N-CSR 1 d283847dncsr.htm CALVERT WORLD VALUES FUND INC Calvert World Values Fund Inc

 

 

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)

 

 

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(202) 238-2200

(Registrant’s Telephone Number)

September 30

Date of Fiscal Year End

September 30, 2022

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders



Calvert
Mid-Cap Fund
Annual Report
September 30, 2022


 


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
Mid-Cap Fund
September 30, 2022
Management's Discussion of Fund Performance

Economic and Market Conditions
The 12-month period starting October 1, 2021, was dominated by the ongoing effects of one black swan event — the COVID-19 pandemic — and new fallout from another — Russia’s unprovoked invasion of Ukraine.
In the opening months of the period, stock investors as well as consumers appeared to be taking a “glass is half full” approach. Despite the appearance of a new and more contagious COVID-19 variant, the highest inflation readings in nearly four decades, and the U.S. Federal Reserve’s (the Fed’s) announcement that it would begin tapering bond purchases that had supported economic growth, major U.S. equity indexes repeatedly closed at new all-time highs during the final quarter of 2021. As consumers rushed to spend money saved during the early months of the pandemic, Mastercard, Inc. reported its highest retail sales on record during the 2021 holiday season.
But as the new year began, investors appeared to reevaluate the twin threats of inflation and interest rate hikes, and stock performance turned negative. In February, Russia’s invasion of Ukraine sent shock waves through U.S. and global markets, exacerbating inflationary pressures on energy and food costs.
As the Fed’s outlook on inflation worsened from “transitory” to “persistent,” the central bank admitted it might have been late in initiating rate hikes to address the problem. Investors began to expect that the Fed would raise interest rates at every 2022 policy meeting and, in turn, worried that aggressive rate hikes could tip the U.S. economy into recession. At its June, July, and September meetings, the Fed hiked the federal funds rate 0.75% each time — its first moves of that magnitude since 1994. Higher interest rates, inflation, and recessionary worries drove stock prices down, with rate-sensitive technology stocks — which had been star performers early in the pandemic — suffering some of the worst declines.
For the period as a whole, the blue-chip Dow Jones Industrial Average® returned -13.40%; the S&P 500® Index, a broad measure of U.S. stocks, lost 15.47%; and the technology-laden Nasdaq Composite Index fell 26.25%.
Fund Performance
For the 12-month period ended September 30, 2022, Calvert Mid-Cap Fund (the Fund) returned -22.06% for Class A shares at net asset value (NAV), underperforming its benchmark, the Russell Midcap® Index (the Index), which returned -19.39%.
Security selections in the industrials, energy, and health care sectors detracted from returns relative to the Index during the period. An underweight exposure to the energy sector — the top-performing sector within the Index during the period — also detracted from relative performance.
Bill.com Holdings, Inc. (Bill.com), a provider of cloud-based software for automating the back-office financial operations of small- and mid-size businesses, detracted from Fund performance relative to the Index. Bill.com’s share price fell as rising interest rates weighed on highly valued growth stocks. By period-end, the stock was sold from the Fund.
Teleflex Inc. (Teleflex) manufactures single-use medical devices for hospitals and health care providers. Teleflex’s share price fell after the company did not improve its 2022 outlook, raising investor concerns that a strong U.S. dollar might hinder earnings growth for the remainder of the year.
The share price of Bath & Body Works, LLC, a retailer of personal care and home products, fell on investor concerns about the company’s transition to a new CEO, elevated freight costs, and the possible impact of inflation on consumer spending. By period-end, the stock was sold from the Fund.
On the up side, security selections in the financials and information technology sectors contributed to relative performance. Overweight exposures to the industrials and consumer staples sectors were also beneficial during the period.
Baker Hughes Co. (Baker), a global provider of technology for energy producers, contributed to performance relative to the Index. Its share price benefited from the rapid rise in oil prices during the period, leading investors to expect Baker’s customers to spend more for its services. By period-end, the stock was sold from the Fund.
The share price of Assurant, Inc., a provider of consumer electronics and homeowners insurance, rose after the company reported strong 2021 returns. Earnings growth, driven by mobile device trade-ins, exceeded market expectations. By period-end, the stock was sold from the Fund.
Xcel Energy, Inc., a Minnesota-based electric and natural gas utility, benefited from investment demand for noncyclical stocks in a volatile market environment. Utilities and energy were the only two sectors to have positive returns during the period. By period-end, the stock was sold from the Fund.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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
September 30, 2022
Performance

