83% -0.18% 1.41% 1.22%
Financials 8.34% 9.11% 11.40% 11.79% -0.01% -0.06% -0.07%
Energy 6.82% 6.65% -17.51% 4.74% 0.01% -1.89% -1.88%
Materials 5.06% 5.61% -4.90% 15.34% -0.02% -0.99% -1.01%
Consumer Staples 4.53% 7.98% 2.98% 17.93% -0.10% -0.67% -0.78%
Utilities 1.58% 0.33% 16.01% 10.57% -0.06% 0.06% -0.01%
Telecomm Services 0.00% 0.82% 0.00% 41.93% -0.20% 0.00% -0.20%
Total 100.00% 100.00% 9.99% 14.42% -0.68% -3.70% -4.43%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Synaptics Incorporated Information Tech 1.38%
Questcor Pharmaceuticals, Inc. Health Care 1.18%
Myriad Genetics, Inc. Health Care 0.87%
Dresser-Rand Group Inc. Energy 0.83%
United Therapeutics Corporation Health Care 0.65%
TRW Automotive Holdings Corp. Consumer Disc. 0.62%
F5 Networks, Inc. Information Tech 0.33%
Whole Foods Market, Inc. Consumer Staples 0.33%
AmTrust Financial Services Inc. Financials 0.27%
AmerisourceBergen Corporation Health Care 0.26%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Overweight 0.01%
Industrials Overweight 0.01%
Financials Underweight -0.01%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Synaptics Incorporated Information Tech 1.83%
Myriad Genetics, Inc. Health Care 1.39%
Questcor Pharmaceuticals, Inc. Health Care 1.35%
TRW Automotive Holdings Corp. Consumer Disc. 1.06%
Dresser-Rand Group Inc. Energy 1.03%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Express, Inc. Consumer Disc. -1.24%
Geospace Technologies Corporation Energy -1.23%
Hornbeck Offshore Services, Inc. Energy -0.94%
Sotheby's Class A Consumer Disc. -0.87%
EPL Oil & Gas, Inc. Energy -0.65%
Inter Parfums, Inc. Consumer Staples -0.64%
SM Energy Company Energy -0.52%
Ryland Group, Inc. Consumer Disc. -0.42%
WellCare Health Plans, Inc. Health Care -0.41%
Domtar Corporation Materials -0.38%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Underweight -0.20%
Health Care Underweight -0.18%
Information Tech Overweight -0.11%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Geospace Technologies Corporation Energy -1.09%
Express, Inc. Consumer Disc. -1.08%
Hornbeck Offshore Services, Inc. Energy -0.78%
Inter Parfums, Inc. Consumer Staples -0.57%
EPL Oil & Gas, Inc. Energy -0.55%

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