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 5.87 8.09 8.09 17.91 17.14 8.02 8.42 7/16/1991
Russell Midcap Growth Index 5.84 11.90 11.90 20.71 16.94 9.43 10.42  
Lipper VA Mid-Cap Growth Funds Average 5.29 0.40 6.81 18.26 15.00 8.41 8.76  
Characteristics
  December 31, 2014
  Portfolio Benchmark
Number of Holdings 43 552
W. Avg Cap. (mils) $5,694.7 $13,883.8
W. Median Cap (mils) $4,566.6 $11,770.9
P/E 1-year trailing 17.9 24.9
P/E 1-year forward 15.6 22.1
EPS Growth, past 3 years 19.9% 16.4%
EPS Growth, next 3 - 5 years 17.2% 15.7%
Price to Book 3.2 5.1
Price to Sales 1.2 0.0
Dividend Yield 0.8% 1.0%
Active Share 96.2% N/A
September 30, 2014
Portfolio Benchmark
44 546
$5,345.8 $12,865.5
$5,046.6 $11,145.9
19.0 24.8
15.7 21.2
24.9% 18.1%
15.6% 18.4%
3.2 4.9
1.3 1.9
0.8% 1.0%
96.0% N/A
December 31, 2013
Portfolio Benchmark
41 502
$5,390.3 $11,510.7
$4,023.0 $10,622.1
15.5 23.6
16.2 21.7
29.9% 16.5%
17.1% 16.1%
2.8 5.1
1.0 1.8
0.7% 1.0%
96.8% N/A
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 17.92% 20.71%
Standard Deviation 11.70% 11.02%
Beta vs. Market 0.98 1.00
Excess Return -2.79% 0.00%
R-Squared 85.85% 100.00%
Tracking Error 4.40% 0.00%
Information Ratio -0.63 0.00
Sharpe Ratio 1.53 1.87
September 30, 2014
Portfolio Benchmark
21.13% 22.74%
15.09% 13.10%
1.09 1.00
-1.60% 0.00%
90.09% 100.00%
4.90% 0.00%
-0.33 0.00
1.40 1.73
December 31, 2013
Portfolio Benchmark
15.78% 15.63%
17.09% 14.83%
1.11 1.00
0.15% 0.00%
93.16% 100.00%
4.77% 0.00%
0.03 0.00
0.92 1.05
Sector Weights / Percentage of Holdings (ex-cash)
  December 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 24.69% 23.77% 0.92%
Consumer Staples 4.89% 7.92% -3.04%
Energy 3.19% 4.96% -1.77%
Financials 9.70% 9.51% 0.18%
Health Care 14.37% 13.68% 0.69%
Industrials 15.58% 16.20% -0.62%
Information Tech 20.08% 17.93% 2.15%
Materials 5.89% 4.83% 1.05%
Telecomm Services 0.00% 0.98% -0.98%
Utilities 1.62% 0.22% 1.40%
September 30, 2014
Portfolio Benchmark + / -
24.81% 23.28% 1.54%
4.79% 7.64% -2.85%
7.06% 6.71% 0.35%
7.86% 9.10% -1.24%
13.08% 12.86% 0.22%
16.11% 16.25% -0.14%
19.71% 18.08% 1.63%
4.98% 4.81% 0.17%
0.00% 1.06% -1.06%
1.59% 0.21% 1.38%
December 31, 2013
Portfolio Benchmark + / -
27.26% 25.04% 2.23%
4.90% 8.01% -3.11%
7.42% 5.96% 1.46%
8.03% 8.28% -0.24%
9.65% 13.20% -3.55%
15.66% 15.09% 0.58%
20.15% 16.39% 3.75%
5.43% 5.80% -0.37%
0.00% 1.52% -1.52%
1.49% 0.71% 0.77%
Top Ten Holdings / Percentage of Net Assets
December 31, 2014
ROSS STORES INC 3.58%
ALASKA AIR GROUP INC 3.35%
MIDDLEBY CORP 3.23%
AMTRUST FINANCIAL SERVICES 3.15%
ROCK TENN COMPANY CL A 3.06%
SYNTEL INC 2.95%
F5 NETWORKS INC 2.85%
GANNETT CO 2.82%
ARROW ELECTRONICS INC 2.81%
DST SYSTEMS INC 2.80%
Total 30.60%
September 30, 2014
DRESSER RAND GROUP INC 3.74%
UNITED THERAPEUTICS CORP 3.51%
AMERISOURCEBERGEN CORP 3.01%
SYNTEL INC 2.97%
MIDDLEBY CORP 2.97%
ROSS STORES INC 2.97%
POLARIS INDUSTRIES INC 2.81%
PROTO LABS INC 2.80%
ARROW ELECTRONICS INC 2.78%
LANDSTAR SYSTEM INC 2.77%
Total 30.34%
December 31, 2013
DST SYSTEMS INC 3.45%
CHURCH + DWIGHT CO INC 3.25%
WESCO INTERNATIONAL INC 3.12%
POLARIS INDUSTRIES INC 3.12%
AOL INC 3.11%
GANNETT CO 3.09%
SOTHEBY S 3.09%
ROSS STORES INC 3.07%
WADDELL + REED FINANCIAL A 3.00%
SYNTEL INC 2.88%
Total 31.17%
PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth 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
Consumer Disc. 24.35% 23.33% 8.42% 8.48% 0.04% 0.02% 0.06%
Information Tech 19.83% 17.84% 3.64% 5.82% 0.00% -0.42% -0.42%
Industrials 16.09% 16.28% 8.41% 6.18% 0.01% 0.35% 0.36%
Health Care 14.70% 13.43% 6.53% 12.06% 0.06% -0.81% -0.75%
Financials 9.30% 9.50% 17.66% 7.98% -0.05% 0.81% 0.76%
Materials 5.66% 4.79% 20.44% 5.38% -0.00% 0.78% 0.77%
Consumer Staples 4.83% 7.86% 6.74% 9.57% -0.11% -0.14% -0.25%
Energy 3.64% 5.74% -32.33% -22.02% 0.39% -0.38% 0.01%
Utilities 1.61% 0.22% 7.17% 11.60% 0.09% -0.09% -0.00%
Telecomm Services 0.00% 1.02% 0.00% -0.80% 0.06% 0.00% 0.06%
Total 100.00% 100.00% 6.43% 5.84% 0.49% 0.12% 0.60%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
AmTrust Financial Services Inc. Financials 0.85%
Alaska Air Group, Inc. Industrials 0.75%
Rock-Tenn Company Class A Materials 0.56%
Ross Stores, Inc. Consumer Disc. 0.47%
Twitter, Inc. Information Tech 0.28%
AmerisourceBergen Corporation Health Care 0.27%
PetSmart, Inc. Consumer Disc. 0.27%
Netflix, Inc. Consumer Disc. 0.26%
