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Calvert International Equity Fund (CWVIX)

Daily Performance (as of 8/21/2014)
Price $18.27
Price Change $0.07 (0.38%)
YTD Return -0.76%
Fund Facts (as of 8/21/2014)
NASDAQ Symbol CWVIX (I Shares)
Calvert Fund Number 763 (I Shares)
CUSIP Number 131649808 (I Shares)
Assets Under Management $403.56 Million

Overview

Fund Management

Martin Currie Investment Management, Ltd.

David Sheasby,
Director, Global and International Products

Christine Montgomery,
Director, International Products

Thornburg Investment Management, Inc.

Wendy Trevisani, MBA
Managing Director and Co-Portfolio Manager

Rolf Kelley, CFA
Managing Director and Associate 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: 227
Click here for all Fund Holdings

Investment Objective

The Fund seeks to provide a high total return consistent with reasonable risk by investing primarily in a diversified portfolio of stocks that meet the Fund's investment criteria, including financial, sustainability and social responsibility factors.

Investment Strategy

The Fund invests primarily in the common and preferred stocks of non-U.S. large cap companies. The Fund defines "non-U.S. large cap" companies as those whose market capitalization falls within the range of the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Global Investable Market Index (IMI). The Fund generally holds stocks of companies of the constituent countries of the MSCI EAFE IMI, but may invest in other countries, including emerging markets stocks. 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. In the multi-manager structure, the Advisor and the Sub-advisors utilize fundamental insights arrived at through qualitative and quantitative analysis of a broad range of non-U.S. securities to identify stocks expected to provide returns superior to that of the benchmark. 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 the Advisor and each Sub-advisor, and may shift allocations among the Advisor and Sub-advisors depending on market conditions, managers' 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 the Advisor and 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.


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

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

Average Annual Total Returns (%) for period ending 7/31/2014
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
I Shares (No Charge) -1.36 -3.20 9.02 7.01 7.30 4.33 2.58 2/26/1999
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
I Shares (No Charge) 1.90 2.63 18.13 7.29 10.02 4.24 2.81 2/26/1999
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
1.08% n/a n/a 40.00%

Hypothetical Growth of $10,000

Yearly Percentage Return

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

  Fund (IShares) MSCI EAFE Investable Market Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha -1.02% -1.40% 0.00% 0.00%
Beta 0.94 0.92 1.00 1.00
R-Squared 96.35% 96.86% 100.00% 100.00%
Sharpe Ratio 0.45 0.40 0.53 0.49
Standard Deviation 15.56% 16.07% 16.26% 17.14%
Excess Return -1.60% -2.11% 0.00% 0.00%
Information Ratio -0.51 -0.67 0.00 0.00
Tracking Error 3.13% 3.14% 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
12/27/2013 Dividend 0.30762 12/24/2013 12/26/2013 12/26/2013 18.17
12/28/2012 Dividend 0.23636 12/26/2012 12/27/2012 12/27/2012 15.10
12/23/2011 Dividend 0.20668 12/21/2011 12/22/2011 12/22/2011 12.92
12/23/2010 Dividend 0.09279 12/21/2010 12/22/2010 12/22/2010 15.22
12/24/2009 Dividend 0.23629 12/22/2009 12/23/2009 12/23/2009 14.45
12/24/2008 Dividend 0.47838 12/22/2008 12/23/2008 12/23/2008 11.34
12/4/2008 Short Term Gain 0.03008 12/2/2008 12/3/2008 12/3/2008 11.19
12/28/2007 Dividend 0.37205 12/26/2007 12/27/2007 12/27/2007 22.86
12/7/2007 Short Term Gain 0.71564 12/5/2007 12/6/2007 12/6/2007 24.26
12/7/2007 Long Term Gain 1.21822 12/5/2007 12/6/2007 12/6/2007 24.26
12/28/2006 Dividend 0.35059 12/26/2006 12/27/2006 12/27/2006 24.69
12/8/2006 Short Term Gain 0.78386 12/6/2006 12/7/2006 12/7/2006 24.59
12/8/2006 Long Term Gain 2.14814 12/6/2006 12/7/2006 12/7/2006 24.59
12/29/2005 Dividend 0.25028 12/27/2005 12/28/2005 12/28/2005 22.07
12/29/2004 Dividend 0.28293 12/27/2004 12/28/2004 12/28/2004 19.84
12/30/2003 Dividend 0.17838 12/26/2003 12/29/2003 12/29/2003 16.79
12/30/2002 Dividend 0.06254 12/26/2002 12/27/2002 12/27/2002 13.05
12/7/2001 Long Term Gain 0.07981 12/5/2001 12/6/2001 12/6/2001 15.35
12/8/2000 Long Term Gain 1.37627 12/6/2000 12/7/2000 12/7/2000 20.11
12/23/1999 Short Term Gain 0.87238 12/21/1999 12/22/1999 12/22/1999 24.53
12/23/1999 Long Term Gain 0.08949 12/21/1999 12/22/1999 12/22/1999 24.53

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: 227
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.

Natalie Trunow,
Chief Investment Officer, Equities

Martin Currie Investment Management, Ltd.

David Sheasby,
Director, Global and International Products

Christine Montgomery,
Director, International Products

Thornburg Investment Management, Inc.

Wendy Trevisani, MBA
Managing Director and Co-Portfolio Manager

Rolf Kelley, CFA
Managing Director and Associate Portfolio Manager

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 0.896%
Distribution and service (12b-1) fees none
Other expenses 0.164%
Indirect underlying fund expenses 0.020%
Total annual Fund operating expenses 1.080%

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)
1.08%
Net Expense Ratio
(if waiver/reimbursement
in effect)
n/a
Gross Expense Ratio
(if waiver/reimbursement
in effect)
n/a

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 International Equity Fund through January 31, 2015. Direct net operating expenses will not exceed 1.10% 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.

Large Blend

CWVIX is categorized as: Large Blend

Morningstar Category™

Foreign Large 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

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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