DC 529 College Savings Plan
Calvert Small Cap Value - DC 529
     
Style Box™
Morningstar Style Box
  As of 7/30/2010
Share Price: $15.24
Daily Price Change: $-0.03
Year-To-Date Return:
(No Sales Charge) 		5.98%
(4.75% Sales Charge)
0.93%



  Average Annual Returns(%) For Period Ending 7/31/2010  
Class 1-Mth QTD YTD 1
Year		 3
Year		 5
Year		 Since
Inception		 Inception
Date
A (No Sales Charge) 6.95 6.95 5.98 15.28 -5.73 -1.44 -1.44  
A (4.75% Sales Charge) 1.87 1.87 0.93 9.80 -7.25 -2.40 -2.40 8/1/2005
Russell 2000 Value Index 7.14 7.14 5.38 20.11 -4.97 -0.24 -0.31  
 
  Average Annual Returns(%) For Period Ending 6/30/2010  
Class 1-Mth QTD YTD 1
Year		 3
Year		 5
Year		 Since
Inception		 Inception
Date
A (No Sales Charge) -8.06 -10.60 -0.90 16.04 -10.00 n/a -2.81  
A (4.75% Sales Charge) -12.42 -14.82 -5.63 10.55 -11.45 n/a -3.77 8/1/2005
Russell 2000 Value Index -8.73 -10.60 -1.64 25.07 -9.85 -0.51 -1.70  
 

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.
 
OPERATING EXPENSES
Performance data quoted above already reflects deduction for operating expenses.
Expense Ratio
1.84%
     
Growth of $10,000
Chart depicts the value of a hypothetical $10,000 investment in the Fund over the past 10 years (or since inception for funds lacking 10-year history). Investment performance is calculated using Class A shares at net asset value.
  Calendar Year Returns



Chart depicts returns at net asset value.
 

As of 6/30/2010
     
REGAL BELOIT CORP 3.25%
PHILLIPS VAN HEUSEN 3.24%
HANOVER INSURANCE GROUP INC/ 3.21%
ANIXTER INTERNATIONAL INC 3.12%
HANESBRANDS INC 3.11%
HERMAN MILLER INC 3.10%
THOMAS + BETTS CORP 3.01%
LAWSON SOFTWARE INC 2.95%
STANDARD PARKING CORP 2.92%
INDEPENDENT BANK CORP/MA 2.92%
 
Issues in Portfolio 38
 
   

Modern Portfolio Theory Statistics* as of 6/30/2010
  Fund (A shares) Russell 2000 Value Index
  3-Year 5-Year 3-Year 5-Year
Alpha -2.09% n/a n/a n/a
Beta 0.83 n/a 1.00 n/a
R-Squared 90.34% n/a 100.00% n/a
Sharpe Ratio -0.47 n/a -0.41 n/a
Standard Deviation 24.04% n/a 27.69% n/a
Excess Return -0.01% n/a n/a n/a
Information Ratio n/a n/a n/a n/a
Tracking Error 8.90 n/a n/a n/a
*Source: Zephyr StyleADVISOR using MorningstarTM data

The performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from that shown. The statistical information above is taken from sources believed to be reliable but cannot be guaranteed as to accuracy.

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. 


 

Assets $3.22 million as of 7/30/2010
Investment Objective The Fund seeks to provide long-term capital appreciation primarily through investment in small company U.S. common stocks trading at prices below what are believed to be their intrinsic value. 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. Prices of small-cap stocks may respond to market activity differently from and can be more volatile than those of larger, more established companies. Small-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.
Investment Strategy The Fund will offer opportunities for long-term capital appreciation with a moderate degree of risk through a mix of smaller company stocks that meet the Fund’s investment and social criteria. Under normal circumstances, at least 80% of the Fund’s net assets will be invested in the common stocks of small companies. The Fund quantifies small companies as having a market capitalization of $3 billion or less at the time of initial purchase. Channing employs fundamental, bottom-up, research-driven analysis to identify undervalued stocks of well-managed companies with attractive price-appreciation potential.
Fund Number 89 (A shares)

