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Calvert Global Alternative Energy Fund (CGAEX)

Daily Performance (as of 9/3/2010)
Price $7.91
Price Change $0.05 (0.63%)
YTD Return (4.75% Sales Charge) -24.95%
YTD Return (No Charge) -21.22%
Fund Facts (as of 9/3/2010)
NASDAQ Symbol CGAEX (A Shares)
Calvert Fund Number 971 (A Shares)
CUSIP Number 13161P847 (A Shares)
Assets Under Management $174.66 Million

Overview

Fund Management

Calvert Asset Management Company, Inc.

KBC Asset Management International Ltd.

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: 55
Click here for all Fund Holdings

Investment Objectives

The Fund seeks long-term growth of capital. Investment in mutual funds involves risk, including the possible loss of principal invested. The Fund is subject to the risk that stocks that comprise the energy sector may decline in value, and the risk that prices of energy (including traditional sources such as oil, gas or electricity) or alternative energy may decline. The stock markets in which the Fund invests may also experience periods of volatility and instability. In addition, shares of the companies involved in the energy industry have been more volatile than shares of companies operating in other, more established industries. Consequently, the Fund may tend to be more volatile than other mutual funds. Lastly, foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations.

Investment Strategy

The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in equity securities of U.S. and non-U.S. companies whose main business is alternative energy or that are significantly involved in the alternative energy sector. Alternative energy includes renewable energy (solar, wind, geothermal, biofuel, hydrogen, biomass and other renewable energy sources that may be developed in the future), technologies that enable these sources to be tapped, and services or technologies that conserve or enable more efficient use of energy. Fund manager KBC Asset Management International Ltd. of Dublin, Ireland uses a three-step investment process that uses both fundamental and quantitative components to select stocks for the fund.

Important Disclosure

Companies labeled GICS are those classified using the Global Industry Classification Standards. These companies are involved in alternative energy (though not to the degree required per prospectus definition) and the sub-advisor believes will generate above average returns going forward.


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) -28.27 -1.82 -25.88 -22.13 n/a n/a -20.19 5/31/2007
A Shares (No Charge) -24.70 3.14 -22.22 -20.86 n/a n/a -18.98 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) -30.46 -22.43 -25.73 -23.29 n/a n/a -21.96 5/31/2007
A Shares (No Charge) -26.99 -18.56 -22.02 -22.04 n/a n/a -20.71 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 1.85% 2.37%

Hypothetical Growth of $10,000

Yearly Percentage Return

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

  Fund (AShares) Ardour Global Alternative Energy Index (Composite)
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha -4.29% n/a n/a n/a
Beta 0.86 n/a 1.00 n/a
R-Squared 95.97% n/a 100.00% n/a
Sharpe Ratio -0.55 n/a -0.47 n/a
Standard Deviation 38.18% n/a 43.40% n/a
Excess Return -0.44% n/a n/a n/a
Information Ratio -0.05 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

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: 55
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

Companies labeled GICS are those classified using the Global Industry Classification Standards. These companies are involved in alternative energy (though not to the degree required per prospectus definition) and the sub-advisor believes will generate above average returns going forward.


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.

KBC Asset Management International Ltd.

KBC is a leading Dublin-based SRI firm whose principals have expertise in the fast-growing, nascent alternative energy sector, a long history of socially responsible investing, and a strong reputation in multi-cap global investing.

Quarterly Fund Commentary

Related Market Outlook

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 1.350%
Distribution and service (12b-1) fees 0.250%
Other expenses 0.770%
Total annual Fund operating expenses 2.370%
Less fee waiver and/or expense reimbursement 0.520%
Net expenses 1.850%

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)		 1.85%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 2.37%

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 Global Alternative Energy Fund through January 31, 2011. This limitation does not limit the acquired fund fees and expenses incurred by a shareholder. Direct ordinary operating expenses for the Fund will not exceed 1.85% for Class A shares and 2.85% for Class C 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.


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 Growth

CGAEX is categorized as: Medium Growth

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