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 4.33 6.43 18.45 11.18 13.63 5.72 7.43 9/2/1986
Russell 1000 Index 5.12 7.27 25.35 16.63 19.25 8.19 10.24  
Balanced Composite Benchmark 4.19 6.74 18.05 12.68 14.96 7.89 9.62  
Lipper VA Mixed-Asset Target Alloc. Growth Funds Average 3.73 0.42 17.72 10.28 13.65 7.03 8.03  
Returns Based Statistics (3 Year)
  June 30, 2014
  Portfolio Benchmark
Average Annual Return 11.17% 16.63%
Standard Deviation 7.57% 12.57%
Beta vs. Market 0.58 1.00
Excess Return -5.45% 0.00%
R-Squared 93.16% 100.00%
Tracking Error 5.63% 0.00%
Information Ratio -0.97 0.00
Sharpe Ratio 1.47 1.32
March 31, 2014
Portfolio Benchmark
9.96% 14.75%
7.62% 12.78%
0.58 1.00
-4.78% 0.00%
93.69% 100.00%
5.73% 0.00%
-0.84 0.00
1.30 1.15
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
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%
March 31, 2014
APPLE INC 3.84%
JOHNSON + JOHNSON 2.86%
DIRECTV 2.33%
CAPITAL ONE FINANCIAL CORP 2.31%
FEDEX CORP 2.24%
AMGEN INC 2.22%
CISCO SYSTEMS INC 2.20%
WELLS FARGO + CO 2.18%
EXTERRAN HOLDINGS INC 2.11%
DANAHER CORP 2.03%
Total 24.32%
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)
  June 30, 2014
  Portfolio Benchmark + / -
Consumer Disc. 18.88% 12.39% 6.49%
Consumer Staples 8.04% 8.69% -0.65%
Energy 5.72% 10.12% -4.40%
Financials 17.39% 16.79% 0.61%
Health Care 21.84% 12.99% 8.85%
Industrials 12.83% 11.37% 1.46%
Information Tech 14.72% 18.36% -3.64%
Materials 0.00% 3.82% -3.82%
Telecomm Services 0.57% 2.30% -1.73%
Utilities 0.00% 3.18% -3.18%
March 31, 2014
Portfolio Benchmark + / -
18.50% 12.89% 5.61%
7.24% 8.80% -1.56%
6.19% 9.58% -3.39%
19.47% 17.14% 2.34%
19.41% 12.95% 6.47%
11.75% 11.25% 0.50%
16.76% 18.22% -1.46%
0.00% 3.75% -3.75%
0.68% 2.36% -1.68%
0.00% 3.06% -3.06%
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
  June 30, 2014
  Portfolio Benchmark
Number of Holdings 36 1,027
W. Avg Cap. (mils) $104,049.7 $101,829.0
W. Median Cap (mils) $42,852.0 $52,253.7
P/E 1-year trailing 16.1 18.6
P/E 1-year forward 15.4 17.0
EPS Growth, past 3 years 16.7% 12.1%
EPS Growth, next 3 - 5 years 9.8% 12.2%
Price to Book 2.8 2.7
Price to Sales 1.6 1.7
Dividend Yield 1.9% 1.9%
Active Share 89.1% N/A
March 31, 2014
Portfolio Benchmark
40 1,016
$91,984.9 $100,346.5
$40,560.1 $51,608.6
15.9 17.9
14.8 16.4
13.0% 13.3%
10.7% 12.0%
2.6 2.6
1.5 1.7
1.8% 1.9%
89.3% 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 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 19.11% 16.89% 4.17% 2.48% -0.06% 0.33% 0.28%
Health Care 18.96% 12.86% 3.07% 4.62% -0.02% -0.30% -0.33%
Consumer Disc. 18.46% 12.69% 5.64% 3.33% -0.09% 0.42% 0.33%
Information Tech 16.95% 17.98% 10.63% 6.00% -0.00% 0.75% 0.75%
Industrials 11.74% 11.36% 9.33% 3.81% -0.00% 0.63% 0.62%
Consumer Staples 7.04% 8.91% 1.63% 4.87% 0.01% -0.22% -0.21%
Energy 6.01% 10.03% 7.22% 12.28% -0.26% -0.31% -0.57%
Telecomm Services 1.74% 2.38% 2.79% 4.11% 0.01% -0.02% -0.01%
Utilities 0.00% 3.11% 0.00% 7.74% -0.08% 0.00% -0.08%
Materials 0.00% 3.78% 0.00% 5.52% -0.01% 0.00% -0.01%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Apple Inc. Information Tech 0.63%
FedEx Corporation Industrials 0.31%
DIRECTV Consumer Disc. 0.22%
