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 Service)
(202) 238-2200
(Registrant’s telephone number)
September 30
Date of Fiscal Year End
March 31, 2021
Date of Reporting Period
| Item 1. | Report to Stockholders. |
Calvert
Mid-Cap Fund
Semiannual Report
March 31, 2021
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund and the other funds it manages. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.
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Calvert
Mid-Cap Fund
March 31, 2021
Performance
Portfolio Manager Charles B. Gaffney of Calvert Research and Management
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 10/31/1994 | 10/31/1994 | 20.30% | 53.18% | 11.10% | 9.50% |
| Class A with 4.75% Maximum Sales Charge | — | — | 14.59 | 45.91 | 10.03 | 8.97 |
| Class C at NAV | 10/31/1994 | 10/31/1994 | 19.85 | 52.09 | 10.27 | 8.66 |
| Class C with 1% Maximum Sales Charge | — | — | 18.85 | 51.09 | 10.27 | 8.66 |
| Class I at NAV | 06/03/2003 | 10/31/1994 | 20.44 | 53.55 | 11.46 | 10.01 |
| Russell Midcap® Index | — | — | 29.67% | 73.64% | 14.67% | 12.46% |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
| Gross | 1.26% | 2.01% | 1.01% |
| Net | 1.18 | 1.93 | 0.93 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to www.calvert.com.
2
Calvert
Mid-Cap Fund
March 31, 2021
Fund Profile
Sector Allocation (% of net assets)*
* Excludes cash and cash equivalents.
| Top 10 Holdings (% of net assets)* | |
| Broadridge Financial Solutions, Inc. | 2.3% |
| AMETEK, Inc. | 2.2 |
| Stanley Black & Decker, Inc. | 2.2 |
| Ally Financial, Inc. | 2.2 |
| AptarGroup, Inc. | 2.2 |
| ANSYS, Inc. | 2.1 |
| Lamar Advertising Co., Class A | 2.1 |
| Verisk Analytics, Inc. | 2.1 |
| GFL Environmental, Inc. | 2.1 |
| Tradeweb Markets, Inc., Class A | 2.0 |
| Total | 21.5% |
| * | Excludes cash and cash equivalents. |
See Endnotes and Additional Disclosures in this report.
3
Calvert
Mid-Cap Fund
March 31, 2021
Endnotes and Additional Disclosures
| 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 1/31/22. 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. |
4
Calvert
Mid-Cap Fund
March 31, 2021
Fund Expenses
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2020 to March 31, 2021).
Actual Expenses
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.
| Beginning Account Value (10/1/20) | Ending Account Value (3/31/21) | Expenses Paid During Period* (10/1/20 – 3/31/21) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,203.00 | $ 6.48** | 1.18% |
| Class C | $1,000.00 | $1,198.50 | $10.58 ** | 1.93% |
| Class I | $1,000.00 | $1,204.40 | $ 5.11** | 0.93% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,019.05 | $ 5.94** | 1.18% |
| Class C | $1,000.00 | $1,015.31 | $ 9.70** | 1.93% |
| Class I | $1,000.00 | $1,020.29 | $ 4.68** | 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 182/365 (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 September 30, 2020. |
| ** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
5
Calvert
Mid-Cap Fund
March 31, 2021
Schedule of Investments (Unaudited)
| Common Stocks — 99.0% |
| Security | Shares | Value | |
| Air Freight & Logistics — 1.1% | |||
| C.H. Robinson Worldwide, Inc. | 34,497 | $ 3,292,049 | |
| $ 3,292,049 | |||
| Auto Components — 2.0% | |||
| Aptiv PLC(1) | 42,853 | $ 5,909,429 | |
| $ 5,909,429 | |||
| Banks — 3.4% | |||
| First Republic Bank | 13,242 | $ 2,208,104 | |
| KeyCorp | 297,728 | 5,948,605 | |
| Live Oak Bancshares, Inc. | 24,632 | 1,687,046 | |
| $ 9,843,755 | |||
| Beverages — 2.0% | |||
| Coca-Cola European Partners PLC | 114,652 | $ 5,980,248 | |
| $ 5,980,248 | |||
| Biotechnology — 1.1% | |||
| Neurocrine Biosciences, Inc.(1) | 33,273 | $ 3,235,799 | |
| $ 3,235,799 | |||
| Building Products — 2.4% | |||
| AZEK Co., Inc. (The)(1) | 94,056 | $ 3,955,055 | |
| Trex Co., Inc.(1) | 33,193 | 3,038,487 | |
| $ 6,993,542 | |||
| Capital Markets — 4.5% | |||
| Morningstar, Inc. | 14,878 | $ 3,348,145 | |
| MSCI, Inc. | 9,136 | 3,830,542 | |
| Tradeweb Markets, Inc., Class A | 81,094 | 6,000,956 | |
| $ 13,179,643 | |||
| Commercial Services & Supplies — 3.3% | |||
| GFL Environmental, Inc. | 173,212 | $ 6,050,773 | |
| Tetra Tech, Inc. | 26,501 | 3,596,716 | |
| $ 9,647,489 | |||
| Communications Equipment — 1.7% | |||
| Motorola Solutions, Inc. | 26,264 | $ 4,938,945 | |
| $ 4,938,945 | |||
| Consumer Finance — 2.2% | |||
| Ally Financial, Inc. | 141,473 | $ 6,395,994 | |
| $ 6,395,994 | |||
| Security | Shares | Value | |
| Containers & Packaging — 2.8% | |||
| AptarGroup, Inc. | 44,588 | $ 6,316,782 | |
| Packaging Corp. of America | 13,798 | 1,855,555 | |
| $ 8,172,337 | |||
| Diversified Consumer Services — 1.5% | |||
| Terminix Global Holdings, Inc.(1) | 92,801 | $ 4,423,824 | |
| $ 4,423,824 | |||
| Electric Utilities — 1.1% | |||
| Xcel Energy, Inc. | 50,040 | $ 3,328,160 | |
| $ 3,328,160 | |||
| Electrical Equipment — 2.2% | |||
| AMETEK, Inc. | 50,717 | $ 6,478,082 | |
| $ 6,478,082 | |||
| Electronic Equipment, Instruments & Components — 2.7% | |||
| TE Connectivity, Ltd. | 26,927 | $ 3,476,545 | |
| Zebra Technologies Corp., Class A(1) | 8,895 | 4,315,676 | |
| $ 7,792,221 | |||
| Energy Equipment & Services — 1.7% | |||
| Baker Hughes Co. | 229,920 | $ 4,968,571 | |
| $ 4,968,571 | |||
| Entertainment — 2.0% | |||
| Electronic Arts, Inc. | 43,264 | $ 5,856,648 | |
| $ 5,856,648 | |||
| Equity Real Estate Investment Trusts (REITs) — 3.3% | |||
| Lamar Advertising Co., Class A | 65,214 | $ 6,124,899 | |
| Mid-America Apartment Communities, Inc. | 25,405 | 3,667,466 | |
| $ 9,792,365 | |||
| Food & Staples Retailing — 1.6% | |||
| Performance Food Group Co.(1) | 83,784 | $ 4,826,796 | |
| $ 4,826,796 | |||
| Food Products — 1.4% | |||
| Lamb Weston Holdings, Inc. | 52,294 | $ 4,051,739 | |
| $ 4,051,739 | |||
| Health Care Equipment & Supplies — 4.8% | |||
| Cooper Cos., Inc. (The) | 12,672 | $ 4,867,188 | |
| Haemonetics Corp.(1) | 34,010 | 3,775,450 | |
6
See Notes to Financial Statements.
Calvert
Mid-Cap Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| Health Care Equipment & Supplies (continued) | |||
| Teleflex, Inc. | 13,241 | $ 5,501,106 | |
| $ 14,143,744 | |||
| Health Care Providers & Services — 3.0% | |||
| Accolade, Inc.(1) | 83,527 | $ 3,789,620 | |
| Centene Corp.(1) | 77,411 | 4,947,337 | |
| $ 8,736,957 | |||
| Independent Power and Renewable Electricity Producers — 1.0% | |||
| NextEra Energy Partners, L.P. | 41,302 | $ 3,010,090 | |
| $ 3,010,090 | |||
| Insurance — 3.9% | |||
| Arch Capital Group, Ltd.(1) | 74,958 | $ 2,876,139 | |
| Assurant, Inc. | 21,647 | 3,068,895 | |
| Travelers Cos., Inc. (The) | 37,557 | 5,648,573 | |
| $ 11,593,607 | |||
| Interactive Media & Services — 1.9% | |||
| Match Group, Inc.(1) | 39,676 | $ 5,450,689 | |
| $ 5,450,689 | |||
| IT Services — 8.3% | |||
| Black Knight, Inc.(1) | 73,414 | $ 5,431,902 | |
| Broadridge Financial Solutions, Inc. | 43,956 | 6,729,663 | |
| Cognizant Technology Solutions Corp., Class A | 48,716 | 3,805,694 | |
| Euronet Worldwide, Inc.(1) | 19,172 | 2,651,488 | |
| WEX, Inc.(1) | 27,880 | 5,833,054 | |
| $ 24,451,801 | |||
| Life Sciences Tools & Services — 2.8% | |||
| Agilent Technologies, Inc. | 44,756 | $ 5,690,278 | |
| Waters Corp.(1) | 8,556 | 2,431,358 | |
| $ 8,121,636 | |||
| Machinery — 4.0% | |||
| Colfax Corp.(1) | 123,416 | $ 5,406,855 | |
| Stanley Black & Decker, Inc. | 32,192 | 6,427,777 | |
| $ 11,834,632 | |||
| Metals & Mining — 1.6% | |||
| Steel Dynamics, Inc. | 94,566 | $ 4,800,170 | |
| $ 4,800,170 | |||
| Security | Shares | Value | |
| Pharmaceuticals — 1.9% | |||
| Jazz Pharmaceuticals PLC(1) | 33,465 | $ 5,500,642 | |
| $ 5,500,642 | |||
| Professional Services — 5.2% | |||
| Booz Allen Hamilton Holding Corp. | 55,942 | $ 4,505,009 | |
| Clarivate PLC(1) | 170,865 | 4,509,128 | |
| Verisk Analytics, Inc. | 34,606 | 6,114,534 | |
| $ 15,128,671 | |||
| Semiconductors & Semiconductor Equipment — 3.5% | |||
| NXP Semiconductors NV | 12,449 | $ 2,506,482 | |
| Skyworks Solutions, Inc. | 21,545 | 3,953,077 | |
| Teradyne, Inc. | 30,217 | 3,676,804 | |
| $ 10,136,363 | |||
| Software — 4.2% | |||
| ANSYS, Inc.(1) | 18,406 | $ 6,249,941 | |
| Bill.com Holdings, Inc.(1) | 25,006 | 3,638,373 | |
| nCino, Inc.(1) | 36,815 | 2,456,297 | |
| $ 12,344,611 | |||
| Specialty Retail — 7.0% | |||
| Best Buy Co., Inc. | 34,646 | $ 3,977,707 | |
| Five Below, Inc.(1) | 15,617 | 2,979,567 | |
| National Vision Holdings, Inc.(1) | 61,719 | 2,705,144 | |
| Ross Stores, Inc. | 42,868 | 5,140,302 | |
| Ulta Beauty, Inc.(1) | 18,506 | 5,721,500 | |
| $ 20,524,220 | |||
| Textiles, Apparel & Luxury Goods — 1.9% | |||
| Gildan Activewear, Inc.(1) | 184,124 | $ 5,645,242 | |
| $ 5,645,242 | |||
| Total Common Stocks (identified cost $226,082,711) | $290,530,711 | ||
7
See Notes to Financial Statements.
Calvert
Mid-Cap Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
| High Social Impact Investments — 0.4% |
| Security | Principal Amount (000's omitted) | Value | |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(2)(3) | $ | 360 | $ 349,621 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/22(3)(4) | 309 | 287,954 | |
| ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22(3)(4) | 398 | 330,881 | |
| Total High Social Impact Investments (identified cost $1,067,000) | $ 968,456 | ||
| Short-Term Investments — 0.8% | |||
| Description | Units | Value | |
| Calvert Cash Reserves Fund, LLC, 0.07%(5) | 2,444,895 | $ 2,445,140 | |
| Total Short-Term Investments (identified cost $2,445,140) | $ 2,445,140 | ||
| Total Investments — 100.2% (identified cost $229,594,851) | $293,944,307 | ||
| Other Assets, Less Liabilities — (0.2)% | $ (560,690) | ||
| Net Assets — 100.0% | $293,383,617 | ||
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | ||
| (1) | Non-income producing security. | |
| (2) | May be deemed to be an affiliated company (see Note 7). | |
| (3) | Restricted security. Total market value of restricted securities amounts to $968,456, which represents 0.4% of the net assets of the Fund as of March 31, 2021. | |
| (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 March 31, 2021. | |
| (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 March 31, 2021. | |
Restricted Securities
| Description | Acquisition Dates | Cost |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $360,000 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/22 | 11/13/15 | 309,000 |
| ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22 | 11/13/15 | 398,000 |
8
See Notes to Financial Statements.
Calvert
Mid-Cap Fund
March 31, 2021
Statement of Assets and Liabilities (Unaudited)
| March 31, 2021 | |
| Assets | |
| Investments in securities of unaffiliated issuers, at value (identified cost $226,789,711) | $ 291,149,546 |
| Investments in securities of affiliated issuers, at value (identified cost $2,805,140) | 2,794,761 |
| Receivable for investments sold | 983,698 |
| Receivable for capital shares sold | 769,558 |
| Dividends and interest receivable | 149,846 |
| Dividends and interest receivable - affiliated | 1,725 |
| Securities lending income receivable | 41 |
| Receivable from affiliate | 7,279 |
| Directors' deferred compensation plan | 170,396 |
| Total assets | $296,026,850 |
| Liabilities | |
| Payable for investments purchased | $ 1,982,383 |
| Payable for capital shares redeemed | 124,219 |
| Payable to affiliates: | |
| Investment advisory fee | 159,585 |
| Administrative fee | 29,462 |
| Distribution and service fees | 44,369 |
| Sub-transfer agency fee | 20,994 |
| Directors' deferred compensation plan | 170,396 |
| Accrued expenses | 111,825 |
| Total liabilities | $ 2,643,233 |
| Net Assets | $293,383,617 |
| Sources of Net Assets | |
| Paid-in capital | $ 209,071,486 |
| Distributable earnings | 84,312,131 |
| Total | $293,383,617 |
| Class A Shares | |
| Net Assets | $ 178,885,155 |
| Shares Outstanding | 4,417,356 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 40.50 |
| Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 42.52 |
| Class C Shares | |
| Net Assets | $ 7,796,767 |
| Shares Outstanding | 291,150 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 26.78 |
9
See Notes to Financial Statements.
Calvert
Mid-Cap Fund
March 31, 2021
Statement of Assets and Liabilities (Unaudited) — continued
| March 31, 2021 | |
| Class I Shares | |
| Net Assets | $106,701,695 |
| Shares Outstanding | 2,192,810 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 48.66 |
| 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. |
10
See Notes to Financial Statements.
Calvert
Mid-Cap Fund
March 31, 2021
Statement of Operations (Unaudited)
| Six Months Ended | |
| March 31, 2021 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $2,784) | $ 1,326,541 |
| Dividend income - affiliated issuers | 750 |
| Interest income | 2,000 |
| Interest income - affiliated issuers | 3,768 |
| Securities lending income, net | 2,076 |
| Total investment income | $ 1,335,135 |
| Expenses | |
| Investment advisory fee | $ 874,009 |
| Administrative fee | 161,355 |
| Distribution and service fees: | |
| Class A | 210,118 |
| Class C | 42,141 |
| Directors' fees and expenses | 5,660 |
| Custodian fees | 3,602 |
| Transfer agency fees and expenses | 176,051 |
| Accounting fees | 30,224 |
| Professional fees | 16,952 |
| Registration fees | 30,358 |
| Reports to shareholders | 11,191 |
| Miscellaneous | 14,190 |
| Total expenses | $ 1,575,851 |
| Waiver and/or reimbursement of expenses by affiliate | $ (72,539) |
| Net expenses | $ 1,503,312 |
| Net investment loss | $ (168,177) |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities | $ 25,262,774 |
| Investment securities - affiliated issuers | (31) |
| Foreign currency transactions | (9,097) |
| Net realized gain | $25,253,646 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $ 23,052,503 |
| Investment securities - affiliated issuers | (6,815) |
| Net change in unrealized appreciation (depreciation) | $23,045,688 |
| Net realized and unrealized gain | $48,299,334 |
| Net increase in net assets from operations | $48,131,157 |
11
See Notes to Financial Statements.
Calvert
Mid-Cap Fund
March 31, 2021
Statements of Changes in Net Assets
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income (loss) | $ (168,177) | $ 390,600 |
| Net realized gain (loss) | 25,253,646 | (818,376) |
| Net change in unrealized appreciation (depreciation) | 23,045,688 | 9,103,237 |
| Net increase in net assets from operations | $ 48,131,157 | $ 8,675,461 |
| Distributions to shareholders: | ||
| Class A | $ (1,449,656) | $ (8,276,383) |
| Class C | (106,024) | (1,104,384) |
| Class I | (801,809) | (2,242,939) |
| Total distributions to shareholders | $ (2,357,489) | $ (11,623,706) |
| Capital share transactions: | ||
| Class A | $ 1,015,435 | $ (4,811,134) |
| Class C | (2,461,207) | (5,091,318) |
| Class I | 14,829,868 | 28,003,139 |
| Net increase in net assets from capital share transactions | $ 13,384,096 | $ 18,100,687 |
| Net increase in net assets | $ 59,157,764 | $ 15,152,442 |
| Net Assets | ||
| At beginning of period | $ 234,225,853 | $ 219,073,411 |
| At end of period | $293,383,617 | $234,225,853 |
12
See Notes to Financial Statements.
Calvert
Mid-Cap Fund
March 31, 2021
Financial Highlights
| Class A | ||||||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||
| Net asset value — Beginning of period | $ 33.96 | $ 34.69 | $ 34.84 | $ 33.40 | $ 29.68 | $ 33.41 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ (0.04) | $ 0.05 | $ 0.09 | $ 0.07 | $ 0.20 | $ 0.02(2) |
| Net realized and unrealized gain (loss) | 6.91 | 1.07 | 1.85 | 4.59 | 3.68 | (0.67) |
| Total income (loss) from operations | $ 6.87 | $ 1.12 | $ 1.94 | $ 4.66 | $ 3.88 | $ (0.65) |
| Less Distributions | ||||||
| From net investment income | $ (0.00)(3) | $ (0.03) | $ (0.08) | $ (0.04) | $ (0.15) | $ — |
| From net realized gain | (0.33) | (1.82) | (2.01) | (3.18) | (0.01) | (3.08) |
| Total distributions | $ (0.33) | $ (1.85) | $ (2.09) | $ (3.22) | $ (0.16) | $ (3.08) |
| Net asset value — End of period | $ 40.50 | $ 33.96 | $ 34.69 | $ 34.84 | $ 33.40 | $ 29.68 |
| Total Return(4) | 20.30% (5) | 3.20% | 6.56% | 15.04% | 13.11% | (2.08)% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $178,885 | $149,112 | $158,005 | $157,046 | $159,951 | $192,402 |
| Ratios (as a percentage of average daily net assets):(6) | ||||||
| Total expenses | 1.23% (7) | 1.26% | 1.30% | 1.28% | 1.34% | 1.37% |
| Net expenses | 1.18% (7) | 1.18% | 1.19% | 1.21% | 1.21% | 1.31% |
| Net investment income (loss) | (0.19)% (7) | 0.15% | 0.27% | 0.22% | 0.64% | 0.07% (2) |
| Portfolio Turnover | 55% (5) | 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) | Amount is less than $(0.005). |
| (4) | 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. |
| (5) | Not annualized. |
| (6) | 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. |
| (7) | Annualized. |
13
See Notes to Financial Statements.
Calvert
Mid-Cap Fund
March 31, 2021
Financial Highlights — continued
| Class C | ||||||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||
| Net asset value — Beginning of period | $ 22.64 | $ 23.83 | $ 24.65 | $ 24.55 | $ 21.87 | $ 25.62 |
| Income (Loss) From Operations | ||||||
| Net investment loss(1) | $ (0.12) | $ (0.14) | $ (0.11) | $ (0.12) | $ (0.03) | $ (0.16)(2) |
| Net realized and unrealized gain (loss) | 4.59 | 0.73 | 1.23 | 3.27 | 2.72 | (0.51) |
| Total income (loss) from operations | $ 4.47 | $ 0.59 | $ 1.12 | $ 3.15 | $ 2.69 | $ (0.67) |
| Less Distributions | ||||||
| From net realized gain | $ (0.33) | $ (1.78) | $ (1.94) | $ (3.05) | $ (0.01) | $ (3.08) |
| Total distributions | $ (0.33) | $ (1.78) | $ (1.94) | $ (3.05) | $ (0.01) | $ (3.08) |
| Net asset value — End of period | $26.78 | $22.64 | $ 23.83 | $ 24.65 | $ 24.55 | $ 21.87 |
| Total Return(3) | 19.85% (4) | 2.40% | 5.77% | 14.20% | 12.29% | (2.87)% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 7,797 | $ 8,787 | $14,535 | $17,043 | $18,146 | $22,885 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.98% (6) | 2.01% | 2.05% | 2.03% | 2.18% | 2.16% |
| Net expenses | 1.93% (6) | 1.93% | 1.94% | 1.96% | 1.96% | 2.09% |
| Net investment loss | (0.95)% (6) | (0.62)% | (0.49)% | (0.53)% | (0.12)% | (0.72)% (2) |
| Portfolio Turnover | 55% (4) | 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) | 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. |
14
See Notes to Financial Statements.
Calvert
Mid-Cap Fund
March 31, 2021
Financial Highlights — continued
| Class I | ||||||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||
| Net asset value — Beginning of period | $ 40.77 | $ 41.25 | $ 40.97 | $ 38.70 | $ 34.38 | $ 38.05 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.01 | $ 0.16 | $ 0.21 | $ 0.23 | $ 0.41 | $ 0.19(2) |
| Net realized and unrealized gain (loss) | 8.29 | 1.27 | 2.24 | 5.37 | 4.22 | (0.78) |
| Total income (loss) from operations | $ 8.30 | $ 1.43 | $ 2.45 | $ 5.60 | $ 4.63 | $ (0.59) |
| Less Distributions | ||||||
| From net investment income | $ (0.08) | $ (0.09) | $ (0.16) | $ (0.15) | $ (0.30) | $ — |
| From net realized gain | (0.33) | (1.82) | (2.01) | (3.18) | (0.01) | (3.08) |
| Total distributions | $ (0.41) | $ (1.91) | $ (2.17) | $ (3.33) | $ (0.31) | $ (3.08) |
| Net asset value — End of period | $ 48.66 | $ 40.77 | $ 41.25 | $ 40.97 | $ 38.70 | $ 34.38 |
| Total Return(3) | 20.44% (4) | 3.45% | 6.85% | 15.48% | 13.53% | (1.64)% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $106,702 | $76,327 | $46,533 | $93,198 | $68,748 | $166,759 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 0.98% (6) | 1.01% | 1.05% | 1.03% | 0.88% | 0.86% |
| Net expenses | 0.93% (6) | 0.93% | 0.91% | 0.86% | 0.86% | 0.84% |
| Net investment income | 0.06% (6) | 0.40% | 0.54% | 0.59% | 1.14% | 0.55% (2) |
| Portfolio Turnover | 55% (4) | 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) | 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. |
15
See Notes to Financial Statements.
Calvert
Mid-Cap Fund
March 31, 2021
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Calvert Mid-Cap Fund (the Fund) is a diversified series of Calvert World Values Fund, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek to provide long-term capital appreciation by investing primarily in mid-cap stocks.
The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. A contingent deferred sales charge of 0.80% may apply to certain redemptions of Class A shares for accounts for which no sales charge was paid, if redeemed within 12 months of purchase. Class C shares are sold without a front-end sales charge, and with certain exceptions, are charged a contingent deferred sales charge of 1% on shares redeemed within 12 months of purchase. Class C shares are only available for purchase through a financial intermediary. Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value, are not subject to a sales charge and are sold only to certain eligible investors. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and is subject to different expenses.
The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.
A Investment Valuation— Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.
U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Valuation techniques used to value the Fund’s investments by major category are as follows:
Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ Global or Global Select Market are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy.
Debt Securities. Debt securities are generally valued based on valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. Accordingly, debt securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities with a remaining maturity at time of purchase of more than sixty days are valued based on valuations provided by a third party pricing service. Such securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities of sufficient credit quality purchased with remaining maturities of sixty days or less are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
Affiliated Fund. The Fund may invest in Calvert Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Calvert Research and Management (CRM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day and are categorized as Level 2 in the hierarchy. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.
Other Securities. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.
Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund's adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course.
16
Calvert
Mid-Cap Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.
The following table summarizes the market value of the Fund's holdings as of March 31, 2021, based on the inputs used to value them:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $ 290,530,711(1) | $ — | $ — | $ 290,530,711 |
| High Social Impact Investments | — | 968,456 | — | 968,456 |
| Short-Term Investments | — | 2,445,140 | — | 2,445,140 |
| Total Investments | $290,530,711 | $3,413,596 | $ — | $293,944,307 |
| (1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
B Investment Transactions and Income— Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned.
C Share Class Accounting— Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class.
D Foreign Currency Transactions— The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
E Restricted Securities— The Fund may invest in securities that are subject to legal or contractual restrictions on resale. Generally, these securities may only be sold publicly upon registration under the Securities Act of 1933 or in transactions exempt from such registration. Information regarding restricted securities (excluding Rule 144A securities) is included at the end of the Schedule of Investments.
F Distributions to Shareholders— Distributions to shareholders are recorded by the Fund on ex-dividend date. Distributions from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.
G Estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
H Indemnifications— The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
I Federal Income Taxes— No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.
17
Calvert
Mid-Cap Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
Management has analyzed the Fund's tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund's financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
J Interim Financial Statements— The interim financial statements relating to March 31, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Related Party Transactions
The investment advisory fee is earned by CRM as compensation for investment advisory services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and CRM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement (the “New Agreement”) with CRM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund’s investment advisory agreement with CRM in effect prior to March 1, 2021), the fee is computed at the annual rate of 0.65% of the Fund's average daily net assets and is payable monthly. For the six months ended March 31, 2021, the investment advisory fee amounted to $874,009. The Fund may invest its cash in Cash Reserves Fund. CRM does not currently receive a fee for advisory services provided to Cash Reserves Fund.
CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.18%, 1.93% and 0.93% for Class A, Class C and Class I, respectively, of such class's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after January 31, 2022. For the six months ended March 31, 2021, CRM waived or reimbursed expenses of $72,539.
The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets attributable to Class A, Class C and Class I and is payable monthly. For the six months ended March 31, 2021, CRM was paid administrative fees of $161,355.
The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. In addition, pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued for the six months ended March 31, 2021 amounted to $210,118 and $42,141 for Class A shares and Class C shares, respectively.
The Fund was informed that EVD received $13,450 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2021. The Fund was also informed that EVD received less than $100 and $228 of contingent deferred sales charges paid by Class A and Class C shareholders, respectively, for the same period.
Eaton Vance Management (EVM), an affiliate of CRM, provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2021, sub-transfer agency fees and expenses incurred to EVM amounted to $42,319 and are included in transfer agency fees and expenses on the Statement of Operations.
Each Director of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $154,000, plus an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee. The Board chair receives an additional $30,000 ($20,000 prior to January 1, 2021) annual fee and Committee chairs receive an additional $6,000 annual fee. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund's assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. Prior to December 31, 2020, an Advisory Council aided the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The Advisory Council consisted of CRM’s Chief Executive Officer and three additional members. For the year ended December 31, 2020, each member (other than CRM’s Chief Executive Officer) was compensated $20,000 for their service on the Advisory Council. Such compensation, and any other compensation and/or expenses incurred by the Advisory Council as may be approved by the Board, was borne by the Calvert funds. For the six months ended March 31, 2021, the Fund’s allocated portion of the Advisory Council compensation and fees was $192, which is included in miscellaneous expense on the Statement of Operations.
18
Calvert
Mid-Cap Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
3 Investment Activity
During the six months ended March 31, 2021, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $154,204,561 and $144,170,582, respectively.
4 Distributions to Shareholders and Income Tax Information
At September 30, 2020, the Fund had a capital loss of $3,597,947 attributable to security transactions incurred after October 31, 2019 that it has elected to defer. This net capital loss is treated as arising on the first day of the Fund’s taxable year ending September 30, 2021.
The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2021, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $231,096,791 |
| Gross unrealized appreciation | $ 63,953,977 |
| Gross unrealized depreciation | (1,106,461) |
| Net unrealized appreciation | $ 62,847,516 |
5 Securities Lending
To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent based on agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.
The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.
The Fund did not have any securities on loan at March 31, 2021.
6 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.
The Fund had no borrowings outstanding pursuant to its line of credit at March 31, 2021. The Fund did not have any significant borrowings or allocated fees during the six months ended March 31, 2021.
7 Affiliated Issuers and Funds
The Fund has invested a portion of its assets in notes (the Notes) issued by Calvert Impact Capital, Inc. (CIC) pursuant to exemptive relief granted by the U.S. Securities and Exchange Commission (the SEC). There are certain potential points of affiliation between the Fund and CIC. CRM has licensed use of the Calvert name to CIC and provides other types of support. CRM’s President and Chief Executive Officer (and the only director/trustee on the Fund Board that is an “interested person” of the Fund) serves on the CIC Board. In addition, another director/trustee on the Fund Board serves as a director emeritus on the CIC Board.
19
Calvert
Mid-Cap Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
At March 31, 2021, the value of the Fund’s investment in the Notes and affiliated funds was $2,794,761, which represents 1.0% of the Fund’s net assets. Transactions in the Notes and affiliated funds by the Fund for the six months ended March 31, 2021 were as follows:
| 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%, 12/15/20(1) | $693,370 | $ — | $ (696,903) | $ — | $ 3,533 | $ — | $ 2,178 | $ — |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | — | 360,000 | — | — | (10,379) | 349,621 | 1,590 | 360,000 |
| Short-Term Investments | ||||||||
| Calvert Cash Reserves Fund, LLC | 922,663 | 23,961,231 | (22,438,754) | (31) | 31 | 2,445,140 | 750 | 2,444,895 |
| Totals | $ (31) | $ (6,815) | $2,794,761 | $4,518 |
| (1) | Restricted security. |
8 Capital Shares
The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 75,000,000 common shares, $0.01 par value, for each Class.
Transactions in capital shares for the six months ended March 31, 2021 and the year ended September 30, 2020 were as follows:
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 188,497 | $ 7,235,963 | 331,253 | $ 10,737,147 | |
| Reinvestment of distributions | 36,990 | 1,396,015 | 233,552 | 7,959,447 | |
| Shares redeemed | (253,706) | (9,690,129) | (742,917) | (23,971,939) | |
| Converted from Class C | 54,824 | 2,073,586 | 14,649 | 464,211 | |
| Net increase (decrease) | 26,605 | $ 1,015,435 | (163,463) | $ (4,811,134) | |
| Class C | |||||
| Shares sold | 20,596 | $ 527,839 | 77,226 | $ 1,750,012 | |
| Reinvestment of distributions | 4,145 | 103,674 | 30,825 | 704,666 | |
| Shares redeemed | (39,268) | (1,019,134) | (308,138) | (7,081,785) | |
| Converted to Class A | (82,455) | (2,073,586) | (21,816) | (464,211) | |
| Net decrease | (96,982) | $ (2,461,207) | (221,903) | $ (5,091,318) | |
| Class I | |||||
| Shares sold | 579,117 | $ 26,897,967 | 1,506,537 | $ 56,667,387 | |
| Reinvestment of distributions | 17,429 | 789,688 | 51,752 | 2,113,537 | |
| Shares redeemed | (275,741) | (12,857,787) | (814,313) | (30,777,785) | |
| Net increase | 320,805 | $ 14,829,868 | 743,976 | $ 28,003,139 | |
20
Calvert
Mid-Cap Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
9 Risks and Uncertainties
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.
