PERFORMANCE Average Annual Returns (%) for Period Ended 9/30/2014
  QTR YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS SINCE
INCEPTION
INCEPTION
DATE
Portfolio -2.51 2.09 8.40 21.12 17.73 8.51 8.25 7/16/1991
Russell Midcap Growth Index -0.73 5.73 14.43 22.74 17.12 10.24 10.27  
Lipper VA Mid-Cap Growth Funds Average -1.98 0.49 9.88 19.99 15.22 9.20 8.54  
Characteristics
  September 30, 2014
  Portfolio Benchmark
Number of Holdings 44 546
W. Avg Cap. (mils) $5,345.8 $12,865.5
W. Median Cap (mils) $5,046.6 $11,145.9
P/E 1-year trailing 19.0 24.8
P/E 1-year forward 15.7 21.2
EPS Growth, past 3 years 24.9% 18.1%
EPS Growth, next 3 - 5 years 15.6% 18.4%
Price to Book 3.2 4.9
Price to Sales 1.3 1.9
Dividend Yield 0.8% 1.0%
Active Share 96.0% N/A
June 30, 2014
Portfolio Benchmark
43 544
$4,673.7 $11,637.3
$3,292.5 $10,122.5
18.0 25.0
16.0 21.7
23.2% 20.2%
15.0% 16.7%
3.3 5.1
1.1 1.8
0.8% 1.0%
96.5% 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)
  September 30, 2014
  Portfolio Benchmark
Average Annual Return 21.13% 22.74%
Standard Deviation 15.09% 13.10%
Beta vs. Market 1.09 1.00
Excess Return -1.60% 0.00%
R-Squared 90.09% 100.00%
Tracking Error 4.90% 0.00%
Information Ratio -0.33 0.00
Sharpe Ratio 1.40 1.73
June 30, 2014
Portfolio Benchmark
12.56% 14.54%
17.24% 15.23%
1.09 1.00
-1.98% 0.00%
92.48% 100.00%
4.92% 0.00%
-0.40 0.00
0.73 0.95
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)
  September 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 24.81% 23.28% 1.54%
Consumer Staples 4.79% 7.64% -2.85%
Energy 7.06% 6.71% 0.35%
Financials 7.86% 9.10% -1.24%
Health Care 13.08% 12.86% 0.22%
Industrials 16.11% 16.25% -0.14%
Information Tech 19.71% 18.08% 1.63%
Materials 4.98% 4.81% 0.17%
Telecomm Services 0.00% 1.06% -1.06%
Utilities 1.59% 0.21% 1.38%
June 30, 2014
Portfolio Benchmark + / -
25.55% 22.92% 2.64%
4.07% 7.66% -3.59%
6.78% 7.37% -0.59%
9.06% 8.88% 0.18%
12.04% 12.86% -0.83%
15.82% 16.64% -0.82%
20.25% 17.68% 2.57%
4.80% 4.80% -0.00%
0.00% 0.98% -0.98%
1.63% 0.21% 1.42%
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
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%
June 30, 2014
SYNAPTICS INC 4.16%
LITHIA MOTORS INC CL A 3.50%
PROTO LABS INC 3.21%
GANNETT CO 3.19%
TRW AUTOMOTIVE HOLDINGS CORP 3.10%
ARROW ELECTRONICS INC 2.93%
MYRIAD GENETICS INC 2.92%
SYNTEL INC 2.81%
UBIQUITI NETWORKS INC 2.80%
DRESSER RAND GROUP INC 2.80%
Total 31.41%
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 9/30/2014
Performance Attribution Chart
Latest Quarter Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Consumer Disc. 25.93% 23.37% 1.05% -0.10% 0.03% 0.27% 0.30%
Information Tech 20.08% 17.86% -7.59% 1.01% 0.04% -1.71% -1.68%
Industrials 15.92% 16.49% -3.27% -2.97% 0.01% -0.05% -0.04%
Health Care 12.45% 12.49% 6.49% 4.06% -0.00% 0.27% 0.27%
Financials 8.61% 9.09% -6.52% -0.72% -0.01% -0.47% -0.48%
Energy 6.57% 7.03% 2.54% -10.55% 0.06% 0.87% 0.93%
Materials 4.56% 4.84% -11.28% -2.59% 0.01% -0.44% -0.43%
Consumer Staples 4.29% 7.59% -2.56% 0.28% -0.01% -0.15% -0.16%
Utilities 1.58% 0.21% -5.81% -3.36% -0.04% -0.04% -0.08%
Telecomm Services 0.00% 1.03% 0.00% 6.92% -0.07% 0.00% -0.07%
Total 100.00% 100.00% -2.18% -0.74% 0.02% -1.46% -1.44%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
United Therapeutics Corporation Health Care 0.99%
Dresser-Rand Group Inc. Energy 0.79%
Ulta Salon, Cosmetics & Fragrance, Inc. Consumer Disc. 0.53%
TRW Automotive Holdings Corp. Consumer Disc. 0.39%
Polaris Industries Inc. Consumer Disc. 0.34%