Jones Lang LaSalle Incorporated Financials 0.24%
Dresser-Rand Group Inc. Energy 0.24%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.39%
Utilities Overweight 0.09%
Telecomm Services Underweight 0.06%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
AmTrust Financial Services Inc. Financials 1.04%
Alaska Air Group, Inc. Industrials 1.00%
Ross Stores, Inc. Consumer Disc. 0.76%
Rock-Tenn Company Class A Materials 0.74%
PetSmart, Inc. Consumer Disc. 0.60%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
SM Energy Company Energy -1.43%
Ubiquiti Networks, Inc. Information Tech -0.62%
Gentherm Incorporated Consumer Disc. -0.50%
Proto Labs, Inc. Industrials -0.36%
Geospace Technologies Corporation Energy -0.29%
Synaptics Incorporated Information Tech -0.23%
WESCO International, Inc. Industrials -0.21%
United Continental Holdings, Inc. Industrials -0.20%
RPC, Inc. Energy -0.17%
United Therapeutics Corporation Health Care -0.17%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Underweight -0.11%
Financials Underweight -0.05%
Materials Overweight -0.00%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SM Energy Company Energy -1.37%
Ubiquiti Networks, Inc. Information Tech -0.48%
Gentherm Incorporated Consumer Disc. -0.35%
Deckers Outdoor Corporation Consumer Disc. -0.30%
Geospace Technologies Corporation Energy -0.25%
PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth 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
Consumer Disc. 25.34% 23.72% 9.18% 10.49% -0.01% -0.42% -0.44%
Information Tech 19.87% 16.98% 6.44% 11.41% -0.05% -0.78% -0.83%
Industrials 15.92% 15.83% 11.37% 10.01% 0.03% 0.16% 0.18%
Health Care 12.91% 13.32% 44.48% 30.39% -0.18% 1.21% 1.03%
Financials 8.79% 9.27% 12.39% 11.07% -0.02% 0.11% 0.09%
Energy 5.90% 6.45% -36.99% -19.56% 0.45% -1.24% -0.79%
Materials 5.12% 5.34% 5.04% 12.08% -0.01% -0.28% -0.29%
Consumer Staples 4.56% 7.89% 1.22% 19.33% -0.19% -0.85% -1.04%
Utilities 1.58% 0.30% 19.98% 23.49% 0.14% -0.06% 0.08%
Telecomm Services 0.00% 0.89% 0.00% 29.73% -0.13% 0.00% -0.13%
Total 100.00% 100.00% 9.77% 11.89% 0.03% -2.16% -2.13%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Myriad Genetics, Inc. Health Care 1.49%
Questcor Pharmaceuticals, Inc. Health Care 1.35%
AmTrust Financial Services Inc. Financials 1.14%
Dresser-Rand Group Inc. Energy 1.12%
Synaptics Incorporated Information Tech 0.98%
TRW Automotive Holdings Corp. Consumer Disc. 0.80%
Alaska Air Group, Inc. Industrials 0.75%
F5 Networks, Inc. Information Tech 0.48%
Jones Lang LaSalle Incorporated Financials 0.42%
AmerisourceBergen Corporation Health Care 0.41%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.45%
Utilities Overweight 0.14%
Industrials Overweight 0.03%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Myriad Genetics, Inc. Health Care 1.83%
AmTrust Financial Services Inc. Financials 1.48%
Questcor Pharmaceuticals, Inc. Health Care 1.38%
Synaptics Incorporated Information Tech 1.34%
Alaska Air Group, Inc. Industrials 1.20%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
SM Energy Company Energy -1.71%
Geospace Technologies Corporation Energy -1.62%
Ubiquiti Networks, Inc. Information Tech -1.31%
Gentherm Incorporated Consumer Disc. -0.83%
Inter Parfums, Inc. Consumer Staples -0.81%
Sotheby's Class A Consumer Disc. -0.79%
Waddell & Reed Financial, Inc. Class A Financials -0.72%
AOL Inc. Information Tech -0.72%
WESCO International, Inc. Industrials -0.54%
Express, Inc. Consumer Disc. -0.52%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Underweight -0.19%
Health Care Underweight -0.18%
Telecomm Services Underweight -0.13%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
SM Energy Company Energy -1.51%
Geospace Technologies Corporation Energy -1.43%
Ubiquiti Networks, Inc. Information Tech -1.03%
Sotheby's Class A Consumer Disc. -0.76%
Gentherm Incorporated Consumer Disc. -0.71%

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 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. Prices of mid-cap stocks may respond to market activity differently from and can be more volatile than those of larger, more established companies. Mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies. The Portfolio is non-diversified and may be more volatile than a diversified fund.

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