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Calvert Global Alternative Energy Fund (CGAEX)

Daily Performance (as of 8/29/2014)
Price $7.71
Price Change $0.04 (0.52%)
YTD Return (4.75% Sales Charge) -1.66%
YTD Return (No Charge) 3.21%
Fund Facts (as of 8/29/2014)
NASDAQ Symbol CGAEX (A Shares)
Calvert Fund Number 971 (A Shares)
CUSIP Number 13161P847 (A Shares)
Assets Under Management $109.25 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: 48
Click here for all Fund Holdings

Investment Objective

The Fund seeks long-term growth of capital through investment in equity securities of companies active in the alternative energy sector, in accordance with the Fund's corporate responsibility standards and strategies.

Investment Strategy

The Fund normally invests 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. The Fund invests in securities of all market capitalizations, but may contain more small- and mid-cap stocks than large-cap stocks because many alternative energy companies are relatively new. Sub-advisor Kleinwort Benson Investors International Ltd. employs long-term strategic allocations for each sub-activity within the alternative energy sector, and uses fundamental and qualitative models to evaluate stocks from the bottom up, focused on fundamental analysis of stocks across all geographic regisons. Top-down views on industries, sectors or regions act as risk controls in portfolio construction. The Sub-advisor consults a panel of experts in the alternative energy field to obtain research and insight on political, economic and regional trends with respect to alternative energy segments.

Investment Risk

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 fall in value, and the risk that prices of energy (including traditional sources such as oil, gas or electricity) or alternative energy may fall. The alternative energy sector can be significantly affected by a number of factors, including fluctuations in energy prices, supply and demand of alternative energy fuels, energy conservation, and government regulations and policies. A downturn in the alternative energy industry would impact the Fund more than a fund that does not concentrate in this industry, and the Fund therefore may be more volatile than a typical mutual fund. Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations. The Fund is non-diversified and may be more volatile than a diversified 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.

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 8/31/2014
Share Class YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
A Shares (No Charge) 3.21 -1.78 17.71 4.60 -4.01 n/a -8.42 5/31/2007
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
A Shares (No Charge) 5.09 2.61 21.14 0.52 -3.02 n/a -8.38 5/31/2007
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 1.85% 2.40% 90.00%

Hypothetical Growth of $10,000

Yearly Percentage Return

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

  Fund (AShares) Ardour Global Alternative Energy Index (Composite)
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha -3.76% -2.52% 0.00% 0.00%
Beta 0.82 0.86 1.00 1.00
R-Squared 84.61% 87.79% 100.00% 100.00%
Sharpe Ratio -0.02 -0.23 0.17 -0.13
Standard Deviation 22.18% 22.93% 24.82% 24.93%
Excess Return -4.64% -2.02% 0.00% 0.00%
Information Ratio -0.48 -0.23 0.00 0.00
Tracking Error 9.76% 8.72% 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

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
12/23/2011 Dividend 0.14070 12/21/2011 12/22/2011 12/22/2011 5.16

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

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.

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.

Kleinwort Benson Investors International Ltd

Kleinwort Benson Investors International Ltd 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.

Treasa Ni Chonghaile,
Portfolio Manager

Colm O'Connor,
Portfolio Manager

Fees & Minimums

Annual Operating Expenses (deducted from Fund assets)

Description Expense
Management fees 1.300%
Distribution and service (12b-1) fees 0.250%
Other expenses 0.850%
Total annual Fund operating expenses 2.400%

Less fee waiver and/or expense reimbursement 0.550%
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
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)
1.85%
Gross Expense Ratio
(if waiver/reimbursement
in effect)
2.40%

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, 2015. This limitation does not limit the acquired fund fees and expenses incurred by a shareholder. Direct net operating expenses for the Fund will not exceed 1.85% for Class A shares, 2.85% for Class C shares and 1.60% for Class Y shares of the Fund. Only the Board of Directors of the Fund may terminate the Fund's expense limitation before the contractual period expires, upon 60 days' prior natoice 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.

Medium Blend

CGAEX is categorized as: Medium Blend

Morningstar Category™

Equity Energy

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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