UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-9877
CALVERT SOCIAL INDEX SERIES, INC.
(Exact name of registrant as specified in charter)
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
(Address of Principal Executive Offices)
William M. Tartikoff, Esq.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
(Name and Address of Agent for Service)
Registrant's telephone number, including area code: (301) 951-4800
Date of fiscal year end: September 30
Date of reporting period: Twelve months ended September 30, 2014
Item 1. Report to Stockholders.
[Calvert Social Index Fund Annual Report]
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Annual Report September 30, 2014
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| | TABLE OF CONTENTS |
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| | | | President's Letter |
| | | | SRI Update |
| | | | Portfolio Management Discussion |
| | | | Shareholder Expense Example |
| | | | Report of Independent Registered Public Accounting Firm |
| | | | Statement of Net Assets |
| | | | Statement of Operations |
| | | | Statements of Changes in Net Assets |
| | | | Notes to Financial Statements |
| | | | Financial Highlights |
| | | | Explanation of Financial Tables |
| | | | Proxy Voting |
| | | | Availability of Quarterly Portfolio Holdings |
| | | | Director and Officer Information Tables |
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| Barbara Krumsiek President and CEO of Calvert Investments
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Dear Calvert Shareholder,
For the 12 months ended September 30, 2014, the U.S. economy continued to improve. It has largely recovered, is going into an expansion phase, and is expected to continue to grow through the end of 2014 and into 2015. After recovering from a weak first-quarter caused by severe weather across the country, trends in the U.S. economy included a continued low interest-rate environment and declines in the unemployment rate. Economic growth was slower in Europe, Japan, and China, which were weighed down by further deterioration of macroeconomic data from Europe and growing concerns that China’s economic slowdown could negatively impact global economic growth. Global disruptions, including geopolitical conflicts, have been largely ignored to date by investors, while renewed investor and consumer confidence is high due to robust economic data and earnings data in the U.S. and supported by the U.S. Federal Reserve (the Fed) and central banks around the world continuing to maintain accommodative monetary policies.
While interest rates will likely remain low or rise very gradually over the near term, the Fed tapering with accompanying higher interest rates and continued accommodative language, an improving U.S. economy, and healthy earning and sales growth are expected to favor stocks over bonds over the long term. Overall, investors have become more risk tolerant assisted by accommodative global monetary policy. Volatility remained low throughout the year, but we did see an uptick at the end of the third quarter on fears that a global economic slowdown could also impact the U.S. recovery.
Calvert Women’s Principles® (CWP)
December 20, 2014, officially marks the 10-year anniversary of the Calvert Women’s Principles®, an important milestone in Calvert’s leadership in the women and investing space. In November, we will release our findings in the Women Investors Survey, the release of the latest Diversity Report, and a new article for CWP’s anniversary including a history, a look back at its implementation through Women’s Empowerment Principles (United Nations) and Gender Equality Principles (City of San Francisco), and the future of the program. Information about all our CWP events are available on Calvert’s website.
Calvert Global Water Fund
The Calvert Global Water Fund continues to garner attention and results, and its Class Y Shares recently won a Lipper Award1 for 2014 (Best Performing Fund among 105 funds in the Global Natural Resources Funds classification for the 3-year period ended December 31, 2013). We launched the Water fund in 2008 to give investors access to a broad array of companies around the world whose primary focus is on water. The Fund’s holdings span every sub-sector of the water cycle, including the collection, treatment, and distribution of water and includes sector holdings in water infrastructure, utilities, and technologies. I would encourage you visit the Calvert Water Website, www.calvert.com/water, where you can find the Water: Be a Part of the Solution video, the H2Alpha webinar, and the Water
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Investing app. This Fund is an example of our commitment to environmental, social, and governance (ESG) integration within our Funds.
Moving Forward
The end of 2014 will see my retirement as president and CEO of Calvert Investments. As CEO for more than 17 years, I have seen our business grow from primarily money market assets to a firm that has over $13.5 billion in Assets Under Management (AUM) in mutual funds that address many social issues. My plan moving forward is to become the Founding Chair of the forthcoming, soon to be launched Calvert institute, which will promote the growth of sustainable and responsible investing (SRI) through research, advocacy, and fostering innovation in the field of sustainable investing. In addition, I will continue serving on the Board of Calvert and as chair until May 2015. John Streur joined the Calvert family as CEO-Elect in late October and will take the reins full-time as CEO on January 1, 2015.
Stay Informed in the Months Ahead
Maintaining a well-diversified mix of U.S. and international stocks, bonds, and cash—appropriate for your goals and risk tolerance—is one of the best ways to mitigate the effects of an uneven recovery in the economy and markets. Of course, we recommend consulting your financial advisor if you have questions or concerns about your investments. We also invite you to visit our website, www.calvert.com, for fund information, portfolio updates, and commentary from Calvert professionals.
As always, we thank you for investing with Calvert.
Sincerely,
Barbara Krumsiek
President and CEO of Calvert Investments, Inc.
October 2014
For more information on any Calvert fund, please contact Calvert at 800.368.2748 for a free summary prospectus and/or prospectus. 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 mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member, FINRA, and subsidiary of Calvert Investments, Inc.
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1. | Lipper Fund Awards are granted annually to the funds in each Lipper classification that achieve the highest score for Consistent Return, a measure of funds’ historical risk-adjusted returns, relative to peers. Scores for Consistent Return are computed for all Lipper global classifications with ten or more distinct portfolios. The scores are subject to change every month and are calculated over 36, 60, and 120 month periods. The highest 20% of funds in each classification are named Lipper Leaders for Consistent Return. The highest Lipper Leader for Consistent Return within each eligible classification determines the fund classification winner over three, five, or ten years. Source: Lipper, a Thomson Reuters company. |
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SRI UPDATE from the Calvert Sustainability Research Department |
As always, Calvert continues to work hard to ensure you have a say in the responsible management of environmental, social, and governance (ESG) factors for the companies in which we invest. Below are highlights of our accomplishments during the reporting period.
Shareholder Advocacy
Calvert filed 31 shareholder proposals for the 2014 proxy season on a variety of issues, including board diversity, greenhouse gas (GHG) emissions reductions, and sustainability reporting. Calvert shareholder proposals filed during the 2013/2014 season resulted in the following company commitments:
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• | PACCAR, a designer and manufacturer of trucks, committed to report to the Carbon Disclosure Project and set goals for reducing the GHG emissions from its trucks and manufacturing operations. |
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• | Polaris, a maker of motorcycles, off-road vehicles, and small electric vehicles, agreed to produce a sustainability plan and strategy for goal-defined company-wide emissions reductions. |
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• | Capital One, the well-known diversified bank, has said it will reduce its GHG emissions 25% by 2020, and increase its environmentally-preferred paper use to 70% by the end of 2014. |
Public Policy Initiatives
Power Forward 2.0
Calvert, in conjunction with Ceres, the World Wildlife Federation, and David Gardiner & Associates, published Power Forward 2.0: How American Companies Are Setting Clean Energy Targets and Capturing Greater Business Value, which found that 215 of the companies in the Fortune 500 (43%) have set climate and/or clean energy targets. Other key findings include that 53 Fortune 100 companies report savings of $1.1 billion annually through energy efficiency and renewable energy. These companies are reducing emissions equivalent to taking 15 coal plants offline.
The initial 2012 Power Forward report showed that a majority of Fortune 100 companies had set commitments to renewable energy, GHG emissions reductions, or both. The report attracted press coverage by USA Today, The Huffington Post, Bloomberg, and was referenced in testimony to the Senate Budget Committee. The Guardian listed the report as one of the "10 reasons to be hopeful that we will overcome climate change."
UN Climate Summit
In September, Calvert joined global leaders from 160 countries to participate in the UN Climate Summit, calling on policymakers, business leaders, and other investors to take immediate steps to address the material financial risks created by climate change. The Summit was the start of a critical 15-month period of international negotiations leading up to the UNFCCC Conference of Parties in Paris, December 2015, which will strive for a global agreement between governments that establishes major cuts to GHG emissions.
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ESG Integration and Fixed Income
The United Nations-supported Principles for Responsible Investment (PRI) is an international network of investors working toward incorporating ESG issues into investment practices across asset classes. The PRI published the Fixed Income Investor Guide, highlighting examples of strategies to incorporate ESG integration and engagement in fixed-income asset classes. Material is sourced from the PRI’s Reporting Framework, extensive research, and interviews with signatories, including Calvert Investments. Chief Investment Officer Cathy Roy and Senior Credit Analyst Kim Nguyen-Taylor are among the experts who are quoted and provided material input, including a case study.
Conflict Minerals Due Diligence Reporting
Investors and consumers are increasingly calling on companies to identify and mitigate human rights-related risks in their supply chains. A major step forward in this continuing effort was companies’ filing of more than 1,300 conflict minerals due diligence reports to the Securities and Exchange Commission in June 2014. Several Calvert holdings, including Advanced Micro Devices, Apple, General Electric, Hewlett-Packard, Intel, and Microsoft, demonstrated exemplary approaches to this due diligence reporting. In filing the disclosures, companies complied with an SEC rule developed according to Dodd-Frank Section 1502. This law requires disclosure by companies that use gold, tin, tantalum, and tungsten in their products to determine whether such metals originate from particular mines in the Democratic Republic of the Congo (DRC) or adjoining countries that have been used to fuel a nearly two-decade long war in the region.
The reporting rule allows investors to evaluate the efforts of companies in industries, ranging from electronics and auto parts to retailers and jewelers, to identify and eliminate the use of conflict minerals in their supply chains. Most importantly, the rule has diminished the use of conflict minerals and in turn could help end the conflict in the DRC. Calvert was an early supporter of this legislation and played a leading role in the SEC rule-making process as part of a multi-stakeholder coalition.
Calvert’s Signature® criteria examine corporate performance across seven broad areas of concern: Governance and Ethics, Environment, Workplace, Product Safety and Impact, International Operations and Human Rights, Indigenous Peoples’ Rights, and Community Relations. For a company to be eligible for inclusion in a Calvert Signature portfolio, it must meet the criteria in all seven categories.
As of September 30, 2014, the following companies represented the following percentages of Portfolio net assets: PACCAR 0.15% of Calvert Social Index Fund; Polaris 0.15% of Calvert Social Index Fund, 3.30% of Calvert Capital Accumulation Fund; Capital One 0.90% of Calvert Social Index Fund, 0.28% of Calvert Balanced Portfolio, 3.51% of Calvert Large Cap Core Portfolio; Advanced Mirco Devices 0.20% of Calvert Social Index Fund; Apple 4.09% of Calvert Balanced Portfolio, 6.58% of Calvert Large Cap Core Portfolio, 4.69% of Calvert Equity Portfolio, 0.47% of Calvert Bond Portfolio, 4.50% of Calvert Social Index Fund; General Electric 0%; Hewlett-Packard 0.49% of Calvert Social Index Fund; Intel 0.41% of Calvert Balanced Portfolio, 0.20% of Calvert Bond Portfolio, 1.29% of Calvert Social Index Fund; and Microsoft 0.78% of Calvert Balanced Portfolio, 4.69% of Calvert Equity Portfolio, 0.29% of Calvert Bond Portfolio, 2.85% of Calvert Social Index Fund. Holdings are subject to change.
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| PORTFOLIO MANAGEMENT DISCUSSION |
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| Natalie A. Trunow Senior Vice President, Chief Investment Officer-Equities |
Investment Performance
The Calvert Social Index Fund Class A shares (at NAV) returned 18.65% for the 12-month period ended September 30, 2014. The Fund underperformed its benchmark, the Calvert Social Index (CSI), which gained 19.74% for the period. The difference in returns was primarily the result of fund expenses, which an index does not incur.
The performance of the Fund and CSI was largely in line with that of U.S. large-cap indices, which do not consider environmental, social and governance (ESG) factors. In comparison, the Russell 1000 Index and the S&P 500 Index returned 19.01% and 19.73%, respectively, for the reporting period.
Investment Climate
The divergence between economic conditions in the United States and the rest of the world continued over the 12-month reporting period, and was reflected in global equity market performance. Macroeconomic data showed the U.S. economy regained its footing after a weather-induced, disappointing first quarter. In contrast, concerns about economic growth in emerging markets, especially China, and anemic economic activity in Europe, highlighted risks abroad. The 12-month period was also marked by rising geopolitical tensions across multiple regions, but the equity markets proved resilient, with most major global indices finishing in positive territory.
For the year ended September 30, 2014, the Standard and Poor’s (S&P) 500, Russell 1000, Russell 2000, MSCI EAFE, and MSCI Emerging Markets Indices returned 19.73%, 19.01%, 3.93%, 4.70%, and 4.66%, respectively.
From an investment-style perspective, growth stocks slightly outpaced value stocks, while large-capitalization stocks significantly outperformed small-cap stocks. With increases in interest rates looming in the next 6-18 months, combined with lofty asset valuations entering into 2014, it was understandable that the performance of small-cap stocks was less than stellar. Looking at sector performance, Health Care, Information Technology, and Materials were the top performers within the Russell 1000 Index, while the Consumer Discretionary, Energy, and Telecommunication Services sectors lagged.
Accelerating Economic Recovery in the U.S.
A wide range of positive U.S. macroeconomic data pointed toward a broader-based recovery over the year, led by an improving labor market. The Purchasing Managers’ Index (PMI) showed expansion in the manufacturing sector, consumer confidence rose, and corporate earnings were strong. While the housing recovery has slowed, we believe it remains on a
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| CALVERT SOCIAL INDEX FUND | |
| SEPTEMBER 30, 2014 | |
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| ECONOMIC SECTORS | % OF TOTAL INVESTMENTS | |
| Consumer Discretionary | 15.2 | % | |
| Consumer Staples | 8.2 | % | |
| Energy | 2.2 | % | |
| Financials | 17.4 | % | |
| Health Care | 16.5 | % | |
| Industrials | 7.6 | % | |
| Information Technology | 27.6 | % | |
| Materials | 1.5 | % | |
| Short-Term Investments | 0.8 | % | |
| Telecommunication Services | 1.9 | % | |
| Utilities | 1.1 | % | |
| Total | 100 | % | |
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long-term, upward trajectory, with the slowdown in price appreciation leading to more affordable prices and acting as a potential tailwind for new home buyers. The Fed continued tapering throughout the year, but signaled that short-term interest rates would likely remain low for an extended period, even after the bond-buying program winds down.
Geopolitical Turmoil Intensifies
Geopolitical turmoil dominated headlines for much of the year with ongoing conflict in the Ukraine and escalating tensions in the
Middle East that spurred the U.S. and partners to confront ISIS militarily. Protests in Hong Kong and uncertainty around China’s response briefly roiled the equity markets. Bucking historical trends, oil prices continued to decline despite conflict in the Middle East, Ukraine, and Russia as a combination of growing oil supply from North America and weaker global demand helped push oil prices down.
Weak Economic Growth Abroad
Business and consumer confidence in the eurozone continued to fall over the reporting
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| CALVERT SOCIAL INDEX FUND | |
| SEPTEMBER 30, 2014 | |
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| INVESTMENT PERFORMANCE | |
| (TOTAL RETURN AT NAV*) | |
| | 6 MONTHS ENDED 9/30/14 | 12 MONTHS ENDED 9/30/14 | |
| Class A | 5.72 | % | 18.65 | % | |
| Class B | 5.21 | % | 17.53 | % | |
| Class C | 5.32 | % | 17.75 | % | |
| Class I | 6.01 | % | 19.39 | % | |
| Class Y | 5.44 | % | 18.51 | % | |
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| Calvert Social Index | 6.20 | % | 19.74 | % | |
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| Lipper Multi-Cap Core Funds Average | 3.21 | % | 15.34 | % | |
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| TEN LARGEST STOCK HOLDINGS | % OF NET ASSETS | |
| Apple, Inc. | | 4.5 | % | |
| Microsoft Corp. | | 2.9 | % | |
| Johnson & Johnson | | 2.2 | % | |
| Wells Fargo & Co. | | 1.8 | % | |
| JP Morgan Chase & Co. | | 1.7 | % | |
| The Procter & Gamble Co. | | 1.7 | % | |
| Pfizer, Inc. | | 1.4 | % | |
| AT&T, Inc. | | 1.4 | % | |
| Bank of America Corp. | | 1.3 | % | |
| International Business Machines Corp. | | 1.3 | % | |
| Total | 20.2 | % | |
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| * Investment performance/return at NAV does not reflect the deduction of the Fund’s maximum 4.75% front-end sales charge or any deferred sales charges. | |
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period. Inflation remained dangerously low with several countries, including Greece, Spain, and Italy, experiencing deflation. The region’s economic woes spread to core euro economies as well, particularly evident in
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France’s stagnating economy. Even Germany’s relatively stable economy showed signs of strain as Germany’s Manufacturing PMI slipped into contraction territory. Although European equities benefited from the European Central Bank's pledge to add further stimulus and likely initiate an asset purchase program, the positive market reaction was short-lived.