Cisco Systems, Inc. Information Tech 0.19%
Denbury Resources Inc. Energy 0.19%
Dover Corporation Industrials 0.17%
Time Warner Inc. Consumer Disc. 0.16%
Bank of America Corporation Financials 0.15%
Moody's Corporation Financials 0.14%
Pfizer Inc. Health Care 0.13%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Staples Underweight 0.01%
Telecomm Services Underweight 0.01%
Information Tech Underweight -0.00%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Apple Inc. Information Tech 1.42%
FedEx Corporation Industrials 0.52%
DIRECTV Consumer Disc. 0.43%
Cisco Systems, Inc. Information Tech 0.43%
Johnson & Johnson Health Care 0.34%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Credit Suisse Group AG Sponsored ADR Financials -0.45%
Amgen Inc. Health Care -0.27%
Target Corporation Consumer Disc. -0.23%
CA, Inc. Information Tech -0.22%
Roche Holding Ltd Sponsored ADR Health Care -0.17%
DST Systems, Inc. Information Tech -0.14%
Omnicom Group Inc Consumer Disc. -0.13%
Schlumberger NV Energy -0.11%
Kimberly-Clark Corporation Consumer Staples -0.10%
Intel Corporation Information Tech -0.10%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight -0.26%
Consumer Disc. Overweight -0.09%
Utilities Underweight -0.08%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Credit Suisse Group AG Sponsored ADR Financials -0.31%
Amgen Inc. Health Care -0.15%
CA, Inc. Information Tech -0.13%
Target Corporation Consumer Disc. -0.11%
DST Systems, Inc. Information Tech -0.05%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 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 19.25% 16.97% 6.43% 5.53% -0.03% 0.17% 0.14%
Health Care 18.79% 12.97% 11.50% 10.74% 0.17% 0.13% 0.30%
Consumer Disc. 18.41% 12.93% 5.19% 1.23% -0.32% 0.71% 0.39%
Information Tech 16.73% 18.14% 8.54% 8.45% -0.01% 0.01% 0.00%
Industrials 11.76% 11.35% 7.45% 4.30% -0.01% 0.34% 0.33%
Consumer Staples 7.72% 8.84% 7.02% 5.47% -0.02% 0.24% 0.22%
Energy 5.98% 9.75% 21.07% 13.94% -0.23% 0.39% 0.16%
Telecomm Services 1.36% 2.26% -14.85% 4.06% -0.01% -0.17% -0.17%
Utilities 0.00% 3.04% 0.00% 18.19% -0.30% 0.00% -0.30%
Materials 0.00% 3.76% 0.00% 8.91% -0.06% 0.00% -0.06%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Exterran Holdings, Inc. Energy 0.68%
DIRECTV Consumer Disc. 0.51%
Apple Inc. Information Tech 0.43%
Johnson & Johnson Health Care 0.26%
Wells Fargo & Company Financials 0.23%
Amazon.com, Inc. Consumer Disc. 0.20%
McKesson Corporation Health Care 0.19%
General Electric Company Industrials 0.18%
Dover Corporation Industrials 0.17%
Exxon Mobil Corporation Energy 0.15%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Overweight 0.17%
Telecomm Services Underweight -0.01%
Industrials Overweight -0.01%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Apple Inc. Information Tech 1.17%
Exterran Holdings, Inc. Energy 0.92%
DIRECTV Consumer Disc. 0.83%
Johnson & Johnson Health Care 0.71%
Wells Fargo & Company Financials 0.62%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
CA, Inc. Information Tech -0.43%
Target Corporation Consumer Disc. -0.42%
Credit Suisse Group AG Sponsored ADR Financials -0.38%
Omnicom Group Inc Consumer Disc. -0.22%