21
Calvert
Mid-Cap Fund
March 31, 2021
Joint Special Meeting of Shareholders (Unaudited)
Calvert Mid-Cap Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Calvert funds on February 19, 2021 in order to approve a new investment advisory agreement with Calvert Research and Management to serve as the Fund’s investment adviser (the “Proposal”). The shareholder meeting results are as follows:
| Number of Shares(1) | ||||
| For | Against | Abstain (2) | Broker Non-Votes(2) | |
| 3,764,741.059 | 72,112.363 | 350,233.397 | 0 | |
(1) Fractional shares were voted proportionately.
(2) Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.
22
Calvert
Mid-Cap Fund
March 31, 2021
Board of Directors' Contract Approval
Overview of the Board Evaluation Process
Even though the following description of the Board’s consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Calvert Mid-Cap Fund.
| Fund | Investment Adviser | Investment Sub-Adviser |
| Calvert Mid-Cap Fund | Calvert Research and Management | None |
Following the public announcement of Morgan Stanley’s planned acquisition of Eaton Vance Corp. (“EVC”) and its affiliates (the “Transaction”), the Board members who are not “interested persons” (as defined in the 1940 Act) of the Funds or CRM (the “Independent Board Members”), met on October 8, 2020 with their independent legal counsel. During that meeting, the Independent Board Members preliminarily discussed the Transaction and the implications of the Transaction on the Funds and CRM. At the request of the Independent Board Members, their counsel discussed the various actions that they and the Funds’ shareholders would be asked to take in connection with the Transaction, including requesting information from CRM and Morgan Stanley concerning the Transaction and its implications for the Funds.
On October 14, 2020, during a telephonic meeting of the Boards, senior representatives of CRM provided an overview of the Transaction and Morgan Stanley to the Independent Board Members and their counsel. The senior representatives of CRM also discussed the anticipated benefits of the Transaction to CRM and the Funds. They also indicated that they expected that the operations of CRM and the Funds would be maintained substantially in their current forms after the Closing of the Transaction.
In connection with the proposed Transaction, the Independent Board Members, assisted by their independent legal counsel, requested extensive information from CRM and Morgan Stanley regarding the proposed Transaction and its potential implications for the Funds (the “Request for Information”).
On November 18, 2020, during a telephonic meeting of the Boards, senior representatives of CRM discussed certain matters related to the Transaction with the Independent Board Members and their counsel. The senior representatives of CRM indicated that CRM and Morgan Stanley were in the process of preparing a response to the Request for Information and that senior representatives of CRM and Morgan Stanley would be prepared to discuss their response and any other matters related to the Transaction with the Independent Board Members at the Boards’ December 8, 2020 meeting.
On December 1, 2020, during a video conference meeting, the Independent Board Members reviewed CRM’s and Morgan Stanley’s response to the Request for Information (the “Response”) and discussed the information contained in the Response amongst themselves and with their counsel. During that meeting, the Independent Board Members received advice from their independent legal counsel regarding their responsibilities in evaluating the possible Transaction and new investment advisory agreements and new investment sub-advisory agreements (the “New Agreements”). Following that meeting, the Independent Board Members, assisted by their counsel, requested additional information from CRM and Morgan Stanley regarding the proposed Transaction and its potential implications for the Funds (the “Supplemental Request for Information”).
In connection with the proposed Transaction and their consideration of the New Agreements, the Board members, including all of the Independent Board Members, met with senior representatives of EVC, CRM and Morgan Stanley at a meeting held on December 8, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders and any remaining matters concerning the Response and CRM’s and Morgan Stanley’s response to the Supplemental Request for Information. During the meeting, senior representatives of Morgan Stanley made presentations to, and responded to questions from, the Board members. After the presentations and discussions with senior representatives of EVC, CRM and Morgan Stanley, the Independent Board Members met in executive session with their counsel to consider the Transaction, the New Agreements and related matters.
Each Board’s evaluation of the New Agreements included consideration of the information provided specifically in regard to the New Agreements as well as, where relevant, information that previously had been provided to the Board in connection with the most recent annual contract renewal of the Funds’ current contractual arrangements at a meeting held on March 4, 2020.
In the course of its deliberations regarding the New Agreements, the Board members considered the following factors, among others: the nature, extent and quality of the services to be provided by CRM, its affiliates and the Sub-Advisers, including the personnel who would be providing such services; Morgan Stanley’s financial condition; the proposed advisory and sub-advisory fees; comparative fee and expense information for the Funds and for comparable funds managed by CRM and its affiliates; the anticipated profitability of the Funds to CRM and its affiliates; the direct and indirect benefits, if any, to be derived by Morgan Stanley, CRM, and their affiliates from their relationship with the Funds; the effect of each Fund’s projected growth and size on each Fund’s performance and expenses; and CRM’s and the Sub-Advisers’ compliance programs.
In considering the nature, extent, and quality of the services to be provided to the Funds by CRM and the Sub-Advisers, as applicable, under the New Agreements, the Board members took into account information relating to CRM’s and the Sub-Advisers’ operations and personnel, including, among other information, biographical information on their investment, supervisory, and professional staff, as applicable, and descriptions of their organizational and management structure. The Board members considered the investment strategies used in managing the Funds and the performance of other funds managed by the investment teams at CRM and its affiliates that would be managing the Funds. The Board members also took into account, as applicable, CRM’s and the Sub-Advisers’ proposed staffing and overall resources. CRM’s administrative capabilities were also considered. The Board members concluded that they were satisfied with the nature, extent and quality of services to be provided to the Funds by CRM and the Sub-Advisers, as applicable, under the New Advisory Agreements.
23
Calvert
Mid-Cap Fund
March 31, 2021
Board of Directors' Contract Approval — continued
In considering the management style and investment strategies that CRM and the Sub-Advisers, as applicable, proposed to use in managing the Funds, the Board members took into consideration certain comparative performance information for the Funds prepared by an independent data provider. The Board members also considered information regarding the financial condition of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry. The Board members took into account that the Funds’ investment objectives, investment strategies and portfolio managers were not expected to change after the Closing of the Transaction. Based upon their review, the Board members concluded that CRM and the Sub-Advisers, as applicable, are qualified to manage each Fund’s assets in accordance with the Funds’ investment objectives and investment strategies and that the investment strategies continued to be appropriate for pursuing each Fund’s investment objective(s).
In considering each Fund’s proposed fees and estimated expenses, the Board members considered certain comparative fee and expense data prepared by an independent data provider. The Board members also took into account that no changes in the Funds’ current advisory and sub-advisory fees were being proposed in connection with the Transaction. The Board members further took into account that no changes in the Funds’ current expense limitations were being proposed in connection with the Transaction. Based upon their review, the Board members concluded that the proposed advisory and sub-advisory fees were reasonable in view of the quality of services to be received by the Funds from CRM and the Sub-Advisers, as applicable.
In reviewing the anticipated profitability of the advisory fees to CRM and its affiliates, the Board members considered the fact that affiliates of CRM would be providing shareholder servicing, administrative, distribution, and sub-advisory services to the Funds for which they would receive compensation. The Board also took into account whether CRM had the financial wherewithal to provide services to the Funds. The Board also considered that CRM and Morgan Stanley would likely derive benefits to their reputations and other indirect benefits from their relationship with the Funds. Because CRM will pay the Sub-Advisers’ sub-advisory fees out of its advisory fees, the anticipated profitability of the Funds to the Sub-Advisers was not a material factor in the Board’s deliberations concerning the entering into of the New Agreements. Based upon its review, the Board concluded that CRM’s and its affiliates’ anticipated level of profitability from their relationship with the Funds was reasonable.
The Board members considered the effect of each Fund’s current size and potential growth on its performance and expenses. The Board members took into account management’s discussion of the Funds’ proposed advisory and sub-advisory fees, noting that no changes in the Funds’ current advisory and sub-advisory fees were being proposed in connection with the Transaction. The Board members also noted that the advisory and sub-advisory fee schedules for certain Funds will contain one or more breakpoints that will reduce the respective advisory and sub-advisory fee rates on assets above specified levels as the applicable Fund’s assets increased and considered the necessity of adding breakpoints with respect to the Funds that did not currently have such breakpoints in their advisory and sub-advisory fee schedules. The Board members determined that adding breakpoints at specified levels to the advisory and sub-advisory fee schedules of the Funds that did not currently have breakpoints would not be appropriate at this time. Because CRM will pay the Sub-Advisers’ sub-advisory fees out of its advisory fees, the Board did not consider the potential economies of scale from the Sub-Advisers’ management of the Funds to be a material factor in the Board’s deliberations concerning the entering into of the New Agreements. The Board members noted that if a Fund’s assets increase over time, the Fund might realize other economies of scale if assets increase proportionally more than certain other expenses.
In considering the approval of the New Agreements, the Board members also considered the following matters:
i. their belief that the Transaction will benefit the Funds;
ii. CRM’s and the Sub-Advisers’ intentions to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies, which, where applicable, includes continuing to manage the Fund pursuant to responsible investment criteria as described in the Fund’s prospectus;
iii. the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;
iv. Morgan Stanley’s commitment to maintain the investment autonomy of CRM;
v. Morgan Stanley’s and CRM’s commitment to maintaining the nature, quality and extent of services provided to the Funds by CRM and its affiliates following the Closing of the Transaction;
vi. Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;
vii. confirmation that the current senior management team at CRM has indicated its strong support of the Transaction; and
viii. a commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction.
In approving the New Agreements, the Board members did not identify any single factor as controlling, and each Board member may have attributed different weight to various factors.
The Board members reached the following conclusions regarding the New Agreements, among others: (a) CRM and the Sub-Advisers have demonstrated that they possess the capability and resources to perform the duties required of them under the New Agreements; (b) CRM and the Sub-Advisers are qualified to manage the applicable Fund’s assets in accordance with such Fund’s investment objective(s) and investment strategies; (c) CRM’s and the
24
Calvert
Mid-Cap Fund
March 31, 2021
Board of Directors' Contract Approval — continued
Sub-Advisers’ proposed investment strategies are appropriate for pursuing the applicable Fund’s investment objective(s); and (d) the proposed advisory and sub-advisory fees are reasonable in view of the quality of the services to be received by each Fund from CRM and the Sub-Advisers, as applicable. Based upon the foregoing considerations, at the meeting of the Board held on December 8, 2020, the Board members, including all of the Independent Board Members, unanimously approved the New Agreements and determined to recommend their approval to the shareholders of the Funds. In voting its approval of the New Agreements at the meeting, the Board relied on an order issued by the SEC in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.
25
Calvert
Mid-Cap Fund
March 31, 2021
Officers and Directors
| Officers |
| Hope L. Brown Chief Compliance Officer |
| Maureen A. Gemma Vice President, Secretary and Chief Legal Officer |
| James F. Kirchner Treasurer |
| Directors |
| Alice Gresham Bullock Chairperson |
| Richard L. Baird, Jr. |
| Cari M. Dominguez |
| John G. Guffey, Jr. |
| Miles D. Harper, III |
| Joy V. Jones |
| John H. Streur* |
| Anthony A. Williams |
| *Interested Director and President |
26
Calvert Funds
| Privacy Notice | April 2021 |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
| To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
27
Calvert Funds
| Privacy Notice — continued | April 2021 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do | |
| How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
28
Calvert Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.
Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Calvert website at www.calvert.com, by calling Calvert at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.
29
Investment Adviser and Administrator
Calvert Research and Management
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, MA 02169
Fund Offices
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Calvert
International Opportunities Fund
Semiannual Report
March 31, 2021
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund and the other funds it manages. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.
Choose Planet-friendly E-delivery!
Sign up now for on-line statements, prospectuses, and fund reports. In less than five minutes you can help reduce paper mail and lower fund costs.
Just go to www.calvert.com. If you already have an online account with the Calvert funds, click on Login to access your Account and select the documents you would like to receive via e-mail.
If you’re new to online account access, click on Login, then Register to create your user name and password. Once you’re in, click on the E-delivery sign-up on the Account Portfolio page and follow the quick, easy steps.
Note: If your shares are not held directly with the Calvert funds but through a brokerage firm, you must contact your broker for electronic delivery options available through their firm.
Calvert
International Opportunities Fund
March 31, 2021
Performance
Portfolio Manager Aidan M. Farrell of Eaton Vance Global Advisors Limited
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 05/31/2007 | 05/31/2007 | 15.72% | 55.42% | 11.35% | 8.07% |
| Class A with 4.75% Maximum Sales Charge | — | — | 10.22 | 48.02 | 10.27 | 7.54 |
| Class C at NAV | 07/31/2007 | 05/31/2007 | 15.31 | 54.24 | 10.48 | 7.18 |
| Class C with 1% Maximum Sales Charge | — | — | 14.31 | 53.24 | 10.48 | 7.18 |
| Class I at NAV | 05/31/2007 | 05/31/2007 | 15.88 | 55.80 | 11.65 | 8.47 |
| Class R6 at NAV | 02/01/2019 | 05/31/2007 | 15.92 | 55.86 | 11.68 | 8.49 |
| MSCI EAFE Small/Mid Cap Index | — | — | 21.03% | 56.63% | 9.70% | 7.24% |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
| 1.32% | 2.08% | 1.07% | 1.00% |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to www.calvert.com.
2
Calvert
International Opportunities Fund
March 31, 2021
Fund Profile
Sector Allocation (% of net assets)*
* Excludes cash and cash equivalents.
| Top 10 Holdings (% of net assets)* | |
| Ashtead Group PLC | 1.6% |
| Diploma PLC | 1.5 |
| Howden Joinery Group PLC | 1.5 |
| RWS Holdings PLC | 1.4 |
| IMCD NV | 1.4 |
| Bravida Holding AB | 1.4 |
| Interpump Group SpA | 1.4 |
| Invesco Office J-REIT, Inc. | 1.3 |
| Games Workshop Group PLC | 1.3 |
| BFF Bank SpA | 1.3 |
| Total | 14.1% |
| * | Excludes cash and cash equivalents. |
See Endnotes and Additional Disclosures in this report.
3
Calvert
International Opportunities Fund
March 31, 2021
Endnotes and Additional Disclosures
| 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 1/31/22. 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. |
4
Calvert
International Opportunities Fund
March 31, 2021
Fund Expenses
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2020 to March 31, 2021).
Actual Expenses
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.
| Beginning Account Value (10/1/20) | Ending Account Value (3/31/21) | Expenses Paid During Period* (10/1/20 – 3/31/21) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,157.20 | $ 6.99 | 1.30% |
| Class C | $1,000.00 | $1,153.10 | $11.00 | 2.05% |
| Class I | $1,000.00 | $1,158.80 | $ 5.65 | 1.05% |
| Class R6 | $1,000.00 | $1,159.20 | $ 5.28 | 0.98% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,018.45 | $ 6.54 | 1.30% |
| Class C | $1,000.00 | $1,014.71 | $10.30 | 2.05% |
| Class I | $1,000.00 | $1,019.70 | $ 5.29 | 1.05% |
| Class R6 | $1,000.00 | $1,020.05 | $ 4.94 | 0.98% |
| * | 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 182/365 (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 September 30, 2020. |
5
Calvert
International Opportunities Fund
March 31, 2021
Schedule of Investments (Unaudited)
| Common Stocks — 98.1% |
| Security | Shares | Value | |
| Australia — 4.7% | |||
| Bapcor, Ltd. | 512,508 | $ 2,929,697 | |
| BlueScope Steel, Ltd. | 96,994 | 1,431,317 | |
| carsales.com, Ltd. | 253,400 | 3,446,017 | |
| Dexus | 422,188 | 3,139,245 | |
| Magellan Financial Group, Ltd. | 53,819 | 1,857,601 | |
| Steadfast Group, Ltd. | 1,005,636 | 2,921,708 | |
| WiseTech Global, Ltd. | 253,321 | 5,636,864 | |
| $ 21,362,449 | |||
| Austria — 0.7% | |||
| BAWAG Group AG(1) | 60,823 | $ 3,137,308 | |
| $ 3,137,308 | |||
| Belgium — 2.1% | |||
| KBC Group NV(2) | 44,247 | $ 3,219,475 | |
| VGP NV | 22,158 | 3,543,886 | |
| Xior Student Housing NV | 52,116 | 2,780,998 | |
| $ 9,544,359 | |||
| Canada — 2.5% | |||
| Agnico Eagle Mines, Ltd. | 21,881 | $ 1,264,943 | |
| Boyd Group Services, Inc. | 15,381 | 2,606,215 | |
| BRP, Inc. | 32,444 | 2,813,259 | |
| CAE, Inc. | 96,031 | 2,736,429 | |
| Lundin Mining Corp. | 204,648 | 2,105,593 | |
| $ 11,526,439 | |||
| China — 1.2% | |||
| China Meidong Auto Holdings, Ltd. | 1,133,692 | $ 5,265,029 | |
| $ 5,265,029 | |||
| Finland — 0.8% | |||
| Musti Group Oyj | 108,894 | $ 3,512,216 | |
| $ 3,512,216 | |||
| France — 0.8% | |||
| Rubis SCA | 79,208 | $ 3,748,531 | |
| $ 3,748,531 | |||
| Germany — 2.8% | |||
| Jenoptik AG | 128,773 | $ 3,870,282 | |
| Norma Group SE | 123,455 | 5,860,366 | |
| TeamViewer AG(1)(2) | 71,569 | 3,060,740 | |
| $ 12,791,388 | |||
| Security | Shares | Value | |
| Hong Kong — 0.5% | |||
| CITIC Telecom International Holdings, Ltd. | 6,501,356 | $ 2,303,042 | |
| $ 2,303,042 | |||
| Ireland — 2.2% | |||
| Irish Residential Properties REIT PLC | 1,744,074 | $ 3,338,119 | |
| Kerry Group PLC, Class A | 25,639 | 3,202,028 | |
| UDG Healthcare PLC | 326,604 | 3,536,658 | |
| $ 10,076,805 | |||
| Israel — 0.8% | |||
| Amot Investments, Ltd. | 689,479 | $ 3,692,398 | |
| $ 3,692,398 | |||
| Italy — 6.7% | |||
| Amplifon SpA(2) | 125,751 | $ 4,679,274 | |
| BFF Bank SpA(1)(2) | 804,683 | 5,912,945 | |
| DiaSorin SpA | 17,346 | 2,783,081 | |
| FinecoBank Banca Fineco SpA(2) | 163,169 | 2,669,408 | |
| Interpump Group SpA | 124,088 | 6,253,982 | |
| MARR SpA(2)(3) | 163,459 | 3,512,439 | |
| Moncler SpA(2) | 79,455 | 4,550,289 | |
| $ 30,361,418 | |||
| Japan — 27.2% | |||
| Asahi Co., Ltd. | 133,442 | $ 1,935,578 | |
| Chiba Bank, Ltd. (The) | 458,182 | 2,999,442 | |
| Daiichikosho Co., Ltd. | 56,458 | 2,193,399 | |
| FP Corp.(3) | 113,960 | 4,643,223 | |
| Fukuoka Financial Group, Inc. | 143,808 | 2,728,626 | |
| Invesco Office J-REIT, Inc. | 38,068 | 6,012,788 | |
| Itochu Techno-Solutions Corp. | 147,710 | 4,773,217 | |
| J. Front Retailing Co., Ltd. | 372,783 | 3,556,051 | |
| Japan Lifeline Co., Ltd. | 187,033 | 2,373,653 | |
| Kewpie Corp. | 91,233 | 2,075,103 | |
| Kose Corp. | 21,361 | 3,027,486 | |
| K's Holdings Corp. | 364,705 | 5,020,482 | |
| Kuraray Co., Ltd. | 415,740 | 4,755,716 | |
| Kyoritsu Maintenance Co., Ltd.(3) | 99,678 | 3,311,997 | |
| LaSalle Logiport REIT | 1,728 | 2,620,229 | |
| Lion Corp. | 200,706 | 3,912,602 | |
| Makita Corp. | 93,485 | 4,015,357 | |
| Mitsui Fudosan Logistics Park, Inc. | 588 | 2,907,889 | |
| Miura Co., Ltd. | 109,086 | 5,902,345 | |
| Morinaga & Co., Ltd. | 116,470 | 4,167,482 | |
| Nabtesco Corp. | 127,163 | 5,818,740 | |
| Nohmi Bosai, Ltd. | 257,480 | 5,015,200 | |
| Nomura Co., Ltd. | 576,384 | 4,779,536 | |
6
See Notes to Financial Statements.
Calvert
International Opportunities Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| Japan (continued) | |||
| OSG Corp. | 190,122 | $ 3,393,175 | |
| Penta-Ocean Construction Co., Ltd. | 643,295 | 5,055,646 | |
| Sakata Seed Corp. | 86,937 | 3,218,439 | |
| Sankyu, Inc. | 99,732 | 4,388,131 | |
| Ship Healthcare Holdings, Inc.(3) | 193,654 | 5,450,841 | |
| Sumco Corp. | 220,428 | 5,051,621 | |
| Tosei Corp. | 383,500 | 3,884,976 | |
| Yamaha Corp. | 90,962 | 4,956,804 | |
| $123,945,774 | |||
| Luxembourg — 0.3% | |||
| APERAM S.A. | 33,154 | $ 1,490,552 | |
| $ 1,490,552 | |||
| Netherlands — 5.2% | |||
| Aalberts NV | 93,689 | $ 4,738,186 | |
| BE Semiconductor Industries NV | 54,341 | 4,539,252 | |
| Euronext NV(1) | 44,400 | 4,468,847 | |
| IMCD NV | 47,261 | 6,551,840 | |
| NN Group NV | 71,478 | 3,486,799 | |
| $ 23,784,924 | |||
| New Zealand — 0.7% | |||
| Fisher & Paykel Healthcare Corp., Ltd. | 134,062 | $ 3,010,029 | |
| $ 3,010,029 | |||
| Norway — 0.6% | |||
| SpareBank 1 SR-Bank ASA | 158,002 | $ 1,941,961 | |
| TGS NOPEC Geophysical Co. ASA | 40,167 | 638,441 | |
| $ 2,580,402 | |||
| Portugal — 0.4% | |||
| NOS SGPS S.A.(3) | 535,005 | $ 1,947,012 | |
| $ 1,947,012 | |||
| Singapore — 1.1% | |||
| Frasers Logistics & Commercial Trust | 2,155,200 | $ 2,327,985 | |
| XP Power, Ltd. | 40,660 | 2,633,366 | |
| $ 4,961,351 | |||
| Spain — 1.5% | |||
| Acciona S.A. | 16,455 | $ 2,764,993 | |
| Inmobiliaria Colonial Socimi S.A. | 438,289 | 4,244,903 | |
| $ 7,009,896 | |||
| Sweden — 7.2% | |||
| AddTech AB | 375,494 | $ 5,588,909 | |
| Assa Abloy AB, Class B | 111,851 | 3,219,116 | |
| Security | Shares | Value | |
| Sweden (continued) | |||
| Autoliv, Inc. | 32,075 | $ 2,976,560 | |
| Boliden AB | 71,973 | 2,670,436 | |
| Bravida Holding AB(1) | 464,103 | 6,394,897 | |
| Indutrade AB(2) | 212,561 | 4,908,060 | |
| Lagercrantz Group AB, Class B | 502,536 | 4,550,315 | |
| Thule Group AB(1)(2) | 53,479 | 2,324,919 | |
| $ 32,633,212 | |||
| Switzerland — 6.3% | |||
| Belimo Holding AG | 287 | $ 2,320,378 | |
| Bossard Holding AG, Class A | 13,988 | 3,069,002 | |
| Cembra Money Bank AG | 23,933 | 2,637,455 | |
| Galenica AG(1) | 61,125 | 3,811,181 | |
| Logitech International S.A. | 44,847 | 4,703,289 | |
| Partners Group Holding AG | 2,288 | 2,923,894 | |
| Sika AG | 7,957 | 2,275,339 | |
| Straumann Holding AG | 3,825 | 4,775,579 | |
| VZ Holding AG | 26,682 | 2,208,561 | |
| $ 28,724,678 | |||
| United Kingdom — 21.8% | |||
| Abcam PLC(2) | 184,993 | $ 3,548,573 | |
| Ashtead Group PLC | 124,403 | 7,426,311 | |
| Avast PLC(1) | 780,630 | 4,906,473 | |
| Bellway PLC | 64,291 | 3,015,422 | |
| Bodycote PLC | 323,473 | 3,685,366 | |
| Capital & Counties Properties PLC | 1,435,377 | 3,377,810 | |
| Compass Group PLC(2) | 102,208 | 2,064,985 | |
| Cranswick PLC | 68,841 | 3,446,708 | |
| Dechra Pharmaceuticals PLC | 82,462 | 3,900,245 | |
| Diploma PLC | 196,639 | 6,913,725 | |
| First Derivatives PLC(2) | 46,243 | 1,692,395 | |
| Games Workshop Group PLC | 43,252 | 5,942,335 | |
| Grainger PLC | 1,024,601 | 3,767,804 | |
| Greggs PLC(2) | 120,632 | 3,733,911 | |
| Halma PLC | 154,675 | 5,060,448 | |
| Howden Joinery Group PLC(2) | 668,274 | 6,752,652 | |
| InterContinental Hotels Group PLC(2) | 45,497 | 3,128,798 | |
| JTC PLC(1) | 432,748 | 3,684,284 | |
| Judges Scientific PLC | 48,380 | 4,215,943 | |
| Lancashire Holdings, Ltd. | 285,787 | 2,534,386 | |
| Nomad Foods, Ltd.(2) | 206,508 | 5,670,710 | |
| RWS Holdings PLC | 782,490 | 6,569,185 | |
7
See Notes to Financial Statements.
Calvert
International Opportunities Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| United Kingdom (continued) | |||
| St. James's Place PLC | 249,718 | $ 4,384,122 | |
| $ 99,422,591 | |||
| Total Common Stocks (identified cost $350,531,763) | $446,831,803 | ||
| Exchange-Traded Funds — 0.9% |
| Security | Shares | Value | |
| Equity Exchange-Traded Fund — 0.9% | |||
| Vanguard MSCI Australian Small Companies Index ETF | 84,564 | $ 4,194,880 | |
| Total Exchange-Traded Funds (identified cost $3,422,301) | $ 4,194,880 | ||
| High Social Impact Investments — 0.2% |
| Security | Principal Amount (000's omitted) | Value | |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(4)(5) | $ | 560 | $ 543,856 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/22(5)(6) | 111 | 103,439 | |
| ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22(5)(6) | 142 | 118,053 | |
| Total High Social Impact Investments (identified cost $813,000) | $ 765,348 | ||
| Short-Term Investments — 0.6% |
| Other — 0.5% | |||
| Description | Units | Value | |
| Calvert Cash Reserves Fund, LLC, 0.07%(7) | 2,316,196 | $ 2,316,427 | |
| Total Other (identified cost $2,316,427) | $ 2,316,427 | ||
| Securities Lending Collateral — 0.1% | |||
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%(8) | 520,010 | $ 520,010 | |
| Total Securities Lending Collateral (identified cost $520,010) | $ 520,010 | ||
| Total Short-Term Investments (identified cost $2,836,437) | $ 2,836,437 | ||
| Total Investments — 99.8% (identified cost $357,603,501) | $454,628,468 | |
| Other Assets, Less Liabilities — 0.2% | $ 1,041,524 | |
| Net Assets — 100.0% | $455,669,992 |
| 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 March 31, 2021, the aggregate value of these securities is $37,701,594 or 8.3% of the Fund's net assets. | |
| (2) | Non-income producing security. | |
| (3) | All or a portion of this security was on loan at March 31, 2021. The aggregate market value of securities on loan at March 31, 2021 was $11,630,334. | |
| (4) | May be deemed to be an affiliated company (see Note 7). | |
| (5) | Restricted security. Total market value of restricted securities amounts to $765,348, which represents 0.2% of the net assets of the Fund as of March 31, 2021. | |
| (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 March 31, 2021. | |
| (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 March 31, 2021. | |
| (8) | Represents investment of cash collateral received in connection with securities lending. | |
8
See Notes to Financial Statements.
Calvert
International Opportunities Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
At March 31, 2021, the concentration of the Fund’s investments in the various sectors, determined as a percentage of net assets, was as follows:
| Economic Sectors | % of Net Assets |
| Industrials | 27.6% |
| Consumer Discretionary | 13.4 |
| Financials | 11.8 |
| Information Technology | 11.6 |
| Real Estate | 10.0 |
| Health Care | 8.3 |
| Consumer Staples | 7.1 |
| Materials | 4.5 |
| Communication Services | 2.2 |
| Utilities | 1.4 |
| Exchange-Traded Funds | 0.9 |
| High Social Impact Investments | 0.2 |
| Energy | 0.2 |
| Total | 99.2% |
Restricted Securities
| Description | Acquisition Dates | Cost |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $560,000 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/22 | 11/13/15 | 111,000 |
| ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22 | 11/13/15 | 142,000 |
9
See Notes to Financial Statements.
Calvert
International Opportunities Fund
March 31, 2021
Statement of Assets and Liabilities (Unaudited)
| March 31, 2021 | |
| Assets | |
| Investments in securities of unaffiliated issuers, at value (identified cost $354,727,074) - including $11,630,334 of securities on loan | $ 451,768,185 |
| Investments in securities of affiliated issuers, at value (identified cost $2,876,427) | 2,860,283 |
| Cash denominated in foreign currency, at value (cost $14,055) | 14,033 |
| Receivable for capital shares sold | 581,389 |
| Dividends and interest receivable | 1,262,272 |
| Dividends and interest receivable - affiliated | 3,054 |
| Securities lending income receivable | 13,658 |
| Tax reclaims receivable | 411,593 |
| Directors' deferred compensation plan | 187,053 |
| Total assets | $457,101,520 |
| Liabilities | |
| Payable for capital shares redeemed | $ 148,721 |
| Deposits for securities loaned | 520,010 |
| Payable to affiliates: | |
| Investment advisory fee | 290,807 |
| Administrative fee | 46,529 |
| Distribution and service fees | 22,192 |
| Sub-transfer agency fee | 9,744 |
| Directors' deferred compensation plan | 187,053 |
| Other | 495 |
| Accrued expenses | 205,977 |
| Total liabilities | $ 1,431,528 |
| Net Assets | $455,669,992 |
| Sources of Net Assets | |
| Paid-in capital | $ 364,903,918 |
| Distributable earnings | 90,766,074 |
| Total | $455,669,992 |
| Class A Shares | |
| Net Assets | $ 81,568,775 |
| Shares Outstanding | 3,935,250 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 20.73 |
| Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 21.76 |
| Class C Shares | |
| Net Assets | $ 5,774,880 |
| Shares Outstanding | 286,066 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 20.19 |
| Class I Shares | |
| Net Assets | $ 306,551,293 |
| Shares Outstanding | 15,115,828 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 20.28 |
10
See Notes to Financial Statements.
Calvert
International Opportunities Fund
March 31, 2021
Statement of Assets and Liabilities (Unaudited) — continued
| March 31, 2021 | |
| Class R6 Shares | |
| Net Assets | $61,775,044 |
| Shares Outstanding | 3,047,785 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 20.27 |
| 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. |
11
See Notes to Financial Statements.
Calvert
International Opportunities Fund
March 31, 2021
Statement of Operations (Unaudited)
| Six Months Ended | |
| March 31, 2021 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $296,413) | $ 2,654,352 |
| Dividend income - affiliated issuers | 2,244 |
| Interest income | 732 |
| Interest income - affiliated issuers | 6,096 |
| Securities lending income, net | 39,780 |
| Total investment income | $ 2,703,204 |
| Expenses | |
| Investment advisory fee | $ 1,580,122 |
| Administrative fee | 252,820 |
| Distribution and service fees: | |
| Class A | 95,379 |
| Class C | 28,187 |
| Directors' fees and expenses | 8,935 |
| Custodian fees | 28,891 |
| Transfer agency fees and expenses | 176,224 |
| Accounting fees | 56,905 |
| Professional fees | 17,105 |
| Registration fees | 38,917 |
| Reports to shareholders | 21,674 |
| Miscellaneous | 18,386 |
| Total expenses | $ 2,323,545 |
| Net investment income | $ 379,659 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities | $ 27,782,822 |
| Investment securities - affiliated issuers | (271) |
| Foreign currency transactions | 18,566 |
| Net realized gain | $27,801,117 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $ 31,336,491 |
| Investment securities - affiliated issuers | (9,996) |
| Foreign currency | (24,807) |
| Net change in unrealized appreciation (depreciation) | $31,301,688 |
| Net realized and unrealized gain | $59,102,805 |
| Net increase in net assets from operations | $59,482,464 |
12
See Notes to Financial Statements.