Ross Stores, Inc. Consumer Disc. 0.32%
Landstar System, Inc. Industrials 0.31%
Deckers Outdoor Corporation Consumer Disc. 0.22%
Middleby Corporation Industrials 0.19%
AmerisourceBergen Corporation Health Care 0.16%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.06%
Information Tech Overweight 0.04%
Consumer Disc. Overweight 0.03%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
United Therapeutics Corporation Health Care 1.00%
Dresser-Rand Group Inc. Energy 0.81%
Ulta Salon, Cosmetics & Fragrance, Inc. Consumer Disc. 0.55%
TRW Automotive Holdings Corp. Consumer Disc. 0.41%
Polaris Industries Inc. Consumer Disc. 0.36%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Synaptics Incorporated Information Tech -0.66%
Lithia Motors, Inc. Class A Consumer Disc. -0.57%
Proto Labs, Inc. Industrials -0.49%
Geospace Technologies Corporation Energy -0.47%
Ubiquiti Networks, Inc. Information Tech -0.44%
Sotheby's Class A Consumer Disc. -0.35%
Waddell & Reed Financial, Inc. Class A Financials -0.34%
Domtar Corporation Materials -0.32%
Gentherm Inc. Consumer Disc. -0.31%
Grand Canyon Education, Inc. Consumer Disc. -0.26%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Telecomm Services Underweight -0.07%
Utilities Overweight -0.04%
Consumer Staples Underweight -0.01%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Synaptics Incorporated Information Tech -0.68%
Lithia Motors, Inc. Class A Consumer Disc. -0.60%
Proto Labs, Inc. Industrials -0.52%
Geospace Technologies Corporation Energy -0.48%
Ubiquiti Networks, Inc. Information Tech -0.45%
PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth Index for the period ending 9/30/2014
Performance Attribution Chart
Year-To-Date Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Consumer Disc. 25.68% 24.06% 0.70% 1.79% -0.05% -0.40% -0.44%
Information Tech 19.88% 16.76% 2.70% 5.52% -0.05% -0.39% -0.43%
Industrials 15.86% 15.53% 2.73% 3.44% 0.02% -0.16% -0.14%
Health Care 12.30% 13.28% 35.62% 16.35% -0.22% 1.89% 1.67%
Financials 8.62% 9.07% -4.48% 2.94% 0.02% -0.66% -0.64%
Energy 6.67% 6.69% -6.89% 3.16% 0.06% -0.81% -0.75%
Materials 4.94% 5.53% -12.79% 6.36% -0.01% -1.00% -1.00%
Consumer Staples 4.47% 7.90% -5.17% 8.91% -0.08% -0.67% -0.75%
Utilities 1.57% 0.33% 11.95% 10.66% 0.05% 0.03% 0.08%
Telecomm Services 0.00% 0.85% 0.00% 30.78% -0.18% 0.00% -0.18%
Total 100.00% 100.00% 3.13% 5.72% -0.44% -2.16% -2.59%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Myriad Genetics, Inc. Health Care 1.39%
Questcor Pharmaceuticals, Inc. Health Care 1.27%
Synaptics Incorporated Information Tech 1.13%
Dresser-Rand Group Inc. Energy 0.83%
TRW Automotive Holdings Corp. Consumer Disc. 0.75%
United Therapeutics Corporation Health Care 0.43%
F5 Networks, Inc. Information Tech 0.36%
Ulta Salon, Cosmetics & Fragrance, Inc. Consumer Disc. 0.30%
AmTrust Financial Services Inc. Financials 0.27%
Whole Foods Market, Inc. Consumer Staples 0.26%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.06%
Utilities Overweight 0.05%
Financials Underweight 0.02%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Myriad Genetics, Inc. Health Care 1.72%
Synaptics Incorporated Information Tech 1.35%
Questcor Pharmaceuticals, Inc. Health Care 1.29%
Dresser-Rand Group Inc. Energy 1.06%
TRW Automotive Holdings Corp. Consumer Disc. 0.96%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Geospace Technologies Corporation Energy -1.24%
Sotheby's Class A Consumer Disc. -0.93%
AOL Inc. Information Tech -0.68%
Ubiquiti Networks, Inc. Information Tech -0.65%