Eurozone countries have thus far proved either unwilling or unable to enact meaningful structural economic reforms.
The global implications of slower growth in China troubled investors throughout the year, as Chinese home prices fell, GDP growth slowed, and the specter of a property-bubble burst remained a concern. Although China’s Manufacturing PMI hovered in expansion territory at the end of the period, we continue to watch for further signs of stress as China transitions from an investment-driven economy to a more consumer-oriented one.
Portfolio Strategy
Calvert Social Index Fund is managed using a passive investment strategy with the objective of matching the day-to-day investment performance of CSI as closely as practicable. This is accomplished by investing in all, or virtually all, of the stocks in CSI and holding them in the same proportion. Variation in the Fund’s total return generally reflects the variation in the total return of the CSI.
Information Technology, Financials, Consumer Discretionary, and Health Care are the largest sectors in CSI, and, as of September 30, 2014, each accounted for more than 10% of the CSI’s total value. Combined, they accounted for almost 80% of CSI’s total value, so the performance of these sectors largely dictates the performance of the CSI.
The largest contributors to investment performance were in the Information Technology, Health Care, and Financials sectors, with each sector producing returns in excess of 17% for the period.
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| CALVERT SOCIAL INDEX FUND | |
| SEPTEMBER 30, 2014 | |
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| AVERAGE ANNUAL TOTAL RETURNS | |
| CLASS A SHARES | (WITH MAX. LOAD) | |
| One Year | 13.04 | % | |
| Five Year | 13.96 | % | |
| Ten Year | 6.51 | % | |
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| CLASS B SHARES | (WITH MAX. LOAD) | |
| One Year | 12.53 | % | |
| Five Year | 13.80 | % | |
| Ten Year | 5.98 | % | |
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| CLASS C SHARES | (WITH MAX. LOAD) | |
| One Year | 16.75 | % | |
| Five Year | 14.00 | % | |
| Ten Year | 6.00 | % | |
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| CLASS I SHARES | | |
| One Year | 19.39 | % | |
| Five Year | 15.69 | % | |
| Ten Year | 7.60 | % | |
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| CLASS Y SHARES* | | |
| One Year | 18.51 | % | |
| Five Year | 15.07 | % | |
| Ten Year | 7.04 | % | |
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| * Calvert Social Index Fund first offered Class Y shares on July 13, 2012. Performance prior to that date reflects the performance of Class A shares at net asset value (NAV). Actual Class Y share performance would have been different. | |
The Information Technology sector was the best performer, returning slightly over 26% as Apple, the largest holding in the Fund and CSI, was up 51% for the period.1 Other leading Information Technology contributors included Google, Microsoft, Intel, and Hewlett-Packard.
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Growth of $10,000
The graph below shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods. The results shown are for Classes A, B, C and I shares and reflect the deduction of the maximum front-end Class A sales charge of 4.75%, or deferred sales charge, as applicable and assume the reinvestment of dividends. The result is compared with benchmarks that include a broad based market index and a Lipper peer group average. Market indexes are unmanaged and their results do not reflect the effect of expenses or sales charges. The Lipper average reflects the deduction of the category’s average front-end sales charge. The value of an investment in a different share class would be different.
![](https://capedge.com/proxy/N-CSR/0001105446-14-000033/socialindex.jpg)
All performance data shown, including the graph above and the adjacent table, represents past performance, does not guarantee future results, assumes reinvestment of dividends and distributions and does not reflect the deduction of taxes that a shareholder would pay on the Fund’s distributions or the redemption of the Fund shares. All performance data reflects fee waivers and/or expense limitations, if any are in effect; in their absence performance would be lower. See Note B in Notes to Financial Statements. 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 lower or higher than the performance data quoted; for current performance data visit www.calvert.com. The gross expense ratio from the current prospectus for Class A shares is 0.92%. This number may differ from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. Performance data quoted already reflects the deduction of the Fund’s operating expenses.
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Our largest holding in the biotechnology industry, Gilead Sciences, paced returns with gains of 69% for the period, while Health Care company Johnson and Johnson returned 27%. The Financials sector was up 17.6% for the period, with large banks Wells Fargo, JP Morgan Chase, and Bank of America leading with gains of 29%, 20%, and 24%, respectively. Overall, all sectors in CSI produced positive, double-digit returns, with the worst-performing sector, Consumer Discretionary, still posting an impressive 11.5% return.
Outlook
If U.S. macroeconomic data remains positive, we could see a pick-up in economic activity, increases in GDP growth, and further positive earnings news. The housing market remains a key driver of economic recovery. While we don’t anticipate institutional buyer demand returning to previous levels, we believe individual U.S.home buyers can ultimately fill the gap, and we remain optimistic about recovery for the U.S. housing market.
In the United States, the end of quantitative easing and the prospect of increased interest rates have investors worried the Fed may tighten too early and derail economic recovery, but with the Fed’s policies dependent on economic data—and little inflation pressure at the moment—there is flexibility to delay tightening. If stronger economic data adjusts market expectations, we could see a temporary spike in market volatility.
As investors get more clarity on the timing, magnitude, and the clip of interest-rate increases, we believe small-cap stocks could outperform large-caps. Small-cap earnings have shown better growth and their business models are more leveraged to U.S. recovery. Our long-term outlook for large-cap stocks, although more modest, is also positive.
We expect the dollar to continue to strengthen, which may favor U.S. securities overall. The stronger U.S. dollar and fears of economic slowdown in China could create near-term headwinds for emerging markets. One positive by product of China’s economic transition has been the winding down of the commodities super-cycle, which should make input costs cheaper and help keep inflation low.
Lower hydrocarbon-based energy prices could provide support for global economic growth and help keep inflation low. This could challenge the alternative energy industry in the near-term, but we view the transition from fossil fuels to alternative energy as inevitable, which reinforces our environmental, social, and governance (ESG) positioning with respect to the alternative energy sector.
We closely monitor extreme climate events as they may affect the growth and performance dynamics of entire regions and countries. In the U.S., extreme weather conditions erased about 1% of GDP in the first quarter of 2014. If this is a long-term trend, global markets may be in for a rude awakening.
Overall, we believe global economic growth will continue to move ahead, led by the United States, which will continue to favor the U.S. equity markets.
Calvert Investment Management, Inc.
October 2014
1. Returns reflect the period the holding was in the portfolio.
As of September 30, 2014, the following companies represented the following percentages of Fund net assets: Apple 4.50%, Google 2.47%, Microsoft 2.85%, Intel 1.29%, Hewlett-Packard 0.49%, Gilead Sciences 1.20%, Johnson and Johnson 2.24%, Wells Fargo 1.84%, JP Morgan Chase 1.69%, and Bank of America 1.34%. Holdings are subject to change.
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SHAREHOLDER EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges and redemption fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2014 to September 30, 2014).
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
The Fund charges an annual low balance account fee of $15 to those shareholders whose regular account balance is less than $5,000 ($1,000 for IRA accounts). If the low balance fee applies to your account, you should subtract the fee from the ending account value in the chart below.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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| BEGINNING ACCOUNT VALUE 4/1/14 | ENDING ACCOUNT VALUE 9/30/14 | EXPENSES PAID DURING PERIOD* 4/1/14 - 9/30/14 |
CLASS A | | | |
Actual | $1,000.00 | $1,057.19 | $3.87 |
Hypothetical | $1,000.00 | $1,021.31 | $3.80 |
(5% return per year before expenses) | | | |
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CLASS B | | | |
Actual | $1,000.00 | $1,052.06 | $9.00 |
Hypothetical | $1,000.00 | $1,016.29 | $8.85 |
(5% return per year before expenses) | | | |
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CLASS C | | | |
Actual | $1,000.00 | $1,053.24 | $8.14 |
Hypothetical | $1,000.00 | $1,017.14 | $8.00 |
(5% return per year before expenses) | | | |
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CLASS I | | | |
Actual | $1,000.00 | $1,060.12 | $1.08 |
Hypothetical | $1,000.00 | $1,024.02 | $1.07 |
(5% return per year before expenses) | | | |
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CLASS Y | | | |
Actual | $1,000.00 | $1,054.44 | $4.48 |
Hypothetical | $1,000.00 | $1,020.71 | $4.40 |
(5% return per year before expenses) | | | |
| | | |
* Expenses are equal to the Fund’s annualized expense ratio of 0.75%, 1.75%, 1.58%, 0.21%, and 0.87% for Class A, Class B, Class C, Class I, and Class Y, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
16 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors of Calvert Social Index Series, Inc. and Shareholders of Calvert Social Index Fund:
We have audited the accompanying statement of net assets of the Calvert Social Index Fund (the “Fund”), the sole series of Calvert Social Index Series, Inc., as of September 30, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2014, by correspondence with the custodian and brokers or by performing other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert Social Index Fund as of September 30, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
November 24, 2014
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 17
STATEMENT OF NET ASSETS
SEPTEMBER 30, 2014
|
| | | |
EQUITY SECURITIES - 99.0% | SHARES | VALUE |
| | |
Aerospace & Defense - 0.2% | | |
B/E Aerospace, Inc.* | 2,907 |
| $244,014 |
DigitalGlobe, Inc.* | 1,944 |
| 55,404 |
Exelis, Inc. | 5,201 |
| 86,025 |
Hexcel Corp.* | 2,664 |
| 105,761 |
Rockwell Collins, Inc. | 3,729 |
| 292,725 |
Vectrus, Inc.* | 289 |
| 5,643 |
| | 789,572 |
| | |
Air Freight & Logistics - 1.0% | | |
C.H. Robinson Worldwide, Inc. | 4,059 |
| 269,193 |
Expeditors International of Washington, Inc. | 5,381 |
| 218,361 |
FedEx Corp. | 7,329 |
| 1,183,267 |
United Parcel Service, Inc., Class B | 19,407 |
| 1,907,514 |
| | 3,578,335 |
| | |
Airlines - 0.5% | | |
Alaska Air Group, Inc. | 3,726 |
| 162,230 |
Delta Air Lines, Inc. | 23,275 |
| 841,391 |
JetBlue Airways Corp.* | 6,800 |
| 72,216 |
Southwest Airlines Co. | 18,937 |
| 639,503 |
Spirit Airlines, Inc.* | 2,013 |
| 139,179 |
| | 1,854,519 |
| | |
Auto Components - 0.7% | | |
Autoliv, Inc. | 2,564 |
| 235,683 |
BorgWarner, Inc. | 6,319 |
| 332,443 |
Delphi Automotive plc | 8,283 |
| 508,079 |
Gentex Corp. | 4,035 |
| 108,017 |
Johnson Controls, Inc. | 18,405 |
| 809,820 |
Tenneco, Inc.* | 1,688 |
| 88,299 |
TRW Automotive Holdings Corp.* | 3,072 |
| 311,040 |
Visteon Corp.* | 1,216 |
| 118,256 |
| | 2,511,637 |
| | |
Automobiles - 0.7% | | |
Ford Motor Co. | 107,240 |
| 1,586,080 |
Harley-Davidson, Inc. | 6,000 |
| 349,200 |
Tesla Motors, Inc.* | 2,653 |
| 643,830 |
| | 2,579,110 |
| | |
Banks - 8.6% | | |
