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: 811-06563
CALVERT WORLD VALUES FUND, INC.
(Exact Name of Registrant as Specified in Charter)
1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(202) 238-2200
(Registrant’s Telephone Number)
September 30
Date of Fiscal Year End
September 30, 2020
Date of Reporting Period
Item 1. | Reports to Stockholders |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img4a7f2a7c1.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img1d6963802.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 10/31/1994 | 10/31/1994 | 3.20% | 6.97% | 10.29% |
Class A with 4.75% Maximum Sales Charge | — | — | (1.70) | 5.93 | 9.76 |
Class C at NAV | 10/31/1994 | 10/31/1994 | 2.40 | 6.17 | 9.44 |
Class C with 1% Maximum Sales Charge | — | — | 1.45 | 6.17 | 9.44 |
Class I at NAV | 06/03/2003 | 10/31/1994 | 3.45 | 7.34 | 10.84 |
Russell Midcap® Index | — | — | 4.55% | 10.12% | 11.75% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 1.30% | 2.05% | 1.05% |
Net | 1.18 | 1.93 | 0.93 |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img74c27f8e3.jpg)
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 09/30/2010 | $24,666 | N.A. |
Class I | $250,000 | 09/30/2010 | $699,970 | N.A. |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041imgd4c828904.jpg)
Top 10 Holdings (% of net assets)* | |
Black Knight, Inc. | 2.5% |
ANSYS, Inc. | 2.4 |
Broadridge Financial Solutions, Inc. | 2.3 |
Xcel Energy, Inc. | 2.2 |
Electronic Arts, Inc. | 2.1 |
Stanley Black & Decker, Inc. | 2.1 |
Agilent Technologies, Inc. | 2.1 |
IHS Markit, Ltd. | 2.1 |
Cognizant Technology Solutions Corp., Class A | 2.0 |
ServiceMaster Global Holdings, Inc. | 2.0 |
Total | 21.8% |
* | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | Russell Midcap® Index is an unmanaged index of U.S. mid-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
Fund profile subject to change due to active management. | |
Additional Information | |
S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Dow Jones Industrial Average® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones |
Beginning Account Value (4/1/20) | Ending Account Value (9/30/20) | Expenses Paid During Period* (4/1/20 – 9/30/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,273.30 | $ 6.71** | 1.18% |
Class C | $1,000.00 | $1,269.10 | $10.95 ** | 1.93% |
Class I | $1,000.00 | $1,274.90 | $ 5.29** | 0.93% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.10 | $ 5.96** | 1.18% |
Class C | $1,000.00 | $1,015.35 | $ 9.72** | 1.93% |
Class I | $1,000.00 | $1,020.35 | $ 4.70** | 0.93% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2020. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Common Stocks — 99.0% |
Security | Shares | Value | |
Auto Components — 0.8% | |||
Aptiv PLC | 20,393 | $ 1,869,630 | |
$ 1,869,630 | |||
Banks — 0.7% | |||
First Republic Bank | 15,222 | $ 1,660,111 | |
$ 1,660,111 | |||
Beverages — 1.3% | |||
Coca-Cola European Partners PLC | 81,232 | $ 3,152,614 | |
$ 3,152,614 | |||
Biotechnology — 1.6% | |||
Emergent BioSolutions, Inc.(1) | 35,406 | $ 3,658,502 | |
$ 3,658,502 | |||
Building Products — 2.0% | |||
AZEK Co., Inc. (The)(1) | 69,189 | $ 2,408,469 | |
Trex Co., Inc.(1) | 31,204 | 2,234,207 | |
$ 4,642,676 | |||
Capital Markets — 2.6% | |||
Cboe Global Markets, Inc. | 27,410 | $ 2,404,953 | |
Tradeweb Markets, Inc., Class A | 62,115 | 3,602,670 | |
$ 6,007,623 | |||
Commercial Services & Supplies — 2.6% | |||
Republic Services, Inc. | 33,558 | $ 3,132,639 | |
Tetra Tech, Inc. | 31,921 | 3,048,456 | |
$ 6,181,095 | |||
Communications Equipment — 1.7% | |||
Motorola Solutions, Inc. | 26,089 | $ 4,091,016 | |
$ 4,091,016 | |||
Containers & Packaging — 4.8% | |||
AptarGroup, Inc. | 39,360 | $ 4,455,552 | |
Ball Corp. | 49,199 | 4,089,421 | |
Packaging Corp. of America | 24,973 | 2,723,306 | |
$ 11,268,279 | |||
Diversified Consumer Services — 2.0% | |||
ServiceMaster Global Holdings, Inc.(1) | 115,188 | $ 4,593,697 | |
$ 4,593,697 |
Security | Shares | Value | |
Electric Utilities — 2.2% | |||
Xcel Energy, Inc. | 75,583 | $ 5,215,983 | |
$ 5,215,983 | |||
Electrical Equipment — 1.9% | |||
AMETEK, Inc. | 45,236 | $ �� 4,496,458 | |
$ 4,496,458 | |||
Electronic Equipment, Instruments & Components — 1.3% | |||
Zebra Technologies Corp., Class A(1) | 12,298 | $ 3,104,753 | |
$ 3,104,753 | |||
Energy Equipment & Services — 0.8% | |||
Baker Hughes Co. | 136,394 | $ 1,812,676 | |
$ 1,812,676 | |||
Entertainment — 2.1% | |||
Electronic Arts, Inc.(1) | 38,336 | $ 4,999,398 | |
$ 4,999,398 | |||
Equity Real Estate Investment Trusts (REITs) — 5.6% | |||
Digital Realty Trust, Inc. | 23,428 | $ 3,438,293 | |
Extra Space Storage, Inc. | 39,924 | 4,271,469 | |
Lamar Advertising Co., Class A | 23,940 | 1,584,110 | |
Mid-America Apartment Communities, Inc. | 32,243 | 3,738,576 | |
$ 13,032,448 | |||
Food & Staples Retailing — 0.8% | |||
Performance Food Group Co.(1) | 55,769 | $ 1,930,723 | |
$ 1,930,723 | |||
Food Products — 1.7% | |||
Nomad Foods, Ltd.(1) | 154,186 | $ 3,928,659 | |
$ 3,928,659 | |||
Health Care Equipment & Supplies — 4.2% | |||
Cooper Cos., Inc. (The) | 7,287 | $ 2,456,593 | |
Haemonetics Corp.(1) | 46,556 | 4,062,011 | |
Teleflex, Inc. | 9,740 | 3,315,691 | |
$ 9,834,295 | |||
Health Care Providers & Services — 4.6% | |||
Amedisys, Inc.(1) | 9,154 | $ 2,164,280 | |
Centene Corp.(1) | 60,951 | 3,555,272 | |
Chemed Corp. | 5,100 | 2,449,785 | |
LHC Group, Inc.(1) | 11,762 | 2,500,131 | |
$ 10,669,468 |
Security | Shares | Value | |
Health Care Technology — 1.2% | |||
Accolade, Inc.(1) | 69,583 | $ 2,704,691 | |
$ 2,704,691 | |||
Independent Power and Renewable Electricity Producers — 0.6% | |||
NextEra Energy Partners, L.P. | 21,638 | $ 1,297,415 | |
$ 1,297,415 | |||
Insurance — 7.0% | |||
Alleghany Corp. | 5,561 | $ 2,894,223 | |
Allstate Corp. (The) | 28,287 | 2,662,938 | |
Assurant, Inc. | 28,291 | 3,431,981 | |
First American Financial Corp. | 46,710 | 2,378,006 | |
RLI Corp. | 27,299 | 2,285,745 | |
Travelers Cos., Inc. (The) | 26,126 | 2,826,572 | |
$ 16,479,465 | |||
Interactive Media & Services — 1.3% | |||
IAC/InterActiveCorp. (1) | 15,318 | $ 1,834,790 | |
Match Group, Inc.(1) | 11,766 | 1,301,908 | |
$ 3,136,698 | |||
Internet & Direct Marketing Retail — 0.3% | |||
Chewy, Inc., Class A(1)(2) | 14,210 | $ 779,134 | |
$ 779,134 | |||
IT Services — 7.3% | |||
Black Knight, Inc.(1) | 66,509 | $ 5,789,609 | |
Broadridge Financial Solutions, Inc. | 41,313 | 5,453,316 | |
Cognizant Technology Solutions Corp., Class A | 67,558 | 4,689,876 | |
WEX, Inc.(1) | 8,058 | 1,119,820 | |
$ 17,052,621 | |||
Leisure Products — 0.3% | |||
Brunswick Corp. | 13,353 | $ 786,625 | |
$ 786,625 | |||
Life Sciences Tools & Services — 2.1% | |||
Agilent Technologies, Inc. | 48,625 | $ 4,908,208 | |
$ 4,908,208 | |||
Machinery — 3.7% | |||
Fortive Corp. | 49,026 | $ 3,736,271 | |
Stanley Black & Decker, Inc. | 30,529 | 4,951,804 | |
$ 8,688,075 |
Security | Shares | Value | |
Multiline Retail — 1.5% | |||
Dollar General Corp. | 16,499 | $ 3,458,520 | |
$ 3,458,520 | |||
Multi-Utilities — 3.8% | |||
CMS Energy Corp. | 71,372 | $ 4,382,954 | |
Sempra Energy | 37,327 | 4,418,024 | |
$ 8,800,978 | |||
Pharmaceuticals — 2.0% | |||
Jazz Pharmaceuticals PLC(1) | 26,479 | $ 3,775,641 | |
Royalty Pharma PLC, Class A | 23,528 | 989,823 | |
$ 4,765,464 | |||
Professional Services — 5.1% | |||
Dun & Bradstreet Holdings, Inc.(1) | 61,254 | $ 1,571,778 | |
FTI Consulting, Inc.(1) | 17,172 | 1,819,717 | |
IHS Markit, Ltd. | 62,260 | 4,888,033 | |
Verisk Analytics, Inc. | 19,140 | 3,546,833 | |
$ 11,826,361 | |||
Semiconductors & Semiconductor Equipment — 4.7% | |||
Analog Devices, Inc. | 25,013 | $ 2,920,018 | |
NXP Semiconductors NV | 21,459 | 2,678,298 | |
Skyworks Solutions, Inc. | 27,138 | 3,948,579 | |
Teradyne, Inc. | 19,433 | 1,544,146 | |
$ 11,091,041 | |||
Software — 4.7% | |||
ANSYS, Inc.(1) | 17,482 | $ 5,720,635 | |
Bill.com Holdings, Inc.(1) | 25,621 | 2,570,042 | |
Everbridge, Inc.(1)(2) | 8,761 | 1,101,520 | |
JFrog, Ltd.(1) | 2,638 | 223,307 | |
nCino, Inc.(1)(2) | 18,313 | 1,459,180 | |
$ 11,074,684 | |||
Specialty Retail — 5.9% | |||
AutoZone, Inc.(1) | 3,356 | $ 3,952,160 | |
Best Buy Co., Inc. | 38,723 | 4,309,483 | |
National Vision Holdings, Inc.(1) | 88,156 | 3,371,085 | |
Ross Stores, Inc. | 22,469 | 2,096,807 | |
$ 13,729,535 | |||
Technology Hardware, Storage & Peripherals — 1.4% | |||
HP, Inc. | 171,723 | $ 3,261,020 | |
$ 3,261,020 |
Security | Shares | Value | |
Textiles, Apparel & Luxury Goods — 0.8% | |||
Gildan Activewear, Inc.(2) | 93,052 | $ 1,830,333 | |
$ 1,830,333 | |||
Total Common Stocks (identified cost $190,449,055) | $ 231,820,972 |
High Social Impact Investments — 0.5% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(3)(4) | $ | 697 | $ 693,370 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/20(4)(5) | 309 | 299,124 | |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20(4)(5) | 398 | 343,291 | |
Total High Social Impact Investments (identified cost $1,403,903) | $ 1,335,785 |
Short-Term Investments — 1.3% | |||
Other — 0.4% | |||
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.13%(6) | 922,571 | $ 922,663 | |
Total Other (identified cost $922,694) | $ 922,663 | ||
Securities Lending Collateral — 0.9% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%(7) | 2,045,902 | $ 2,045,902 | |
Total Securities Lending Collateral (identified cost $2,045,902) | $ 2,045,902 | ||
Total Short-Term Investments (identified cost $2,968,596) | $ 2,968,565 | ||
Total Investments — 100.8% (identified cost $194,821,554) | $ 236,125,322 | ||
Other Assets, Less Liabilities — (0.8)% | $ (1,899,469) | ||
Net Assets — 100.0% | $ 234,225,853 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | Non-income producing security. | |
(2) | All or a portion of this security was on loan at September 30, 2020. The aggregate market value of securities on loan at September 30, 2020 was $3,124,662. | |
(3) | Affiliated company (see Note 7). | |
(4) | Restricted security. Total market value of restricted securities amounts to $1,335,785, which represents 0.5% of the net assets of the Fund as of September 30, 2020. | |
(5) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at September 30, 2020. | |
(6) | Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2020. | |
(7) | Represents investment of cash collateral received in connection with securities lending. |
Description | Acquisition Dates | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | $696,903 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/20 | 11/13/15 | 309,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20 | 11/13/15 | 398,000 |
September 30, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $193,201,957) - including $3,124,662 of securities on loan | $ 234,509,289 |
Investments in securities of affiliated issuers, at value (identified cost $1,619,597) | 1,616,033 |
Receivable for capital shares sold | 330,421 |
Dividends and interest receivable | 221,691 |
Dividends and interest receivable - affiliated | 8,387 |
Securities lending income receivable | 1,354 |
Directors' deferred compensation plan | 142,008 |
Total assets | $236,829,183 |
Liabilities | |
Payable for capital shares redeemed | $ 99,734 |
Deposits for securities loaned | 2,045,902 |
Payable to affiliates: | |
Investment advisory fee | 123,973 |
Administrative fee | 22,887 |
Distribution and service fees | 37,731 |
Sub-transfer agency fee | 11,798 |
Directors' deferred compensation plan | 142,008 |
Other | 14,318 |
Accrued expenses | 104,979 |
Total liabilities | $ 2,603,330 |
Net Assets | $234,225,853 |
Sources of Net Assets | |
Paid-in capital | $ 195,687,390 |
Distributable earnings | 38,538,463 |
Total | $234,225,853 |
Class A Shares | |
Net Assets | $ 149,111,978 |
Shares Outstanding | 4,390,751 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 33.96 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 35.65 |
Class C Shares | |
Net Assets | $ 8,786,810 |
Shares Outstanding | 388,132 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 22.64 |
September 30, 2020 | |
Class I Shares | |
Net Assets | $76,327,065 |
Shares Outstanding | 1,872,005 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 40.77 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended | |
September 30, 2020 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $7,887) | $ 2,854,100 |
Dividend income - affiliated issuers | 911 |
Interest income | 12,743 |
Interest income - affiliated issuers | 15,916 |
Securities lending income, net | 24,701 |
Total investment income | $2,908,371 |
Expenses | |
Investment advisory fee | $ 1,422,676 |
Administrative fee | 262,648 |
Distribution and service fees: | |
Class A | 370,416 |
Class C | 109,485 |
Directors' fees and expenses | 9,054 |
Custodian fees | 5,053 |
Transfer agency fees and expenses | 319,906 |
Accounting fees | 47,041 |
Professional fees | 34,593 |
Registration fees | 58,519 |
Reports to shareholders | 26,416 |
Miscellaneous | 29,711 |
Total expenses | $2,695,518 |
Waiver and/or reimbursement of expenses by affiliate | $ (174,612) |
Reimbursement of expenses - other | (3,135) |
Net expenses | $2,517,771 |
Net investment income | $ 390,600 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ (817,937) |
Investment securities - affiliated issuers | 126 |
Foreign currency transactions | (565) |
Net realized loss | $ (818,376) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 9,092,940 |
Investment securities - affiliated issuers | 10,293 |
Foreign currency | 4 |
Net change in unrealized appreciation (depreciation) | $9,103,237 |
Net realized and unrealized gain | $8,284,861 |
Net increase in net assets from operations | $8,675,461 |
Year Ended September 30, | ||
2020 | 2019 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 390,600 | $ 707,838 |
Net realized gain (loss) | (818,376) | 12,080,437 |
Net change in unrealized appreciation (depreciation) | 9,103,237 | (1,504,174) |
Net increase in net assets from operations | $ 8,675,461 | $ 11,284,101 |
Distributions to shareholders: | ||
Class A | $ (8,276,383) | $ (9,307,133) |
Class C | (1,104,384) | (1,293,432) |
Class I | (2,242,939) | (4,175,285) |
Total distributions to shareholders | $ (11,623,706) | $ (14,775,850) |
Capital share transactions: | ||
Class A | $ (4,811,134) | $ 882,077 |
Class C | (5,091,318) | (2,030,602) |
Class I | 28,003,139 | (43,573,385) |
Net increase (decrease) in net assets from capital share transactions | $ 18,100,687 | $ (44,721,910) |
Net increase (decrease) in net assets | $ 15,152,442 | $ (48,213,659) |
Net Assets | ||
At beginning of year | $ 219,073,411 | $ 267,287,070 |
At end of year | $234,225,853 | $219,073,411 |
Class A | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 34.69 | $ 34.84 | $ 33.40 | $ 29.68 | $ 33.41 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.05 | $ 0.09 | $ 0.07 | $ 0.20 | $ 0.02(2) |
Net realized and unrealized gain (loss) | 1.07 | 1.85 | 4.59 | 3.68 | (0.67) |
Total income (loss) from operations | $ 1.12 | $ 1.94 | $ 4.66 | $ 3.88 | $ (0.65) |
Less Distributions | |||||
From net investment income | $ (0.03) | $ (0.08) | $ (0.04) | $ (0.15) | $ — |
From net realized gain | (1.82) | (2.01) | (3.18) | (0.01) | (3.08) |
Total distributions | $ (1.85) | $ (2.09) | $ (3.22) | $ (0.16) | $ (3.08) |
Net asset value — End of year | $ 33.96 | $ 34.69 | $ 34.84 | $ 33.40 | $ 29.68 |
Total Return(3) | 3.20% | 6.56% | 15.04% | 13.11% | (2.08)% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $149,112 | $158,005 | $157,046 | $159,951 | $192,402 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.26% | 1.30% | 1.28% | 1.34% | 1.37% |
Net expenses | 1.18% | 1.19% | 1.21% | 1.21% | 1.31% |
Net investment income | 0.15% | 0.27% | 0.22% | 0.64% | 0.07% (2) |
Portfolio Turnover | 70% | 83% | 62% | 162% | 199% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.001 per share and 0% of average net assets. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class C | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 23.83 | $ 24.65 | $ 24.55 | $ 21.87 | $ 25.62 |
Income (Loss) From Operations | |||||
Net investment loss(1) | $ (0.14) | $ (0.11) | $ (0.12) | $ (0.03) | $ (0.16)(2) |
Net realized and unrealized gain (loss) | 0.73 | 1.23 | 3.27 | 2.72 | (0.51) |
Total income (loss) from operations | $ 0.59 | $ 1.12 | $ 3.15 | $ 2.69 | $ (0.67) |
Less Distributions | |||||
From net realized gain | $ (1.78) | $ (1.94) | $ (3.05) | $ (0.01) | $ (3.08) |
Total distributions | $ (1.78) | $ (1.94) | $ (3.05) | $ (0.01) | $ (3.08) |
Net asset value — End of year | $22.64 | $ 23.83 | $ 24.65 | $ 24.55 | $ 21.87 |
Total Return(3) | 2.40% | 5.77% | 14.20% | 12.29% | (2.87)% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 8,787 | $14,535 | $17,043 | $18,146 | $22,885 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 2.01% | 2.05% | 2.03% | 2.18% | 2.16% |
Net expenses | 1.93% | 1.94% | 1.96% | 1.96% | 2.09% |
Net investment loss | (0.62)% | (0.49)% | (0.53)% | (0.12)% | (0.72)% (2) |
Portfolio Turnover | 70% | 83% | 62% | 162% | 199% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.001 per share and 0% of average net assets. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class I | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 41.25 | $ 40.97 | $ 38.70 | $ 34.38 | $ 38.05 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.16 | $ 0.21 | $ 0.23 | $ 0.41 | $ 0.19(2) |
Net realized and unrealized gain (loss) | 1.27 | 2.24 | 5.37 | 4.22 | (0.78) |
Total income (loss) from operations | $ 1.43 | $ 2.45 | $ 5.60 | $ 4.63 | $ (0.59) |
Less Distributions | |||||
From net investment income | $ (0.09) | $ (0.16) | $ (0.15) | $ (0.30) | $ — |
From net realized gain | (1.82) | (2.01) | (3.18) | (0.01) | (3.08) |
Total distributions | $ (1.91) | $ (2.17) | $ (3.33) | $ (0.31) | $ (3.08) |
Net asset value — End of year | $ 40.77 | $ 41.25 | $ 40.97 | $ 38.70 | $ 34.38 |
