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 4.60 6.99 22.60 16.24 17.37 7.29 10.13 8/15/1984
Russell 1000 Value Index 5.10 8.28 23.81 16.92 19.23 8.03 n/a  
Lipper VA Large-Cap Value Funds Average 4.61 0.42 22.82 15.58 17.89 7.38 9.80  
Characteristics
  June 30, 2014
  Portfolio Benchmark
Number of Holdings 50 685
W. Avg Cap. (mils) $97,725.2 $103,551.9
W. Median Cap (mils) $63,111.6 $52,411.9
P/E 1-year trailing 16.4 16.1
P/E 1-year forward 14.7 15.3
EPS Growth, past 3 years 5.8% 7.8%
EPS Growth, next 3 - 5 years 9.8% 9.3%
Price to Book 1.8 1.9
Price to Sales 1.6 1.4
Dividend Yield 2.1% 2.3%
Active Share 72.0% N/A
March 31, 2014
Portfolio Benchmark
44 664
$99,014.5 $106,799.9
$63,998.2 $50,280.8
16.0 15.8
14.1 14.7
7.0% 10.2%
9.8% 9.6%
1.8 1.8
1.6 1.4
2.1% 2.2%
73.5% N/A
December 31, 2013
Portfolio Benchmark
42 662
$88,555.1 $108,938.9
$53,733.5 $50,284.4
16.7 15.6
15.3 15.0
7.2% 9.5%
10.1% 9.2%
1.8 1.8
1.5 1.4
2.0% 2.2%
75.1% N/A
Returns Based Statistics (3 Year)
  June 30, 2014
  Portfolio Benchmark
Average Annual Return 16.24% 16.92%
Standard Deviation 13.01% 13.00%
Beta vs. Market 0.99 1.00
Excess Return -0.68% 0.00%
R-Squared 97.82% 100.00%
Tracking Error 1.93% 0.00%
Information Ratio -0.35 0.00
Sharpe Ratio 1.24 1.30
March 31, 2014
Portfolio Benchmark
14.04% 14.80%
13.25% 13.22%
0.99 1.00
-0.76% 0.00%
97.79% 100.00%
1.98% 0.00%
-0.38 0.00
1.05 1.11
December 31, 2013
Portfolio Benchmark
15.05% 16.06%
12.98% 12.88%
1.00 1.00
-1.01% 0.00%
97.63% 100.00%
2.00% 0.00%
-0.50 0.00
1.15 1.24
Sector Weights / Percentage of Holdings (ex-cash)
  June 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 10.00% 6.28% 3.72%
Consumer Staples 7.14% 6.87% 0.28%
Energy 15.36% 13.91% 1.45%
Financials 24.92% 28.48% -3.57%
Health Care 12.49% 13.15% -0.65%
Industrials 9.41% 10.47% -1.05%
Information Tech 10.23% 8.91% 1.31%
Materials 3.46% 3.35% 0.11%
Telecomm Services 4.41% 2.28% 2.13%
Utilities 2.58% 6.30% -3.72%
March 31, 2014
Portfolio Benchmark + / -
9.95% 6.41% 3.54%
6.13% 5.83% 0.29%
12.53% 14.53% -2.00%
26.24% 29.09% -2.85%
13.00% 13.53% -0.53%
9.83% 10.17% -0.33%
10.40% 8.96% 1.44%
4.83% 2.94% 1.90%
5.48% 2.47% 3.01%
1.61% 6.08% -4.47%
December 31, 2013
Portfolio Benchmark + / -
10.40% 6.57% 3.83%
6.10% 5.90% 0.20%
11.19% 15.03% -3.83%
27.08% 28.97% -1.89%
12.26% 12.92% -0.66%
9.66% 10.50% -0.84%
10.17% 8.92% 1.25%
5.97% 2.93% 3.04%
5.08% 2.52% 2.56%
2.07% 5.74% -3.66%
Top Ten Holdings / Percentage of Net Assets
June 30, 2014
GENERAL ELECTRIC CO 3.21%
TIME WARNER INC 3.00%
MORGAN STANLEY 2.72%
CITIGROUP INC 2.71%
CAPITAL ONE FINANCIAL CORP 2.67%
METLIFE INC 2.66%
BANK OF AMERICA CORP 2.63%
PFIZER INC W/D 2.62%
GOLDMAN SACHS GROUP INC 2.59%
ROYAL DUTCH SHELL PLC ADR 2.59%
Total 27.40%
March 31, 2014
GENERAL ELECTRIC CO 3.60%
CAPITAL ONE FINANCIAL CORP 3.40%
OCCIDENTAL PETROLEUM CORP 3.37%
DEVON ENERGY CORPORATION 3.11%
BANK OF AMERICA CORP 2.99%
PFIZER INC 2.88%
MARATHON OIL CORP 2.86%
TIME WARNER INC 2.83%
CITIGROUP INC 2.78%
AT+T INC 2.72%
Total 30.56%
December 31, 2013
GENERAL ELECTRIC CO 3.55%
DOW CHEMICAL CO/THE 3.36%
CAPITAL ONE FINANCIAL CORP 3.35%
OCCIDENTAL PETROLEUM CORP 3.33%
PNC FINANCIAL SERVICES GROUP 3.25%
TYCO INTERNATIONAL LTD 3.22%
BB+T CORP 3.16%
DEVON ENERGY CORPORATION 3.03%
BERKSHIRE HATHAWAY INC CL B 3.03%
CITIGROUP INC 3.01%
Total 32.30%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Value Index for the quarter ending 6/30/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 24.66% 28.48% 1.58% 1.95% 0.12% -0.09% 0.03%
Energy 14.84% 15.11% 12.08% 10.47% 0.00% 0.21% 0.21%
Health Care 13.39% 13.34% 5.17% 3.35% 0.01% 0.23% 0.24%
Information Tech 10.06% 9.06% 1.46% 10.55% 0.04% -0.89% -0.85%
Consumer Disc. 9.88% 6.40% 7.71% 6.00% 0.04% 0.16% 0.20%
Industrials 9.47% 10.26% 4.70% 4.08% 0.01% 0.05% 0.06%