Rogers Communications Inc. Class B Telecomm Services -0.19%
Danaher Corporation Industrials -0.17%
Schlumberger NV Energy -0.15%
Toyota Motor Corp. Sponsored ADR Consumer Disc. -0.15%
Viacom Inc. Class B Consumer Disc. -0.14%
Aflac Incorporated Financials -0.13%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Consumer Disc. Overweight -0.32%
Utilities Underweight -0.30%
Energy Underweight -0.23%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
CA, Inc. Information Tech -0.31%
Target Corporation Consumer Disc. -0.24%
Rogers Communications Inc. Class B Telecomm Services -0.18%
Credit Suisse Group AG Sponsored ADR Financials -0.17%
Omnicom Group Inc Consumer Disc. -0.08%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 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
Consumer Disc. 18.22% 13.05% 33.64% 21.72% -0.13% 1.94% 1.81%
Financials 17.95% 17.12% 22.86% 18.55% 0.06% 0.70% 0.77%
Health Care 16.92% 12.77% 25.48% 30.75% 0.21% -0.81% -0.60%
Information Tech 16.46% 17.92% 26.34% 32.66% -0.11% -0.84% -0.95%
Industrials 12.05% 11.23% 36.09% 29.29% 0.09% 0.78% 0.88%
Consumer Staples 7.72% 9.06% 23.39% 15.93% 0.02% 0.80% 0.82%
Energy 7.38% 9.80% 52.40% 30.75% -0.15% 1.72% 1.57%
Telecomm Services 1.52% 2.24% -16.34% 7.68% 0.06% -0.29% -0.22%
Materials 0.91% 3.72% 25.15% 32.04% -0.10% 0.22% 0.12%
Utilities 0.87% 3.08% 12.70% 21.11% -0.01% 0.25% 0.24%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Exterran Holdings, Inc. Energy 1.03%
Whiting Petroleum Corporation Energy 0.93%
McKesson Corporation Health Care 0.81%
Pioneer Natural Resources Company Energy 0.76%
Polaris Industries Inc. Consumer Disc. 0.72%
DIRECTV Consumer Disc. 0.67%
Cimarex Energy Co. Energy 0.64%
Rockwell Automation, Inc. Industrials 0.58%
Walgreen Co. Consumer Staples 0.56%
Ulta Salon, Cosmetics & Fragrance, Inc. Consumer Disc. 0.41%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Overweight 0.21%
Industrials Overweight 0.09%
Financials Overweight 0.06%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Apple Inc. Information Tech 2.14%
McKesson Corporation Health Care 1.58%
Exterran Holdings, Inc. Energy 1.42%
Whiting Petroleum Corporation Energy 1.28%
DIRECTV Consumer Disc. 1.16%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Credit Suisse Group AG Sponsored ADR Financials -0.63%
Target Corporation Consumer Disc. -0.60%
Denbury Resources Inc. Energy -0.51%
FMC Technologies, Inc. Energy -0.46%
Western Union Company Information Tech -0.42%
Toyota Motor Corp. Sponsored ADR Consumer Disc. -0.41%
Amgen Inc. Health Care -0.40%
CA, Inc. Information Tech -0.38%
Keurig Green Mountain, Inc. Consumer Staples -0.38%
Facebook, Inc. Class A Information Tech -0.36%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight -0.15%
Consumer Disc. Overweight -0.13%
Information Tech Underweight -0.11%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Target Corporation Consumer Disc. -0.32%
Keurig Green Mountain, Inc. Consumer Staples -0.27%
Credit Suisse Group AG Sponsored ADR Financials -0.27%
Cameron International Corporation Energy -0.25%
Denbury Resources Inc. Energy -0.18%

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