Total Return(3) | 3.45% | 6.85% | 15.48% | 13.53% | (1.64)% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $76,327 | $46,533 | $93,198 | $68,748 | $166,759 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.01% | 1.05% | 1.03% | 0.88% | 0.86% |
Net expenses | 0.93% | 0.91% | 0.86% | 0.86% | 0.84% |
Net investment income | 0.40% | 0.54% | 0.59% | 1.14% | 0.55% (2) |
Portfolio Turnover | 70% | 83% | 62% | 162% | 199% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.001 per share and 0% of average net assets. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 231,820,972(1) | $ — | $ — | $ 231,820,972 |
High Social Impact Investments | — | 1,335,785 | — | 1,335,785 |
Short-Term Investments: | ||||
Other | — | 922,663 | — | 922,663 |
Securities Lending Collateral | 2,045,902 | — | — | 2,045,902 |
Total Investments | $233,866,874 | $2,258,448 | $ — | $236,125,322 |
(1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
Year Ended September 30, | ||
2020 | 2019 | |
Ordinary income | $ 459,239 | $7,811,582 |
Long-term capital gains | $11,164,467 | $6,964,268 |
Undistributed ordinary income | $ 117,751 |
Undistributed long-term capital gains | $ 2,216,832 |
Post October capital losses | $ (3,597,947) |
Net unrealized appreciation | $39,801,827 |
Aggregate cost | $196,323,495 |
Gross unrealized appreciation | $ 44,156,742 |
Gross unrealized depreciation | (4,354,915) |
Net unrealized appreciation | $ 39,801,827 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $2,045,902 | $ — | $ — | $ — | $2,045,902 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $2,605,631 | $ — | $ (2,619,488) | $ — | $ 13,857 | $ — | $ 7,640 | $ — |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | — | 696,903 | — | — | (3,533) | 693,370 | 8,276 | 696,903 |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | — | 29,619,038 | (28,696,470) | 126 | (31) | 922,663 | 911 | 922,571 |
Totals | $ 126 | $10,293 | $1,616,033 | $16,827 |
(1) | Restricted security. |
Year Ended September 30, 2020 | Year Ended September 30, 2019 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 331,253 | $ 10,737,147 | 336,722 | $ 10,998,087 | |
Reinvestment of distributions | 233,552 | 7,959,447 | 299,488 | 8,942,725 | |
Shares redeemed | (742,917) | (23,971,939) | (742,143) | (23,719,620) | |
Converted from Class C | 14,649 | 464,211 | 152,429 | 4,660,885 | |
Net increase (decrease) | (163,463) | $ (4,811,134) | 46,496 | $ 882,077 | |
Class C | |||||
Shares sold | 77,226 | $ 1,750,012 | 220,887 | $ 4,577,767 | |
Reinvestment of distributions | 30,825 | 704,666 | 59,723 | 1,232,088 | |
Shares redeemed | (308,138) | (7,081,785) | (141,161) | (3,179,572) | |
Converted to Class A | (21,816) | (464,211) | (220,894) | (4,660,885) | |
Net decrease | (221,903) | $ (5,091,318) | (81,445) | $ (2,030,602) | |
Class I | |||||
Shares sold | 1,506,537 | $ 56,667,387 | 1,227,687 | $ 47,437,976 | |
Reinvestment of distributions | 51,752 | 2,113,537 | 96,198 | 3,408,286 | |
Shares redeemed | (814,313) | (30,777,785) | (2,470,818) | (94,419,647) | |
Net increase (decrease) | 743,976 | $ 28,003,139 | (1,146,933) | $(43,573,385) |
Calvert World Values Fund, Inc.:
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img35dda7e35.jpg)
November 20, 2020
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Interested Director | ||||
John H. Streur(1) 1960 | Director & President | 2015 | President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015 - December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015 - December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015 - April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc. | |
Independent Directors | ||||
Richard L. Baird, Jr. 1948 | Director | 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None. | |
Alice Gresham Bullock 1950 | Chair & Director | 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None. | |
Cari M. Dominguez 1949 | Director | 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors. | |
John G. Guffey, Jr.(2) 1948 | Director | 1992 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. | |
Miles D. Harper, III 1962 | Director | 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), (November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management). | |
Joy V. Jones 1950 | Director | 2005 | Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation. |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Independent Directors (continued) | ||||
Anthony A. Williams 1951 | Director | 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization). |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) During Past Five Years | |
Principal Officers who are not Directors | ||||
Hope L. Brown 1973 | Chief Compliance Officer | 2014 | Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). | |
Maureen A. Gemma(3) 1960 | Secretary, Vice President and Chief Legal Officer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
James F. Kirchner(3) 1967 | Treasurer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
(1) Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | ||||
(2) Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019. | ||||
(3) The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110. |
• | At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements. |
• | On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates. |
• | We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information. |
• | We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.calvert.com. |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img427b5eb11.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img06ea35c12.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 05/31/2007 | 05/31/2007 | 12.57% | 8.78% | 7.14% |
Class A with 4.75% Maximum Sales Charge | — | — | 7.20 | 7.72 | 6.62 |
Class C at NAV | 07/31/2007 | 05/31/2007 | 11.68 | 7.91 | 6.26 |
Class C with 1% Maximum Sales Charge | — | — | 10.68 | 7.91 | 6.26 |
Class I at NAV | 05/31/2007 | 05/31/2007 | 12.77 | 9.11 | 7.56 |
Class R6 at NAV | 02/01/2019 | 05/31/2007 | 12.87 | 9.13 | 7.57 |
MSCI EAFE Small/Mid Cap Index | — | — | 5.26% | 6.71% | 6.54% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.37% | 2.12% | 1.12% | 1.08% |
Net | 1.34 | 2.09 | 1.09 | 1.05 |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img6336603d3.jpg)
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 09/30/2010 | $18,362 | N.A. |
Class I | $250,000 | 09/30/2010 | $518,250 | N.A. |
Class R6 | $1,000,000 | 09/30/2010 | $2,074,887 | N.A. |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img924b4c8f4.jpg)
Top 10 Holdings (% of net assets)* | |
Sika AG | 1.8% |
Halma PLC | 1.7 |
AddTech AB | 1.6 |
IMCD NV | 1.6 |
Indutrade AB | 1.5 |
Interpump Group SpA | 1.5 |
Diploma PLC | 1.5 |
Nohmi Bosai, Ltd. | 1.4 |
Games Workshop Group PLC | 1.4 |
Nabtesco Corp. | 1.4 |
Total | 15.4% |
* | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | MSCI EAFE Small/Mid Cap Index is an unmanaged index of small & mid-capitalization equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
Fund profile subject to change due to active management. | |
Additional Information | |
MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq's third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. |
Beginning Account Value (4/1/20) | Ending Account Value (9/30/20) | Expenses Paid During Period* (4/1/20 – 9/30/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,343.00 | $ 7.73 | 1.32% |
Class C | $1,000.00 | $1,337.70 | $12.21 | 2.09% |
Class I | $1,000.00 | $1,344.50 | $ 6.27 | 1.07% |
Class R6 | $1,000.00 | $1,344.50 | $ 5.86 | 1.00% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.40 | $ 6.66 | 1.32% |
Class C | $1,000.00 | $1,014.55 | $10.53 | 2.09% |
Class I | $1,000.00 | $1,019.65 | $ 5.40 | 1.07% |
Class R6 | $1,000.00 | $1,020.00 | $ 5.05 | 1.00% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2020. |
Common Stocks — 96.4% |
Security | Shares | Value | |
Australia — 5.2% | |||
Bapcor, Ltd.(1) | 812,121 | $ 3,993,620 | |
BlueScope Steel, Ltd. | 78,093 | 719,534 | |
Bravura Solutions, Ltd.(1) | 1,132,172 | 2,792,503 | |
carsales.com, Ltd. | 213,654 | 3,200,643 | |
Dexus | 348,699 | 2,233,387 | |
Magellan Financial Group, Ltd. | 39,210 | 1,617,176 | |
Steadfast Group, Ltd. | 650,795 | 1,512,990 | |
WiseTech Global, Ltd.(1) | 190,090 | 3,560,331 | |
$ 19,630,184 | |||
Austria — 1.0% | |||
BAWAG Group AG(2)(3) | 71,799 | $ 2,595,865 | |
CA Immobilien Anlagen AG | 43,287 | 1,279,650 | |
$ 3,875,515 | |||
Belgium — 1.2% | |||
Barco NV | 80,045 | $ 1,679,625 | |
KBC Groep NV | 52,986 | 2,657,039 | |
$ 4,336,664 | |||
Canada — 3.3% | |||
Agnico Eagle Mines, Ltd. | 20,591 | $ 1,640,569 | |
Boyd Group Services, Inc. | 14,476 | 2,235,950 | |
BRP, Inc. | 64,475 | 3,406,418 | |
Granite Real Estate Investment Trust | 50,668 | 2,940,650 | |
TMX Group, Ltd. | 21,009 | 2,160,619 | |
$ 12,384,206 | |||
China — 1.3% | |||
China Meidong Auto Holdings, Ltd. | 1,300,851 | $ 5,011,616 | |
$ 5,011,616 | |||
Denmark — 0.5% | |||
Topdanmark A/S | 40,040 | $ 1,938,132 | |
$ 1,938,132 | |||
France — 0.8% | |||
Rubis SCA | 76,111 | $ 3,047,230 | |
$ 3,047,230 | |||
Germany — 5.1% | |||
AIXTRON SE(3) | 175,344 | $ 2,115,619 | |
Carl Zeiss Meditec AG | 19,042 | 2,405,015 | |
Jenoptik AG | 75,161 | 2,015,281 | |
LEG Immobilien AG | 28,290 | 4,032,422 | |
Norma Group SE | 89,141 | 2,762,339 |
Security | Shares | Value | |
Germany (continued) | |||
Rational AG | 3,149 | $ 2,461,809 | |
Salzgitter AG(3) | 13,290 | 219,327 | |
TeamViewer AG(2)(3) | 68,771 | 3,391,774 | |
$ 19,403,586 | |||
Hong Kong — 0.5% | |||
CITIC Telecom International Holdings, Ltd. | 6,117,466 | $ 1,956,897 | |
$ 1,956,897 | |||
Ireland — 3.4% | |||
Irish Residential Properties REIT PLC | 1,676,166 | $ 2,773,401 | |
Kerry Group PLC, Class A | 24,635 | 3,155,387 | |
Kingspan Group PLC(3) | 40,654 | 3,699,768 | |
UDG Healthcare PLC | 313,685 | 3,120,217 | |
$ 12,748,773 | |||
Israel — 0.5% | |||
Amot Investments, Ltd. | 380,367 | $ 1,738,278 | |
$ 1,738,278 | |||
Italy — 6.0% | |||
Amplifon SpA(3) | 105,108 | $ 3,758,703 | |
Banca Farmafactoring SpA(2)(3) | 624,549 | 3,512,483 | |
DiaSorin SpA | 11,515 | 2,316,724 | |
FinecoBank Banca Fineco SpA(3) | 181,719 | 2,502,945 | |
Interpump Group SpA | 151,814 | 5,629,927 | |
MARR SpA(3) | 98,820 | 1,587,862 | |
Moncler SpA(3) | 76,351 | 3,124,400 | |
$ 22,433,044 | |||
Japan — 27.9% | |||
Asahi Co., Ltd. | 72,767 | $ 1,277,918 | |
Chiba Bank, Ltd. (The)(1) | 485,182 | 2,677,106 | |
Daiichikosho Co., Ltd. | 51,958 | 1,668,757 | |
FP Corp.(1) | 105,060 | 4,425,093 | |
Fukuoka Financial Group, Inc. | 132,608 | 2,228,864 | |
Invesco Office J-REIT, Inc. | 19,150 | 2,652,876 | |
Itochu Techno-Solutions Corp. | 136,010 | 5,159,598 | |
J. Front Retailing Co., Ltd.(1) | 343,283 | 2,485,325 | |
Japan Hotel REIT Investment Corp.(1) | 4,507 | 2,226,928 | |
Japan Lifeline Co., Ltd. | 172,333 | 2,286,635 | |
Kewpie Corp. | 84,033 | 1,728,373 | |
Kose Corp. | 19,961 | 2,443,976 | |
K's Holdings Corp. | 242,305 | 3,280,320 | |
Kuraray Co., Ltd. | 383,040 | 3,716,464 | |
Kyoritsu Maintenance Co., Ltd. | 91,678 | 3,402,058 | |
Lion Corp. | 184,906 | 3,795,952 | |
Makita Corp. | 93,844 | 4,491,307 |
Security | Shares | Value | |
Japan (continued) | |||
Mitsui Fudosan Logistics Park, Inc.(1) | 1,037 | $ 4,955,481 | |
Miura Co., Ltd. | 100,686 | 4,938,547 | |
Morinaga & Co., Ltd. | 82,470 | 3,254,167 | |
Nabtesco Corp. | 147,463 | 5,353,845 | |
Nohmi Bosai, Ltd.(1) | 237,280 | 5,442,197 | |
Nomura Co., Ltd. | 336,744 | 2,505,360 | |
OSG Corp. | 175,122 | 2,806,012 | |
Penta-Ocean Construction Co., Ltd. | 592,595 | 3,885,230 | |
Sakata Seed Corp. | 79,937 | 2,870,077 | |
Sankyu, Inc. | 91,832 | 3,626,522 | |
Ship Healthcare Holdings, Inc. | 89,427 | 4,378,998 | |
Sumco Corp. | 203,028 | 2,864,538 | |
Tosei Corp. | 353,300 | 3,288,884 | |
Yamaha Corp. | 105,662 | 5,067,635 | |
$ 105,185,043 | |||
Luxembourg — 0.2% | |||
APERAM S.A. | 21,929 | $ 617,018 | |
$ 617,018 | |||
Netherlands — 3.6% | |||
Aalberts NV | 143,049 | $ 5,143,981 | |
Core Laboratories NV | 16,668 | 254,354 | |
Euronext NV(2) | 17,516 | 2,194,160 | |
IMCD NV | 50,410 | 5,995,499 | |
$ 13,587,994 | |||
New Zealand — 0.7% | |||
Fisher & Paykel Healthcare Corp., Ltd. | 126,074 | $ 2,782,520 | |
$ 2,782,520 | |||
Norway — 1.4% | |||
Entra ASA(1)(2) | 258,161 | $ 3,627,921 | |
SpareBank 1 SR-Bank ASA(3) | 151,527 | 1,253,936 | |
TGS NOPEC Geophysical Co. ASA | 38,715 | 472,478 | |
$ 5,354,335 | |||
Portugal — 0.5% | |||
NOS SGPS S.A. | 514,106 | $ 1,822,769 | |
$ 1,822,769 | |||
Singapore — 0.8% | |||
Frasers Logistics & Commercial Trust | 2,930,900 | $ 3,000,977 | |
$ 3,000,977 | |||
Spain — 0.8% | |||
Acciona S.A.(1) | 15,810 | $ 1,715,788 |
Security | Shares | Value | |
Spain (continued) | |||
Inmobiliaria Colonial Socimi S.A. | 150,500 | $ 1,242,168 | |
$ 2,957,956 | |||
Sweden — 7.3% | |||
AddTech AB | 467,848 | $ 6,129,110 | |
Assa Abloy AB, Class B | 205,105 | 4,795,379 | |
Autoliv, Inc. | 21,345 | 1,555,624 | |
Boliden AB | 69,157 | 2,051,932 | |
Indutrade AB(3) | 108,135 | 5,788,374 | |
Lagercrantz Group AB, Class B | 155,065 | 3,127,710 | |
Thule Group AB(2) | 123,741 | 4,083,391 | |
$ 27,531,520 | |||
Switzerland — 7.9% | |||
Belimo Holding AG | 341 | $ 2,574,556 | |
Bossard Holding AG, Class A | 20,292 | 3,665,439 | |
Cembra Money Bank AG | 19,067 | 2,263,048 | |
Galenica AG(2) | 33,438 | 2,325,170 | |
Logitech International S.A. | 43,094 | 3,338,152 | |
Partners Group Holding AG | 3,751 | 3,450,185 | |
Sika AG | 27,456 | 6,741,866 | |
Straumann Holding AG | 3,674 | 3,716,623 | |
VZ Holding AG | 20,927 | 1,866,814 | |
$ 29,941,853 | |||
United Kingdom — 16.5% | |||
Abcam PLC | 206,193 | $ 3,246,230 | |
Avast PLC(2)(3) | 442,396 | 3,003,469 | |
Bellway PLC | 61,766 | 1,872,080 | |
Compass Group PLC | 126,532 | 1,900,734 | |
Cranswick PLC | 66,148 | 3,095,485 | |
Dechra Pharmaceuticals PLC | 100,496 | 4,178,604 | |
Diploma PLC | 194,970 | 5,528,255 | |
First Derivatives PLC | 45,127 | 1,926,541 | |
Games Workshop Group PLC | 41,076 | 5,389,207 | |
Grainger PLC | 580,733 | 2,222,032 | |
Halma PLC | 206,405 | 6,235,877 | |
Howden Joinery Group PLC | 447,885 | 3,408,894 | |
InterContinental Hotels Group PLC(3) | 51,249 | 2,690,080 | |
Judges Scientific PLC | 51,717 | 3,245,591 | |
Lancashire Holdings, Ltd. | 227,992 | 2,037,925 | |
Nomad Foods, Ltd.(3) | 198,361 | 5,054,238 | |
Spirax-Sarco Engineering PLC | 24,927 | 3,549,646 |
Security | Shares | Value | |
United Kingdom (continued) | |||
St. James's Place PLC | 309,273 | $ 3,720,675 | |
$ 62,305,563 | |||
Total Common Stocks (identified cost $297,874,906) | $ 363,591,673 |
Exchange-Traded Funds — 0.9% |
Security | Shares | Value | |
Equity Exchange-Traded Fund — 0.9% | |||
Vanguard MSCI Australian Small Companies Index ETF | 84,564 | $ 3,433,221 | |
Total Exchange-Traded Funds (identified cost $3,422,301) | $ 3,433,221 |
High Social Impact Investments — 0.3% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(4)(5) | $ | 1,159 | $ 1,153,307 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/20(5)(6) | 111 | 107,452 | |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20(5)(6) | 142 | 122,481 | |
Total High Social Impact Investments (identified cost $1,412,184) | $ 1,383,240 |
Short-Term Investments — 1.4% |
Other — 0.9% | |||
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.13%(7) | 3,486,458 | $ 3,486,807 | |
Total Other (identified cost $3,487,078) | $ 3,486,807 |
Securities Lending Collateral — 0.5% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%(8) | 1,635,624 | $ 1,635,624 | |
Total Securities Lending Collateral (identified cost $1,635,624) | $ 1,635,624 | ||
Total Short-Term Investments (identified cost $5,122,702) | $ 5,122,431 |
Total Investments — 99.0% (identified cost $307,832,093) | $ 373,530,565 | |
Other Assets, Less Liabilities — 1.0% | $ 3,761,279 | |
Net Assets — 100.0% | $ 377,291,844 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | All or a portion of this security was on loan at September 30, 2020. The aggregate market value of securities on loan at September 30, 2020 was $17,865,760. | |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2020, the aggregate value of these securities is $24,734,233 or 6.6% of the Fund's net assets. | |
(3) | Non-income producing security. | |
(4) | Affiliated company (see Note 7). | |
(5) | Restricted security. Total market value of restricted securities amounts to $1,383,240, which represents 0.3% of the net assets of the Fund as of September 30, 2020. | |
(6) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at September 30, 2020. | |
(7) | Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2020. | |
(8) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Industrials | 25.0% |
Consumer Discretionary | 12.9 |
Information Technology | 12.4 |
Financials | 10.6 |
Real Estate | 10.1 |
Health Care | 9.1 |
Consumer Staples | 7.2 |
Materials | 5.3 |
Communication Services | 2.3 |
Utilities | 1.3 |
Exchange-Traded Funds | 0.9 |
High Social Impact Investments | 0.3 |
Energy | 0.2 |
Total | 97.6% |
Description | Acquisition Dates | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | $1,159,184 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/20 | 11/13/15 | 111,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20 | 11/13/15 | 142,000 |
September 30, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $303,185,831) - including $17,865,760 of securities on loan | $ 368,890,451 |
Investments in securities of affiliated issuers, at value (identified cost $4,646,262) | 4,640,114 |
Receivable for investments sold | 194,882 |
Receivable for capital shares sold | 4,924,575 |
Dividends and interest receivable | 631,089 |
Dividends and interest receivable - affiliated | 14,107 |
Securities lending income receivable | 3,451 |
Tax reclaims receivable | 427,758 |
Directors' deferred compensation plan | 155,442 |
Total assets | $379,881,869 |
Liabilities | |
Payable for capital shares redeemed | $ 351,341 |
