PERFORMANCE Average Annual Returns (%) for Period Ended 6/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
Portfolio 3.96 7.06 15.13 -0.27 7.31 n/a 1.77 12/28/2006
S&P 500 Index 5.23 7.14 24.61 16.58 18.83 7.78 6.55  
Lipper VA Natural Resources Funds Average 11.09 0.42 29.30 4.07 12.40 11.73 5.48  
Characteristics
  June 30, 2014
  Portfolio Benchmark
Number of Holdings 8 501
W. Avg Cap. (mils) $2,752.2 $115,824.7
W. Median Cap (mils) $2,502.5 $65,477.1
P/E 1-year trailing N/A 18.2
P/E 1-year forward N/A 16.6
EPS Growth, past 3 years N/A 11.4%
EPS Growth, next 3 - 5 years N/A 11.6%
Price to Book N/A 2.7
Price to Sales N/A 1.7
Dividend Yield N/A 2.0%
Active Share 100.0% N/A
March 31, 2014
Portfolio Benchmark
10 500
$2,819.4 $112,455.2
$1,631.6 $62,190.2
N/A 17.6
N/A 16.0
N/A 12.8%
N/A 11.7%
N/A 2.6
N/A 1.7
N/A 2.0%
100.0% N/A
December 31, 2013
Portfolio Benchmark
10 500
$2,827.8 $113,301.6
$1,824.6 $64,142.8
N/A 18.0
N/A 16.8
N/A 11.3%
N/A 11.7%
N/A 2.7
N/A 1.7
N/A 2.0%
100.0% N/A
Returns Based Statistics (3 Year)
  June 30, 2014
  Portfolio Benchmark
Average Annual Return -0.27% 16.58%
Standard Deviation 16.01% 12.26%
Beta vs. Market 1.09 1.00
Excess Return -16.85% 0.00%
R-Squared 69.31% 100.00%
Tracking Error 8.93% 0.00%
Information Ratio -1.89 0.00
Sharpe Ratio -0.02 1.35
March 31, 2014
Portfolio Benchmark
-3.09% 14.66%
16.25% 12.47%
1.10 1.00
-17.75% 0.00%
71.45% 100.00%
8.77% 0.00%
-2.02 0.00
-0.19 1.17
December 31, 2013
Portfolio Benchmark
-1.70% 16.18%
16.04% 12.11%
1.11 1.00
-17.88% 0.00%
70.52% 100.00%
8.82% 0.00%
-2.03 0.00
-0.11 1.33
Sector Weights / Percentage of Holdings (ex-cash)
  June 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 0.00% 11.85% -11.85%
Consumer Staples 0.00% 9.51% -9.51%
Energy 0.00% 10.86% -10.86%
Energy 20.90% 0.00% 20.90%
Energy Stocks 26.30% 0.00% 26.30%
Financials 0.00% 16.05% -16.05%
Forestry Stocks 5.00% 0.00% 5.00%
Gold Mining Stocks 2.20% 0.00% 2.20%
Grains 10.10% 0.00% 10.10%
Health Care 0.00% 13.32% -13.32%
Industrial Metals 6.50% 0.00% 6.50%
Industrials 0.00% 10.51% -10.51%
Information Tech 0.00% 18.83% -18.83%
Livestock 1.40% 0.00% 1.40%
Materials 0.00% 3.51% -3.51%
Materials Stocks 11.10% 0.00% 11.10%
Precious Metals 5.90% 0.00% 5.90%
Softs 3.50% 0.00% 3.50%
Telecomm Services 0.00% 2.41% -2.41%
Utilities 0.00% 3.15% -3.15%
Water Stocks 7.16% 0.00% 7.16%
March 31, 2014
Portfolio Benchmark + / -
0.00% 12.05% -12.05%
0.00% 9.66% -9.66%
0.00% 10.15% -10.15%
11.47% 0.00% 11.47%
24.22% 0.00% 24.22%
0.00% 16.44% -16.44%
9.14% 0.00% 9.14%
1.92% 0.00% 1.92%
5.52% 0.00% 5.52%
0.00% 13.37% -13.37%
3.55% 0.00% 3.55%
0.00% 10.65% -10.65%
0.00% 18.63% -18.63%
0.74% 0.00% 0.74%
0.00% 3.52% -3.52%
20.15% 0.00% 20.15%
3.25% 0.00% 3.25%
4.00% 0.00% 4.00%
1.90% 0.00% 1.90%
