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 -0.83 5.54 10.69 13.55 10.84 5.67 7.33 9/2/1986
Russell 1000 Index 0.65 7.97 19.01 23.23 15.90 8.46 10.17  
Balanced Composite Benchmark 0.41 7.18 14.09 15.84 12.34 7.87 9.55  
Lipper VA Mixed-Asset Target Alloc. Growth Funds Average -1.35 0.49 10.34 14.74 10.54 7.09 7.97  
Returns Based Statistics (3 Year)
  September 30, 2014
  Portfolio Benchmark
Average Annual Return 13.55% 23.23%
Standard Deviation 6.90% 10.78%
Beta vs. Market 0.62 1.00
Excess Return -9.68% 0.00%
R-Squared 92.41% 100.00%
Tracking Error 4.57% 0.00%
Information Ratio -2.12 0.00
Sharpe Ratio 1.96 2.15
June 30, 2014
Portfolio Benchmark
11.17% 16.63%
7.57% 12.57%
0.58 1.00
-5.45% 0.00%
93.16% 100.00%
5.63% 0.00%
-0.97 0.00
1.47 1.32
December 31, 2013
Portfolio Benchmark
10.89% 16.30%
7.41% 12.43%
0.57 1.00
-5.41% 0.00%
93.07% 100.00%
5.63% 0.00%
-0.96 0.00
1.46 1.31
Top Ten Holdings / Percentage of Net Assets
September 30, 2014
APPLE INC 4.33%
JOHNSON + JOHNSON 3.21%
WELLS FARGO + CO 2.96%
AMGEN INC 2.68%
FEDEX CORP 2.52%
MCKESSON CORP 2.44%
DIRECTV 2.42%
CAPITAL ONE FINANCIAL CORP 2.34%
MEDTRONIC INC 2.32%
TIME WARNER CABLE 2.26%
Total 27.47%
June 30, 2014
APPLE INC 4.00%
JOHNSON + JOHNSON 3.13%
WELLS FARGO + CO 2.98%
MEDTRONIC INC 2.38%
DIRECTV 2.36%
CAPITAL ONE FINANCIAL CORP 2.36%
FEDEX CORP 2.35%
MCKESSON CORP 2.32%
TIME WARNER CABLE 2.30%
KELLOGG CO 2.29%
Total 26.47%
December 31, 2013
APPLE INC 3.81%
JOHNSON + JOHNSON 2.73%
WELLS FARGO + CO 2.71%
CVS CAREMARK CORP 2.46%
CISCO SYSTEMS INC 2.26%
FEDEX CORP 2.16%
CAPITAL ONE FINANCIAL CORP 2.16%
DIRECTV 2.15%
DANAHER CORP 2.14%
AMGEN INC 2.10%
Total 24.68%
Sector Weights / Percentage of Holdings (ex-cash)
  September 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 16.56% 12.32% 4.24%
Consumer Staples 7.98% 8.73% -0.75%
Energy 7.02% 9.21% -2.20%
Financials 15.32% 16.97% -1.65%
Health Care 23.31% 13.58% 9.73%
Industrials 14.22% 11.02% 3.19%
Information Tech 15.07% 19.05% -3.98%
Materials 0.00% 3.78% -3.78%
Telecomm Services 0.54% 2.33% -1.79%
Utilities 0.00% 3.01% -3.01%
June 30, 2014
Portfolio Benchmark + / -
18.88% 12.39% 6.49%
8.04% 8.69% -0.65%
5.72% 10.12% -4.40%
17.39% 16.79% 0.61%
21.84% 12.99% 8.85%
12.83% 11.37% 1.46%
14.72% 18.36% -3.64%
0.00% 3.82% -3.82%
0.57% 2.30% -1.73%
0.00% 3.18% -3.18%
December 31, 2013
Portfolio Benchmark + / -
18.29% 13.37% 4.92%
9.01% 8.96% 0.05%
5.82% 9.62% -3.81%
19.52% 16.92% 2.60%
17.46% 12.57% 4.89%
12.03% 11.48% 0.56%
16.52% 18.20% -1.68%
0.00% 3.73% -3.73%
1.34% 2.23% -0.88%
0.00% 2.93% -2.93%
Characteristics
  September 30, 2014
  Portfolio Benchmark
Number of Holdings 37 1,032
W. Avg Cap. (mils) $113,648.3 $115,357.7
W. Median Cap (mils) $45,163.4 $57,802.4
P/E 1-year trailing 15.8 18.9
P/E 1-year forward 14.8 16.9
EPS Growth, past 3 years 16.1% 12.8%
EPS Growth, next 3 - 5 years 9.7% 12.2%
Price to Book 2.8 2.7
Price to Sales 1.5 1.7
Dividend Yield 1.9% 1.9%
Active Share 88.6% N/A
June 30, 2014
Portfolio Benchmark
36 1,027
$104,049.7 $101,829.0
$42,852.0 $52,253.7
16.1 18.6
15.4 17.0
16.7% 12.1%
9.8% 12.2%
2.8 2.7
1.6 1.7
1.9% 1.9%
89.1% N/A
December 31, 2013
Portfolio Benchmark
40 1,015
$92,478.0 $101,057.4
$40,012.5 $52,116.1
15.9 18.2
15.2 17.1
14.1% 12.6%
11.4% 12.1%
2.6 2.7
1.5 1.6
1.7% 1.9%
89.3% N/A
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 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
Health Care 22.92% 13.23% 1.89% 5.24% 0.44% -0.75% -0.31%
Consumer Disc. 18.01% 12.42% -0.62% 0.07% -0.01% -0.14% -0.15%
Financials 16.32% 16.85% -0.41% 1.48% -0.01% -0.32% -0.33%