Deposits for securities loaned | 1,635,624 |
Payable to affiliates: | |
Investment advisory fee | 227,029 |
Administrative fee | 36,325 |
Distribution and service fees | 18,513 |
Sub-transfer agency fee | 5,408 |
Directors' deferred compensation plan | 155,442 |
Accrued expenses | 160,343 |
Total liabilities | $ 2,590,025 |
Net Assets | $377,291,844 |
Sources of Net Assets | |
Paid-in capital | $ 342,853,951 |
Distributable earnings | 34,437,893 |
Total | $377,291,844 |
Class A Shares | |
Net Assets | $ 68,939,546 |
Shares Outstanding | 3,828,108 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 18.01 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 18.91 |
Class C Shares | |
Net Assets | $ 5,527,305 |
Shares Outstanding | 315,643 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 17.51 |
Class I Shares | |
Net Assets | $ 254,349,724 |
Shares Outstanding | 14,416,621 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 17.64 |
September 30, 2020 | |
Class R6 Shares | |
Net Assets | $48,475,269 |
Shares Outstanding | 2,747,801 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 17.64 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended | |
September 30, 2020 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $573,050) | $ 5,983,015 |
Dividend income - affiliated issuers | 1,268 |
Interest income | 17,496 |
Interest income - affiliated issuers | 16,682 |
Securities lending income, net | 77,899 |
Total investment income | $ 6,096,360 |
Expenses | |
Investment advisory fee | $ 2,627,686 |
Administrative fee | 420,430 |
Distribution and service fees: | |
Class A | 164,135 |
Class C | 60,027 |
Directors' fees and expenses | 14,477 |
Custodian fees | 33,302 |
Transfer agency fees and expenses | 323,544 |
Accounting fees | 89,466 |
Professional fees | 51,704 |
Registration fees | 87,514 |
Reports to shareholders | 32,237 |
Miscellaneous | 52,865 |
Total expenses | $ 3,957,387 |
Reimbursement of expenses - other | (5,268) |
Net expenses | $ 3,952,119 |
Net investment income | $ 2,144,241 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ (15,863,254) |
Investment securities - affiliated issuers | 471 |
Foreign currency transactions | 10,956 |
Net realized loss | $(15,851,827) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 53,442,102 |
Investment securities - affiliated issuers | (858) |
Foreign currency | 30,464 |
Net change in unrealized appreciation (depreciation) | $ 53,471,708 |
Net realized and unrealized gain | $ 37,619,881 |
Net increase in net assets from operations | $ 39,764,122 |
Year Ended September 30, | ||
2020 | 2019 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 2,144,241 | $ 4,182,082 |
Net realized loss | (15,851,827) | (11,713,037) |
Net change in unrealized appreciation (depreciation) | 53,471,708 | (11,553,508) |
Net increase (decrease) in net assets from operations | $ 39,764,122 | $ (19,084,463) |
Distributions to shareholders: | ||
Class A | $ (779,888) | $ (4,792,065) |
Class C | (27,023) | (508,198) |
Class I | (3,424,730) | (18,400,110) |
Class R6 | (698,083) | — |
Total distributions to shareholders | $ (4,929,724) | $ (23,700,373) |
Capital share transactions: | ||
Class A | $ (1,492,764) | $ 7,425,573 |
Class C | (1,558,025) | (31,653) |
Class I | 9,133,103 | 23,484,318 |
Class R6 | (261,820) | 44,198,523 (1) |
Net increase in net assets from capital share transactions | $ 5,820,494 | $ 75,076,761 |
Net increase in net assets | $ 40,654,892 | $ 32,291,925 |
Net Assets | ||
At beginning of year | $ 336,636,952 | $ 304,345,027 |
At end of year | $377,291,844 | $336,636,952 |
(1) | For the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
Class A | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 16.18 | $ 18.86 | $ 18.70 | $ 14.78 | $ 14.58 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.07 | $ 0.18 | $ 0.17 | $ 0.03 | $ 0.15(2) |
Net realized and unrealized gain (loss) | 1.95 | (1.51) | 1.20 | 4.04 | 0.63 |
Total income (loss) from operations | $ 2.02 | $ (1.33) | $ 1.37 | $ 4.07 | $ 0.78 |
Less Distributions | |||||
From net investment income | $ (0.19) | $ (0.23) | $ (0.24) | $ (0.15) | $ (0.11) |
From net realized gain | — | (1.12) | (0.97) | — | (0.47) |
Total distributions | $ (0.19) | $ (1.35) | $ (1.21) | $ (0.15) | $ (0.58) |
Net asset value — End of year | $ 18.01 | $ 16.18 | $ 18.86 | $ 18.70 | $ 14.78 |
Total Return(3) | 12.57% | (6.77)% | 7.62% | 27.89% | 5.49% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $68,940 | $64,070 | $65,994 | $50,552 | $107,429 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.32% | 1.37% | 1.38% | 1.48% | 1.49% |
Net expenses | 1.32% | 1.35% | 1.38% | 1.48% | 1.46% |
Net investment income | 0.42% | 1.15% | 0.91% | 0.18% | 1.07% (2) |
Portfolio Turnover | 62% | 60% | 60% | 158% | 52% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.006 per share and 0.04% of average net assets. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class C | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 15.74 | $ 18.37 | $ 18.29 | $ 14.43 | $ 14.28 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ (0.06) | $ 0.06 | $ 0.03 | $ (0.04) | $ 0.01(2) |
Net realized and unrealized gain (loss) | 1.90 | (1.47) | 1.18 | 3.91 | 0.61 |
Total income (loss) from operations | $ 1.84 | $ (1.41) | $ 1.21 | $ 3.87 | $ 0.62 |
Less Distributions | |||||
From net investment income | $ (0.07) | $ (0.10) | $ (0.16) | $ (0.01) | $ — |
From net realized gain | — | (1.12) | (0.97) | — | (0.47) |
Total distributions | $ (0.07) | $ (1.22) | $ (1.13) | $ (0.01) | $ (0.47) |
Net asset value — End of year | $17.51 | $15.74 | $18.37 | $18.29 | $14.43 |
Total Return(3) | 11.68% | (7.49)% | 6.92% | 26.83% | 4.46% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 5,527 | $ 6,532 | $ 7,603 | $ 5,850 | $ 5,037 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 2.08% | 2.12% | 2.13% | 2.61% | 2.67% |
Net expenses | 2.08% | 2.10% | 2.13% | 2.30% | 2.44% |
Net investment income (loss) | (0.37)% | 0.38% | 0.18% | (0.24)% | 0.04% (2) |
Portfolio Turnover | 62% | 60% | 60% | 158% | 52% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.006 per share and 0.04% of average net assets. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class I | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 15.86 | $ 18.52 | $ 18.42 | $ 14.56 | $ 14.38 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.11 | $ 0.22 | $ 0.23 | $ 0.17 | $ 0.19(2) |
Net realized and unrealized gain (loss) | 1.90 | (1.49) | 1.17 | 3.90 | 0.63 |
Total income (loss) from operations | $ 2.01 | $ (1.27) | $ 1.40 | $ 4.07 | $ 0.82 |
Less Distributions | |||||
From net investment income | $ (0.23) | $ (0.27) | $ (0.33) | $ (0.21) | $ (0.17) |
From net realized gain | — | (1.12) | (0.97) | — | (0.47) |
Total distributions | $ (0.23) | $ (1.39) | $ (1.30) | $ (0.21) | $ (0.64) |
Net asset value — End of year | $ 17.64 | $ 15.86 | $ 18.52 | $ 18.42 | $ 14.56 |
Total Return(3) | 12.77% | (6.50)% | 7.95% | 28.44% | 5.84% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $254,350 | $222,546 | $230,748 | $115,698 | $69,319 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.07% | 1.12% | 1.13% | 1.07% | 1.17% |
Net expenses | 1.07% | 1.10% | 1.13% | 1.07% | 1.16% |
Net investment income | 0.67% | 1.41% | 1.23% | 1.06% | 1.35% (2) |
Portfolio Turnover | 62% | 60% | 60% | 158% | 52% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.008 per share and 0.06% of average net assets. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class R6 | ||
Year Ended September 30, | Period Ended September 30, | |
2020 | 2019 (1) | |
Net asset value — Beginning of period | $ 15.86 | $ 15.14 |
Income (Loss) From Operations | ||
Net investment income(2) | $ 0.12 | $ 0.16 |
Net realized and unrealized gain | 1.91 | 0.56 |
Total income from operations | $ 2.03 | $ 0.72 |
Less Distributions | ||
From net investment income | $ (0.25) | $ — |
Total distributions | $ (0.25) | $ — |
Net asset value — End of period | $ 17.64 | $ 15.86 |
Total Return(3) | 12.87% | 4.76% (4) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $48,475 | $43,489 |
Ratios (as a percentage of average daily net assets):(5) | ||
Total expenses | 1.00% | 1.08% (6) |
Net expenses | 1.00% | 1.05% (6) |
Net investment income | 0.74% | 1.53% (6) |
Portfolio Turnover | 62% | 60% (7) |
(1) | For the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | For the year ended September 30, 2019. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Australia | $ — | $ 19,630,184 | $ — | $ 19,630,184 |
Austria | — | 3,875,515 | — | 3,875,515 |
Belgium | — | 4,336,664 | — | 4,336,664 |
Canada | 12,384,206 | — | — | 12,384,206 |
China | — | 5,011,616 | — | 5,011,616 |
Denmark | — | 1,938,132 | — | 1,938,132 |
France | — | 3,047,230 | — | 3,047,230 |
Germany | — | 19,403,586 | — | 19,403,586 |
Hong Kong | — | 1,956,897 | — | 1,956,897 |
Ireland | — | 12,748,773 | — | 12,748,773 |
Israel | — | 1,738,278 | — | 1,738,278 |
Italy | — | 22,433,044 | — | 22,433,044 |
Japan | — | 105,185,043 | — | 105,185,043 |
Luxembourg | — | 617,018 | — | 617,018 |
Netherlands | 254,354 | 13,333,640 | — | 13,587,994 |
New Zealand | — | 2,782,520 | — | 2,782,520 |
Norway | — | 5,354,335 | — | 5,354,335 |
Portugal | — | 1,822,769 | — | 1,822,769 |
Singapore | — | 3,000,977 | — | 3,000,977 |
Spain | — | 2,957,956 | — | 2,957,956 |
Sweden | 1,555,624 | 25,975,896 | — | 27,531,520 |
Switzerland | — | 29,941,853 | — | 29,941,853 |
United Kingdom | 5,054,238 | 57,251,325 | — | 62,305,563 |
Total Common Stocks | $19,248,422 | $344,343,251 (1) | $ — | $363,591,673 |
Exchange-Traded Funds | $ — | $ 3,433,221 | $ — | $ 3,433,221 |
High Social Impact Investments | — | 1,383,240 | — | 1,383,240 |
Short-Term Investments: | ||||
Other | — | 3,486,807 | — | 3,486,807 |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Securities Lending Collateral | $ 1,635,624 | $ — | $ — | $ 1,635,624 |
Total Investments | $20,884,046 | $352,646,519 | $ — | $373,530,565 |
(1) | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Year Ended September 30, | ||
2020 | 2019 | |
Ordinary income | $4,929,724 | $11,108,689 |
Long-term capital gains | $ — | $12,591,684 |
Undistributed ordinary income | $ 3,113,328 |
Deferred capital losses | $(28,228,697) |
Net unrealized appreciation | $ 59,553,262 |
Aggregate cost | $313,997,062 |
Gross unrealized appreciation | $ 74,192,916 |
Gross unrealized depreciation | (14,659,413) |
Net unrealized appreciation | $ 59,533,503 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $1,635,624 | $ — | $ — | $ — | $1,635,624 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $994,710 | $ — | $ (1,000,000) | $ — | $ 5,290 | $ — | $ 2,917 | $ — |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | — | 1,159,184 | — | — | (5,877) | 1,153,307 | 13,765 | 1,159,184 |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | — | 28,967,689 | (25,481,082) | 471 | (271) | 3,486,807 | 1,268 | 3,486,458 |
Totals | $ 471 | $ (858) | $4,640,114 | $17,950 |
(1) | Restricted security. |
Year Ended September 30, 2020 | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 822,650 | $ 13,491,146 | 1,168,879 | $ 18,769,355 | |
Reinvestment of distributions | 43,505 | 747,852 | 294,011 | 4,571,864 | |
Shares redeemed | (1,019,287) | (16,110,110) | (1,049,073) | (16,633,747) | |
Converted from Class C | 22,403 | 378,348 | 46,183 | 718,101 | |
Net increase (decrease) | (130,729) | $ (1,492,764) | 460,000 | $ 7,425,573 | |
Class C | |||||
Shares sold | 45,986 | $ 757,758 | 116,602 | $ 1,761,633 | |
Reinvestment of distributions | 1,462 | 24,586 | 30,690 | 467,100 | |
Shares redeemed | (123,807) | (1,962,021) | (98,857) | (1,542,285) | |
Converted to Class A | (22,963) | (378,348) | (47,247) | (718,101) | |
Net increase (decrease) | (99,322) | $ (1,558,025) | 1,188 | $ (31,653) | |
Class I | |||||
Shares sold | 6,321,766 | $100,246,560 | 8,454,598 | $ 130,605,151 | |
Reinvestment of distributions | 174,421 | 2,932,018 | 1,020,569 | 15,512,650 | |
Shares redeemed | (6,114,835) | (94,045,475) | (7,900,717) | (122,633,483) | |
Net increase | 381,352 | $ 9,133,103 | 1,574,450 | $ 23,484,318 |
Year Ended September 30, 2020 | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class R6 | |||||
Shares sold | 250,188 | $ 3,942,427 | 2,803,060 | $ 45,144,095 | |
Reinvestment of distributions | 41,577 | 698,083 | — | — | |
Shares redeemed | (286,587) | (4,902,330) | (60,437) | (945,572) | |
Net increase (decrease) | 5,178 | $ (261,820) | 2,742,623 | $ 44,198,523 |
(1) | For Class R6, for the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
Calvert World Values Fund, Inc.:
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041imgc688943f5.jpg)
November 20, 2020
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Interested Director | ||||
John H. Streur(1) 1960 | Director & President | 2015 | President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015 - December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015 - December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015 - April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc. | |
Independent Directors | ||||
Richard L. Baird, Jr. 1948 | Director | 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None. | |
Alice Gresham Bullock 1950 | Chair & Director | 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None. | |
Cari M. Dominguez 1949 | Director | 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors. | |
John G. Guffey, Jr.(2) 1948 | Director | 1992 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. | |
Miles D. Harper, III 1962 | Director | 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), (November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management). | |
Joy V. Jones 1950 | Director | 2005 | Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation. |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Independent Directors (continued) | ||||
Anthony A. Williams 1951 | Director | 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization). |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) During Past Five Years | |
Principal Officers who are not Directors | ||||
Hope L. Brown 1973 | Chief Compliance Officer | 2014 | Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). | |
Maureen A. Gemma(3) 1960 | Secretary, Vice President and Chief Legal Officer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
James F. Kirchner(3) 1967 | Treasurer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
(1) Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | ||||
(2) Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019. | ||||
(3) The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110. |
• | At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements. |
• | On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates. |
• | We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information. |
• | We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.calvert.com. |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img548851211.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img9830895e2.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 07/02/1992 | 07/02/1992 | 13.02% | 6.95% | 5.02% |
Class A with with 4.75% Maximum Sales Charge | — | — | 7.63 | 5.92 | 4.52 |
Class C at NAV | 03/01/1994 | 07/02/1992 | 12.17 | 6.16 | 4.16 |
Class C with with 1% Maximum Sales Charge | — | — | 11.17 | 6.16 | 4.16 |
Class I at NAV | 02/26/1999 | 07/02/1992 | 13.31 | 7.32 | 5.56 |
Class R6 at NAV | 03/07/2019 | 07/02/1992 | 13.34 | 7.34 | 5.57 |
MSCI EAFE Index | — | — | 0.49% | 5.26% | 4.61% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.40% | 2.15% | 1.14% | 1.10% |
Net | 1.15 | 1.90 | 0.90 | 0.86 |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041imgaff406453.jpg)
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 09/30/2010 | $15,040 | N.A. |
Class I | $250,000 | 09/30/2010 | $429,631 | N.A. |
Class R6 | $1,000,000 | 09/30/2010 | $1,719,910 | N.A. |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img057729fb4.jpg)
Top 10 Holdings (% of net assets) | |
Nestle S.A. | 4.7% |
AIA Group, Ltd. | 3.5 |
Unilever PLC | 3.3 |
Sanofi | 3.2 |
Novo Nordisk A/S, Class B | 3.1 |
adidas AG | 2.8 |
Schneider Electric SE | 2.5 |
CSL, Ltd. | 2.5 |
Santen Pharmaceutical Co., Ltd. | 2.5 |
LVMH Moet Hennessy Louis Vuitton SE | 2.4 |
Total | 30.5% |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
Fund profile subject to change due to active management. | |
Additional Information | |
MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq's third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. |
Beginning Account Value (4/1/20) | Ending Account Value (9/30/20) | Expenses Paid During Period* (4/1/20 – 9/30/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,246.90 | $ 6.40** | 1.14% |
Class C | $1,000.00 | $1,242.50 | $10.60 ** | 1.89% |
Class I | $1,000.00 | $1,249.00 | $ 5.00** | 0.89% |
Class R6 | $1,000.00 | $1,249.10 | $ 4.78** | 0.85% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.30 | $ 5.76** | 1.14% |
Class C | $1,000.00 | $1,015.55 | $ 9.52** | 1.89% |
Class I | $1,000.00 | $1,020.55 | $ 4.50** | 0.89% |
Class R6 | $1,000.00 | $1,020.75 | $ 4.29** | 0.85% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2020. |
** | Absent a waiver and/or reimbursement of expenses by affiliates, expenses would be higher. |
Common Stocks — 97.8% |
Security | Shares | Value | |
Australia — 2.5% | |||
CSL, Ltd. | 66,453 | $ 13,726,972 | |
$ 13,726,972 | |||
Belgium — 1.5% | |||
KBC Groep NV | 167,439 | $ 8,396,404 | |
$ 8,396,404 | |||
Denmark — 4.3% | |||
Chr. Hansen Holding A/S | 55,121 | $ 6,118,760 | |
Novo Nordisk A/S, Class B | 247,180 | 17,125,763 | |
$ 23,244,523 | |||
France — 9.9% | |||
Dassault Systemes SE | 49,385 | $ 9,214,355 | |
LVMH Moet Hennessy Louis Vuitton SE | 28,546 | 13,356,685 | |
Sanofi | 175,303 | 17,567,431 | |
Schneider Electric SE | 111,698 | 13,883,937 | |
$ 54,022,408 | |||
Germany — 4.2% | |||
adidas AG(1) | 47,278 | $ 15,268,051 | |