Calvert
International Opportunities Fund
March 31, 2021
Statements of Changes in Net Assets
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 379,659 | $ 2,144,241 |
| Net realized gain (loss) | 27,801,117 | (15,851,827) |
| Net change in unrealized appreciation (depreciation) | 31,301,688 | 53,471,708 |
| Net increase in net assets from operations | $ 59,482,464 | $ 39,764,122 |
| Distributions to shareholders: | ||
| Class A | $ (413,572) | $ (779,888) |
| Class C | — | (27,023) |
| Class I | (2,243,218) | (3,424,730) |
| Class R6 | (497,493) | (698,083) |
| Total distributions to shareholders | $ (3,154,283) | $ (4,929,724) |
| Capital share transactions: | ||
| Class A | $ 2,212,536 | $ (1,492,764) |
| Class C | (551,290) | (1,558,025) |
| Class I | 14,678,068 | 9,133,103 |
| Class R6 | 5,710,653 | (261,820) |
| Net increase in net assets from capital share transactions | $ 22,049,967 | $ 5,820,494 |
| Net increase in net assets | $ 78,378,148 | $ 40,654,892 |
| Net Assets | ||
| At beginning of period | $ 377,291,844 | $ 336,636,952 |
| At end of period | $455,669,992 | $377,291,844 |
13
See Notes to Financial Statements.
Calvert
International Opportunities Fund
March 31, 2021
Financial Highlights
| Class A | ||||||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||
| Net asset value — Beginning of period | $ 18.01 | $ 16.18 | $ 18.86 | $ 18.70 | $ 14.78 | $ 14.58 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ (—)(2) | $ 0.07 | $ 0.18 | $ 0.17 | $ 0.03 | $ 0.15(3) |
| Net realized and unrealized gain (loss) | 2.83 | 1.95 | (1.51) | 1.20 | 4.04 | 0.63 |
| Total income (loss) from operations | $ 2.83 | $ 2.02 | $ (1.33) | $ 1.37 | $ 4.07 | $ 0.78 |
| Less Distributions | ||||||
| From net investment income | $ (0.11) | $ (0.19) | $ (0.23) | $ (0.24) | $ (0.15) | $ (0.11) |
| From net realized gain | — | — | (1.12) | (0.97) | — | (0.47) |
| Total distributions | $ (0.11) | $ (0.19) | $ (1.35) | $ (1.21) | $ (0.15) | $ (0.58) |
| Net asset value — End of period | $ 20.73 | $ 18.01 | $ 16.18 | $ 18.86 | $ 18.70 | $ 14.78 |
| Total Return(4) | 15.72% (5) | 12.57% | (6.77)% | 7.62% | 27.89% | 5.49% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $81,569 | $68,940 | $64,070 | $65,994 | $50,552 | $107,429 |
| Ratios (as a percentage of average daily net assets):(6) | ||||||
| Total expenses | 1.30% (7) | 1.32% | 1.37% | 1.38% | 1.48% | 1.49% |
| Net expenses | 1.30% (7) | 1.32% | 1.35% | 1.38% | 1.48% | 1.46% |
| Net investment income (loss) | (0.03)% (7) | 0.42% | 1.15% | 0.91% | 0.18% | 1.07% (3) |
| Portfolio Turnover | 28% (5) | 62% | 60% | 60% | 158% | 52% |
| (1) | Computed using average shares outstanding. |
| (2) | Amount is less than $(0.005). |
| (3) | 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. |
| (4) | 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. |
| (5) | Not annualized. |
| (6) | 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. |
| (7) | Annualized. |
14
See Notes to Financial Statements.
Calvert
International Opportunities Fund
March 31, 2021
Financial Highlights — continued
| Class C | ||||||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||
| Net asset value — Beginning of period | $ 17.51 | $ 15.74 | $ 18.37 | $ 18.29 | $ 14.43 | $ 14.28 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ (0.08) | $ (0.06) | $ 0.06 | $ 0.03 | $ (0.04) | $ 0.01(2) |
| Net realized and unrealized gain (loss) | 2.76 | 1.90 | (1.47) | 1.18 | 3.91 | 0.61 |
| Total income (loss) from operations | $ 2.68 | $ 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 period | $20.19 | $17.51 | $15.74 | $18.37 | $18.29 | $14.43 |
| Total Return(3) | 15.31% (4) | 11.68% | (7.49)% | 6.92% | 26.83% | 4.46% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 5,775 | $ 5,527 | $ 6,532 | $ 7,603 | $ 5,850 | $ 5,037 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 2.05% (6) | 2.08% | 2.12% | 2.13% | 2.61% | 2.67% |
| Net expenses | 2.05% (6) | 2.08% | 2.10% | 2.13% | 2.30% | 2.44% |
| Net investment income (loss) | (0.80)% (6) | (0.37)% | 0.38% | 0.18% | (0.24)% | 0.04% (2) |
| Portfolio Turnover | 28% (4) | 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) | 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. |
15
See Notes to Financial Statements.
Calvert
International Opportunities Fund
March 31, 2021
Financial Highlights — continued
| Class I | ||||||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||
| Net asset value — Beginning of period | $ 17.64 | $ 15.86 | $ 18.52 | $ 18.42 | $ 14.56 | $ 14.38 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.02 | $ 0.11 | $ 0.22 | $ 0.23 | $ 0.17 | $ 0.19(2) |
| Net realized and unrealized gain (loss) | 2.78 | 1.90 | (1.49) | 1.17 | 3.90 | 0.63 |
| Total income (loss) from operations | $ 2.80 | $ 2.01 | $ (1.27) | $ 1.40 | $ 4.07 | $ 0.82 |
| Less Distributions | ||||||
| From net investment income | $ (0.16) | $ (0.23) | $ (0.27) | $ (0.33) | $ (0.21) | $ (0.17) |
| From net realized gain | — | — | (1.12) | (0.97) | — | (0.47) |
| Total distributions | $ (0.16) | $ (0.23) | $ (1.39) | $ (1.30) | $ (0.21) | $ (0.64) |
| Net asset value — End of period | $ 20.28 | $ 17.64 | $ 15.86 | $ 18.52 | $ 18.42 | $ 14.56 |
| Total Return(3) | 15.88% (4) | 12.77% | (6.50)% | 7.95% | 28.44% | 5.84% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $306,551 | $254,350 | $222,546 | $230,748 | $115,698 | $69,319 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.05% (6) | 1.07% | 1.12% | 1.13% | 1.07% | 1.17% |
| Net expenses | 1.05% (6) | 1.07% | 1.10% | 1.13% | 1.07% | 1.16% |
| Net investment income | 0.23% (6) | 0.67% | 1.41% | 1.23% | 1.06% | 1.35% (2) |
| Portfolio Turnover | 28% (4) | 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) | 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. |
16
See Notes to Financial Statements.
Calvert
International Opportunities Fund
March 31, 2021
Financial Highlights — continued
| Class R6 | |||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | Period Ended September 30, | |
| 2020 | 2019 (1) | ||
| Net asset value — Beginning of period | $ 17.64 | $ 15.86 | $ 15.14 |
| Income (Loss) From Operations | |||
| Net investment income(2) | $ 0.03 | $ 0.12 | $ 0.16 |
| Net realized and unrealized gain | 2.77 | 1.91 | 0.56 |
| Total income from operations | $ 2.80 | $ 2.03 | $ 0.72 |
| Less Distributions | |||
| From net investment income | $ (0.17) | $ (0.25) | $ — |
| Total distributions | $ (0.17) | $ (0.25) | $ — |
| Net asset value — End of period | $ 20.27 | $ 17.64 | $ 15.86 |
| Total Return(3) | 15.92% (4) | 12.87% | 4.76% (4) |
| Ratios/Supplemental Data | |||
| Net assets, end of period (000’s omitted) | $61,775 | $48,475 | $43,489 |
| Ratios (as a percentage of average daily net assets):(5) | |||
| Total expenses | 0.98% (6) | 1.00% | 1.08% (6) |
| Net expenses | 0.98% (6) | 1.00% | 1.05% (6) |
| Net investment income | 0.30% (6) | 0.74% | 1.53% (6) |
| Portfolio Turnover | 28% (4) | 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. |
17
See Notes to Financial Statements.
Calvert
International Opportunities Fund
March 31, 2021
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Calvert International Opportunities Fund (the Fund) is a diversified series of Calvert World Values Fund, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek long-term capital appreciation. The Fund invests primarily in common and preferred stocks of non-U.S. small-cap to mid-cap companies.
The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. A contingent deferred sales charge of 0.80% may apply to certain redemptions of Class A shares for accounts for which no sales charge was paid, if redeemed within 12 months of purchase. Class C shares are sold without a front-end sales charge, and with certain exceptions, are charged a contingent deferred sales charge of 1% on shares redeemed within 12 months of purchase. Class C shares are only available for purchase through a financial intermediary. Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I and Class R6 shares are sold at net asset value, are not subject to a sales charge and are sold only to certain eligible investors. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and is subject to different expenses.
The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.
A Investment Valuation— Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.
U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Valuation techniques used to value the Fund’s investments by major category are as follows:
Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ Global or Global Select Market are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Board has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Such securities are categorized as Level 2 in the hierarchy.
Debt Securities. Debt securities are generally valued based on valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. Accordingly, debt securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities with a remaining maturity at time of purchase of more than sixty days are valued based on valuations provided by a third party pricing service. Such securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities of sufficient credit quality purchased with remaining maturities of sixty days or less are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
Affiliated Fund. The Fund may invest in Calvert Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Calvert Research and Management (CRM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day and are categorized as Level 2 in the hierarchy. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.
18
Calvert
International Opportunities Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
Other Securities. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.
Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund's adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.
The following table summarizes the market value of the Fund's holdings as of March 31, 2021, based on the inputs used to value them:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | ||||
| Australia | $ — | $ 21,362,449 | $ — | $ 21,362,449 |
| Austria | — | 3,137,308 | — | 3,137,308 |
| Belgium | — | 9,544,359 | — | 9,544,359 |
| Canada | 11,526,439 | — | — | 11,526,439 |
| China | — | 5,265,029 | — | 5,265,029 |
| Finland | — | 3,512,216 | — | 3,512,216 |
| France | — | 3,748,531 | — | 3,748,531 |
| Germany | — | 12,791,388 | — | 12,791,388 |
| Hong Kong | — | 2,303,042 | — | 2,303,042 |
| Ireland | — | 10,076,805 | — | 10,076,805 |
| Israel | — | 3,692,398 | — | 3,692,398 |
| Italy | — | 30,361,418 | — | 30,361,418 |
| Japan | — | 123,945,774 | — | 123,945,774 |
| Luxembourg | — | 1,490,552 | — | 1,490,552 |
| Netherlands | — | 23,784,924 | — | 23,784,924 |
| New Zealand | — | 3,010,029 | — | 3,010,029 |
| Norway | — | 2,580,402 | — | 2,580,402 |
| Portugal | — | 1,947,012 | — | 1,947,012 |
| Singapore | — | 4,961,351 | — | 4,961,351 |
| Spain | — | 7,009,896 | — | 7,009,896 |
| Sweden | 2,976,560 | 29,656,652 | — | 32,633,212 |
| Switzerland | — | 28,724,678 | — | 28,724,678 |
| United Kingdom | 5,670,710 | 93,751,881 | — | 99,422,591 |
| Total Common Stocks | $20,173,709 | $426,658,094 (1) | $ — | $446,831,803 |
| Exchange-Traded Funds | $ — | $ 4,194,880 | $ — | $ 4,194,880 |
| High Social Impact Investments | — | 765,348 | — | 765,348 |
| Short-Term Investments: | ||||
| Other | — | 2,316,427 | — | 2,316,427 |
19
Calvert
International Opportunities Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Securities Lending Collateral | $ 520,010 | $ — | $ — | $ 520,010 |
| Total Investments | $20,693,719 | $433,934,749 | $ — | $454,628,468 |
| (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. |
B Investment Transactions and Income— Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned.
C Share Class Accounting— Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer agency fees and expenses on the Statement of Operations, are not allocated to Class R6 shares.
D Foreign Currency Transactions— The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
E Restricted Securities— The Fund may invest in securities that are subject to legal or contractual restrictions on resale. Generally, these securities may only be sold publicly upon registration under the Securities Act of 1933 or in transactions exempt from such registration. Information regarding restricted securities (excluding Rule 144A securities) is included at the end of the Schedule of Investments.
F Distributions to Shareholders— Distributions to shareholders are recorded by the Fund on ex-dividend date. Distributions from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.
G Estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
H Indemnifications— The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
I Federal Income Taxes— No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.
Management has analyzed the Fund's tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund's financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
J Interim Financial Statements— The interim financial statements relating to March 31, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
20
Calvert
International Opportunities Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
2 Related Party Transactions
The investment advisory fee is earned by CRM as compensation for investment advisory services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and CRM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement (the “New Agreement”) with CRM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund's investment advisory agreement with CRM in effect prior to March 1, 2021), the fee is computed at the annual rate of 0.75% of the Fund’s average daily net assets and is payable monthly. For the six months ended March 31, 2021, the investment advisory fee amounted to $1,580,122. The Fund may invest its cash in Cash Reserves Fund. CRM does not currently receive a fee for advisory services provided to Cash Reserves Fund.
Pursuant to an investment sub-advisory agreement, CRM has delegated the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of CRM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, CRM entered into a new sub-advisory agreement with EVAIL, which took effect on March 1, 2021. Effective October 21, 2019, EVAIL uses the portfolio management, research and other resources of its affiliate, Eaton Vance Global Advisors Limited (EVGA), in rendering investment advisory services to the Fund. EVGA has entered into a Memorandum of Understanding with EVAIL pursuant to which EVGA is considered a participating affiliate of the sub-adviser as that term is used in relief granted by the staff of the U.S. Securities and Exchange Commission allowing U.S. registered investment advisers to use portfolio management or research resources of unregistered advisory affiliates subject to the supervision of a U.S. registered adviser. CRM pays EVAIL a portion of its investment advisory fee for sub-advisory services provided to the Fund.
CRM and EVAIL have agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.34%, 2.09%, 1.09% and 1.05% for Class A, Class C, Class I and Class R6, respectively, of such class’s average daily net assets. The expense reimbursement agreement may be changed or terminated after January 31, 2022. For the six months ended March 31, 2021, no expenses were waived or reimbursed by CRM and EVAIL.
The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets attributable to Class A, Class C, Class I and Class R6 and is payable monthly. For the six months ended March 31, 2021, CRM was paid administrative fees of $252,820.
The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. In addition, pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued for the six months ended March 31, 2021 amounted to $95,379 and $28,187 for Class A shares and Class C shares, respectively.
The Fund was informed that EVD received $9,371 as its portion of the sales charge on sales of Class A shares and less than $100 of contingent deferred sales charges paid by Fund shareholders for the six months ended March 31, 2021.
Eaton Vance Management (EVM), an affiliate of CRM, provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2021, sub-transfer agency fees and expenses incurred to EVM amounted to $19,297 and are included in transfer agency fees and expenses on the Statement of Operations.
Each Director of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $154,000, plus an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee. The Board chair receives an additional $30,000 ($20,000 prior to January 1, 2021) annual fee and Committee chairs receive an additional $6,000 annual fee. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund's assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. Prior to December 31, 2020, an Advisory Council aided the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The Advisory Council consisted of CRM’s Chief Executive Officer and three additional members. For the year ended December 31, 2020, each member (other than CRM’s Chief Executive Officer) was compensated $20,000 for their service on the Advisory Council. Such compensation, and any other compensation and/or expenses incurred by the Advisory Council as may be approved by the Board, was borne by the Calvert funds. For the six months ended March 31, 2021, the Fund’s allocated portion of the Advisory Council compensation and fees was $297, which is included in miscellaneous expense on the Statement of Operations.
21
Calvert
International Opportunities Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
3 Investment Activity
During the six months ended March 31, 2021, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $137,633,365 and $113,358,515, respectively.
4 Distributions to Shareholders and Income Tax Information
At September 30, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $28,228,697 which would reduce the Fund's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at September 30, 2020, $14,639,827 are short-term and $13,588,870 are long-term.
The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2021, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $363,768,470 |
| Gross unrealized appreciation | $ 96,676,471 |
| Gross unrealized depreciation | (5,816,473) |
| Net unrealized appreciation | $ 90,859,998 |
5 Securities Lending
To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent based on agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.
The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.
At March 31, 2021, the total value of securities on loan was $11,630,334 and the total value of collateral received was $12,486,645, comprised of cash of $520,010 and U.S. government and/or agencies securities of $11,966,635.
The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of March 31, 2021.
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $520,010 | $ — | $ — | $ — | $520,010 |
The carrying amount of the liability for deposits for securities loaned at March 31, 2021 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at March 31, 2021.
22
Calvert
International Opportunities Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
6 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.
The Fund had no borrowings outstanding pursuant to its line of credit at March 31, 2021. The Fund did not have any significant borrowings or allocated fees during the six months ended March 31, 2021.
7 Affiliated Companies and Funds
The Fund has invested a portion of its assets in notes (the Notes) issued by Calvert Impact Capital, Inc. (CIC) pursuant to exemptive relief granted by the U.S. Securities and Exchange Commission (the SEC). There are certain potential points of affiliation between the Fund and CIC. CRM has licensed use of the Calvert name to CIC and provides other types of support. CRM’s President and Chief Executive Officer (and the only director/trustee on the Fund Board that is an “interested person” of the Fund) serves on the CIC Board. In addition, another director/trustee on the Fund Board serves as a director emeritus on the CIC Board.
At March 31, 2021, the value of the Fund’s investment in the Notes and affiliated funds was $2,860,283, which represents 0.6% of the Fund’s net assets. Transactions in the Notes and affiliated funds by the Fund for the six months ended March 31, 2021 were as follows:
| 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%, 12/15/20(1) | $1,153,307 | $ — | $ (1,159,184) | $ — | $ 5,877 | $ — | $ 3,623 | $ — |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | — | 560,000 | — | — | (16,144) | 543,856 | 2,473 | 560,000 |
| Short-Term Investments | ||||||||
| Calvert Cash Reserves Fund, LLC | 3,486,807 | 58,127,424 | (59,297,804) | (271) | 271 | 2,316,427 | 2,244 | 2,316,196 |
| Totals | $(271) | $ (9,996) | $2,860,283 | $8,340 |
| (1) | Restricted security. |
8 Capital Shares
The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 75,000,000 common shares, $0.01 par value, for each Class.
Transactions in capital shares for the six months ended March 31, 2021 and the year ended September 30, 2020 were as follows:
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 378,086 | $ 7,591,025 | 822,650 | $ 13,491,146 | |
| Reinvestment of distributions | 19,781 | 396,014 | 43,505 | 747,852 | |
| Shares redeemed | (312,365) | (6,193,436) | (1,019,287) | (16,110,110) | |
| Converted from Class C | 21,640 | 418,933 | 22,403 | 378,348 | |
| Net increase (decrease) | 107,142 | $ 2,212,536 | (130,729) | $ (1,492,764) | |
23
Calvert
International Opportunities Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||
| Shares | Amount | Shares | Amount | ||
| Class C | |||||
| Shares sold | 16,774 | $ 328,287 | 45,986 | $ 757,758 | |
| Reinvestment of distributions | — | — | 1,462 | 24,586 | |
| Shares redeemed | (24,080) | (460,644) | (123,807) | (1,962,021) | |
| Converted to Class A | (22,271) | (418,933) | (22,963) | (378,348) | |
| Net decrease | (29,577) | $ (551,290) | (99,322) | $ (1,558,025) | |
| Class I | |||||
| Shares sold | 2,742,247 | $ 53,671,509 | 6,321,766 | $100,246,560 | |
| Reinvestment of distributions | 101,329 | 1,984,025 | 174,421 | 2,932,018 | |
| Shares redeemed | (2,144,369) | (40,977,466) | (6,114,835) | (94,045,475) | |
| Net increase | 699,207 | $ 14,678,068 | 381,352 | $ 9,133,103 | |
| Class R6 | |||||
| Shares sold | 415,932 | $ 7,831,935 | 250,188 | $ 3,942,427 | |
| Reinvestment of distributions | 25,434 | 497,493 | 41,577 | 698,083 | |
| Shares redeemed | (141,382) | (2,618,775) | (286,587) | (4,902,330) | |
| Net increase (decrease) | 299,984 | $ 5,710,653 | 5,178 | $ (261,820) | |
At March 31, 2021, Calvert Moderate Allocation Fund and Calvert Growth Allocation Fund owned in the aggregate 10.4% of the value of the outstanding shares of the Fund.
9 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.
24
Calvert
International Opportunities Fund
March 31, 2021
Joint Special Meeting of Shareholders (Unaudited)
Calvert International Opportunities Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Calvert funds on February 19, 2021 for the following purposes: (1) to approve a new investment advisory agreement with Calvert Research and Management to serve as the Fund’s investment adviser (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Eaton Vance Advisers International Ltd. to serve as the Fund’s investment sub-adviser (“Proposal 2”). The shareholder meeting results are as follows:
| Number of Shares(1) | ||||
| For | Against | Abstain (2) | Broker Non-Votes(2) | |
| Proposal 1 | 12,077,060.838 | 102,147.958 | 668,180.397 | 0 |
| Proposal 2 | 12,014,568.440 | 127,440.432 | 705,380.321 | 0 |
(1) Fractional shares were voted proportionately.
(2) Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on Proposal 1 and Proposal 2.
25
Calvert
International Opportunities Fund
March 31, 2021
Board of Directors' Contract Approval
Overview of the Board Evaluation Process
Even though the following description of the Board’s consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Calvert International Opportunities Fund.
| Fund | Investment Adviser | Investment Sub-Adviser |
| Calvert International Opportunities Fund | Calvert Research and Management | Eaton Vance Advisers International Ltd. |
Following the public announcement of Morgan Stanley’s planned acquisition of Eaton Vance Corp. and its affiliates (the “Transaction”), the Board members who are not “interested persons” (as defined in the 1940 Act) of the Funds or CRM (the “Independent Board Members”), met on October 8, 2020 with their independent legal counsel. During that meeting, the Independent Board Members preliminarily discussed the Transaction and the implications of the Transaction on the Funds and CRM. At the request of the Independent Board Members, their counsel discussed the various actions that they and the Funds’ shareholders would be asked to take in connection with the Transaction, including requesting information from CRM and Morgan Stanley concerning the Transaction and its implications for the Funds.
On October 14, 2020, during a telephonic meeting of the Boards, senior representatives of CRM provided an overview of the Transaction and Morgan Stanley to the Independent Board Members and their counsel. The senior representatives of CRM also discussed the anticipated benefits of the Transaction to CRM and the Funds. They also indicated that they expected that the operations of CRM and the Funds would be maintained substantially in their current forms after the Closing of the Transaction.
In connection with the proposed Transaction, the Independent Board Members, assisted by their independent legal counsel, requested extensive information from CRM and Morgan Stanley regarding the proposed Transaction and its potential implications for the Funds (the “Request for Information”).
On November 18, 2020, during a telephonic meeting of the Boards, senior representatives of CRM discussed certain matters related to the Transaction with the Independent Board Members and their counsel. The senior representatives of CRM indicated that CRM and Morgan Stanley were in the process of preparing a response to the Request for Information and that senior representatives of CRM and Morgan Stanley would be prepared to discuss their response and any other matters related to the Transaction with the Independent Board Members at the Boards’ December 8, 2020 meeting.
On December 1, 2020, during a video conference meeting, the Independent Board Members reviewed CRM’s and Morgan Stanley’s response to the Request for Information (the “Response”) and discussed the information contained in the Response amongst themselves and with their counsel. During that meeting, the Independent Board Members received advice from their independent legal counsel regarding their responsibilities in evaluating the possible Transaction and new investment advisory agreements and new investment sub-advisory agreements (the “New Agreements”). Following that meeting, the Independent Board Members, assisted by their counsel, requested additional information from CRM and Morgan Stanley regarding the proposed Transaction and its potential implications for the Funds (the “Supplemental Request for Information”).
In connection with the proposed Transaction and their consideration of the New Agreements, the Board members, including all of the Independent Board Members, met with senior representatives of EVC, CRM and Morgan Stanley at a meeting held on December 8, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders and any remaining matters concerning the Response and CRM’s and Morgan Stanley’s response to the Supplemental Request for Information. During the meeting, senior representatives of Morgan Stanley made presentations to, and responded to questions from, the Board members. After the presentations and discussions with senior representatives of EVC, CRM and Morgan Stanley, the Independent Board Members met in executive session with their counsel to consider the Transaction, the New Agreements and related matters.
Each Board’s evaluation of the New Agreements included consideration of the information provided specifically in regard to the New Agreements as well as, where relevant, information that previously had been provided to the Board in connection with the most recent annual contract renewal of the Funds’ current contractual arrangements at a meeting held on March 4, 2020.
In the course of its deliberations regarding the New Agreements, the Board members considered the following factors, among others: the nature, extent and quality of the services to be provided by CRM, its affiliates and the Sub-Advisers, including the personnel who would be providing such services; Morgan Stanley’s financial condition; the proposed advisory and sub-advisory fees; comparative fee and expense information for the Funds and for comparable funds managed by CRM and its affiliates; the anticipated profitability of the Funds to CRM and its affiliates; the direct and indirect benefits, if any, to be derived by Morgan Stanley, CRM, and their affiliates from their relationship with the Funds; the effect of each Fund’s projected growth and size on each Fund’s performance and expenses; and CRM’s and the Sub-Advisers’ compliance programs.
In considering the nature, extent, and quality of the services to be provided to the Funds by CRM and the Sub-Advisers, as applicable, under the New Agreements, the Board members took into account information relating to CRM’s and the Sub-Advisers’ operations and personnel, including, among other information, biographical information on their investment, supervisory, and professional staff, as applicable, and descriptions of their organizational and management structure. The Board members considered the investment strategies used in managing the Funds and the performance of other funds managed by the investment teams at CRM and its affiliates that would be managing the Funds. The Board members also took into account, as applicable, CRM’s and the Sub-Advisers’ proposed staffing and overall resources. CRM’s administrative capabilities were also considered. The Board members concluded that they were satisfied with the nature, extent and quality of services to be provided to the Funds by CRM and the Sub-Advisers, as applicable, under the New Advisory Agreements.
26
Calvert
International Opportunities Fund
March 31, 2021
Board of Directors' Contract Approval — continued
In considering the management style and investment strategies that CRM and the Sub-Advisers, as applicable, proposed to use in managing the Funds, the Board members took into consideration certain comparative performance information for the Funds prepared by an independent data provider. The Board members also considered information regarding the financial condition of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry. The Board members took into account that the Funds’ investment objectives, investment strategies and portfolio managers were not expected to change after the Closing of the Transaction. Based upon their review, the Board members concluded that CRM and the Sub-Advisers, as applicable, are qualified to manage each Fund’s assets in accordance with the Funds’ investment objectives and investment strategies and that the investment strategies continued to be appropriate for pursuing each Fund’s investment objective(s).
In considering each Fund’s proposed fees and estimated expenses, the Board members considered certain comparative fee and expense data prepared by an independent data provider. The Board members also took into account that no changes in the Funds’ current advisory and sub-advisory fees were being proposed in connection with the Transaction. The Board members further took into account that no changes in the Funds’ current expense limitations were being proposed in connection with the Transaction. Based upon their review, the Board members concluded that the proposed advisory and sub-advisory fees were reasonable in view of the quality of services to be received by the Funds from CRM and the Sub-Advisers, as applicable.
In reviewing the anticipated profitability of the advisory fees to CRM and its affiliates, the Board members considered the fact that affiliates of CRM would be providing shareholder servicing, administrative, distribution, and sub-advisory services to the Funds for which they would receive compensation. The Board also took into account whether CRM had the financial wherewithal to provide services to the Funds. The Board also considered that CRM and Morgan Stanley would likely derive benefits to their reputations and other indirect benefits from their relationship with the Funds. Because CRM will pay the Sub-Advisers’ sub-advisory fees out of its advisory fees, the anticipated profitability of the Funds to the Sub-Advisers was not a material factor in the Board’s deliberations concerning the entering into of the New Agreements. Based upon its review, the Board concluded that CRM’s and its affiliates’ anticipated level of profitability from their relationship with the Funds was reasonable.
The Board members considered the effect of each Fund’s current size and potential growth on its performance and expenses. The Board members took into account management’s discussion of the Funds’ proposed advisory and sub-advisory fees, noting that no changes in the Funds’ current advisory and sub-advisory fees were being proposed in connection with the Transaction. The Board members also noted that the advisory and sub-advisory fee schedules for certain Funds will contain one or more breakpoints that will reduce the respective advisory and sub-advisory fee rates on assets above specified levels as the applicable Fund’s assets increased and considered the necessity of adding breakpoints with respect to the Funds that did not currently have such breakpoints in their advisory and sub-advisory fee schedules. The Board members determined that adding breakpoints at specified levels to the advisory and sub-advisory fee schedules of the Funds that did not currently have breakpoints would not be appropriate at this time. Because CRM will pay the Sub-Advisers’ sub-advisory fees out of its advisory fees, the Board did not consider the potential economies of scale from the Sub-Advisers’ management of the Funds to be a material factor in the Board’s deliberations concerning the entering into of the New Agreements. The Board members noted that if a Fund’s assets increase over time, the Fund might realize other economies of scale if assets increase proportionally more than certain other expenses.
In considering the approval of the New Agreements, the Board members also considered the following matters:
i. their belief that the Transaction will benefit the Funds;
ii. CRM’s and the Sub-Advisers’ intentions to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies, which, where applicable, includes continuing to manage the Fund pursuant to responsible investment criteria as described in the Fund’s prospectus;
iii. the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;
iv. Morgan Stanley’s commitment to maintain the investment autonomy of CRM;
v. Morgan Stanley’s and CRM’s commitment to maintaining the nature, quality and extent of services provided to the Funds by CRM and its affiliates following the Closing of the Transaction;
vi. Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;
vii. confirmation that the current senior management team at CRM has indicated its strong support of the Transaction; and
viii. a commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction.
In approving the New Agreements, the Board members did not identify any single factor as controlling, and each Board member may have attributed different weight to various factors.
The Board members reached the following conclusions regarding the New Agreements, among others: (a) CRM and the Sub-Advisers have demonstrated that they possess the capability and resources to perform the duties required of them under the New Agreements; (b) CRM and the Sub-Advisers are qualified to manage the applicable Fund’s assets in accordance with such Fund’s investment objective(s) and investment strategies; (c) CRM’s and the
27
Calvert
International Opportunities Fund
March 31, 2021
Board of Directors' Contract Approval — continued
Sub-Advisers’ proposed investment strategies are appropriate for pursuing the applicable Fund’s investment objective(s); and (d) the proposed advisory and sub-advisory fees are reasonable in view of the quality of the services to be received by each Fund from CRM and the Sub-Advisers, as applicable. Based upon the foregoing considerations, at the meeting of the Board held on December 8, 2020, the Board members, including all of the Independent Board Members, unanimously approved the New Agreements and determined to recommend their approval to the shareholders of the Funds. In voting its approval of the New Agreements at the meeting, the Board relied on an order issued by the SEC in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.
28
Calvert
International Opportunities Fund
March 31, 2021
Officers and Directors
| Officers |
| Hope L. Brown Chief Compliance Officer |
| Maureen A. Gemma Vice President, Secretary and Chief Legal Officer |
| James F. Kirchner Treasurer |
| Directors |
| Alice Gresham Bullock Chairperson |
| Richard L. Baird, Jr. |
| Cari M. Dominguez |
| John G. Guffey, Jr. |
| Miles D. Harper, III |
| Joy V. Jones |
| John H. Streur* |
| Anthony A. Williams |
| *Interested Director and President |
29
Calvert Funds
| Privacy Notice | April 2021 |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
| To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
30
Calvert Funds
| Privacy Notice — continued | April 2021 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do | |
| How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
31
Calvert Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.
Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Calvert website at www.calvert.com, by calling Calvert at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.
32
Investment Adviser and Administrator
Calvert Research and Management
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
Investment Sub-Adviser
Eaton Vance Advisers International Ltd.