0.00% 2.45% -2.45%
0.00% 3.07% -3.07%
4.01% 0.00% 4.01%
10.13% 0.00% 10.13%
December 31, 2013
Portfolio Benchmark + / -
0.00% 12.54% -12.54%
0.00% 9.76% -9.76%
0.00% 10.28% -10.28%
15.03% 0.00% 15.03%
24.31% 0.00% 24.31%
0.00% 16.18% -16.18%
6.14% 0.00% 6.14%
2.06% 0.00% 2.06%
5.88% 0.00% 5.88%
0.00% 12.95% -12.95%
4.89% 0.00% 4.89%
0.00% 10.94% -10.94%
0.00% 18.63% -18.63%
1.09% 0.00% 1.09%
0.00% 3.50% -3.50%
16.98% 0.00% 16.98%
3.39% 0.00% 3.39%
3.93% 0.00% 3.93%
2.18% 0.00% 2.18%
0.00% 2.30% -2.30%
0.00% 2.93% -2.93%
4.02% 0.00% 4.02%
10.10% 0.00% 10.10%
Top Ten Holdings / Percentage of Net Assets
June 30, 2014
ISHARES NORTH AMERICAN NATURAL 24.40%
POWERSHARES DB COMMODITY INDEX 24.10%
IPATH DOW JONES UBS COMMODITY 23.58%
ISHARES GLOBAL MATERIALS ETF 8.00%
POWERSHARES WATER RESOURCES PO 7.10%
VANGUARD MATERIALS ETF 5.31%
GUGGENHEIM TIMBER ETF 4.40%
MARKET VECTORS GOLD MINERS ETF 2.21%
Total 99.10%
March 31, 2014
ISHARES NORTH AMERICAN NATURAL 23.99%
POWERSHARES DB COMMODITY INDEX 13.15%
IPATH DOW JONES UBS COMMODITY 12.99%
VANGUARD MATERIALS ETF 12.02%
POWERSHARES WATER RESOURCES PO 10.03%
GUGGENHEIM TIMBER ETF 9.05%
ISHARES GLOBAL MATERIALS ETF 7.94%
VANGUARD REIT ETF 3.99%
ISHARES US UTILITIES ETF 3.98%
MARKET VECTORS GOLD MINERS ETF 1.90%
Total 99.04%
December 31, 2013
ISHARES NORTH AMERICAN NATURAL 23.94%
IPATH DOW JONES UBS COMMODITY 19.02%
POWERSHARES DB COMMODITY INDEX 12.95%
VANGUARD MATERIALS ETF 11.92%
POWERSHARES WATER RESOURCES PO 9.94%
GUGGENHEIM TIMBER ETF 6.06%
ISHARES GLOBAL MATERIALS ETF 4.80%
ISHARES US UTILITIES ETF 3.96%
VANGUARD REIT ETF 3.87%
MARKET VECTORS GOLD MINERS ETF 2.02%
Total 98.48%

Investment in mutual funds involves risk, including the possible loss of principal invested. The Portfolio is subject to asset allocation risk, which is the chance that selection of, and allocation of assets to, the underlying funds and notes may cause the Portfolio to underperform. The Portfolio shares the principal risks of the equity and fixed-income securities held by the underlying funds and notes, including the following risks: the stock or bond market may fall in value, causing prices of stocks or bonds held by the underlying funds and notes to fall; individual investments of an underlying fund or note may not perform as expected; and/or an underlying fund or note's portfolio management practices may not achieve the desired result. Natural resources have a historically low correlation to financial assets such as stocks and bonds, so their prices respond differently to financial market and economic conditions. The Portfolio is non-diversified and may be more volatile than a diversified fund.

I800ATT 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.

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