Infineon Technologies AG | 275,855 | 7,775,188 | |
$ 23,043,239 | |||
Hong Kong — 3.5% | |||
AIA Group, Ltd. | 1,899,993 | $ 18,886,108 | |
$ 18,886,108 | |||
India — 1.9% | |||
HDFC Bank, Ltd.(1) | 721,306 | $ 10,582,743 | |
$ 10,582,743 | |||
Ireland — 6.1% | |||
CRH PLC | 276,430 | $ 10,023,715 | |
DCC PLC | 161,598 | 12,509,738 | |
Kerry Group PLC, Class A | 85,188 | 10,911,350 | |
$ 33,444,803 | |||
Japan — 17.7% | |||
Kao Corp. | 170,541 | $ 12,802,636 | |
Keyence Corp. | 25,867 | 12,092,281 | |
ORIX Corp. | 720,100 | 8,994,236 | |
Pan Pacific International Holdings Corp. | 398,400 | 9,278,049 | |
Recruit Holdings Co., Ltd. | 321,707 | 12,776,706 | |
Santen Pharmaceutical Co., Ltd. | 666,692 | 13,631,099 | |
Shiseido Co., Ltd. | 136,500 | 7,901,976 | |
SMC Corp. | 16,900 | 9,427,435 |
Security | Shares | Value | |
Japan (continued) | |||
Yamaha Corp. | 209,700 | $ 10,057,382 | |
$ 96,961,800 | |||
Netherlands — 2.3% | |||
ASML Holding NV | 33,870 | $ 12,510,659 | |
$ 12,510,659 | |||
New Zealand — 0.8% | |||
Fisher & Paykel Healthcare Corp., Ltd. | 200,566 | $ 4,426,598 | |
$ 4,426,598 | |||
Norway — 1.8% | |||
DNB ASA(1) | 696,391 | $ 9,701,157 | |
$ 9,701,157 | |||
Singapore — 2.0% | |||
DBS Group Holdings, Ltd. | 743,628 | $ 10,932,329 | |
$ 10,932,329 | |||
South Africa — 1.2% | |||
Naspers, Ltd., Class N | 35,725 | $ 6,309,886 | |
$ 6,309,886 | |||
Spain — 6.0% | |||
Amadeus IT Group S.A. | 223,708 | $ 12,423,842 | |
Banco Santander S.A.(1) | 3,888,498 | 7,253,027 | |
Iberdrola S.A. | 1,059,357 | 13,039,185 | |
$ 32,716,054 | |||
Sweden — 6.2% | |||
Assa Abloy AB, Class B | 420,636 | $ 9,834,519 | |
Indutrade AB(1) | 212,676 | 11,384,363 | |
Sandvik AB(1) | 643,300 | 12,579,935 | |
$ 33,798,817 | |||
Switzerland — 10.4% | |||
Lonza Group AG | 16,343 | $ 10,085,840 | |
Nestle S.A. | 217,024 | 25,828,454 | |
Sika AG | 35,450 | 8,704,806 | |
Straumann Holding AG | 11,912 | 12,050,195 | |
$ 56,669,295 | |||
Taiwan — 1.7% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 116,134 | $ 9,414,983 | |
$ 9,414,983 | |||
United Kingdom — 12.2% | |||
Abcam PLC | 548,784 | $ 8,639,863 | |
Compass Group PLC | 718,391 | 10,791,499 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Halma PLC | 287,107 | $ 8,674,033 | |
London Stock Exchange Group PLC | 92,156 | 10,571,844 | |
RELX PLC | 428,707 | 9,542,178 | |
Unilever PLC | 294,697 | 18,168,997 | |
$ 66,388,414 | |||
United States — 1.6% | |||
Visa, Inc., Class A | 43,292 | $ 8,657,101 | |
$ 8,657,101 | |||
Total Common Stocks (identified cost $459,222,721) | $ 533,834,293 |
High Social Impact Investments — 0.2% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(2)(3) | $ | 880 | $ 875,888 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/20(3)(4) | 220 | 212,969 | |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20(3)(4) | 283 | 244,099 | |
Total High Social Impact Investments (identified cost $1,383,352) | $ 1,332,956 |
Preferred Stocks — 0.0%(5) |
Security | Shares | Value | |
Venture Capital — 0.0%(5) | |||
Bioceptive, Inc.: | |||
Series A(1)(3)(6) | 582,574 | $ 0 | |
Series B(1)(3)(6) | 40,523 | 0 | |
FINAE, Series D(1)(3)(6) | 2,597,442 | 97,500 | |
Total Preferred Stocks (identified cost $491,304) | $ 97,500 |
Venture Capital Limited Partnership Interests — 0.3% |
Security | Value | ||
Africa Renewable Energy Fund L.P.(1)(3)(6) | $ 1,199,909 | ||
Blackstone Clean Technology Partners L.P.(1)(3)(6) | 3,498 | ||
Emerald Sustainability Fund I L.P.(1)(3)(6) | 42,963 | ||
gNet Defta Development Holding LLC(1)(2)(3)(6) | 240,155 | ||
SEAF India International Growth Fund L.P.(1)(3)(6) | 550 | ||
Total Venture Capital Limited Partnership Interests (identified cost $2,067,964) | $ 1,487,075 |
Short-Term Investments — 0.4% |
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.13%(7) | 2,459,827 | $ 2,460,073 | |
Total Short-Term Investments (identified cost $2,460,274) | $ 2,460,073 |
Total Investments — 98.7% (identified cost $465,625,615) | $ 539,211,897 | |
Other Assets, Less Liabilities — 1.3% | $ 6,942,972 | |
Net Assets — 100.0% | $ 546,154,869 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | Non-income producing security. | |
(2) | Affiliated company (see Note 7). | |
(3) | Restricted security. Total market value of restricted securities amounts to $2,917,531, which represents 0.5% of the net assets of the Fund as of September 30, 2020. | |
(4) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at September 30, 2020. | |
(5) | Amount is less than 0.05%. | |
(6) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). | |
(7) | Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2020. |
Economic Sectors | % of Net Assets |
Health Care | 17.8% |
Industrials | 16.8 |
Financials | 15.6 |
Information Technology | 14.8 |
Consumer Staples | 13.9 |
Consumer Discretionary | 11.9 |
Materials | 4.6 |
Utilities | 2.4 |
Venture Capital | 0.3 |
High Social Impact Investments | 0.2 |
Total | 98.3% |
Description | Acquisition Dates | Cost |
Africa Renewable Energy Fund L.P. | 4/17/14-5/13/19 | $986,557 |
Bioceptive, Inc., Series A | 10/26/12-12/18/13 | 252,445 |
Bioceptive, Inc., Series B | 1/7/16 | 16,250 |
Blackstone Clean Technology Partners L.P. | 7/29/10-6/25/15 | 77,081 |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | 880,352 |
Emerald Sustainability Fund I L.P. | 7/19/01-5/17/11 | 393,935 |
FINAE, Series D | 2/28/11-11/16/15 | 222,609 |
gNet Defta Development Holding LLC | 8/30/05 | 400,000 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/20 | 11/13/15 | 220,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20 | 11/13/15 | 283,000 |
SEAF India International Growth Fund L.P. | 3/22/05-5/24/10 | 210,391 |
Abbreviations: | |
ADR | – American Depositary Receipt |
September 30, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $461,884,989) | $ 535,635,781 |
Investments in securities of affiliated issuers, at value (identified cost $3,740,626) | 3,576,116 |
Cash denominated in foreign currency, at value (cost $49,453) | 49,556 |
Receivable for capital shares sold | 6,447,360 |
Dividends and interest receivable | 664,061 |
Dividends and interest receivable - affiliated | 10,825 |
Tax reclaims receivable | 537,303 |
Receivable from affiliates | 69,231 |
Directors' deferred compensation plan | 103,806 |
Other assets | 3,778 |
Total assets | $547,097,817 |
Liabilities | |
Payable for capital shares redeemed | $ 251,199 |
Payable to affiliates: | |
Investment advisory fee | 295,622 |
Administrative fee | 52,874 |
Distribution and service fees | 33,620 |
Sub-transfer agency fee | 13,320 |
Directors' deferred compensation plan | 103,806 |
Accrued expenses | 192,507 |
Total liabilities | $ 942,948 |
Commitments and contingent liabilities (Note 10) | |
Net Assets | $546,154,869 |
Sources of Net Assets | |
Paid-in capital | $ 482,543,488 |
Distributable earnings | 63,611,381 |
Total | $546,154,869 |
Class A Shares | |
Net Assets | $ 138,809,522 |
Shares Outstanding | 6,821,661 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 20.35 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 21.36 |
Class C Shares | |
Net Assets | $ 6,156,722 |
Shares Outstanding | 354,472 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 17.37 |
Class I Shares | |
Net Assets | $ 279,038,904 |
Shares Outstanding | 12,817,362 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 21.77 |
September 30, 2020 | |
Class R6 Shares | |
Net Assets | $122,149,721 |
Shares Outstanding | 5,613,261 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 21.76 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended | |
September 30, 2020 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $510,348) | $ 5,004,844 |
Dividend income - affiliated issuers | 1,768 |
Non-cash dividend income | 342,938 |
Interest income (net of foreign taxes withheld of $511) | 20,139 |
Interest income - affiliated issuers | 24,118 |
Securities lending income, net | 111,416 |
Total investment income | $ 5,505,223 |
Expenses | |
Investment advisory fee | $ 2,489,495 |
Administrative fee | 442,603 |
Distribution and service fees: | |
Class A | 307,779 |
Class C | 61,208 |
Directors' fees and expenses | 14,125 |
Custodian fees | 51,285 |
Transfer agency fees and expenses | 413,934 |
Accounting fees | 88,808 |
Professional fees | 61,464 |
Registration fees | 92,252 |
Reports to shareholders | 32,644 |
Miscellaneous | 53,385 |
Total expenses | $ 4,108,982 |
Waiver and/or reimbursement of expenses by affiliates | $ (478,797) |
Reimbursement of expenses - other | (4,073) |
Net expenses | $ 3,626,112 |
Net investment income | $ 1,879,111 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities | $ 7,556,215 |
Investment securities - affiliated issuers | 2,276 |
Foreign currency transactions | 31,105 |
Net realized gain | $ 7,589,596 |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 46,632,470 |
Investment securities - affiliated issuers | 151,879 |
Foreign currency | 33,193 |
Net change in unrealized appreciation (depreciation) | $46,817,542 |
Net realized and unrealized gain | $54,407,138 |
Net increase in net assets from operations | $56,286,249 |
Year Ended September 30, | ||
2020 | 2019 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 1,879,111 | $ 2,926,338 |
Net realized gain | 7,589,596 | 2,969,458 |
Net change in unrealized appreciation (depreciation) | 46,817,542 | 6,697,143 |
Net increase in net assets from operations | $ 56,286,249 | $ 12,592,939 |
Distributions to shareholders: | ||
Class A | $ (1,227,749) | $ (1,141,071) |
Class C | (23,398) | (50,893) |
Class I | (1,178,120) | (912,793) |
Class R6 | (769,016) | — |
Total distributions to shareholders | $ (3,198,283) | $ (2,104,757) |
Capital share transactions: | ||
Class A | $ 11,502,065 | $ (6,044,601) |
Class C | (608,336) | (4,981,623) |
Class I | 169,404,832 | 13,082,906 |
Class R6 | 62,129,683 | 47,291,005 (1) |
Net increase in net assets from capital share transactions | $242,428,244 | $ 49,347,687 |
Net increase in net assets | $295,516,210 | $ 59,835,869 |
Net Assets | ||
At beginning of year | $ 250,638,659 | $ 190,802,790 |
At end of year | $546,154,869 | $250,638,659 |
(1) | For the period from the commencement of operations, March 7, 2019, to September 30, 2019. |
Class A | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 18.18 | $ 17.53 | $ 17.10 | $ 15.49 | $ 15.62 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.06 | $ 0.22 | $ 0.19 | $ 0.17 | $ 0.34(2) |
Net realized and unrealized gain (loss) | 2.30 | 0.61 | 0.50 | 1.84 | (0.33) |
Total income from operations | $ 2.36 | $ 0.83 | $ 0.69 | $ 2.01 | $ 0.01 |
Less Distributions | |||||
From net investment income | $ (0.19) | $ (0.18) | $ (0.26) | $ (0.40) | $ (0.14) |
Total distributions | $ (0.19) | $ (0.18) | $ (0.26) | $ (0.40) | $ (0.14) |
Net asset value — End of year | $ 20.35 | $ 18.18 | $ 17.53 | $ 17.10 | $ 15.49 |
Total Return(3) | 13.02% | 4.93% | 4.02% | 13.43% | 0.04% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $138,810 | $112,923 | $114,915 | $126,669 | $156,757 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.27% | 1.46% | 1.47% | 1.58% | 1.62% |
Net expenses | 1.14% | 1.27% | 1.32% | 1.35% | 1.38% |
Net investment income | 0.33% | 1.26% | 1.09% | 1.08% | 2.20% (2) |
Portfolio Turnover | 47% | 51% | 48% | 138% | 94% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.013 per share and 0.08% of average net assets. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class C | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 15.54 | $ 15.00 | $ 14.68 | $ 13.31 | $ 13.47 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ (0.07) | $ 0.03 | $ 0.06 | $ 0.05 | $ 0.19(2) |
Net realized and unrealized gain (loss) | 1.96 | 0.58 | 0.42 | 1.59 | (0.28) |
Total income (loss) from operations | $ 1.89 | $ 0.61 | $ 0.48 | $ 1.64 | $ (0.09) |
Less Distributions | |||||
From net investment income | $ (0.06) | $ (0.07) | $ (0.16) | $ (0.27) | $ (0.07) |
Total distributions | $ (0.06) | $ (0.07) | $ (0.16) | $ (0.27) | $ (0.07) |
Net asset value — End of year | $17.37 | $15.54 | $ 15.00 | $ 14.68 | $ 13.31 |
Total Return(3) | 12.17% | 4.15% | 3.23% | 12.60% | (0.68)% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 6,157 | $ 6,122 | $11,149 | $12,013 | $13,613 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 2.02% | 2.21% | 2.22% | 2.54% | 2.55% |
Net expenses | 1.89% | 2.03% | 2.07% | 2.10% | 2.14% |
Net investment income (loss) | (0.43)% | 0.23% | 0.39% | 0.35% | 1.42% (2) |
Portfolio Turnover | 47% | 51% | 48% | 138% | 94% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.011 per share and 0.08% of average net assets. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class I | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 19.43 | $ 18.72 | $ 18.24 | $ 16.53 | $ 16.73 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.13 | $ 0.28 | $ 0.27 | $ 0.21 | $ 0.44(2) |
Net realized and unrealized gain (loss) | 2.45 | 0.66 | 0.53 | 2.01 | (0.36) |
Total income from operations | $ 2.58 | $ 0.94 | $ 0.80 | $ 2.22 | $ 0.08 |
Less Distributions | |||||
From net investment income | $ (0.24) | $ (0.23) | $ (0.32) | $ (0.51) | $ (0.28) |
Total distributions | $ (0.24) | $ (0.23) | $ (0.32) | $ (0.51) | $ (0.28) |
Net asset value — End of year | $ 21.77 | $ 19.43 | $ 18.72 | $ 18.24 | $ 16.53 |
Total Return(3) | 13.31% | 5.25% | 4.37% | 13.89% | 0.41% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $279,039 | $82,261 | $64,739 | $72,503 | $140,129 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.02% | 1.20% | 1.22% | 1.06% | 1.04% |
Net expenses | 0.89% | 0.98% | 0.95% | 0.96% | 0.95% |
Net investment income | 0.61% | 1.52% | 1.44% | 1.28% | 2.67% (2) |
Portfolio Turnover | 47% | 51% | 48% | 138% | 94% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.014 per share and 0.09% of average net assets. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class R6 | ||
Year Ended September 30, | Period Ended September 30, | |
2020 | 2019 (1) | |
Net asset value — Beginning of period | $ 19.44 | $ 17.79 |
Income (Loss) From Operations | ||
Net investment income(2) | $ 0.13 | $ 0.28 |
Net realized and unrealized gain | 2.46 | 1.37 |
Total income from operations | $ 2.59 | $ 1.65 |
Less Distributions | ||
From net investment income | $ (0.27) | $ — |
Total distributions | $ (0.27) | $ — |
Net asset value — End of period | $ 21.76 | $ 19.44 |
Total Return(3) | 13.34% | 9.27% (4) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $122,150 | $49,332 |
Ratios (as a percentage of average daily net assets):(5) | ||
Total expenses | 0.98% | 1.14% (6) |
Net expenses | 0.85% | 0.96% (6) |
Net investment income | 0.64% | 2.62% (6) |
Portfolio Turnover | 47% | 51% (7) |
(1) | For the period from the commencement of operations, March 7, 2019, to September 30, 2019. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | For the year ended September 30, 2019. |
Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Common Stocks | ||||
Australia | $ — | $ 13,726,972 | $ — | $ 13,726,972 |
Belgium | — | 8,396,404 | — | 8,396,404 |
Denmark | — | 23,244,523 | — | 23,244,523 |
France | — | 54,022,408 | — | 54,022,408 |
Germany | — | 23,043,239 | — | 23,043,239 |
Hong Kong | — | 18,886,108 | — | 18,886,108 |
India | — | 10,582,743 | — | 10,582,743 |
Ireland | — | 33,444,803 | — | 33,444,803 |
Japan | — | 96,961,800 | — | 96,961,800 |
Netherlands | — | 12,510,659 | — | 12,510,659 |
New Zealand | — | 4,426,598 | — | 4,426,598 |
Norway | — | 9,701,157 | — | 9,701,157 |
Singapore | — | 10,932,329 | — | 10,932,329 |
South Africa | — | 6,309,886 | — | 6,309,886 |
Spain | — | 32,716,054 | — | 32,716,054 |
Sweden | — | 33,798,817 | — | 33,798,817 |
Switzerland | — | 56,669,295 | — | 56,669,295 |
Taiwan | 9,414,983 | — | — | 9,414,983 |
United Kingdom | — | 66,388,414 | — | 66,388,414 |
United States | 8,657,101 | — | — | 8,657,101 |
Total Common Stocks | $18,072,084 | $515,762,209 (2) | $ — | $533,834,293 |
High Social Impact Investments | $ — | $ 1,332,956 | $ — | $ 1,332,956 |
Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Preferred Stocks - Venture Capital | $ — | $ — | $ 97,500 | $ 97,500 |
Venture Capital Limited Partnership Interests | — | — | 1,487,075 | 1,487,075 |
Short-Term Investments | — | 2,460,073 | — | 2,460,073 |
Total Investments | $18,072,084 | $519,555,238 | $1,584,575 | $539,211,897 |
(1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
(2) | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Year Ended September 30, | ||
2020 | 2019 | |
Ordinary income | $3,198,283 | $2,104,757 |
Undistributed ordinary income | $ 2,629,271 |
Deferred capital losses | $(12,205,691) |
Net unrealized appreciation | $ 73,187,801 |
Aggregate cost | $466,041,337 |
Gross unrealized appreciation | $ 88,673,432 |
Gross unrealized depreciation | (15,502,872) |
Net unrealized appreciation | $ 73,170,560 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $4,408,140 | $ — | $ (4,431,583) | $ — | $ 23,443 | $ — | $ 13,664 | $ — |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, end of period |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | $ — | $ 880,352 | $ — | $ — | $ (4,464) | $ 875,888 | $ 10,454 | $ 880,352 |
Venture Capital Limited Partnership Interests | ||||||||
gNet Defta Development Holding LLC(1)(2)(3) | 249,584 | — | — | — | (9,429) | 240,155 | — | — |
SEAF Central and Eastern European Growth Fund LLC | 3,570 | — | (146,100) | — | 142,530 | — | — | — |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | — | 86,984,013 | (84,526,015) | 2,276 | (201) | 2,460,073 | 1,768 | 2,459,827 |
Totals | $2,276 | $151,879 | $3,576,116 | $25,886 |
(1) | Restricted security. |
(2) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
(3) | Non-income producing security. |
Year Ended September 30, 2020 | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 1,724,584 | $ 32,394,311 | 463,021 | $ 7,932,556 | |
Reinvestment of distributions | 58,651 | 1,173,605 | 70,194 | 1,067,653 | |
