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 3.84 9.60 9.60 12.64 10.87 5.46 7.40 9/2/1986
Russell 1000 Index 4.88 13.24 13.24 20.62 15.64 7.96 10.26  
Balanced Composite Benchmark 3.70 11.14 11.14 14.29 12.25 7.60 9.60  
Lipper VA Mixed-Asset Target Alloc. Growth Funds Average 2.06 0.40 6.05 12.92 10.17 6.61 8.04  
Returns Based Statistics (3 Year)
  December 31, 2014
  Portfolio Benchmark
Average Annual Return 12.64% 20.62%
Standard Deviation 6.25% 9.25%
Beta vs. Market 0.64 1.00
Excess Return -7.98% 0.00%
R-Squared 89.90% 100.00%
Tracking Error 3.87% 0.00%
Information Ratio -2.06 0.00
Sharpe Ratio 2.01 2.22
September 30, 2014
Portfolio Benchmark
13.55% 23.23%
6.90% 10.78%
0.62 1.00
-9.68% 0.00%
92.41% 100.00%
4.57% 0.00%
-2.12 0.00
1.96 2.15
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
December 31, 2014
APPLE INC 4.15%
JOHNSON + JOHNSON 3.12%
WELLS FARGO + CO 3.10%
AMGEN INC 3.02%
FEDEX CORP 2.69%
MEDTRONIC INC 2.68%
MCKESSON CORP 2.58%
DIRECTV 2.40%
TIME WARNER CABLE 2.37%
CAPITAL ONE FINANCIAL CORP 2.35%
Total 28.47%
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%
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)
  December 31, 2014
  Portfolio Benchmark + / -
Consumer Disc. 16.89% 12.71% 4.18%
Consumer Staples 8.45% 8.98% -0.53%
Energy 4.77% 7.84% -3.07%
Financials 15.42% 17.44% -2.02%
Health Care 24.19% 13.95% 10.25%
Industrials 14.60% 11.16% 3.44%
Information Tech 15.15% 19.04% -3.89%
Materials 0.00% 3.54% -3.54%
Telecomm Services 0.52% 2.11% -1.59%
Utilities 0.00% 3.22% -3.22%
September 30, 2014
Portfolio Benchmark + / -
16.56% 12.32% 4.24%
7.98% 8.73% -0.75%
7.02% 9.21% -2.20%
15.32% 16.97% -1.65%
23.31% 13.58% 9.73%
14.22% 11.02% 3.19%
15.07% 19.05% -3.98%
0.00% 3.78% -3.78%
0.54% 2.33% -1.79%
0.00% 3.01% -3.01%
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
  December 31, 2014
  Portfolio Benchmark
Number of Holdings 38 1,043
W. Avg Cap. (mils) $117,282.8 $117,021.7
W. Median Cap (mils) $48,158.6 $60,837.7
P/E 1-year trailing 16.1 18.6
P/E 1-year forward 15.5 17.7
EPS Growth, past 3 years 15.9% 13.9%
EPS Growth, next 3 - 5 years 9.8% 11.7%
Price to Book 2.9 2.8
Price to Sales 1.6 0.1
Dividend Yield 1.9% 1.8%
Active Share 88.2% N/A
September 30, 2014
Portfolio Benchmark
37 1,032
$113,648.3 $115,357.7
$45,163.4 $57,802.4
15.8 18.9
14.8 16.9
16.1% 12.8%
9.7% 12.2%
2.8 2.7
1.5 1.7
1.9% 1.9%
88.6% 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 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
Health Care 24.22% 13.94% 7.95% 7.84% 0.30% 0.02% 0.32%
Consumer Disc. 16.46% 12.38% 6.70% 8.43% 0.13% -0.30% -0.16%
Financials 15.30% 17.23% 5.63% 7.41% -0.04% -0.28% -0.32%
Information Tech 15.18% 19.00% 11.16% 4.92% 0.00% 0.93% 0.93%
Industrials 14.52% 11.13% 7.25% 6.73% 0.07% 0.06% 0.13%
Consumer Staples 8.24% 8.97% 12.32% 8.29% -0.03% 0.32% 0.29%
Energy 5.57% 8.33% -28.82% -12.22% 0.46% -1.24% -0.77%
Telecomm Services 0.52% 2.24% 16.82% -4.24% 0.16% 0.11% 0.26%
Utilities 0.00% 3.16% 0.00% 12.67% -0.23% 0.00% -0.23%
Materials 0.00% 3.62% 0.00% -1.12% 0.22% 0.00% 0.22%
Total 100.00% 100.00% 5.56% 4.88% 1.04% -0.37% 0.68%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Medtronic, Inc. Health Care 0.43%
Amgen Inc. Health Care 0.35%
CVS Health Corporation Consumer Staples 0.24%
Western Union Company Information Tech 0.23%
Becton, Dickinson and Company Health Care 0.22%
Apple Inc. Information Tech 0.21%
Omnicom Group Inc Consumer Disc. 0.20%
Danaher Corporation Industrials 0.19%
Time Warner Inc. Consumer Disc. 0.19%
Kimberly-Clark Corporation Consumer Staples 0.18%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Energy Underweight 0.46%
Health Care Overweight 0.30%
Materials Underweight 0.22%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Apple Inc. Information Tech 0.67%
Medtronic, Inc. Health Care 0.66%
Amgen Inc. Health Care 0.63%
CVS Health Corporation Consumer Staples 0.42%
Western Union Company Information Tech 0.39%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Denbury Resources Inc. Energy -1.41%
National Oilwell Varco, Inc. Energy -0.48%
Exterran Holdings, Inc. Energy -0.35%
Roche Holding Ltd Genusssch. Health Care -0.26%
Dover Corporation Industrials -0.26%
Johnson & Johnson Health Care -0.22%
DIRECTV Consumer Disc. -0.17%
Capital One Financial Corporation Financials -0.13%
Visa Inc. Class A Information Tech -0.09%
Viacom Inc. Class B Consumer Disc. -0.08%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.23%
Financials Underweight -0.04%
Consumer Staples Underweight -0.03%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Denbury Resources Inc. Energy -1.32%
National Oilwell Varco, Inc. Energy -0.38%
Exterran Holdings, Inc. Energy -0.31%
Dover Corporation Industrials -0.18%
Roche Holding Ltd Genusssch. Health Care -0.16%
PERFORMANCE ATTRIBUTIONRelative to the Russell 1000 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
Health Care 21.22% 13.28% 22.46% 25.68% 0.93% -0.67% 0.27%
Consumer Disc. 17.81% 12.63% 11.55% 9.86% -0.21% 0.27% 0.07%
Financials 17.50% 17.03% 12.38% 15.04% -0.09% -0.37% -0.45%
Information Tech 16.03% 18.51% 22.52% 18.66% -0.14% 0.50% 0.36%
Industrials 12.94% 11.25% 9.99% 8.96% 0.01% 0.06% 0.07%
Consumer Staples 7.96% 8.83% 17.82% 16.05% -0.06% 0.27% 0.22%
Energy 5.59% 9.39% -25.36% -8.50% 0.73% -1.14% -0.41%
Telecomm Services 0.95% 2.27% 23.85% 2.09% 0.12% 0.08% 0.20%
Utilities 0.00% 3.07% 0.00% 27.31% -0.38% 0.00% -0.38%
Materials 0.00% 3.74% 0.00% 6.85% 0.21% 0.00% 0.21%
Total 100.00% 100.00% 13.40% 13.24% 1.13% -0.99% 0.16%
Top 10 Stock Contributors to Relative Return
Company Sector Impact
Apple Inc. Information Tech 0.99%
Amgen Inc. Health Care 0.89%
McKesson Corporation Health Care 0.42%
Exxon Mobil Corporation Energy 0.42%
Time Warner Inc. Consumer Disc. 0.40%
Medtronic, Inc. Health Care 0.40%
DIRECTV Consumer Disc. 0.40%
CVS Health Corporation Consumer Staples 0.33%
Cisco Systems, Inc. Information Tech 0.31%
Exterran Holdings, Inc. Energy 0.31%
Top 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Health Care Overweight 0.93%
Energy Underweight 0.73%
Materials Underweight 0.21%
 