Associated Banc-Corp. | 4,276 |
| 74,488 |
BancorpSouth, Inc. | 2,363 |
| 47,591 |
Bank of America Corp. | 290,760 |
| 4,957,458 |
Bank of Hawaii Corp. | 1,223 |
| 69,479 |
BB&T Corp. | 19,873 |
| 739,474 |
BOK Financial Corp. | 594 |
| 39,489 |
| | |
18 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Banks - Cont'd | | |
CIT Group, Inc. | 5,126 |
| $235,591 |
Citigroup, Inc. | 83,666 |
| 4,335,572 |
City National Corp. | 1,324 |
| 100,187 |
Comerica, Inc. | 4,995 |
| 249,051 |
Commerce Bancshares, Inc. | 2,180 |
| 97,326 |
Cullen/Frost Bankers, Inc. | 1,514 |
| 115,836 |
East West Bancorp, Inc. | 3,964 |
| 134,776 |
Fifth Third Bancorp | 23,044 |
| 461,341 |
First Horizon National Corp. | 6,549 |
| 80,422 |
First Niagara Financial Group, Inc. | 9,796 |
| 81,601 |
First Republic Bank | 3,364 |
| 166,114 |
FirstMerit Corp. | 4,574 |
| 80,502 |
FNB Corp. | 4,809 |
| 57,660 |
Fulton Financial Corp. | 5,195 |
| 57,561 |
Hancock Holding Co. | 2,264 |
| 72,561 |
Huntington Bancshares, Inc. | 22,619 |
| 220,083 |
IBERIABANK Corp. | 924 |
| 57,759 |
JPMorgan Chase & Co. | 103,960 |
| 6,262,550 |
KeyCorp | 24,241 |
| 323,133 |
M&T Bank Corp. | 3,646 |
| 449,515 |
Popular, Inc.* | 2,862 |
| 84,243 |
PrivateBancorp, Inc. | 1,946 |
| 58,205 |
Prosperity Bancshares, Inc. | 1,660 |
| 94,902 |
Regions Financial Corp. | 38,051 |
| 382,032 |
Signature Bank* | 1,392 |
| 155,988 |
SunTrust Banks, Inc. | 14,673 |
| 558,014 |
Susquehanna Bancshares, Inc. | 5,189 |
| 51,890 |
SVB Financial Group* | 1,402 |
| 157,150 |
Synovus Financial Corp. | 3,844 |
| 90,872 |
TCF Financial Corp. | 4,612 |
| 71,624 |
Texas Capital Bancshares, Inc.* | 1,194 |
| 68,870 |
The PNC Financial Services Group, Inc. | 14,933 |
| 1,277,966 |
UMB Financial Corp. | 1,046 |
| 57,059 |
Umpqua Holdings Corp. | 5,168 |
| 85,117 |
US Bancorp | 49,752 |
| 2,081,126 |
Valley National Bancorp | 5,263 |
| 50,999 |
Webster Financial Corp. | 2,496 |
| 72,734 |
Wells Fargo & Co. | 131,173 |
| 6,803,944 |
Zions Bancorporation | 5,603 |
| 162,823 |
| | 31,932,678 |
| | |
Beverages - 2.4% | | |
Dr Pepper Snapple Group, Inc. | 5,355 |
| 344,380 |
PepsiCo, Inc. | 41,572 |
| 3,869,938 |
The Coca-Cola Co. | 108,941 |
| 4,647,423 |
| | 8,861,741 |
| | |
Biotechnology - 3.7% | | |
Alexion Pharmaceuticals, Inc.* | 5,462 |
| 905,709 |
Alkermes plc* | 4,025 |
| 172,552 |
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 19
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Biotechnology - Cont'd | | |
Alnylam Pharmaceuticals, Inc.* | 1,825 |
| $142,531 |
Amgen, Inc. | 21,009 |
| 2,950,924 |
Biogen Idec, Inc.* | 6,518 |
| 2,156,220 |
Cepheid* | 1,942 |
| 85,506 |
Cubist Pharmaceuticals, Inc.* | 2,097 |
| 139,115 |
Gilead Sciences, Inc.* | 41,771 |
| 4,446,523 |
Incyte Corp.* | 4,241 |
| 208,021 |
Isis Pharmaceuticals, Inc.* | 3,271 |
| 127,013 |
Medivation, Inc.* | 2,123 |
| 209,901 |
Myriad Genetics, Inc.* | 2,067 |
| 79,724 |
Pharmacyclics, Inc.* | 1,683 |
| 197,635 |
Regeneron Pharmaceuticals, Inc.* | 2,040 |
| 735,461 |
Seattle Genetics, Inc.* | 2,763 |
| 102,728 |
United Therapeutics Corp.* | 1,304 |
| 167,760 |
Vertex Pharmaceuticals, Inc.* | 6,602 |
| 741,471 |
| | 13,568,794 |
| | |
Building Products - 0.2% | | |
A.O. Smith Corp. | 2,088 |
| 98,721 |
Allegion plc | 2,656 |
| 126,532 |
Lennox International, Inc. | 1,235 |
| 94,934 |
Masco Corp. | 9,825 |
| 235,014 |
Owens Corning | 3,244 |
| 102,997 |
USG Corp.* | 2,478 |
| 68,120 |
| | 726,318 |
| | |
Capital Markets - 3.2% | | |
Affiliated Managers Group, Inc.* | 1,534 |
| 307,352 |
Ameriprise Financial, Inc. | 5,172 |
| 638,121 |
Bank of New York Mellon Corp. | 31,275 |
| 1,211,281 |
BlackRock, Inc. | 3,482 |
| 1,143,210 |
Charles Schwab Corp. | 31,712 |
| 932,016 |
E*Trade Financial Corp.* | 7,974 |
| 180,133 |
Eaton Vance Corp. | 3,285 |
| 123,943 |
Federated Investors, Inc., Class B | 2,635 |
| 77,364 |
Financial Engines, Inc. | 1,431 |
| 48,962 |
Franklin Resources, Inc. | 10,890 |
| 594,703 |
Goldman Sachs Group, Inc. | 11,319 |
| 2,077,829 |
Invesco Ltd. | 11,942 |
| 471,470 |
Janus Capital Group, Inc. | 4,119 |
| 59,890 |
Legg Mason, Inc. | 2,815 |
| 144,015 |
LPL Financial Holdings, Inc. | 2,134 |
| 98,271 |
Morgan Stanley | 42,281 |
| 1,461,654 |
Northern Trust Corp. | 6,117 |
| 416,139 |
SEI Investments Co. | 3,608 |
| 130,465 |
State Street Corp. | 11,701 |
| 861,311 |
Stifel Financial Corp.* | 1,821 |
| 85,387 |
T. Rowe Price Group, Inc. | 7,262 |
| 569,341 |
20 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Capital Markets - Cont'd | | |
TD Ameritrade Holding Corp. | 7,563 |
| $252,377 |
Waddell & Reed Financial, Inc. | 2,332 |
| 120,541 |
| | 12,005,775 |
| | |
Chemicals - 1.0% | | |
Air Products & Chemicals, Inc. | 5,293 |
| 689,043 |
Airgas, Inc. | 1,851 |
| 204,813 |
Cabot Corp. | 1,783 |
| 90,523 |
Ecolab, Inc. | 7,445 |
| 854,909 |
H.B. Fuller Co. | 1,388 |
| 55,104 |
International Flavors & Fragrances, Inc. | 2,243 |
| 215,059 |
Praxair, Inc. | 8,063 |
| 1,040,127 |
Sensient Technologies Corp. | 1,333 |
| 69,782 |
Sigma-Aldrich Corp. | 3,291 |
| 447,609 |
| | 3,666,969 |
| | |
Commercial Services & Supplies - 0.2% | |
Civeo Corp. | 2,954 |
| 34,296 |
Covanta Holding Corp. | 3,615 |
| 76,710 |
Deluxe Corp. | 1,378 |
| 76,011 |
KAR Auction Services, Inc. | 3,886 |
| 111,256 |
Pitney Bowes, Inc. | 5,601 |
| 139,969 |
RR Donnelley & Sons Co. | 5,522 |
| 90,892 |
The ADT Corp. | 4,802 |
| 170,279 |
| | 699,413 |
| | |
Communications Equipment - 2.4% | | |
ARRIS Group, Inc.* | 3,635 |
| 103,070 |
Aruba Networks, Inc.* | 3,002 |
| 64,783 |
Brocade Communications Systems, Inc. | 11,860 |
| 128,918 |
Ciena Corp.* | 2,948 |
| 49,291 |
Cisco Systems, Inc. | 140,545 |
| 3,537,518 |
F5 Networks, Inc.* | 2,045 |
| 242,823 |
Harris Corp. | 2,893 |
| 192,095 |
InterDigital, Inc. | 1,119 |
| 44,559 |
JDS Uniphase Corp.* | 6,369 |
| 81,523 |
Juniper Networks, Inc. | 11,080 |
| 245,422 |
Motorola Solutions, Inc. | 6,092 |
| 385,502 |
Palo Alto Networks, Inc.* | 1,767 |
| 173,343 |
Plantronics, Inc. | 1,183 |
| 56,524 |
QUALCOMM, Inc. | 46,290 |
| 3,461,103 |
Riverbed Technology, Inc.* | 4,408 |
| 81,746 |
Viasat, Inc.* | 1,190 |
| 65,593 |
| | 8,913,813 |
| | |
Construction & Engineering - 0.1% | | |
AECOM Technology Corp.* | 2,746 |
| 92,678 |
EMCOR Group, Inc. | 1,853 |
| 74,046 |
Quanta Services, Inc.* | 5,994 |
| 217,522 |
| | 384,246 |
| | |
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 21
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Construction Materials - 0.0% | | |
Eagle Materials, Inc. | 1,385 |
| $141,035 |
| | |
Consumer Finance - 1.3% | | |
American Express Co. | 24,853 |
| 2,175,632 |
Capital One Financial Corp. | 15,492 |
| 1,264,457 |
Discover Financial Services | 12,763 |
| 821,810 |
Navient Corp. | 11,616 |
| 205,719 |
Portfolio Recovery Associates, Inc.* | 1,382 |
| 72,182 |
SLM Corp. | 11,683 |
| 100,006 |
| | 4,639,806 |
| | |
Containers & Packaging - 0.4% | | |
AptarGroup, Inc. | 1,799 |
| 109,199 |
Avery Dennison Corp. | 2,589 |
| 115,599 |
Ball Corp. | 3,823 |
| 241,881 |
Bemis Co., Inc. | 2,758 |
| 104,859 |
Greif, Inc. | 936 |
| 41,006 |
MeadWestvaco Corp. | 4,654 |
| 190,535 |
Owens-Illinois, Inc.* | 4,548 |
| 118,476 |
Rock-Tenn Co. | 3,950 |
| 187,941 |
Sealed Air Corp. | 5,856 |
| 204,257 |
Sonoco Products Co. | 2,805 |
| 110,209 |
| | 1,423,962 |
| | |
Distributors - 0.1% | | |
Genuine Parts Co. | 4,230 |
| 371,013 |
Pool Corp. | 1,217 |
| 65,621 |
| | 436,634 |
| | |
Diversified Consumer Services - 0.1% | | |
DeVry Education Group, Inc. | 1,583 |
| 67,768 |
Graham Holdings Co. | 121 |
| 84,651 |
Sotheby's | 1,696 |
| 60,581 |
| | 213,000 |
| | |
Diversified Financial Services - 0.8% | | |
CBOE Holdings, Inc. | 2,352 |
| 125,891 |
CME Group, Inc. | 8,715 |
| 696,808 |
Intercontinental Exchange, Inc. | 3,133 |
| 611,092 |
McGraw Hill Financial, Inc. | 7,477 |
| 631,433 |
Moody's Corp. | 5,136 |
| 485,352 |
MSCI, Inc.* | 3,219 |
| 151,357 |
The NASDAQ OMX Group, Inc. | 3,265 |
| 138,501 |
Voya Financial, Inc. | 4,361 |
| 170,515 |
| | 3,010,949 |
| | |
Diversified Telecommunication Services - 1.7% | |
AT&T, Inc. | 143,001 |
| 5,039,355 |
CenturyLink, Inc. | 15,727 |
| 643,077 |
Frontier Communications Corp. | 27,654 |
| 180,027 |
22 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Diversified Telecommunication Services - Cont'd | |
Level 3 Communications, Inc.* | 4,938 |
| $225,815 |
tw telecom, Inc.* | 3,815 |
| 158,742 |
Windstream Holdings, Inc. | 16,593 |
| 178,873 |
| | 6,425,889 |
| | |
Electric Utilities - 0.2% | | |
Cleco Corp. | 1,665 |
| 80,170 |
Hawaiian Electric Industries, Inc. | 2,832 |
| 75,190 |
IDACORP, Inc. | 1,386 |
| 74,303 |
ITC Holdings Corp. | 4,297 |
| 153,102 |
OGE Energy Corp. | 5,497 |
| 203,994 |
Portland General Electric Co. | 2,160 |
| 69,379 |
| | 656,138 |
| | |
Electrical Equipment - 0.9% | | |
Acuity Brands, Inc. | 1,194 |
| 140,546 |
AMETEK, Inc. | 6,790 |
| 340,926 |
Eaton Corp. plc | 13,157 |
| 833,759 |
Emerson Electric Co. | 19,266 |
| 1,205,666 |
Generac Holdings, Inc.* | 1,902 |
| 77,107 |
Hubbell, Inc., Class B | 1,500 |
| 180,795 |
Polypore International, Inc.* | 1,242 |
| 48,326 |
Regal-Beloit Corp. | 1,247 |
| 80,120 |
Rockwell Automation, Inc. | 3,809 |
| 418,533 |
| | 3,325,778 |
| | |
Electronic Equipment & Instruments - 0.9% | |
Amphenol Corp. | 4,328 |
| 432,194 |
Anixter International, Inc. | 751 |
| 63,715 |
Arrow Electronics, Inc.* | 2,730 |
| 151,106 |
Avnet, Inc. | 3,817 |
| 158,405 |
Belden, Inc. | 1,194 |
| 76,440 |
Cognex Corp.* | 2,400 |
| 96,648 |
Corning, Inc. | 35,724 |
| 690,902 |
Dolby Laboratories, Inc.* | 1,210 |
| 50,566 |
FEI Co. | 1,161 |
| 87,563 |
FLIR Systems, Inc. | 3,912 |
| 122,602 |
Ingram Micro, Inc.* | 4,295 |
| 110,854 |
IPG Photonics Corp.* | 979 |
| 67,336 |
Jabil Circuit, Inc. | 5,523 |
| 111,399 |
Knowles Corp.* | 2,345 |
| 62,142 |
National Instruments Corp. | 2,774 |
| 85,800 |
TE Connectivity Ltd. | 11,307 |
| 625,164 |
Tech Data Corp.* | 1,055 |
| 62,097 |
Trimble Navigation Ltd.* | 7,187 |
| 219,203 |
Vishay Intertechnology, Inc. | 3,747 |
| 53,545 |
Zebra Technologies Corp.* | 1,403 |
| 99,571 |
| | 3,427,252 |
| | |
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 23
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Energy Equipment & Services - 0.7% | | |
Bristow Group, Inc. | 981 |
| $65,923 |
Cameron International Corp.* | 5,597 |
| 371,529 |
CARBO Ceramics, Inc. | 543 |
| 32,162 |
Dresser-Rand Group, Inc.* | 2,113 |
| 173,815 |
Dril-Quip, Inc.* | 1,104 |
| 98,698 |
Exterran Holdings, Inc. | 1,851 |
| 82,018 |
FMC Technologies, Inc.* | 6,487 |
| 352,309 |
Helix Energy Solutions Group, Inc.* | 2,707 |
| 59,716 |
National Oilwell Varco, Inc. | 11,876 |
| 903,764 |
Noble Corp. plc | 7,027 |
| 156,140 |
Tidewater, Inc. | 1,375 |
| 53,666 |
Unit Corp.* | 1,274 |
| 74,720 |
| | 2,424,460 |
| | |
Food & Staples Retailing - 1.9% | | |
Casey's General Stores, Inc. | 1,046 |
| 74,998 |
Costco Wholesale Corp. | 12,091 |
| 1,515,244 |
CVS Health Corp. | 31,988 |
| 2,545,925 |
Safeway, Inc. | 6,357 |
| 218,045 |
Sysco Corp. | 16,202 |
| 614,866 |
United Natural Foods, Inc.* | 1,372 |
| 84,323 |
Walgreen Co. | 24,308 |
| 1,440,735 |
Whole Foods Market, Inc. | 9,971 |
| 379,995 |
| | 6,874,131 |
| | |
Food Products - 1.2% | | |
Campbell Soup Co. | 4,939 |
| 211,043 |
Darling Ingredients, Inc.* | 4,557 |
| 83,484 |
Flowers Foods, Inc. | 5,080 |
| 93,269 |
General Mills, Inc. | 16,912 |
| 853,210 |
Hain Celestial Group, Inc.* | 1,387 |
| 141,959 |
Ingredion, Inc. | 2,056 |
| 155,824 |
Kellogg Co. | 7,063 |
| 435,081 |
Keurig Green Mountain, Inc. | 3,361 |
| 437,367 |
Kraft Foods Group, Inc. | 16,412 |
| 925,637 |
Lancaster Colony Corp. | 536 |
| 45,710 |
McCormick & Co., Inc. | 3,584 |
| 239,770 |
Post Holdings, Inc.* | 1,238 |
| 41,077 |
The Hershey Co. | 4,119 |
| 393,076 |
The J. M. Smucker Co. | 2,811 |
| 278,261 |
The WhiteWave Foods Co.* | 4,809 |
| 174,711 |
TreeHouse Foods, Inc.* | 1,165 |
| 93,783 |
| | 4,603,262 |
| | |
Gas Utilities - 0.2% | | |
AGL Resources, Inc. | 3,302 |
| 169,525 |
Atmos Energy Corp. | 2,766 |
| 131,938 |
New Jersey Resources Corp. | 1,166 |
| 58,895 |
ONE Gas, Inc. | 1,435 |
| 49,149 |
Piedmont Natural Gas Co., Inc. | 2,163 |
| 72,525 |
24 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Gas Utilities - Cont'd | | |
Questar Corp. | 4,836 |
| $107,794 |
South Jersey Industries, Inc. | 914 |
