PERFORMANCE Average Annual Returns (%) for Period Ended 12/31/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
A Shares (NAV) 5.92 11.04 11.04 18.71 13.90 7.60 8.26 8/24/1987
S&P 500 Index 4.93 13.69 13.69 20.41 15.45 7.67 n/a  
Lipper Large-Cap Growth Funds Average 4.56 10.49 10.49 19.59 14.10 7.61 8.74  
Characteristics
  December 31, 2014
  Portfolio Benchmark
Number of Holdings 112 502
W. Avg Cap. (mils) $114,413.9 $132,042.2
W. Median Cap (mils) $63,269.7 $75,985.4
P/E 1-year trailing 22.7 18.6
P/E 1-year forward 19.3 17.4
EPS Growth, past 3 years 16.0% 13.6%
EPS Growth, next 3 - 5 years 14.6% 11.2%
Price to Book 3.7 2.8
Price to Sales 2.3 1.9
Dividend Yield 1.1% 1.9%
Active Share 80.0% N/A
September 30, 2014
Portfolio Benchmark
110 502
$118,543.9 $130,662.6
$60,756.9 $74,961.3
23.3 18.5
18.6 16.6
12.8% 12.2%
14.4% 11.6%
3.6 2.7
2.2 1.8
1.1% 1.9%
78.7% N/A
December 31, 2013
Portfolio Benchmark
112 500
$100,857.3 $113,301.6
$57,189.3 $64,142.8
22.2 18.0
19.9 16.8
15.6% 11.3%
15.1% 11.7%
3.6 2.7
2.0 1.7
1.1% 2.0%
77.7% N/A
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 18.72% 20.41%
Standard Deviation 10.07% 9.10%
Beta vs. Market 1.05 1.00
Excess Return -1.69% 0.00%
R-Squared 90.48% 100.00%
Tracking Error 3.14% 0.00%
Information Ratio -0.54 0.00
Sharpe Ratio 1.85 2.24
September 30, 2014
Portfolio Benchmark
18.87% 22.99%
11.31% 10.57%
1.02 1.00
-4.12% 0.00%
90.29% 100.00%
3.53% 0.00%
-1.17 0.00
1.66 2.17
December 31, 2013
Portfolio Benchmark
13.78% 16.18%
12.98% 12.11%
1.03 1.00
-2.40% 0.00%
91.82% 100.00%
3.73% 0.00%
-0.64 0.00
1.06 1.33
Sector Weights / Percentage of Holdings (ex-cash)
  December 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 20.47% 12.13% 8.33%
Consumer Staples 14.13% 9.80% 4.33%
Energy 4.47% 8.44% -3.97%
Financials 12.92% 16.65% -3.73%
Health Care 15.22% 14.21% 1.01%
Industrials 8.90% 10.41% -1.51%
Information Tech 21.63% 19.66% 1.97%
Materials 2.27% 3.17% -0.91%
Telecomm Services 0.00% 2.28% -2.28%
Utilities 0.00% 3.24% -3.24%
September 30, 2014
Portfolio Benchmark + / -
20.46% 11.70% 8.76%
13.86% 9.55% 4.31%
2.65% 9.70% -7.05%
12.37% 16.34% -3.96%
16.86% 13.89% 2.97%
8.56% 10.28% -1.72%
22.71% 19.66% 3.05%
2.53% 3.45% -0.92%
0.00% 2.43% -2.43%
0.00% 3.00% -3.00%
December 31, 2013
Portfolio Benchmark + / -
18.61% 12.54% 6.07%
11.74% 9.76% 1.98%
3.10% 10.28% -7.18%
12.59% 16.18% -3.59%
16.72% 12.95% 3.76%
10.46% 10.94% -0.48%
24.22% 18.63% 5.59%
2.56% 3.50% -0.94%
0.00% 2.30% -2.30%
0.00% 2.93% -2.93%
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
CVS HEALTH CORP 4.87%
APPLE INC 3.94%
GILEAD SCIENCES INC 3.50%
LOWE S COS INC 3.27%
VISA INC CLASS A SHARES 3.19%
QUALCOMM INC 3.16%
COCA COLA CO/THE 2.98%
WELLS FARGO + CO 2.84%
EXPRESS SCRIPTS HOLDING CO 2.81%
STARBUCKS CORP 2.81%
Total 33.36%
September 30, 2014
APPLE INC 4.66%
GILEAD SCIENCES INC 4.43%
CVS HEALTH CORP 4.24%
QUALCOMM INC 3.34%
COCA COLA CO/THE 3.17%
COSTCO WHOLESALE CORP 2.92%
WELLS FARGO + CO 2.83%
VISA INC CLASS A SHARES 2.73%
STARBUCKS CORP 2.72%
LOWE S COS INC 2.65%
Total 33.69%
December 31, 2013
CVS CAREMARK CORP 4.58%
APPLE INC 4.13%
GOOGLE INC CL A 3.94%
QUALCOMM INC 3.36%
COCA COLA CO/THE 3.10%
GILEAD SCIENCES INC 3.04%
ALLERGAN INC 2.77%
EXPRESS SCRIPTS HOLDING CO 2.76%
INTERCONTINENTALEXCHANGE GRO 2.74%
AMERICAN EXPRESS CO 2.69%
Total 33.11%
PERFORMANCE ATTRIBUTIONRelative to the S&P 500 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
Information Tech 21.95% 19.64% 2.84% 5.24% 0.00% -0.54% -0.53%
Consumer Disc. 20.22% 11.78% 10.97% 8.74% 0.31% 0.45% 0.76%
Health Care 15.67% 14.23% 6.69% 7.48% 0.06% -0.09% -0.04%
Consumer Staples 14.30% 9.80% 12.49% 8.15% 0.13% 0.58% 0.72%
Financials 12.78% 16.47% 8.99% 7.25% -0.07% 0.21% 0.14%
Industrials 8.67% 10.38% 4.85% 6.76% -0.04% -0.16% -0.19%
Energy 4.03% 8.89% -15.98% -10.68% 0.85% -0.16% 0.70%
Materials 2.38% 3.27% -4.18% -1.80% 0.06% -0.05% 0.01%
Telecomm Services 0.00% 2.38% 0.00% -4.16% 0.22% 0.00% 0.22%
Utilities 0.00% 3.15% 0.00% 13.19% -0.24% 0.00% -0.24%
Total 100.00% 100.00% 6.48% 4.93% 1.29% 0.24% 1.55%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
CVS Health Corporation Consumer Staples 0.63%