Portfolio Manager(s) Michael D. McLean, CFA and J. Griffith Noble, CFA, each of Calvert Research and Management
% Average Annual Total Returns1,2 Class
Inception Date
Performance
Inception Date
One Year Five Years Ten Years
Class A at NAV 10/31/1994 10/31/1994 (22.06)% 4.12% 6.70%
Class A with 5.25% Maximum Sales Charge (26.16) 3.01 6.13
Class C at NAV 10/31/1994 10/31/1994 (22.63) 3.35 6.06
Class C with 1% Maximum Deferred Sales Charge (23.27) 3.35 6.06
Class I at NAV 06/03/2003 10/31/1994 (21.87) 4.42 7.14

Russell Midcap® Index (19.39)% 6.48% 10.29%
    
% Total Annual Operating Expense Ratios3 Class A Class C Class I
Gross 1.22% 1.98% 0.97%
Net 1.18 1.93 0.93
Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
Growth of Investment Amount Invested Period Beginning At NAV With Maximum Sales Charge
Class C $10,000 09/30/2012 $18,008 N.A.
Class I, at minimum investment $1,000,000 09/30/2012 $1,993,088 N.A.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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.
3

 


Calvert
Mid-Cap Fund
September 30, 2022
Fund Profile

Sector Allocation (% of net assets)1
Top 10 Holdings (% of net assets)1  
Sysco Corp. 2.7%
Synopsys, Inc. 2.7
Nordson Corp. 2.6
Teleflex, Inc. 2.6
Graco, Inc. 2.5
Tyler Technologies, Inc. 2.4
Equity LifeStyle Properties, Inc. 2.4
Fair Isaac Corp. 2.4
Microchip Technology, Inc. 2.4
VeriSign, Inc. 2.4
Total 25.1%
 
Footnotes:
1 Excludes cash and cash equivalents.
4

 


Calvert
Mid-Cap Fund
September 30, 2022
Endnotes and Additional Disclosures

The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.
   
1 Russell Midcap® Index is an unmanaged index of U.S. mid-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
2 Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.
Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.
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 1/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.
  Fund profile subject to change due to active management.
  Additional Information
   S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Dow Jones Industrial Average® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund.
 
5

 


Calvert
Mid-Cap Fund
September 30, 2022
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 (April 1, 2022 to September 30, 2022).
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
(4/1/22)
Ending
Account Value
(9/30/22)
Expenses Paid
During Period*
(4/1/22 – 9/30/22)
Annualized
Expense
Ratio
Actual        
Class A $1,000.00 $ 789.00 $5.29 ** 1.18%
Class C $1,000.00 $ 785.70 $8.64 ** 1.93%
Class I $1,000.00 $ 789.90 $4.17 ** 0.93%
Hypothetical        
(5% return per year before expenses)        
Class A $1,000.00 $1,019.15 $5.97 ** 1.18%
Class C $1,000.00 $1,015.39 $9.75 ** 1.93%
Class I $1,000.00 $1,020.41 $4.71 ** 0.93%
    
* Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2022.
** Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher.
6

 