| 48,771 |
Southwest Gas Corp. | 1,285 |
| 62,425 |
WGL Holdings, Inc. | 1,433 |
| 60,358 |
| | 761,380 |
| | |
Health Care Equipment & Supplies - 2.3% | |
Alere, Inc.* | 2,158 |
| 83,687 |
Align Technology, Inc.* | 2,008 |
| 103,774 |
Baxter International, Inc. | 14,959 |
| 1,073,608 |
Becton Dickinson and Co. | 5,299 |
| 603,079 |
Covidien plc | 12,475 |
| 1,079,212 |
DENTSPLY International, Inc. | 3,917 |
| 178,615 |
Edwards Lifesciences Corp.* | 2,927 |
| 298,993 |
Hologic, Inc.* | 6,627 |
| 161,235 |
IDEXX Laboratories, Inc.* | 1,389 |
| 163,666 |
Intuitive Surgical, Inc.* | 994 |
| 459,049 |
Medtronic, Inc. | 27,051 |
| 1,675,810 |
ResMed, Inc. | 3,868 |
| 190,576 |
Sirona Dental Systems, Inc.* | 1,530 |
| 117,320 |
St. Jude Medical, Inc. | 7,864 |
| 472,862 |
STERIS Corp. | 1,643 |
| 88,656 |
Stryker Corp. | 8,263 |
| 667,237 |
Teleflex, Inc. | 1,142 |
| 119,956 |
The Cooper Co.'s, Inc. | 1,332 |
| 207,459 |
Thoratec Corp.* | 1,556 |
| 41,592 |
Varian Medical Systems, Inc.* | 2,850 |
| 228,342 |
West Pharmaceutical Services, Inc. | 1,956 |
| 87,551 |
Zimmer Holdings, Inc. | 4,664 |
| 468,965 |
| | 8,571,244 |
| | |
Health Care Providers & Services - 1.9% | |
AmerisourceBergen Corp. | 5,881 |
| 454,601 |
Brookdale Senior Living, Inc.* | 5,030 |
| 162,067 |
Cardinal Health, Inc. | 9,302 |
| 696,906 |
Centene Corp.* | 1,617 |
| 133,742 |
CIGNA Corp. | 7,282 |
| 660,405 |
DaVita HealthCare Partners, Inc.* | 4,745 |
| 347,049 |
Express Scripts Holding Co.* | 20,580 |
| 1,453,565 |
HCA Holdings, Inc.* | 8,357 |
| 589,336 |
Henry Schein, Inc.* | 2,342 |
| 272,773 |
Laboratory Corporation of America Holdings* | 2,344 |
| 238,502 |
LifePoint Hospitals, Inc.* | 1,248 |
| 86,349 |
McKesson Corp. | 6,395 |
| 1,244,915 |
Mednax, Inc.* | 2,762 |
| 151,413 |
Owens & Minor, Inc. | 1,743 |
| 57,066 |
Patterson Co.'s, Inc. | 2,389 |
| 98,976 |
Quest Diagnostics, Inc. | 3,989 |
| 242,052 |
Team Health Holdings, Inc.* | 1,956 |
| 113,428 |
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 25
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Health Care Providers & Services - Cont'd | |
VCA, Inc.* | 2,378 |
| $93,527 |
WellCare Health Plans, Inc.* | 1,213 |
| 73,192 |
| | 7,169,864 |
| | |
Health Care Technology - 0.2% | | |
Allscripts Healthcare Solutions, Inc.* | 4,679 |
| 62,769 |
athenahealth, Inc.* | 1,049 |
| 138,143 |
Cerner Corp.* | 8,383 |
| 499,375 |
Medidata Solutions, Inc.* | 1,498 |
| 66,346 |
| | 766,633 |
| | |
Hotels, Restaurants & Leisure - 1.5% | | |
Brinker International, Inc. | 1,784 |
| 90,609 |
Chipotle Mexican Grill, Inc.* | 856 |
| 570,601 |
Darden Restaurants, Inc. | 3,656 |
| 188,138 |
Dunkin' Brands Group, Inc. | 2,897 |
| 129,844 |
Jack in the Box, Inc. | 1,079 |
| 73,577 |
McDonald's Corp. | 27,109 |
| 2,570,204 |
Panera Bread Co.* | 709 |
| 115,369 |
Starbucks Corp. | 20,751 |
| 1,565,870 |
The Cheesecake Factory, Inc. | 1,274 |
| 57,967 |
Vail Resorts, Inc. | 1,000 |
| 86,760 |
Wendy's Co. | 7,611 |
| 62,867 |
| | 5,511,806 |
| | |
Household Durables - 0.5% | | |
D.R. Horton, Inc. | 9,162 |
| 188,004 |
Garmin Ltd. | 3,352 |
| 174,270 |
Harman International Industries, Inc. | 1,881 |
| 184,413 |
Leggett & Platt, Inc. | 3,789 |
| 132,312 |
Mohawk Industries, Inc.* | 1,708 |
| 230,273 |
NVR, Inc.* | 109 |
| 123,172 |
PulteGroup, Inc. | 9,353 |
| 165,174 |
Tempur Sealy International, Inc.* | 1,680 |
| 94,366 |
Tupperware Brands Corp. | 1,389 |
| 95,897 |
Whirlpool Corp. | 2,154 |
| 313,730 |
| | 1,701,611 |
| | |
Household Products - 2.6% | | |
Church & Dwight Co., Inc. | 3,690 |
| 258,891 |
Colgate-Palmolive Co. | 23,706 |
| 1,546,105 |
Kimberly-Clark Corp. | 10,327 |
| 1,110,876 |
The Clorox Co. | 3,557 |
| 341,614 |
The Procter & Gamble Co. | 74,703 |
| 6,255,629 |
| | 9,513,115 |
| | |
Industrial Conglomerates - 1.2% | | |
3M Co. | 17,882 |
| 2,533,522 |
Carlisle Co.'s, Inc. | 1,770 |
| 142,272 |
Danaher Corp. | 16,843 |
| 1,279,731 |
26 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
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| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Industrial Conglomerates - Cont'd | | |
Roper Industries, Inc. | 2,765 |
| $404,492 |
| | 4,360,017 |
| | |
Insurance - 3.1% | | |
ACE Ltd. | 9,261 |
| 971,201 |
Aflac, Inc. | 12,505 |
| 728,416 |
Alleghany Corp.* | 453 |
| 189,422 |
Allied World Assurance Co. Holdings AG | 2,673 |
| 98,473 |
American Financial Group, Inc. | 2,067 |
| 119,659 |
Aon plc | 8,019 |
| 703,026 |
Arch Capital Group Ltd.* | 3,731 |
| 204,160 |
Arthur J. Gallagher & Co. | 4,388 |
| 199,040 |
Aspen Insurance Holdings Ltd. | 1,808 |
| 77,328 |
Assured Guaranty Ltd. | 4,662 |
| 103,310 |
AXIS Capital Holdings Ltd. | 2,905 |
| 137,494 |
Brown & Brown, Inc. | 3,272 |
| 105,195 |
Cincinnati Financial Corp. | 4,063 |
| 191,164 |
CNO Financial Group, Inc. | 5,880 |
| 99,725 |
Endurance Specialty Holdings Ltd. | 1,233 |
| 68,037 |
Erie Indemnity Co. | 683 |
| 51,778 |
Everest Re Group Ltd. | 1,255 |
| 203,322 |
First American Financial Corp. | 2,956 |
| 80,167 |
FNF Group | 7,649 |
| 212,183 |
Genworth Financial, Inc.* | 13,709 |
| 179,588 |
Hanover Insurance Group, Inc. | 1,216 |
| 74,687 |
HCC Insurance Holdings, Inc. | 2,755 |
| 133,039 |
Kemper Corp. | 1,382 |
| 47,195 |
Lincoln National Corp. | 7,208 |
| 386,205 |
Markel Corp.* | 385 |
| 244,918 |
MBIA, Inc.* | 3,899 |
| 35,793 |
Mercury General Corp. | 1,001 |
| 48,859 |
PartnerRe Ltd. | 1,372 |
| 150,769 |
Primerica, Inc. | 1,500 |
| 72,330 |
Principal Financial Group, Inc. | 7,549 |
| 396,096 |
ProAssurance Corp. | 1,609 |
| 70,909 |
Progressive Corp. | 14,838 |
| 375,105 |
Protective Life Corp. | 2,177 |
| 151,105 |
Prudential Financial, Inc. | 12,717 |
| 1,118,333 |
Reinsurance Group of America, Inc. | 1,894 |
| 151,766 |
RenaissanceRe Holdings Ltd. | 1,119 |
| 111,889 |
StanCorp Financial Group, Inc. | 1,207 |
| 76,258 |
The Chubb Corp. | 6,635 |
| 604,316 |
The Hartford Financial Services Group, Inc. | 12,366 |
| 460,633 |
The Travelers Co.'s, Inc. | 9,346 |
| 877,963 |
Torchmark Corp. | 3,605 |
| 188,794 |
Unum Group | 7,038 |
| 241,966 |
Validus Holdings Ltd. | 2,513 |
| 98,359 |
White Mountains Insurance Group Ltd. | 169 |
| 106,482 |
Willis Group Holdings plc | 4,928 |
| 204,019 |
WR Berkley Corp. | 2,817 |
| 134,652 |
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 27
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Insurance - Cont'd | | |
XL Group plc | 7,328 |
| $243,070 |
| | 11,528,198 |
| | |
Internet & Catalog Retail - 1.8% | | |
Amazon.com, Inc.* | 10,480 |
| 3,379,171 |
Expedia, Inc. | 2,736 |
| 239,728 |
Liberty Interactive Corp.* | 13,058 |
| 372,414 |
Liberty TripAdvisor Holdings, Inc.* | 1,911 |
| 64,783 |
Liberty Ventures* | 1,913 |
| 72,618 |
Netflix, Inc.* | 1,660 |
| 748,959 |
The Priceline Group, Inc.* | 1,449 |
| 1,678,783 |
TripAdvisor, Inc.* | 3,077 |
| 281,299 |
| | 6,837,755 |
| | |
Internet Software & Services - 4.8% | | |
Akamai Technologies, Inc.* | 4,910 |
| 293,618 |
AOL, Inc.* | 2,172 |
| 97,631 |
CoStar Group, Inc.* | 892 |
| 138,742 |
eBay, Inc.* | 31,206 |
| 1,767,196 |
Equinix, Inc.* | 1,465 |
| 311,283 |
Facebook, Inc.* | 53,883 |
| 4,258,912 |
Google, Inc.: | | |
Class A* | 7,851 |
| 4,619,607 |
Class C* | 7,854 |
| 4,534,585 |
j2 Global, Inc. | 1,261 |
| 62,243 |
LinkedIn Corp.* | 2,856 |
| 593,448 |
Pandora Media, Inc.* | 5,029 |
| 121,501 |
Rackspace Hosting, Inc.* | 3,278 |
| 106,699 |
Yahoo!, Inc.* | 25,578 |
| 1,042,304 |
| | 17,947,769 |
| | |
IT Services - 4.8% | | |
Accenture plc | 17,435 |
| 1,417,814 |
Alliance Data Systems Corp.* | 1,531 |
| 380,101 |
Amdocs Ltd. | 4,426 |
| 203,065 |
Automatic Data Processing, Inc. | 13,273 |
| 1,102,721 |
Broadridge Financial Solutions, Inc. | 3,306 |
| 137,629 |
Cognizant Technology Solutions Corp.* | 16,796 |
| 751,957 |
Computer Sciences Corp. | 4,005 |
| 244,906 |
Convergys Corp. | 2,797 |
| 49,843 |
CoreLogic, Inc.* | 2,519 |
| 68,189 |
DST Systems, Inc. | 844 |
| 70,828 |
Euronet Worldwide, Inc.* | 1,386 |
| 66,237 |
Fidelity National Information Services, Inc. | 7,882 |
| 443,757 |
Fiserv, Inc.* | 6,873 |
| 444,236 |
FleetCor Technologies, Inc.* | 2,091 |
| 297,173 |
Gartner, Inc.* | 2,457 |
| 180,516 |
Genpact Ltd.* | 4,296 |
| 70,111 |
Global Payments, Inc. | 1,879 |
| 131,305 |
International Business Machines Corp. | 25,603 |
| 4,860,217 |
28 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
IT Services - Cont'd | | |
Iron Mountain, Inc. | 4,752 |
| $155,153 |
Jack Henry & Associates, Inc. | 2,273 |
| 126,515 |
MasterCard, Inc. | 27,188 |
| 2,009,737 |
MAXIMUS, Inc. | 1,856 |
| 74,481 |
Paychex, Inc. | 9,015 |
| 398,463 |
Teradata Corp.* | 4,281 |
| 179,460 |
Total System Services, Inc. | 4,558 |
| 141,116 |
Vantiv, Inc.* | 4,138 |
| 127,864 |
VeriFone Systems, Inc.* | 3,128 |
| 107,541 |
Visa, Inc. | 13,585 |
| 2,898,631 |
Western Union Co. | 14,626 |
| 234,601 |
WEX, Inc.* | 1,072 |
| 118,263 |
Xerox Corp. | 29,957 |
| 396,331 |
| | 17,888,761 |
| | |
Leisure Products - 0.2% | | |
Hasbro, Inc. | 3,167 |
| 174,169 |
Mattel, Inc. | 9,325 |
| 285,811 |
Polaris Industries, Inc. | 1,674 |
| 250,749 |
| | 710,729 |
| | |
Life Sciences - Tools & Services - 0.8% | |
Agilent Technologies, Inc. | 9,218 |
| 525,242 |
Bio-Rad Laboratories, Inc.* | 566 |
| 64,184 |
Illumina, Inc.* | 3,865 |
| 633,551 |
Mettler-Toledo International, Inc.* | 797 |
| 204,136 |
Techne Corp. | 1,020 |
| 95,421 |
Thermo Fisher Scientific, Inc. | 11,023 |
| 1,341,499 |
Waters Corp.* | 2,321 |
| 230,057 |
| | 3,094,090 |
| | |
Machinery - 1.9% | | |
Actuant Corp. | 1,900 |
| 57,988 |
AGCO Corp. | 2,356 |
| 107,104 |
CLARCOR, Inc. | 1,395 |
| 87,997 |
Colfax Corp.* | 2,632 |
| 149,945 |
Cummins, Inc. | 4,723 |
| 623,342 |
Deere & Co. | 9,903 |
| 811,947 |
Donaldson Co., Inc. | 3,673 |
| 149,234 |
Dover Corp. | 4,598 |
| 369,357 |
Graco, Inc. | 1,661 |
| 121,220 |
Harsco Corp. | 2,231 |
| 47,766 |
IDEX Corp. | 2,212 |
| 160,082 |
Illinois Tool Works, Inc. | 10,074 |
| 850,447 |
Lincoln Electric Holdings, Inc. | 2,197 |
| 151,890 |
Manitowoc Co., Inc. | 3,737 |
| 87,633 |
Nordson Corp. | 1,621 |
| 123,309 |
PACCAR, Inc. | 9,791 |
| 556,863 |
Pall Corp. | 2,947 |
| 246,664 |
Parker-Hannifin Corp. | 4,109 |
| 469,042 |
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 29
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Machinery - Cont'd | | |
Pentair plc | 5,315 |
| $348,079 |
Snap-on, Inc. | 1,605 |
| 194,333 |
Stanley Black & Decker, Inc. | 4,313 |
| 382,951 |
Terex Corp. | 3,041 |
| 96,613 |
The Middleby Corp.* | 1,584 |
| 139,598 |
The Timken Co. | 2,109 |
| 89,401 |
The Toro Co. | 1,537 |
| 91,036 |
Valmont Industries, Inc. | 723 |
| 97,554 |
WABCO Holdings, Inc.* | 1,535 |
| 139,608 |
Woodward, Inc. | 1,614 |
| 76,859 |
Xylem, Inc. | 5,039 |
| 178,834 |
| | 7,006,696 |
| | |
Marine - 0.1% | | |
Kirby Corp.* | 1,574 |
| 185,496 |
| | |
Media - 4.7% | | |
AMC Networks, Inc.* | 1,635 |
| 95,517 |
CBS Corp., Class B | 13,394 |
| 716,579 |
Charter Communications, Inc.* | 2,220 |
| 336,041 |
Comcast Corp. | 71,602 |
| 3,850,755 |
DIRECTV* | 13,878 |
| 1,200,724 |
Discovery Communications, Inc.* | 4,440 |
| 167,832 |
DISH Network Corp.* | 5,856 |
| 378,180 |
DreamWorks Animation SKG, Inc.* | 1,992 |
| 54,322 |
Gannett Co., Inc. | 6,237 |
| 185,052 |
John Wiley & Sons, Inc. | 1,298 |
| 72,831 |
Lamar Advertising Co. | 2,210 |
| 108,841 |
Liberty Global plc: | | |
Common* | 5,932 |
| 252,347 |
Series C* | 14,584 |
| 598,163 |
Liberty Media Corp.: | | |
Class A* | 2,742 |
| 129,368 |
Class C* | 5,497 |
| 258,304 |
Madison Square Garden Co.* | 1,657 |
| 109,561 |
Meredith Corp. | 1,012 |
| 43,314 |
Morningstar, Inc. | 556 |
| 37,752 |
New York Times Co. | 3,632 |
| 40,751 |
Omnicom Group, Inc. | 6,937 |
| 477,682 |
Regal Entertainment Group | 2,203 |
| 43,796 |
Scripps Networks Interactive, Inc. | 2,863 |
| 223,572 |
Sinclair Broadcast Group, Inc. | 1,998 |
| 52,128 |
Sirius XM Holdings, Inc.* | 73,623 |
| 256,944 |
Starz* | 2,335 |
| 77,242 |
The Walt Disney Co. | 43,666 |
| 3,887,584 |
Time Warner Cable, Inc. | 7,709 |
| 1,106,164 |
Time Warner, Inc. | 23,603 |
| 1,775,182 |
Time, Inc.* | 3,018 |
| 70,712 |
Viacom, Inc., Class B | 10,507 |
| 808,409 |
| | 17,415,649 |
| | |
30 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Metals & Mining - 0.1% | | |
Compass Minerals International, Inc. | 926 |
| $78,043 |