Shares redeemed | (1,192,704) | (22,436,819) | (1,095,095) | (18,554,534) | |
Converted from Class C | 20,201 | 370,968 | 217,447 | 3,509,724 | |
Net increase (decrease) | 610,732 | $ 11,502,065 | (344,433) | $ (6,044,601) | |
Class C | |||||
Shares sold | 62,754 | $ 1,001,289 | 45,413 | $ 643,966 | |
Reinvestment of distributions | 1,299 | 22,301 | 3,763 | 49,178 | |
Shares redeemed | (79,953) | (1,260,958) | (145,293) | (2,165,043) | |
Converted to Class A | (23,600) | (370,968) | (253,136) | (3,509,724) | |
Net decrease | (39,500) | $ (608,336) | (349,253) | $ (4,981,623) | |
Class I | |||||
Shares sold | 10,517,537 | $ 207,907,620 | 3,206,610 | $ 57,269,370 | |
Reinvestment of distributions | 51,969 | 1,110,065 | 52,583 | 852,895 | |
Shares redeemed | (1,985,028) | (39,612,853) | (2,484,203) | (45,039,359) | |
Net increase | 8,584,478 | $169,404,832 | 774,990 | $ 13,082,906 |
Year Ended September 30, 2020 | Year Ended September 30, 2019(1) | ||||
Shares | Amount | Shares | Amount | ||
Class R6 | |||||
Shares sold | 3,379,540 | $ 68,130,481 | 2,547,114 | $ 47,468,909 | |
Reinvestment of distributions | 35,319 | 753,700 | — | — | |
Shares redeemed | (339,429) | (6,754,498) | (9,283) | (177,904) | |
Net increase | 3,075,430 | $ 62,129,683 | 2,537,831 | $ 47,291,005 |
(1) | For Class R6, for the period from the commencement of operations, March 7, 2019, to September 30, 2019. |
Name of Investment | Unfunded Commitment |
Africa Renewable Energy Fund L.P. | $ 8,462 |
Blackstone Clean Technology Partners L.P. | 508 |
SEAF India International Growth Fund L.P. | 17,500 |
Total | $26,470 |
Calvert World Values Fund, Inc.:
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img7ad513a15.jpg)
November 20, 2020
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Interested Director | ||||
John H. Streur(1) 1960 | Director & President | 2015 | President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015 - December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015 - December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015 - April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc. | |
Independent Directors | ||||
Richard L. Baird, Jr. 1948 | Director | 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None. | |
Alice Gresham Bullock 1950 | Chair & Director | 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None. | |
Cari M. Dominguez 1949 | Director | 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors. | |
John G. Guffey, Jr.(2) 1948 | Director | 1992 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. | |
Miles D. Harper, III 1962 | Director | 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), (November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management). | |
Joy V. Jones 1950 | Director | 2005 | Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation. |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Independent Directors (continued) | ||||
Anthony A. Williams 1951 | Director | 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization). |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) During Past Five Years | |
Principal Officers who are not Directors | ||||
Hope L. Brown 1973 | Chief Compliance Officer | 2014 | Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). | |
Maureen A. Gemma(3) 1960 | Secretary, Vice President and Chief Legal Officer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
James F. Kirchner(3) 1967 | Treasurer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
(1) Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | ||||
(2) Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019. | ||||
(3) The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110. |
• | At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements. |
• | On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates. |
• | We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information. |
• | We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.calvert.com. |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041imga29ad1381.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041imge2f5f9292.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Since Inception |
Class A at NAV | 10/29/2012 | 10/29/2012 | 14.82% | 11.59% | 7.23% |
Class A with 4.75% Maximum Sales Charge | — | — | 9.37 | 10.51 | 6.57 |
Class C at NAV | 10/29/2012 | 10/29/2012 | 13.89 | 10.76 | 6.34 |
Class C with 1% Maximum Sales Charge | — | — | 12.89 | 10.76 | 6.34 |
Class I at NAV | 10/29/2012 | 10/29/2012 | 15.07 | 11.95 | 7.58 |
Class R6 at NAV | 02/01/2018 | 10/29/2012 | 15.13 | 11.95 | 7.58 |
MSCI Emerging Markets Index | — | — | 10.54% | 8.96% | 3.57% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.37% | 2.12% | 1.12% | 1.05% |
Net | 1.24 | 1.99 | 0.99 | 0.92 |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img0f4ddd053.jpg)
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 10/29/2012 | $16,281 | N.A. |
Class I | $250,000 | 10/29/2012 | $446,091 | N.A. |
Class R6 | $1,000,000 | 10/29/2012 | $1,783,915 | N.A. |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041imgc50180b54.jpg)
Top 10 Holdings (% of net assets)* | |
Alibaba Group Holding, Ltd. ADR | 8.2% |
Samsung Electronics Co., Ltd. | 7.2 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 6.7 |
Tencent Holdings, Ltd. | 4.2 |
Prosus NV | 4.1 |
Yandex NV, Class A | 3.7 |
Delta Electronics, Inc. | 3.1 |
Techtronic Industries Co., Ltd. | 3.0 |
NARI Technology Co., Ltd., Class A | 2.1 |
AIA Group, Ltd. | 2.1 |
Total | 44.4% |
* | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked. Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
Important Notice to Shareholders | |
Effective September 1, 2020, the portfolio managers of the Fund are Kunjal Gala, Lead Portfolio Manager and Elena Tedesco, Co-Portfolio Manager. |
Beginning Account Value (4/1/20) | Ending Account Value (9/30/20) | Expenses Paid During Period* (4/1/20 – 9/30/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,353.50 | $ 7.30** | 1.24% |
Class C | $1,000.00 | $1,348.70 | $11.68 ** | 1.99% |
Class I | $1,000.00 | $1,355.50 | $ 5.83** | 0.99% |
Class R6 | $1,000.00 | $1,355.60 | $ 5.42** | 0.92% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.80 | $ 6.26** | 1.24% |
Class C | $1,000.00 | $1,015.05 | $10.02 ** | 1.99% |
Class I | $1,000.00 | $1,020.05 | $ 5.00** | 0.99% |
Class R6 | $1,000.00 | $1,020.40 | $ 4.65** | 0.92% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2020. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Common Stocks — 97.6% |
Security | Shares | Value | |
Brazil — 4.4% | |||
BB Seguridade Participacoes S.A. | 8,232,067 | $ 35,576,179 | |
Duratex S.A. | 9,587,641 | 30,610,660 | |
Hapvida Participacoes e Investimentos S.A.(1) | 2,809,205 | 31,083,887 | |
WEG S.A. | 3,105,700 | 36,333,355 | |
$ 133,604,081 | |||
China — 27.0% | |||
Aier Eye Hospital Group Co., Ltd., Class A | 4,143,058 | $ 31,396,932 | |
Alibaba Group Holding, Ltd.(2) | 885,056 | 31,881,962 | |
Alibaba Group Holding, Ltd. ADR(2) | 851,892 | 250,439,209 | |
Autohome, Inc. ADR | 395,344 | 37,953,024 | |
Baozun, Inc. ADR(2)(3) | 1,411,995 | 45,875,718 | |
China Communications Services Corp., Ltd., Class H | 76,696,000 | 45,277,949 | |
China Mengniu Dairy Co., Ltd. | 11,596,310 | 54,696,833 | |
Gree Electric Appliances, Inc. of Zhuhai, Class A | 7,502,098 | 59,068,537 | |
Hangzhou Tigermed Consulting Co., Ltd., Class A | 2,369,349 | 35,961,830 | |
NARI Technology Co., Ltd., Class A | 22,390,675 | 65,096,668 | |
Shenzhen International Holdings, Ltd. | 24,067,873 | 38,399,432 | |
Tencent Holdings, Ltd. | 1,900,996 | 128,399,676 | |
$ 824,447,770 | |||
Egypt — 0.5% | |||
Commercial International Bank Egypt SAE | 3,347,740 | $ 14,117,866 | |
$ 14,117,866 | |||
Hong Kong — 7.2% | |||
AIA Group, Ltd. | 6,488,953 | $ 64,500,801 | |
Alibaba Health Information Technology, Ltd.(2) | 12,506,000 | 30,753,084 | |
Samsonite International S.A.(1)(2) | 32,048,132 | 32,542,104 | |
Techtronic Industries Co., Ltd. | 6,977,790 | 92,774,578 | |
$ 220,570,567 | |||
Hungary — 0.9% | |||
Richter Gedeon Nyrt | 1,286,827 | $ 27,162,581 | |
$ 27,162,581 | |||
India — 11.6% | |||
Bajaj Finance, Ltd. | 661,671 | $ 29,521,183 | |
Bharat Forge, Ltd. | 4,766,984 | 28,931,950 | |
Container Corp. of India, Ltd. | 4,864,032 | 24,249,616 | |
HCL Technologies, Ltd. | 3,172,233 | 34,905,233 | |
HDFC Bank, Ltd. ADR(2) | 1,158,852 | 57,896,246 | |
Hero MotoCorp, Ltd. | 756,464 | 32,279,231 | |
ICICI Bank, Ltd.(2) | 7,955,818 | 38,332,785 | |
Motherson Sumi Systems, Ltd. | 22,246,074 | 34,622,616 | |
SBI Life Insurance Co., Ltd.(1)(2) | 2,874,962 | 31,507,147 |
Security | Shares | Value | |
India (continued) | |||
Tech Mahindra, Ltd. | 3,852,396 | $ 41,346,324 | |
$ 353,592,331 | |||
Indonesia — 3.4% | |||
Bank Central Asia Tbk PT | 21,254,400 | $ 38,797,896 | |
Bank Rakyat Indonesia Persero Tbk PT | 140,979,391 | 28,922,520 | |
Unilever Indonesia Tbk PT | 68,183,400 | 37,205,116 | |
$ 104,925,532 | |||
Mexico — 3.2% | |||
Grupo Financiero Banorte SAB de CV(2) | 14,559,214 | $ 50,298,639 | |
Wal-Mart de Mexico SAB de CV | 19,655,749 | 47,033,701 | |
$ 97,332,340 | |||
Peru — 1.2% | |||
Credicorp, Ltd. | 289,117 | $ 35,847,617 | |
$ 35,847,617 | |||
Russia — 5.9% | |||
Mail.ru Group, Ltd. GDR(2) | 1,752,248 | $ 47,944,426 | |
Polymetal International PLC | 973,748 | 21,217,169 | |
Yandex NV, Class A(2)(3) | 1,707,794 | 111,433,559 | |
$ 180,595,154 | |||
South Africa — 4.1% | |||
Prosus NV(2)(3) | 1,360,307 | $ 124,687,115 | |
$ 124,687,115 | |||
South Korea — 12.2% | |||
KB Financial Group, Inc. | 1,410,245 | $ 45,409,866 | |
LG Household & Health Care, Ltd. | 48,675 | 60,067,630 | |
NCSoft Corp. | 67,997 | 46,858,984 | |
Samsung Electronics Co., Ltd. | 4,410,279 | 218,944,452 | |
$ 371,280,932 | |||
Sweden — 1.4% | |||
Epiroc AB, Class A | 2,898,320 | $ 41,985,776 | |
$ 41,985,776 | |||
Taiwan — 14.2% | |||
Accton Technology Corp. | 5,878,000 | $ 45,476,207 | |
Advantech Co., Ltd. | 2,953,113 | 29,883,521 | |
Chipbond Technology Corp. | 14,530,000 | 32,022,345 | |
Delta Electronics, Inc. | 14,376,000 | 94,399,164 | |
LandMark Optoelectronics Corp. | 3,202,900 | 27,657,621 | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2,522,080 | 204,465,026 | |
$ 433,903,884 |
Security | Shares | Value | |
Turkey — 0.4% | |||
BIM Birlesik Magazalar AS | 1,228,385 | $ 11,013,901 | |
$ 11,013,901 | |||
United Arab Emirates — 0.0% | |||
NMC Health PLC(2)(3)(4) | 2,704,917 | $ 0 | |
$ 0 | |||
Total Common Stocks (identified cost $2,526,930,148) | $ 2,975,067,447 |
High Social Impact Investments — 0.2% |
Security | Principal Amount (000's omitted) | Value | |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(5)(6) | $ | 7,467 | $ 7,429,013 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/20(6)(7) | 43 | 41,626 | |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20(6)(7) | 56 | 48,302 | |
Total High Social Impact Investments (identified cost $7,565,870) | $ 7,518,941 |
Short-Term Investments — 3.2% |
Other — 1.8% | |||
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.13%(8) | 55,657,685 | $ 55,663,250 | |
Total Other (identified cost $55,667,831) | $ 55,663,250 |
Securities Lending Collateral — 1.4% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%(9) | 40,867,297 | $ 40,867,297 | |
Total Securities Lending Collateral (identified cost $40,867,297) | $ 40,867,297 | ||
Total Short-Term Investments (identified cost $96,535,128) | $ 96,530,547 |
Total Investments — 101.0% (identified cost $2,631,031,146) | $ 3,079,116,935 | |
Other Assets, Less Liabilities — (1.0)% | $ (30,486,644) | |
Net Assets — 100.0% | $ 3,048,630,291 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2020, the aggregate value of these securities is $95,133,138 or 3.1% of the Fund's net assets. | |
(2) | Non-income producing security. | |
(3) | All or a portion of this security was on loan at September 30, 2020. The aggregate market value of securities on loan at September 30, 2020 was $184,349,354. | |
(4) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). | |
(5) | Affiliated company (see Note 8). | |
(6) | Restricted security. Total market value of restricted securities amounts to $7,518,941, which represents 0.2% of the net assets of the Fund as of September 30, 2020. | |
(7) | Notes carry an interest rate that varies by period and is contingent on the performance of the underlying portfolio of loans to borrowers. The coupon rate shown represents the rate in effect at September 30, 2020. | |
(8) | Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2020. | |
(9) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Information Technology | 23.9% |
Consumer Discretionary | 21.0 |
Financials | 15.5 |
Communication Services | 12.2 |
Industrials | 11.3 |
Consumer Staples | 6.9 |
Health Care | 5.1 |
Materials | 1.7 |
High Social Impact Investments | 0.2 |
Total | 97.8% |
Description | Acquisition Dates | Cost |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20 | 12/13/19 | $7,466,870 |
ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/20 | 11/13/15 | 43,000 |
ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/20 | 11/13/15 | 56,000 |
Abbreviations: | |
ADR | – American Depositary Receipt |
GDR | – Global Depositary Receipt |
September 30, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $2,567,896,445) - including $184,349,354 of securities on loan | $ 3,016,024,672 |
Investments in securities of affiliated issuers, at value (identified cost $63,134,701) | 63,092,263 |
Cash denominated in foreign currency, at value (cost $12,292,143) | 12,445,605 |
Receivable for investments sold | 7,162,278 |
Receivable for capital shares sold | 10,946,132 |
Dividends and interest receivable | 1,467,172 |
Dividends and interest receivable - affiliated | 93,496 |
Securities lending income receivable | 34,249 |
Receivable from affiliate | 135,831 |
Directors' deferred compensation plan | 623,594 |
Total assets | $3,112,025,292 |
Liabilities | |
Due to custodian | $ 5,547 |
Payable for investments purchased | 11,828,854 |
Payable for capital shares redeemed | 2,073,554 |
Payable for foreign capital gain taxes | 4,830,736 |
Deposits for securities loaned | 40,867,297 |
Payable to affiliates: | |
Investment advisory fee | 1,859,281 |
Administrative fee | 297,485 |
Distribution and service fees | 60,735 |
Sub-transfer agency fee | 17,997 |
Directors' deferred compensation plan | 623,594 |
Accrued expenses | 929,921 |
Total liabilities | $ 63,395,001 |
Net Assets | $3,048,630,291 |
Sources of Net Assets | |
Paid-in capital | $ 2,715,640,481 |
Distributable earnings | 332,989,810 |
Total | $3,048,630,291 |
Class A Shares | |
Net Assets | $ 173,728,005 |
Shares Outstanding | 9,476,486 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 18.33 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 19.24 |
Class C Shares | |
Net Assets | $ 30,937,804 |
Shares Outstanding | 1,739,728 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 17.78 |
September 30, 2020 | |
Class I Shares | |
Net Assets | $2,530,134,975 |
Shares Outstanding | 136,599,770 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 18.52 |
Class R6 Shares | |
Net Assets | $ 313,829,507 |
Shares Outstanding | 16,974,815 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 18.49 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended | |
September 30, 2020 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $5,264,613) | $ 44,146,589 |
Dividend income - affiliated issuers | 21,208 |
Interest income | 1,190 |
Interest income - affiliated issuers | 94,502 |
Securities lending income, net | 1,254,093 |
Total investment income | $ 45,517,582 |
Expenses | |
Investment advisory fee | $ 19,226,554 |
Administrative fee | 3,076,249 |
Distribution and service fees: | |
Class A | 382,523 |
Class C | 297,087 |
Directors' fees and expenses | 103,744 |
Custodian fees | 214,635 |
Transfer agency fees and expenses | 1,927,613 |
Accounting fees | 475,265 |
Professional fees | 148,279 |
Registration fees | 329,576 |
Reports to shareholders | 294,912 |
Miscellaneous | 184,999 |
Total expenses | $ 26,661,436 |
Waiver and/or reimbursement of expenses by affiliate | $ (742,130) |
Reimbursement of expenses - other | (35,450) |
Net expenses | $ 25,883,856 |
Net investment income | $ 19,633,726 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities (net of foreign capital gains taxes of $441) | $ (83,656,621) |
Investment securities - affiliated issuers | 7,085 |
Foreign currency transactions | (2,713,541) |
Net realized loss | $ (86,363,077) |
Change in unrealized appreciation (depreciation): | |
Investment securities (including net increase in payable for foreign capital gains taxes of $3,833,814) | $ 413,055,750 |
Investment securities - affiliated issuers | (31,858) |
Foreign currency | 127,624 |
Net change in unrealized appreciation (depreciation) | $413,151,516 |
Net realized and unrealized gain | $326,788,439 |
Net increase in net assets from operations | $346,422,165 |
Year Ended September 30, | ||
2020 | 2019 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 19,633,726 | $ 22,716,547 |
Net realized loss | (86,363,077) | (24,321,645) |
Net change in unrealized appreciation (depreciation) | 413,151,516 | 84,061,839 |
Net increase in net assets from operations | $ 346,422,165 | $ 82,456,741 |
Distributions to shareholders: | ||
Class A | $ (673,898) | $ (830,950) |
Class C | — | (100,965) |
Class I | (14,521,438) | (12,937,246) |
Class R6 | (1,960,798) | (549,482) |
Total distributions to shareholders | $ (17,156,134) | $ (14,418,643) |
Capital share transactions: | ||
Class A | $ 18,646,918 | $ (24,807,970) |
Class C | (1,276,295) | 3,743,762 |
Class I | 445,276,599 | 742,127,821 |
Class R6 | 59,777,840 | 205,025,396 |
Net increase in net assets from capital share transactions | $ 522,425,062 | $ 926,089,009 |
Net increase in net assets | $ 851,691,093 | $ 994,127,107 |
Net Assets | ||
At beginning of year | $ 2,196,939,198 | $ 1,202,812,091 |
