PERFORMANCE Average Annual Returns (%) for Period Ended 12/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
Portfolio 9.45 4.15 4.15 18.37 14.75 7.09 7.12 4/27/2000
Russell 2000 Index 9.73 4.89 4.89 19.21 15.55 7.77 7.67  
Lipper VA Small-Cap Core Funds Average 8.67 0.40 4.39 18.62 15.15 7.61 7.75  
Characteristics
  December 31, 2014
  Portfolio Benchmark
Number of Holdings 2022 2,011
W. Avg Cap. (mils) $1,924.9 $1,910.7
W. Median Cap (mils) $1,763.1 $1,737.0
P/E 1-year trailing 17.1 16.8
P/E 1-year forward 19.9 19.9
EPS Growth, past 3 years 18.5% 18.4%
EPS Growth, next 3 - 5 years 14.7% 14.7%
Price to Book 2.2 2.2
Price to Sales 0.1 0.1
Dividend Yield 1.3% 1.3%
Active Share 3.1% N/A
September 30, 2014
Portfolio Benchmark
1963 1,951
$1,706.4 $1,694.3
$1,606.1 $1,593.2
19.7 19.7
18.4 18.4
20.2% 20.2%
14.8% 14.8%
2.1 2.1
0.2 0.2
1.4% 1.4%
4.5% N/A
December 31, 2013
Portfolio Benchmark
2015 2,004
$2,638.2 $1,605.0
$1,498.1 $1,440.6
19.7 19.7
20.5 20.5
17.2% 17.2%
15.5% 15.5%
2.3 2.3
1.2 1.2
1.2% 1.2%
7.3% N/A
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 18.38% 19.21%
Standard Deviation 13.29% 13.31%
Beta vs. Market 1.00 1.00
Excess Return -0.83% 0.00%
R-Squared 100.00% 100.00%
Tracking Error 0.08% 0.00%
Information Ratio -11.08 0.00
Sharpe Ratio 1.38 1.44
September 30, 2014
Portfolio Benchmark
20.44% 21.26%
15.18% 15.22%
1.00 1.00
-0.82% 0.00%
100.00% 100.00%
0.08% 0.00%
-10.58 0.00
1.34 1.39
December 31, 2013
Portfolio Benchmark
14.85% 15.67%
16.67% 16.68%
1.00 1.00
-0.83% 0.00%
100.00% 100.00%
0.09% 0.00%
-9.47 0.00
0.89 0.94
Sector Weights / Percentage of Holdings (ex-cash)
  December 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 13.76% 13.71% 0.05%
Consumer Staples 3.33% 3.34% -0.01%
Energy 3.49% 3.47% 0.02%
Financials 24.22% 24.25% -0.03%
Health Care 14.64% 14.76% -0.12%
Industrials 13.76% 13.76% 0.00%
Information Tech 17.96% 17.88% 0.08%
Materials 4.54% 4.52% 0.02%
Telecomm Services 0.75% 0.77% -0.02%
Utilities 3.57% 3.55% 0.02%
September 30, 2014
Portfolio Benchmark + / -
13.27% 13.22% 0.05%
3.25% 3.25% -0.01%
5.52% 5.52% -0.00%
23.80% 23.78% 0.02%
13.30% 13.37% -0.07%
13.86% 13.89% -0.03%
18.05% 18.02% 0.03%
4.99% 4.98% 0.01%
0.75% 0.78% -0.02%
3.21% 3.19% 0.02%
December 31, 2013
Portfolio Benchmark + / -
13.24% 13.75% -0.51%
3.66% 3.80% -0.14%
5.25% 5.46% -0.22%
25.84% 22.77% 3.07%
12.67% 13.24% -0.57%
13.92% 14.50% -0.58%
17.11% 17.81% -0.70%
4.72% 4.91% -0.19%
0.72% 0.75% -0.04%
2.89% 3.01% -0.12%
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
ISHARES RUSSELL 2000 ETF 4.37%
ISIS PHARMACEUTICALS INC 0.38%
RF MICRO DEVICES INC 0.25%
TRIQUINT SEMICONDUCTOR INC 0.25%
BRUNSWICK CORP 0.25%
OFFICE DEPOT INC 0.24%
GRAPHIC PACKAGING HOLDING CO 0.24%
LASALLE HOTEL PROPERTIES 0.24%
RLJ LODGING TRUST 0.23%
PUMA BIOTECHNOLOGY INC 0.23%
Total 6.69%
September 30, 2014
ISHARES RUSSELL 2000 ETF 4.32%
PUMA BIOTECHNOLOGY INC 0.32%
ISIS PHARMACEUTICALS INC 0.26%
WEX INC 0.25%
TEAM HEALTH HOLDINGS INC 0.24%
GRAPHIC PACKAGING HOLDING CO 0.23%
PROSPERITY BANCSHARES INC 0.23%
ULTIMATE SOFTWARE GROUP INC 0.23%
BRUNSWICK CORP 0.22%
RLJ LODGING TRUST 0.22%
Total 6.52%
December 31, 2013
ISHARES RUSSELL 2000 ETF 3.84%
COSTAR GROUP INC 0.30%
ATHENAHEALTH INC 0.27%
ACUITY BRANDS INC 0.26%
MIDDLEBY CORP 0.25%
ISIS PHARMACEUTICALS INC 0.25%
ULTIMATE SOFTWARE GROUP INC 0.24%
PTC INC 0.24%
ALIGN TECHNOLOGY INC 0.24%
BRUNSWICK CORP 0.24%
Total 6.13%

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Portfolio or the Portfolio could underperform because of the following risks: the stock market or the Russell 2000 Index may fall in value, causing prices of stocks held by the Portfolio to fall; individual investments of the Portfolio may not perform as expected; and/or the Portfolio's portfolio management practices may not achieve the desired result. An index fund has operating expenses; a market index does not. Although expected to track its target index as closely as possible while satisfying its investment criteria, the Portfolio will not be able to match the performance of the index exactly. It is not possible to invest directly in an index. Prices of small-cap stocks may respond to market activity differently from and can be more volatile than those of larger, more established companies.

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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