Inter Parfums, Inc. Consumer Staples -0.65%
Waddell & Reed Financial, Inc. Class A Financials -0.57%
Express, Inc. Consumer Disc. -0.49%
American Equity Investment Life Holding Company Financials -0.44%
Ryland Group, Inc. Consumer Disc. -0.42%
Domtar Corporation Materials -0.37%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Underweight -0.22%
Telecomm Services Underweight -0.18%
Consumer Staples Underweight -0.08%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Geospace Technologies Corporation Energy -1.10%
Sotheby's Class A Consumer Disc. -0.78%
Inter Parfums, Inc. Consumer Staples -0.58%
AOL Inc. Information Tech -0.54%
Ubiquiti Networks, Inc. Information Tech -0.52%
PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth Index for the period ending 9/30/2014
Performance Attribution Chart
1-Year Attribution

Sector
Portfolio
Average Weight
Benchmark
Average Weight
Portfolio
Return
Benchmark
Return
Sector
Selection
Stock
Selection
Total
Effect
Consumer Disc. 25.87% 24.30% 2.79% 11.29% -0.04% -2.39% -2.43%
Information Tech 20.13% 16.62% 17.77% 12.41% -0.13% 1.24% 1.11%
Industrials 15.47% 15.34% 11.78% 15.10% -0.01% -0.52% -0.53%
Health Care 12.07% 13.23% 39.06% 25.83% -0.20% 1.52% 1.31%
Financials 8.48% 9.11% 11.30% 11.79% -0.01% -0.07% -0.08%
Energy 6.84% 6.65% -16.85% 4.74% 0.01% -1.79% -1.79%
Materials 5.03% 5.61% -4.88% 15.34% -0.02% -0.98% -1.01%
Consumer Staples 4.56% 7.98% 2.96% 17.93% -0.10% -0.68% -0.78%
Utilities 1.55% 0.33% 16.01% 10.57% -0.06% 0.06% -0.00%
Telecomm Services 0.00% 0.82% 0.00% 41.93% -0.20% 0.00% -0.20%
Total 100.00% 100.00% 10.01% 14.42% -0.75% -3.61% -4.41%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Synaptics Incorporated Information Tech 1.39%
Questcor Pharmaceuticals, Inc. Health Care 1.22%
Myriad Genetics, Inc. Health Care 0.92%
Dresser-Rand Group Inc. Energy 0.85%
United Therapeutics Corporation Health Care 0.66%
TRW Automotive Holdings Corp. Consumer Disc. 0.65%
F5 Networks, Inc. Information Tech 0.34%
Whole Foods Market, Inc. Consumer Staples 0.33%
AmTrust Financial Services Inc. Financials 0.27%
AmerisourceBergen Corporation Health Care 0.25%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Overweight 0.01%
Financials Underweight -0.01%
Industrials Overweight -0.01%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Synaptics Incorporated Information Tech 1.83%
Myriad Genetics, Inc. Health Care 1.43%
Questcor Pharmaceuticals, Inc. Health Care 1.39%
TRW Automotive Holdings Corp. Consumer Disc. 1.09%
Dresser-Rand Group Inc. Energy 1.06%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Geospace Technologies Corporation Energy -1.24%
Express, Inc. Consumer Disc. -1.24%
Sotheby's Class A Consumer Disc. -0.92%
Hornbeck Offshore Services, Inc. Energy -0.86%
EPL Oil & Gas, Inc. Energy -0.66%
Inter Parfums, Inc. Consumer Staples -0.65%
SM Energy Company Energy -0.51%
Ryland Group, Inc. Consumer Disc. -0.44%
WellCare Health Plans, Inc. Health Care -0.42%
Ulta Salon, Cosmetics & Fragrance, Inc. Consumer Disc. -0.39%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Underweight -0.20%
Telecomm Services Underweight -0.20%
Information Tech Overweight -0.13%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Geospace Technologies Corporation Energy -1.10%
Express, Inc. Consumer Disc. -1.08%
Hornbeck Offshore Services, Inc. Energy -0.72%
Inter Parfums, Inc. Consumer Staples -0.58%
EPL Oil & Gas, Inc. Energy -0.55%

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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