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Calvert International Opportunities Fund (CIOAX)

Daily Performance (as of 9/2/2014)
Price $17.14
Price Change $0.03 (0.18%)
YTD Return (4.75% Sales Charge) -1.83%
YTD Return (No Charge) 3.07%
Fund Facts (as of 9/2/2014)
NASDAQ Symbol CIOAX (A Shares)
Calvert Fund Number 972 (A Shares)
CUSIP Number 131649881 (A Shares)
Assets Under Management $105.66 Million

Overview

Fund Management

Trilogy Global Advisors, LP

David Runkle,
Director of Quantitative Research

Gregory Gigliotti,
Managing Director, Senior Portfolio Manager

Jessica Reuss,
Product Specialist, Portfolio Manager

Pablo Salas,
Managing Director, Senior Portfolio Manager

William Sterling,
Chief Investment Officer, Senior Portfolio Manager

Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Issues in Portfolio: 107
Click here for all Fund Holdings

Investment Objective

The Fund seeks long-term capital appreciation through holdings that meet the Fund's investment criteria, including financial, sustainability and social responsibility factors.

Investment Strategy

The Fund invests primarily in common and preferred stocks of non-U.S. small-cap to mid-cap companies, which the Fund defines as companies whose market capitalization falls within the range of the Morgan Stanley Capital International ("MSCI") Europe, Australasia and Far East ("EAFE") Small-Mid ("SMID") Index. The Fund primarily holds stocks of companies in developed countries, but may also invest up to 20% of its assets in the securities of issuers in emerging market countries. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they addess corporate responsibility and sustainability challenges. The Sub-advisors primarily use a bottom-up approach focused on fundamental analysis of a broad universe of small- and mid-cap stocks across all geographic regions. Attractive companies are identified through a combination of valuation and growth metrics that seeks to identify companies with a sustainable competitive advantage. The Advisor attempts to control the portfolio's risk level and maximize the Fund's return potential relative to the benchmark by balancing the risks and opportunities between the portions of the portfolio managed by each Sub-advisor, and may shift allocations among Sub-advisors depending on market conditions, the Sub-advisors' respective style biases, and performance opportunities.

Investment Risk

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of stocks held by the Fund may fall; individual investments of the Fund may not perform as expected; the Fund's portfolio management practices may not achieve the desired result; and/or the Advisor's allocation of Fund assets between the portions of the portfolio managed by each Sub-advisor may cause the Fund to underperform. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad; differences between the regulations that apply to U.S. and foreign issuers and markets; the potential for foreign markets to be less liquid and more volatile than U.S. markets; and currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar. In addition, the risks of investing in emerging market securities are greater than those of investing in securities of developed foreign countries. The Fund is non-diversified and may be more volatile than a diversified fund.


Important Disclosure

Holdings are subject to change.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.


Performance

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Benchmark Index

Checking this box will compare fund performance to that of its benchmark index.

Lipper Category Index

Checking this box will compare fund performance to that of its Lipper Category Index.

Average Annual Total Returns (%) for period ending 8/31/2014
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (4.75% Sales Charge) -2.00 -6.81 12.63 12.38 9.46 n/a 1.74 5/31/2007
A Shares (No Charge) 2.89 -2.17 18.27 14.21 10.54 n/a 2.43 5/31/2007
Average Annual Total Returns (%) for period ending 6/30/2014
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (4.75% Sales Charge) 0.17 -2.45 19.83 9.13 12.71 n/a 2.10 5/31/2007
A Shares (No Charge) 5.17 2.40 25.80 10.91 13.80 n/a 2.80 5/31/2007
Portfolio Expenses and Turnover (from Prospectus)
(Performance data quoted above already reflects deduction for portfolio operating expenses)
Expense Ratio
(if no waiver reimbursement in effect)
Net Expense Ratio
(if waiver reimbursement in effect)
Gross Expense Ratio
(if waiver reimbursement in effect)
Fund Turnover
n/a 1.66% 2.03% 42.00%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 7/31/2014

  Fund (AShares) MSCI EAFE Small/Mid Cap Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 2.27% 0.12% 0.00% 0.00%
Beta 0.97 0.94 1.00 1.00
R-Squared 94.65% 93.04% 100.00% 100.00%
Sharpe Ratio 0.70 0.69 0.57 0.71
Standard Deviation 15.96% 16.34% 16.01% 16.80%
Excess Return 2.13% -0.66% 0.00% 0.00%
Information Ratio 0.57 -0.15 0.00 0.00
Tracking Error 3.72% 4.43% 0.00% 0.00%
*Source: Zephyr StyleADVISOR using MorningstarTM data


Standard Deviation is a measure of a fund's risk. A standard deviation of 1 means a fund can be expected to produce an annual return that is +/-1% of its average annual return 66% of the time.
Alpha is a measure of the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta.
Beta is a measure of portfolio risk relative to the market or benchmark. A portfolio beta of 1.0 indicates a risk level equal to that of the fund's benchmark.
Excess Return is return in excess of the risk-free rate or in excess of a benchmark.
R Squared is a statistical measure that represents the percentage of a fund's movements that can be explained by movements in its benchmark index.
Tracking Error is the difference in the return earned by a portfolio and the return earned by the benchmark against which the portfolio is constructed.
Information Ratio is a measure of the consistency of excess return of a mutual fund as compared to its benchmark.
Sharpe Ratio is used to measure risk-adjusted performance. It is calculated by using standard deviation and return in excess of the benchmark to determine reward per unit of risk.


