Equity Research Process by tle11209

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									INVESTMENT PROCESS
                                                   Calvert Equity Portfolio* (CSIEX)
Management Team                                    *Portfolio formerly referred to as Calvert Social Investment Fund (CSIF) Equity Portfolio
                 Richard B. England, CFA,
                                                   A High-Quality Approach
                 lead portfolio manager of
                 Calvert Equity Portfolio
                 as of January 1, 2008 and
                 a Managing Director at            Overview
Atlanta Capital, has more than 20 years
of equity analysis and fund management             Calvert Equity Portfolio is a core, large-capitalization stock mutual fund managed
experience. After previously working for           by Calvert sub-advisor Atlanta Capital Management of Atlanta, Georgia, that uses
Aetna Equity Investors, he was a Portfolio         a high-quality growth investment process.
Manager at Putnam Investments in                   atlanta capital:
Boston before moving to Atlanta Capital            n	 Was founded in 1969.
in 2004. At Atlanta Capital, he manages            n	 Features a stable executive management team and direct employee ownership.
large-cap growth equity portfolios and
                                                   n	 Has a 13-member equity investment team.
also supervises the firm’s equity research
staff. He has an MBA from the University           The investment team analyzes both company fundamentals and the macro-
of Pennsylvania’s Wharton School of Busi-          economic and secular trends that those companies must navigate to identify
                                                   high-quality growth stocks that have the potential to outperform their peers.
ness and a B.S. in business administration
from the University of Florida.
                 William Hackney, III, CFA
                                                   investment approach
                 and Paul Marshall, CFA            Fundamental and top-down analyses to identify high-quality
                 assist in the manage-             growth stocks
                 ment of the Portfolio. Mr.
                 Hackney has more than             GOal:
                 35 years of investment            The Portfolio’s main objective is growth of capital through investment in stocks of
                                                   issuers in industries believed to offer opportunities for potential capital apprecia-
                industry experience and
                                                   tion and which meet the Portfolio’s investment and social criteria. The Portfolio seeks
                Mr. Marshall has over              to achieve superior performance relative to the Standard & Poor’s 500 Index while
                15 years of investment             maintaining a risk profile that is low relative to its peer group.
                industry experience.
                                                   inVEStMEnt pROcESS:
                                                   Atlanta Capital’s portfolio management team examines a broad range of factors
                                                   that might impact a company’s ability to achieve above-average consistency in the
                                                   growth of earnings, which is the hallmark of its high-quality philosophy. These
                                                   factors may include company-specific, macroeconomic, and secular shifts. The
                                                   firm’s investment process involves:
                                                   n		investing only in high-quality companies

                                                      E
                                                   n			 xamining company fundamentals to determine whether the company has sus-
                                                       tainable earnings growth and reasonable valuations
                                                      i
                                                   n			 dentifying economic or secular factors that may influence some industries or
                                                       sectors and enable certain companies to achieve above-average earnings growth
                                                       over the next two to four years
                                                   High-Quality companies: Atlanta Capital invests in established, high-quality
                                                   companies that have an above-average record of consistency of growth in
                                                   earnings and dividends over long periods of time. Companies that consistently
                                                   report above-average earnings and pay higher-than-average dividends typically
                                                   have less price volatility and generally outperform during periods of significant
                                                   market declines.


                                          May Lose Value. Not FDIC Insured. Not a Deposit. No Bank Guarantee. Not NCUA/NCUSIF Insured. No Credit Union Guarantee.
                                 inVEStMEnt appROacH:
RELATIVE VALUE:                  Fundamental analysis: The team of investment professionals focuses on company-
                                 specific research. The analysts evaluate competitive conditions in industries, new
“The key component of what       products and technology, and company financial statements in order to identify
makes up a quality stock is      companies with above-average, sustainable growth at attractive valuations.
consistency of growth in
                                 Macroeconomic and Secular trends: Atlanta Capital examines the macroeconomic
earnings and dividends,          environment and researches the effects of secular trends to identify sectors or
and companies that are high-     industries likely to produce accelerating profit growth. The firm distinguishes itself
quality by our definition more   from Wall Street research by examining and forecasting the impact of these forces
often than not are also good     over a two- to four-year horizon versus the usual monthly or quarterly projections.
companies from a sustain-
                                 SEll diSciplinE:
ability point of view.”
                                 Atlanta Capital will sell a stock when its fundamental prospects decline or it loses its
            —Portfolio Manager   status as a high-quality company, it becomes fully valued, the portfolio managers lose
               Richard England   confidence in the company’s management, or it becomes prudent to take profits.

                                 inVEStMEnt RiSk:
                                 You could lose money on your investment in the Portfolio, or the Portfolio could under-
                                 perform, because of the following risks: the stock market may fall in value, the indi-
                                 vidual stocks in the Portfolio may not perform as expected, and/or the Portfolio’s
                                 management practices may not achieve the desired result.

                                 dOublE diliGEncE®:
                                                         Calvert’s equity research process has two integral components:
                                                         a rigorous review of financial performance plus a thorough
                                                         assessment of corporate integrity. Only when a company meets
                                                         our standards for both do we invest.

                                 Calvert’s Sustainability Research Department evaluates companies for the Portfolio
                                 according to criteria in seven broad areas of concern: governance and ethics; envi-
                                 ronment; workplace issues; product safety and impact; international operations
                                 and human rights; Indigenous Peoples’ rights; and community relations.




                                 For more information on any Calvert fund, please call Calvert at 800.368.2748 or visit
                                 www.calvert.com for a free 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 prospectus contains this and other information. Read it 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 4/30/2011, Calvert Distributors, Inc. will be renamed Calvert Investment Distributors, Inc., and Calvert Group, Ltd. will be
                                 renamed Calvert Investments, Inc.
                                 IP10919-201101
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