Inception Date 8/1/2005 (A shares)
Dividend Frequency Annually
Cap Gains Frequency Annually

Shareholder Fees
(fees paid directly from your account) 		Class A
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

Minimum Initial Investment $100
Payroll Deduction $15
Automatic Contribution $25
  
Calvert Asset Management Company, Inc.
Channing Capital Management, LLC
Eric T. McKissack
Wendell E. Mackey

Important Disclosure for DC College Savings Plan Investment Options
OPERATING EXPENSES:

All expense ratios provided reflect (1) underlying fund expenses and (2) a 0.15% administration and oversight fee payable to DC College Savings Trust.  0.10% of the fee is paid to the program manager, Calvert Asset Management, Inc.

UNDERLYING FUND FEE WAIVERS:

For Calvert Small Cap Value Fund - DC 529 investment option, expense ratio reflects contractual cap of 1.69% for underlying fund expenses through January 1, 2009.  The total expense ratio for the underlying fund is 1.84%.

SALES LOAD:

An account owner who is a resident of the District of Columbia who purchases shares directly from Calvert, or an account owner who contributes through payroll deduction from a company with 300 or more employees, pays no sales charge.  An account owner who purchases shares with the assistance of a financial professional, or a non-DC resident who purchases directly from Calvert, pays a sales charge.

ANNUAL ACCOUNT MAINTENANCE FEE:

A DC resident must pay an annual account maintenance fee of $15, while a non-DC resident pays an annual account maintenance fee of $30.

The Acacia Principal Plus Account provides important guarantees of principal and interest. All contributions invested under this option are guaranteed to the Trust against principal loss as long as they remain invested in the Account. The guarantees are supported by the general account of Acacia Life Insurance Company. It is not anticipated that investors in the option will experience a loss of principal while invested in this Account, but the return from income is expected to fluctuate with longer-term fixed income securities.

The District of Columbia does not guarantee investments in the program. Investments may lose value. In addition, the tax benefits for the program have limitations. Consult your professional tax advisor before investing.  
Important Disclosure for DC College Savings Plan Investment Options

Holdings are subject to change.

Beta is a measure of portfolio risk relative to the market. A portfolio beta of 1.0 indicates a risk level equal to that of the market.
Important Disclosure for DC College Savings Plan Investment Options
Sales Charge: Shares purchased by Account Owners who are residents of the District of Columbia who purchase directly through Calvert, or Account Owners who contribute through payroll deductions from any company with 300 or more employees will be purchased at a price equal to the net asset value of the Investment Option to which their money is allocated (i.e., no sales load will be charged). District of Columbia residents who elect to purchase shares with the assistance of a financial professional may incur the sales charge. A $15/30 annual account maintenance fee is incurred by an Account Owner who purchases shares with the assistance of a financial professional, or non-DC residents who purchase directly from Calvert. (DC residents - $15; non-DC residents - $30) All funds pay a 0.15% state fee - an administration and oversight fee that is payable to the DC College Savings Trust.

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For more information on the DC College Savings Plan, please contact your financial advisor or call 800.987.4859 (800.368.2745 for non-District residents).  An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing.  The District of Columbia College Savings Trust Program Disclosure Booklet contains this and other information.  Read it carefully before you invest or send money. An investor should also consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's 529 college savings plan.

Important Legal Information | Privacy Statement | Business Continuity Plan
© 2010 Government of the District of Columbia,
Office of the Chief Financial Officer, Office of Finance and Treasury.
The DC College Savings Plan is underwritten and distributed by Calvert Distributors Inc., member NASD/SIPC,
a subsidiary of Calvert Group, Ltd., a UNIFI CompanySM.
Contact Us
1-800-368-2745
Go to DC College Savings Plan homepage. Financial Professionals Go to DC College Savings Plan homepage. View the site map.