125 Old Broad Street
London, EC2N 1AR
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, MA 02169
Fund Offices
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Calvert
International Equity Fund
Semiannual Report
March 31, 2021
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund and the other funds it manages. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.
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Just go to www.calvert.com. If you already have an online account with the Calvert funds, click on Login to access your Account and select the documents you would like to receive via e-mail.
If you’re new to online account access, click on Login, then Register to create your user name and password. Once you’re in, click on the E-delivery sign-up on the Account Portfolio page and follow the quick, easy steps.
Note: If your shares are not held directly with the Calvert funds but through a brokerage firm, you must contact your broker for electronic delivery options available through their firm.
Calvert
International Equity Fund
March 31, 2021
Performance
Portfolio Managers Christopher M. Dyer, CFA and Ian Kirwan, each of Eaton Vance Advisers International Ltd.
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 07/02/1992 | 07/02/1992 | 16.64% | 45.44% | 10.73% | 6.01% |
| Class A with 4.75% Maximum Sales Charge | — | — | 11.12 | 38.57 | 9.66 | 5.50 |
| Class C at NAV | 03/01/1994 | 07/02/1992 | 16.24 | 44.42 | 9.92 | 5.16 |
| Class C with 1% Maximum Sales Charge | — | — | 15.24 | 43.42 | 9.92 | 5.16 |
| Class I at NAV | 02/26/1999 | 07/02/1992 | 16.83 | 45.92 | 11.11 | 6.53 |
| Class R6 at NAV | 03/07/2019 | 07/02/1992 | 16.81 | 45.92 | 11.13 | 6.54 |
| MSCI EAFE Index | — | — | 20.08% | 44.57% | 8.84% | 5.52% |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
| Gross | 1.27% | 2.02% | 1.02% | 0.98% |
| Net | 1.14 | 1.89 | 0.89 | 0.85 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to www.calvert.com.
2
Calvert
International Equity Fund
March 31, 2021
Fund Profile
Sector Allocation (% of net assets)
| Top 10 Holdings (% of net assets) | |
| Nestle S.A. | 4.2% |
| Sanofi | 3.7 |
| ASML Holding NV | 3.5 |
| Iberdrola S.A. | 3.0 |
| Unilever PLC | 2.9 |
| Schneider Electric SE | 2.9 |
| LVMH Moet Hennessy Louis Vuitton SE | 2.8 |
| Novo Nordisk A/S, Class B | 2.8 |
| CSL, Ltd. | 2.7 |
| AIA Group, Ltd. | 2.7 |
| Total | 31.2% |
See Endnotes and Additional Disclosures in this report.
3
Calvert
International Equity Fund
March 31, 2021
Endnotes and Additional Disclosures
| 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 1/31/22. 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. |
4
Calvert
International Equity Fund
March 31, 2021
Fund Expenses
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2020 to March 31, 2021).
Actual Expenses
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.
| Beginning Account Value (10/1/20) | Ending Account Value (3/31/21) | Expenses Paid During Period* (10/1/20 – 3/31/21) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,166.40 | $ 6.16** | 1.14% |
| Class C | $1,000.00 | $1,162.40 | $10.19 ** | 1.89% |
| Class I | $1,000.00 | $1,168.30 | $ 4.81** | 0.89% |
| Class R6 | $1,000.00 | $1,168.10 | $ 4.59** | 0.85% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,019.25 | $ 5.74** | 1.14% |
| Class C | $1,000.00 | $1,015.51 | $ 9.50** | 1.89% |
| Class I | $1,000.00 | $1,020.49 | $ 4.48** | 0.89% |
| Class R6 | $1,000.00 | $1,020.69 | $ 4.28** | 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 182/365 (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 September 30, 2020. |
| ** | Absent a waiver and/or reimbursement of expenses by affiliates, expenses would be higher. |
5
Calvert
International Equity Fund
March 31, 2021
Schedule of Investments (Unaudited)
| Common Stocks — 99.2% |
| Security | Shares | Value | |
| Australia — 2.7% | |||
| CSL, Ltd. | 109,710 | $ 22,172,809 | |
| $ 22,172,809 | |||
| Belgium — 2.0% | |||
| KBC Group NV(1) | 229,556 | $ 16,702,821 | |
| $ 16,702,821 | |||
| Denmark — 2.8% | |||
| Novo Nordisk A/S, Class B | 338,864 | $ 22,833,879 | |
| $ 22,833,879 | |||
| France — 14.8% | |||
| Alstom S.A.(1) | 303,075 | $ 15,101,319 | |
| Dassault Systemes SE | 67,715 | 14,473,321 | |
| LVMH Moet Hennessy Louis Vuitton SE | 34,465 | 23,020,932 | |
| Safran S.A.(1) | 109,769 | 14,931,599 | |
| Sanofi | 306,975 | 30,354,963 | |
| Schneider Electric SE | 153,133 | 23,327,535 | |
| $121,209,669 | |||
| Germany — 4.4% | |||
| adidas AG(1) | 64,822 | $ 20,249,786 | |
| Infineon Technologies AG | 378,182 | 16,090,728 | |
| $ 36,340,514 | |||
| Hong Kong — 2.7% | |||
| AIA Group, Ltd. | 1,803,672 | $ 22,071,112 | |
| $ 22,071,112 | |||
| India — 2.0% | |||
| HDFC Bank, Ltd.(1) | 809,310 | $ 16,574,683 | |
| $ 16,574,683 | |||
| Ireland — 8.3% | |||
| CRH PLC | 460,526 | $ 21,551,096 | |
| DCC PLC | 221,943 | 19,251,276 | |
| Kerry Group PLC, Class A | 116,795 | 14,586,408 | |
| Kingspan Group PLC | 143,729 | 12,159,354 | |
| $ 67,548,134 | |||
| Japan — 15.0% | |||
| Kao Corp. | 279,341 | $ 18,483,612 | |
| Keyence Corp. | 28,267 | 12,882,856 | |
| Olympus Corp. | 633,100 | 13,132,957 | |
| ORIX Corp. | 992,700 | 16,789,322 | |
| Pan Pacific International Holdings Corp. | 550,200 | 12,987,145 | |
| Recruit Holdings Co., Ltd. | 394,707 | 19,382,561 | |
| Security | Shares | Value | |
| Japan (continued) | |||
| SMC Corp. | 22,000 | $ 12,812,359 | |
| Yamaha Corp. | 290,700 | 15,841,152 | |
| $122,311,964 | |||
| Netherlands — 3.5% | |||
| ASML Holding NV | 46,427 | $ 28,486,178 | |
| $ 28,486,178 | |||
| New Zealand — 1.2% | |||
| Fisher & Paykel Healthcare Corp., Ltd. | 433,437 | $ 9,731,752 | |
| $ 9,731,752 | |||
| Norway — 2.5% | |||
| DNB ASA | 946,834 | $ 20,189,273 | |
| $ 20,189,273 | |||
| Singapore — 2.7% | |||
| DBS Group Holdings, Ltd. | 1,023,828 | $ 21,952,285 | |
| $ 21,952,285 | |||
| South Africa — 0.9% | |||
| Naspers, Ltd., Class N | 32,258 | $ 7,726,121 | |
| $ 7,726,121 | |||
| Spain — 5.4% | |||
| Amadeus IT Group S.A.(1) | 276,893 | $ 19,722,557 | |
| Iberdrola S.A. | 1,881,819 | 24,288,488 | |
| $ 44,011,045 | |||
| Sweden — 5.2% | |||
| Assa Abloy AB, Class B | 576,649 | $ 16,596,187 | |
| Indutrade AB(1) | 505,087 | 11,662,522 | |
| Svenska Handelsbanken AB, Class A(2) | 1,317,932 | 14,327,504 | |
| $ 42,586,213 | |||
| Switzerland — 7.1% | |||
| Lonza Group AG | 22,430 | $ 12,545,088 | |
| Nestle S.A. | 308,186 | 34,355,462 | |
| Straumann Holding AG | 9,029 | 11,272,865 | |
| $ 58,173,415 | |||
| Taiwan — 1.8% | |||
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 125,204 | $ 14,809,129 | |
| $ 14,809,129 | |||
| United Kingdom — 14.2% | |||
| Abcam PLC(1) | 365,003 | $ 7,001,561 | |
| AstraZeneca PLC | 202,390 | 20,200,237 | |
| Compass Group PLC(1) | 766,279 | 15,481,713 | |
6
See Notes to Financial Statements.
Calvert
International Equity Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| United Kingdom (continued) | |||
| Halma PLC | 395,374 | $ 12,935,314 | |
| London Stock Exchange Group PLC | 183,501 | 17,542,601 | |
| RELX PLC | 765,080 | 19,188,803 | |
| Unilever PLC | 427,167 | 23,835,804 | |
| $116,186,033 | |||
| Total Common Stocks (identified cost $674,136,543) | $811,617,029 | ||
| High Social Impact Investments — 0.1% |
| Security | Principal Amount (000's omitted) | Value | |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(3)(4) | $ | 880 | $ 854,629 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/22(4)(5) | 220 | 205,016 | |
| ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22(4)(5) | 283 | 235,275 | |
| Total High Social Impact Investments (identified cost $1,383,000) | $ 1,294,920 | ||
| Preferred Stocks — 0.0%(6) |
| Security | Shares | Value | |
| Venture Capital — 0.0%(6) | |||
| Bioceptive, Inc.: | |||
| Series A(1)(4)(7) | 582,574 | $ 0 | |
| Series B(1)(4)(7) | 40,523 | 0 | |
| FINAE, Series D(1)(4)(7) | 2,597,442 | 105,476 | |
| Total Preferred Stocks (identified cost $491,304) | $ 105,476 | ||
| Venture Capital Limited Partnership Interests — 0.2% |
| Security | Value | ||
| Africa Renewable Energy Fund L.P.(1)(4)(7) | $ 1,145,522 | ||
| Blackstone Clean Technology Partners L.P.(1)(4)(7) | 0 | ||
| Emerald Sustainability Fund I L.P.(1)(4)(7) | 55,276 | ||
| gNet Defta Development Holding LLC(1)(3)(4)(7) | 236,084 | ||
| SEAF India International Growth Fund L.P.(1)(4)(7) | 11,222 | ||
| Total Venture Capital Limited Partnership Interests (identified cost $2,053,858) | $ 1,448,104 |
| Short-Term Investments — 3.9% |
| Other — 3.0% | |||
| Description | Units | Value | |
| Calvert Cash Reserves Fund, LLC, 0.07%(8) | 24,228,993 | $ 24,231,416 | |
| Total Other (identified cost $24,231,416) | $ 24,231,416 | ||
| Securities Lending Collateral — 0.9% | |||
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%(9) | 7,588,362 | $ 7,588,362 | |
| Total Securities Lending Collateral (identified cost $7,588,362) | $ 7,588,362 | ||
| Total Short-Term Investments (identified cost $31,819,778) | $ 31,819,778 | ||
| Total Investments — 103.4% (identified cost $709,884,483) | $846,285,307 | |
| Other Assets, Less Liabilities — (3.4)%(6) | $ (28,031,627) | |
| Net Assets — 100.0% | $818,253,680 |
| 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 March 31, 2021. The aggregate market value of securities on loan at March 31, 2021 was $7,142,391. | |
| (3) | May be deemed to be an affiliated company (see Note 7). | |
| (4) | Restricted security. Total market value of restricted securities amounts to $2,848,500, which represents 0.3% of the net assets of the Fund as of March 31, 2021. | |
| (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 March 31, 2021. | |
| (6) | Amount is less than 0.05%. | |
| (7) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). | |
| (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 March 31, 2021. | |
| (9) | Represents investment of cash collateral received in connection with securities lending. | |
7
See Notes to Financial Statements.
Calvert
International Equity Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
At March 31, 2021, the concentration of the Fund’s investments in the various sectors, determined as a percentage of net assets, was as follows:
| Economic Sectors | % of Net Assets |
| Industrials | 20.1% |
| Health Care | 18.2 |
| Financials | 17.9 |
| Information Technology | 14.6 |
| Consumer Discretionary | 11.6 |
| Consumer Staples | 11.2 |
| Utilities | 3.0 |
| Materials | 2.6 |
| Venture Capital | 0.2 |
| High Social Impact Investments | 0.1 |
| Total | 99.5% |
Restricted Securities
| 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 | 62,975 |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | 880,000 |
| 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%, 11/3/22 | 11/13/15 | 220,000 |
| ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22 | 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 |
8
See Notes to Financial Statements.
Calvert
International Equity Fund
March 31, 2021
Statement of Assets and Liabilities (Unaudited)
| March 31, 2021 | |
| Assets | |
| Investments in securities of unaffiliated issuers, at value (identified cost $684,373,067) - including $7,142,391 of securities on loan | $ 820,963,178 |
| Investments in securities of affiliated issuers, at value (identified cost $25,511,416) | 25,322,129 |
| Cash denominated in foreign currency, at value (cost $509,212) | 509,261 |
| Receivable for investments sold | 980,405 |
| Receivable for capital shares sold | 2,964,146 |
| Dividends and interest receivable | 1,122,394 |
| Dividends and interest receivable - affiliated | 4,506 |
| Securities lending income receivable | 18,852 |
| Tax reclaims receivable | 464,594 |
| Receivable from affiliates | 67,932 |
| Directors' deferred compensation plan | 126,426 |
| Other assets | 1,077 |
| Total assets | $852,544,900 |
| Liabilities | |
| Payable for investments purchased | $ 25,340,158 |
| Payable for capital shares redeemed | 356,703 |
| Deposits for securities loaned | 7,588,362 |
| Payable to affiliates: | |
| Investment advisory fee | 453,369 |
| Administrative fee | 81,935 |
| Distribution and service fees | 42,635 |
| Sub-transfer agency fee | 26,052 |
| Directors' deferred compensation plan | 126,426 |
| Accrued expenses | 275,580 |
| Total liabilities | $ 34,291,220 |
| Commitments and contingent liabilities (Note 10) | |
| Net Assets | $818,253,680 |
| Sources of Net Assets | |
| Paid-in capital | $ 659,382,747 |
| Distributable earnings | 158,870,933 |
| Total | $818,253,680 |
| Class A Shares | |
| Net Assets | $ 174,979,063 |
| Shares Outstanding | 7,386,428 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 23.69 |
| Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 24.87 |
| Class C Shares | |
| Net Assets | $ 7,028,688 |
| Shares Outstanding | 348,200 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 20.19 |
9
See Notes to Financial Statements.
Calvert
International Equity Fund
March 31, 2021
Statement of Assets and Liabilities (Unaudited) — continued
| March 31, 2021 | |
| Class I Shares | |
| Net Assets | $478,001,211 |
| Shares Outstanding | 18,874,860 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 25.32 |
| Class R6 Shares | |
| Net Assets | $158,244,718 |
| Shares Outstanding | 6,256,646 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 25.29 |
| 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. |
10
See Notes to Financial Statements.
Calvert
International Equity Fund
March 31, 2021
Statement of Operations (Unaudited)
| Six Months Ended | |
| March 31, 2021 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $509,590) | $ 3,963,731 |
| Dividend income - affiliated issuers | 2,750 |
| Non-cash dividend income | 280,609 |
| Interest income | 1,423 |
| Interest income - affiliated issuers | 6,638 |
| Securities lending income, net | 92,714 |
| Total investment income | $ 4,347,865 |
| Expenses | |
| Investment advisory fee | $ 2,323,391 |
| Administrative fee | 418,578 |
| Distribution and service fees: | |
| Class A | 200,405 |
| Class C | 32,845 |
| Directors' fees and expenses | 13,706 |
| Custodian fees | 49,901 |
| Transfer agency fees and expenses | 334,612 |
| Accounting fees | 82,397 |
| Professional fees | 25,475 |
| Registration fees | 61,652 |
| Reports to shareholders | 19,575 |
| Miscellaneous | 27,449 |
| Total expenses | $ 3,589,986 |
| Waiver and/or reimbursement of expenses by affiliates | $ (274,377) |
| Net expenses | $ 3,315,609 |
| Net investment income | $ 1,032,256 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities (net of foreign capital gains taxes of $39,688) | $ 34,153,758 |
| Investment securities - affiliated issuers | (201) |
| Foreign currency transactions | (79,439) |
| Net realized gain | $34,074,118 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $ 62,839,319 |
| Investment securities - affiliated issuers | (24,777) |
| Foreign currency | (16,015) |
| Net change in unrealized appreciation (depreciation) | $62,798,527 |
| Net realized and unrealized gain | $96,872,645 |
| Net increase in net assets from operations | $97,904,901 |
11
See Notes to Financial Statements.
Calvert
International Equity Fund
March 31, 2021
Statements of Changes in Net Assets
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 1,032,256 | $ 1,879,111 |
| Net realized gain | 34,074,118 | 7,589,596 |
| Net change in unrealized appreciation (depreciation) | 62,798,527 | 46,817,542 |
| Net increase in net assets from operations | $ 97,904,901 | $ 56,286,249 |
| Distributions to shareholders: | ||
| Class A | $ (313,091) | $ (1,227,749) |
| Class C | — | (23,398) |
| Class I | (1,619,435) | (1,178,120) |
| Class R6 | (712,823) | (769,016) |
| Total distributions to shareholders | $ (2,645,349) | $ (3,198,283) |
| Capital share transactions: | ||
| Class A | $ 13,089,996 | $ 11,502,065 |
| Class C | (76,706) | (608,336) |
| Class I | 147,765,573 | 169,404,832 |
| Class R6 | 16,060,396 | 62,129,683 |
| Net increase in net assets from capital share transactions | $176,839,259 | $242,428,244 |
| Net increase in net assets | $272,098,811 | $295,516,210 |
| Net Assets | ||
| At beginning of period | $ 546,154,869 | $ 250,638,659 |
| At end of period | $818,253,680 | $546,154,869 |
12
See Notes to Financial Statements.
Calvert
International Equity Fund
March 31, 2021
Financial Highlights
| Class A | ||||||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||
| Net asset value — Beginning of period | $ 20.35 | $ 18.18 | $ 17.53 | $ 17.10 | $ 15.49 | $ 15.62 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.01 | $ 0.06 | $ 0.22 | $ 0.19 | $ 0.17 | $ 0.34(2) |
| Net realized and unrealized gain (loss) | 3.37 | 2.30 | 0.61 | 0.50 | 1.84 | (0.33) |
| Total income from operations | $ 3.38 | $ 2.36 | $ 0.83 | $ 0.69 | $ 2.01 | $ 0.01 |
| Less Distributions | ||||||
| From net investment income | $ (0.04) | $ (0.19) | $ (0.18) | $ (0.26) | $ (0.40) | $ (0.14) |
| Total distributions | $ (0.04) | $ (0.19) | $ (0.18) | $ (0.26) | $ (0.40) | $ (0.14) |
| Net asset value — End of period | $ 23.69 | $ 20.35 | $ 18.18 | $ 17.53 | $ 17.10 | $ 15.49 |
| Total Return(3) | 16.64% (4) | 13.02% | 4.93% | 4.02% | 13.43% | 0.04% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $174,979 | $138,810 | $112,923 | $114,915 | $126,669 | $156,757 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.22% (6) | 1.27% | 1.46% | 1.47% | 1.58% | 1.62% |
| Net expenses | 1.14% (6) | 1.14% | 1.27% | 1.32% | 1.35% | 1.38% |
| Net investment income | 0.06% (6) | 0.33% | 1.26% | 1.09% | 1.08% | 2.20% (2) |
| Portfolio Turnover | 24% (4) | 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) | 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. |
13
See Notes to Financial Statements.
Calvert
International Equity Fund
March 31, 2021
Financial Highlights — continued
| Class C | ||||||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||
| Net asset value — Beginning of period | $ 17.37 | $ 15.54 | $ 15.00 | $ 14.68 | $ 13.31 | $ 13.47 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ (0.07) | $ (0.07) | $ 0.03 | $ 0.06 | $ 0.05 | $ 0.19(2) |
| Net realized and unrealized gain (loss) | 2.89 | 1.96 | 0.58 | 0.42 | 1.59 | (0.28) |
| Total income (loss) from operations | $ 2.82 | $ 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 period | $20.19 | $17.37 | $15.54 | $ 15.00 | $ 14.68 | $ 13.31 |
| Total Return(3) | 16.24% (4) | 12.17% | 4.15% | 3.23% | 12.60% | (0.68)% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $ 7,029 | $ 6,157 | $ 6,122 | $11,149 | $12,013 | $13,613 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.97% (6) | 2.02% | 2.21% | 2.22% | 2.54% | 2.55% |
| Net expenses | 1.89% (6) | 1.89% | 2.03% | 2.07% | 2.10% | 2.14% |
| Net investment income (loss) | (0.70)% (6) | (0.43)% | 0.23% | 0.39% | 0.35% | 1.42% (2) |
| Portfolio Turnover | 24% (4) | 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) | 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. |
14
See Notes to Financial Statements.
Calvert
International Equity Fund
March 31, 2021
Financial Highlights — continued
| Class I | ||||||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||
| Net asset value — Beginning of period | $ 21.77 | $ 19.43 | $ 18.72 | $ 18.24 | $ 16.53 | $ 16.73 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.05 | $ 0.13 | $ 0.28 | $ 0.27 | $ 0.21 | $ 0.44(2) |
| Net realized and unrealized gain (loss) | 3.60 | 2.45 | 0.66 | 0.53 | 2.01 | (0.36) |
| Total income from operations | $ 3.65 | $ 2.58 | $ 0.94 | $ 0.80 | $ 2.22 | $ 0.08 |
| Less Distributions | ||||||
| From net investment income | $ (0.10) | $ (0.24) | $ (0.23) | $ (0.32) | $ (0.51) | $ (0.28) |
| Total distributions | $ (0.10) | $ (0.24) | $ (0.23) | $ (0.32) | $ (0.51) | $ (0.28) |
| Net asset value — End of period | $ 25.32 | $ 21.77 | $ 19.43 | $ 18.72 | $ 18.24 | $ 16.53 |
| Total Return(3) | 16.83% (4) | 13.31% | 5.25% | 4.37% | 13.89% | 0.41% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $478,001 | $279,039 | $82,261 | $64,739 | $72,503 | $140,129 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 0.97% (6) | 1.02% | 1.20% | 1.22% | 1.06% | 1.04% |
| Net expenses | 0.89% (6) | 0.89% | 0.98% | 0.95% | 0.96% | 0.95% |
| Net investment income | 0.39% (6) | 0.61% | 1.52% | 1.44% | 1.28% | 2.67% (2) |
| Portfolio Turnover | 24% (4) | 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) | 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. |
15
See Notes to Financial Statements.
Calvert
International Equity Fund
March 31, 2021
Financial Highlights — continued
| Class R6 | |||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | Period Ended September 30, | |
| 2020 | 2019 (1) | ||
| Net asset value — Beginning of period | $ 21.76 | $ 19.44 | $ 17.79 |
| Income (Loss) From Operations | |||
| Net investment income(2) | $ 0.04 | $ 0.13 | $ 0.28 |
| Net realized and unrealized gain | 3.61 | 2.46 | 1.37 |
| Total income from operations | $ 3.65 | $ 2.59 | $ 1.65 |
| Less Distributions | |||
| From net investment income | $ (0.12) | $ (0.27) | $ — |
| Total distributions | $ (0.12) | $ (0.27) | $ — |
| Net asset value — End of period | $ 25.29 | $ 21.76 | $ 19.44 |
| Total Return(3) | 16.81% (4) | 13.34% | 9.27% (4) |
| Ratios/Supplemental Data | |||
| Net assets, end of period (000’s omitted) | $158,245 | $122,150 | $49,332 |
| Ratios (as a percentage of average daily net assets):(5) | |||
| Total expenses | 0.92% (6) | 0.98% | 1.14% (6) |
| Net expenses | 0.85% (6) | 0.85% | 0.96% (6) |
| Net investment income | 0.35% (6) | 0.64% | 2.62% (6) |
| Portfolio Turnover | 24% (4) | 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. |
16
See Notes to Financial Statements.
Calvert
International Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Calvert International Equity Fund (the Fund) is a diversified series of Calvert World Values Fund, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek to provide a high total return consistent with reasonable risk by investing primarily in a diversified portfolio of stocks. The Fund invests primarily in equity securities of foreign companies.
The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. A contingent deferred sales charge of 0.80% may apply to certain redemptions of Class A shares for accounts for which no sales charge was paid, if redeemed within 12 months of purchase. Class C shares are sold without a front-end sales charge, and with certain exceptions, are charged a contingent deferred sales charge of 1% on shares redeemed within 12 months of purchase. Class C shares are only available for purchase through a financial intermediary. Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I and Class R6 shares are sold at net asset value, are not subject to a sales charge and are sold only to certain eligible investors. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and is subject to different expenses.
The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.
A Investment Valuation— Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.
U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Valuation techniques used to value the Fund’s investments by major category are as follows:
Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ Global or Global Select Market are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Board has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Such securities are categorized as Level 2 in the hierarchy.
Debt Securities. Debt securities are generally valued based on valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. Accordingly, debt securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities with a remaining maturity at time of purchase of more than sixty days are valued based on valuations provided by a third party pricing service. Such securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities of sufficient credit quality purchased with remaining maturities of sixty days or less are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
Venture Capital Securities. Venture capital securities for which market quotations are not readily available are generally categorized as Level 3 in the hierarchy. Venture capital equity securities are generally valued using the most appropriate and applicable method to measure fair value in light of each company’s situation. Methods may include market, income, options-pricing or cost approaches with discounts as appropriate based on assumptions of liquidation or exit risk. Examples of the market approach are subsequent rounds of financing, comparable transactions, and revenue times an industry multiple. An example of the income approach is the discounted cash flow model. Examples of the cost approach are replacement cost, salvage value, or net asset value. The options-pricing method treats common stock and preferred stock as call options on the enterprise value with strike price based on the
17
Calvert
International Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
preferred stock liquidation preference. Venture capital limited partnership interests are valued at the fair value reported by the general partner of the partnership, adjusted as necessary to reflect subsequent capital calls and distributions and any other available information. In some cases, adjustments may be made to account for daily pricing of material public holdings within the partnership.
Affiliated Fund. The Fund may invest in Calvert Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Calvert Research and Management (CRM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day and are categorized as Level 2 in the hierarchy. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.
Other Securities. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.
Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund's adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.
The following table summarizes the market value of the Fund's holdings as of March 31, 2021, based on the inputs used to value them:
| Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
| Common Stocks | ||||
| Australia | $ — | $ 22,172,809 | $ — | $ 22,172,809 |
| Belgium | — | 16,702,821 | — | 16,702,821 |
| Denmark | — | 22,833,879 | — | 22,833,879 |
| France | — | 121,209,669 | — | 121,209,669 |
| Germany | — | 36,340,514 | — | 36,340,514 |
| Hong Kong | — | 22,071,112 | — | 22,071,112 |
| India | — | 16,574,683 | — | 16,574,683 |
| Ireland | — | 67,548,134 | — | 67,548,134 |
| Japan | — | 122,311,964 | — | 122,311,964 |
| Netherlands | — | 28,486,178 | — | 28,486,178 |
| New Zealand | — | 9,731,752 | — | 9,731,752 |
| Norway | — | 20,189,273 | — | 20,189,273 |
| Singapore | — | 21,952,285 | — | 21,952,285 |
| South Africa | — | 7,726,121 | — | 7,726,121 |
| Spain | — | 44,011,045 | — | 44,011,045 |
| Sweden | — | 42,586,213 | — | 42,586,213 |
| Switzerland | — | 58,173,415 | — | 58,173,415 |
| Taiwan | 14,809,129 | — | — | 14,809,129 |
| United Kingdom | — | 116,186,033 | — | 116,186,033 |
| Total Common Stocks | $14,809,129 | $796,807,900 (2) | $ — | $811,617,029 |
| High Social Impact Investments | $ — | $ 1,294,920 | $ — | $ 1,294,920 |
| Preferred Stocks - Venture Capital | — | — | 105,476 | 105,476 |
18
Calvert
International Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
| Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
| Venture Capital Limited Partnership Interests | $ — | $ — | $ 1,448,104 | $ 1,448,104 |
| Short-Term Investments: | ||||
| Other | — | 24,231,416 | — | 24,231,416 |
| Securities Lending Collateral | 7,588,362 | — | — | 7,588,362 |
| Total Investments | $22,397,491 | $822,334,236 | $1,553,580 | $846,285,307 |
| (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. |
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended March 31, 2021 is not presented.
B Investment Transactions and Income— Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims.
Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned.
C Share Class Accounting— Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer agency fees and expenses on the Statement of Operations, are not allocated to Class R6 shares.
D Foreign Currency Transactions— The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
E Restricted Securities— The Fund may invest in securities that are subject to legal or contractual restrictions on resale. Generally, these securities may only be sold publicly upon registration under the Securities Act of 1933 or in transactions exempt from such registration. Information regarding restricted securities (excluding Rule 144A securities) is included at the end of the Schedule of Investments.
F Distributions to Shareholders— Distributions to shareholders are recorded by the Fund on ex-dividend date. Distributions from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.
G Estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
H Indemnifications— The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
I Federal Income Taxes— No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.
19
Calvert
International Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
Management has analyzed the Fund's tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund's financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
J Interim Financial Statements— The interim financial statements relating to March 31, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Related Party Transactions
The investment advisory fee is earned by CRM as compensation for investment advisory services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and CRM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement (the “New Agreement”) with CRM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund’s investment advisory agreement with CRM in effect prior to March 1, 2021), the fee is computed at the following annual rates of the Fund’s average daily net assets: 0.680% on the first $250 million, 0.665% on the next $250 million and 0.650% on the excess of $500 million, and is payable monthly. For the six months ended March 31, 2021, the investment advisory fee amounted to $2,323,391 or 0.66% (annualized) of the Fund’s average daily net assets. The Fund may invest its cash in Cash Reserves Fund. CRM does not currently receive a fee for advisory services provided to Cash Reserves Fund.
Pursuant to an investment sub-advisory agreement, CRM has delegated the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of CRM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, CRM entered into a new sub-advisory agreement with EVAIL, which took effect on March 1, 2021. CRM pays EVAIL a portion of its investment advisory fee for sub-advisory services provided to the Fund.
CRM and EVAIL have agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.14%, 1.89%, 0.89% and 0.85% for Class A, Class C, Class I and Class R6, respectively, of such class’s average daily net assets. The expense reimbursement agreement may be changed or terminated after January 31, 2022. For the six months ended March 31, 2021, CRM and EVAIL waived or reimbursed expenses in total of $274,377.
The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets attributable to Class A, Class C, Class I and Class R6 and is payable monthly. For the six months ended March 31, 2021, CRM was paid administrative fees of $418,578.
The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. In addition, pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued for the six months ended March 31, 2021 amounted to $200,405 and $32,845 for Class A shares and Class C shares, respectively.
The Fund was informed that EVD received $20,961 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2021. The Fund was also informed that EVD received less than $100 of contingent deferred sales charges (CDSC) paid by each of Class A and Class C shareholders for the same period.
Eaton Vance Management (EVM), an affiliate of CRM, provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2021, sub-transfer agency fees and expenses incurred to EVM amounted to $52,501 and are included in transfer agency fees and expenses on the Statement of Operations.
Each Director of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $154,000, plus an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee. The Board chair receives an additional $30,000 ($20,000 prior to January 1, 2021) annual fee and Committee chairs receive an additional $6,000 annual fee. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund's assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. Prior to December 31, 2020, an
20
Calvert
International Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
Advisory Council aided the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The Advisory Council consisted of CRM’s Chief Executive Officer and three additional members. For the year ended December 31, 2020, each member (other than CRM’s Chief Executive Officer) was compensated $20,000 for their service on the Advisory Council. Such compensation, and any other compensation and/or expenses incurred by the Advisory Council as may be approved by the Board, was borne by the Calvert funds. For the six months ended March 31, 2021, the Fund’s allocated portion of the Advisory Council compensation and fees was $824, which is included in miscellaneous expense on the Statement of Operations.
3 Investment Activity
During the six months ended March 31, 2021, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $343,248,130 and $162,533,673, respectively.
4 Distributions to Shareholders and Income Tax Information
At September 30, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $12,205,691 which would reduce the Fund's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at September 30, 2020, $12,205,691 are long-term.
The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2021, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $710,300,205 |
| Gross unrealized appreciation | $ 140,369,767 |
| Gross unrealized depreciation | (4,384,665) |
| Net unrealized appreciation | $135,985,102 |
5 Securities Lending
To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent based on agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.