Top 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Apple Inc. Information Tech 2.54%
Amgen Inc. Health Care 1.53%
DIRECTV Consumer Disc. 0.94%
Wells Fargo & Company Financials 0.90%
McKesson Corporation Health Care 0.89%
Bottom 10 Stock Contributors to Relative Return
Company Sector Impact
Denbury Resources Inc. Energy -1.97%
National Oilwell Varco, Inc. Energy -0.48%
Target Corporation Consumer Disc. -0.48%
Viacom Inc. Class B Consumer Disc. -0.48%
CA, Inc. Information Tech -0.45%
Dover Corporation Industrials -0.36%
Credit Suisse Group AG Financials -0.33%
Roche Holding Ltd Genusssch. Health Care -0.31%
St. Jude Medical, Inc. Health Care -0.23%
Microsoft Corporation Information Tech -0.22%
Bottom 3 Sector Contributors to Relative Return
Sector Relative Weight Impact
Utilities Underweight -0.38%
Consumer Disc. Overweight -0.21%
Information Tech Underweight -0.14%
 
Bottom 5 Stock Contributors to Absolute Return
Stock Name Sector Contribution
Denbury Resources Inc. Energy -1.66%
National Oilwell Varco, Inc. Energy -0.38%
CA, Inc. Information Tech -0.32%
Viacom Inc. Class B Consumer Disc. -0.31%
Target Corporation Consumer Disc. -0.26%

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