Calvert
Mid-Cap Fund
September 30, 2022
Schedule of Investments

Common Stocks — 97.7%
    
Security Shares Value
Auto Components — 3.8%  
Aptiv PLC(1)      54,950 $   4,297,640
Dorman Products, Inc.(1)      58,418   4,797,286
      $  9,094,926
Banks — 5.0%  
Commerce Bancshares, Inc.      60,425 $   3,997,718
First Republic Bank      27,040   3,530,072
M&T Bank Corp.      24,925   4,394,776
      $ 11,922,566
Building Products — 1.7%  
Trex Co., Inc.(1)   93,356 $ 4,102,063
      $ 4,102,063
Capital Markets — 6.3%  
LPL Financial Holdings, Inc.   17,422 $ 3,806,358
MarketAxess Holdings, Inc.   14,980 3,332,900
Raymond James Financial, Inc.   50,087 4,949,597
Tradeweb Markets, Inc., Class A   54,947 3,100,110
      $ 15,188,965
Chemicals — 2.1%  
Quaker Chemical Corp.   35,390 $ 5,109,608
      $ 5,109,608
Commercial Services & Supplies — 3.0%  
Copart, Inc.(1)   23,941 $ 2,547,322
Rentokil Initial PLC ADR(2)   179,368 4,719,172
      $ 7,266,494
Communications Equipment — 3.1%  
F5, Inc.(1)   25,025 $ 3,621,868
Motorola Solutions, Inc.   17,273 3,868,634
      $ 7,490,502
Containers & Packaging — 2.0%  
AptarGroup, Inc.   51,730 $ 4,915,902
      $ 4,915,902
Distributors — 1.0%  
Pool Corp.   7,556 $ 2,404,395
      $ 2,404,395
Electric Utilities — 2.0%  
Alliant Energy Corp.   92,486 $ 4,900,833
      $ 4,900,833
Security Shares Value
Electrical Equipment — 3.0%  
AMETEK, Inc.      41,593 $   4,717,062
Generac Holdings, Inc.(1)      14,529   2,588,196
      $  7,305,258
Electronic Equipment, Instruments & Components — 1.4%  
TE Connectivity, Ltd.      29,626 $   3,269,525
      $  3,269,525
Entertainment — 2.3%  
Electronic Arts, Inc.      47,775 $   5,528,045
      $ 5,528,045
Equity Real Estate Investment Trusts (REITs) — 8.4%  
Equity LifeStyle Properties, Inc.   91,628 $ 5,757,903
Lamar Advertising Co., Class A   58,759 4,847,030
Mid-America Apartment Communities, Inc.   30,857 4,784,995
Rexford Industrial Realty, Inc.   91,025 4,733,300
      $ 20,123,228
Food & Staples Retailing — 2.7%  
Sysco Corp.   93,339 $ 6,600,001
      $ 6,600,001
Health Care Equipment & Supplies — 5.9%  
Cooper Cos., Inc. (The)   20,794 $ 5,487,537
IDEXX Laboratories, Inc.(1)   7,461 2,430,794
Teleflex, Inc.   30,962 6,237,604
      $ 14,155,935
Health Care Providers & Services — 1.5%  
R1 RCM, Inc.(1)   194,636 $ 3,606,605
      $ 3,606,605
Hotels, Restaurants & Leisure — 1.0%  
Wyndham Hotels & Resorts, Inc.   38,496 $ 2,361,730
      $ 2,361,730
Insurance — 3.8%  
RLI Corp.   47,059 $ 4,817,900
Ryan Specialty Holdings, Inc.(1)   105,577 4,288,538
      $ 9,106,438
Interactive Media & Services — 0.9%  
CarGurus, Inc.(1)   147,939 $ 2,096,296
      $ 2,096,296
 
7
See Notes to Financial Statements.

 


Calvert
Mid-Cap Fund
September 30, 2022
Schedule of Investments — continued

Security Shares Value
IT Services — 2.4%  
VeriSign, Inc.(1)      32,524 $   5,649,419
      $  5,649,419
Life Sciences Tools & Services — 1.8%  
Waters Corp.(1)      16,223 $   4,372,585
      $  4,372,585
Machinery — 7.2%  
Graco, Inc.      99,578 $   5,969,701
Nordson Corp.      29,495   6,260,904
Westinghouse Air Brake Technologies Corp.   62,773 5,106,583
      $ 17,337,188
Multiline Retail — 2.2%  
Dollar General Corp.   21,712 $ 5,207,840
      $ 5,207,840
Multi-Utilities — 2.0%  
CMS Energy Corp.   80,944 $ 4,714,179
      $ 4,714,179
Pharmaceuticals — 2.1%  
Royalty Pharma PLC, Class A   125,092 $ 5,026,197
      $ 5,026,197
Road & Rail — 1.6%  
Landstar System, Inc.   27,139 $ 3,918,057
      $ 3,918,057
Semiconductors & Semiconductor Equipment — 2.4%  
Microchip Technology, Inc.   92,725 $ 5,659,007
      $ 5,659,007
Software — 7.5%  
Fair Isaac Corp.(1)   13,877 $ 5,717,463
Synopsys, Inc.(1)   21,475 6,560,827
Tyler Technologies, Inc.(1)   16,855 5,857,113
      $ 18,135,403
Specialty Retail — 4.1%  
Five Below, Inc.(1)   21,570 $ 2,969,542
Floor & Decor Holdings, Inc., Class A(1)   37,226 2,615,499
O'Reilly Automotive, Inc.(1)   4,178 2,938,596
RH (1)(2)   5,231 1,287,192
      $ 9,810,829
Trading Companies & Distributors — 3.5%  
Core & Main, Inc., Class A(1)   181,659 $ 4,130,926
Security Shares Value
Trading Companies & Distributors (continued)  
United Rentals, Inc.(1)      15,946 $   4,307,333
      $  8,438,259
Total Common Stocks
(identified cost $247,857,629)
    $234,818,278
    