Important Disclosure

Net expense ratio reflects contractual fee waiver and/or expense reimbursement through January 31, 2015.


Pricing & Distribution

Most Recent Distributions

A Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
12/27/2013 Dividend 0.14966 12/24/2013 12/26/2013 12/26/2013 16.32
12/28/2012 Dividend 0.15971 12/26/2012 12/27/2012 12/27/2012 13.10
12/23/2011 Dividend 0.12485 12/21/2011 12/22/2011 12/22/2011 10.58
12/23/2010 Dividend 0.02844 12/21/2010 12/22/2010 12/22/2010 12.95
12/24/2008 Dividend 0.05442 12/22/2008 12/23/2008 12/23/2008 8.19
12/4/2008 Short Term Gain 0.00422 12/2/2008 12/3/2008 12/3/2008 7.87

Holdings

Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Issues in Portfolio: 107
Click here for all Fund Holdings

Top 10 Countries (% of total investment)

Top 10 Countries (% of total investment)

The portfolio invests in companies based in these countries. The number next to each country name indicates the percentage of the portfolio that investments in that country comprise.


Important Disclosure

Holdings are subject to change.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.


Management & Commentary

Fund Management

Calvert Investment Management, Inc.

As investment advisor to the Calvert family of funds, Calvert Investment Management, Inc. oversees assets covering a broad range of equity, fixed-income, balanced, and asset allocation funds.

Advisory Research, Inc.

ARI was founded in 1974 and is based in Chicago. The firm manages primarily domestic and international equity portfolios. ARI is a wholly owned subsidiary of Piper Jaffray & Co. but operates independently.

Drew Edwards,
Vice President

Jonathan Brodsky,
Managing Director

Marco Priani,
Vice President

Trilogy Global Advisors, LP

Founded in 1999, Trilogy is based in New York City. Trilogy manages global, international, and emerging-markets equities and is an affiliate of Affiliated Managers Group, Inc.

David Runkle,
Director of Quantitative Research

Gregory Gigliotti,
Managing Director, Senior Portfolio Manager

Jessica Reuss,
Product Specialist, Portfolio Manager

Pablo Salas,
Managing Director, Senior Portfolio Manager

William Sterling,
Chief Investment Officer, Senior Portfolio Manager

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 1.050%
Distribution and service (12b-1) fees 0.250%
Other expenses 0.730%
Total annual Fund operating expenses 2.030%

Less fee waiver and/or expense reimbursement 0.370%
Net expenses 1.660%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)
4.75%
Maximum deferred sales charge (load)
(as a percentage of purchase or redemption
proceeds, whichever is lower)
none
Redemption Fee
(unless otherwise noted in the prospectus the redemption fee applies to redemptions, including exchanges within 30 days of purchase (seven days for Class I and R shares)
2.00%

Fund Expense Ratios

Description Expense
Expense Ratio
(if no waiver/reimbursement
in effect)
n/a
Net Expense Ratio
(if waiver/reimbursement
in effect)
1.66%
Gross Expense Ratio
(if waiver/reimbursement
in effect)
2.03%

Investment Minimums

Description Minimum
Minimum Initial Investment (ClassA) $2,000
Minimum Initial Investment for IRA (ClassA) $1,000
Minimum Subsequent Investment (ClassA) $250

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert International Opportunities Fund through January 31, 2015. This limitation does not limit the acquired fund fees and expenses incurred by a shareholder. Direct net operating expenses will not exceed 1.66% for Class A shares, 2.50% for Class C shares, and 1.41% for Class Y shares of the Fund. Only the Board of Directors of the Fund may terminate the Fund's expense limitation before the contractual period expires, upon 60 days' prior notice to shareholders. Under the terms of the contractual expense limitation, operating expenses do not include interest expense, brokerage commissions, extraordinary expenses and taxes.

Management fees include the advisory fee paid by the Fund to the Advisor, and the administrative fee paid by the Fund to Calvert Investment Administrative Services, Inc., an affiliate of the Advisor.


Morningstar Style Box™

Morningstar Style

A style box is a graphical representation of a mutual fund's characteristics. Together, the vertical and horizontal axes can be used to classify a mutual fund into one of nine categories.

Medium Blend

CIOAX is categorized as: Medium Blend

Morningstar Category™

Foreign Small/Mid Blend

Risk/Return Assessment

Risk/Return Assessment

Demonstrates where the Fund falls on a risk/return spectrum, relative to other Calvert Funds. Funds with more conservative objectives and strategies would fall on the left side of the spectrum, while funds with more aggressive objectives and strategies would appear on the right.

Compared against all Calvert Funds

Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member, FINRA, and subsidiary of Calvert Investments, Inc. 800.368.2748

Calvert Investment Management, Inc. serves as the investment advisor and provides sustainability research for the Calvert mutual funds and institutional investment strategies.

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