INVESTMENT PROCESS

Calvert Capital Accumulation Fund (CCAFX)

Management Team
Michelle Clayman, CFA,
is the lead portfolio
manager of Calvert
Capital Accumulation
Fund and managing
partner and chief investment officer at
New Amsterdam. Prior to founding New
Amsterdam in 1986, Ms. Clayman worked
for Salomon Brothers. She received a BA
and an MA from Oxford University and
an MBA from Stanford University.
Nathaniel Paull, CFA, is
secondary manager of the
Fund and a partner and
senior portfolio manager
at New Amsterdam.
Mr. Paull was an equity portfolio manager at Brown Brothers Harriman before
he joined New Amsterdam. He received
a BS in Business Administration from the
University of Hartford and an MBA from
New York University.

A Mid-Cap, Growth-at-a-Reasonable-Price Approach

Overview
Calvert Capital Accumulation Fund offers investors exposure to the growth
potential of mid-size U.S. companies, focusing on stocks that offer growth at a
reasonable price. The Funds benchmark is the Russell Midcap Growth Index and
the Fund is managed by Calvert sub-advisor, New Amsterdam Partners LLC (New
Amsterdam). Stocks chosen for the Fund combine growth and value characteristics or offer the opportunity to buy growth at a reasonable price. This can help
insulate the Fund from market trends that may alternately favor growth or value
strategies.

NEW AMSTERDAM
n Uses a dynamic team approach to portfolio management
n Has a five-member senior portfolio management team
n Was founded in 1986 and is 100% employee owned

Investment Approach
The Funds disciplined investment process combines rigorous, proprietary
quantitative models and fundamental analysis to select stocks that offer good
prospects for growth at a reasonable price. The Fund invests primarily in midcapitalization U.S. companies, seeking to maintain a weighted average market
capitalization between $2 billion and $12 billion. The Fund may invest up to 25%
of its net assets in non-U.S. securities.

GOAL
The Fund seeks to provide long-term capital appreciation by investing primarily
in mid-cap stocks that meet the Funds investment criteria, including financial,
sustainability, and social responsibility factors.

INVESTMENTPROCESS
The portfolio management team focuses on identifying stocks with above-average growth prospects and that are selling at below-market valuations. To identify
these companies, the team applies a bottom-up stock selection investment
process that integrates original quantitative research with sound fundamental
analysis.
Broad eligibility screening. New Amsterdam initially evaluates a universe of
more than 10,000 securities to find stocks that meet its requirements for public
availability of company data, trading liquidity, Wall Street analyst coverageand
that generally fall within a market capitalization range of $1 billon to $9 billion.
This winnows the investment universe to about 2,000 companies for further
evaluation.
Expected return analysis. The management team uses a proprietary model to
identify stocks selling at low prices (at or below-market valuations) relative to
their forecast growth and profitability. Based on these criteria, the model analyzes and ranks the stocks by their expected returns. The top 100 are then selected
for additional analysis and fundamental research.
May Lose Value. Not FDIC Insured. Not a Deposit. No Bank Guarantee. Not NCUA/NCUSIF Insured. No Credit Union Guarantee.

Portfolio
Construction Overview
Investment Universe
10,000+ stocks

Eligibility Screens
Company data
Trading liquidity
Wall Street analyst coverage

2,000+ stocks

Expected Return Analysis

Model ranks stocks on growth,
profitability, and expected returns

100 stocks

Fundamental Analysis
New Amsterdam macro
and microanalysis
New Amsterdam investment
committee review
Calvert ESG analysis & decisions

Portfolio
40 to 45 stocks

Rigorous fundamental analysis. For the top 100 investment candidates, New
Amsterdam then analyzes factors not captured by the models, including the
companys prospects in terms of the economy and its industry. On a more micro
level, the management team looks for factors such as a low Zacks score (Zacks is a
stock-rating research firm) and a high corporate innovation score. They also analyze the companys management leadership, accounting methods, market share,
corporate debt levels, and the amount of short interest in its stock. After a review of the stocks by the New Amsterdam investment committee, and in light of
client guidelines, a final portfolio of 40 to 45 stocks is created.
Environmental, social, and governance (ESG) criteria. A team of more than 15
Calvert in-house sustainability analysts evaluates investment candidates for the
Fund according to criteria in seven broad areas of concern: governance and ethics, the environment, workplace issues, product safety and impact, international
operations and human rights, indigenous peoples rights, and community relations. If a company does not meet Calverts standards in these areas, the portfolio
managers will not purchase its stock.
Risk control. The management team limits the position size of each stock to no
more than 5% of the Funds net assets. In addition, the weightings of major sec
tors in the Fund can be no more than twiceor no less than one-halfof their
respective weightings in the Russell Midcap Growth Index.

SELL DISCIPLINE
A stock may be sold or a position may be trimmed if:
n The stock reaches the management teams target price and is not likely to ap-

preciate further
n The stocks expected return is lower than anticipated, possibly as a result of a

decline in fundamentals or a sharp negative change in analyst sentiment

n The stocks risk-reward profile becomes less attractive relative to other

candidates
n The company no longer meets the Funds ESG criteria

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: a) the stock market may fall in
value, causing prices of stocks held by the Fund to fall, b) the individual stocks
in the Fund may not perform as expected, and c) the Funds portfolio management practices may not achieve the desired result. Prices of mid-cap stocks can
be more volatile than those of larger, more established companies. Mid-cap companies are more likely to have more limited product lines, fewer capital resources
and less depth of management than larger companies. The Fund is non-diver
sified and may be more volatile than a diversified fund.

For more information on any Calvert fund, please contact your financial advisor, call Calvert at 800.368.2748, or visit www.calvert.com for a free
summary prospectus and/or prospectus. An institutional investor should call Calvert at 800.327.2109. An investor should consider the investment
objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other
information. Read them carefully before you invest or send money.
Calvert funds are available at NAV for RIAs and Wrap Programs. Not all funds available at all firms.
Calvert mutual funds are underwritten and distributed by Calvert Distributors Inc., member FINRA and subsidiary of Calvert Group, Ltd.*
*Effective April 30, 2011, Calvert Distributors, Inc. will be renamed Calvert Investment Distributors, Inc. and Calvert Group, Ltd. will be renamed Calvert Investments, Inc.

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