Reliance Steel & Aluminum Co. | 2,156 |
| 147,471 |
Worthington Industries, Inc. | 1,404 |
| 52,257 |
| | 277,771 |
| | |
Multiline Retail - 0.8% | | |
Big Lots, Inc. | 1,550 |
| 66,727 |
Dillard's, Inc. | 715 |
| 77,921 |
Dollar General Corp.* | 8,379 |
| 512,041 |
Dollar Tree, Inc.* | 5,680 |
| 318,478 |
Family Dollar Stores, Inc. | 2,643 |
| 204,145 |
Kohl's Corp. | 5,654 |
| 345,064 |
Nordstrom, Inc. | 3,935 |
| 269,036 |
Target Corp. | 17,487 |
| 1,096,085 |
| | 2,889,497 |
| | |
Multi-Utilities - 0.4% | | |
Avista Corp. | 1,636 |
| 49,947 |
CMS Energy Corp. | 7,588 |
| 225,060 |
Consolidated Edison, Inc. | 8,084 |
| 458,039 |
Integrys Energy Group, Inc. | 2,206 |
| 142,993 |
MDU Resources Group, Inc. | 5,359 |
| 149,034 |
NiSource, Inc. | 8,707 |
| 356,813 |
Vectren Corp. | 2,278 |
| 90,892 |
| | 1,472,778 |
| | |
Oil, Gas & Consumable Fuels - 1.7% | | |
Cheniere Energy, Inc.* | 6,113 |
| 489,223 |
Cimarex Energy Co. | 2,412 |
| 305,190 |
Denbury Resources, Inc. | 9,754 |
| 146,603 |
Energen Corp. | 2,022 |
| 146,069 |
EOG Resources, Inc. | 15,127 |
| 1,497,876 |
EQT Corp. | 4,186 |
| 383,186 |
Oneok, Inc. | 5,747 |
| 376,716 |
Pioneer Natural Resources Co. | 3,954 |
| 778,819 |
QEP Resources, Inc. | 4,576 |
| 140,849 |
Range Resources Corp. | 4,660 |
| 315,995 |
SemGroup Corp. | 1,178 |
| 98,092 |
SM Energy Co. | 1,864 |
| 145,392 |
Southwestern Energy Co.* | 9,771 |
| 341,496 |
Spectra Energy Corp. | 18,521 |
| 727,134 |
Teekay Corp. | 1,272 |
| 84,410 |
Whiting Petroleum Corp.* | 3,295 |
| 255,527 |
World Fuel Services Corp. | 1,998 |
| 79,760 |
| | 6,312,337 |
| | |
Paper & Forest Products - 0.0% | | |
Domtar Corp. | 1,793 |
| 62,988 |
| | |
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 31
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Personal Products - 0.2% | | |
Avon Products, Inc. | 11,998 |
| $151,175 |
The Estee Lauder Co.'s, Inc. | 6,211 |
| 464,086 |
| | 615,261 |
| | |
Pharmaceuticals - 7.7% | | |
AbbVie, Inc. | 44,009 |
| 2,541,960 |
Allergan, Inc. | 8,216 |
| 1,464,009 |
Bristol-Myers Squibb Co. | 45,760 |
| 2,341,997 |
Eli Lilly & Co. | 27,143 |
| 1,760,223 |
Endo International plc* | 4,243 |
| 289,967 |
Jazz Pharmaceuticals plc* | 1,663 |
| 267,011 |
Johnson & Johnson | 77,849 |
| 8,297,925 |
Mallinckrodt plc* | 3,125 |
| 281,719 |
Merck & Co., Inc. | 79,481 |
| 4,711,634 |
Perrigo Co. plc | 3,694 |
| 554,802 |
Pfizer, Inc. | 174,973 |
| 5,173,952 |
Salix Pharmaceuticals Ltd.* | 1,759 |
| 274,826 |
Theravance, Inc. | 2,204 |
| 37,666 |
Zoetis, Inc. | 13,849 |
| 511,720 |
| | 28,509,411 |
| | |
Professional Services - 0.4% | | |
Corporate Executive Board Co. | 933 |
| 56,045 |
IHS, Inc.* | 1,883 |
| 235,733 |
Manpowergroup, Inc. | 2,200 |
| 154,220 |
Nielsen NV | 8,400 |
| 372,372 |
Robert Half International, Inc. | 3,794 |
| 185,906 |
The Dun & Bradstreet Corp. | 1,004 |
| 117,940 |
Towers Watson & Co. | 1,942 |
| 193,229 |
Verisk Analytics, Inc.* | 4,140 |
| 252,085 |
| | 1,567,530 |
| | |
Real Estate Management & Development - 0.3% | |
Alexander & Baldwin, Inc. | 1,253 |
| 45,070 |
Altisource Portfolio Solutions SA* | 447 |
| 45,058 |
CBRE Group, Inc.* | 7,699 |
| 228,968 |
Forest City Enterprises, Inc.* | 4,632 |
| 90,602 |
Howard Hughes Corp.* | 995 |
| 149,250 |
Jones Lang LaSalle, Inc. | 1,237 |
| 156,283 |
Realogy Holdings Corp.* | 4,037 |
| 150,176 |
The St. Joe Co.* | 2,549 |
| 50,802 |
| | 916,209 |
| | |
Road & Rail - 0.4% | | |
Avis Budget Group, Inc.* | 2,875 |
| 157,809 |
Con-way, Inc. | 1,588 |
| 75,430 |
Genesee & Wyoming, Inc.* | 1,405 |
| 133,910 |
Hertz Global Holdings, Inc.* | 12,389 |
| 314,557 |
JB Hunt Transport Services, Inc. | 2,542 |
| 188,235 |
Kansas City Southern | 3,041 |
| 368,569 |
32 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Road & Rail - Cont'd | | |
Landstar System, Inc. | 1,231 |
| $88,866 |
Old Dominion Freight Line, Inc.* | 1,878 |
| 132,662 |
Ryder System, Inc. | 1,464 |
| 131,716 |
| | 1,591,754 |
| | |
Semiconductors & Semiconductor Equipment - 3.6% | |
Advanced Micro Devices, Inc.* | 17,178 |
| 58,577 |
Altera Corp. | 8,533 |
| 305,311 |
Analog Devices, Inc. | 8,668 |
| 428,979 |
Applied Materials, Inc. | 33,648 |
| 727,133 |
Atmel Corp.* | 11,565 |
| 93,445 |
Avago Technologies Ltd. | 6,960 |
| 605,520 |
Broadcom Corp. | 14,858 |
| 600,560 |
Cavium, Inc.* | 1,480 |
| 73,600 |
Fairchild Semiconductor International, Inc.* | 3,323 |
| 51,606 |
First Solar, Inc.* | 2,078 |
| 136,753 |
Intel Corp. | 136,811 |
| 4,763,759 |
KLA-Tencor Corp. | 4,567 |
| 359,788 |
Lam Research Corp. | 4,477 |
| 334,432 |
Linear Technology Corp. | 6,584 |
| 292,264 |
Marvell Technology Group Ltd. | 11,653 |
| 157,082 |
Maxim Integrated Products, Inc. | 7,814 |
| 236,295 |
Microchip Technology, Inc. | 5,537 |
| 261,513 |
Micron Technology, Inc.* | 29,629 |
| 1,015,090 |
NVIDIA Corp. | 14,262 |
| 263,134 |
ON Semiconductor Corp.* | 12,176 |
| 108,853 |
RF Micro Devices, Inc.* | 7,977 |
| 92,055 |
Silicon Laboratories, Inc.* | 1,116 |
| 45,354 |
Skyworks Solutions, Inc. | 5,261 |
| 305,401 |
SunEdison, Inc.* | 6,919 |
| 130,631 |
Synaptics, Inc.* | 1,015 |
| 74,298 |
Teradyne, Inc. | 5,647 |
| 109,495 |
Texas Instruments, Inc. | 29,488 |
| 1,406,283 |
Xilinx, Inc. | 7,421 |
| 314,279 |
| | 13,351,490 |
| | |
Software - 4.8% | | |
ACI Worldwide, Inc.* | 3,818 |
| 71,626 |
Adobe Systems, Inc.* | 13,072 |
| 904,452 |
ANSYS, Inc.* | 2,540 |
| 192,202 |
Aspen Technology, Inc.* | 2,546 |
| 96,035 |
Autodesk, Inc.* | 6,260 |
| 344,926 |
CA, Inc. | 8,840 |
| 246,990 |
Cadence Design Systems, Inc.* | 8,005 |
| 137,766 |
Citrix Systems, Inc.* | 4,541 |
| 323,955 |
Commvault Systems, Inc.* | 1,178 |
| 59,371 |
Compuware Corp. | 6,076 |
| 64,466 |
Concur Technologies, Inc.* | 1,322 |
| 167,656 |
Electronic Arts, Inc.* | 8,637 |
| 307,564 |
FactSet Research Systems, Inc. | 1,078 |
| 131,009 |
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 33
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| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Software - Cont'd | | |
Fortinet, Inc.* | 3,802 |
| $96,058 |
Guidewire Software, Inc.* | 1,895 |
| 84,024 |
Informatica Corp.* | 3,038 |
| 104,021 |
Intuit, Inc. | 7,835 |
| 686,738 |
Mentor Graphics Corp. | 2,672 |
| 54,763 |
Microsoft Corp. | 227,707 |
| 10,556,496 |
NetSuite, Inc.* | 967 |
| 86,585 |
Nuance Communications, Inc.* | 6,969 |
| 107,427 |
PTC, Inc.* | 3,240 |
| 119,556 |
QLIK Technologies, Inc.* | 2,490 |
| 67,330 |
Red Hat, Inc.* | 5,213 |
| 292,710 |
Rovi Corp.* | 2,617 |
| 51,673 |
Salesforce.com, Inc.* | 15,896 |
| 914,497 |
ServiceNow, Inc.* | 3,583 |
| 210,609 |
SolarWinds, Inc.* | 1,812 |
| 76,195 |
Solera Holdings, Inc. | 1,893 |
| 106,689 |
Splunk, Inc.* | 3,274 |
| 181,249 |
SS&C Technologies Holdings, Inc.* | 1,850 |
| 81,195 |
Symantec Corp. | 19,061 |
| 448,124 |
Synopsys, Inc.* | 4,304 |
| 170,847 |
The Ultimate Software Group, Inc.* | 782 |
| 110,661 |
TIBCO Software, Inc.* | 4,230 |
| 99,955 |
Tyler Technologies, Inc.* | 907 |
| 80,179 |
| | 17,835,599 |
| | |
Specialty Retail - 3.0% | | |
Advance Auto Parts, Inc. | 2,013 |
| 262,294 |
American Eagle Outfitters, Inc. | 4,815 |
| 69,914 |
Ascena Retail Group, Inc.* | 3,622 |
| 48,173 |
Bed Bath & Beyond, Inc.* | 5,573 |
| 366,871 |
Best Buy Co., Inc. | 8,017 |
| 269,291 |
CarMax, Inc.* | 6,057 |
| 281,348 |
Chico's FAS, Inc. | 4,215 |
| 62,256 |
CST Brands, Inc. | 2,089 |
| 75,100 |
DSW, Inc. | 1,978 |
| 59,558 |
GameStop Corp. | 3,113 |
| 128,256 |
GNC Holdings, Inc. | 2,496 |
| 96,695 |
L Brands, Inc. | 6,778 |
| 453,990 |
Lowe's Co.'s, Inc. | 27,256 |
| 1,442,387 |
Lumber Liquidators Holdings, Inc.* | 750 |
| 43,035 |
Murphy USA, Inc.* | 1,185 |
| 62,876 |
O'Reilly Automotive, Inc.* | 2,866 |
| 430,932 |
PetSmart, Inc. | 2,739 |
| 191,976 |
Ross Stores, Inc. | 5,794 |
| 437,910 |
Sally Beauty Holdings, Inc.* | 3,470 |
| 94,974 |
Signet Jewelers Ltd. | 2,213 |
| 252,083 |
Staples, Inc. | 17,791 |
| 215,271 |
The Buckle, Inc. | 775 |
| 35,177 |
The Gap, Inc. | 7,573 |
| 315,718 |
The Home Depot, Inc. | 37,110 |
| 3,404,471 |
34 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Specialty Retail - Cont'd | | |
The TJX Co.'s, Inc. | 19,124 |
| $1,131,567 |
Tiffany & Co. | 3,108 |
| 299,331 |
Tractor Supply Co. | 3,805 |
| 234,046 |
Ulta Salon, Cosmetics & Fragrance, Inc.* | 1,778 |
| 210,106 |
Williams-Sonoma, Inc. | 2,418 |
| 160,966 |
| | 11,136,572 |
| | |
Technology Hardware, Storage & Peripherals - 6.1% | |
Apple, Inc. | 165,303 |
| 16,654,277 |
Diebold, Inc. | 1,784 |
| 63,011 |
EMC Corp. | 56,072 |
| 1,640,667 |
Hewlett-Packard Co. | 51,548 |
| 1,828,408 |
Lexmark International, Inc. | 1,718 |
| 73,015 |
NCR Corp.* | 4,633 |
| 154,788 |
NetApp, Inc. | 8,824 |
| 379,079 |
SanDisk Corp. | 6,203 |
| 607,584 |
Seagate Technology plc | 9,013 |
| 516,174 |
Western Digital Corp. | 6,074 |
| 591,122 |
| | 22,508,125 |
| | |
Textiles, Apparel & Luxury Goods - 1.0% | |
Carter's, Inc. | 1,466 |
| 113,644 |
Deckers Outdoor Corp.* | 956 |
| 92,904 |
Fossil Group, Inc.* | 1,285 |
| 120,662 |
Hanesbrands, Inc. | 2,761 |
| 296,642 |
Kate Spade & Co.* | 3,504 |
| 91,910 |
Lululemon Athletica, Inc.* | 2,893 |
| 121,535 |
Michael Kors Holdings Ltd.* | 5,678 |
| 405,352 |
Nike, Inc., Class B | 19,394 |
| 1,729,945 |
PVH Corp. | 2,276 |
| 275,737 |
Under Armour, Inc.* | 4,600 |
| 317,860 |
Wolverine World Wide, Inc. | 2,804 |
| 70,268 |
| | 3,636,459 |
| | |
Thrifts & Mortgage Finance - 0.2% | | |
Hudson City Bancorp, Inc. | 13,289 |
| 129,169 |
MGIC Investment Corp.* | 9,344 |
| 72,977 |
New York Community Bancorp, Inc. | 12,217 |
| 193,884 |
Ocwen Financial Corp.* | 3,152 |
| 82,519 |
People's United Financial, Inc. | 8,581 |
| 124,167 |
Radian Group, Inc. | 5,282 |
| 75,321 |
Washington Federal, Inc. | 2,755 |
| 56,092 |
| | 734,129 |
| | |
Trading Companies & Distributors - 0.4% | |
Air Lease Corp. | 2,624 |
| 85,280 |
Applied Industrial Technologies, Inc. | 1,150 |
| 52,498 |
Fastenal Co. | 7,535 |
| 338,322 |
MRC Global, Inc.* | 2,816 |
| 65,669 |
MSC Industrial Direct Co., Inc. | 1,411 |
| 120,584 |
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 35
|
| | | | | | |
EQUITY SECURITIES - CONT'D | SHARES | VALUE
|
| | |
Trading Companies & Distributors - Cont'd | |
NOW, Inc.* | 2,961 |
| $90,044 |
United Rentals, Inc.* | 2,647 |
| 294,082 |
W.W. Grainger, Inc. | 1,680 |
| 422,772 |
Watsco, Inc. | 754 |
| 64,980 |
WESCO International, Inc.* | 1,227 |
| 96,025 |
| | 1,630,256 |
| | |
Water Utilities - 0.1% | | |
American Water Works Co., Inc. | 4,942 |
| 238,353 |
Aqua America, Inc. | 4,895 |
| 115,179 |
| | 353,532 |
| | |
Wireless Telecommunication Services - 0.1% | |
SBA Communications Corp.* | 3,560 |
| 394,804 |
|
Telephone & Data Systems, Inc. | 2,727 |
| 65,339 |
|
| | 460,143 |
| | |
| | |
Total Equity Securities (Cost $268,260,949) | | 366,507,870 |
|
| | |
TIME DEPOSIT - 0.8% | PRINCIPAL AMOUNT | |
State Street Bank Time Deposit, 0.069%, 10/1/14 |
| $3,139,513 |
| 3,139,513 |
|
| | |
Total Time Deposit (Cost $3,139,513) | | 3,139,513 |
|
| | |
| | |
TOTAL INVESTMENTS (Cost $271,400,462) - 99.8% | | 369,647,383 |
|
Other assets and liabilities, net - 0.2% | | 721,806 |
|
NET ASSETS - 100% | |
| $370,369,189 |
|
| | |
See notes to financial statements.
36 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
|
| | | |
NET ASSETS CONSIST OF: | |
| |
Paid-in capital applicable to the following shares of common stock with 250,000,000 shares of $0.01 par value shares authorized: | |
Class A: 11,714,967 shares outstanding |
| $142,723,952 |
|
Class B: 87,556 shares outstanding | 594,870 |
|
Class C: 1,485,753 shares outstanding | 19,904,867 |
|
Class I: 6,549,364 shares outstanding | 99,280,938 |
|
Class Y: 334,265 shares outstanding | 651,087 |
|
Undistributed net investment income | 2,677,030 |
|
Accumulated net realized gain (loss) | 6,289,524 |
|
Net unrealized appreciation (depreciation) | 98,246,921 |
|
| |
NET ASSETS |
| $370,369,189 |
|
| |
NET ASSET VALUE PER SHARE | |
Class A (based on net assets of $214,427,158) |
| $18.30 |
|
Class B (based on net assets of $1,521,370) |
| $17.38 |
|
Class C (based on net assets of $25,864,240) |
| $17.41 |
|
Class I (based on net assets of $122,405,001) |
| $18.69 |
|
Class Y (based on net assets of $6,151,420) |
| $18.40 |
|
| |
* Non-income producing security.
Abbreviations:
plc: Public Limited Company
See notes to financial statements.