At end of year | $3,048,630,291 | $2,196,939,198 |
Class A | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 16.05 | $ 15.55 | $ 16.33 | $ 12.94 | $ 10.90 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.09 | $ 0.17 | $ 0.19 | $ 0.10 | $ 0.08(2) |
Net realized and unrealized gain (loss) | 2.27 | 0.45 | (0.94) | 3.36 | 2.06 |
Total income (loss) from operations | $ 2.36 | $ 0.62 | $ (0.75) | $ 3.46 | $ 2.14 |
Less Distributions | |||||
From net investment income | $ (0.08) | $ (0.12) | $ (0.03) | $ (0.07) | $ (0.10) |
Total distributions | $ (0.08) | $ (0.12) | $ (0.03) | $ (0.07) | $ (0.10) |
Net asset value — End of year | $ 18.33 | $ 16.05 | $ 15.55 | $ 16.33 | $ 12.94 |
Total Return(3) | 14.82% | 4.02% | (4.62)% | 26.89% | 19.75% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $173,728 | $132,066 | $155,735 | $62,432 | $39,343 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.27% | 1.41% | 1.56% | 1.80% | 1.95% |
Net expenses | 1.24% | 1.25% | 1.27% | 1.27% | 1.47% |
Net investment income | 0.54% | 1.06% | 1.15% | 0.73% | 0.66% (2) |
Portfolio Turnover | 38% | 32% | 27% | 36% | 32% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.003 per share and 0.003% of average net assets. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class C | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 15.62 | $ 15.18 | $ 16.04 | $ 12.76 | $ 10.74 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ (0.04) | $ 0.05 | $ 0.10 | $ 0.01 | $ —(2) |
Net realized and unrealized gain (loss) | 2.20 | 0.45 | (0.96) | 3.29 | 2.03 |
Total income (loss) from operations | $ 2.16 | $ 0.50 | $ (0.86) | $ 3.30 | $ 2.03 |
Less Distributions | |||||
From net investment income | $ — | $ (0.06) | $ — | $ (0.02) | $ (0.01) |
Total distributions | $ — | $ (0.06) | $ — | $ (0.02) | $ (0.01) |
Net asset value — End of year | $ 17.78 | $ 15.62 | $ 15.18 | $16.04 | $12.76 |
Total Return(3) | 13.89% | 3.33% | (5.36)% | 25.88% | 18.94% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $30,938 | $28,794 | $24,286 | $ 4,627 | $ 994 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 2.02% | 2.16% | 2.31% | 3.69% | 4.44% |
Net expenses | 1.99% | 2.00% | 2.02% | 2.02% | 2.21% |
Net investment income (loss) | (0.22)% | 0.35% | 0.60% | 0.08% | 0.02% (2) |
Portfolio Turnover | 38% | 32% | 27% | 36% | 32% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.003 per share and 0.003% of average net assets. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class I | |||||
Year Ended September 30, | |||||
2020 | 2019 | 2018 | 2017 | 2016 | |
Net asset value — Beginning of year | $ 16.22 | $ 15.73 | $ 16.48 | $ 13.06 | $ 10.99 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.13 | $ 0.22 | $ 0.29 | $ 0.17 | $ 0.12(2) |
Net realized and unrealized gain (loss) | 2.29 | 0.45 | (0.99) | 3.35 | 2.09 |
Total income (loss) from operations | $ 2.42 | $ 0.67 | $ (0.70) | $ 3.52 | $ 2.21 |
Less Distributions | |||||
From net investment income | $ (0.12) | $ (0.18) | $ (0.05) | $ (0.10) | $ (0.14) |
Total distributions | $ (0.12) | $ (0.18) | $ (0.05) | $ (0.10) | $ (0.14) |
Net asset value — End of year | $ 18.52 | $ 16.22 | $ 15.73 | $ 16.48 | $ 13.06 |
Total Return(3) | 15.07% | 4.36% | (4.30)% | 27.27% | 20.31% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $2,530,135 | $1,817,479 | $1,012,574 | $126,398 | $58,259 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.02% | 1.15% | 1.32% | 1.32% | 1.41% |
Net expenses | 0.99% | 0.97% | 0.92% | 0.92% | 1.12% |
Net investment income | 0.79% | 1.41% | 1.71% | 1.20% | 1.06% (2) |
Portfolio Turnover | 38% | 32% | 27% | 36% | 32% |
(1) | Computed using average shares outstanding. |
(2) | Amount includes a non-recurring refund for overbilling of prior years' custody out-of-pocket fees. This amounted to $0.003 per share and 0.003% of average net assets. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class R6 | |||
Year Ended September 30, | Period Ended September 30, | ||
2020 | 2019 | 2018 (1) | |
Net asset value — Beginning of period | $ 16.19 | $ 15.72 | $ 18.65 |
Income (Loss) From Operations | |||
Net investment income(2) | $ 0.14 | $ 0.27 | $ 0.26 |
Net realized and unrealized gain (loss) | 2.30 | 0.40 | (3.19) |
Total income (loss) from operations | $ 2.44 | $ 0.67 | $ (2.93) |
Less Distributions | |||
From net investment income | $ (0.14) | $ (0.20) | $ — |
Total distributions | $ (0.14) | $ (0.20) | $ — |
Net asset value — End of period | $ 18.49 | $ 16.19 | $ 15.72 |
Total Return(3) | 15.13% | 4.35% | (15.71)% (4) |
Ratios/Supplemental Data | |||
Net assets, end of period (000’s omitted) | $313,830 | $218,601 | $10,217 |
Ratios (as a percentage of average daily net assets):(5) | |||
Total expenses | 0.95% | 1.06% | 1.24% (6) |
Net expenses | 0.92% | 0.92% | 0.92% (6) |
Net investment income | 0.84% | 1.67% | 2.48% (6) |
Portfolio Turnover | 38% | 32% | 27% (7) |
(1) | From February 1, 2018 inception. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | For the year ended September 30, 2018. |
Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
Common Stocks | ||||
Brazil | $ 133,604,081 | $ — | $ — | $ 133,604,081 |
China | 334,267,951 | 490,179,819 | — | 824,447,770 |
Egypt | — | 14,117,866 | — | 14,117,866 |
Hong Kong | — | 220,570,567 | — | 220,570,567 |
Hungary | — | 27,162,581 | — | 27,162,581 |
India | 57,896,246 | 295,696,085 | — | 353,592,331 |
Indonesia | — | 104,925,532 | — | 104,925,532 |
Mexico | 97,332,340 | — | — | 97,332,340 |
Peru | 35,847,617 | — | — | 35,847,617 |
Russia | 111,433,559 | 69,161,595 | — | 180,595,154 |
South Africa | — | 124,687,115 | — | 124,687,115 |
South Korea | — | 371,280,932 | — | 371,280,932 |
Sweden | — | 41,985,776 | — | 41,985,776 |
Taiwan | 204,465,026 | 229,438,858 | — | 433,903,884 |
Turkey | — | 11,013,901 | — | 11,013,901 |
United Arab Emirates | — | — | 0 | 0 |
Total Common Stocks | $ 974,846,820 | $2,000,220,627 (2) | $ 0 | $2,975,067,447 |
High Social Impact Investments | $ — | $ 7,518,941 | $ — | $ 7,518,941 |
Short-Term Investments: | ||||
Other | — | 55,663,250 | — | 55,663,250 |
Securities Lending Collateral | 40,867,297 | — | — | 40,867,297 |
Total Investments | $1,015,714,117 | $2,063,402,818 | $ 0 | $3,079,116,935 |
(1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
(2) | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Year Ended September 30, | ||
2020 | 2019 | |
Ordinary income | $17,156,134 | $14,418,643 |
Undistributed ordinary income | $ 13,039,316 |
Deferred capital losses | $ (94,510,639) |
Net unrealized appreciation | $414,461,133 |
Aggregate cost | $2,659,966,265 |
Gross unrealized appreciation | $ 630,553,576 |
Gross unrealized depreciation | (211,402,906) |
Net unrealized appreciation | $ 419,150,670 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $40,867,297 | $ — | $ — | $ — | $40,867,297 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Interest/ Dividend income | Principal amount/Units, end of period |
High Social Impact Investments | ||||||||
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/19(1) | $ 1,989,420 | $ — | $ (2,000,000) | $ — | $ 10,580 | $ — | $ 5,833 | $ — |
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/20(1) | — | 7,466,870 | — | — | (37,857) | 7,429,013 | 88,669 | 7,466,870 |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | — | 285,487,720 | (229,826,974) | 7,085 | (4,581) | 55,663,250 | 21,208 | 55,657,685 |
Totals | $ 7,085 | $(31,858) | $63,092,263 | $115,710 |
(1) | Restricted security. |
Year Ended September 30, 2020 | Year Ended September 30, 2019 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Shares sold | 5,442,221 | $ 86,507,819 | 5,131,302 | $ 80,055,643 | |
Reinvestment of distributions | 36,614 | 607,428 | 49,242 | 739,118 | |
Shares redeemed | (4,230,039) | (68,496,871) | (6,985,125) | (105,845,381) | |
Converted from Class C | 1,687 | 28,542 | 15,904 | 242,650 | |
Net increase (decrease) | 1,250,483 | $ 18,646,918 | (1,788,677) | $ (24,807,970) | |
Class C | |||||
Shares sold | 337,489 | $ 5,556,767 | 684,007 | $ 10,374,888 | |
Reinvestment of distributions | — | — | 6,731 | 98,943 | |
Shares redeemed | (439,921) | (6,804,520) | (429,880) | (6,487,419) | |
Converted to Class A | (1,736) | (28,542) | (16,277) | (242,650) | |
Net increase (decrease) | (104,168) | $ (1,276,295) | 244,581 | $ 3,743,762 | |
Class I | |||||
Shares sold | 79,141,293 | $1,295,586,705 | 91,075,131 | $1,420,261,887 | |
Reinvestment of distributions | 822,269 | 13,756,564 | 817,003 | 12,369,427 | |
Shares redeemed | (55,415,414) | (864,066,670) | (44,204,094) | (690,503,493) | |
Net increase | 24,548,148 | $ 445,276,599 | 47,688,040 | $ 742,127,821 |
Year Ended September 30, 2020 | Year Ended September 30, 2019 | ||||
Shares | Amount | Shares | Amount | ||
Class R6 | |||||
Shares sold | 7,810,338 | $ 131,894,225 | 16,658,520 | $ 266,753,381 | |
Reinvestment of distributions | 110,978 | 1,852,220 | 36,389 | 549,482 | |
Shares redeemed | (4,447,540) | (73,968,605) | (3,843,934) | (62,277,467) | |
Net increase | 3,473,776 | $ 59,777,840 | 12,850,975 | $ 205,025,396 |
Calvert World Values Fund, Inc.:
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041imgf1e136d35.jpg)
November 20, 2020
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Interested Director | ||||
John H. Streur(1) 1960 | Director & President | 2015 | President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015 - December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015 - December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015 - April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc. | |
Independent Directors | ||||
Richard L. Baird, Jr. 1948 | Director | 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None. | |
Alice Gresham Bullock 1950 | Chair & Director | 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None. | |
Cari M. Dominguez 1949 | Director | 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors. | |
John G. Guffey, Jr.(2) 1948 | Director | 1992 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. | |
Miles D. Harper, III 1962 | Director | 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), (November 1999 - September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management). | |
Joy V. Jones 1950 | Director | 2005 | Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation. |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Independent Directors (continued) | ||||
Anthony A. Williams 1951 | Director | 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization). |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) During Past Five Years | |
Principal Officers who are not Directors | ||||
Hope L. Brown 1973 | Chief Compliance Officer | 2014 | Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). | |
Maureen A. Gemma(3) 1960 | Secretary, Vice President and Chief Legal Officer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
James F. Kirchner(3) 1967 | Treasurer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
(1) Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | ||||
(2) Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019. | ||||
(3) The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110. |
• | At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements. |
• | On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates. |
• | We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information. |
• | We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.calvert.com. |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img2a0e01931.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img033a74a22.gif)
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Since Inception |
Class A at NAV | 10/01/2019 | 10/01/2019 | 6.94% | —% | 6.94% |
Class A with 4.75% Maximum Sales Charge | — | — | 1.85 | — | 1.85 |
Class I at NAV | 10/01/2019 | 10/01/2019 | 7.14 | — | 7.14 |
MSCI Emerging Markets Index | — | — | 10.54% | 8.96% | 10.54% |
Calvert Emerging Markets Index | — | — | 12.31 | — | 12.31 |
% Total Annual Operating Expense Ratios3 | Class A | Class I |
Gross | 1.35% | 1.10% |
Net | 1.20 | 0.95 |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img467d07a63.jpg)
Growth of Investment2 | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class I | $250,000 | 10/01/2019 | $267,859 | N.A. |
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img5aee47404.jpg)
Top 10 Holdings (% of net assets)* | |
Alibaba Group Holding, Ltd. ADR | 7.2% |
Taiwan Semiconductor Manufacturing Co., Ltd. | 6.9 |
Samsung Electronics Co., Ltd. | 6.1 |
Tencent Holdings, Ltd. | 6.0 |
Commercial International Bank Egypt SAE | 3.4 |
Meituan Dianping, Class B | 1.9 |
Hellenic Telecommunications Organization S.A. | 1.8 |
JD.com, Inc. ADR | 1.6 |
First Abu Dhabi Bank PJSC | 1.3 |
Ping An Insurance (Group) Co. of China, Ltd., Class H | 1.0 |
Total | 37.2% |
* | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. The Calvert Emerging Markets Index (the Index) is composed of equity securities of companies that are located in or tied economically to countries that Calvert Research and Management has classified as emerging market countries and that meet certain environmental, social and governance criteria. The Index is reconstituted annually and rebalanced quarterly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund's or oldest share class' inception, as applicable. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
Fund profile subject to change due to active management. |
Beginning Account Value (4/1/20) | Ending Account Value (9/30/20) | Expenses Paid During Period* (4/1/20 – 9/30/20) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,259.20 | $6.78 ** | 1.20% |
Class I | $1,000.00 | $1,260.00 | $5.37 ** | 0.95% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.00 | $6.06 ** | 1.20% |
Class I | $1,000.00 | $1,020.25 | $4.80 ** | 0.95% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on March 31, 2020. |
** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Common Stocks — 87.7% |
Security | Shares | Value | |
Brazil — 0.1% | |||
Banco Bradesco S.A., PFC Shares | 3,450 | $ 11,924 | |
Cia de Saneamento do Parana, PFC Shares | 10,000 | 9,064 | |
$ 20,988 | |||
China — 33.5% | |||
3SBio, Inc.(1)(2) | 6,000 | $ 6,798 | |
AAC Technologies Holdings, Inc.(3) | 5,000 | 27,203 | |
Agile Group Holdings, Ltd. | 12,000 | 15,810 | |
Agricultural Bank of China, Ltd., Class H | 278,000 | 87,224 | |
Alibaba Group Holding, Ltd. ADR(2) | 10,191 | 2,995,950 | |
A-Living Services Co., Ltd., Class H(1) | 2,750 | 14,070 | |
Anhui Conch Cement Co., Ltd., Class H | 14,500 | 100,431 | |
ANTA Sports Products, Ltd. | 7,000 | 73,055 | |
Autohome, Inc. ADR | 1,007 | 96,672 | |
Bank of China, Ltd., Class H | 635,000 | 197,498 | |
Bank of Communications Co., Ltd., Class H | 243,000 | 117,119 | |
Baozun, Inc. ADR(2)(3) | 300 | 9,747 | |
BeiGene, Ltd.(2) | 4,600 | 101,454 | |
Beijing Capital International Airport Co., Ltd., Class H | 14,000 | 8,465 | |
Beijing Enterprises Water Group, Ltd. | 30,000 | 11,691 | |
BEST, Inc. ADR(2)(3) | 1,955 | 5,865 | |
Brilliance China Automotive Holdings, Ltd. | 16,000 | 15,121 | |
BYD Co., Ltd., Class H(3) | 7,000 | 112,883 | |
China Aoyuan Group, Ltd. | 10,000 | 10,306 | |
China Biologic Products Holdings, Inc.(2)(3) | 219 | 24,340 | |
China CITIC Bank Corp, Ltd., Class H | 116,000 | 44,955 | |
China Communications Services Corp., Ltd., Class H | 16,000 | 9,446 | |
China Conch Venture Holdings, Ltd. | 13,000 | 60,477 | |
China Everbright Bank Co., Ltd., Class H | 60,000 | 18,975 | |
China Everbright Environment Group, Ltd. | 19,000 | 10,863 | |
China Evergrande Group(3) | 15,000 | 38,496 | |
China Galaxy Securities Co., Ltd., Class H | 65,500 | 37,072 | |
China Hongqiao Group, Ltd. | 18,500 | 11,590 | |
China International Capital Corp., Ltd., Class H(1)(2)(3) | 19,600 | 45,585 | |
China Jinmao Holdings Group, Ltd. | 22,000 | 12,249 | |
China Lesso Group Holdings, Ltd. | 11,000 | 19,977 | |
China Literature, Ltd.(1)(2)(3) | 1,800 | 13,575 | |
China Longyuan Power Group Corp., Ltd., Class H | 22,000 | 13,823 | |
China Medical System Holdings, Ltd. | 8,000 | 8,852 | |
China Mengniu Dairy Co., Ltd. | 22,000 | 103,768 | |
China Merchants Bank Co., Ltd., Class H | 33,000 | 156,599 | |
China Minsheng Banking Corp., Ltd., Class H | 79,000 | 41,510 | |
China Mobile, Ltd. | 44,500 | 285,658 | |
China National Building Material Co., Ltd., Class H | 38,000 | 48,429 | |
China Oilfield Services, Ltd., Class H | 12,000 | 8,399 |
Security | Shares | Value | |
China (continued) | |||
China Pacific Insurance Group Co., Ltd., Class H | 33,000 | $ 94,248 | |
China Resources Cement Holdings, Ltd. | 18,000 | 24,745 | |
China Resources Land, Ltd. | 20,000 | 91,216 | |
China Telecom Corp, Ltd., Class H | 66,000 | 19,830 | |
China Tower Corp, Ltd., Class H(1) | 400,000 | 69,591 | |
China Unicom (Hong Kong), Ltd. | 30,000 | 19,692 | |
China Vanke Co., Ltd., Class H | 10,700 | 32,890 | |
CIFI Holdings Group Co., Ltd. | 34,000 | 25,257 | |
CNOOC, Ltd. | 150,000 | 144,282 | |
Country Garden Holdings Co., Ltd. | 65,000 | 80,485 | |
Country Garden Services Holdings Co., Ltd. | 11,000 | 71,439 | |
CRRC Corp., Ltd., Class H | 24,000 | 9,613 | |
CSPC Pharmaceutical Group, Ltd. | 36,000 | 70,274 | |
Dali Foods Group Co., Ltd.(1) | 17,500 | 10,718 | |
ENN Energy Holdings, Ltd. | 5,300 | 58,158 | |
Far East Horizon, Ltd. | 40,000 | 32,642 | |
GDS Holdings, Ltd. ADR(2) | 1,172 | 95,905 | |
Geely Automobile Holdings, Ltd. | 47,000 | 94,283 | |
Genscript Biotech Corp.(2) | 4,000 | 6,594 | |
GF Securities Co., Ltd., Class H | 10,400 | 13,233 | |
GOME Retail Holdings, Ltd.(2)(3) | 67,000 | 8,874 | |
Great Wall Motor Co., Ltd., Class H(3) | 15,000 | 19,134 | |
Greentown Service Group Co., Ltd. | 8,000 | 9,914 | |
Guangdong Investment, Ltd. | 20,000 | 31,800 | |
Guangzhou Automobile Group Co., Ltd., Class H | 12,000 | 10,067 | |
Guangzhou R&F Properties Co., Ltd., Class H | 7,200 | 9,325 | |
Guotai Junan Securities Co., Ltd., Class H(1) | 17,200 | 24,008 | |