Consumer Staples 6.09% 5.77% 4.64% 1.73% -0.02% 0.18% 0.16%
Telecomm Services 4.80% 2.47% 4.47% 2.93% -0.03% 0.07% 0.04%
Materials 4.59% 2.95% 2.48% 5.79% -0.01% -0.07% -0.08%
Utilities 2.23% 6.16% 3.13% 7.85% -0.12% -0.08% -0.21%
Total 100.00% 100.00% 4.90% 5.10% 0.03% -0.24% -0.20%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Devon Energy Corporation Energy 0.34%
JPMorgan Chase & Co. Financials 0.23%
ROYAL DUTCH SHELL PLC - ADR Energy 0.21%
Marathon Oil Corporation Energy 0.20%
Covidien Plc Health Care 0.20%
DIRECTV Consumer Disc. 0.18%
Time Warner Inc. Consumer Disc. 0.17%
Zoetis, Inc. Class A Health Care 0.17%
Procter & Gamble Company Consumer Staples 0.14%
Cisco Systems, Inc. Information Tech 0.07%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight 0.12%
Information Tech Overweight 0.04%
Consumer Disc. Overweight 0.04%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Devon Energy Corporation Energy 0.52%
Marathon Oil Corporation Energy 0.37%
Time Warner Inc. Consumer Disc. 0.37%
Covidien Plc Health Care 0.34%
ROYAL DUTCH SHELL PLC - ADR Energy 0.34%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
eBay Inc. Information Tech -0.37%
Apple Inc. Information Tech -0.19%
Target Corporation Consumer Disc. -0.19%
Intel Corporation Information Tech -0.19%
Bank of America Corporation Financials -0.17%
ConocoPhillips Energy -0.16%
BB&T Corporation Financials -0.14%
E. I. du Pont de Nemours and Company Materials -0.14%
Chevron Corporation Energy -0.14%
Anadarko Petroleum Corporation Energy -0.10%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.12%
Telecomm Services Overweight -0.03%
Consumer Staples Overweight -0.02%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Bank of America Corporation Financials -0.34%
eBay Inc. Information Tech -0.24%
Pfizer Inc. Health Care -0.21%
Target Corporation Consumer Disc. -0.09%
International Business Machines Corporation Information Tech -0.04%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Value Index for the period ending 6/30/2014
Performance Attribution Chart
Year-To-Date Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 25.52% 28.80% 4.13% 5.56% 0.11% -0.38% -0.27%
Energy 14.54% 14.84% 15.69% 10.28% 0.06% 0.71% 0.77%
Health Care 13.19% 13.37% 7.23% 11.78% -0.02% -0.59% -0.62%
Consumer Disc. 10.00% 6.43% 7.21% 3.85% -0.16% 0.32% 0.16%
Industrials 9.90% 10.29% 4.12% 4.01% 0.03% -0.01% 0.02%
Information Tech 9.03% 9.02% 7.35% 14.56% 0.05% -0.71% -0.66%
Consumer Staples 6.01% 5.81% 8.16% 3.56% -0.02% 0.27% 0.25%
Materials 5.02% 2.94% 10.51% 9.24% -0.01% 0.20% 0.19%
Telecomm Services 4.94% 2.44% 5.64% 4.51% -0.05% 0.04% -0.01%
Utilities 1.85% 6.06% 10.72% 18.27% -0.39% -0.10% -0.49%
Total 100.00% 100.00% 7.62% 8.28% -0.40% -0.25% -0.66%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Devon Energy Corporation Energy 0.51%
Exxon Mobil Corporation Energy 0.36%
DIRECTV Consumer Disc. 0.35%
Covidien Plc Health Care 0.33%
Dow Chemical Company Materials 0.28%
Procter & Gamble Company Consumer Staples 0.22%
ROYAL DUTCH SHELL PLC - ADR Energy 0.22%
PNC Financial Services Group, Inc. Financials 0.21%
JPMorgan Chase & Co. Financials 0.20%
Marathon Oil Corporation Energy 0.15%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Financials Underweight 0.11%
Energy Underweight 0.06%
Information Tech Overweight 0.05%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Devon Energy Corporation Energy 0.82%
Covidien Plc Health Care 0.58%
Dow Chemical Company Materials 0.50%
DIRECTV Consumer Disc. 0.48%
ROYAL DUTCH SHELL PLC - ADR Energy 0.43%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
eBay Inc. Information Tech -0.41%
Target Corporation Consumer Disc. -0.36%
Zoetis, Inc. Class A Health Care -0.29%
Citigroup Inc. Financials -0.26%
Wells Fargo & Company Financials -0.21%