The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.
At March 31, 2021, the total value of securities on loan was $7,142,391 and the total value of collateral received was $7,588,362, comprised of cash.
The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of March 31, 2021.
21
Calvert
International Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $7,588,362 | $ — | $ — | $ — | $7,588,362 |
The carrying amount of the liability for deposits for securities loaned at March 31, 2021 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at March 31, 2021.
6 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.
The Fund had no borrowings outstanding pursuant to its line of credit at March 31, 2021. The Fund did not have any significant borrowings or allocated fees during the six months ended March 31, 2021.
7 Affiliated Companies and Funds
The Fund has invested a portion of its assets in notes (the Notes) issued by Calvert Impact Capital, Inc. (CIC) pursuant to exemptive relief granted by the U.S. Securities and Exchange Commission (the SEC). There are certain potential points of affiliation between the Fund and CIC. CRM has licensed use of the Calvert name to CIC and provides other types of support. CRM’s President and Chief Executive Officer (and the only director/trustee on the Fund Board that is an “interested person” of the Fund) serves on the CIC Board. In addition, another director/trustee on the Fund Board serves as a director emeritus on the CIC Board.
22
Calvert
International Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
In addition to the Notes, the Fund may also invest in companies that are considered affiliated companies because the Fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares of the company, or the company is under common ownership or control with the Fund. At March 31, 2021, the value of the Fund's investment in the Notes and affiliated companies and funds was $25,322,129, which represents 3.1% of the Fund's net assets. Transactions in the Notes and affiliated companies and funds by the Fund for the six months ended March 31, 2021 were as follows:
| 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%, 12/15/20(1) | $ 875,888 | $ — | $ (880,352) | $ — | $ 4,464 | $ — | $ 2,751 | $ — |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | — | 880,000 | — | — | (25,371) | 854,629 | 3,887 | 880,000 |
| Venture Capital Limited Partnership Interests | ||||||||
| gNet Defta Development Holding LLC(1)(2)(3) | 240,155 | — | — | — | (4,071) | 236,084 | — | — |
| Short-Term Investments | ||||||||
| Calvert Cash Reserves Fund, LLC | 2,460,073 | 163,858,821 | (142,087,478) | (201) | 201 | 24,231,416 | 2,750 | 24,228,993 |
| Totals | $(201) | $ (24,777) | $25,322,129 | $9,388 |
| (1) | Restricted security. |
| (2) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
| (3) | Non-income producing security. |
8 Capital Shares
The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 75,000,000 common shares, $0.01 par value, for each Class.
Transactions in capital shares for the six months ended March 31, 2021 and the year ended September 30, 2020 were as follows:
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 991,743 | $ 22,873,887 | 1,724,584 | $ 32,394,311 | |
| Reinvestment of distributions | 12,947 | 297,262 | 58,651 | 1,173,605 | |
| Shares redeemed | (483,473) | (11,065,686) | (1,192,704) | (22,436,819) | |
| Converted from Class C | 43,550 | 984,533 | 20,201 | 370,968 | |
| Net increase | 564,767 | $ 13,089,996 | 610,732 | $ 11,502,065 | |
| Class C | |||||
| Shares sold | 69,392 | $ 1,379,636 | 62,754 | $ 1,001,289 | |
| Reinvestment of distributions | — | — | 1,299 | 22,301 | |
| Shares redeemed | (24,585) | (471,809) | (79,953) | (1,260,958) | |
| Converted to Class A | (51,079) | (984,533) | (23,600) | (370,968) | |
| Net decrease | (6,272) | $ (76,706) | (39,500) | $ (608,336) | |
23
Calvert
International Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||
| Shares | Amount | Shares | Amount | ||
| Class I | |||||
| Shares sold | 8,822,414 | $ 215,093,746 | 10,517,537 | $ 207,907,620 | |
| Reinvestment of distributions | 63,273 | 1,552,097 | 51,969 | 1,110,065 | |
| Shares redeemed | (2,828,189) | (68,880,270) | (1,985,028) | (39,612,853) | |
| Net increase | 6,057,498 | $147,765,573 | 8,584,478 | $169,404,832 | |
| Class R6 | |||||
| Shares sold | 1,363,090 | $ 32,999,673 | 3,379,540 | $ 68,130,481 | |
| Reinvestment of distributions | 25,420 | 622,532 | 35,319 | 753,700 | |
| Shares redeemed | (745,125) | (17,561,809) | (339,429) | (6,754,498) | |
| Net increase | 643,385 | $ 16,060,396 | 3,075,430 | $ 62,129,683 | |
9 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.
10 Capital Commitments
In connection with certain venture capital and/or limited partnership investments, the Fund is committed to future capital calls, which will increase the Fund’s investment in these securities. The aggregate amount of the future capital commitments totaled $28,457 at March 31, 2021. The Fund had sufficient cash and/or securities to cover these commitments.
The Fund's unfunded capital commitments by investment at March 31, 2021 were as follows:
| Name of Investment | Unfunded Commitment |
| Africa Renewable Energy Fund L.P. | $ 10,449 |
| Blackstone Clean Technology Partners L.P. | 508 |
| SEAF India International Growth Fund L.P. | 17,500 |
| Total | $28,457 |
24
Calvert
International Equity Fund
March 31, 2021
Joint Special Meeting of Shareholders (Unaudited)
Calvert International Equity Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Calvert funds on February 19, 2021 for the following purposes: (1) to approve a new investment advisory agreement with Calvert Research and Management to serve as the Fund’s investment adviser (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Eaton Vance Advisers International Ltd. to serve as the Fund’s investment sub-adviser (“Proposal 2”). The shareholder meeting results are as follows:
| Number of Shares(1) | ||||
| For | Against | Abstain (2) | Broker Non-Votes(2) | |
| Proposal 1 | 19,234,338.590 | 153,031.749 | 745,038.478 | 0 |
| Proposal 2 | 19,121,263.796 | 196,460.399 | 814,684.621 | 0 |
(1) Fractional shares were voted proportionately.
(2) Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on Proposal 1 and Proposal 2.
25
Calvert
International Equity Fund
March 31, 2021
Board of Directors' Contract Approval
Overview of the Board Evaluation Process
Even though the following description of the Board’s consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Calvert International Equity Fund.
| Fund | Investment Adviser | Investment Sub-Adviser |
| Calvert International Equity Fund | Calvert Research and Management | Eaton Vance Advisers International Ltd. |
Following the public announcement of Morgan Stanley’s planned acquisition of Eaton Vance Corp. and its affiliates (the “Transaction”), the Board members who are not “interested persons” (as defined in the 1940 Act) of the Funds or CRM (the “Independent Board Members”), met on October 8, 2020 with their independent legal counsel. During that meeting, the Independent Board Members preliminarily discussed the Transaction and the implications of the Transaction on the Funds and CRM. At the request of the Independent Board Members, their counsel discussed the various actions that they and the Funds’ shareholders would be asked to take in connection with the Transaction, including requesting information from CRM and Morgan Stanley concerning the Transaction and its implications for the Funds.
On October 14, 2020, during a telephonic meeting of the Boards, senior representatives of CRM provided an overview of the Transaction and Morgan Stanley to the Independent Board Members and their counsel. The senior representatives of CRM also discussed the anticipated benefits of the Transaction to CRM and the Funds. They also indicated that they expected that the operations of CRM and the Funds would be maintained substantially in their current forms after the Closing of the Transaction.
In connection with the proposed Transaction, the Independent Board Members, assisted by their independent legal counsel, requested extensive information from CRM and Morgan Stanley regarding the proposed Transaction and its potential implications for the Funds (the “Request for Information”).
On November 18, 2020, during a telephonic meeting of the Boards, senior representatives of CRM discussed certain matters related to the Transaction with the Independent Board Members and their counsel. The senior representatives of CRM indicated that CRM and Morgan Stanley were in the process of preparing a response to the Request for Information and that senior representatives of CRM and Morgan Stanley would be prepared to discuss their response and any other matters related to the Transaction with the Independent Board Members at the Boards’ December 8, 2020 meeting.
On December 1, 2020, during a video conference meeting, the Independent Board Members reviewed CRM’s and Morgan Stanley’s response to the Request for Information (the “Response”) and discussed the information contained in the Response amongst themselves and with their counsel. During that meeting, the Independent Board Members received advice from their independent legal counsel regarding their responsibilities in evaluating the possible Transaction and new investment advisory agreements and new investment sub-advisory agreements (the “New Agreements”). Following that meeting, the Independent Board Members, assisted by their counsel, requested additional information from CRM and Morgan Stanley regarding the proposed Transaction and its potential implications for the Funds (the “Supplemental Request for Information”).
In connection with the proposed Transaction and their consideration of the New Agreements, the Board members, including all of the Independent Board Members, met with senior representatives of EVC, CRM and Morgan Stanley at a meeting held on December 8, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders and any remaining matters concerning the Response and CRM’s and Morgan Stanley’s response to the Supplemental Request for Information. During the meeting, senior representatives of Morgan Stanley made presentations to, and responded to questions from, the Board members. After the presentations and discussions with senior representatives of EVC, CRM and Morgan Stanley, the Independent Board Members met in executive session with their counsel to consider the Transaction, the New Agreements and related matters.
Each Board’s evaluation of the New Agreements included consideration of the information provided specifically in regard to the New Agreements as well as, where relevant, information that previously had been provided to the Board in connection with the most recent annual contract renewal of the Funds’ current contractual arrangements at a meeting held on March 4, 2020.
In the course of its deliberations regarding the New Agreements, the Board members considered the following factors, among others: the nature, extent and quality of the services to be provided by CRM, its affiliates and the Sub-Advisers, including the personnel who would be providing such services; Morgan Stanley’s financial condition; the proposed advisory and sub-advisory fees; comparative fee and expense information for the Funds and for comparable funds managed by CRM and its affiliates; the anticipated profitability of the Funds to CRM and its affiliates; the direct and indirect benefits, if any, to be derived by Morgan Stanley, CRM, and their affiliates from their relationship with the Funds; the effect of each Fund’s projected growth and size on each Fund’s performance and expenses; and CRM’s and the Sub-Advisers’ compliance programs.
In considering the nature, extent, and quality of the services to be provided to the Funds by CRM and the Sub-Advisers, as applicable, under the New Agreements, the Board members took into account information relating to CRM’s and the Sub-Advisers’ operations and personnel, including, among other information, biographical information on their investment, supervisory, and professional staff, as applicable, and descriptions of their organizational and management structure. The Board members considered the investment strategies used in managing the Funds and the performance of other funds managed by the investment teams at CRM and its affiliates that would be managing the Funds. The Board members also took into account, as applicable, CRM’s and the Sub-Advisers’ proposed staffing and overall resources. CRM’s administrative capabilities were also considered. The Board members concluded that they were satisfied with the nature, extent and quality of services to be provided to the Funds by CRM and the Sub-Advisers, as applicable, under the New Advisory Agreements.
26
Calvert
International Equity Fund
March 31, 2021
Board of Directors' Contract Approval — continued
In considering the management style and investment strategies that CRM and the Sub-Advisers, as applicable, proposed to use in managing the Funds, the Board members took into consideration certain comparative performance information for the Funds prepared by an independent data provider. The Board members also considered information regarding the financial condition of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry. The Board members took into account that the Funds’ investment objectives, investment strategies and portfolio managers were not expected to change after the Closing of the Transaction. Based upon their review, the Board members concluded that CRM and the Sub-Advisers, as applicable, are qualified to manage each Fund’s assets in accordance with the Funds’ investment objectives and investment strategies and that the investment strategies continued to be appropriate for pursuing each Fund’s investment objective(s).
In considering each Fund’s proposed fees and estimated expenses, the Board members considered certain comparative fee and expense data prepared by an independent data provider. The Board members also took into account that no changes in the Funds’ current advisory and sub-advisory fees were being proposed in connection with the Transaction. The Board members further took into account that no changes in the Funds’ current expense limitations were being proposed in connection with the Transaction. Based upon their review, the Board members concluded that the proposed advisory and sub-advisory fees were reasonable in view of the quality of services to be received by the Funds from CRM and the Sub-Advisers, as applicable.
In reviewing the anticipated profitability of the advisory fees to CRM and its affiliates, the Board members considered the fact that affiliates of CRM would be providing shareholder servicing, administrative, distribution, and sub-advisory services to the Funds for which they would receive compensation. The Board also took into account whether CRM had the financial wherewithal to provide services to the Funds. The Board also considered that CRM and Morgan Stanley would likely derive benefits to their reputations and other indirect benefits from their relationship with the Funds. Because CRM will pay the Sub-Advisers’ sub-advisory fees out of its advisory fees, the anticipated profitability of the Funds to the Sub-Advisers was not a material factor in the Board’s deliberations concerning the entering into of the New Agreements. Based upon its review, the Board concluded that CRM’s and its affiliates’ anticipated level of profitability from their relationship with the Funds was reasonable.
The Board members considered the effect of each Fund’s current size and potential growth on its performance and expenses. The Board members took into account management’s discussion of the Funds’ proposed advisory and sub-advisory fees, noting that no changes in the Funds’ current advisory and sub-advisory fees were being proposed in connection with the Transaction. The Board members also noted that the advisory and sub-advisory fee schedules for certain Funds will contain one or more breakpoints that will reduce the respective advisory and sub-advisory fee rates on assets above specified levels as the applicable Fund’s assets increased and considered the necessity of adding breakpoints with respect to the Funds that did not currently have such breakpoints in their advisory and sub-advisory fee schedules. The Board members determined that adding breakpoints at specified levels to the advisory and sub-advisory fee schedules of the Funds that did not currently have breakpoints would not be appropriate at this time. Because CRM will pay the Sub-Advisers’ sub-advisory fees out of its advisory fees, the Board did not consider the potential economies of scale from the Sub-Advisers’ management of the Funds to be a material factor in the Board’s deliberations concerning the entering into of the New Agreements. The Board members noted that if a Fund’s assets increase over time, the Fund might realize other economies of scale if assets increase proportionally more than certain other expenses.
In considering the approval of the New Agreements, the Board members also considered the following matters:
i. their belief that the Transaction will benefit the Funds;
ii. CRM’s and the Sub-Advisers’ intentions to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies, which, where applicable, includes continuing to manage the Fund pursuant to responsible investment criteria as described in the Fund’s prospectus;
iii. the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;
iv. Morgan Stanley’s commitment to maintain the investment autonomy of CRM;
v. Morgan Stanley’s and CRM’s commitment to maintaining the nature, quality and extent of services provided to the Funds by CRM and its affiliates following the Closing of the Transaction;
vi. Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;
vii. confirmation that the current senior management team at CRM has indicated its strong support of the Transaction; and
viii. a commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction.
In approving the New Agreements, the Board members did not identify any single factor as controlling, and each Board member may have attributed different weight to various factors.
The Board members reached the following conclusions regarding the New Agreements, among others: (a) CRM and the Sub-Advisers have demonstrated that they possess the capability and resources to perform the duties required of them under the New Agreements; (b) CRM and the Sub-Advisers are qualified to manage the applicable Fund’s assets in accordance with such Fund’s investment objective(s) and investment strategies; (c) CRM’s and the
27
Calvert
International Equity Fund
March 31, 2021
Board of Directors' Contract Approval — continued
Sub-Advisers’ proposed investment strategies are appropriate for pursuing the applicable Fund’s investment objective(s); and (d) the proposed advisory and sub-advisory fees are reasonable in view of the quality of the services to be received by each Fund from CRM and the Sub-Advisers, as applicable. Based upon the foregoing considerations, at the meeting of the Board held on December 8, 2020, the Board members, including all of the Independent Board Members, unanimously approved the New Agreements and determined to recommend their approval to the shareholders of the Funds. In voting its approval of the New Agreements at the meeting, the Board relied on an order issued by the SEC in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.
28
Calvert
International Equity Fund
March 31, 2021
Officers and Directors
| Officers |
| Hope L. Brown Chief Compliance Officer |
| Maureen A. Gemma Vice President, Secretary and Chief Legal Officer |
| James F. Kirchner Treasurer |
| Directors |
| Alice Gresham Bullock Chairperson |
| Richard L. Baird, Jr. |
| Cari M. Dominguez |
| John G. Guffey, Jr. |
| Miles D. Harper, III |
| Joy V. Jones |
| John H. Streur* |
| Anthony A. Williams |
| *Interested Director and President |
29
Calvert Funds
| Privacy Notice | April 2021 |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
| To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
30
Calvert Funds
| Privacy Notice — continued | April 2021 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do | |
| How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
31
Calvert Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.
Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Calvert website at www.calvert.com, by calling Calvert at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.
32
Investment Adviser and Administrator
Calvert Research and Management
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
Investment Sub-Adviser
Eaton Vance Advisers International Ltd.
125 Old Broad Street
London, EC2N 1AR
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, MA 02169
Fund Offices
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Calvert
Emerging Markets Equity Fund
Semiannual Report
March 31, 2021
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund and the other funds it manages. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.
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Calvert
Emerging Markets Equity Fund
March 31, 2021
Performance
Portfolio Manager Kunjal Gala of Hermes Investment Management Limited
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Since Inception |
| Class A at NAV | 10/29/2012 | 10/29/2012 | 23.39% | 67.01% | 14.26% | 9.48% |
| Class A with 4.75% Maximum Sales Charge | — | — | 17.56 | 59.03 | 13.15 | 8.85 |
| Class C at NAV | 10/29/2012 | 10/29/2012 | 22.93 | 65.81 | 13.41 | 8.59 |
| Class C with 1% Maximum Sales Charge | — | — | 21.93 | 64.81 | 13.41 | 8.59 |
| Class I at NAV | 10/29/2012 | 10/29/2012 | 23.56 | 67.48 | 14.61 | 9.84 |
| Class R6 at NAV | 02/01/2018 | 10/29/2012 | 23.62 | 67.58 | 14.62 | 9.84 |
| MSCI Emerging Markets Index | — | — | 22.43% | 58.39% | 12.06% | 5.87% |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
| Gross | 1.27% | 2.02% | 1.02% | 0.95% |
| Net | 1.24 | 1.99 | 0.99 | 0.92 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to www.calvert.com.
2
Calvert
Emerging Markets Equity Fund
March 31, 2021
Fund Profile
Sector Allocation (% of net assets)*
* Excludes cash and cash equivalents.
| Top 10 Holdings (% of net assets)* | |
| Samsung Electronics Co., Ltd. | 8.4% |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 6.8 |
| Alibaba Group Holding, Ltd. | 5.1 |
| Prosus NV | 4.5 |
| Tencent Holdings, Ltd. | 3.8 |
| KB Financial Group, Inc. | 2.8 |
| Techtronic Industries Co., Ltd. | 2.6 |
| NARI Technology Co., Ltd., Class A | 2.6 |
| Yandex NV, Class A | 2.5 |
| AIA Group, Ltd. | 2.4 |
| Total | 41.5% |
| * | Excludes cash and cash equivalents. |
See Endnotes and Additional Disclosures in this report.
3
Calvert
Emerging Markets Equity Fund
March 31, 2021
Endnotes and Additional Disclosures
| 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 1/31/22. 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. | |
| Important Notices to Shareholders | |
| Effective March 31, 2021, the portfolio manager of the Fund is Kunjal Gala. | |
| Effective at the close of business on May 14, 2021, the Fund discontinued all sales of its shares, except shares purchased by: | |
| (1) existing shareholders (including shares acquired through the reinvestment of dividends and distributions); (2) qualified retirement plans; (3) accounts included in an asset allocation model provided by Calvert Research and Management; or (4) fee-based programs (a) sponsored by financial intermediaries for which investment decisions are made on a centralized basis at the discretion of the firm (e.g., model portfolios managed by a firm or its investment committee) and (b) that selected the Fund as of the close of business on |
May 14, 2021. Sales of Fund shares may be further restricted or re-opened in the future.
4
Calvert
Emerging Markets Equity Fund
March 31, 2021
Fund Expenses
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2020 to March 31, 2021).
Actual Expenses
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.
| Beginning Account Value (10/1/20) | Ending Account Value (3/31/21) | Expenses Paid During Period* (10/1/20 – 3/31/21) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,233.90 | $ 6.91** | 1.24% |
| Class C | $1,000.00 | $1,229.30 | $11.06 ** | 1.99% |
| Class I | $1,000.00 | $1,235.60 | $ 5.52** | 0.99% |
| Class R6 | $1,000.00 | $1,236.20 | $ 5.13** | 0.92% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,018.75 | $ 6.24** | 1.24% |
| Class C | $1,000.00 | $1,015.01 | $10.00 ** | 1.99% |
| Class I | $1,000.00 | $1,020.00 | $ 4.99** | 0.99% |
| Class R6 | $1,000.00 | $1,020.34 | $ 4.63** | 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 182/365 (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 September 30, 2020. |
| ** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
5
Calvert
Emerging Markets Equity Fund
March 31, 2021
Schedule of Investments (Unaudited)
| Common Stocks — 97.8% |
| Security | Shares | Value | |
| Brazil — 3.9% | |||
| BB Seguridade Participacoes S.A. | 10,820,467 | $ 46,617,986 | |
| Duratex S.A. | 13,812,041 | 45,863,048 | |
| Hapvida Participacoes e Investimentos S.A.(1) | 2,152,417 | 5,690,168 | |
| Natura & Co. Holding S.A.(2) | 3,889,179 | 33,262,874 | |
| WEG S.A. | 3,237,700 | 42,888,244 | |
| $ 174,322,320 | |||
| China — 25.1% | |||
| Alibaba Group Holding, Ltd.(2) | 8,103,429 | $ 230,239,514 | |
| Alibaba Group Holding, Ltd. ADR(2) | 192,493 | 43,643,938 | |
| Autohome, Inc., Class A(2)(3) | 312,900 | 7,458,146 | |
| Autohome, Inc. ADR | 371,106 | 34,613,056 | |
| Baozun, Inc. ADR(2)(3) | 2,746,072 | 104,735,186 | |
| China Communications Services Corp., Ltd., Class H | 82,007,457 | 36,944,032 | |
| China Mengniu Dairy Co., Ltd. | 14,831,310 | 85,439,506 | |
| China Merchants Bank Co., Ltd., Class H | 12,817,000 | 98,193,464 | |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 10,285,916 | 98,691,726 | |
| Hangzhou Tigermed Consulting Co., Ltd., Class A | 1,884,321 | 43,413,971 | |
| NARI Technology Co., Ltd., Class A | 24,034,437 | 114,684,729 | |
| Shenzhen International Holdings, Ltd. | 32,902,373 | 55,247,622 | |
| Tencent Holdings, Ltd. | 2,156,696 | 172,120,550 | |
| $1,125,425,440 | |||
| Egypt — 0.3% | |||
| Commercial International Bank Egypt SAE | 3,347,740 | $ 12,356,827 | |
| $ 12,356,827 | |||
| Hong Kong — 8.1% | |||
| AIA Group, Ltd. | 8,902,875 | $ 108,942,395 | |
| Alibaba Health Information Technology, Ltd.(2) | 14,474,000 | 41,356,769 | |
| Samsonite International S.A.(1)(2) | 32,048,132 | 62,325,415 | |
| SITC International Holdings Co., Ltd. | 10,178,000 | 34,638,846 | |
| Techtronic Industries Co., Ltd. | 6,849,790 | 117,431,390 | |
| $ 364,694,815 | |||
| Hungary — 1.3% | |||
| Richter Gedeon Nyrt | 2,063,087 | $ 60,826,379 | |
| $ 60,826,379 | |||
| India — 12.8% | |||
| Bajaj Finance, Ltd. | 578,475 | $ 40,865,644 | |
| Bajaj Finserv, Ltd. | 28,084 | 3,728,500 | |
| Bharat Forge, Ltd. | 7,419,733 | 60,719,245 | |
| Container Corp. of India, Ltd. | 5,935,917 | 48,656,979 | |
| Dabur India, Ltd. | 1,980,724 | 14,653,303 | |
| HCL Technologies, Ltd. | 3,971,409 | 53,606,268 | |
| Security | Shares | Value | |
| India (continued) | |||
| HDFC Bank, Ltd. ADR(2) | 1,038,269 | $ 80,663,119 | |
| Hero MotoCorp, Ltd. | 1,053,060 | 42,143,707 | |
| ICICI Bank, Ltd.(2) | 9,895,500 | 79,246,692 | |
| Motherson Sumi Systems, Ltd. | 17,574,281 | 48,586,473 | |
| SBI Life Insurance Co., Ltd.(1)(2) | 4,346,108 | 52,380,206 | |
| Tech Mahindra, Ltd. | 3,495,915 | 47,694,645 | |
| $ 572,944,781 | |||
| Indonesia — 3.4% | |||
| Bank Central Asia Tbk PT | 25,820,900 | $ 55,297,962 | |
| Bank Rakyat Indonesia Persero Tbk PT | 172,973,275 | 52,477,379 | |
| Unilever Indonesia Tbk PT | 94,945,100 | 43,011,341 | |
| $ 150,786,682 | |||
| Mexico — 3.9% | |||
| Grupo Financiero Banorte SAB de CV, Class O(2) | 17,736,367 | $ 100,008,136 | |
| Wal-Mart de Mexico SAB de CV | 23,318,649 | 73,642,643 | |
| $ 173,650,779 | |||
| Peru — 1.3% | |||
| Credicorp, Ltd. | 427,999 | $ 58,451,823 | |
| $ 58,451,823 | |||
| Russia — 4.0% | |||
| Mail.ru Group, Ltd. GDR(2) | 1,046,567 | $ 23,911,309 | |
| Polymetal International PLC | 2,313,634 | 45,264,590 | |
| Yandex NV, Class A(2) | 1,721,643 | 110,288,450 | |
| $ 179,464,349 | |||
| South Africa — 4.4% | |||
| Prosus NV(3) | 1,795,033 | $ 199,923,252 | |
| $ 199,923,252 | |||
| South Korea — 13.6% | |||
| KB Financial Group, Inc. | 2,518,104 | $ 124,111,205 | |
| LG Household & Health Care, Ltd. | 48,774 | 67,680,145 | |
| NCSoft Corp. | 55,093 | 42,583,752 | |
| Samsung Electronics Co., Ltd. | 5,216,798 | 377,407,285 | |
| $ 611,782,387 | |||
| Sweden — 2.0% | |||
| Epiroc AB, Class A | 4,019,410 | $ 91,056,394 | |
| $ 91,056,394 | |||
| Taiwan — 13.4% | |||
| Accton Technology Corp. | 5,867,000 | $ 57,039,849 | |
| Advantech Co., Ltd. | 3,274,113 | 40,842,076 | |
| Chipbond Technology Corp. | 18,705,000 | 51,065,016 | |
6
See Notes to Financial Statements.
Calvert
Emerging Markets Equity Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| Taiwan (continued) | |||
| Delta Electronics, Inc. | 10,483,000 | $ 106,911,919 | |
| LandMark Optoelectronics Corp. | 4,284,900 | 40,632,962 | |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2,569,327 | 303,899,997 | |
| $ 600,391,819 | |||
| Turkey — 0.3% | |||
| BIM Birlesik Magazalar AS | 1,865,055 | $ 15,974,338 | |
| $ 15,974,338 | |||
| United Arab Emirates — 0.0% | |||
| NMC Health PLC(2)(4) | 2,704,917 | $ 0 | |
| $ 0 | |||
| Total Common Stocks (identified cost $3,280,510,054) | $4,392,052,385 | ||
| High Social Impact Investments — 0.1% |
| Security | Principal Amount (000's omitted) | Value | |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(5)(6) | $ | 5,170 | $ 5,020,949 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/22(6)(7) | 43 | 40,071 | |
| ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22(6)(7) | 56 | 46,556 | |
| Total High Social Impact Investments (identified cost $5,269,000) | $ 5,107,576 | ||
| Short-Term Investments — 2.7% |
| Other — 2.5% | |||
| Description | Units | Value | |
| Calvert Cash Reserves Fund, LLC, 0.07%(8) | 112,589,078 | $ 112,600,337 | |
| Total Other (identified cost $112,600,337) | $ 112,600,337 | ||
| Securities Lending Collateral — 0.2% | |||
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%(9) | 7,227,680 | $ 7,227,680 | |
| Total Securities Lending Collateral (identified cost $7,227,680) | $ 7,227,680 | ||
| Total Short-Term Investments (identified cost $119,828,017) | $ 119,828,017 | ||
| Total Investments — 100.6% (identified cost $3,405,607,071) | $4,516,987,978 | |
| Other Assets, Less Liabilities — (0.6)% | $ (27,717,949) | |
| Net Assets — 100.0% | $4,489,270,029 |
| 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 March 31, 2021, the aggregate value of these securities is $120,395,789 or 2.7% of the Fund's net assets. | |
| (2) | Non-income producing security. | |
| (3) | All or a portion of this security was on loan at March 31, 2021. The aggregate market value of securities on loan at March 31, 2021 was $10,110,243. | |
| (4) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). | |
| (5) | May be deemed to be an affiliated company (see Note 7). | |
| (6) | Restricted security. Total market value of restricted securities amounts to $5,107,576, which represents 0.1% of the net assets of the Fund as of March 31, 2021. | |
| (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 March 31, 2021. | |
| (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 March 31, 2021. | |
| (9) | Represents investment of cash collateral received in connection with securities lending. | |
7
See Notes to Financial Statements.
Calvert
Emerging Markets Equity Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
At March 31, 2021, the concentration of the Fund’s investments in the various sectors, determined as a percentage of net assets, was as follows:
| Economic Sectors | % of Net Assets |
| Information Technology | 24.0% |
| Financials | 20.3 |
| Consumer Discretionary | 19.9 |
| Industrials | 12.1 |
| Communication Services | 8.7 |
| Consumer Staples | 7.4 |
| Health Care | 3.4 |
| Materials | 2.0 |
| High Social Impact Investments | 0.1 |
| Total | 97.9% |
Restricted Securities
| Description | Acquisition Dates | Cost |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $5,170,000 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 2.07%, 11/3/22 | 11/13/15 | 43,000 |
| ImpactAssets, Inc., Microfinance Plus Notes, 0.46%, 11/3/22 | 11/13/15 | 56,000 |
| Abbreviations: | |
| ADR | – American Depositary Receipt |
| GDR | – Global Depositary Receipt |
8
See Notes to Financial Statements.
Calvert
Emerging Markets Equity Fund
March 31, 2021
Statement of Assets and Liabilities (Unaudited)
| March 31, 2021 | |
| Assets | |
| Investments in securities of unaffiliated issuers, at value (identified cost $3,287,836,734) - including $10,110,243 of securities on loan | $ 4,399,366,692 |
| Investments in securities of affiliated issuers, at value (identified cost $117,770,337) | 117,621,286 |
| Cash denominated in foreign currency, at value (cost $14,580,428) | 14,412,311 |
| Receivable for investments sold | 15,900,299 |
| Receivable for capital shares sold | 23,369,091 |
| Dividends and interest receivable | 11,144,466 |
| Dividends and interest receivable - affiliated | 30,986 |
| Securities lending income receivable | 3,987 |
| Directors' deferred compensation plan | 758,778 |
| Total assets | $4,582,607,896 |
| Liabilities | |
| Payable for investments purchased | $ 58,467,614 |
| Payable for capital shares redeemed | 4,726,820 |
| Payable for foreign capital gain taxes | 17,351,211 |
| Deposits for securities loaned | 7,227,680 |
| Payable to affiliates: | |
| Investment advisory fee | 2,824,382 |
| Administrative fee | 451,901 |
| Distribution and service fees | 85,184 |
| Sub-transfer agency fee | 35,195 |
| Directors' deferred compensation plan | 758,778 |
| Other | 62,715 |
| Accrued expenses | 1,346,387 |
| Total liabilities | $ 93,337,867 |
| Net Assets | $4,489,270,029 |
| Sources of Net Assets | |
| Paid-in capital | $ 3,415,226,236 |
| Distributable earnings | 1,074,043,793 |
| Total | $4,489,270,029 |
| Class A Shares | |
| Net Assets | $ 248,628,751 |
| Shares Outstanding | 11,016,741 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 22.57 |
| Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 23.70 |
| Class C Shares | |
| Net Assets | $ 37,016,000 |
| Shares Outstanding | 1,692,652 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 21.87 |
9
See Notes to Financial Statements.