Haidilao International Holding, Ltd.(1) | 5,000 | 36,229 | |
Haitong Securities Co., Ltd., Class H(2) | 38,000 | 32,497 | |
Hengan International Group Co., Ltd. | 3,000 | 21,960 | |
Huaneng Power International, Inc., Class H | 22,000 | 8,536 | |
Huatai Securities Co., Ltd., Class H(1) | 20,600 | 33,893 | |
Huazhu Group, Ltd. ADR(3) | 2,276 | 98,414 | |
Innovent Biologics, Inc.(1)(2) | 7,500 | 55,929 | |
iQIYI, Inc. ADR(2)(3) | 2,054 | 46,379 | |
JD.com, Inc. ADR(2) | 8,780 | 681,416 | |
Jiangsu Expressway Co., Ltd., Class H | 10,000 | 10,095 | |
JOYY, Inc. ADR | 586 | 47,273 | |
Kingdee International Software Group Co., Ltd. | 16,000 | 41,733 | |
Kingsoft Corp., Ltd.(3) | 5,000 | 25,190 | |
Kunlun Energy Co., Ltd. | 20,000 | 13,206 | |
KWG Property Holding, Ltd. | 9,500 | 16,361 | |
Li Ning Co., Ltd. | 12,000 | 56,464 | |
Logan Group Co., Ltd. | 8,000 | 12,730 | |
Longfor Group Holdings, Ltd.(1) | 11,000 | 62,328 | |
Meituan Dianping, Class B(2) | 25,100 | 790,682 | |
Minth Group, Ltd. | 4,000 | 17,467 |
Security | Shares | Value | |
China (continued) | |||
Momo, Inc. ADR | 1,100 | $ 15,136 | |
NetEase, Inc. ADR | 500 | 227,335 | |
New China Life Insurance Co., Ltd., Class H | 11,000 | 41,350 | |
New Oriental Education & Technology Group, Inc. ADR(2) | 1,040 | 155,480 | |
NIO, Inc. ADR(2) | 6,033 | 128,020 | |
People's Insurance Co. Group of China Ltd. (The), Class H | 155,000 | 46,126 | |
Pinduoduo, Inc. ADR(2) | 2,441 | 181,000 | |
Ping An Healthcare and Technology Co., Ltd.(1)(2)(3) | 3,100 | 39,999 | |
Ping An Insurance (Group) Co. of China, Ltd., Class H | 41,500 | 430,805 | |
Postal Savings Bank of China Co., Ltd., Class H(1) | 120,000 | 50,552 | |
Seazen Group, Ltd. | 24,000 | 20,444 | |
Semiconductor Manufacturing International Corp.(2)(3) | 26,000 | 60,870 | |
Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 16,000 | 32,013 | |
Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H | 3,500 | 14,652 | |
Shenzhen International Holdings, Ltd. | 6,500 | 10,371 | |
Shimao Group Holdings, Ltd. | 8,000 | 33,376 | |
Silergy Corp. | 1,000 | 59,287 | |
Sinopharm Group Co., Ltd., Class H | 7,200 | 15,215 | |
Sinotruk Hong Kong, Ltd. | 4,500 | 11,597 | |
Sunac China Holdings, Ltd. | 21,000 | 82,736 | |
Sunny Optical Technology Group Co., Ltd. | 5,900 | 91,641 | |
TAL Education Group ADR(2) | 2,783 | 211,619 | |
Tencent Holdings, Ltd. | 36,900 | 2,492,350 | |
Tingyi (Cayman Islands) Holding Corp. | 10,000 | 17,707 | |
Tongcheng Elong Holdings, Ltd.(2) | 6,000 | 11,006 | |
TravelSky Technology, Ltd., Class H | 5,000 | 10,747 | |
Trip.com Group, Ltd. ADR(2) | 2,729 | 84,981 | |
Uni-President China Holdings, Ltd. | 12,000 | 11,005 | |
United Energy Group, Ltd. | 88,000 | 12,533 | |
Vipshop Holdings, Ltd. ADR(2) | 3,993 | 62,450 | |
Want Want China Holdings, Ltd. | 42,000 | 29,349 | |
Weibo Corp. ADR(2)(3) | 500 | 18,215 | |
Weichai Power Co., Ltd., Class H | 11,000 | 22,258 | |
WuXi AppTec Co., Ltd., Class H(1) | 1,400 | 20,245 | |
Wuxi Biologics Cayman, Inc.(1)(2) | 6,500 | 159,302 | |
Xiaomi Corp., Class B(1)(2) | 112,600 | 304,811 | |
Xinyi Solar Holdings, Ltd. | 22,000 | 35,073 | |
Yihai International Holding Ltd. | 4,000 | 62,828 | |
Yum China Holdings, Inc. | 2,850 | 150,907 | |
Zai Lab, Ltd. ADR(2) | 275 | 22,872 | |
Zhaojin Mining Industry Co., Ltd., Class H | 13,500 | 16,603 | |
ZhongAn Online P&C Insurance Co., Ltd., Class H(1)(2)(3) | 7,800 | 39,093 | |
Zhongsheng Group Holdings, Ltd. | 3,500 | 22,017 | |
Zhuzhou CRRC Times Electric Co., Ltd., Class H | 3,900 | 13,104 | |
ZTO Express Cayman, Inc. ADR | 4,144 | 123,988 | |
$ 14,012,067 |
Security | Shares | Value | |
Colombia — 4.6% | |||
Banco Davivienda S.A., PFC Shares | 16,277 | $ 116,538 | |
Bancolombia S.A. | 46,113 | 292,559 | |
Cementos Argos S.A. | 160,305 | 193,941 | |
Empresa de Energia de Bogota S.A. ESP | 361,939 | 231,709 | |
Grupo de Inversiones Suramericana S.A. | 42,432 | 228,625 | |
Grupo Nutresa S.A. | 27,638 | 163,647 | |
Interconexion Electrica S.A. ESP | 57,781 | 307,702 | |
Millicom International Cellular S.A. SDR | 13,504 | 407,967 | |
$ 1,942,688 | |||
Egypt — 3.9% | |||
Commercial International Bank Egypt SAE | 331,390 | $ 1,397,516 | |
Egypt Kuwait Holding Co. SAE | 207,730 | 222,358 | |
$ 1,619,874 | |||
Greece — 5.4% | |||
Alpha Bank AE(2) | 313,326 | $ 189,455 | |
Eurobank Ergasias S.A.(2) | 568,295 | 249,995 | |
Hellenic Telecommunications Organization S.A. | 51,287 | 738,647 | |
JUMBO S.A. | 23,806 | 416,802 | |
Motor Oil (Hellas) Corinth Refineries S.A. | 13,500 | 159,000 | |
Mytilineos S.A. | 23,900 | 256,062 | |
National Bank of Greece S.A.(2) | 124,200 | 155,636 | |
Piraeus Bank S.A.(2) | 73,200 | 90,441 | |
$ 2,256,038 | |||
Hong Kong — 1.1% | |||
Alibaba Health Information Technology, Ltd.(2) | 22,000 | $ 54,099 | |
Alibaba Pictures Group, Ltd.(2) | 80,000 | 11,941 | |
China Gas Holdings, Ltd. | 25,600 | 73,260 | |
China Overseas Land & Investment, Ltd. | 26,000 | 65,675 | |
China Resources Gas Group, Ltd. | 8,000 | 35,919 | |
China State Construction International Holdings, Ltd. | 14,000 | 9,184 | |
China Taiping Insurance Holdings Co., Ltd. | 26,800 | 41,090 | |
Haier Electronics Group Co., Ltd. | 6,000 | 21,813 | |
Hutchison China MediTech, Ltd. ADR(2) | 500 | 16,150 | |
Kingboard Chemical Holdings, Ltd. | 4,500 | 14,888 | |
Nine Dragons Paper Holdings, Ltd. | 13,000 | 16,413 | |
Sino Biopharmaceutical, Ltd. | 76,500 | 83,771 | |
Sun Art Retail Group, Ltd. | 16,000 | 17,764 | |
$ 461,967 | |||
Indonesia — 0.9% | |||
Ace Hardware Indonesia Tbk PT | 190,700 | $ 20,463 | |
Bank Central Asia Tbk PT | 50,600 | 92,366 | |
Bank Mandiri Persero Tbk PT | 88,400 | 29,563 | |
Bank Negara Indonesia Persero Tbk PT | 72,200 | 21,658 |
Security | Shares | Value | |
Indonesia (continued) | |||
Bank Rakyat Indonesia Persero Tbk PT | 248,200 | $ 50,919 | |
Barito Pacific Tbk PT(2) | 229,600 | 12,274 | |
Charoen Pokphand Indonesia Tbk PT | 62,200 | 23,809 | |
Indocement Tunggal Prakarsa Tbk PT | 24,600 | 17,235 | |
Indofood CBP Sukses Makmur Tbk PT | 19,300 | 13,082 | |
Telekomunikasi Indonesia Persero Tbk PT | 224,800 | 38,815 | |
Unilever Indonesia Tbk PT | 78,300 | 42,725 | |
$ 362,909 | |||
Peru — 1.1% | |||
Credicorp, Ltd. | 3,200 | $ 396,768 | |
InRetail Peru Corp.(1) | 1,100 | 36,850 | |
Intercorp Financial Services Inc. | 1,400 | 32,900 | |
$ 466,518 | |||
Philippines — 0.9% | |||
Aboitiz Equity Ventures, Inc. | 17,000 | $ 16,248 | |
Ayala Corp. | 2,300 | 32,887 | |
Ayala Land, Inc. | 61,400 | 37,789 | |
Bank of the Philippine Islands | 13,400 | 17,743 | |
BDO Unibank, Inc. | 14,200 | 25,338 | |
Globe Telecom, Inc. | 600 | 25,736 | |
GT Capital Holdings, Inc. | 1,200 | 9,604 | |
JG Summit Holdings, Inc. | 21,700 | 27,036 | |
Jollibee Foods Corp. | 4,300 | 12,891 | |
Manila Electric Co. | 1,900 | 10,652 | |
Metro Pacific Investments Corp. | 166,000 | 11,995 | |
Metropolitan Bank & Trust Co. | 13,500 | 10,688 | |
Puregold Price Club, Inc. | 12,100 | 12,263 | |
Robinsons Retail Holdings, Inc. | 8,100 | 10,875 | |
SM Investments Corp. | 3,600 | 65,654 | |
SM Prime Holdings, Inc. | 69,900 | 42,598 | |
Universal Robina Corp. | 6,700 | 18,582 | |
$ 388,579 | |||
Russia — 1.8% | |||
Magnit PJSC | 799 | $ 51,047 | |
Mail.Ru Group, Ltd. GDR(2)(4) | 1,200 | 32,880 | |
Mobile TeleSystems PJSC | 10,951 | 47,643 | |
Moscow Exchange MICEX-RTS PJSC | 21,800 | 41,091 | |
Polymetal International PLC | 3,400 | 74,154 | |
Polyus PJSC | 400 | 84,074 | |
Surgutneftegas PJSC | 122,723 | 54,742 | |
Tatneft PJSC | 13,732 | 81,751 | |
Transneft PJSC, PFC Shares(2) | 24 | 45,667 | |
VTB Bank PJSC(2) | 77,899,700 | 34,676 | |
X5 Retail Group NV GDR(4) | 1,220 | 45,140 |
Security | Shares | Value | |
Russia (continued) | |||
Yandex NV, Class A(2)(3) | 2,584 | $ 168,606 | |
$ 761,471 | |||
South Korea — 16.2% | |||
AMOREPACIFIC Corp. | 252 | $ 35,131 | |
AMOREPACIFIC Group | 251 | 10,459 | |
BGF retail Co., Ltd. | 79 | 8,355 | |
BNK Financial Group, Inc. | 2,840 | 12,288 | |
Celltrion Healthcare Co., Ltd.(2) | 990 | 74,262 | |
Celltrion, Inc.(2) | 1,328 | 292,112 | |
Cheil Worldwide, Inc. | 1,539 | 27,568 | |
CJ CheilJedang Corp. | 167 | 56,369 | |
CJ Corp. | 333 | 23,123 | |
CJ Logistics Corp.(2) | 102 | 15,466 | |
Coway Co., Ltd. | 528 | 35,910 | |
DB Insurance Co., Ltd. | 408 | 15,768 | |
Doosan Bobcat, Inc. | 551 | 12,719 | |
Douzone Bizon Co., Ltd. | 175 | 15,595 | |
Fila Holdings Corp. | 443 | 13,844 | |
GS Holdings Corp. | 974 | 25,788 | |
Hana Financial Group, Inc. | 2,641 | 63,445 | |
Hankook Tire & Technology Co., Ltd. | 439 | 11,830 | |
Hanmi Pharm Co., Ltd. | 100 | 23,379 | |
Hanon Systems | 1,500 | 15,839 | |
Helixmith Co., Ltd.(2) | 285 | 8,653 | |
HLB, Inc.(2) | 415 | 36,584 | |
Hotel Shilla Co., Ltd. | 143 | 9,261 | |
Hyundai Engineering & Construction Co., Ltd. | 1,615 | 41,923 | |
Hyundai Glovis Co., Ltd. | 106 | 13,033 | |
Hyundai Heavy Industries Holdings Co., Ltd. | 102 | 18,964 | |
Hyundai Marine & Fire Insurance Co., Ltd. | 547 | 10,464 | |
Hyundai Mobis Co., Ltd. | 881 | 172,838 | |
Hyundai Motor Co. | 1,985 | 302,355 | |
Industrial Bank of Korea | 1,200 | 8,197 | |
Kakao Corp. | 493 | 153,300 | |
KB Financial Group, Inc. | 3,581 | 115,308 | |
KMW Co., Ltd.(2) | 237 | 15,840 | |
Korea Investment Holdings Co., Ltd. | 213 | 13,164 | |
Korea Zinc Co., Ltd. | 239 | 77,135 | |
KT Corp. | 2,198 | 43,008 | |
Kumho Petrochemical Co., Ltd. | 193 | 18,106 | |
LG Chem, Ltd. | 585 | 326,529 | |
LG Corp. | 1,050 | 66,669 | |
LG Display Co., Ltd.(2) | 2,188 | 28,663 | |
LG Electronics, Inc. | 1,097 | 85,931 | |
LG Household & Health Care, Ltd. | 86 | 106,129 | |
LG Innotek Co., Ltd. | 100 | 13,197 |
Security | Shares | Value | |
South Korea (continued) | |||
LG Uplus Corp. | 2,080 | $ 20,435 | |
Lotte Chemical Corp. | 149 | 24,979 | |
Mirae Asset Daewoo Co., Ltd. | 1,777 | 12,857 | |
NAVER Corp. | 1,398 | 355,261 | |
NCSoft Corp. | 155 | 106,816 | |
Netmarble Corp.(1)(2) | 331 | 46,829 | |
NH Investment & Securities Co., Ltd. | 1,530 | 11,948 | |
Orion Corp. of Republic of Korea | 538 | 60,284 | |
Pearl Abyss Corp.(2) | 70 | 12,055 | |
S-1 Corp. | 177 | 13,272 | |
Samsung C&T Corp. | 791 | 70,987 | |
Samsung Electro-Mechanics Co., Ltd. | 529 | 62,691 | |
Samsung Electronics Co., Ltd. | 51,817 | 2,572,410 | |
Samsung Engineering Co., Ltd.(2) | 4,208 | 37,807 | |
Samsung Fire & Marine Insurance Co., Ltd. | 235 | 36,609 | |
Samsung Heavy Industries Co., Ltd.(2) | 5,123 | 23,288 | |
Samsung SDI Co., Ltd. | 492 | 181,754 | |
Samsung SDS Co., Ltd. | 268 | 38,798 | |
Samsung Securities Co., Ltd. | 500 | 13,066 | |
Shinhan Financial Group Co., Ltd. | 3,998 | 93,795 | |
Shinsegae, Inc. | 60 | 10,856 | |
SK Hynix, Inc. | 5,417 | 388,305 | |
SK Telecom Co., Ltd. | 255 | 51,837 | |
Woori Financial Group, Inc. | 4,526 | 33,095 | |
Yuhan Corp. | 723 | 39,707 | |
$ 6,794,242 | |||
Taiwan — 14.3% | |||
Accton Technology Corp. | 2,000 | $ 15,473 | |
Acer, Inc. | 26,000 | 22,403 | |
Advantech Co., Ltd. | 3,299 | 33,384 | |
Airtac International Group | 3,000 | 68,246 | |
ASE Technology Holding Co., Ltd. | 19,000 | 39,119 | |
Asustek Computer, Inc. | 4,000 | 35,193 | |
AU Optronics Corp.(2) | 35,000 | 13,632 | |
Catcher Technology Co., Ltd. | 11,000 | 69,503 | |
Cathay Financial Holding Co., Ltd. | 62,000 | 83,001 | |
Chailease Holding Co., Ltd. | 10,400 | 47,640 | |
Chang Hwa Commercial Bank, Ltd. | 39,520 | 23,786 | |
Cheng Shin Rubber Industry Co., Ltd. | 7,000 | 8,959 | |
Chicony Electronics Co., Ltd. | 5,000 | 14,597 | |
China Development Financial Holding Corp. | 91,000 | 26,917 | |
China Life Insurance Co., Ltd. | 12,000 | 8,283 | |
China Steel Corp. | 101,000 | 71,534 | |
Chroma ATE, Inc. | 8,000 | 42,643 | |
Chunghwa Telecom Co., Ltd. | 33,000 | 121,959 | |
Compal Electronics, Inc. | 17,000 | 11,243 |
Security | Shares | Value | |
Taiwan (continued) | |||
CTBC Financial Holding Co., Ltd. | 147,000 | $ 93,919 | |
Delta Electronics, Inc. | 16,000 | 105,063 | |
E.Sun Financial Holding Co., Ltd. | 87,455 | 77,886 | |
Elite Material Co., Ltd. | 4,000 | 20,333 | |
Far Eastern New Century Corp. | 11,000 | 9,664 | |
Far EasTone Telecommunications Co., Ltd. | 13,000 | 27,457 | |
First Financial Holding Co., Ltd. | 72,100 | 51,453 | |
Formosa Petrochemical Corp. | 9,000 | 24,975 | |
Foxconn Technology Co., Ltd. | 8,000 | 14,302 | |
Fubon Financial Holding Co., Ltd. | 59,000 | 85,852 | |
Genius Electronic Optical Co., Ltd. | 1,000 | 20,459 | |
Giant Manufacturing Co., Ltd. | 2,000 | 18,951 | |
Globalwafers Co., Ltd. | 1,000 | 13,380 | |
Hiwin Technologies Corp. | 4,120 | 40,940 | |
Hotai Motor Co., Ltd. | 3,000 | 67,151 | |
Hua Nan Financial Holdings Co., Ltd. | 52,801 | 32,371 | |
Inventec Corp. | 15,000 | 11,685 | |
Largan Precision Co., Ltd. | 1,000 | 117,109 | |
Lite-On Technology Corp. | 8,000 | 12,814 | |
Macronix International | 9,000 | 10,039 | |
MediaTek, Inc. | 12,000 | 254,267 | |
Mega Financial Holding Co., Ltd. | 76,000 | 73,352 | |
Micro-Star International Co., Ltd. | 4,000 | 18,466 | |
Nanya Technology Corp. | 5,000 | 10,049 | |
Nien Made Enterprise Co., Ltd. | 2,000 | 23,900 | |
Novatek Microelectronics Corp. | 4,000 | 36,897 | |
Parade Technologies, Ltd. | 1,000 | 36,560 | |
Pegatron Corp. | 14,000 | 31,086 | |
Phison Electronics Corp. | 1,000 | 9,222 | |
Pou Chen Corp. | 8,000 | 7,266 | |
Powertech Technology, Inc. | 3,000 | 9,022 | |
President Chain Store Corp. | 4,000 | 36,408 | |
Quanta Computer, Inc. | 17,000 | 44,641 | |
Radiant Opto-Electronics Corp. | 4,000 | 15,341 | |
Realtek Semiconductor Corp. | 2,000 | 25,637 | |
Shanghai Commercial & Savings Bank, Ltd. (The) | 23,000 | 31,042 | |
Shin Kong Financial Holding Co., Ltd. | 89,946 | 25,135 | |
Silicon Motion Technology Corp. ADR(3) | 324 | 12,241 | |
Simplo Technology Co., Ltd. | 1,000 | 10,384 | |
Sino-American Silicon Products, Inc. | 5,000 | 16,844 | |
SinoPac Financial Holdings Co., Ltd. | 71,000 | 26,771 | |
Synnex Technology International Corp. | 10,000 | 14,329 | |
Taishin Financial Holding Co., Ltd. | 72,642 | 32,320 | |
Taiwan Business Bank | 28,350 | 9,395 | |
Taiwan Cement Corp. | 34,650 | 49,853 | |
Taiwan Cooperative Financial Holding Co., Ltd. | 51,500 | 34,865 | |
Taiwan Fertilizer Co., Ltd. | 16,000 | 28,144 |
Security | Shares | Value | |
Taiwan (continued) | |||
Taiwan High Speed Rail Corp. | 8,000 | $ 8,775 | |
Taiwan Mobile Co., Ltd. | 11,000 | 36,765 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 192,000 | 2,888,461 | |
Teco Electric and Machinery Co., Ltd. | 32,000 | 33,052 | |
Tripod Technology Corp. | 4,000 | 15,332 | |
Unimicron Technology Corp. | 13,000 | 33,711 | |
Uni-President Enterprises Corp. | 34,000 | 73,636 | |
United Microelectronics Corp. | 86,000 | 84,828 | |
Vanguard International Semiconductor Corp. | 4,000 | 13,381 | |
Voltronic Power Technology Corp. | 1,050 | 35,667 | |
Walsin Lihwa Corp. | 54,000 | 30,083 | |
Walsin Technology Corp. | 6,000 | 32,329 | |
Win Semiconductors Corp. | 3,000 | 29,914 | |
Wistron Corp. | 11,000 | 11,408 | |
Wiwynn Corp. | 1,000 | 22,729 | |
WPG Holdings, Ltd. | 11,000 | 14,833 | |
Yageo Corp. | 2,000 | 24,559 | |
Yuanta Financial Holding Co., Ltd. | 88,400 | 54,731 | |
Zhen Ding Technology Holding, Ltd. | 2,000 | 8,779 | |
$ 5,989,728 | |||
United Arab Emirates — 3.9% | |||
Abu Dhabi Commercial Bank PJSC | 115,630 | $ 178,450 | |
Abu Dhabi Islamic Bank PJSC | 29,740 | 34,889 | |
Aldar Properties PJSC | 160,880 | 88,790 | |
Dana Gas PJSC | 143,100 | 27,762 | |
Dubai Islamic Bank PJSC | 75,640 | 89,197 | |
Emaar Development PJSC(2) | 35,100 | 23,003 | |
Emaar Malls PJSC(2) | 65,860 | 26,944 | |
Emaar Properties PJSC(2) | 146,550 | 112,548 | |
Emirates NBD Bank PJSC | 58,945 | 172,167 | |
Emirates Telecommunications Group Co. PJSC | 72,650 | 330,185 | |
First Abu Dhabi Bank PJSC | 182,390 | 562,809 | |
$ 1,646,744 | |||
Total Common Stocks (identified cost $32,656,505) | $ 36,723,813 |
Short-Term Investments — 10.9% |
Other — 10.8% | |||
Description | Units | Value | |
Calvert Cash Reserves Fund, LLC, 0.13%(5) | 4,545,961 | $ 4,546,415 | |
Total Other (identified cost $4,546,300) | $ 4,546,415 |
Securities Lending Collateral — 0.1% | |||
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 0.09%(6) | 44,507 | $ 44,507 | |
Total Securities Lending Collateral (identified cost $44,507) | $ 44,507 | ||
Total Short-Term Investments (identified cost $4,590,807) | $ 4,590,922 |
Total Investments — 98.6% (identified cost $37,247,312) | $ 41,314,735 | |
Other Assets, Less Liabilities — 1.4% | $ 568,069 | |
Net Assets — 100.0% | $ 41,882,804 |
The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2020, the aggregate value of these securities is $1,070,405 or 2.6% of the Fund's net assets. | |
(2) | Non-income producing security. | |
(3) | All or a portion of this security was on loan at September 30, 2020. The aggregate market value of securities on loan at September 30, 2020 was $653,141. | |
(4) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At September 30, 2020, the aggregate value of these securities is $78,020 or 0.2% of the Fund's net assets. | |
(5) | Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2020. | |
(6) | Represents investment of cash collateral received in connection with securities lending. |
Economic Sectors | % of Net Assets |
Information Technology | 20.1% |
Financials | 17.7 |
Consumer Discretionary | 17.5 |
Communication Services | 14.7 |
Materials | 3.4 |
Industrials | 3.3 |
Health Care | 2.8 |
Consumer Staples | 2.6 |
Real Estate | 2.3 |
Utilities | 1.9 |
Energy | 1.4 |
Total | 87.7% |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 2,520,027 | EUR | 2,158,193 | Standard Chartered Bank | 10/30/20 | $ — | $ (11,807) |
USD | 119,957 | AED | 443,000 | Standard Chartered Bank | 5/31/22 | — | (362) |
USD | 404,754 | AED | 1,495,000 | Standard Chartered Bank | 5/31/22 | — | (1,286) |
USD | 1,035,295 | AED | 3,825,000 | Standard Chartered Bank | 5/31/22 | — | (3,570) |
$ — | $(17,025) |
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) |
Equity Futures | |||||