Information Tech 15.51% 18.78% 1.55% 4.32% -0.12% -0.42% -0.54%
Industrials 13.66% 11.15% -4.55% -2.14% -0.05% -0.33% -0.38%
Consumer Staples 8.15% 8.65% -1.98% 1.60% -0.01% -0.28% -0.29%
Energy 4.86% 9.77% -13.38% -8.52% 0.48% -0.29% 0.18%
Telecomm Services 0.57% 2.31% -4.52% 2.45% -0.03% -0.04% -0.07%
Utilities 0.00% 3.02% 0.00% -4.39% 0.16% 0.00% 0.16%
Materials 0.00% 3.82% 0.00% -0.79% 0.06% 0.00% 0.06%
Total 100.00% 100.00% -1.01% 0.65% 0.90% -2.57% -1.66%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Amgen Inc. Health Care 0.58%
Apple Inc. Information Tech 0.32%
Time Warner Inc. Consumer Disc. 0.24%
FedEx Corporation Industrials 0.22%
Exxon Mobil Corporation Energy 0.14%
McKesson Corporation Health Care 0.14%
Schlumberger NV Energy 0.11%
Chevron Corporation Energy 0.10%
Moody's Corporation Financials 0.07%
Johnson & Johnson Health Care 0.07%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.48%
Health Care Overweight 0.44%
Utilities Underweight 0.16%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Amgen Inc. Health Care 0.69%
Apple Inc. Information Tech 0.60%
FedEx Corporation Industrials 0.26%
Time Warner Inc. Consumer Disc. 0.26%
McKesson Corporation Health Care 0.17%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Denbury Resources Inc. Energy -0.67%
St. Jude Medical, Inc. Health Care -0.42%
Cummins Inc. Industrials -0.38%
Dover Corporation Industrials -0.26%
Western Union Company Information Tech -0.24%
DST Systems, Inc. Information Tech -0.23%
Viacom Inc. Class B Consumer Disc. -0.23%
Kellogg Company Consumer Staples -0.22%
Microsoft Corporation Information Tech -0.19%
Gilead Sciences, Inc. Health Care -0.17%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Information Tech Underweight -0.12%
Industrials Overweight -0.05%
Telecomm Services Underweight -0.03%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Denbury Resources Inc. Energy -0.65%
St. Jude Medical, Inc. Health Care -0.41%
Cummins Inc. Industrials -0.38%
Viacom Inc. Class B Consumer Disc. -0.26%
Dover Corporation Industrials -0.25%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 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
Health Care 20.19% 13.06% 13.61% 16.54% 0.60% -0.62% -0.03%
Consumer Disc. 18.28% 12.75% 4.54% 1.30% -0.33% 0.56% 0.23%
Financials 18.25% 16.94% 5.99% 7.12% -0.05% -0.16% -0.21%
Information Tech 16.32% 18.36% 10.22% 13.13% -0.14% -0.42% -0.55%
Industrials 12.41% 11.26% 2.55% 2.03% -0.07% 0.01% -0.06%
Consumer Staples 7.86% 8.78% 4.90% 7.16% -0.03% -0.05% -0.09%
Energy 5.60% 9.75% 4.87% 4.24% 0.25% 0.09% 0.33%
Telecomm Services 1.09% 2.28% -18.69% 6.61% -0.04% -0.21% -0.25%
Utilities 0.00% 3.03% 0.00% 13.00% -0.15% 0.00% -0.15%
Materials 0.00% 3.78% 0.00% 8.06% -0.01% 0.00% -0.01%
Total 100.00% 100.00% 7.19% 7.97% 0.04% -0.82% -0.78%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Apple Inc. Information Tech 0.75%
Exterran Holdings, Inc. Energy 0.62%
DIRECTV Consumer Disc. 0.54%
Amgen Inc. Health Care 0.51%
Johnson & Johnson Health Care 0.33%
McKesson Corporation Health Care 0.33%
Exxon Mobil Corporation Energy 0.29%
General Electric Company Industrials 0.21%
Moody's Corporation Financials 0.21%
Time Warner Inc. Consumer Disc. 0.21%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Overweight 0.60%
Energy Underweight 0.25%
Materials Underweight -0.01%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Apple Inc. Information Tech 1.76%
DIRECTV Consumer Disc. 0.88%
Exterran Holdings, Inc. Energy 0.85%
Amgen Inc. Health Care 0.85%