Calvert
Emerging Markets Equity Fund
March 31, 2021
Statement of Assets and Liabilities (Unaudited) — continued
| March 31, 2021 | |
| Class I Shares | |
| Net Assets | $3,750,391,069 |
| Shares Outstanding | 164,522,456 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 22.80 |
| Class R6 Shares | |
| Net Assets | $ 453,234,209 |
| Shares Outstanding | 19,922,287 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 22.75 |
| 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. |
10
See Notes to Financial Statements.
Calvert
Emerging Markets Equity Fund
March 31, 2021
Statement of Operations (Unaudited)
| Six Months Ended | |
| March 31, 2021 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $3,898,069) | $ 22,157,796 |
| Dividend income - affiliated issuers | 45,993 |
| Interest income | 281 |
| Interest income - affiliated issuers | 46,168 |
| Securities lending income, net | 73,379 |
| Total investment income | $ 22,323,617 |
| Expenses | |
| Investment advisory fee | $ 14,926,779 |
| Administrative fee | 2,388,285 |
| Distribution and service fees: | |
| Class A | 306,603 |
| Class C | 177,915 |
| Directors' fees and expenses | 78,851 |
| Custodian fees | 285,814 |
| Transfer agency fees and expenses | 1,371,788 |
| Accounting fees | 325,718 |
| Professional fees | 61,248 |
| Registration fees | 129,741 |
| Reports to shareholders | 182,210 |
| Miscellaneous | 92,292 |
| Total expenses | $ 20,327,244 |
| Waiver and/or reimbursement of expenses by affiliate | $ (166,468) |
| Net expenses | $ 20,160,776 |
| Net investment income | $ 2,162,841 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities (net of foreign capital gains taxes of $8,796) | $ 105,613,135 |
| Investment securities - affiliated issuers | (4,581) |
| Foreign currency transactions | (468,591) |
| Net realized gain | $105,139,963 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities (including net increase in payable for foreign capital gains taxes of $12,520,475) | $ 650,881,256 |
| Investment securities - affiliated issuers | (106,613) |
| Foreign currency | (784,407) |
| Net change in unrealized appreciation (depreciation) | $649,990,236 |
| Net realized and unrealized gain | $755,130,199 |
| Net increase in net assets from operations | $757,293,040 |
11
See Notes to Financial Statements.
Calvert
Emerging Markets Equity Fund
March 31, 2021
Statements of Changes in Net Assets
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 2,162,841 | $ 19,633,726 |
| Net realized gain (loss) | 105,139,963 | (86,363,077) |
| Net change in unrealized appreciation (depreciation) | 649,990,236 | 413,151,516 |
| Net increase in net assets from operations | $ 757,293,040 | $ 346,422,165 |
| Distributions to shareholders: | ||
| Class A | $ (716,932) | $ (673,898) |
| Class I | (13,667,112) | (14,521,438) |
| Class R6 | (1,855,013) | (1,960,798) |
| Total distributions to shareholders | $ (16,239,057) | $ (17,156,134) |
| Capital share transactions: | ||
| Class A | $ 26,919,015 | $ 18,646,918 |
| Class C | (931,017) | (1,276,295) |
| Class I | 608,518,468 | 445,276,599 |
| Class R6 | 65,079,289 | 59,777,840 |
| Net increase in net assets from capital share transactions | $ 699,585,755 | $ 522,425,062 |
| Net increase in net assets | $1,440,639,738 | $ 851,691,093 |
| Net Assets | ||
| At beginning of period | $ 3,048,630,291 | $ 2,196,939,198 |
| At end of period | $4,489,270,029 | $3,048,630,291 |
12
See Notes to Financial Statements.
Calvert
Emerging Markets Equity Fund
March 31, 2021
Financial Highlights
| Class A | ||||||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||
| Net asset value — Beginning of period | $ 18.33 | $ 16.05 | $ 15.55 | $ 16.33 | $ 12.94 | $ 10.90 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ (0.01) | $ 0.09 | $ 0.17 | $ 0.19 | $ 0.10 | $ 0.08(2) |
| Net realized and unrealized gain (loss) | 4.31 | 2.27 | 0.45 | (0.94) | 3.36 | 2.06 |
| Total income (loss) from operations | $ 4.30 | $ 2.36 | $ 0.62 | $ (0.75) | $ 3.46 | $ 2.14 |
| Less Distributions | ||||||
| From net investment income | $ (0.06) | $ (0.08) | $ (0.12) | $ (0.03) | $ (0.07) | $ (0.10) |
| Total distributions | $ (0.06) | $ (0.08) | $ (0.12) | $ (0.03) | $ (0.07) | $ (0.10) |
| Net asset value — End of period | $ 22.57 | $ 18.33 | $ 16.05 | $ 15.55 | $ 16.33 | $ 12.94 |
| Total Return(3) | 23.39% (4) | 14.82% | 4.02% | (4.62)% | 26.89% | 19.75% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $248,629 | $173,728 | $132,066 | $155,735 | $62,432 | $39,343 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.25% (6) | 1.27% | 1.41% | 1.56% | 1.80% | 1.95% |
| Net expenses | 1.24% (6) | 1.24% | 1.25% | 1.27% | 1.27% | 1.47% |
| Net investment income (loss) | (0.11)% (6) | 0.54% | 1.06% | 1.15% | 0.73% | 0.66% (2) |
| Portfolio Turnover | 11% (4) | 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) | 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. |
13
See Notes to Financial Statements.
Calvert
Emerging Markets Equity Fund
March 31, 2021
Financial Highlights — continued
| Class C | ||||||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||
| Net asset value — Beginning of period | $ 17.78 | $ 15.62 | $ 15.18 | $ 16.04 | $ 12.76 | $ 10.74 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ (0.09) | $ (0.04) | $ 0.05 | $ 0.10 | $ 0.01 | $ —(2) |
| Net realized and unrealized gain (loss) | 4.18 | 2.20 | 0.45 | (0.96) | 3.29 | 2.03 |
| Total income (loss) from operations | $ 4.09 | $ 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 period | $ 21.87 | $ 17.78 | $ 15.62 | $ 15.18 | $16.04 | $12.76 |
| Total Return(3) | 22.93% (4) | 13.89% | 3.33% | (5.36)% | 25.88% | 18.94% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $37,016 | $30,938 | $28,794 | $24,286 | $ 4,627 | $ 994 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 2.00% (6) | 2.02% | 2.16% | 2.31% | 3.69% | 4.44% |
| Net expenses | 1.99% (6) | 1.99% | 2.00% | 2.02% | 2.02% | 2.21% |
| Net investment income (loss) | (0.89)% (6) | (0.22)% | 0.35% | 0.60% | 0.08% | 0.02% (2) |
| Portfolio Turnover | 11% (4) | 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) | 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. |
14
See Notes to Financial Statements.
Calvert
Emerging Markets Equity Fund
March 31, 2021
Financial Highlights — continued
| Class I | ||||||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||
| Net asset value — Beginning of period | $ 18.52 | $ 16.22 | $ 15.73 | $ 16.48 | $ 13.06 | $ 10.99 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.01 | $ 0.13 | $ 0.22 | $ 0.29 | $ 0.17 | $ 0.12(2) |
| Net realized and unrealized gain (loss) | 4.36 | 2.29 | 0.45 | (0.99) | 3.35 | 2.09 |
| Total income (loss) from operations | $ 4.37 | $ 2.42 | $ 0.67 | $ (0.70) | $ 3.52 | $ 2.21 |
| Less Distributions | ||||||
| From net investment income | $ (0.09) | $ (0.12) | $ (0.18) | $ (0.05) | $ (0.10) | $ (0.14) |
| Total distributions | $ (0.09) | $ (0.12) | $ (0.18) | $ (0.05) | $ (0.10) | $ (0.14) |
| Net asset value — End of period | $ 22.80 | $ 18.52 | $ 16.22 | $ 15.73 | $ 16.48 | $ 13.06 |
| Total Return(3) | 23.56% (4) | 15.07% | 4.36% | (4.30)% | 27.27% | 20.31% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $3,750,391 | $2,530,135 | $1,817,479 | $1,012,574 | $126,398 | $58,259 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.00% (6) | 1.02% | 1.15% | 1.32% | 1.32% | 1.41% |
| Net expenses | 0.99% (6) | 0.99% | 0.97% | 0.92% | 0.92% | 1.12% |
| Net investment income | 0.13% (6) | 0.79% | 1.41% | 1.71% | 1.20% | 1.06% (2) |
| Portfolio Turnover | 11% (4) | 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) | 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. |
15
See Notes to Financial Statements.
Calvert
Emerging Markets Equity Fund
March 31, 2021
Financial Highlights — continued
| Class R6 | ||||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | Period Ended September 30, | ||
| 2020 | 2019 | 2018 (1) | ||
| Net asset value — Beginning of period | $ 18.49 | $ 16.19 | $ 15.72 | $ 18.65 |
| Income (Loss) From Operations | ||||
| Net investment income(2) | $ 0.02 | $ 0.14 | $ 0.27 | $ 0.26 |
| Net realized and unrealized gain (loss) | 4.34 | 2.30 | 0.40 | (3.19) |
| Total income (loss) from operations | $ 4.36 | $ 2.44 | $ 0.67 | $ (2.93) |
| Less Distributions | ||||
| From net investment income | $ (0.10) | $ (0.14) | $ (0.20) | $ — |
| Total distributions | $ (0.10) | $ (0.14) | $ (0.20) | $ — |
| Net asset value — End of period | $ 22.75 | $ 18.49 | $ 16.19 | $ 15.72 |
| Total Return(3) | 23.62% (4) | 15.13% | 4.35% | (15.71)% (4) |
| Ratios/Supplemental Data | ||||
| Net assets, end of period (000’s omitted) | $453,234 | $313,830 | $218,601 | $10,217 |
| Ratios (as a percentage of average daily net assets):(5) | ||||
| Total expenses | 0.93% (6) | 0.95% | 1.06% | 1.24% (6) |
| Net expenses | 0.92% (6) | 0.92% | 0.92% | 0.92% (6) |
| Net investment income | 0.18% (6) | 0.84% | 1.67% | 2.48% (6) |
| Portfolio Turnover | 11% (4) | 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. |
16
See Notes to Financial Statements.
Calvert
Emerging Markets Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Calvert Emerging Markets Equity Fund (the Fund) is a diversified series of Calvert World Values Fund, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek long-term capital appreciation by investing primarily in equity securities of companies located in emerging market countries.
The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. A contingent deferred sales charge of 0.80% may apply to certain redemptions of Class A shares for accounts for which no sales charge was paid, if redeemed within 12 months of purchase. Class C shares are sold without a front-end sales charge, and with certain exceptions, are charged a contingent deferred sales charge of 1% on shares redeemed within 12 months of purchase. Class C shares are only available for purchase through a financial intermediary. Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I and Class R6 shares are sold at net asset value, are not subject to a sales charge and are sold only to certain eligible investors. Effective after the close of business on May 14, 2021, the Fund was closed to new investors, subject to limited exceptions. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and is subject to different expenses.
The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.
A Investment Valuation— Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.
U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Valuation techniques used to value the Fund’s investments by major category are as follows:
Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ Global or Global Select Market are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Board has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Such securities are categorized as Level 2 in the hierarchy.
Debt Securities. Debt securities are generally valued based on valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. Accordingly, debt securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities with a remaining maturity at time of purchase of more than sixty days are valued based on valuations provided by a third party pricing service. Such securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities of sufficient credit quality purchased with remaining maturities of sixty days or less are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
Affiliated Fund. The Fund may invest in Calvert Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Calvert Research and Management (CRM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day and are categorized as Level 2 in the hierarchy. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.
17
Calvert
Emerging Markets Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
Other Securities. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.
Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund's adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.
The following table summarizes the market value of the Fund's holdings as of March 31, 2021, based on the inputs used to value them:
| Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
| Common Stocks | ||||
| Brazil | $ 174,322,320 | $ — | $ — | $ 174,322,320 |
| China | 190,450,326 | 934,975,114 | — | 1,125,425,440 |
| Egypt | — | 12,356,827 | — | 12,356,827 |
| Hong Kong | — | 364,694,815 | — | 364,694,815 |
| Hungary | — | 60,826,379 | — | 60,826,379 |
| India | 80,663,119 | 492,281,662 | — | 572,944,781 |
| Indonesia | — | 150,786,682 | — | 150,786,682 |
| Mexico | 173,650,779 | — | — | 173,650,779 |
| Peru | 58,451,823 | — | — | 58,451,823 |
| Russia | 110,288,450 | 69,175,899 | — | 179,464,349 |
| South Africa | — | 199,923,252 | — | 199,923,252 |
| South Korea | — | 611,782,387 | — | 611,782,387 |
| Sweden | — | 91,056,394 | — | 91,056,394 |
| Taiwan | 303,899,997 | 296,491,822 | — | 600,391,819 |
| Turkey | — | 15,974,338 | — | 15,974,338 |
| United Arab Emirates | — | — | 0 | 0 |
| Total Common Stocks | $1,091,726,814 | $3,300,325,571 (2) | $ 0 | $4,392,052,385 |
| High Social Impact Investments | $ — | $ 5,107,576 | $ — | $ 5,107,576 |
| Short-Term Investments: | ||||
| Other | — | 112,600,337 | — | 112,600,337 |
| Securities Lending Collateral | 7,227,680 | — | — | 7,227,680 |
| Total Investments | $1,098,954,494 | $3,418,033,484 | $ 0 | $4,516,987,978 |
| (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. |
Level 3 investments at the beginning and/or end of the period were valued at zero and accordingly, a reconciliation of Level 3 assets for the six months ended March 31, 2021 is not presented.
B Investment Transactions and Income— Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and
18
Calvert
Emerging Markets Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable country’s tax rules and rates. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned.
C Share Class Accounting— Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer agency fees and expenses on the Statement of Operations, are not allocated to Class R6 shares.
D Foreign Currency Transactions— The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
E Restricted Securities— The Fund may invest in securities that are subject to legal or contractual restrictions on resale. Generally, these securities may only be sold publicly upon registration under the Securities Act of 1933 or in transactions exempt from such registration. Information regarding restricted securities (excluding Rule 144A securities) is included at the end of the Schedule of Investments.
F Distributions to Shareholders— Distributions to shareholders are recorded by the Fund on ex-dividend date. Distributions from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.
G Estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
H Indemnifications— The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
I Federal Income Taxes— No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.
In addition to the requirements of the Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.
Management has analyzed the Fund's tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund's financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
J Interim Financial Statements— The interim financial statements relating to March 31, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
19
Calvert
Emerging Markets Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
2 Related Party Transactions
The investment advisory fee is earned by CRM as compensation for investment advisory services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and CRM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement (the “New Agreement”) with CRM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund’s investment advisory agreement with CRM in effect prior to March 1, 2021), the fee is computed at an annual rate of 0.75% of the Fund’s average daily net assets and is payable monthly. For the six months ended March 31, 2021, the investment advisory fee amounted to $14,926,779. The Fund may invest its cash in Cash Reserves Fund. CRM does not currently receive a fee for advisory services provided to Cash Reserves Fund.
Pursuant to an investment sub-advisory agreement, CRM has delegated the investment management of the Fund to Hermes Investment Management Limited (Hermes). In connection with the Transaction, CRM entered into a new sub-advisory agreement with Hermes, which took effect on March 1, 2021. CRM pays Hermes a portion of its investment advisory fee for sub-advisory services provided to the Fund.
CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.24%, 1.99%, 0.99% and 0.92% for Class A, Class C, Class I and Class R6, respectively, of such class’s average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after January 31, 2022. For the six months ended March 31, 2021, CRM waived or reimbursed expenses of $166,468.
The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets attributable to Class A, Class C, Class I and Class R6 and is payable monthly. For the six months ended March 31, 2021, CRM was paid administrative fees of $2,388,285.
The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. In addition, pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued for the six months ended March 31, 2021 amounted to $306,603 and $177,915 for Class A shares and Class C shares, respectively.
The Fund was informed that EVD received $22,062 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2021. The Fund was also informed that EVD received less than $100 and $975 of contingent deferred sales charges (CDSC) paid by Class A and Class C shareholders, respectively, for the same period.
Eaton Vance Management (EVM), an affiliate of CRM, provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2021, sub-transfer agency fees and expenses incurred to EVM amounted to $71,516 and are included in transfer agency fees and expenses on the Statement of Operations.
Each Director of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $154,000, plus an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee. The Board chair receives an additional $30,000 ($20,000 prior to January 1, 2021) annual fee and Committee chairs receive an additional $6,000 annual fee. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund's assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. Prior to December 31, 2020, an Advisory Council aided the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The Advisory Council consisted of CRM’s Chief Executive Officer and three additional members. For the year ended December 31, 2020, each member (other than CRM’s Chief Executive Officer) was compensated $20,000 for their service on the Advisory Council. Such compensation, and any other compensation and/or expenses incurred by the Advisory Council as may be approved by the Board, was borne by the Calvert funds. For the six months ended March 31, 2021, the Fund’s allocated portion of the Advisory Council compensation and fees was $3,691, which is included in miscellaneous expense on the Statement of Operations.
3 Investment Activity
During the six months ended March 31, 2021, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $1,075,873,028 and $430,244,242, respectively.
20
Calvert
Emerging Markets Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
4 Distributions to Shareholders and Income Tax Information
At September 30, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $94,510,639 which would reduce the Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at September 30, 2020, $67,730,997 are short-term and $26,779,642 are long-term.
The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2021, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $3,434,542,190 |
| Gross unrealized appreciation | $ 1,237,985,609 |
| Gross unrealized depreciation | (155,539,821) |
| Net unrealized appreciation | $1,082,445,788 |
5 Securities Lending
To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent based on agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.
The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.
At March 31, 2021, the total value of securities on loan was $10,110,243 and the total value of collateral received was $10,466,692, comprised of cash of $7,227,680 and U.S. government and/or agencies securities of $3,239,012.
The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of March 31, 2021.
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $7,227,680 | $ — | $ — | $ — | $7,227,680 |
The carrying amount of the liability for deposits for securities loaned at March 31, 2021 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at March 31, 2021.
21
Calvert
Emerging Markets Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
6 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.
The Fund had no borrowings pursuant to its line of credit during the six months ended March 31, 2021.
7 Affiliated Issuers and Funds
The Fund has invested a portion of its assets in notes (the Notes) issued by Calvert Impact Capital, Inc. (CIC) pursuant to exemptive relief granted by the U.S. Securities and Exchange Commission (the SEC). There are certain potential points of affiliation between the Fund and CIC. CRM has licensed use of the Calvert name to CIC and provides other types of support. CRM’s President and Chief Executive Officer (and the only director/trustee on the Fund Board that is an “interested person” of the Fund) serves on the CIC Board. In addition, another director/trustee on the Fund Board serves as a director emeritus on the CIC Board.
At March 31, 2021, the value of the Fund’s investment in the Notes and affiliated funds was $117,621,286, which represents 2.6% of the Fund’s net assets. Transactions in the Notes and affiliated funds by the Fund for the six months ended March 31, 2021 were as follows:
| 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%, 12/15/20(1) | $ 7,429,013 | $ — | $ (7,466,870) | $ — | $ 37,857 | $ — | $ 23,334 | $ — |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | — | 5,170,000 | — | — | (149,051) | 5,020,949 | 22,834 | 5,170,000 |
| Short-Term Investments | ||||||||
| Calvert Cash Reserves Fund, LLC | 55,663,250 | 539,548,714 | (482,611,627) | (4,581) | 4,581 | 112,600,337 | 45,993 | 112,589,078 |
| Totals | $(4,581) | $ (106,613) | $117,621,286 | $92,161 |
| (1) | Restricted security. |
8 Capital Shares
The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 75,000,000 common shares, $0.01 par value, for each Class.
Transactions in capital shares for the six months ended March 31, 2021 and the year ended September 30, 2020 were as follows:
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 5,099,205 | $ 107,611,081 | 5,442,221 | $ 86,507,819 | |
| Reinvestment of distributions | 31,266 | 677,539 | 36,614 | 607,428 | |
| Shares redeemed | (3,592,997) | (81,429,528) | (4,230,039) | (68,496,871) | |
| Converted from Class C | 2,781 | 59,923 | 1,687 | 28,542 | |
| Net increase | 1,540,255 | $ 26,919,015 | 1,250,483 | $ 18,646,918 | |
22
Calvert
Emerging Markets Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020 | ||||
| Shares | Amount | Shares | Amount | ||
| Class C | |||||
| Shares sold | 289,710 | $ 6,370,725 | 337,489 | $ 5,556,767 | |
| Shares redeemed | (333,916) | (7,241,819) | (439,921) | (6,804,520) | |
| Converted to Class A | (2,870) | (59,923) | (1,736) | (28,542) | |
| Net decrease | (47,076) | $ (931,017) | (104,168) | $ (1,276,295) | |
| Class I | |||||
| Shares sold | 46,238,030 | $1,021,185,210 | 79,141,293 | $1,295,586,705 | |
| Reinvestment of distributions | 587,397 | 12,852,247 | 822,269 | 13,756,564 | |
| Shares redeemed | (18,902,741) | (425,518,989) | (55,415,414) | (864,066,670) | |
| Net increase | 27,922,686 | $ 608,518,468 | 24,548,148 | $ 445,276,599 | |
| Class R6 | |||||
| Shares sold | 6,144,000 | $ 135,711,716 | 7,810,338 | $ 131,894,225 | |
| Reinvestment of distributions | 77,754 | 1,697,360 | 110,978 | 1,852,220 | |
| Shares redeemed | (3,274,282) | (72,329,787) | (4,447,540) | (73,968,605) | |
| Net increase | 2,947,472 | $ 65,079,289 | 3,473,776 | $ 59,777,840 | |
9 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.
23
Calvert
Emerging Markets Equity Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.
24
Calvert
Emerging Markets Equity Fund
March 31, 2021
Joint Special Meeting of Shareholders (Unaudited)
Calvert Emerging Markets Equity Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Calvert funds on February 19, 2021 for the following purposes: (1) to approve a new investment advisory agreement with Calvert Research and Management to serve as the Fund’s investment adviser (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Hermes Investment Management Limited to serve as the Fund’s investment sub-adviser (“Proposal 2”). The shareholder meeting results are as follows:
| Number of Shares(1) | ||||
| For | Against | Abstain (2) | Broker Non-Votes(2) | |
| Proposal 1 | 108,292,743.254 | 561,108.323 | 2,386,174.633 | 0 |
| Proposal 2 | 108,042,048.399 | 680,619.485 | 2,517,358.326 | 0 |
(1) Fractional shares were voted proportionately.
(2) Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.
25
Calvert
Emerging Markets Equity Fund
March 31, 2021
Board of Directors' Contract Approval
Overview of the Board Evaluation Process
Even though the following description of the Board’s consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Calvert Emerging Markets Equity Fund.
| Fund | Investment Adviser | Investment Sub-Adviser |
| Calvert Emerging Markets Equity Fund | Calvert Research and Management | Hermes Investment Management Limited |
Following the public announcement of Morgan Stanley’s planned acquisition of Eaton Vance Corp. and its affiliates (the “Transaction”), the Board members who are not “interested persons” (as defined in the 1940 Act) of the Funds or CRM (the “Independent Board Members”), met on October 8, 2020 with their independent legal counsel. During that meeting, the Independent Board Members preliminarily discussed the Transaction and the implications of the Transaction on the Funds and CRM. At the request of the Independent Board Members, their counsel discussed the various actions that they and the Funds’ shareholders would be asked to take in connection with the Transaction, including requesting information from CRM and Morgan Stanley concerning the Transaction and its implications for the Funds.
On October 14, 2020, during a telephonic meeting of the Boards, senior representatives of CRM provided an overview of the Transaction and Morgan Stanley to the Independent Board Members and their counsel. The senior representatives of CRM also discussed the anticipated benefits of the Transaction to CRM and the Funds. They also indicated that they expected that the operations of CRM and the Funds would be maintained substantially in their current forms after the Closing of the Transaction.
In connection with the proposed Transaction, the Independent Board Members, assisted by their independent legal counsel, requested extensive information from CRM and Morgan Stanley regarding the proposed Transaction and its potential implications for the Funds (the “Request for Information”).
On November 18, 2020, during a telephonic meeting of the Boards, senior representatives of CRM discussed certain matters related to the Transaction with the Independent Board Members and their counsel. The senior representatives of CRM indicated that CRM and Morgan Stanley were in the process of preparing a response to the Request for Information and that senior representatives of CRM and Morgan Stanley would be prepared to discuss their response and any other matters related to the Transaction with the Independent Board Members at the Boards’ December 8, 2020 meeting.
On December 1, 2020, during a video conference meeting, the Independent Board Members reviewed CRM’s and Morgan Stanley’s response to the Request for Information (the “Response”) and discussed the information contained in the Response amongst themselves and with their counsel. During that meeting, the Independent Board Members received advice from their independent legal counsel regarding their responsibilities in evaluating the possible Transaction and new investment advisory agreements and new investment sub-advisory agreements (the “New Agreements”). Following that meeting, the Independent Board Members, assisted by their counsel, requested additional information from CRM and Morgan Stanley regarding the proposed Transaction and its potential implications for the Funds (the “Supplemental Request for Information”).
In connection with the proposed Transaction and their consideration of the New Agreements, the Board members, including all of the Independent Board Members, met with senior representatives of EVC, CRM and Morgan Stanley at a meeting held on December 8, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders and any remaining matters concerning the Response and CRM’s and Morgan Stanley’s response to the Supplemental Request for Information. During the meeting, senior representatives of Morgan Stanley made presentations to, and responded to questions from, the Board members. After the presentations and discussions with senior representatives of EVC, CRM and Morgan Stanley, the Independent Board Members met in executive session with their counsel to consider the Transaction, the New Agreements and related matters.
Each Board’s evaluation of the New Agreements included consideration of the information provided specifically in regard to the New Agreements as well as, where relevant, information that previously had been provided to the Board in connection with the most recent annual contract renewal of the Funds’ current contractual arrangements at a meeting held on March 4, 2020.
In the course of its deliberations regarding the New Agreements, the Board members considered the following factors, among others: the nature, extent and quality of the services to be provided by CRM, its affiliates and the Sub-Advisers, including the personnel who would be providing such services; Morgan Stanley’s financial condition; the proposed advisory and sub-advisory fees; comparative fee and expense information for the Funds and for comparable funds managed by CRM and its affiliates; the anticipated profitability of the Funds to CRM and its affiliates; the direct and indirect benefits, if any, to be derived by Morgan Stanley, CRM, and their affiliates from their relationship with the Funds; the effect of each Fund’s projected growth and size on each Fund’s performance and expenses; and CRM’s and the Sub-Advisers’ compliance programs.
In considering the nature, extent, and quality of the services to be provided to the Funds by CRM and the Sub-Advisers, as applicable, under the New Agreements, the Board members took into account information relating to CRM’s and the Sub-Advisers’ operations and personnel, including, among other information, biographical information on their investment, supervisory, and professional staff, as applicable, and descriptions of their organizational and management structure. The Board members considered the investment strategies used in managing the Funds and the performance of other funds managed by the investment teams at CRM and its affiliates that would be managing the Funds. The Board members also took into account, as applicable, CRM’s and the Sub-Advisers’ proposed staffing and overall resources. CRM’s administrative capabilities were also considered. The Board members concluded that they were satisfied with the nature, extent and quality of services to be provided to the Funds by CRM and the Sub-Advisers, as applicable, under the New Advisory Agreements.
26
Calvert
Emerging Markets Equity Fund
March 31, 2021
Board of Directors' Contract Approval — continued
In considering the management style and investment strategies that CRM and the Sub-Advisers, as applicable, proposed to use in managing the Funds, the Board members took into consideration certain comparative performance information for the Funds prepared by an independent data provider. The Board members also considered information regarding the financial condition of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry. The Board members took into account that the Funds’ investment objectives, investment strategies and portfolio managers were not expected to change after the Closing of the Transaction. Based upon their review, the Board members concluded that CRM and the Sub-Advisers, as applicable, are qualified to manage each Fund’s assets in accordance with the Funds’ investment objectives and investment strategies and that the investment strategies continued to be appropriate for pursuing each Fund’s investment objective(s).
In considering each Fund’s proposed fees and estimated expenses, the Board members considered certain comparative fee and expense data prepared by an independent data provider. The Board members also took into account that no changes in the Funds’ current advisory and sub-advisory fees were being proposed in connection with the Transaction. The Board members further took into account that no changes in the Funds’ current expense limitations were being proposed in connection with the Transaction. Based upon their review, the Board members concluded that the proposed advisory and sub-advisory fees were reasonable in view of the quality of services to be received by the Funds from CRM and the Sub-Advisers, as applicable.
In reviewing the anticipated profitability of the advisory fees to CRM and its affiliates, the Board members considered the fact that affiliates of CRM would be providing shareholder servicing, administrative, distribution, and sub-advisory services to the Funds for which they would receive compensation. The Board also took into account whether CRM had the financial wherewithal to provide services to the Funds. The Board also considered that CRM and Morgan Stanley would likely derive benefits to their reputations and other indirect benefits from their relationship with the Funds. Because CRM will pay the Sub-Advisers’ sub-advisory fees out of its advisory fees, the anticipated profitability of the Funds to the Sub-Advisers was not a material factor in the Board’s deliberations concerning the entering into of the New Agreements. Based upon its review, the Board concluded that CRM’s and its affiliates’ anticipated level of profitability from their relationship with the Funds was reasonable.
The Board members considered the effect of each Fund’s current size and potential growth on its performance and expenses. The Board members took into account management’s discussion of the Funds’ proposed advisory and sub-advisory fees, noting that no changes in the Funds’ current advisory and sub-advisory fees were being proposed in connection with the Transaction. The Board members also noted that the advisory and sub-advisory fee schedules for certain Funds will contain one or more breakpoints that will reduce the respective advisory and sub-advisory fee rates on assets above specified levels as the applicable Fund’s assets increased and considered the necessity of adding breakpoints with respect to the Funds that did not currently have such breakpoints in their advisory and sub-advisory fee schedules. The Board members determined that adding breakpoints at specified levels to the advisory and sub-advisory fee schedules of the Funds that did not currently have breakpoints would not be appropriate at this time. Because CRM will pay the Sub-Advisers’ sub-advisory fees out of its advisory fees, the Board did not consider the potential economies of scale from the Sub-Advisers’ management of the Funds to be a material factor in the Board’s deliberations concerning the entering into of the New Agreements. The Board members noted that if a Fund’s assets increase over time, the Fund might realize other economies of scale if assets increase proportionally more than certain other expenses.
In considering the approval of the New Agreements, the Board members also considered the following matters:
i. their belief that the Transaction will benefit the Funds;
ii. CRM’s and the Sub-Advisers’ intentions to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies, which, where applicable, includes continuing to manage the Fund pursuant to responsible investment criteria as described in the Fund’s prospectus;
iii. the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;
iv. Morgan Stanley’s commitment to maintain the investment autonomy of CRM;
v. Morgan Stanley’s and CRM’s commitment to maintaining the nature, quality and extent of services provided to the Funds by CRM and its affiliates following the Closing of the Transaction;
vi. Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;
vii. confirmation that the current senior management team at CRM has indicated its strong support of the Transaction; and
viii. a commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction.
In approving the New Agreements, the Board members did not identify any single factor as controlling, and each Board member may have attributed different weight to various factors.
The Board members reached the following conclusions regarding the New Agreements, among others: (a) CRM and the Sub-Advisers have demonstrated that they possess the capability and resources to perform the duties required of them under the New Agreements; (b) CRM and the Sub-Advisers are qualified to manage the applicable Fund’s assets in accordance with such Fund’s investment objective(s) and investment strategies; (c) CRM’s and the
27
Calvert
Emerging Markets Equity Fund
March 31, 2021
Board of Directors' Contract Approval — continued
Sub-Advisers’ proposed investment strategies are appropriate for pursuing the applicable Fund’s investment objective(s); and (d) the proposed advisory and sub-advisory fees are reasonable in view of the quality of the services to be received by each Fund from CRM and the Sub-Advisers, as applicable. Based upon the foregoing considerations, at the meeting of the Board held on December 8, 2020, the Board members, including all of the Independent Board Members, unanimously approved the New Agreements and determined to recommend their approval to the shareholders of the Funds. In voting its approval of the New Agreements at the meeting, the Board relied on an order issued by the SEC in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.
