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Calvert Large Cap Value Fund (CLVAX)

Daily Performance (as of 9/30/2014)
Price $72.84
Price Change $-0.19 (-0.26%)
YTD Return (4.75% Sales Charge) 1.70%
YTD Return (No Charge) 6.77%
Fund Facts (as of 9/30/2014)
NASDAQ Symbol CLVAX (A Shares)
Calvert Fund Number 979 (A Shares)
CUSIP Number 131619504 (A Shares)
Assets Under Management $130.73 Million

Overview

Fund Management

Calvert Investment Management, Inc.

James R. McGlynn, CFA
Senior Vice President and Portfolio Manager

Yvonne M. Bishop, CFA
Assistant 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: 48
Click here for all Fund Holdings

Investment Objective

The Fund seeks long-term capital appreciation through investment primarily in large-cap U.S. common stocks that are trading at prices below what are believed to be their intrinsic value, in accordance with the Fund's corporate responsibility standards and strategies.

Investment Strategy

The Fund offers opportunities for long-term growth of capital through investments in large-cap company equity securities that the portfolio manager believes are undervalued. The Fund normally invests at least 80% of its net assets in the common stocks of large-cap companies, as defined by those within the range of market capitalizations of the Russell 1000 Value Index. The Advisor seeks to identify common stocks of companies it believes are significantly undervalued compared to their perceived worth or prospects, historical valuations or the general market level of valuation. The Advisor primarily uses a bottom-up approach focused on fundamental analysis of issuers in a number of different sectors and industries, in light of the issuers' current financial condition and industry position, as well as market, economic, political and regulatory conditions. The Fund has threshold responsibility standards with respect to tobacco, weapons and human rights, which it applies in determining whether a security qualifies for investment.

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; and/or the Fund's portfolio management practices may not achieve the desired result. The Fund's value-oriented investing approach may fall out of favor with investors from time to time, during which the Fund may underperform other funds using different investment approaches. In addition, the market may not recognize a security's intrinsic value for a long time, or a stock judged to be undervalued may actually be appropriately priced, and it may not appreciate as anticipated. Large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.


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

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Lipper Category Index

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Average Annual Total Returns (%) for period ending 9/30/2014
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (4.75% Sales Charge) 1.70 -4.67 12.47 20.19 12.00 6.29 6.20 12/29/1999
A Shares (No Charge) 6.77 0.08 18.08 22.15 13.09 6.80 6.56 12/29/1999
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 1.23% 1.74% 48.00%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 8/31/2014

  Fund (AShares) Russell 1000 Value Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha -1.91% -1.71% 0.00% 0.00%
Beta 1.00 0.98 1.00 1.00
R-Squared 97.75% 97.44% 100.00% 100.00%
Sharpe Ratio 1.58 1.05 1.78 1.21
Standard Deviation 12.25% 13.55% 12.06% 13.67%
Excess Return -2.21% -2.36% 0.00% 0.00%
Information Ratio -1.20 -1.08 0.00 0.00
Tracking Error 1.84% 2.19% 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

Class A and Class I shares of the Everest Fund of Summit Mutual Funds, Inc. were reorganized into the Class A and Class Y shares, respectively, of Calvert Large Cap Value Fund, which commenced operations on 12/12/08.  Performance results for Class A and Class Y shares of Calvert Large Cap Value Fund prior to 12/12/08 reflect the performance of Class A and Class I shares, respectively, of the Everest Fund since their inception on 12/29/99.