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 37
STATEMENT OF OPERATIONS
YEAR ENDED SEPTEMBER 30, 2014
|
| | | |
NET INVESTMENT INCOME | |
| |
Investment Income: | |
Interest income |
| $2,457 |
|
Dividend income (net of foreign taxes withheld of $901) | 5,522,113 |
|
Total investment income | 5,524,570 |
|
| |
Expenses: | |
Investment advisory fee | 504,404 |
|
Transfer agency fees and expenses | 458,071 |
|
Distribution Plan expenses: | |
Class A | 456,088 |
|
Class B | 16,931 |
|
Class C | 203,655 |
|
Directors' fees and expenses | 30,257 |
|
Administrative fees | 449,395 |
|
Accounting fees | 45,204 |
|
Custodian fees | 75,972 |
|
Registration fees | 63,383 |
|
Reports to shareholders | 22,822 |
|
Professional fees | 41,909 |
|
Miscellaneous | 32,738 |
|
Total expenses | 2,400,829 |
|
Reimbursement from Advisor: | |
Class A | (195,938 | ) |
Class B | (9,417 | ) |
Class C | (5,478 | ) |
Class I | (143,546 | ) |
Class Y | (6,442 | ) |
Fees waived | (27,855 | ) |
Net expenses | 2,012,153 |
|
| |
NET INVESTMENT INCOME | 3,512,417 |
|
| |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | |
Net realized gain (loss) | 10,596,254 |
|
Change in unrealized appreciation (depreciation) | 37,190,286 |
|
| |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | 47,786,540 |
|
| |
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
| $51,298,957 |
|
| |
See notes to financial statements.
38 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS
|
| | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | YEAR ENDED SEPTEMBER 30, 2014 | | YEAR ENDED SEPTEMBER 30, 2013 |
Operations: | | | |
Net investment income |
| $3,512,417 |
| |
| $2,602,814 |
|
Net realized gain (loss) | 10,596,254 |
| | 8,753,449 |
|
Change in unrealized appreciation (depreciation) | 37,190,286 |
| | 29,787,618 |
|
| | | |
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 51,298,957 |
| | 41,143,881 |
|
| | | |
Distributions to shareholders from: | | | |
Net investment income: | | | |
Class A shares | (1,407,040 | ) | | (1,117,487 | ) |
Class B shares | (464 | ) | | (3,479 | ) |
Class C shares | (18,929 | ) | | (21,680 | ) |
Class I shares | (988,369 | ) | | (643,373 | ) |
Class Y shares | (240,614 | ) | | (77,419 | ) |
Net realized gain: | | | |
Class A shares | (3,533,072 | ) | | — |
|
Class B shares | (41,431 | ) | | — |
|
Class C shares | (390,523 | ) | | — |
|
Class I shares | (1,638,432 | ) | | — |
|
Class Y shares | (585,244 | ) | | — |
|
Total distributions | (8,844,118 | ) | | (1,863,438 | ) |
| | | |
Capital share transactions: | | | |
Shares sold: | | | |
Class A shares | 64,584,468 |
| | 47,024,487 |
|
Class B shares | 80,757 |
| | 73,100 |
|
Class C shares | 9,263,007 |
| | 4,908,631 |
|
Class I shares | 59,941,090 |
| | 21,470,431 |
|
Class Y shares | 9,661,183 |
| | 10,205,742 |
|
Reinvestment of distributions: | | | |
Class A shares | 4,659,826 |
| | 1,023,110 |
|
Class B shares | 37,877 |
| | 3,066 |
|
Class C shares | 288,333 |
| | 14,823 |
|
Class I shares | 2,618,195 |
| | 627,176 |
|
Class Y shares | 816,481 |
| | 1,165 |
|
Redemption fees: | | | |
Class A shares | 2,700 |
| | 83 |
|
Class C shares | 28 |
| | 371 |
|
Class I shares | 89 |
| | — |
|
Class Y shares | 983 |
| | — |
|
Shares redeemed: | | | |
Class A shares | (29,439,958 | ) | | (18,733,470 | ) |
Class B shares | (565,504 | ) | | (653,406 | ) |
Class C shares | (1,616,151 | ) | | (1,860,205 | ) |
Class I shares | (19,680,145 | ) | | (7,462,580 | ) |
Class Y shares | (29,504,755 | ) | | (2,847,707 | ) |
Total capital share transactions | 71,148,504 |
| | 53,794,817 |
|
| | | |
TOTAL INCREASE (DECREASE) IN NET ASSETS | 113,603,343 |
| | 93,075,260 |
|
See notes to financial statements.
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 39
STATEMENTS OF CHANGES IN NET ASSETS
|
| | | | | | | |
NET ASSETS | YEAR ENDED SEPTEMBER 30, 2014 | | YEAR ENDED SEPTEMBER 30, 2013 |
| | | |
Beginning of year |
| $256,765,846 |
| |
| $163,690,586 |
|
End of year (including undistributed net investment income of $2,677,030 and $1,820,035, respectively) |
| $370,369,189 |
| |
| $256,765,846 |
|
| | | |
CAPITAL SHARE ACTIVITY | | | |
Shares sold: | | | |
Class A shares | 3,710,409 |
| | 3,254,493 |
|
Class B shares | 4,909 |
| | 4,911 |
|
Class C shares | 559,859 |
| | 349,358 |
|
Class I shares | 3,394,603 |
| | 1,513,414 |
|
Class Y shares | 560,342 |
| | 696,045 |
|
Reinvestment of distributions: | | | |
Class A shares | 278,830 |
| | 78,762 |
|
Class B shares | 2,401 |
| | 246 |
|
Class C shares | 18,237 |
| | 1,189 |
|
Class I shares | 153,332 |
| | 47,549 |
|
Class Y shares | 48,474 |
| | 89 |
|
Shares redeemed: | | | |
Class A shares | (1,693,977 | ) | | (1,292,049 | ) |
Class B shares | (34,244 | ) | | (47,964 | ) |
Class C shares | (99,533 | ) | | (130,755 | ) |
Class I shares | (1,121,992 | ) | | (497,802 | ) |
Class Y shares | (1,724,813 | ) | | (194,494 | ) |
Total capital share activity | 4,056,837 |
| | 3,782,992 |
|
| | | |
See notes to financial statements.
40 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS
NOTE A — SIGNIFICANT ACCOUNTING POLICIES
General: Calvert Social Index Fund (the "Fund"), the sole series of Calvert Social Index Series, Inc., is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund offers five classes of shares of capital stock - Classes A, B, C, I, and Y. Class A shares are sold with a maximum front-end sales charge of 4.75%. Class B shares are sold without a front-end sales charge and, with certain exceptions, will be charged a deferred sales charge at the time of redemption, depending on how long investors have owned the shares. Class B shares are no longer offered for purchase, except through reinvestment of dividends and/or distributions and through certain exchanges. Class C shares are sold without a front-end sales charge and, with certain exceptions, will be charged a deferred sales charge on shares sold within one year of purchase. Class B and Class C shares have higher levels of expenses than Class A shares. Class I shares require a minimum account balance of $1,000,000. The $1 million minimum initial investment is waived for retirement plans that trade through omnibus accounts and may be waived for certain other institutional accounts where it is believed to be in the best interest of the Fund and its shareholders. Class I shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Class Y shares are generally only available to wrap or similar fee-based programs offered by financial intermediaries, foundations, and endowments that have entered into an agreement with the Fund’s Distributor to offer Class Y shares. Class Y shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Each class has different: (a) dividend rates, due to differences in Distribution Plan expenses and other class specific expenses, (b) exchange privileges and (c) class specific voting rights.
Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors ("the Board") to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.
The Board has adopted Valuation Procedures (the "Procedures") to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. The Board has delegated the day-to-day responsibility for determining the fair value of assets of the Fund to Calvert Investment Management, Inc. (the "Advisor" or "Calvert") and has provided these Procedures to govern Calvert in its valuation duties.
Calvert has chartered an internal Valuation Committee to oversee the implementation of these Procedures and to assist it in carrying out the valuation responsibilities that the Board has delegated.
The Valuation Committee meets on a regular basis to review illiquid securities and other investments which may not have readily available market prices. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.
The Valuation Committee utilizes various methods to measure the fair value of the Fund’s investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 41
hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. There were no such transfers during the period. Valuation techniques used to value the Fund’s investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event that there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or using the last available price and are categorized as Level 2 in the hierarchy. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If events occur after the close of the principal market in which foreign securities are traded, and before the close of business of the Fund, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and such securities are categorized as Level 3 in the hierarchy.
Short-term instruments of sufficient credit quality with remaining maturities of sixty days or less are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Advisor, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by the Valuation Committee.
The Valuation Committee considers a number of factors, including significant unobservable valuation inputs when arriving at fair value. It considers all significant facts that are reasonably available and relevant to the determination of fair value.
The Valuation Committee primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. When more appropriate, the fund may employ an income-based or cost approach. An income-based valuation approach discounts anticipated future cash flows of the investment to calculate a present amount (discounted). The measurement is based on the
42 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
value indicated by current market expectations about those future amounts. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. A cost based approach is based on the amount that currently would be required to replace the service capacity of an asset (current replacement cost). From the seller’s perspective, the price that would be received for the asset is determined based on the cost to a buyer to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence.
The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of key inputs and assumptions, transactional back-testing or disposition analysis and reviews of any related market activity.
At September 30, 2014, no securities were fair valued in good faith under the direction of the Board.
The following table summarizes the market value of the Fund’s holdings as of September 30, 2014, based on the inputs used to value them:
|
| | | | | | | | | | | | | |
| VALUATION INPUTS |
INVESTMENTS IN SECURITIES | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL |
Equity securities * |
| $366,507,870 |
| | — |
| | — | |
| $366,507,870 |
|
Other debt obligations | — |
| |
| $3,139,513 |
| | — | | 3,139,513 |
|
TOTAL |
| $366,507,870 |
| |
| $3,139,513 |
| | — | |
| $369,647,383 |
|
| | | | | | | |
* For further breakdown of equity securities by industry type, please refer to the Statement of Net Assets. |
Security Transactions and Net Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Expenses arising in connection with a specific class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets.
Foreign Currency Transactions: The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 43
on the date of the event. The effect of changes in foreign exchange rates on securities and foreign currencies is included in the net realized and unrealized gain or loss on investments.
Distributions to Shareholders: Distributions to shareholders are recorded by the Fund on ex-dividend date. Dividends from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.
Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.
Redemption Fees: The Fund charges a 2% redemption fee on redemptions, including exchanges, made within 30 days of purchase (within seven days for Class I shares). The redemption fee is accounted for as an addition to paid-in capital and is intended to discourage market-timers by ensuring that short-term trading costs are borne by the investors making the transactions and not the shareholders already in the Fund.
Federal Income Taxes: No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.
Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.
NOTE B — RELATED PARTY TRANSACTIONS
Calvert Investment Management, Inc. (the "Advisor") is wholly-owned by Calvert Investments, Inc., which is indirectly wholly-owned by Ameritas Mutual Holding Company. The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .15% (.20% prior to January 1, 2014) of the Fund’s average daily net assets. Under the terms of the agreement, $45,607 was payable at year end. For the year ended September 30, 2014, the Advisor voluntarily waived $27,855 of its fee.
The Advisor has contractually agreed to limit net annual fund operating expenses for Class A, B, C, and Y through January 31, 2015 and for Class I through January 31, 2016. The contractual expense caps are .75%, 1.75%, 1.75%, .21%, and .60% for Class A, B, C, I, and Y, respectively. For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. This expense limitation does not limit acquired fund fees and expenses, if any. At year end, $74,840 was receivable from the Advisor.
Calvert Investment Administrative Services, Inc., an affiliate of the Advisor, provides administrative services to the Fund for an annual fee, payable monthly, of .15% (.20% prior to January 1, 2014) for Classes A, B, C, and Y shares and .10% for Class I shares based on
44 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
their average daily net assets. Under the terms of the agreement, $40,578 was payable at year end.
Calvert Investment Distributors, Inc. ("CID"), an affiliate of the Advisor, is the distributor and principal underwriter for the Fund. Pursuant to Rule 12b-1 under the Investment Company Act of 1940, the Fund has adopted a Distribution Plan that permits the Fund to pay certain expenses associated with the distribution and servicing of its shares. The expenses paid may not exceed .25%, 1.00%, and 1.00% annually of average daily net assets of Class A, B, and C, respectively. The amount actually paid by the Fund is an annualized fee, payable monthly, of .25%, 1.00%, and 1.00% of the Fund’s average daily net assets of Class A, B, and C, respectively. Class I and Class Y do not have Distribution Plan expenses. Under the terms of the agreement, $66,357 was payable at year end.
CID received $117,873 as its portion of commissions charged on sales of the Fund’s Class A shares for the year ended September 30, 2014.
Calvert Investment Services, Inc. ("CIS"), an affiliate of the Advisor, is the shareholder servicing agent for the Fund. For its services, CIS received fees of $29,291 for the year ended September 30, 2014. Under the terms of the agreement, $2,837 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.
Each Director of the Fund who is not an employee of the Advisor or its affiliates receives an annual retainer of $48,000 plus a meeting fee of up to $3,000 for each Board meeting attended. Additional fees of $5,000 annually may be paid to the Board chair and Committee chairs ($10,000 for the Special Equities Committee chair) and $2,500 annually may be paid to Committee members, plus a Committee meeting fee of $500 for each Committee meeting attended. Directors’ fees are allocated to each of the funds served.
NOTE C — INVESTMENT ACTIVITY AND TAX INFORMATION
During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $91,008,964 and $25,408,198, respectively.
The tax character of dividends and distributions paid during the years ended September 30, 2014 and September 30, 2013 was as follows:
|
| | | | | | | |
Distributions paid from: | 2014 | | 2013 |
Ordinary income |
| $2,655,347 |
| |
| $1,863,438 |
|
Long-term capital gain | 6,188,771 |
| | — |
|
Total | $8,844,118 |
| | $1,863,438 |
|
As of September 30, 2014, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:
|
| | | |
Unrealized appreciation |
| $96,471,047 |
|
Unrealized (depreciation) | (2,411,756 | ) |
Net unrealized appreciation/(depreciation) |
| $94,059,291 |
|
| |
Undistributed ordinary income |
| $2,954,538 |
|
Undistributed long-term capital gain |
| $10,199,646 |
|
| |
Federal income tax cost of investments |
| $275,588,092 |
|
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 45
The differences between the components of distributable earnings on a tax basis and the amounts reflected in the Statement of Net Assets are primarily due to temporary book-tax differences that will reverse in a subsequent period. These differences are mainly due to wash sales.
NOTE D — LINE OF CREDIT
A financing agreement is in place with the Calvert Funds and State Street Corporation ("SSC"). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings bear interest at the higher of the London Interbank Offered Rate (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .125% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Fund had no loans outstanding pursuant to this line of credit at September 30, 2014. For the year ended September 30, 2014 borrowings by the Fund under the agreement were as follows:
|
| | | |
AVERAGE DAILY BALANCE | WEIGHTED AVERAGE INTEREST RATE | MAXIMUM AMOUNT BORROWED | MONTH OF MAXIMUM AMOUNT BORROWED |
$47,731 | 1.34% | $6,179,782 | April 2014 |
NOTE E — SUBSEQUENT EVENTS
In preparing the financial statements as of September 30, 2014, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.
|
|
NOTICE TO SHAREHOLDERS (UNAUDITED) |
For the fiscal year ended September 30, 2014, the Fund considers 100% of the ordinary dividends paid during the year as qualified dividend income and as eligible for the corporate dividends received deduction in accordance with Section 854 of the Internal Revenue Code. The Fund also considers $6,188,771 of the long-term capital gain distributions paid during the year as capital gain dividends in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. |
46 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
FINANCIAL HIGHLIGHTS
|
| | | | | | | | | | | | |
| | | | YEARS ENDED | | |
CLASS A SHARES | SEPTEMBER 30, 2014 (z) | | SEPTEMBER 30, 2013 (z) | | SEPTEMBER 30, 2012 (z) |
Net asset value, beginning |
| $15.90 |
| | |
| $13.27 |
| |
| $10.35 |
|
Income from investment operations: | | | | | | |
Net investment income | .18 |
| | | .17 |
| | .13 |
|
Net realized and unrealized gain (loss) | 2.73 |
| | | 2.61 |
| | 2.89 |
|
Total from investment operations | 2.91 |
| | | 2.78 |
| | 3.02 |
|
Distributions from: | | | | | | |
Net investment income | (.14 | ) | | | (.15 | ) | | (.10 | ) |
Net realized gain | (.37 | ) | | | — |
| | — |
|
Total distributions | (.51 | ) | | | (.15 | ) | | (.10 | ) |
Total increase (decrease) in net asset value | 2.40 |
| | | 2.63 |
| | 2.92 |
|
Net asset value, ending |
| $18.30 |
| | |
| $15.90 |
| |
| $13.27 |
|
| | | | | | |
Total return* | 18.65 | % | | | 21.16 | % | | 29.36 | % |
Ratios to average net assets:A | | | | | | |
Net investment income | 1.02 | % | | | 1.15 | % | | 1.03 | % |
Total expenses | .87 | % | | | 1.02 | % | | 1.11 | % |
Expenses before offsets | .75 | % | | | .75 | % | | .75 | % |
Net expenses | .75 | % | | | .75 | % | | .75 | % |
Portfolio turnover | 8 | % | | | 14 | % | | 7 | % |
Net assets, ending (in thousands) |
| $214,427 |
| | |
| $149,738 |
| |
| $97,904 |
|
| | | | | | |
|
| | | | | | | |
| YEARS ENDED |
CLASS A SHARES | SEPTEMBER 30, 2011 (z) | | SEPTEMBER 30, 2010 |
Net asset value, beginning |
| $10.48 |
| |
| $9.70 |
|
Income from investment operations: | | | |
Net investment income | .09 |
| | .08 |
|
Net realized and unrealized gain (loss) | (.14 | ) | | .80 |
|
Total from investment operations | (.05 | ) | | .88 |
|
Distributions from: | | | |
Net investment income | (.08 | ) | | (.10 | ) |
Net realized gain | — |
| | — |
|
Total distributions | (.08 | ) | | (.10 | ) |
Total increase (decrease) in net asset value | (.13 | ) | | .78 |
|
Net asset value, ending |
| $10.35 |
| |
| $10.48 |
|
| | | |
Total return* | (.57 | %) | | 9.06 | % |
Ratios to average net assets:A | | | |
Net investment income | .81 | % | | .77 | % |
Total expenses | .99 | % | | 1.06 | % |
Expenses before offsets | .75 | % | | .75 | % |
Net expenses | .75 | % | | .75 | % |
Portfolio turnover | 8 | % | | 10 | % |
Net assets, ending (in thousands) |
| $71,741 |
| |
| $71,952 |
|
See notes to financial highlights.