Johnson & Johnson Health Care 0.84%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Denbury Resources Inc. Energy -0.53%
CA, Inc. Information Tech -0.43%
Target Corporation Consumer Disc. -0.43%
Credit Suisse Group AG Sponsored ADR Financials -0.38%
Viacom Inc. Class B Consumer Disc. -0.37%
Western Union Company Information Tech -0.35%
Cummins Inc. Industrials -0.31%
St. Jude Medical, Inc. Health Care -0.31%
Omnicom Group Inc Consumer Disc. -0.30%
DST Systems, Inc. Information Tech -0.29%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight -0.33%
Utilities Underweight -0.15%
Information Tech Underweight -0.14%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Denbury Resources Inc. Energy -0.32%
CA, Inc. Information Tech -0.31%
Viacom Inc. Class B Consumer Disc. -0.27%
Target Corporation Consumer Disc. -0.24%
Kellogg Company Consumer Staples -0.19%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 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
Health Care 19.21% 12.95% 21.80% 28.09% 0.61% -1.20% -0.60%
Consumer Disc. 18.27% 12.89% 12.25% 12.05% -0.32% -0.07% -0.39%
Financials 18.24% 16.99% 16.85% 17.30% -0.06% -0.03% -0.09%
Information Tech 16.43% 18.22% 18.97% 27.45% -0.19% -1.17% -1.36%
Industrials 12.29% 11.26% 11.54% 15.62% -0.05% -0.56% -0.61%
Consumer Staples 7.89% 8.87% 15.58% 16.48% -0.11% 0.14% 0.03%
Energy 6.05% 9.77% 12.43% 12.55% 0.31% 0.20% 0.50%
Telecomm Services 1.18% 2.25% -11.49% 14.27% -0.02% -0.19% -0.22%
Utilities 0.22% 3.03% 3.87% 15.92% 0.08% -0.03% 0.04%
Materials 0.21% 3.76% 7.70% 19.20% -0.02% 0.01% -0.02%
Total 100.00% 100.00% 16.30% 19.01% 0.23% -2.89% -2.70%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Exterran Holdings, Inc. Energy 0.96%
Apple Inc. Information Tech 0.80%
McKesson Corporation Health Care 0.77%
DIRECTV Consumer Disc. 0.68%
CVS Health Corporation Consumer Staples 0.42%
Moody's Corporation Financials 0.38%
Whiting Petroleum Corporation Energy 0.30%
Google Inc. Class C Information Tech 0.28%
FedEx Corporation Industrials 0.27%
Amgen Inc. Health Care 0.23%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Overweight 0.61%
Energy Underweight 0.31%
Utilities Underweight 0.08%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Apple Inc. Information Tech 2.51%
McKesson Corporation Health Care 1.36%
Exterran Holdings, Inc. Energy 1.34%
DIRECTV Consumer Disc. 1.21%
Wells Fargo & Company Financials 1.00%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Denbury Resources Inc. Energy -1.17%
Western Union Company Information Tech -0.65%
Target Corporation Consumer Disc. -0.65%
Credit Suisse Group AG Sponsored ADR Financials -0.63%
Toyota Motor Corp. Sponsored ADR Consumer Disc. -0.48%
Cummins Inc. Industrials -0.41%
Viacom Inc. Class B Consumer Disc. -0.40%
CA, Inc. Information Tech -0.38%
Kimberly-Clark Corporation Consumer Staples -0.31%
Keurig Green Mountain, Inc. Consumer Staples -0.28%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight -0.32%
Information Tech Underweight -0.19%
Consumer Staples Underweight -0.11%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Denbury Resources Inc. Energy -0.82%
Western Union Company Information Tech -0.40%
Target Corporation Consumer Disc. -0.31%
Credit Suisse Group AG Sponsored ADR Financials -0.26%
Keurig Green Mountain, Inc. Consumer Staples -0.20%

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; the market prices of bonds held by the Portfolio may 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 is non-diversified and may be more volatile than a diversified fund.

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