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(3)(4) $       360 $     334,354
Total High Social Impact Investments
(identified cost $360,000)
    $    334,354
    
Short-Term Investments — 4.1%      
Affiliated Fund — 2.2%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.80%(5)   5,423,426 $   5,423,426
Total Affiliated Fund
(identified cost $5,423,426)
    $  5,423,426
Securities Lending Collateral — 1.9%
Security Shares Value
State Street Navigator Securities Lending Government Money Market Portfolio, 3.07%(6)   4,485,280 $   4,485,280
Total Securities Lending Collateral
(identified cost $4,485,280)
    $  4,485,280
Total Short-Term Investments
(identified cost $9,908,706)
    $  9,908,706
Total Investments — 102.0%
(identified cost $258,126,335)
    $245,061,338
Other Assets, Less Liabilities — (2.0)%     $  (4,762,537)
Net Assets — 100.0%     $ 240,298,801
    
The percentage shown for each investment category in the Schedule of Investments is based on net assets.
(1) Non-income producing security.
(2) All or a portion of this security was on loan at September 30, 2022. The aggregate market value of securities on loan at September 30, 2022 was $4,765,352.
(3) May be deemed to be an affiliated company (see Note 7).
 
8
See Notes to Financial Statements.

 


Calvert
Mid-Cap Fund
September 30, 2022
Schedule of Investments — continued

(4) Restricted security. Total market value of restricted securities amounts to $334,354, which represents 0.2% of the net assets of the Fund as of September 30, 2022.
(5) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2022.
(6) Represents investment of cash collateral received in connection with securities lending.
 
Restricted Securities
Description Acquisition Date Cost
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 12/14/20 $360,000
    
Abbreviations: 
ADR – American Depositary Receipt
9
See Notes to Financial Statements.

 


Calvert
Mid-Cap Fund
September 30, 2022
Statement of Assets and Liabilities

  September 30, 2022
Assets  
Investments in securities of unaffiliated issuers, at value (identified cost $252,342,909) - including
$4,765,352 of securities on loan
$ 239,303,558
Investments in securities of affiliated issuers, at value (identified cost $5,783,426) 5,757,780
Receivable for capital shares sold 209,479
Dividends receivable  96,916
Dividends and interest receivable - affiliated 10,926
Securities lending income receivable 15,021
Receivable from affiliate 2,171
Directors' deferred compensation plan 144,417
Total assets $245,540,268
Liabilities  
Payable for capital shares redeemed $ 301,707
Deposits for securities loaned 4,485,280
Payable to affiliates:  
Investment advisory fee 137,791
Administrative fee 25,523
Distribution and service fees 34,937
Sub-transfer agency fee 11,900
Directors' deferred compensation plan 144,417
Accrued expenses 99,912
Total liabilities $ 5,241,467
Net Assets $240,298,801
Sources of Net Assets  
Paid-in capital $ 256,490,219
Accumulated loss (16,191,418)
Net Assets $240,298,801
Class A Shares  
Net Assets $ 138,646,241
Shares Outstanding 4,828,533
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)
$ 28.71
Maximum Offering Price Per Share 
(100 ÷ 94.75 of net asset value per share)
$ 30.30
Class C Shares  
Net Assets $ 4,611,511
Shares Outstanding 261,959
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)
$ 17.60
10
See Notes to Financial Statements.

