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Calvert Large Cap Value Fund (CLVAX)

Daily Performance (as of 9/7/2010)
Price $41.91
Price Change $0.32 (0.76%)
YTD Return (4.75% Sales Charge) -7.62%
YTD Return (No Charge) -3.01%
Fund Facts (as of 9/7/2010)
NASDAQ Symbol CLVAX (A Shares)
Calvert Fund Number 979 (A Shares)
CUSIP Number 131619504 (A Shares)
Assets Under Management $80.73 Million

Overview

Fund Management

Calvert Asset Management Company, Inc.

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: 60
Click here for all Fund Holdings

Investment Objectives

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, using the Fund’s corporate responsibility standards and strategies. 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 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. The market may not recognize a security’s intrinsic value for a long time or that a stock judged to be undervalued may actually be appropriately priced. 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 periods of economic expansion.

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. Under normal circumstances, at least 80% of the Fund’s net assets will be invested in the common stocks of large-cap companies. The Fund quantifies large-cap companies as those within the range of market capitalizations of the Russell 1000 Value Index.

Important Disclosure

Holdings are subject to change.


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 Returns (%) for period ending 8/31/2010
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (No Charge) -6.60 1.70 1.13 -11.54 -2.16 2.78 2.81 12/29/1999
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 (No Charge) -8.16 -12.76 11.42 -13.06 -2.04 3.07 2.69 12/29/1999
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 1.23% 2.18%

Hypothetical Growth of $10,000

Yearly Percentage Return

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

  Fund (AShares) Russell 1000 Value Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha -1.23% -0.38% n/a n/a
Beta 0.98 0.97 1.00 1.00
R-Squared 97.98% 97.67% 100.00% 100.00%
Sharpe Ratio -0.50 -0.21 -0.45 -0.19
Standard Deviation 22.34% 17.99% 22.59% 18.29%
Excess Return -0.95% -0.35% n/a n/a
Information Ratio -0.29 -0.12 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.

 

Important Disclosure

Net expense ratio reflects contractual fee waiver and/or expense reimbursement through April 30, 2011.


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


Pricing & Distribution

Most Recent Distributions

A Shares: Without Sales Charge
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
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 Dividend 0.91580 12/10/2008 12/11/2008 12/11/2008 33.68
12/11/2008 Long Term Gain 0.01008 12/10/2008 12/11/2008 12/11/2008 33.68
12/20/2007 Dividend 0.83770 12/19/2007 12/20/2007 12/20/2007 58.51
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
12/18/2006 Dividend 0.86972 12/15/2006 12/18/2006 12/18/2006 64.36
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
12/19/2005 Dividend 0.59110 12/16/2005 12/19/2005 12/19/2005 56.56
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
12/21/2004 Dividend 1.53000 12/17/2004 12/20/2004 12/20/2004 58.00
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
12/19/2003 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 Dividend 0.52500 12/18/2001 12/19/2001 12/19/2001 56.18
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
5/21/2001 Dividend 0.25000 5/18/2001 5/21/2001 5/21/2001 61.04
5/21/2001 Short Term Gain 0.95362 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 Dividend 0.15000 12/15/2000 12/18/2000 12/18/2000 55.14
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
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

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: 60
Click here for all Fund Holdings

Important Disclosure

Holdings are subject to change.


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 1.080%
Total annual Fund operating expenses 2.180%
Less fee waiver and/or expense reimbursement 0.950%
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
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)		 1.23%
Gross Expense Ratio
(if waiver/reimbursement
in effect)		 2.18%

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, 2011. 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. Under the terms of the contractual expense limitation, operating expenses do not include interest expense, brokerage commissions, extraordinary expenses and taxes. The Board of Trustees of the Fund may terminate the Fund's expense cap only for the contractual period after December 12, 2010.


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.

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