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 0.46522 12/24/2013 12/26/2013 12/26/2013 67.82
12/28/2012 Dividend 0.66920 12/26/2012 12/27/2012 12/27/2012 51.95
12/23/2011 Dividend 0.66733 12/21/2011 12/22/2011 12/22/2011 45.29
12/23/2010 Dividend 0.43074 12/21/2010 12/22/2010 12/22/2010 47.08
12/24/2009 Dividend 0.40733 12/22/2009 12/23/2009 12/23/2009 42.94
12/24/2008 Dividend 0.01831 12/22/2008 12/23/2008 12/23/2008 33.09
12/11/2008 Long Term Gain 0.01008 12/10/2008 12/11/2008 12/11/2008 33.68
12/11/2008 Dividend 0.91580 12/10/2008 12/11/2008 12/11/2008 33.68
12/20/2007 Short Term Gain 2.15623 12/19/2007 12/20/2007 12/20/2007 58.51
12/20/2007 Long Term Gain 2.87720 12/19/2007 12/20/2007 12/20/2007 58.51
12/20/2007 Dividend 0.83770 12/19/2007 12/20/2007 12/20/2007 58.51
12/18/2006 Short Term Gain 0.82325 12/15/2006 12/18/2006 12/18/2006 64.36
12/18/2006 Long Term Gain 2.69138 12/15/2006 12/18/2006 12/18/2006 64.36
12/18/2006 Dividend 0.86972 12/15/2006 12/18/2006 12/18/2006 64.36
12/19/2005 Short Term Gain 2.08867 12/16/2005 12/19/2005 12/19/2005 56.56
12/19/2005 Long Term Gain 4.10043 12/16/2005 12/19/2005 12/19/2005 56.56
12/19/2005 Dividend 0.59110 12/16/2005 12/19/2005 12/19/2005 56.56
12/21/2004 Short Term Gain 2.14489 12/17/2004 12/20/2004 12/20/2004 58.00
12/21/2004 Long Term Gain 1.52386 12/17/2004 12/20/2004 12/20/2004 58.00
12/21/2004 Dividend 1.53000 12/17/2004 12/20/2004 12/20/2004 58.00
12/19/2003 Dividend 0.80000 12/18/2003 12/19/2003 12/19/2003 55.17
6/12/2003 Long Term Gain 0.04435 6/11/2003 6/12/2003 6/12/2003 50.32
12/20/2002 Dividend 0.80000 12/19/2002 12/20/2002 12/20/2002 43.06
12/19/2001 Short Term Gain 2.25645 12/18/2001 12/19/2001 12/19/2001 56.18
12/19/2001 Long Term Gain 1.32955 12/18/2001 12/19/2001 12/19/2001 56.18
12/19/2001 Dividend 0.52500 12/18/2001 12/19/2001 12/19/2001 56.18
5/21/2001 Short Term Gain 0.95362 5/18/2001 5/21/2001 5/21/2001 61.04
5/21/2001 Dividend 0.25000 5/18/2001 5/21/2001 5/21/2001 61.04
2/26/2001 Dividend 0.10000 2/23/2001 2/26/2001 2/26/2001 58.27
12/18/2000 Short Term Gain 0.02081 12/15/2000 12/18/2000 12/18/2000 55.14
12/18/2000 Long Term Gain 0.00296 12/15/2000 12/18/2000 12/18/2000 55.14
12/18/2000 Dividend 0.15000 12/15/2000 12/18/2000 12/18/2000 55.14
11/13/2000 Dividend 0.20000 11/9/2000 11/10/2000 11/10/2000 53.62
8/22/2000 Dividend 0.30000 8/18/2000 8/21/2000 8/21/2000 51.41

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: 48
Click here for all Fund Holdings

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.

James R. McGlynn, CFA
Senior Vice President and Portfolio Manager

Yvonne M. Bishop, CFA
Assistant Portfolio Manager

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.850%
Distribution and service (12b-1) fees 0.250%
Other expenses 0.640%
Total annual Fund operating expenses 1.740%

Less fee waiver and/or expense reimbursement 0.510%
Net expenses 1.230%

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)
1.23%
Gross Expense Ratio
(if waiver/reimbursement
in effect)
1.74%

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 Large Cap Value 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 1.23% for Class A shares, 2.35% for Class C shares, and 0.98% for Class Y shares of the Fund. Only the Board of Trustees 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.

Large Value

CLVAX is categorized as: Large Value

Morningstar Category™

Large Value

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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