28
Calvert
Emerging Markets Equity Fund
March 31, 2021
Officers and Directors
| Officers |
| Hope L. Brown Chief Compliance Officer |
| Maureen A. Gemma Vice President, Secretary and Chief Legal Officer |
| James F. Kirchner Treasurer |
| Directors |
| Alice Gresham Bullock Chairperson |
| Richard L. Baird, Jr. |
| Cari M. Dominguez |
| John G. Guffey, Jr. |
| Miles D. Harper, III |
| Joy V. Jones |
| John H. Streur* |
| Anthony A. Williams |
| *Interested Director and President |
29
Calvert Funds
| Privacy Notice | April 2021 |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
| To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
30
Calvert Funds
| Privacy Notice — continued | April 2021 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do | |
| How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
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| Other important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
31
Calvert Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.
Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Calvert website at www.calvert.com, by calling Calvert at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.
32
Investment Adviser and Administrator
Calvert Research and Management
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
Investment Sub-Adviser
Hermes Investment Management Limited
150 Cheapside
London EC2V 6ET
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, MA 02169
Fund Offices
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Calvert
Emerging Markets Advancement Fund
Semiannual Report
March 31, 2021
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund and the other funds it manages. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.
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Note: If your shares are not held directly with the Calvert funds but through a brokerage firm, you must contact your broker for electronic delivery options available through their firm.
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Performance
Portfolio Manager Marshall Stocker, Ph.D., CFA of Calvert Research and Management
| % Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Since Inception |
| Class A at NAV | 10/01/2019 | 10/01/2019 | 21.43% | 52.90% | —% | 19.05% |
| Class A with 4.75% Maximum Sales Charge | — | — | 15.66 | 45.66 | — | 15.23 |
| Class I at NAV | 10/01/2019 | 10/01/2019 | 21.54 | 53.15 | — | 19.27 |
| MSCI Emerging Markets Index | — | — | 22.43% | 58.39% | 12.06% | 22.58% |
| Calvert Emerging Markets Index | — | — | 22.27 | 61.02 | — | 23.74 |
| % Total Annual Operating Expense Ratios3 | Class A | Class I |
| Gross | 1.83% | 1.58% |
| Net | 1.20 | 0.95 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to www.calvert.com.
2
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Fund Profile
Sector Allocation (% of net assets)*
| * | Excludes cash and cash equivalents. |
| ** | Amount is less than 0.05%. |
| Top 10 Holdings (% of net assets)* | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 7.6% |
| Tencent Holdings, Ltd. | 6.1 |
| Samsung Electronics Co., Ltd. | 6.1 |
| Alibaba Group Holding, Ltd. ADR | 5.0 |
| Commercial International Bank Egypt SAE | 3.0 |
| Meituan, Class B | 2.3 |
| Hellenic Telecommunications Organization S.A. | 2.0 |
| Mytilineos S.A. | 1.6 |
| First Abu Dhabi Bank PJSC | 1.6 |
| JD.com, Inc. ADR | 1.4 |
| Total | 36.7% |
| * | Excludes cash and cash equivalents. |
See Endnotes and Additional Disclosures in this report.
3
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Endnotes and Additional Disclosures
| 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 1/31/22. 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. |
4
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Fund Expenses
Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2020 to March 31, 2021).
Actual Expenses
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.
| Beginning Account Value (10/1/20) | Ending Account Value (3/31/21) | Expenses Paid During Period* (10/1/20 – 3/31/21) | Annualized Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,214.30 | $6.62 ** | 1.20% |
| Class I | $1,000.00 | $1,215.40 | $5.25 ** | 0.95% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,018.95 | $6.04 ** | 1.20% |
| Class I | $1,000.00 | $1,020.20 | $4.78 ** | 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 182/365 (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 September 30, 2020. |
| ** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
5
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Schedule of Investments (Unaudited)
| Common Stocks — 89.7% |
| Security | Shares | Value | |
| China — 28.5% | |||
| 3SBio, Inc.(1)(2) | 6,000 | $ 5,312 | |
| 51job, Inc. ADR(2) | 185 | 11,581 | |
| Agile Group Holdings, Ltd. | 12,000 | 19,693 | |
| Alibaba Group Holding, Ltd. ADR(2) | 10,001 | 2,267,527 | |
| A-Living Smart City Services Co., Ltd., Class H(1) | 2,750 | 12,242 | |
| ANTA Sports Products, Ltd. | 7,000 | 114,813 | |
| Autohome, Inc. ADR | 1,007 | 93,923 | |
| Bank of Communications Co., Ltd., Class H | 258,000 | 164,511 | |
| Baozun, Inc. ADR(2)(3) | 300 | 11,442 | |
| BeiGene, Ltd.(2) | 6,300 | 167,233 | |
| Beijing Enterprises Water Group, Ltd. | 30,000 | 11,423 | |
| BYD Co., Ltd., Class H | 5,000 | 108,184 | |
| China Biologic Products Holdings, Inc.(2)(3) | 219 | 25,932 | |
| China CITIC Bank Corp, Ltd., Class H | 169,000 | 85,955 | |
| China Communications Services Corp., Ltd., Class H | 16,000 | 7,208 | |
| China Conch Venture Holdings, Ltd. | 13,000 | 61,249 | |
| China Everbright Bank Co., Ltd., Class H | 60,000 | 26,208 | |
| China Everbright Environment Group, Ltd. | 19,000 | 12,898 | |
| China Galaxy Securities Co., Ltd., Class H | 46,000 | 28,449 | |
| China Hongqiao Group, Ltd. | 18,500 | 24,743 | |
| China International Capital Corp., Ltd., Class H(1)(2)(3) | 19,600 | 47,683 | |
| China Jinmao Holdings Group, Ltd. | 42,000 | 16,903 | |
| China Lesso Group Holdings, Ltd. | 11,000 | 23,776 | |
| China Literature, Ltd.(1)(2)(3) | 1,800 | 17,908 | |
| China Longyuan Power Group Corp., Ltd., Class H | 22,000 | 30,047 | |
| China Medical System Holdings, Ltd. | 8,000 | 15,898 | |
| China Mengniu Dairy Co., Ltd.(2) | 26,000 | 149,780 | |
| China Merchants Bank Co., Ltd., Class H | 38,500 | 294,956 | |
| China Minsheng Banking Corp., Ltd., Class H | 79,000 | 45,870 | |
| China National Building Material Co., Ltd., Class H | 46,000 | 66,641 | |
| China Resources Land, Ltd. | 24,000 | 116,972 | |
| China Tower Corp, Ltd., Class H(1) | 338,000 | 50,188 | |
| China Vanke Co., Ltd., Class H | 10,700 | 42,046 | |
| China Yongda Automobiles Services Holdings, Ltd. | 8,500 | 15,562 | |
| Chongqing Rural Commercial Bank Co., Ltd., Class H | 31,000 | 13,374 | |
| Country Garden Holdings Co., Ltd. | 65,000 | 83,672 | |
| Country Garden Services Holdings Co., Ltd. | 11,000 | 112,117 | |
| CSPC Pharmaceutical Group, Ltd. | 57,600 | 70,030 | |
| Dali Foods Group Co., Ltd.(1) | 17,500 | 9,949 | |
| ENN Energy Holdings, Ltd. | 5,300 | 85,485 | |
| Far East Horizon, Ltd.(3) | 40,000 | 48,001 | |
| Fuyao Glass Industry Group Co., Ltd., Class H(1) | 3,600 | 21,473 | |
| GDS Holdings, Ltd. ADR(2) | 624 | 50,600 | |
| Geely Automobile Holdings, Ltd. | 50,000 | 128,603 | |
| Genscript Biotech Corp.(2) | 4,000 | 7,084 | |
| Security | Shares | Value | |
| China (continued) | |||
| Great Wall Motor Co., Ltd., Class H | 23,500 | $ 65,708 | |
| Greentown Service Group Co., Ltd. | 8,000 | 12,191 | |
| Guangdong Investment, Ltd. | 20,000 | 32,677 | |
| Haidilao International Holding, Ltd.(1)(3) | 7,000 | 48,010 | |
| Haitong Securities Co., Ltd., Class H | 38,000 | 35,286 | |
| Hengan International Group Co., Ltd. | 4,500 | 29,589 | |
| Huatai Securities Co., Ltd., Class H(1) | 20,600 | 31,642 | |
| Huazhu Group, Ltd. ADR(2)(3) | 1,926 | 105,737 | |
| HUYA, Inc. ADR(2)(3) | 484 | 9,428 | |
| Innovent Biologics, Inc.(1)(2) | 7,500 | 76,704 | |
| JD.com, Inc. ADR(2) | 7,800 | 657,774 | |
| JOYY, Inc. ADR | 586 | 54,926 | |
| Kingdee International Software Group Co., Ltd.(2) | 16,000 | 50,176 | |
| Kingsoft Corp., Ltd.(3) | 5,000 | 33,438 | |
| KWG Property Holding, Ltd. | 9,500 | 16,333 | |
| Li Ning Co., Ltd. | 15,500 | 101,401 | |
| Logan Group Co., Ltd. | 8,000 | 13,512 | |
| Meituan, Class B(1)(2) | 27,200 | 1,061,458 | |
| Minth Group, Ltd. | 4,000 | 16,758 | |
| Momo, Inc. ADR(3) | 1,100 | 16,214 | |
| NetEase, Inc. ADR | 3,279 | 338,590 | |
| New Oriental Education & Technology Group, Inc. ADR(2) | 12,000 | 168,000 | |
| NIO, Inc. ADR(2) | 6,533 | 254,656 | |
| Pinduoduo, Inc. ADR(2) | 2,699 | 361,342 | |
| Ping An Healthcare and Technology Co., Ltd.(1)(2)(3) | 3,100 | 39,127 | |
| Postal Savings Bank of China Co., Ltd., Class H(1) | 120,000 | 89,933 | |
| Seazen Group, Ltd.(2) | 24,000 | 29,495 | |
| Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 16,000 | 31,728 | |
| Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H(3) | 3,500 | 14,983 | |
| Shenzhen International Holdings, Ltd. | 6,500 | 10,914 | |
| Shimao Group Holdings, Ltd. | 8,000 | 25,261 | |
| Sinopharm Group Co., Ltd., Class H | 7,200 | 17,443 | |
| Sunac China Holdings, Ltd. | 21,000 | 90,311 | |
| Sunny Optical Technology Group Co., Ltd. | 5,200 | 119,465 | |
| TAL Education Group ADR(2) | 2,999 | 161,496 | |
| Tencent Holdings, Ltd. | 34,800 | 2,777,302 | |
| Tingyi (Cayman Islands) Holding Corp. | 16,000 | 29,420 | |
| Tongcheng Elong Holdings, Ltd.(2) | 6,000 | 13,580 | |
| TravelSky Technology, Ltd., Class H | 5,000 | 11,730 | |
| Trip.com Group, Ltd. ADR(2) | 3,700 | 146,631 | |
| United Energy Group, Ltd.(2) | 88,000 | 16,969 | |
| Vipshop Holdings, Ltd. ADR(2) | 3,993 | 119,231 | |
| Want Want China Holdings, Ltd. | 42,000 | 31,556 | |
| Weibo Corp. ADR(2) | 500 | 25,230 | |
| Weichai Power Co., Ltd., Class H | 11,000 | 27,614 | |
| WuXi AppTec Co., Ltd., Class H(1) | 1,400 | 27,646 | |
| Wuxi Biologics Cayman, Inc.(1)(2) | 23,500 | 296,352 | |
6
See Notes to Financial Statements.
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| China (continued) | |||
| Xinyi Solar Holdings, Ltd. | 22,000 | $ 36,466 | |
| Yihai International Holding Ltd.(2)(3) | 4,000 | 41,733 | |
| Yum China Holdings, Inc. | 3,373 | 199,715 | |
| Zai Lab, Ltd. ADR(2) | 275 | 36,693 | |
| ZhongAn Online P&C Insurance Co., Ltd., Class H(1)(2)(3) | 5,400 | 32,910 | |
| Zhongsheng Group Holdings, Ltd. | 3,500 | 24,795 | |
| Zhuzhou CRRC Times Electric Co., Ltd., Class H | 3,900 | 14,631 | |
| Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H | 10,200 | 14,632 | |
| $12,971,686 | |||
| Colombia — 5.1% | |||
| Banco Davivienda S.A., PFC Shares | 18,637 | $ 151,928 | |
| Bancolombia S.A. | 52,765 | 414,287 | |
| Empresa de Energia de Bogota S.A. ESP | 399,588 | 293,550 | |
| Grupo de Inversiones Suramericana S.A. | 47,339 | 280,541 | |
| Grupo Nutresa S.A. | 30,535 | 193,215 | |
| Interconexion Electrica S.A. ESP | 65,960 | 405,303 | |
| Millicom International Cellular S.A. SDR(2) | 14,591 | 561,428 | |
| $ 2,300,252 | |||
| Egypt — 3.0% | |||
| Commercial International Bank Egypt SAE | 371,237 | $ 1,370,271 | |
| $ 1,370,271 | |||
| Greece — 5.9% | |||
| Eurobank Ergasias S.A.(2) | 653,462 | $ 555,737 | |
| Hellenic Telecommunications Organization S.A. | 56,587 | 907,956 | |
| JUMBO S.A. | 27,281 | 500,562 | |
| Mytilineos S.A. | 44,931 | 740,475 | |
| $ 2,704,730 | |||
| Hong Kong — 0.9% | |||
| Alibaba Health Information Technology, Ltd.(2) | 28,000 | $ 80,005 | |
| China Gas Holdings, Ltd. | 25,600 | 105,106 | |
| China Resources Gas Group, Ltd. | 8,000 | 44,403 | |
| Hutchison China MediTech, Ltd. ADR(2) | 500 | 14,125 | |
| Kingboard Chemical Holdings, Ltd. | 4,500 | 24,356 | |
| Kingboard Laminates Holdings, Ltd. | 6,500 | 14,150 | |
| Nine Dragons Paper Holdings, Ltd. | 13,000 | 19,112 | |
| Sino Biopharmaceutical, Ltd. | 76,500 | 76,794 | |
| Sun Art Retail Group, Ltd. | 16,000 | 13,125 | |
| Yuexiu Property Co., Ltd. | 48,000 | 10,893 | |
| $ 402,069 | |||
| Indonesia — 2.7% | |||
| Ace Hardware Indonesia Tbk PT | 190,700 | $ 20,056 | |
| Bank Central Asia Tbk PT | 137,900 | 295,326 | |
| Bank Mandiri Persero Tbk PT | 263,000 | 111,427 | |
| Security | Shares | Value | |
| Indonesia (continued) | |||
| Bank Negara Indonesia Persero Tbk PT | 72,200 | $ 28,517 | |
| Bank Rakyat Indonesia Persero Tbk PT | 741,900 | 225,081 | |
| Charoen Pokphand Indonesia Tbk PT | 180,700 | 87,195 | |
| Indah Kiat Pulp & Paper Tbk PT | 26,500 | 19,111 | |
| Indofood CBP Sukses Makmur Tbk PT | 43,700 | 27,680 | |
| Kalbe Farma Tbk PT | 326,400 | 35,280 | |
| Merdeka Copper Gold Tbk PT(2) | 394,800 | 58,726 | |
| Perusahaan Gas Negara Tbk PT | 107,500 | 9,764 | |
| Sarana Menara Nusantara Tbk PT | 343,700 | 26,037 | |
| Telkom Indonesia Persero Tbk PT | 669,900 | 158,120 | |
| Tower Bersama Infrastructure Tbk PT | 122,900 | 17,531 | |
| Unilever Indonesia Tbk PT | 204,400 | 92,596 | |
| $ 1,212,447 | |||
| Mexico — 2.9% | |||
| America Movil SAB de CV, Series L | 189,000 | $ 128,808 | |
| Arca Continental SAB de CV | 3,500 | 17,209 | |
| Cemex SAB de CV, Series CPO(2) | 336,100 | 236,295 | |
| Coca-Cola Femsa SAB de CV | 4,200 | 19,316 | |
| Fibra Uno Administracion SA de CV | 36,500 | 42,733 | |
| Fomento Economico Mexicano SAB de CV | 20,600 | 155,209 | |
| Gruma SAB de CV, Class B | 1,620 | 19,181 | |
| Grupo Aeroportuario del Centro Norte SAB de CV(2) | 6,900 | 43,528 | |
| Grupo Bimbo SAB de CV, Series A | 13,200 | 27,705 | |
| Grupo Elektra SAB de CV | 600 | 40,329 | |
| Grupo Financiero Banorte SAB de CV, Class O(2) | 25,200 | 142,093 | |
| Grupo Financiero Inbursa SAB de CV, Class O(2) | 22,500 | 20,376 | |
| Grupo Televisa SAB, Series CPO(2) | 54,000 | 95,982 | |
| Industrias Penoles SAB de CV(2) | 2,825 | 36,459 | |
| Infraestructura Energetica Nova SAB de CV(2) | 4,000 | 15,460 | |
| Kimberly-Clark de Mexico SAB de CV, Class A | 12,300 | 21,056 | |
| Orbia Advance Corp. SAB de CV | 20,300 | 54,128 | |
| Ternium S.A. ADR(2) | 832 | 32,315 | |
| Wal-Mart de Mexico SAB de CV | 54,100 | 170,853 | |
| $ 1,319,035 | |||
| Philippines — 0.9% | |||
| Aboitiz Equity Ventures, Inc. | 17,000 | $ 12,099 | |
| Ayala Corp. | 4,140 | 63,189 | |
| Bank of the Philippine Islands | 13,400 | 22,541 | |
| BDO Unibank, Inc. | 14,200 | 29,879 | |
| Globe Telecom, Inc. | 320 | 12,408 | |
| GT Capital Holdings, Inc. | 1,200 | 12,935 | |
| JG Summit Holdings, Inc. | 34,305 | 42,260 | |
| Megaworld Corp. | 145,000 | 10,713 | |
| PLDT, Inc. | 775 | 19,605 | |
| SM Investments Corp. | 3,600 | 71,297 | |
7
See Notes to Financial Statements.
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| Philippines (continued) | |||
| SM Prime Holdings, Inc. | 135,900 | $ 98,123 | |
| Universal Robina Corp. | 6,700 | 18,402 | |
| $ 413,451 | |||
| South Korea — 17.1% | |||
| Alteogen, Inc.(2) | 633 | $ 50,359 | |
| AMOREPACIFIC Corp. | 252 | 57,875 | |
| AMOREPACIFIC Group | 251 | 14,448 | |
| BGF retail Co., Ltd. | 183 | 25,612 | |
| Celltrion Healthcare Co., Ltd.(2) | 19 | 2,293 | |
| Celltrion Pharm, Inc.(2) | 336 | 44,806 | |
| Celltrion, Inc.(2) | 26 | 7,494 | |
| Cheil Worldwide, Inc. | 1,539 | 28,987 | |
| CJ CheilJedang Corp. | 201 | 73,136 | |
| CJ Corp. | 333 | 27,772 | |
| CJ ENM Co., Ltd. | 94 | 11,877 | |
| Coway Co., Ltd. | 528 | 30,676 | |
| Daewoo Shipbuilding & Marine Engineering Co., Ltd.(2) | 388 | 9,747 | |
| Dongsuh Cos., Inc. | 726 | 20,541 | |
| Doosan Bobcat, Inc.(2) | 551 | 20,565 | |
| Doosan Fuel Cell Co., Ltd.(2) | 394 | 18,039 | |
| Doosan Heavy Industries & Construction Co., Ltd.(2) | 1,942 | 22,465 | |
| Douzone Bizon Co., Ltd. | 175 | 15,257 | |
| Ecopro BM Co., Ltd. | 90 | 13,049 | |
| Fila Holdings Corp. | 443 | 16,990 | |
| Genexine, Inc.(2) | 422 | 35,838 | |
| Green Cross Corp. | 129 | 41,249 | |
| GS Engineering & Construction Corp. | 1,113 | 42,517 | |
| Hana Financial Group, Inc. | 2,734 | 103,408 | |
| Hankook Tire & Technology Co., Ltd. | 790 | 34,386 | |
| Hanmi Pharm Co., Ltd. | 145 | 40,638 | |
| Hanmi Science Co., Ltd. | 314 | 16,160 | |
| Hanon Systems | 1,500 | 23,477 | |
| HLB, Inc.(2) | 830 | 28,945 | |
| HMM Co., Ltd.(2) | 3,408 | 87,748 | |
| Hotel Shilla Co., Ltd. | 296 | 22,844 | |
| Hugel, Inc.(2) | 160 | 25,306 | |
| Hyundai Engineering & Construction Co., Ltd. | 1,225 | 47,896 | |
| Hyundai Glovis Co., Ltd. | 218 | 36,320 | |
| Hyundai Mobis Co., Ltd. | 642 | 166,529 | |
| Hyundai Motor Co. | 1,408 | 272,881 | |
| Iljin Materials Co., Ltd. | 250 | 15,126 | |
| Industrial Bank of Korea | 2,763 | 22,381 | |
| Kakao Corp. | 461 | 203,476 | |
| KB Financial Group, Inc. | 3,733 | 183,990 | |
| KIWOOM Securities Co., Ltd. | 127 | 14,245 | |
| KMW Co., Ltd.(2) | 237 | 13,601 | |
| Security | Shares | Value | |
| South Korea (continued) | |||
| Korea Investment Holdings Co., Ltd. | 502 | $ 38,140 | |
| KT Corp. | 1,281 | 32,034 | |
| Kumho Petrochemical Co., Ltd. | 193 | 45,242 | |
| LG Chem, Ltd. | 430 | 307,718 | |
| LG Display Co., Ltd.(2) | 2,188 | 44,326 | |
| LG Electronics, Inc. | 917 | 122,424 | |
| LG Household & Health Care, Ltd. | 78 | 108,235 | |
| LG Innotek Co., Ltd. | 100 | 18,278 | |
| LG Uplus Corp. | 2,080 | 22,570 | |
| Lotte Chemical Corp. | 149 | 39,802 | |
| LS Corp. | 183 | 11,130 | |
| Mando Corp.(2) | 359 | 20,996 | |
| MedPacto, Inc.(2) | 410 | 32,364 | |
| Mirae Asset Daewoo Co., Ltd. | 3,998 | 34,973 | |
| NAVER Corp. | 1,138 | 381,005 | |
| NCSoft Corp. | 125 | 96,618 | |
| Netmarble Corp.(1) | 206 | 23,592 | |
| Orion Corp. of Republic of Korea | 538 | 62,400 | |
| Pan Ocean Co., Ltd. | 2,871 | 15,738 | |
| Pearl Abyss Corp.(2) | 70 | 19,138 | |
| POSCO | 866 | 245,386 | |
| Samsung C&T Corp. | 651 | 72,003 | |
| Samsung Electro-Mechanics Co., Ltd. | 449 | 74,945 | |
| Samsung Electronics Co., Ltd. | 38,304 | 2,771,088 | |
| Samsung Engineering Co., Ltd.(2) | 3,110 | 38,688 | |
| Samsung Heavy Industries Co., Ltd.(2) | 5,123 | 35,371 | |
| Samsung SDS Co., Ltd. | 268 | 46,003 | |
| Samsung Securities Co., Ltd. | 500 | 17,502 | |
| Seegene, Inc. | 394 | 45,390 | |
| Shin Poong Pharmaceutical Co., Ltd. | 753 | 57,133 | |
| Shinhan Financial Group Co., Ltd. | 4,239 | 140,786 | |
| SK Chemicals Co., Ltd. | 91 | 20,242 | |
| SK Hynix, Inc. | 4,316 | 509,554 | |
| SK Materials Co., Ltd. | 50 | 13,824 | |
| SK Telecom Co., Ltd. | 322 | 78,518 | |
| SKC Co., Ltd. | 230 | 26,293 | |
| Studio Dragon Corp.(2) | 203 | 17,985 | |
| Woori Financial Group, Inc. | 6,063 | 54,116 | |
| Yuhan Corp. | 1,090 | 60,811 | |
| $ 7,793,310 | |||
| Taiwan — 17.2% | |||
| Accton Technology Corp. | 4,000 | $ 38,889 | |
| Acer, Inc. | 26,000 | 28,773 | |
| Advantech Co., Ltd. | 3,299 | 41,153 | |
| Airtac International Group | 2,000 | 71,340 | |
| Ambarella, Inc.(2) | 263 | 26,403 | |
8
See Notes to Financial Statements.
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| Taiwan (continued) | |||
| ASE Technology Holding Co., Ltd. | 26,000 | $ 99,179 | |
| AU Optronics Corp.(2) | 71,000 | 52,967 | |
| Catcher Technology Co., Ltd. | 13,000 | 96,607 | |
| Cathay Financial Holding Co., Ltd. | 62,000 | 104,401 | |
| Chailease Holding Co., Ltd. | 10,400 | 71,980 | |
| Chang Hwa Commercial Bank, Ltd. | 39,520 | 24,358 | |
| Cheng Shin Rubber Industry Co., Ltd. | 14,000 | 23,739 | |
| Chicony Electronics Co., Ltd. | 5,000 | 17,848 | |
| China Development Financial Holding Corp. | 91,000 | 33,568 | |
| China Life Insurance Co., Ltd. | 2,720 | 2,458 | |
| China Steel Corp. | 161,000 | 146,474 | |
| Chroma ATE, Inc. | 8,000 | 53,300 | |
| Chunghwa Telecom Co., Ltd. | 33,000 | 129,110 | |
| Compal Electronics, Inc. | 33,000 | 30,984 | |
| Compeq Manufacturing Co., Ltd. | 8,000 | 12,084 | |
| CTBC Financial Holding Co., Ltd. | 147,000 | 114,080 | |
| Delta Electronics, Inc. | 16,000 | 163,178 | |
| E.Sun Financial Holding Co., Ltd. | 87,455 | 80,076 | |
| Eclat Textile Co., Ltd. | 2,000 | 33,708 | |
| Evergreen Marine Corp. Taiwan, Ltd.(2) | 20,000 | 32,102 | |
| Far Eastern New Century Corp. | 25,000 | 26,541 | |
| Far EasTone Telecommunications Co., Ltd. | 13,000 | 29,224 | |
| Feng TAY Enterprise Co., Ltd. | 4,000 | 27,410 | |
| First Financial Holding Co., Ltd. | 72,100 | 56,173 | |
| Foxconn Technology Co., Ltd. | 8,000 | 20,536 | |
| Fubon Financial Holding Co., Ltd. | 59,000 | 117,736 | |
| Genius Electronic Optical Co., Ltd. | 1,000 | 17,074 | |
| Globalwafers Co., Ltd. | 2,000 | 53,024 | |
| Hiwin Technologies Corp. | 4,244 | 60,486 | |
| Hotai Motor Co., Ltd. | 3,000 | 62,102 | |
| Hua Nan Financial Holdings Co., Ltd. | 52,801 | 34,551 | |
| Innolux, Corp. | 67,000 | 50,002 | |
| Inventec Corp. | 15,000 | 14,220 | |
| Largan Precision Co., Ltd. | 1,000 | 113,100 | |
| Lien Hwa Industrial Holdings Corp. | 7,000 | 11,635 | |
| Lite-On Technology Corp. | 16,000 | 35,484 | |
| Macronix International Co., Ltd. | 9,000 | 14,109 | |
| MediaTek, Inc. | 12,000 | 412,762 | |
| Mega Financial Holding Co., Ltd. | 76,000 | 85,019 | |
| Merida Industry Co., Ltd. | 2,000 | 24,540 | |
| Micro-Star International Co., Ltd. | 4,000 | 24,577 | |
| Nan Ya Printed Circuit Board Corp. | 2,000 | 25,010 | |
| Nanya Technology Corp. | 9,000 | 29,306 | |
| Nien Made Enterprise Co., Ltd. | 2,000 | 27,967 | |
| Novatek Microelectronics Corp. | 4,000 | 81,481 | |
| Oneness Biotech Co., Ltd.(2) | 2,000 | 18,590 | |
| Parade Technologies, Ltd. | 1,000 | 43,181 | |
| Security | Shares | Value | |
| Taiwan (continued) | |||
| Pou Chen Corp. | 19,000 | $ 22,052 | |
| Powertech Technology, Inc. | 6,000 | 22,271 | |
| President Chain Store Corp. | 4,000 | 38,253 | |
| Quanta Computer, Inc. | 22,000 | 75,879 | |
| Radiant Opto-Electronics Corp. | 4,000 | 17,872 | |
| Realtek Semiconductor Corp. | 4,000 | 69,828 | |
| Shanghai Commercial & Savings Bank, Ltd. (The) | 23,000 | 33,895 | |
| Shin Kong Financial Holding Co., Ltd. | 89,946 | 28,924 | |
| Simplo Technology Co., Ltd. | 1,000 | 13,070 | |
| Sino-American Silicon Products, Inc. | 5,000 | 29,797 | |
| SinoPac Financial Holdings Co., Ltd. | 71,000 | 32,074 | |
| Synnex Technology International Corp. | 10,000 | 19,164 | |
| Taishin Financial Holding Co., Ltd. | 72,642 | 34,133 | |
| Taiwan Business Bank | 28,350 | 9,906 | |
| Taiwan Cooperative Financial Holding Co., Ltd. | 68,500 | 50,849 | |
| Taiwan High Speed Rail Corp. | 8,000 | 8,833 | |
| Taiwan Mobile Co., Ltd. | 11,000 | 37,881 | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 163,000 | 3,432,648 | |
| Teco Electric and Machinery Co., Ltd. | 32,000 | 36,367 | |
| Tripod Technology Corp. | 4,000 | 19,790 | |
| Unimicron Technology Corp. | 10,000 | 32,330 | |
| Uni-President Enterprises Corp. | 34,000 | 87,309 | |
| United Microelectronics Corp. | 96,000 | 172,191 | |
| Vanguard International Semiconductor Corp. | 7,000 | 26,698 | |
| Voltronic Power Technology Corp. | 1,050 | 40,952 | |
| Walsin Lihwa Corp. | 54,000 | 36,060 | |
| Walsin Technology Corp. | 6,000 | 52,952 | |
| Wan Hai Lines, Ltd. | 9,000 | 17,441 | |
| Win Semiconductors Corp. | 3,000 | 41,428 | |
| Winbond Electronics Corp. | 21,000 | 21,962 | |
| Wistron Corp. | 22,000 | 25,942 | |
| Wiwynn Corp. | 1,000 | 29,645 | |
| WPG Holdings, Ltd. | 11,000 | 18,865 | |
| Yageo Corp. | 3,000 | 58,713 | |
| Yuanta Financial Holding Co., Ltd. | 71,400 | 56,408 | |
| $ 7,796,981 | |||
| United Arab Emirates — 5.5% | |||
| Abu Dhabi Commercial Bank PJSC | 114,789 | $ 193,650 | |
| Abu Dhabi Islamic Bank PJSC | 60,211 | 80,087 | |
| Abu Dhabi National Oil Co. for Distribution PJSC | 114,000 | 139,461 | |
| Aldar Properties PJSC | 275,653 | 282,804 | |
| Dubai Islamic Bank PJSC | 75,050 | 93,142 | |
| Emirates NBD Bank PJSC | 101,896 | 319,605 | |
| Emirates Telecommunications Group Co. PJSC | 72,106 | 425,011 | |
| First Abu Dhabi Bank PJSC | 181,086 | 720,682 | |
9
See Notes to Financial Statements.