Lowe's Companies, Inc. Consumer Disc. 0.61%
Visa Inc. Class A Information Tech 0.40%
Express Scripts Holding Company Health Care 0.33%
Ross Stores, Inc. Consumer Disc. 0.30%
Whole Foods Market, Inc. Consumer Staples 0.26%
Costco Wholesale Corporation Consumer Staples 0.23%
International Business Machines Corporation Information Tech 0.21%
Intercontinental Exchange, Inc. Financials 0.20%
Danaher Corporation Industrials 0.19%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.85%
Consumer Disc. Overweight 0.31%
Telecomm Services Underweight 0.22%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
CVS Health Corporation Consumer Staples 0.96%
Lowe's Companies, Inc. Consumer Disc. 0.83%
Visa Inc. Class A Information Tech 0.67%
Express Scripts Holding Company Health Care 0.51%
Apple Inc. Information Tech 0.50%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Cameron International Corporation Energy -0.52%
Gilead Sciences, Inc. Health Care -0.50%
Vmware, Inc. Class A Information Tech -0.28%
Google Inc. Class C Information Tech -0.20%
eBay Inc. Information Tech -0.19%
Google Inc. Class A Information Tech -0.17%
Ecolab Inc. Materials -0.17%
B/E Aerospace Inc. Industrials -0.15%
QUALCOMM Incorporated Information Tech -0.13%
Coca-Cola Company Consumer Staples -0.13%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.24%
Financials Underweight -0.07%
Industrials Underweight -0.04%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Cameron International Corporation Energy -0.47%
Gilead Sciences, Inc. Health Care -0.45%
Google Inc. Class A Information Tech -0.23%
Vmware, Inc. Class A Information Tech -0.21%
Google Inc. Class C Information Tech -0.20%
PERFORMANCE ATTRIBUTIONRelative to the S&P 500 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
Information Tech 22.95% 19.09% 10.22% 20.12% 0.28% -2.10% -1.81%
Consumer Disc. 19.31% 11.98% 10.62% 9.67% -0.24% 0.22% -0.02%
Health Care 17.17% 13.62% 29.19% 25.34% 0.40% 0.68% 1.09%
Consumer Staples 13.39% 9.64% 18.46% 15.98% 0.11% 0.33% 0.44%
Financials 12.69% 16.28% 9.51% 15.28% -0.04% -0.70% -0.73%
Industrials 9.13% 10.52% 3.47% 9.76% 0.05% -0.56% -0.51%
Materials 2.74% 3.45% -0.39% 6.91% 0.07% -0.20% -0.13%
Energy 2.62% 9.99% -16.49% -7.66% 1.22% -0.31% 0.92%
Telecomm Services 0.00% 2.37% 0.00% 2.43% 0.25% 0.00% 0.25%
Utilities 0.00% 3.05% 0.00% 28.73% -0.40% 0.00% -0.40%
Total 100.00% 100.00% 12.79% 13.69% 1.70% -2.63% -0.90%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Allergan, Inc. Health Care 1.47%
CVS Health Corporation Consumer Staples 0.79%
Lowe's Companies, Inc. Consumer Disc. 0.61%
Gilead Sciences, Inc. Health Care 0.59%
Exxon Mobil Corporation Energy 0.49%
Apple Inc. Information Tech 0.38%
General Electric Company Industrials 0.33%
Chevron Corporation Energy 0.28%
International Business Machines Corporation Information Tech 0.26%
Visa Inc. Class A Information Tech 0.24%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 1.22%
Health Care Overweight 0.40%
Information Tech Overweight 0.28%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Allergan, Inc. Health Care 1.89%
Apple Inc. Information Tech 1.77%
CVS Health Corporation Consumer Staples 1.54%
Gilead Sciences, Inc. Health Care 1.22%
Lowe's Companies, Inc. Consumer Disc. 1.01%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Amazon.com, Inc. Consumer Disc. -0.60%
Cameron International Corporation Energy -0.51%
Intercontinental Exchange, Inc. Financials -0.41%
Vmware, Inc. Class A Information Tech -0.37%
Informatica Corporation Information Tech -0.36%
QUALCOMM Incorporated Information Tech -0.31%
Eaton Corp. Plc Industrials -0.31%
eBay Inc. Information Tech -0.29%
Bed Bath & Beyond Inc. Consumer Disc. -0.26%
Google Inc. Class C Information Tech -0.25%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.40%
Consumer Disc. Overweight -0.24%
Financials Underweight -0.04%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Amazon.com, Inc. Consumer Disc. -0.72%
Cameron International Corporation Energy -0.29%
Bed Bath & Beyond Inc. Consumer Disc. -0.29%
Noble Corporation plc Energy -0.29%
Informatica Corporation Information Tech -0.28%

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