MSCI Emerging Markets Index | 53 | Long | 12/18/20 | $2,884,525 | $ (79,110) |
SGX NIFTY 50 Index | 63 | Long | 10/29/20 | 1,418,004 | 5,800 |
$(73,310) |
Abbreviations: | |
ADR | – American Depositary Receipt |
GDR | – Global Depositary Receipt |
PFC Shares | – Preference Shares |
SDR | – Swedish Depositary Receipt |
Currency Abbreviations: | |
AED | – United Arab Emirates Dirham |
EUR | – Euro |
USD | – United States Dollar |
September 30, 2020 | |
Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $32,701,012) - including $653,141 of securities on loan | $ 36,768,320 |
Investments in securities of affiliated issuers, at value (identified cost $4,546,300) | 4,546,415 |
Receivable for variation margin on open futures contracts | 48,261 |
Deposits at broker for futures contracts | 425,635 |
Cash denominated in foreign currency, at value (cost $102,609) | 112,169 |
Receivable for investments sold | 4,164 |
Receivable for capital shares sold | 54,341 |
Dividends receivable | 42,075 |
Dividends receivable - affiliated | 469 |
Securities lending income receivable | 221 |
Receivable from affiliate | 40,108 |
Directors' deferred compensation plan | 175 |
Other assets | 187 |
Total assets | $42,042,540 |
Liabilities | |
Payable for open forward foreign currency exchange contracts | $ 17,025 |
Payable for capital shares redeemed | 2,218 |
Deposits for securities loaned | 44,507 |
Payable to affiliates: | |
Investment advisory fee | 21,631 |
Administrative fee | 4,120 |
Distribution and service fees | 16 |
Sub-transfer agency fee | 38 |
Directors' deferred compensation plan | 175 |
Accrued expenses | 70,006 |
Total liabilities | $ 159,736 |
Net Assets | $41,882,804 |
Sources of Net Assets | |
Paid-in capital | $ 39,418,809 |
Distributable earnings | 2,463,995 |
Total | $41,882,804 |
Class A Shares | |
Net Assets | $ 91,290 |
Shares Outstanding | 8,582 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.64 |
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 11.17 |
Class I Shares | |
Net Assets | $ 41,791,514 |
Shares Outstanding | 3,920,948 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 10.66 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Year Ended | |
September 30, 2020(1) | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $74,987) | $ 583,514 |
Dividend income - affiliated issuers | 1,768 |
Interest income | 25,816 |
Securities lending income, net | 2,568 |
Total investment income | $ 613,666 |
Expenses | |
Investment advisory fee | $ 183,014 |
Administrative fee | 34,860 |
Distribution and service fees: | |
Class A | 74 |
Directors' fees and expenses | 1,157 |
Custodian fees | 86,919 |
Transfer agency fees and expenses | 2,184 |
Accounting fees | 23,070 |
Professional fees | 38,760 |
Registration fees | 75,351 |
Reports to shareholders | 4,662 |
Miscellaneous | 11,867 |
Total expenses | $ 461,918 |
Waiver and/or reimbursement of expenses by affiliate | $ (183,512) |
Reimbursement of expenses - other | (151) |
Net expenses | $ 278,255 |
Net investment income | $ 335,411 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment securities (net of foreign capital gains taxes of $2,828) | $ (1,971,129) |
Investment securities - affiliated issuers | 307 |
Futures contracts | 508,395 |
Foreign currency transactions | (114,734) |
Forward foreign currency exchange contracts | (172,765) |
Net realized loss | $(1,749,926) |
Change in unrealized appreciation (depreciation): | |
Investment securities | $ 4,067,308 |
Investment securities - affiliated issuers | 115 |
Futures contracts | (73,310) |
Foreign currency | 9,379 |
Forward foreign currency exchange contracts | (17,025) |
Net change in unrealized appreciation (depreciation) | $ 3,986,467 |
Net realized and unrealized gain | $ 2,236,541 |
Net increase in net assets from operations | $ 2,571,952 |
(1) | The Fund commenced operations on October 1, 2019. |
Year Ended September 30, 2020(1) | |
Increase (Decrease) in Net Assets | |
From operations: | |
Net investment income | $ 335,411 |
Net realized loss | (1,749,926) |
Net change in unrealized appreciation (depreciation) | 3,986,467 |
Net increase in net assets from operations | $ 2,571,952 |
Distributions to shareholders: | |
Class A | $ (52) |
Class I | (107,905) |
Total distributions to shareholders | $ (107,957) |
Capital share transactions: | |
Class A | $ 84,324 |
Class I | 39,334,485 |
Net increase in net assets from capital share transactions | $39,418,809 |
Net increase in net assets | $41,882,804 |
Net Assets | |
At beginning of year | $ — |
At end of year | $41,882,804 |
(1) | The Fund commenced operations on October 1, 2019. |
Class A | |
Year Ended September 30, | |
2020 (1) | |
Net asset value — Beginning of year | $ 10.00 |
Income (Loss) From Operations | |
Net investment income(2) | $ 0.10 |
Net realized and unrealized gain | 0.59 |
Total income from operations | $ 0.69 |
Less Distributions | |
From net realized gain | $ (0.05) |
Total distributions | $ (0.05) |
Net asset value — End of year | $10.64 |
Total Return(3) | 6.94% |
Ratios/Supplemental Data | |
Net assets, end of year (000’s omitted) | $ 91 |
Ratios (as a percentage of average daily net assets):(4) | |
Total expenses | 1.83% |
Net expenses | 1.20% |
Net investment income | 0.99% |
Portfolio Turnover | 66% |
(1) | The Fund commenced operations on October 1, 2019. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Class I | |
Year Ended September 30, | |
2020 (1) | |
Net asset value — Beginning of year | $ 10.00 |
Income (Loss) From Operations | |
Net investment income(2) | $ 0.12 |
Net realized and unrealized gain | 0.59 |
Total income from operations | $ 0.71 |
Less Distributions | |
From net realized gain | $ (0.05) |
Total distributions | $ (0.05) |
Net asset value — End of year | $ 10.66 |
Total Return(3) | 7.14% |
Ratios/Supplemental Data | |
Net assets, end of year (000’s omitted) | $41,792 |
Ratios (as a percentage of average daily net assets):(4) | |
Total expenses | 1.58% |
Net expenses | 0.95% |
Net investment income | 1.15% |
Portfolio Turnover | 66% |
(1) | The Fund commenced operations on October 1, 2019. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | ||||
Brazil | $ 20,988 | $ — | $ — | $ 20,988 |
China | 5,483,964 | 8,528,103 | — | 14,012,067 |
Colombia | 1,534,721 | 407,967 | — | 1,942,688 |
Egypt | — | 1,619,874 | — | 1,619,874 |
Greece | — | 2,256,038 | — | 2,256,038 |
Hong Kong | 16,150 | 445,817 | — | 461,967 |
Indonesia | — | 362,909 | — | 362,909 |
Peru | 466,518 | — | — | 466,518 |
Philippines | — | 388,579 | — | 388,579 |
Russia | 246,626 | 514,845 | — | 761,471 |
South Korea | — | 6,794,242 | — | 6,794,242 |
Taiwan | 12,241 | 5,977,487 | — | 5,989,728 |
United Arab Emirates | — | 1,646,744 | — | 1,646,744 |
Total Common Stocks | $7,781,208 | $28,942,605 (1) | $ — | $36,723,813 |
Short-Term Investments: | ||||
Other | $ — | $ 4,546,415 | $ — | $ 4,546,415 |
Securities Lending Collateral | 44,507 | — | — | 44,507 |
Total Investments | $7,825,715 | $33,489,020 | $ — | $41,314,735 |
Futures Contracts | $ — | $ 5,800 | $ — | $ 5,800 |
Total | $7,825,715 | $33,494,820 | $ — | $41,320,535 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $ (17,025) | $ — | $ (17,025) |
Futures Contracts | (79,110) | — | — | (79,110) |
Total | $ (79,110) | $ (17,025) | $ — | $ (96,135) |
(1) | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Year Ended September 30, 2020(1) | |
Ordinary income | $45,391 |
Long-term capital gains | $62,566 |
(1) | The Fund commenced operations on October 1, 2019. |
Post October capital losses | $(1,379,255) |
Net unrealized appreciation | $ 3,843,250 |
Aggregate cost | $37,481,446 |
Gross unrealized appreciation | $ 5,979,103 |
Gross unrealized depreciation | (2,145,232) |
Net unrealized appreciation | $ 3,833,871 |
Risk | Derivative | Statement of Assets and Liabilities Caption | Assets | Liabilities |
Foreign exchange | Forward foreign currency exchange contracts | Receivable/Payable for open forward foreign currency exchange contracts | $ — | $ (17,025) |
Equity price | Futures contracts | Distributable earnings | 5,800 (1) | (79,110) (1) |
Total | $5,800 | $(96,135) | ||
Derivatives not subject to master netting agreement | $5,800 | $(79,110) | ||
Total Derivatives subject to master netting agreement | $ — | $(17,025) |
(1) | Only the current day's variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
Counterparty | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities(b) |
Standard Chartered Bank | $(17,025) | $ — | $ — | $ — | $(17,025) |
(a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Net amount represents the net amount payable to the counterparty in the event of default. |
Statement of Operations Caption | Equity price | Foreign exchange | Total |
Net realized gain (loss): | |||
Investment securities(1) | $ — | $ (15,092) | $ (15,092) |
Forward foreign currency exchange contracts | — | (172,765) | (172,765) |
Futures contracts | 508,395 | — | 508,395 |
Total | $508,395 | $(187,857) | $ 320,538 |
Change in unrealized appreciation (depreciation): | |||
Forward foreign currency exchange contracts | $ — | $ (17,025) | $ (17,025) |
Futures contracts | (73,310) | — | (73,310) |
Total | $ (73,310) | $ (17,025) | $ (90,335) |
(1) | Relates to purchased options. |
Futures Contracts — Long | Forward Foreign Currency Exchange Contracts* |
$3,259,000 | $6,821,000 |
* | The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $44,507 | $ — | $ — | $ — | $44,507 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units, end of period |
Short-Term Investments | ||||||||
Calvert Cash Reserves Fund, LLC | $ — | $16,732,593 | $(12,186,600) | $307 | $115 | $4,546,415 | $1,768 | 4,545,961 |
Year Ended September 30, 2020(1) | ||
Shares | Amount | |
Class A | ||
Shares sold | 8,721 | $ 85,582 |
Reinvestment of distributions | 5 | 53 |
Shares redeemed | (144) | (1,311) |
Net increase | 8,582 | $ 84,324 |
Year Ended September 30, 2020(1) | ||
Shares | Amount | |
Class I | ||
Shares sold | 4,056,737 | $ 40,660,497 |
Reinvestment of distributions | 10,446 | 107,904 |
Shares redeemed | (146,235) | (1,433,916) |
Net increase | 3,920,948 | $39,334,485 |
(1) | The Fund commenced operations on October 1, 2019. |
Calvert World Values Fund, Inc.:
![](https://capedge.com/proxy/N-CSR/0001193125-20-303234/g82041img98e301f65.jpg)
November 20, 2020
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Interested Director | ||||
John H. Streur(1) 1960 | Director & President | 2015 | President and Chief Executive Officer of Calvert Research and Management (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc. (January 2015 - December 2016); Chief Executive Officer of Calvert Investment Distributors, Inc. (August 2015 - December 2016); Chief Compliance Officer of Calvert Investment Management, Inc. (August 2015 - April 2016); President and Director, Portfolio 21 Investments, Inc. (through October 2014); President, Chief Executive Officer and Director, Managers Investment Group LLC (through January 2012); President and Director, The Managers Funds and Managers AMG Funds (through January 2012). Other Directorships in the Last Five Years. Portfolio 21 Investments, Inc. (asset management) (through October 2014); Managers Investment Group LLC (asset management) (through January 2012); The Managers Funds (asset management) (through January 2012); Managers AMG Funds (asset management) (through January 2012); Calvert Impact Capital, Inc. | |
Independent Directors | ||||
Richard L. Baird, Jr. 1948 | Director | 2005 | Regional Disaster Recovery Lead, American Red Cross of Greater Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015). Former President and CEO of Adagio Health Inc. (retired in 2014) in Pittsburgh, PA. Other Directorships in the Last Five Years. None. | |
Alice Gresham Bullock 1950 | Chair & Director | 2016 | Professor Emerita at Howard University School of Law. Dean Emerita of Howard University School of Law and Deputy Director of the Association of American Law Schools (1992-1994). Other Directorships in the Last Five Years. None. | |
Cari M. Dominguez 1949 | Director | 2016 | Former Chair of the U.S. Equal Employment Opportunity Commission. Other Directorships in the Last Five Years. Manpower, Inc. (employment agency); Triple S Management Corporation (managed care); National Association of Corporate Directors. | |
John G. Guffey, Jr.(2) 1948 | Director | 1992 | President of Aurora Press Inc., a privately held publisher of trade paperbacks (since January 1997). Other Directorships in the Last Five Years. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC. | |
Miles D. Harper, III 1962 | Director | 2005 | Partner, Carr Riggs & Ingram (public accounting firm) since October 2014. Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr Riggs & Ingram), (November 1999-September 2014). Other Directorships in the Last Five Years. Bridgeway Funds (9) (asset management). | |
Joy V. Jones 1950 | Director | 2005 | Attorney. Other Directorships in the Last Five Years. Conduit Street Restaurants SUD 2 Limited; Palm Management Restaurant Corporation. |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience | |
Independent Directors (continued) | ||||
Anthony A. Williams 1951 | Director | 2016 | CEO and Executive Director of the Federal City Council (July 2012 to present); Senior Adviser and Independent Consultant for King and Spalding LLP (September 2015 to present); Executive Director of Global Government Practice at the Corporate Executive Board (January 2010 to January 2012). Other Directorships in the Last Five Years. Freddie Mac; Evoq Properties/Meruelo Maddux Properties, Inc. (real estate management); Weston Solutions, Inc. (environmental services); Bipartisan Policy Center’s Debt Reduction Task Force; Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization). |
Name and Year of Birth | Corporation Position(s) | Position Start Date | Principal Occupation(s) During Past Five Years | |
Principal Officers who are not Directors | ||||
Hope L. Brown 1973 | Chief Compliance Officer | 2014 | Chief Compliance Officer of 39 registered investment companies advised by CRM (since 2014). Vice President and Chief Compliance Officer, Wilmington Funds (2012-2014). | |
Maureen A. Gemma(3) 1960 | Secretary, Vice President and Chief Legal Officer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
James F. Kirchner(3) 1967 | Treasurer | 2016 | Vice President of CRM and officer of 39 registered investment companies advised by CRM (since 2016). Also Vice President of Eaton Vance and certain of its affiliates and officer of 156 registered investment companies advised or administered by Eaton Vance. | |
(1) Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates. | ||||
(2) Mr. Guffey is currently married to Rebecca L. Adamson, who served as a member of the Advisory Council through December 31, 2019. | ||||
(3) The business address for Ms. Gemma and Mr. Kirchner is Two International Place, Boston, MA 02110. |
• | At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements. |
• | On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates. |
• | We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information. |
• | We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.calvert.com. |
Item 2. | Code of Ethics |
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-368-2745. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
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 |
(a) –(d)
The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended September 30, 2019 and September 30, 2020 by KPMG for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by KPMG during such periods.
Fiscal Years Ended | 9/30/19 | %* | 9/30/20 | %* | ||||||||||||
Audit Fees | $ | 109,691 | 0 | % | $ | 146,312 | 5.9 | % | ||||||||
Audit-Related Fees(1) | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||
Tax Fees(2) | $ | 22,000 | 0 | % | $ | 44,945 | 0 | % | ||||||||
All Other Fees(3) | $ | 0 | 0 | % | $ | 0 | 0 | % | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 131,691 | 0 | % | $ | 191,257 | 4.5 | % | ||||||||
|
|
|
|
|
|
|
|
* | 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). |
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e) 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 adviser, and any entity controlling, controlled by, or under common control with the adviser 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 adviser 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 adviser, and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant:
Fiscal Year ended 9/30/19 | Fiscal Year ended 9/30/20 | |||||
$ | %* | $ | %* | |||
$22,000 | 0% | $44,945 | 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). |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. | Audit Committee of Listed Registrants |
Not applicable.
Item 6. | Schedule of Investments |
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
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.
Item 11. | Controls and Procedures |
(a) The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 Act, as amended (the “1940 Act”) are 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 Securities Exchange Act of 1934 (“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 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. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not applicable.
Item 13. | Exhibits |
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
Treasurer’s Section 302 certification. | ||
President’s Section 302 certification. | ||
Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CALVERT WORLD VALUES FUND, INC. | ||
By: | /s/ John H. Streur | |
John H. Streur | ||
President | ||
Date: | November 20, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company 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.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | November 20, 2020 | |
By: | /s/ John H. Streur | |
John H. Streur | ||
President | ||
Date: | November 20, 2020 |