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value | |
| United Arab Emirates (continued) | |||
| International Holdings Co. PJSC(2) | 13,840 | $ 240,813 | |
| $ 2,495,255 | |||
| Total Common Stocks (identified cost $30,124,480) | $40,779,487 | ||
| Short-Term Investments — 9.8% |
| Other — 9.8% | |||
| Description | Units | Value | |
| Calvert Cash Reserves Fund, LLC, 0.07%(4) | 4,434,187 | $ 4,434,631 | |
| Total Other (identified cost $4,434,631) | $ 4,434,631 | ||
| Securities Lending Collateral — 0.0%(5) | |||
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%(6) | 9,580 | $ 9,580 | |
| Total Securities Lending Collateral (identified cost $9,580) | $ 9,580 | ||
| Total Short-Term Investments (identified cost $4,444,211) | $ 4,444,211 | ||
| Total Investments — 99.5% (identified cost $34,568,691) | $45,223,698 | |
| Other Assets, Less Liabilities — 0.5% | $ 230,853 | |
| Net Assets — 100.0% | $45,454,551 |
| 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 March 31, 2021, the aggregate value of these securities is $1,892,129 or 4.2% of the Fund's net assets. | |
| (2) | Non-income producing security. | |
| (3) | All or a portion of this security was on loan at March 31, 2021. The aggregate market value of securities on loan at March 31, 2021 was $460,141. |
| (4) | 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 March 31, 2021. |
| (5) | Amount is less than 0.05%. |
| (6) | Represents investment of cash collateral received in connection with securities lending. |
At March 31, 2021, the concentration of the Fund’s investments in the various sectors, determined as a percentage of net assets, was as follows:
| Economic Sectors | % of Net Assets |
| Information Technology | 21.2% |
| Consumer Discretionary | 17.2 |
| Financials | 16.8 |
| Communication Services | 15.0 |
| Industrials | 4.7 |
| Consumer Staples | 4.2 |
| Health Care | 3.3 |
| Materials | 3.0 |
| Utilities | 2.3 |
| Real Estate | 2.0 |
| Energy | 0.0%* |
| Total | 89.7% |
| * | Amount is less than 0.05%. |
Forward Foreign Currency Exchange Contracts
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
| USD | 2,134,304 | EUR | 1,785,892 | Standard Chartered Bank | 4/9/21 | $ 39,858 | $ — |
| AED | 246,000 | USD | 66,939 | Standard Chartered Bank | 5/31/22 | — | (13) |
| USD | 346,596 | AED | 1,275,750 | Standard Chartered Bank | 5/31/22 | — | (479) |
10
See Notes to Financial Statements.
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Schedule of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts — continued
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
| USD | 119,957 | AED | 443,000 | Standard Chartered Bank | 5/31/22 | $ — | $ (564) |
| USD | 404,754 | AED | 1,495,000 | Standard Chartered Bank | 5/31/22 | — | (1,969) |
| USD | 1,035,295 | AED | 3,825,000 | Standard Chartered Bank | 5/31/22 | — | (5,319) |
| $39,858 | $(8,344) | ||||||
Futures Contracts
| Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) |
| Equity Futures | |||||
| SGX NIFTY 50 Index | 75 | Long | 4/29/21 | $2,211,900 | $ (23,180) |
| $(23,180) |
| Abbreviations: | |
| ADR | – American Depositary Receipt |
| PFC Shares | – Preference Shares |
| SDR | – Swedish Depositary Receipt |
| Currency Abbreviations: | |
| AED | – United Arab Emirates Dirham |
| EUR | – Euro |
| USD | – United States Dollar |
11
See Notes to Financial Statements.
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Statement of Assets and Liabilities (Unaudited)
| March 31, 2021 | |
| Assets | |
| Investments in securities of unaffiliated issuers, at value (identified cost $30,134,060) - including $460,141 of securities on loan | $ 40,789,067 |
| Investments in securities of affiliated issuers, at value (identified cost $4,434,631) | 4,434,631 |
| Receivable for open forward foreign currency exchange contracts | 39,858 |
| Deposits at broker for futures contracts | 148,500 |
| Cash denominated in foreign currency, at value (cost $65,490) | 64,714 |
| Receivable for capital shares sold | 192 |
| Dividends receivable | 163,357 |
| Dividends receivable - affiliated | 213 |
| Securities lending income receivable | 259 |
| Receivable from affiliate | 22,028 |
| Directors' deferred compensation plan | 410 |
| Total assets | $45,663,229 |
| Liabilities | |
| Payable for variation margin on open futures contracts | $ 27,450 |
| Payable for open forward foreign currency exchange contracts | 8,344 |
| Payable for capital shares redeemed | 292 |
| Deposits for securities loaned | 9,580 |
| Payable to affiliates: | |
| Investment advisory fee | 24,719 |
| Administrative fee | 4,709 |
| Distribution and service fees | 9 |
| Sub-transfer agency fee | 181 |
| Directors' deferred compensation plan | 410 |
| Accrued expenses | 132,984 |
| Total liabilities | $ 208,678 |
| Net Assets | $45,454,551 |
| Sources of Net Assets | |
| Paid-in capital | $ 33,889,353 |
| Distributable earnings | 11,565,198 |
| Total | $45,454,551 |
| Class A Shares | |
| Net Assets | $ 132,847 |
| Shares Outstanding | 10,295 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 12.90 |
| Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share) | $ 13.54 |
| Class I Shares | |
| Net Assets | $ 45,321,704 |
| Shares Outstanding | 3,502,958 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 12.94 |
| On sales of $50,000 or more, the offering price of Class A shares is reduced. |
12
See Notes to Financial Statements.
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Statement of Operations (Unaudited)
| Six Months Ended | |
| March 31, 2021 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $53,762) | $ 306,461 |
| Dividend income - affiliated issuers | 2,448 |
| Securities lending income, net | 1,607 |
| Total investment income | $ 310,516 |
| Expenses | |
| Investment advisory fee | $ 149,970 |
| Administrative fee | 28,565 |
| Distribution and service fees: | |
| Class A | 101 |
| Directors' fees and expenses | 1,029 |
| Custodian fees | 58,588 |
| Transfer agency fees and expenses | 928 |
| Accounting fees | 14,518 |
| Professional fees | 18,812 |
| Registration fees | 28,123 |
| Reports to shareholders | 754 |
| Miscellaneous | 13,571 |
| Total expenses | $ 314,959 |
| Waiver and/or reimbursement of expenses by affiliate | $ (88,688) |
| Net expenses | $ 226,271 |
| Net investment income | $ 84,245 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities | $ 1,266,486 |
| Investment securities - affiliated issuers | 115 |
| Futures contracts | 1,221,346 |
| Foreign currency transactions | (21,449) |
| Forward foreign currency exchange contracts | (57,306) |
| Net realized gain | $2,409,192 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $ 6,587,699 |
| Investment securities - affiliated issuers | (115) |
| Futures contracts | 50,130 |
| Foreign currency | (14,816) |
| Forward foreign currency exchange contracts | 48,539 |
| Net change in unrealized appreciation (depreciation) | $6,671,437 |
| Net realized and unrealized gain | $9,080,629 |
| Net increase in net assets from operations | $9,164,874 |
13
See Notes to Financial Statements.
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Statements of Changes in Net Assets
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020(1) | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $ 84,245 | $ 335,411 |
| Net realized gain (loss) | 2,409,192 | (1,749,926) |
| Net change in unrealized appreciation (depreciation) | 6,671,437 | 3,986,467 |
| Net increase in net assets from operations | $ 9,164,874 | $ 2,571,952 |
| Distributions to shareholders: | ||
| Class A | $ (101) | $ (52) |
| Class I | (63,570) | (107,905) |
| Total distributions to shareholders | $ (63,671) | $ (107,957) |
| Capital share transactions: | ||
| Class A | $ 13,681 | $ 84,324 |
| Class I | (5,543,137) | 39,334,485 |
| Net increase (decrease) in net assets from capital share transactions | $ (5,529,456) | $39,418,809 |
| Net increase in net assets | $ 3,571,747 | $41,882,804 |
| Net Assets | ||
| At beginning of period | $ 41,882,804 | $ — |
| At end of period | $45,454,551 | $41,882,804 |
| (1) | The Fund commenced operations on October 1, 2019. |
14
See Notes to Financial Statements.
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Financial Highlights
| Class A | ||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |
| 2020 (1) | ||
| Net asset value — Beginning of period | $ 10.64 | $ 10.00 |
| Income (Loss) From Operations | ||
| Net investment income (loss)(2) | $ (0.01) | $ 0.10 |
| Net realized and unrealized gain | 2.28 | 0.59 |
| Total income from operations | $ 2.27 | $ 0.69 |
| Less Distributions | ||
| From net investment income | $ (0.01) | $ — |
| From net realized gain | — | (0.05) |
| Total distributions | $ (0.01) | $ (0.05) |
| Net asset value — End of period | $12.90 | $10.64 |
| Total Return(3) | 21.43% (4) | 6.94% |
| Ratios/Supplemental Data | ||
| Net assets, end of period (000’s omitted) | $ 133 | $ 91 |
| Ratios (as a percentage of average daily net assets):(5) | ||
| Total expenses | 1.57% (6) | 1.83% |
| Net expenses | 1.20% (6) | 1.20% |
| Net investment income (loss) | (0.24)% (6) | 0.99% |
| Portfolio Turnover | 25% (4) | 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) | 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. |
15
See Notes to Financial Statements.
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Financial Highlights — continued
| Class I | ||
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, | |
| 2020 (1) | ||
| Net asset value — Beginning of period | $ 10.66 | $ 10.00 |
| Income (Loss) From Operations | ||
| Net investment income(2) | $ 0.02 | $ 0.12 |
| Net realized and unrealized gain | 2.28 | 0.59 |
| Total income from operations | $ 2.30 | $ 0.71 |
| Less Distributions | ||
| From net investment income | $ (0.02) | $ — |
| From net realized gain | — | (0.05) |
| Total distributions | $ (0.02) | $ (0.05) |
| Net asset value — End of period | $ 12.94 | $ 10.66 |
| Total Return(3) | 21.54% (4) | 7.14% |
| Ratios/Supplemental Data | ||
| Net assets, end of period (000’s omitted) | $45,322 | $41,792 |
| Ratios (as a percentage of average daily net assets):(5) | ||
| Total expenses | 1.32% (6) | 1.58% |
| Net expenses | 0.95% (6) | 0.95% |
| Net investment income | 0.35% (6) | 1.15% |
| Portfolio Turnover | 25% (4) | 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) | 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. |
16
See Notes to Financial Statements.
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Calvert Emerging Markets Advancement Fund (the Fund) is a diversified series of Calvert World Values Fund, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is total return.
The Fund offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. A contingent deferred sales charge of 0.80% may apply to certain redemptions of Class A shares for accounts for which no sales charge was paid, if redeemed within 12 months of purchase. Class I shares are sold at net asset value, are not subject to a sales charge and are sold only to certain eligible investors. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and is subject to different expenses.
The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.
A Investment Valuation— Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.
U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Valuation techniques used to value the Fund’s investments by major category are as follows:
Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ Global or Global Select Market are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Board has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Such securities are categorized as Level 2 in the hierarchy.
Affiliated Fund. The Fund may invest in Calvert Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Calvert Research and Management (CRM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day and are categorized as Level 2 in the hierarchy. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.
Other Securities. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.
Derivatives. Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 or Level 2 in the hierarchy. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service and are categorized as Level 2 in the hierarchy.
Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund's adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course.
17
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.
The following table summarizes the market value of the Fund's holdings as of March 31, 2021, based on the inputs used to value them:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | ||||
| China | $ 5,116,668 | $ 7,855,018 | $ — | $ 12,971,686 |
| Colombia | 1,738,824 | 561,428 | — | 2,300,252 |
| Egypt | — | 1,370,271 | — | 1,370,271 |
| Greece | — | 2,704,730 | — | 2,704,730 |
| Hong Kong | 14,125 | 387,944 | — | 402,069 |
| Indonesia | — | 1,212,447 | — | 1,212,447 |
| Mexico | 1,319,035 | — | — | 1,319,035 |
| Philippines | — | 413,451 | — | 413,451 |
| South Korea | — | 7,793,310 | — | 7,793,310 |
| Taiwan | 26,403 | 7,770,578 | — | 7,796,981 |
| United Arab Emirates | — | 2,495,255 | — | 2,495,255 |
| Total Common Stocks | $8,215,055 | $32,564,432 (1) | $ — | $40,779,487 |
| Short-Term Investments: | ||||
| Other | $ — | $ 4,434,631 | $ — | $ 4,434,631 |
| Securities Lending Collateral | 9,580 | — | — | 9,580 |
| Total Investments | $8,224,635 | $36,999,063 | $ — | $45,223,698 |
| Forward Foreign Currency Exchange Contracts | $ — | $ 39,858 | $ — | $ 39,858 |
| Total | $8,224,635 | $37,038,921 | $ — | $45,263,556 |
| Liability Description | ||||
| Forward Foreign Currency Exchange Contracts | $ — | $ (8,344) | $ — | $ (8,344) |
| Futures Contracts | — | (23,180) | — | (23,180) |
| Total | $ — | $ (31,524) | $ — | $ (31,524) |
| (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. |
B Investment Transactions and Income— Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain.
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Calvert
Emerging Markets Advancement Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
C Share Class Accounting— Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class.
D Foreign Currency Transactions— The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
E Futures Contracts— The Fund may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade, which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange, and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund.
F Forward Foreign Currency Exchange Contracts— The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.
G Distributions to Shareholders— Distributions to shareholders are recorded by the Fund on ex-dividend date. Distributions from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.
H Estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
I Indemnifications— The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
J Federal Income Taxes— No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.
Management has analyzed the Fund's tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund's financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
K Interim Financial Statements— The interim financial statements relating to March 31, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
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Calvert
Emerging Markets Advancement Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
2 Related Party Transactions
The investment advisory fee is earned by CRM as compensation for investment advisory services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and CRM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement (the “New Agreement”) with CRM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund’s investment advisory agreement with CRM in effect prior to March 1, 2021), the fee is computed at the annual rate of 0.63% of the Fund’s average daily net assets and is payable monthly. For the six months ended March 31, 2021, the investment advisory fee amounted to $149,970. The Fund may invest its cash in Cash Reserves Fund. CRM does not currently receive a fee for advisory services provided to Cash Reserves Fund.
CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.20% and 0.95% for Class A and Class I, respectively, of such class’s average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after January 31, 2022. For the six months ended March 31, 2021, CRM waived or reimbursed expenses of $88,688.
The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets attributable to Class A and Class I and is payable monthly. For the six months ended March 31, 2021, CRM was paid administrative fees of $28,565.
The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued for the six months ended March 31, 2021 amounted to $101 for Class A shares.
Eaton Vance Management (EVM), an affiliate of CRM, provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2021, sub-transfer agency fees and expenses incurred to EVM amounted to $300 and are included in transfer agency fees and expenses on the Statement of Operations.
Each Director of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $154,000, plus an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee. The Board chair receives an additional $30,000 ($20,000 prior to January 1, 2021) annual fee and Committee chairs receive an additional $6,000 annual fee. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund's assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM. Prior to December 31, 2020, an Advisory Council aided the Board and CRM in advancing the cause of responsible investing through original scholarship and thought leadership. The Advisory Council consisted of CRM’s Chief Executive Officer and three additional members. For the year ended December 31, 2020, each member (other than CRM’s Chief Executive Officer) was compensated $20,000 for their service on the Advisory Council. Such compensation, and any other compensation and/or expenses incurred by the Advisory Council as may be approved by the Board, was borne by the Calvert funds. For the six months ended March 31, 2021, the Fund was not allocated any portion of the Advisory Council compensation and fees.
3 Investment Activity
During the six months ended March 31, 2021, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $10,147,791 and $13,945,015, respectively.
4 Distributions to Shareholders and Income Tax Information
At September 30, 2020, the Fund had a net capital loss of $1,379,255 attributable to security transactions incurred after October 31, 2019 that it has elected to defer. This net capital loss is treated as arising on the first day of the Fund’s taxable year ending September 30, 2021.
20
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at March 31, 2021, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $34,802,825 |
| Gross unrealized appreciation | $ 11,017,233 |
| Gross unrealized depreciation | (588,026) |
| Net unrealized appreciation | $10,429,207 |
5 Financial Instruments
The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at March 31, 2021 is included in the Schedule of Investments. At March 31, 2021, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
In the normal course of pursuing its investment objective, the Fund is subject to the following risks:
Equity Price Risk: During the six months ended March 31, 2021, the Fund entered into equity futures contracts to enhance total return, to manage certain investment risks and/or as a substitute for the purchase of securities.
Foreign Exchange Risk: During the six months ended March 31, 2021, the Fund entered into forward foreign currency exchange contracts to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.
The Fund enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At March 31, 2021, the fair value of derivatives with credit-related contingent features in a net liability position was $8,344. At March 31, 2021, there were no assets pledged by the Fund for such liability.
The over-the-counter (OTC) derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with its derivative counterparty. The ISDA Master Agreement is a bilateral agreement between the Fund and the counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the ISDA Master Agreement. Under the ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. The ISDA Master Agreement allows the counterparty to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.
The collateral requirements for derivatives traded under the ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under the ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required. Collateral pledged for the benefit of the Fund and/ or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments.
At March 31, 2021, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure was as follows:
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Calvert
Emerging Markets Advancement Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
| 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 | $ 39,858 | $ (8,344) |
| Equity price | Futures contracts | Distributable earnings | — | (23,180) (1) |
| Total | $39,858 | $(31,524) | ||
| Derivatives not subject to master netting agreement | $ — | $(23,180) | ||
| Total Derivatives subject to master netting agreement | $39,858 | $ (8,344) | ||
| (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. |
The Fund’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of March 31, 2021.
| Counterparty | Derivative Assets Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Received(a) | Cash Collateral Received(a) | Net Amount of Derivative Assets(b) |
| Standard Chartered Bank | $39,858 | $(8,344) | $ — | $ — | $31,514 |
| 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(c) |
| Standard Chartered Bank | $(8,344) | $8,344 | $ — | $ — | $ — |
| (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 due from the counterparty in the event of default. |
| (c) | Net amount represents the net amount payable to the counterparty in the event of default. |
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended March 31, 2021 was as follows:
| Statement of Operations Caption | Equity price | Foreign exchange | Total |
| Net realized gain (loss): | |||
| Forward foreign currency exchange contracts | $ — | $ (57,306) | $ (57,306) |
| Futures contracts | 1,221,346 | — | 1,221,346 |
| Total | $1,221,346 | $(57,306) | $1,164,040 |
| Change in unrealized appreciation (depreciation): | |||
| Forward foreign currency exchange contracts | $ — | $ 48,539 | $ 48,539 |
| Futures contracts | 50,130 | — | 50,130 |
| Total | $ 50,130 | $ 48,539 | $ 98,669 |
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Calvert
Emerging Markets Advancement Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended March 31, 2021, which are indicative of the volume of these derivative types, were approximately as follows:
| Futures Contracts — Long | Forward Foreign Currency Exchange Contracts* |
| $4,369,000 | $4,336,000 |
| * | 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. |
6 Securities Lending
To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities as collateral equal at all times to at least 102% of the market value of the domestic securities loaned and 105% of the market value of the international securities loaned (if applicable). The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent based on agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.
The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.
At March 31, 2021, the total value of securities on loan was $460,141 and the total value of collateral received was $486,233, comprised of cash of $9,580 and U.S. government and/or agencies securities of $476,653.
The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of March 31, 2021.
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $9,580 | $ — | $ — | $ — | $9,580 |
The carrying amount of the liability for deposits for securities loaned at March 31, 2021 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at March 31, 2021.
7 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.
The Fund had no borrowings pursuant to its line of credit during the six months ended March 31, 2021.
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Calvert
Emerging Markets Advancement Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
8 Affiliated Funds
At March 31, 2021, the value of the Fund’s investment in affiliated funds was $4,434,631, which represents 9.8% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended March 31, 2021 were as follows:
| 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 | $4,546,415 | $12,864,317 | $(12,976,101) | $115 | $(115) | $4,434,631 | $2,448 | 4,434,187 |
9 Capital Shares
The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 75,000,000 common shares, $0.01 par value, for each Class.
Transactions in capital shares for the six months ended March 31, 2021 and the year ended September 30, 2020 were as follows:
| Six Months Ended March 31, 2021 (Unaudited) | Year Ended September 30, 2020(1) | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 10,670 | $ 131,784 | 8,721 | $ 85,582 | |
| Reinvestment of distributions | 8 | 101 | 5 | 53 | |
| Shares redeemed | (8,965) | (118,204) | (144) | (1,311) | |
| Net increase | 1,713 | $ 13,681 | 8,582 | $ 84,324 | |
| Class I | |||||
| Shares sold | 102,873 | $ 1,279,474 | 4,056,737 | $ 40,660,497 | |
| Reinvestment of distributions | 5,118 | 63,565 | 10,446 | 107,904 | |
| Shares redeemed | (525,981) | (6,886,176) | (146,235) | (1,433,916) | |
| Net increase (decrease) | (417,990) | $(5,543,137) | 3,920,948 | $39,334,485 | |
| (1) | The Fund commenced operations on October 1, 2019. |
At March 31, 2021, EVM, Calvert Conservative Allocation Fund, Calvert Moderate Allocation Fund and Calvert Growth Allocation Fund owned in the aggregate 92.5% of the value of the outstanding shares of the Fund.
10 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or
24
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Notes to Financial Statements (Unaudited) — continued
obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.
25
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Joint Special Meeting of Shareholders (Unaudited)
Calvert Emerging Markets Advancement Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Calvert funds on February 19, 2021 in order to approve a new investment advisory agreement with Calvert Research and Management to serve as the Fund’s investment adviser (the “Proposal”). The shareholder meeting results are as follows:
| Number of Shares(1) | ||||
| For | Against | Abstain (2) | Broker Non-Votes(2) | |
| 3,865,236.216 | 3.692 | 51,668.025 | 0 | |
(1) Fractional shares were voted proportionately.
(2) Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.
26
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Board of Directors' Contract Approval
Overview of the Board Evaluation Process
Even though the following description of the Board’s consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Calvert Emerging Markets Advancement Fund.
| Fund | Investment Adviser | Investment Sub-Adviser |
| Calvert Emerging Markets Advancement Fund | Calvert Research and Management | None |
Following the public announcement of Morgan Stanley’s planned acquisition of Eaton Vance Corp. (“EVC”) and its affiliates (the “Transaction”), the Board members who are not “interested persons” (as defined in the 1940 Act) of the Funds or CRM (the “Independent Board Members”), met on October 8, 2020 with their independent legal counsel. During that meeting, the Independent Board Members preliminarily discussed the Transaction and the implications of the Transaction on the Funds and CRM. At the request of the Independent Board Members, their counsel discussed the various actions that they and the Funds’ shareholders would be asked to take in connection with the Transaction, including requesting information from CRM and Morgan Stanley concerning the Transaction and its implications for the Funds.
On October 14, 2020, during a telephonic meeting of the Boards, senior representatives of CRM provided an overview of the Transaction and Morgan Stanley to the Independent Board Members and their counsel. The senior representatives of CRM also discussed the anticipated benefits of the Transaction to CRM and the Funds. They also indicated that they expected that the operations of CRM and the Funds would be maintained substantially in their current forms after the Closing of the Transaction.
In connection with the proposed Transaction, the Independent Board Members, assisted by their independent legal counsel, requested extensive information from CRM and Morgan Stanley regarding the proposed Transaction and its potential implications for the Funds (the “Request for Information”).
On November 18, 2020, during a telephonic meeting of the Boards, senior representatives of CRM discussed certain matters related to the Transaction with the Independent Board Members and their counsel. The senior representatives of CRM indicated that CRM and Morgan Stanley were in the process of preparing a response to the Request for Information and that senior representatives of CRM and Morgan Stanley would be prepared to discuss their response and any other matters related to the Transaction with the Independent Board Members at the Boards’ December 8, 2020 meeting.
On December 1, 2020, during a video conference meeting, the Independent Board Members reviewed CRM’s and Morgan Stanley’s response to the Request for Information (the “Response”) and discussed the information contained in the Response amongst themselves and with their counsel. During that meeting, the Independent Board Members received advice from their independent legal counsel regarding their responsibilities in evaluating the possible Transaction and new investment advisory agreements and new investment sub-advisory agreements (the “New Agreements”). Following that meeting, the Independent Board Members, assisted by their counsel, requested additional information from CRM and Morgan Stanley regarding the proposed Transaction and its potential implications for the Funds (the “Supplemental Request for Information”).
In connection with the proposed Transaction and their consideration of the New Agreements, the Board members, including all of the Independent Board Members, met with senior representatives of EVC, CRM and Morgan Stanley at a meeting held on December 8, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders and any remaining matters concerning the Response and CRM’s and Morgan Stanley’s response to the Supplemental Request for Information. During the meeting, senior representatives of Morgan Stanley made presentations to, and responded to questions from, the Board members. After the presentations and discussions with senior representatives of EVC, CRM and Morgan Stanley, the Independent Board Members met in executive session with their counsel to consider the Transaction, the New Agreements and related matters.
Each Board’s evaluation of the New Agreements included consideration of the information provided specifically in regard to the New Agreements as well as, where relevant, information that previously had been provided to the Board in connection with the most recent annual contract renewal of the Funds’ current contractual arrangements at a meeting held on March 4, 2020.
In the course of its deliberations regarding the New Agreements, the Board members considered the following factors, among others: the nature, extent and quality of the services to be provided by CRM, its affiliates and the Sub-Advisers, including the personnel who would be providing such services; Morgan Stanley’s financial condition; the proposed advisory and sub-advisory fees; comparative fee and expense information for the Funds and for comparable funds managed by CRM and its affiliates; the anticipated profitability of the Funds to CRM and its affiliates; the direct and indirect benefits, if any, to be derived by Morgan Stanley, CRM, and their affiliates from their relationship with the Funds; the effect of each Fund’s projected growth and size on each Fund’s performance and expenses; and CRM’s and the Sub-Advisers’ compliance programs.
In considering the nature, extent, and quality of the services to be provided to the Funds by CRM and the Sub-Advisers, as applicable, under the New Agreements, the Board members took into account information relating to CRM’s and the Sub-Advisers’ operations and personnel, including, among other information, biographical information on their investment, supervisory, and professional staff, as applicable, and descriptions of their organizational and management structure. The Board members considered the investment strategies used in managing the Funds and the performance of other funds managed by the investment teams at CRM and its affiliates that would be managing the Funds. The Board members also took into account, as applicable, CRM’s and the Sub-Advisers’ proposed staffing and overall resources. CRM’s administrative capabilities were also considered. The Board members concluded that they were satisfied with the nature, extent and quality of services to be provided to the Funds by CRM and the Sub-Advisers, as applicable, under the New Advisory Agreements.
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Calvert
Emerging Markets Advancement Fund
March 31, 2021
Board of Directors' Contract Approval — continued
In considering the management style and investment strategies that CRM and the Sub-Advisers, as applicable, proposed to use in managing the Funds, the Board members took into consideration certain comparative performance information for the Funds prepared by an independent data provider. The Board members also considered information regarding the financial condition of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry. The Board members took into account that the Funds’ investment objectives, investment strategies and portfolio managers were not expected to change after the Closing of the Transaction. Based upon their review, the Board members concluded that CRM and the Sub-Advisers, as applicable, are qualified to manage each Fund’s assets in accordance with the Funds’ investment objectives and investment strategies and that the investment strategies continued to be appropriate for pursuing each Fund’s investment objective(s).
In considering each Fund’s proposed fees and estimated expenses, the Board members considered certain comparative fee and expense data prepared by an independent data provider. The Board members also took into account that no changes in the Funds’ current advisory and sub-advisory fees were being proposed in connection with the Transaction. The Board members further took into account that no changes in the Funds’ current expense limitations were being proposed in connection with the Transaction. Based upon their review, the Board members concluded that the proposed advisory and sub-advisory fees were reasonable in view of the quality of services to be received by the Funds from CRM and the Sub-Advisers, as applicable.
In reviewing the anticipated profitability of the advisory fees to CRM and its affiliates, the Board members considered the fact that affiliates of CRM would be providing shareholder servicing, administrative, distribution, and sub-advisory services to the Funds for which they would receive compensation. The Board also took into account whether CRM had the financial wherewithal to provide services to the Funds. The Board also considered that CRM and Morgan Stanley would likely derive benefits to their reputations and other indirect benefits from their relationship with the Funds. Because CRM will pay the Sub-Advisers’ sub-advisory fees out of its advisory fees, the anticipated profitability of the Funds to the Sub-Advisers was not a material factor in the Board’s deliberations concerning the entering into of the New Agreements. Based upon its review, the Board concluded that CRM’s and its affiliates’ anticipated level of profitability from their relationship with the Funds was reasonable.
The Board members considered the effect of each Fund’s current size and potential growth on its performance and expenses. The Board members took into account management’s discussion of the Funds’ proposed advisory and sub-advisory fees, noting that no changes in the Funds’ current advisory and sub-advisory fees were being proposed in connection with the Transaction. The Board members also noted that the advisory and sub-advisory fee schedules for certain Funds will contain one or more breakpoints that will reduce the respective advisory and sub-advisory fee rates on assets above specified levels as the applicable Fund’s assets increased and considered the necessity of adding breakpoints with respect to the Funds that did not currently have such breakpoints in their advisory and sub-advisory fee schedules. The Board members determined that adding breakpoints at specified levels to the advisory and sub-advisory fee schedules of the Funds that did not currently have breakpoints would not be appropriate at this time. Because CRM will pay the Sub-Advisers’ sub-advisory fees out of its advisory fees, the Board did not consider the potential economies of scale from the Sub-Advisers’ management of the Funds to be a material factor in the Board’s deliberations concerning the entering into of the New Agreements. The Board members noted that if a Fund’s assets increase over time, the Fund might realize other economies of scale if assets increase proportionally more than certain other expenses.
In considering the approval of the New Agreements, the Board members also considered the following matters:
i. their belief that the Transaction will benefit the Funds;
ii. CRM’s and the Sub-Advisers’ intentions to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies, which, where applicable, includes continuing to manage the Fund pursuant to responsible investment criteria as described in the Fund’s prospectus;
iii. the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;
iv. Morgan Stanley’s commitment to maintain the investment autonomy of CRM;
v. Morgan Stanley’s and CRM’s commitment to maintaining the nature, quality and extent of services provided to the Funds by CRM and its affiliates following the Closing of the Transaction;
vi. Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;
vii. confirmation that the current senior management team at CRM has indicated its strong support of the Transaction; and
viii. a commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction.
In approving the New Agreements, the Board members did not identify any single factor as controlling, and each Board member may have attributed different weight to various factors.
The Board members reached the following conclusions regarding the New Agreements, among others: (a) CRM and the Sub-Advisers have demonstrated that they possess the capability and resources to perform the duties required of them under the New Agreements; (b) CRM and the Sub-Advisers are qualified to manage the applicable Fund’s assets in accordance with such Fund’s investment objective(s) and investment strategies; (c) CRM’s and the
28
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Board of Directors' Contract Approval — continued
Sub-Advisers’ proposed investment strategies are appropriate for pursuing the applicable Fund’s investment objective(s); and (d) the proposed advisory and sub-advisory fees are reasonable in view of the quality of the services to be received by each Fund from CRM and the Sub-Advisers, as applicable. Based upon the foregoing considerations, at the meeting of the Board held on December 8, 2020, the Board members, including all of the Independent Board Members, unanimously approved the New Agreements and determined to recommend their approval to the shareholders of the Funds. In voting its approval of the New Agreements at the meeting, the Board relied on an order issued by the SEC in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.
29
Calvert
Emerging Markets Advancement Fund
March 31, 2021
Officers and Directors
| Officers |
| Hope L. Brown Chief Compliance Officer |
| Maureen A. Gemma Vice President, Secretary and Chief Legal Officer |
| James F. Kirchner Treasurer |
| Directors |
| Alice Gresham Bullock Chairperson |
| Richard L. Baird, Jr. |
| Cari M. Dominguez |
| John G. Guffey, Jr. |
| Miles D. Harper, III |
| Joy V. Jones |
| John H. Streur* |
| Anthony A. Williams |
| *Interested Director and President |
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Calvert Funds
| Privacy Notice | April 2021 |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
| To limit our sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
31
Calvert Funds
| Privacy Notice — continued | April 2021 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do | |
| How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
32
Calvert Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary. Separate statements will be generated for each separate account and will be householded as described above.
Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Calvert website at www.calvert.com, by calling Calvert at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.
33
Investment Adviser and Administrator
Calvert Research and Management
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, MA 02169
Fund Offices
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
| Item 2. | Code of Ethics. |
Not required in this filing.
| Item 3. | Audit Committee Financial Expert. |
Not required in this filing.
| Item 4. | Principal Accountant Fees and Services. |
Not required in this filing.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
| Item 6. | Schedule of Investments. |
Please see schedule of investments contained in the Report to Shareholders 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) | |
| President’s Section 302 certification. | ||
| Treasurer’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: | May 21, 2021 | |
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/ John H. Streur | |
John H. Streur | ||
President | ||
Date: | May 21, 2021 | |
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | May 21, 2021 | |