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Calvert International Opportunities Fund (CIOAX)

Daily Performance (as of 9/3/2010)
Price $11.71
Price Change $0.10 (0.85%)
YTD Return (4.75% Sales Charge) -4.49%
YTD Return (No Charge) 0.26%
Fund Facts (as of 9/3/2010)
NASDAQ Symbol CIOAX (A Shares)
Calvert Fund Number 972 (A Shares)
CUSIP Number 131649881 (A Shares)
Assets Under Management $29.98 Million

Overview

Fund Management

Calvert Asset Management Company, Inc.

F&C Management Limited

Top 10 Equity Holdings

Top 10 Equity Holdings

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

Issues in Portfolio: 69
Click here for all Fund Holdings

Investment Objectives

The Fund seeks long-term capital appreciation. 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 stock market (including markets outside of the U.S.) may decline in value; the individual stocks in the Fund may not perform as well as expected; and/or the Fund’s portfolio management practices may not work to achieve their desired result. Investment in foreign securities involves greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations. Investment in emerging market securities involves greater risk than that associated with investment in foreign securities of developed foreign countries.

Investment Strategy

The Fund will invest primarily in the common and preferred stocks of non-U.S. small-cap to mid-cap companies. The Fund defines "non-U.S. small cap to mid cap companies" as those whose market capitalization falls within the range of the S&P Developed BMI Ex-U.S. SmallCap. This index is the small cap component of the S&P Developed Broad Market Index excluding the U.S. The Fund may also invest up to 20% of its assets in the securities of issuers in emerging markets countries. London-based F&C Management Limited uses a primarily bottom-up strategy 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.

Important Disclosure

Holdings are subject to change.


Performance

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Benchmark Index

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Lipper Category Index

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Average Annual Returns (%) for period ending 8/31/2010
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (4.75% Sales Charge) -8.48 -0.18 -0.53 -9.70 n/a n/a -9.70 5/31/2007
A Shares (No Charge) -3.94 4.76 4.47 -8.23 n/a n/a -8.33 5/31/2007
Average Annual Returns (%) for period ending 6/30/2010
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (4.75% Sales Charge) -12.64 -15.07 7.53 -11.80 n/a n/a -11.55 5/31/2007
A Shares (No Charge) -8.30 -10.82 12.86 -10.35 n/a n/a -10.14 5/31/2007
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index.
Fund Expenses (from Prospectus)
(Performance data quoted above already reflects deduction for Fund 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)
n/a 1.66% 2.70%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 7/31/2010

  Fund (AShares) MSCI EAFE Small Mid Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 2.60% n/a n/a n/a
Beta 0.92 n/a 1.00 n/a
R-Squared 93.58% n/a 100.00% n/a
Sharpe Ratio -0.33 n/a -0.43 n/a
Standard Deviation 26.14% n/a 27.38% n/a
Excess Return 3.14% n/a n/a n/a
Information Ratio 0.45 n/a n/a n/a
*Source: Zephyr StyleADVISOR using MorningstarTM data

Glossary of Terms:

In Modern Portfolio Theory statistical calculations are applied to an investment strategy to seek to construct an optimal portfolio by considering the relationship between risk and return.

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. A positive alpha figure indicates the fund has performed better than its beta would predict. In contrast, a negative alpha indicates the fund's underperformance, given the expectations established by the fund's 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.

R-Squared is a statistical measure that represents the percentage of a fund's or security's movements that can be explained by movements in a benchmark index. R-squared values range from 0 to 100 percent. An R-squared of 100 percent means that all movements of a security are completely explained by movements in the index. A high R-squared (between 85 and 100 percent) indicates the fund's performance patterns have been in line with the index. A fund with a low R-squared (70 percent or less) doesn't act much like the index. A higher R-squared value will indicate a more useful beta figure. For example, if a fund has an R-squared value of close to 100 percent but has a beta below 1, it is most likely offering higher risk-adjusted returns.

Sharpe Ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund's historical risk-adjusted performance.

Standard Deviation is a useful measure of a fund's risk. For example, a fund with a standard deviation of 10 can be expected to produce an annual return that is within 10 percentage points (plus or minus) of its average annual return two-thirds of the time.

Excess Return is return in excess of the risk-free rate or in excess of a benchmark.

Information Ratio is a measure of the consistency of excess return of a mutual fund as compared to its benchmark. The higher the Information Ratio of a Fund, the higher the active return of the Fund, given the amount of risk involved, and the more consistently the Fund manager beats the Fund's benchmark.

 

Pricing & Distribution

Most Recent Distributions

A Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
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

Top Holdings

Top 10 Equity Holdings

Top 10 Equity Holdings

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

Issues in Portfolio: 69
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.


Management & Commentary

Fund Management

Calvert Asset Management Company, Inc.

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

F&C Management Limited

F&C is a wholly owned subsidiary of F&C Asset Management plc, which was incorporated in London with the launch of the world's first investment trust. F&C is a highly respected European SRI manager with a longheld commitment to the field.

Quarterly Fund Commentary

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 1.150%
Distribution and service (12b-1) fees 0.250%
Other expenses 1.300%
Total annual Fund operating expenses 2.700%
Less fee waiver and/or expense reimbursement 1.040%
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
Short term trading fee
(unless otherwise noted 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)		 2.70%

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, 2011. 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 cap before the contractual period expires. 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 Administrative Services Company, an affiliate of the Advisor.


Contact the Sales Team

Our sales team is available at 800.368.2750.

Fund literature and resources
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

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