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Calvert Small Cap Fund (CSVIX)

Daily Performance (as of 9/30/2014)
Price $24.14
Price Change $-0.22 (-0.91%)
YTD Return -1.71%
Fund Facts (as of 9/30/2014)
NASDAQ Symbol CSVIX (I Shares)
Calvert Fund Number 761 (I Shares)
CUSIP Number 13161P862 (I Shares)
Assets Under Management $208.07 Million

Overview

Fund Management

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: 54
Click here for all Fund Holdings

Investment Objective

The Fund seeks to provide long-term capital appreciation through investment primarily in small-cap common stocks of U.S. companies that meet the Fund's investment criteria, including financial, sustainability, and social responsibility factors and that, at the time of purchase, are considered by the Advisor to be attractively valued.

Investment Strategy

The Fund offers opportunities for long-term capital appreciation with a moderate degree of risk through a mix of smaller company stocks that meet the Fund's investment criteria, including financial, sustainability and social responsibility factors. The Fund normally invests at least 80% of its net assets in common stocks of small-cap companies. The Fund’s investment process seeks to add value by using the Advisor’s fundamental, quantitative, and macro-economic research and analyses while integrating the Advisor’s proprietary views on material environmental, social and governance ("ESG") information as part of its risk and opportunity assessment. The portfolio construction process seeks to maximize the benefit of these insights while managing the Fund’s risk profile relative to the benchmark, and minimizing transaction costs. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they address corporate responsibility and sustainability challenges. The Fund defines small-cap companies as those within the range of market capitalizations of the Russell 2000 Index.

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; the individual investments of the Fund may not perform as expected; and/or the Fund's portfolio management practices may not achieve the desired result. Prices of small cap stocks can be more volatile than those of larger, more established companies. Small cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.


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 9/30/2014
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
I Shares (No Charge) -1.71 -5.92 5.27 21.95 14.57 n/a 7.44 4/29/2005
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 0.92% 0.98% 82.00%

Hypothetical Growth of $10,000

Yearly Percentage Return

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

  Fund (IShares) Russell 2000 Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha 2.07% 0.80% 0.00% 0.00%
Beta 0.90 0.91 1.00 1.00
R-Squared 92.23% 93.75% 100.00% 100.00%
Sharpe Ratio 1.26 0.95 1.16 0.93
Standard Deviation 15.29% 17.22% 16.37% 18.25%
Excess Return 0.34% -0.62% 0.00% 0.00%
Information Ratio 0.07 -0.14 0.00 0.00
Tracking Error 4.58% 4.59% 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.

Pricing & Distribution

Most Recent Distributions

I Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
12/6/2013 Long Term Gain 2.72378 12/4/2013 12/5/2013 12/5/2013 23.77
12/28/2012 Dividend 0.35708 12/26/2012 12/27/2012 12/27/2012 19.00
12/7/2012 Long Term Gain 0.53581 12/5/2012 12/6/2012 12/6/2012 19.25
12/23/2011 Dividend 0.29615 12/21/2011 12/22/2011 12/22/2011 17.49
12/23/2010 Dividend 0.05618 12/21/2010 12/22/2010 12/22/2010 18.59
12/28/2007 Dividend 0.09997 12/26/2007 12/27/2007 12/27/2007 18.56
12/9/2005 Short Term Gain 0.00833 12/7/2005 12/8/2005 12/8/2005 16.01

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: 54
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.

Natalie Trunow,
Chief Investment Officer, Equities

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.800%
Distribution and service (12b-1) fees none
Other expenses 0.180%
Total annual Fund operating expenses 0.980%

Less fee waiver and/or expense reimbursement 0.060%
Net expenses 0.920%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)
none
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)
0.92%
Gross Expense Ratio
(if waiver/reimbursement
in effect)
0.98%

Investment Minimums

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

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert Small Cap Fund through January 31, 2015. Direct net operating expenses will not exceed 0.92% for Class I shares of the Fund. Only the Board of Trustees 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.

Small Value

CSVIX is categorized as: Small Value

Morningstar Category™

Small 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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