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 47
FINANCIAL HIGHLIGHTS
|
| | | | | | | | | | | | |
| | | | YEARS ENDED | | |
CLASS B SHARES | SEPTEMBER 30, 2014 (z) | | SEPTEMBER 30, 2013 (z) | | SEPTEMBER 30, 2012 (z) |
Net asset value, beginning |
| $15.14 |
| | |
| $12.65 |
| |
| $9.87 |
|
Income from investment operations: | | | | | | |
Net investment income | ** |
| | | .03 |
| | — |
|
Net realized and unrealized gain (loss) | 2.61 |
| | | 2.48 |
| | 2.78 |
|
Total from investment operations | 2.61 |
| | | 2.51 |
| | 2.78 |
|
Distributions from: | | | | | | |
Net investment income | ** |
| | | (.02 | ) | | — |
|
Net realized gain | (.37 | ) | | | — |
| | — |
|
Total distributions | (.37 | ) | | | (.02 | ) | | — |
|
Total increase (decrease) in net asset value | 2.24 |
| | | 2.49 |
| | 2.78 |
|
Net asset value, ending |
| $17.38 |
| | |
| $15.14 |
| |
| $12.65 |
|
| | | | | | |
Total return* | 17.53 | % | | | 19.92 | % | | 28.17 | % |
Ratios to average net assets:A | | | | | | |
Net investment income | .02 | % | | | .20 | % | | .04 | % |
Total expenses | 2.32 | % | | | 2.46 | % | | 2.38 | % |
Expenses before offsets | 1.75 | % | | | 1.75 | % | | 1.75 | % |
Net expenses | 1.75 | % | | | 1.75 | % | | 1.75 | % |
Portfolio turnover | 8 | % | | | 14 | % | | 7 | % |
Net assets, ending (in thousands) |
| $1,521 |
| | |
| $1,733 |
| |
| $1,989 |
|
| | | | | | |
|
| | | | | | | |
| YEARS ENDED |
CLASS B SHARES | SEPTEMBER 30, 2011 (z) | | SEPTEMBER 30, 2010 |
Net asset value, beginning |
| $10.03 |
| |
| $9.30 |
|
Income from investment operations: | | | |
Net investment income (loss) | (.02 | ) | | (.06 | ) |
Net realized and unrealized gain (loss) | (.14 | ) | | .80 |
|
Total from investment operations | (.16 | ) | | .74 |
|
Distributions from: | | | |
Net investment income | — |
| | (.01 | ) |
Net realized gain | — |
| | — |
|
Total distributions | — |
| | (.01 | ) |
Total increase (decrease) in net asset value | (.16 | ) | | .73 |
|
Net asset value, ending |
| $9.87 |
| |
| $10.03 |
|
| | | |
Total return* | (1.60 | %) | | 7.94 | % |
Ratios to average net assets:A | | | |
Net investment income (loss) | (.19 | %) | | (.23 | %) |
Total expenses | 2.31 | % | | 2.30 | % |
Expenses before offsets | 1.75 | % | | 1.75 | % |
Net expenses | 1.75 | % | | 1.75 | % |
Portfolio turnover | 8 | % | | 10 | % |
Net assets, ending (in thousands) |
| $2,324 |
| |
| $2,956 |
|
See notes to financial highlights.
48 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
FINANCIAL HIGHLIGHTS
|
| | | | | | | | | | | | |
| | | | YEARS ENDED | | |
CLASS C SHARES | SEPTEMBER 30, 2014 (z) | | SEPTEMBER 30, 2013 (z) | | SEPTEMBER 30, 2012 (z) |
Net asset value, beginning |
| $15.15 |
| | |
| $12.65 |
| |
| $9.87 |
|
Income from investment operations: | | | | | | |
Net investment income | .03 |
| | | .03 |
| | .01 |
|
Net realized and unrealized gain (loss) | 2.62 |
| | | 2.50 |
| | 2.77 |
|
Total from investment operations | 2.65 |
| | | 2.53 |
| | 2.78 |
|
Distributions from: | | | | | | |
Net investment income | (.02 | ) | | | (.03 | ) | | — |
|
Net realized gain | (.37 | ) | | | — |
| | — |
|
Total distributions | (.39 | ) | | | (.03 | ) | | — |
|
Total increase (decrease) in net asset value | 2.26 |
| | | 2.50 |
| | 2.78 |
|
Net asset value, ending |
| $17.41 |
| | |
| $15.15 |
| |
| $12.65 |
|
| | | | | | |
Total return* | 17.75 | % | | | 20.02 | % | | 28.17 | % |
Ratios to average net assets:A | | | | | | |
Net investment income | .19 | % | | | .25 | % | | .04 | % |
Total expenses | 1.61 | % | | | 1.77 | % | | 1.89 | % |
Expenses before offsets | 1.57 | % | | | 1.65 | % | | 1.74 | % |
Net expenses | 1.57 | % | | | 1.65 | % | | 1.74 | % |
Portfolio turnover | 8 | % | | | 14 | % | | 7 | % |
Net assets, ending (in thousands) |
| $25,864 |
| | |
| $15,259 |
| |
| $9,958 |
|
| | | | | | |
|
| | | | | | | |
| YEARS ENDED |
CLASS C SHARES | SEPTEMBER 30, 2011 (z) | | SEPTEMBER 30, 2010 |
Net asset value, beginning |
| $10.03 |
| |
| $9.29 |
|
Income from investment operations: | | | |
Net investment income (loss) | (.02 | ) | | (.02 | ) |
Net realized and unrealized gain (loss) | (.14 | ) | | .77 |
|
Total from investment operations | (.16 | ) | | .75 |
|
Distributions from: | | | |
Net investment income | — |
| | (.01 | ) |
Net realized gain | — |
| | — |
|
Total distributions | — |
| | (.01 | ) |
Total increase (decrease) in net asset value | (.16 | ) | | .74 |
|
Net asset value, ending |
| $9.87 |
| |
| $10.03 |
|
| | | |
Total return* | (1.60 | %) | | 8.04 | % |
Ratios to average net assets:A | | | |
Net investment income (loss) | (.19 | %) | | (.23 | %) |
Total expenses | 1.95 | % | | 2.06 | % |
Expenses before offsets | 1.75 | % | | 1.75 | % |
Net expenses | 1.75 | % | | 1.75 | % |
Portfolio turnover | 8 | % | | 10 | % |
Net assets, ending (in thousands) |
| $6,098 |
| |
| $6,139 |
|
See notes to financial highlights.
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 49
FINANCIAL HIGHLIGHTS
|
| | | | | | | | | | | | |
| | | | YEARS ENDED | | |
CLASS I SHARES | SEPTEMBER 30, 2014 (z) | | SEPTEMBER 30, 2013 (z) | | SEPTEMBER 30, 2012 (z) |
Net asset value, beginning |
| $16.20 |
| | |
| $13.48 |
| |
| $10.52 |
|
Income from investment operations: | | | | | | |
Net investment income | .27 |
| | | .25 |
| | .19 |
|
Net realized and unrealized gain (loss) | 2.81 |
| | | 2.64 |
| | 2.95 |
|
Total from investment operations | 3.08 |
| | | 2.89 |
| | 3.14 |
|
Distributions from: | | | | | | |
Net investment income | (.22 | ) | | | (.17 | ) | | (.18 | ) |
Net realized gain | (.37 | ) | | | — |
| | — |
|
Total distributions | (.59 | ) | | | (.17 | ) | | (.18 | ) |
Total increase (decrease) in net asset value | 2.49 |
| | | 2.72 |
| | 2.96 |
|
Net asset value, ending |
| $18.69 |
| | |
| $16.20 |
| |
| $13.48 |
|
| | | | | | |
Total return* | 19.39 | % | | | 21.76 | % | | 30.11 | % |
Ratios to average net assets:A | | | | | | |
Net investment income | 1.56 | % | | | 1.70 | % | | 1.57 | % |
Total expenses | .37 | % | | | .46 | % | | .51 | % |
Expenses before offsets | .21 | % | | | .21 | % | | .21 | % |
Net expenses | .21 | % | | | .21 | % | | .21 | % |
Portfolio turnover | 8 | % | | | 14 | % | | 7 | % |
Net assets, ending (in thousands) | $122,405 | | |
| $66,818 |
| |
| $41,249 |
|
| | | | | | |
|
| | | | | | | |
| YEARS ENDED |
CLASS I SHARES | SEPTEMBER 30, 2011 (z) | | SEPTEMBER 30, 2010 |
Net asset value, beginning |
| $10.65 |
| |
| $9.85 |
|
Income from investment operations: | | | |
Net investment income | .16 |
| | .13 |
|
Net realized and unrealized gain (loss) | (.15 | ) | | .81 |
|
Total from investment operations | .01 |
| | .94 |
|
Distributions from: | | | |
Net investment income | (.14 | ) | | (.14 | ) |
Net realized gain | — |
| | — |
|
Total distributions | (.14 | ) | | (.14 | ) |
Total increase (decrease) in net asset value | (.13 | ) | | .80 |
|
Net asset value, ending |
| $10.52 |
| |
| $10.65 |
|
| | | |
Total return* | (.06 | %) | | 9.62 | % |
Ratios to average net assets:A | | | |
Net investment income | 1.35 | % | | 1.32 | % |
Total expenses | .52 | % | | .55 | % |
Expenses before offsets | .21 | % | | .21 | % |
Net expenses | .21 | % | | .21 | % |
Portfolio turnover | 8 | % | | 10 | % |
Net assets, ending (in thousands) |
| $26,741 |
| |
| $29,055 |
|
See notes to financial highlights.
50 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT
FINANCIAL HIGHLIGHTS
|
| | | | | | | | | | | | | |
| | | PERIODS ENDED | | |
CLASS Y SHARES | SEPTEMBER 30, 2014 (z) | | SEPTEMBER 30, 2013 (z) | | SEPTEMBER 30, 2012 (z)# |
Net asset value, beginning |
| $16.01 |
| | |
| $13.27 |
| |
| $12.42 |
| |
Income from investment operations: | | | | | | | |
Net investment income | .21 |
| | | .19 |
| | .03 |
| |
Net realized and unrealized gain (loss) | 2.70 |
| | | 2.63 |
| | .82 |
| |
Total from investment operations | 2.91 |
| | | 2.82 |
| | .85 |
| |
Distributions from: | | | | | | | |
Net investment income | (.15 | ) | | | (.08 | ) | | — |
| |
Net realized gain | (.37 | ) | | | — |
| | — |
| |
Total distributions | (.52 | ) | | | (.08 | ) | | — |
| |
Total increase (decrease) in net asset value | 2.39 |
| | | 2.74 |
| | .85 |
| |
Net asset value, ending |
| $18.40 |
| | |
| $16.01 |
| |
| $13.27 |
| |
| | | | | | | |
Total return* | 18.51 | % | | | 21.34 | % | | 6.84 | % | |
Ratios to average net assets:A | | | | | | | |
Net investment income | 1.14 | % | | | 1.29 | % | | 1.16 | % | (a) |
Total expenses | .65 | % | | | .72 | % | | .86 | % | (a) |
Expenses before offsets | .60 | % | | | .60 | % | | .60 | % | (a) |
Net expenses | .60 | % | | | .60 | % | | .60 | % | (a) |
Portfolio turnover | 8 | % | | | 14 | % | | 7 | % | |
Net assets, ending (in thousands) |
| $6,151 |
| | |
| $23,218 |
| |
| $12,589 |
| |
| | | | | | | |
| |
A | Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| |
(z) | Per share figures are calculated using the Average Shares Method. |
| |
* | Total return is not annualized for periods of less than one year and does not reflect deduction of any front-end sales charge. |
| |
** | Less than $0.01 per share. |
| |
# | From July 13, 2012 inception. |
See notes to financial statements.
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT 51
EXPLANATION OF FINANCIAL TABLES
SCHEDULE OF INVESTMENTS
The Schedule of Investments is a snapshot of all securities held in the fund at their market value, on the last day of the reporting period. Securities are listed by asset type (e.g., common stock, corporate bonds, U.S. government obligations) and may be further broken down into sub-groups and by industry classification.
STATEMENT OF ASSETS AND LIABILITIES
The Statement of Assets and Liabilities is often referred to as the fund’s balance sheet. It lists the value of what the fund owns, is due and owes on the last day of the reporting period. The fund’s assets include the market value of securities owned, cash, receivables for securities sold and shareholder subscriptions, and receivables for dividends and interest payments that have been earned, but not yet received. The fund’s liabilities include payables for securities purchased and shareholder redemptions, and expenses owed but not yet paid. The statement also reports the fund’s net asset value (NAV) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. This statement is accompanied by a Schedule of Investments. Alternatively, if certain conditions are met, a Statement of Net Assets may be presented in lieu of this statement and the Schedule of Investments.
STATEMENT OF NET ASSETS
The Statement of Net Assets provides a detailed list of the fund’s holdings, including each security’s market value on the last day of the reporting period. The Statement of Net Assets includes a Schedule of Investments. Other assets are added and other liabilities subtracted from the investments total to calculate the fund’s net assets. Finally, net assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) per share.
At the end of the Statement of Net Assets is a table displaying the composition of the fund’s net assets. Paid in Capital is the money invested by shareholders and represents the bulk of net assets. Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the amounts the fund had available to distribute to shareholders as of the statement date. Accumulated Realized Losses will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date -values.
STATEMENT OF OPERATIONS
The Statement of Operations summarizes the fund’s investment income earned and expenses incurred in operating the fund. Investment income includes dividends earned from stocks and interest earned from interest-bearing securities in the fund. Expenses incurred in operating the fund include the advisory fee paid to the investment advisor, administrative services fees, distribution plan expenses (if applicable), transfer agent fees, shareholder servicing expenses, custodial, legal, and audit fees, and the printing and postage expenses related to shareholder reports. Expense offsets (fees paid indirectly) may also be shown. Credits earned from offset arrangements may be used to reduce the fund’s expenses. This statement also shows net gains (losses) realized on the sale of investments and the increase or decrease in the unrealized appreciation (depreciation) on investments held during the period.
52 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
STATEMENT OF CHANGES NET ASSETS
The Statement of Changes in Net Assets shows how the fund’s total net assets changed during the two most recent reporting periods. Changes in the fund’s net assets are attributable to investment operations, distributions and capital share transactions.
The Operations section of the report summarizes information detailed in the Statement of Operations. The Distribution section shows the dividend and capital gain distributions made to shareholders. The amounts shown as distributions in this section may not match the net investment income and realized gains amounts shown in the Operations section because distributions are determined on a tax basis and certain investments or transactions may be treated differently for financial statement and tax purposes. The Capital Share Transactions section shows the amount shareholders invested in the fund, either by purchasing shares or by reinvesting distributions, and the amounts redeemed. The corresponding numbers of shares issued, reinvested and redeemed are shown at the end of the report.