 


Calvert
Mid-Cap Fund
September 30, 2022
Statement of Assets and Liabilities — continued

  September 30, 2022
Class I Shares  
Net Assets $ 97,041,049
Shares Outstanding 2,745,789
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)
$ 35.34
    
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
Mid-Cap Fund
September 30, 2022
Statement of Operations

  Year Ended
  September 30, 2022
Investment Income  
Dividend income (net of foreign taxes withheld of $662) $ 3,309,168
Dividend income - affiliated issuers 19,408
Interest income - affiliated issuers 5,400
Securities lending income, net 29,122
Total investment income $ 3,363,098
Expenses  
Investment advisory fee $ 1,953,735
Administrative fee 360,689
Distribution and service fees:  
Class A 429,902
Class C 62,915
Directors' fees and expenses 13,250
Custodian fees 6,705
Transfer agency fees and expenses 376,455
Accounting fees 68,961
Professional fees 37,180
Registration fees 64,816
Reports to shareholders 29,756
Miscellaneous 18,705
Total expenses $ 3,423,069
Waiver and/or reimbursement of expenses by affiliate $ (135,219)
Net expenses $ 3,287,850
Net investment income $ 75,248
Realized and Unrealized Gain (Loss)  
Net realized gain (loss):  
Investment securities $ 2,440,767
Investment securities - affiliated issuers (777)
Foreign currency transactions (5,244)
Net realized gain $ 2,434,746
Change in unrealized appreciation (depreciation):  
Investment securities $ (72,510,082)
Investment securities - affiliated issuers (20,023)
Net change in unrealized appreciation (depreciation) $(72,530,105)
Net realized and unrealized loss $(70,095,359)
Net decrease in net assets from operations $(70,020,111)
12
See Notes to Financial Statements.

 


Calvert
Mid-Cap Fund
September 30, 2022
Statements of Changes in Net Assets

  Year Ended September 30,
  2022 2021
Increase (Decrease) in Net Assets    
From operations:    
Net investment income (loss) $ 75,248 $ (688,234)
Net realized gain 2,434,746 40,068,200
Net change in unrealized appreciation (depreciation) (72,530,105) 18,161,340
Net increase (decrease) in net assets from operations $ (70,020,111) $ 57,541,306
Distributions to shareholders:    
Class A $ (22,683,407) $ (1,449,640)
Class C (1,286,728) (106,024)
Class I (14,188,529) (801,809)
Total distributions to shareholders $ (38,158,664) $ (2,357,473)
Capital share transactions:    
Class A $ 17,137,117 $ 352,323
Class C (149,927) (3,016,708)
Class I 17,639,759 27,105,326
Net increase in net assets from capital share transactions $ 34,626,949 $ 24,440,941
Net increase (decrease) in net assets $ (73,551,826) $ 79,624,774
Net Assets    
At beginning of year $ 313,850,627 $ 234,225,853
At end of year $240,298,801 $313,850,627
13
See Notes to Financial Statements.

 


Calvert
Mid-Cap Fund
September 30, 2022
Financial Highlights

  Class A
  Year Ended September 30, 
  2022 2021 2020 2019 2018
Net asset value — Beginning of year $ 41.79 $ 33.96 $ 34.69 $ 34.84 $ 33.40
Income (Loss) From Operations          
Net investment income (loss)(1) $ (0.02) $ (0.12) $ 0.05 $ 0.09 $ 0.07
Net realized and unrealized gain (loss) (7.90) 8.28 1.07 1.85 4.59
Total income (loss) from operations $ (7.92) $ 8.16 $ 1.12 $ 1.94 $ 4.66
Less Distributions          
From net investment income $  — $ (0.00)(2) $ (0.03) $ (0.08) $ (0.04)
From net realized gain (5.16) (0.33) (1.82) (2.01) (3.18)
Total distributions $ (5.16) $ (0.33) $ (1.85) $ (2.09) $ (3.22)
Net asset value — End of year $ 28.71 $ 41.79 $ 33.96 $ 34.69 $ 34.84
Total Return(3) (22.06)% 24.13% 3.20% 6.56% 15.04%
Ratios/Supplemental Data          
Net assets, end of year (000’s omitted) $138,646 $183,991 $149,112 $158,005 $157,046
Ratios (as a percentage of average daily net assets):(4)          
Total expenses 1.23% 1.22% 1.26% 1.30% 1.28%
Net expenses 1.18% (5) 1.18% 1.18% 1.19% 1.21%
Net investment income (loss) (0.07)% (0.30)% 0.15% 0.27% 0.22%
Portfolio Turnover 109% 79% 70% 83% 62%
    
(1) Computed using average shares outstanding.
(2) Amount is less than $(0.005).
(3) Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.
(4) Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
(5) Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended September 30, 2022).
14
See Notes to Financial Statements.