Johnson & Johnson Health Care -0.18%
Intel Corporation Information Tech -0.15%
ConocoPhillips Energy -0.13%
Eaton Corp. Plc Industrials -0.13%
Goldman Sachs Group, Inc. Financials -0.12%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.39%
Consumer Disc. Overweight -0.16%
Telecomm Services Overweight -0.05%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Citigroup Inc. Financials -0.32%
eBay Inc. Information Tech -0.20%
Target Corporation Consumer Disc. -0.19%
General Electric Company Industrials -0.18%
WellPoint, Inc. Health Care -0.10%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 Value Index for the period ending 6/30/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Financials 25.80% 28.96% 20.07% 18.20% 0.21% 0.56% 0.77%
Energy 14.94% 14.91% 36.83% 25.38% 0.05% 1.44% 1.49%
Health Care 12.97% 13.20% 20.74% 27.14% 0.01% -0.74% -0.73%
Consumer Disc. 10.24% 6.42% 22.79% 24.94% 0.10% -0.29% -0.19%
Industrials 9.16% 10.17% 26.55% 29.87% -0.12% -0.24% -0.36%
Information Tech 8.04% 8.92% 18.23% 34.97% 0.02% -1.27% -1.25%
Consumer Staples 6.87% 5.89% 21.01% 17.87% 0.03% 0.02% 0.05%
Materials 4.71% 2.89% 47.84% 35.54% 0.24% 0.65% 0.88%
Telecomm Services 4.38% 2.53% 10.53% 9.00% -0.20% 0.03% -0.17%
Utilities 2.89% 6.11% 12.73% 21.25% -0.02% -0.19% -0.21%
Total 100.00% 100.00% 24.10% 23.81% 0.32% -0.03% 0.29%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Dow Chemical Company Materials 0.88%
Devon Energy Corporation Energy 0.72%
Phillips 66 Energy 0.46%
Cisco Systems, Inc. Information Tech 0.45%
Tyco International Ltd. Industrials 0.45%
Procter & Gamble Company Consumer Staples 0.39%
Covidien Plc Health Care 0.38%
Exxon Mobil Corporation Energy 0.37%
DIRECTV Consumer Disc. 0.29%
TE Connectivity Ltd. Information Tech 0.28%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Materials Overweight 0.24%
Financials Underweight 0.21%
Consumer Disc. Overweight 0.10%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Dow Chemical Company Materials 1.59%
Devon Energy Corporation Energy 1.44%
Tyco International Ltd. Industrials 1.07%
Covidien Plc Health Care 0.94%
Capital One Financial Corporation Financials 0.93%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Target Corporation Consumer Disc. -0.90%
eBay Inc. Information Tech -0.51%
Apple Inc. Information Tech -0.41%
Zoetis, Inc. Class A Health Care -0.38%
International Business Machines Corporation Information Tech -0.34%
Southern Company Utilities -0.32%
Citigroup Inc. Financials -0.30%
Wells Fargo & Company Financials -0.26%
Unilever NV ADR Consumer Staples -0.23%
PepsiCo, Inc. Consumer Staples -0.19%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Overweight -0.20%
Industrials Underweight -0.12%
Utilities Underweight -0.02%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Target Corporation Consumer Disc. -0.39%
Citigroup Inc. Financials -0.10%
Southern Company Utilities -0.06%
JPMorgan Chase & Co. Financials -0.02%
eBay Inc. Information Tech -0.01%

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 may fall in value, causing the 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. The Portfolio's value-oriented investing approach may fall out of favor with investors from time to time, during which the Portfolio may underperform other funds using different investment approaches. Value stocks may perform differently from the market as a whole, and there is the risk that the portfolio manager's calculation of the stock's underlying value will not be reflected in the market price. Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

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Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member, FINRA, and subsidiary of Calvert Investments, Inc. 800.368.2748

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