FINANCIAL HIGHLIGHTS
The Financial Highlights table provides a per-share breakdown per class of the components that affect the fund’s net asset value for current and past reporting periods. The table provides total return, total distributions, expense ratios, portfolio turnover and net assets for the applicable period. Total return is a measure of a fund’s performance that encompasses all elements of return: dividends, capital gain distributions and changes in net asset value. Total return is the change in value of an investment over a given period, assuming reinvestment of any dividends and capital gain distributions, expressed as a percentage of the initial investment. Total distributions include distributions from net investment income and net realized gains. Long-term gains are earned on securities held in the fund more than one year. Short-term gains, on the sale of securities held less than one year, are treated as ordinary dividend income for tax purposes. The expense ratio is a fund’s cost of doing business, expressed as a percentage of net assets. These expenses directly reduce returns to shareholders. Portfolio turnover measures the trading activity in a fund’s investment portfolio—how often securities are bought and sold by a fund. Portfolio turnover is affected by market conditions, changes in the size of the fund, the nature of the fund’s investments and the investment style of the portfolio manager.
PROXY VOTING
The Proxy Voting Guidelines of the Calvert Funds that the Fund uses to determine how to vote proxies relating to portfolio securities are provided as an Appendix to the Fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Fund at 1-800-368-2745, by visiting the Calvert website at www.calvert.com; or by visiting the SEC’s website at www.sec.gov.
Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at www.calvert.com and on the SEC’s website at www.sec.gov.
AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
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DIRECTOR AND OFFICER INFORMATION TABLE
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Name & Age | Position with Fund | Position Start Date | Principal Occupation During Last 5 Years | # of Calvert Portfolios Overseen | Other Directorships |
INDEPENDENT TRUSTEES/DIRECTORS |
Rebecca L. Adamson Age: 65 | Trustee Director Director Director | 1989 CSIF 2000 IMPACT 2000 CSIS 2005 CWVF | President of the national non-profit, First People’s Worldwide, formerly First Nations Financial Project. Founded by her in 1980, First People’s Worldwide is the only American Indian alternative development institute in the country. | 16 | |
Richard L. Baird, Jr. Age: 66 | Trustee & Chair Director & Chair Director & Chair Director & Chair | 1982 CSIF 2000 CSIS 2005 CWVF 2005 Impact | Former President and CEO of Adagio Health, Inc. in Pittsburgh, PA, a non-profit corporation which provides family planning services, nutrition, maternal/child health care, and various health screening services and community preventive health programs (retired 8/14). | 24 | |
John G. Guffey, Jr. Age: 66 | Director Trustee Director Director | 1992 CWVF 1982 CSIF 2000 CSIS 2005 IMPACT | President of Aurora Press Inc., a privately held publisher of trade paperbacks. | 24 | • Calvert Social Investment Foundation |
Miles Douglas Harper, III Age: 51 | Director Trustee Director Director | 2000 Impact 2005 CSIF 2005 CSIS 2005 CWVF | Partner, Carr, Riggs & Ingram (public accounting firm) since September 2013. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr, Riggs & Ingram, LLC), 1999-2013. | 16 | Bridgeway Funds (14) |
Joy V. Jones Age: 64 | Director Trustee Director Director | 2000 Impact 1990 CSIF 2000 CSIS 2005 CWVF | Attorney | 16 | • Director, Conduit Street Restaurants Limited• Director, Palm Management Corporation |
54 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
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Name & Age | Position with Fund | Position Start Date | Principal Occupation During Last 5 Years | # of Calvert Portfolios Overseen | Other Directorships |
Terrence J. Mollner, Ed.D. Age: 69 | Director Trustee Director Director | 1992 CWVF 1982 CSIF 2000 CSIS 2005 IMPACT | Founder, Chairperson and President of Trusteeship Institute, an educational organization focused on the personal skills and organizations described in Dr. Mollner’s book, The Love Skill: We Are Mastering the 7 Layers of Human Maturity, particularly businesses that freely chose to give priority to the common good. Chairperson, Stakeholders Capital, Inc., an asset management firm and financial services provider. | 16 | • Calvert Social Investment Foundation• Ben & Jerry’s Homemade, Inc. |
Sydney Amara Morris Age: 65 | Trustee Director Director Director | 1982 CSIF 2000 CSIS 2005 CWVF 2005 IMPACT | The Rev. Dr. Morris is a Unitarian Universalist minister. | 16 | |
INTERESTED TRUSTEES/DIRECTORS |
Barbara J. Krumsiek* Age: 62 | Director & President Trustee & President Director & President Director & President | 1997 CWVF 1997 CSIF 2000 CSIS 2000 Impact | President, Chief Executive Officer and Chair of Calvert Investments, Inc. | 40 | • Calvert Social Investment Foundation• Acacia Life Insurance Company (through 4/29/12) |
D. Wayne Silby, Esq.* Age: 66 | Director Trustee Director Director | 1992 CWVF 1982 CSIF 2000 CSIS 2000 Impact | Mr. Silby is the founding Chair of the Calvert Funds. He is the Chair and a principal of Syntao.com, a Beijing-based company promoting corporate social responsibility. | 24 | • Ameritas Mutual Holding Company• Calvert Social Investment Foundation |
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED) 55
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Name & Age | Position with Fund | Position Start Date | Principal Occupation During Last 5 Years |
OFFICERS |
Karen Becker Age: 61 | Chief Compliance Officer | 2005 | Chief Compliance Officer for the Calvert Funds. |
Susan Walker Bender, Esq. Age: 55 | Assistant Vice President & Assistant Secretary | 1988 CSIF 2000 CSIS 1992 CWVF 2000 Impact | Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Investments, Inc. |
Thomas Dailey Age: 50 | Vice President | 2004 | Vice President of Calvert Investment Management, Inc. and lead portfolio manager of Calvert’s tax-exempt funds. |
Matthew Duch Age: 39 | Vice President | 2011 | Vice President of Calvert Investment Management, Inc. (since 2011) and portfolio manager for Calvert’s taxable fixed-income funds. |
Ivy Wafford Duke, Esq. Age: 46 | Assistant Vice President & Assistant Secretary | 1996 CSIF 2000 CSIS 1996 CWVF 2000 Impact | Vice President, Assistant Secretary and Deputy General Counsel of Calvert Investments, Inc., and Chief Compliance Officer for Calvert Investment Management, Inc. and Calvert Investment Distributors, Inc. |
Robert J. Enderson, CFA Age: 56 | Assistant Treasurer | 2014 | Acting Chief Financial Officer (since September 2014) and Vice President, Corporate Finance, of Calvert Investments, Inc. |
Patrick Faul Age: 49 | Vice President | 2009 | Vice President of and Head of Credit Research for Calvert Investment Management, Inc. |
Traci L. Goldt Age: 41 | Assistant Secretary | 2004 | Electronic Filing and Administrative Operations Manager (since 2011) and Executive Assistant to General Counsel, Calvert Investments, Inc (prior to 2011). |
Hui Ping Ho, CPA Age: 49 | Assistant Treasurer | 2000 | Assistant Treasurer and Tax Compliance Manager of Calvert Investments, Inc. |
Vishal Khanduja Age: 36 | Vice President | 2014 | Vice President of Calvert Investment Management, Inc. (since 2014) and portfolio manager for Calvert’s taxable fixed-income funds since 2012. Previously worked at Columbia Management as Portfolio Manager Ð Global Rates and Currency Team (2009-2012). |
Lancelot A. King, Esq. Age: 44 | Assistant Vice President & Assistant Secretary | 2002 | Assistant Vice President, Assistant Secretary and Associate General Counsel of Calvert Investments, Inc. |
56 www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
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Name & Age | Position with Fund | Position Start Date | Principal Occupation During Last 5 Years |
Augusto Divo Macedo, Esq. Age: 51 | Assistant Vice President & Assistant Secretary | 2007 | Assistant Vice President, Assistant Secretary, and Assistant General Counsel Compliance of Calvert Investments, Inc. |
Andrew K. Niebler, Esq. Age: 47 | Assistant Vice President & Assistant Secretary | 2006 | Assistant Vice President, Assistant Secretary & Associate General Counsel of Calvert Investments, Inc. |
Catherine P. Roy Age: 58 | Vice President | 2004 | Senior Vice President of Calvert Investment Management, Inc. and Chief Investment Officer Ð Fixed Income. |
William M. Tartikoff, Esq. Age: 67 | Vice President & Secretary | 1990 CSIF 2000 CSIS 1992 CWVF 2000 Impact | Senior Vice President, Secretary, and General Counsel of Calvert Investments, Inc. |
Natalie Trunow Age: 46 | Vice President | 2008 | Senior Vice President of Calvert Investment Management, Inc., and Chief Investment Officer - Equities. |
Michael V. Yuhas Jr., CPA Age: 53 | Assistant Treasurer & Fund Controller | 1999 CSIF 2000 CSIS 1999 CWVF 2000 Impact | Vice President of Fund Administration of Calvert Investment Administrative Services, Inc. |
* The address of Trustees/Directors and Officers is 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814, except Mr. Silby’s address is 1715 18th Street, N.W., Washington, DC 20009. Ms. Krumsiek is an interested person of the Fund since she is an officer and director of the Fund’s advisor and certain affiliates. Mr. Silby is an interested person of the Fund since he is a director of the parent company of the Fund’s advisor. Additional information about the Fund’s Trustees/Directors can be found in the Statement of Additional Information (SAI). You can get a free copy of the SAI at www.calvert.com, or by contacting your broker, or the Fund at 1-800-368-2745. |
www.calvert.com CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED) 57
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Protecting Your Privacy Your relationship with us is important. Please take time to review this statement about our privacy policies with existing and former customers. We do not disclose any non-public personal information about our customers to anyone, except as permitted by law.
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Your privacy is a top priority.
You have shared personal and financial information with us:
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• | information we receive from you on applications or other forms, such as your name, address, social security number, assets and income; and |
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• | information about your transactions with us, our affiliates or others, such as your account balance, payment history and parties to transactions. |
We use this information to provide our products and services to you, and to assist you in achieving your financial goals. We promise to protect the security, privacy and use of your personal and financial information, including account and transaction details.
Your information is shared only in limited ways and for specific purposes.
We do not currently share your information with affiliates in the Calvert and the Ameritas Companies; however, we reserve the right to do so. Also, we may disclose information we collect to companies that perform administrative or marketing services on our behalf, such as transfer agents, or printers and mailers that assist us in the distribution of materials, or others as permitted by law, in order to:
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• | provide you with faster, more comprehensive service, and |
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• | implement security measures and fight fraud for your continued -protection. |
Calvert does not give or sell information about you or your accounts to any other company, individual or group. However, governmental agencies, regulatory authorities and other entities may have access to such information if permitted by law.
The products and services you use are delivered in a secure environment.
Whether you use automated telephone capabilities or the Internet, you can feel confident that we employ security measures that are appropriate to each technology. For more information on Internet-specific privacy and security measures, please visit our Web site at www.calvert.com.
Keeping your personal information accurate and current is a vital concern.
We strive to keep your personal and financial information accurate. If you believe that our records are incorrect or out of date, please notify us by contacting Client Services at 800.368.2745 and we will make any necessary corrections.
Employee access to your information is limited.
Our employees have limited access to shareholder information based on their job function. This enables them to assist you in completing transactions, obtaining additional information about our products and resolving any problems that might arise. All employees are instructed to use the strict standards of care outlined in Calvert’s confidentiality rules.
Employees who do not conform to Calvert’s confidentiality rules are subject to disciplinary actions that may include dismissal.
Your privacy preferences will be respected.
Since your financial needs change and our financial products are continually developing, we may contact you to determine if we can be of additional service to you. Most of our shareholders appreciate hearing about our new offerings and choose to continue to do so. If you have additional questions about these policies, please call Client Services at 800.368.2745.
This notice is subject to change.
Created on 02-05-01
Revised 2-16-10
Combined General Mailings (Householding)
Multiple accounts held directly with Calvert that have the same social security number will receive one mailing per household of information such as prospectuses and semi-annual and annual reports. Call Calvert client services at 800-368-2745 to request further grouping of accounts to receive fewer mailings, or to request that each account still receive a separate mailing. Separate statements will be generated for each separate account and will be mailed in one envelope for each combination above. Multiple accounts held through a broker/dealer (or other financial intermediary) that share the same household address may receive one mailing.
[Not part of certified shareholder report]
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To Open an Account
800-368-2748
Service for Existing Account
Shareholders: 800-368-2745
Brokers: 800-368-2746
TDD for Hearing Impaired
800-541-1524
Registered Mail
Calvert Investments
c/o BFDS,
P.O. Box 219544
Kansas City, MO 64121-9544
Overnight Mail
Calvert Investments
c/o BFDS,
330 West 9th Street
Kansas City, MO 64105
Web Site
www.calvert.com
Principal Underwriter
Calvert Investment Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
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CALVERT SOCIAL INDEX FUND | CALVERT'S FAMILY OF FUNDS | | |
| Municipal Funds Tax-Free Bond Fund | | Equity Funds Large Cap Core Portfolio Equity Portfolio Large Cap Value Fund Social Index Fund Capital Accumulation Fund International Equity Fund Small Cap Fund Global Alternative Energy Fund Global Water Fund International Opportunities Fund Equity Income Fund Emerging Markets Equity Fund |
| Taxable Bond Funds Bond Portfolio Income Fund Short Duration Income Fund Long-Term Income Fund Ultra-Short Income Fund Government Fund High Yield Bond Fund Green Bond Fund Unconstrained Bond Fund Balanced and Asset Allocation Funds Balanced Portfolio Conservative Allocation Fund Moderate Allocation Fund Aggressive Allocation Fund | |
This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Calvert Funds. This and other important information is contained in the fund’s summary prospectus and prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call Calvert at 800/368-2748 or visit www. calvert.com.
Printed on recycled paper using soy inks
Item 2. Code of Ethics.
(a) The registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer and principal financial officer (also referred to as “principal accounting officer”).
(b) No information need be disclosed under this paragraph.
(c) The registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.
(d) The registrant has not granted a waiver or implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.
(e) Not applicable.
(f) The registrant's Code of Ethics is attached as an Exhibit hereto.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Miles D. Harper, III, an "independent" Director serving on the registrant's audit committee, is an "audit committee financial expert," as defined in Item 3 of Form N-CSR. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Directors in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
Services fees paid to auditing firm:
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| Fiscal Year ended 9/30/14 | Fiscal Year ended 9/30/13 |
| $ | %* | $ | % * |
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(a) Audit Fees | $18,372 | 0% | $17,435 | 0% |
(b) Audit-Related Fees | $0 | 0% | $0 | 0% |
(c) Tax Fees (tax return preparation and filing for the registrant) | $3,030 | 0% | $2,920 | 0% |
(d) All Other Fees | $0 | 0% | $0 | 0% |
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Total | $21,402 | 0% | $20,355 | 0% |
* Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimis waiver of Committee’s requirement to pre-approve)
(e) Audit Committee pre-approval policies and procedures:
The Audit Committee is required to pre-approve all audit and non-audit services provided to the registrant by the auditors, and to the registrant’s investment advisor, and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant. In determining whether to pre-approve non-audit services, the Audit Committee considers whether the services are consistent with maintaining the independence of the auditors. The Committee may delegate its authority to pre-approve certain matters to one or more of its members. In this regard, the Committee has delegated authority jointly to the Audit Committee Chair together with another Committee member with respect to non-audit services not exceeding $25,000 in each instance. In addition, the Committee has pre-approved the retention of the auditors to provide tax-related services related to the tax treatment and tax accounting of newly acquired securities, upon request by the investment advisor in each instance.
(f) Not applicable.
(g) Aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment advisor, and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant for each of the last two fiscal years of the registrant:
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Fiscal Year ended 9/30/14 | Fiscal Year ended 9/30/13 |
$28,146 | 0%* | $292,500 | 0%* |
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* Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimis waiver of Committee’s requirement to pre-approve)
(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment advisor, and any entity controlling, controlled by, or under common control with the investment advisor that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c) (7)(ii) of Rule 2-01 of Reg. S-X is compatible with maintaining the principal accountant’s independence and found that the provision of such services is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
(a) This Schedule is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
No material changes were made to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors since registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures.
(a) The principal executive and financial officers concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) were effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act, as of a date within 90 days of the filing date of this report.
(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 12 Exhibits.
(a)(1) A copy of the Registrant’s Code of Ethics.
Attached hereto.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2).
Attached hereto.
(a)(3) Not applicable.
(b) A certification for the registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached hereto. The certification furnished pursuant to this paragraph is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates it by reference.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CALVERT SOCIAL INDEX SERIES, INC.
By: /s/ Barbara J. Krumsiek
Barbara J. Krumsiek
President -- Principal Executive Officer
Date: November 24, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ Barbara J. Krumsiek
Barbara J. Krumsiek
President -- Principal Executive Officer
Date: November 24, 2014
/s/ Robert J. Enderson
Robert J. Enderson
Assistant Treasurer -- Principal Financial Officer
Date: November 24, 2014