 


Calvert
Mid-Cap Fund
September 30, 2022
Financial Highlights — continued

  Class C
  Year Ended September 30, 
  2022 2021 2020 2019 2018
Net asset value — Beginning of year $ 27.53 $ 22.64 $ 23.83 $ 24.65 $ 24.55
Income (Loss) From Operations          
Net investment loss(1) $ (0.18) $ (0.28) $ (0.14) $ (0.11) $ (0.12)
Net realized and unrealized gain (loss) (4.78) 5.50 0.73 1.23 3.27
Total income (loss) from operations $ (4.96) $ 5.22 $ 0.59 $ 1.12 $ 3.15
Less Distributions          
From net realized gain $ (4.97) $ (0.33) $ (1.78) $ (1.94) $ (3.05)
Total distributions $ (4.97) $ (0.33) $ (1.78) $ (1.94) $ (3.05)
Net asset value — End of year $ 17.60 $27.53 $22.64 $ 23.83 $ 24.65
Total Return(2) (22.63)% 23.20% 2.40% 5.77% 14.20%
Ratios/Supplemental Data          
Net assets, end of year (000’s omitted) $ 4,612 $ 7,469 $ 8,787 $14,535 $17,043
Ratios (as a percentage of average daily net assets):(3)          
Total expenses 1.98% 1.98% 2.01% 2.05% 2.03%
Net expenses 1.93% (4) 1.93% 1.93% 1.94% 1.96%
Net investment loss (0.82)% (1.05)% (0.62)% (0.49)% (0.53)%
Portfolio Turnover 109% 79% 70% 83% 62%
    
(1) Computed using average shares outstanding.
(2) 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.
(3) 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.
(4) Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended September 30, 2022).
15
See Notes to Financial Statements.

 


Calvert
Mid-Cap Fund
September 30, 2022
Financial Highlights — continued

  Class I
  Year Ended September 30, 
  2022 2021 2020 2019 2018
Net asset value — Beginning of year $ 50.28 $ 40.77 $ 41.25 $ 40.97 $ 38.70
Income (Loss) From Operations          
Net investment income (loss)(1) $ 0.09 $ (0.03) $ 0.16 $ 0.21 $ 0.23
Net realized and unrealized gain (loss) (9.77) 9.95 1.27 2.24 5.37
Total income (loss) from operations $ (9.68) $ 9.92 $ 1.43 $ 2.45 $ 5.60
Less Distributions          
From net investment income $ (0.08) $ (0.08) $ (0.09) $ (0.16) $ (0.15)
From net realized gain (5.18) (0.33) (1.82) (2.01) (3.18)
Total distributions $ (5.26) $ (0.41) $ (1.91) $ (2.17) $ (3.33)
Net asset value — End of year $ 35.34 $ 50.28 $ 40.77 $ 41.25 $ 40.97
Total Return(2) (21.87)% 24.45% 3.45% 6.85% 15.48%
Ratios/Supplemental Data          
Net assets, end of year (000’s omitted) $97,041 $122,391 $76,327 $46,533 $93,198
Ratios (as a percentage of average daily net assets):(3)          
Total expenses 0.98% 0.97% 1.01% 1.05% 1.03%
Net expenses 0.93% (4) 0.93% 0.93% 0.91% 0.86%
Net investment income (loss) 0.20% (0.06)% 0.40% 0.54% 0.59%
Portfolio Turnover 109% 79% 70% 83% 62%
    
(1) Computed using average shares outstanding.
(2) 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.
(3) 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.
(4) Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended September 30, 2022).
16
See Notes to Financial Statements.

 


Calvert
Mid-Cap Fund
September 30, 2022
Notes to Financial Statements

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 1.00% (0.80% prior to April 29, 2022) 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 November 5, 2020, Class C shares 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 National Market System 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 for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
Other Securities. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day and are categorized as Level 1 in the hierarchy.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, which became effective September 8, 2022, the Board has designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect 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.
17

 


Calvert
Mid-Cap Fund
September 30, 2022
Notes to Financial Statements — continued

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 September 30, 2022, based on the inputs used to value them:
Asset Description Level 1 Level 2 Level 3 Total
Common Stocks $ 234,818,278(1) $  — $  — $ 234,818,278
High Social Impact Investments  — 334,354  — 334,354
Short-Term Investments:        
Affiliated Fund 5,423,426  —  — 5,423,426
Securities Lending Collateral 4,485,280  —  — 4,485,280
Total Investments $244,726,984 $334,354 $ — $245,061,338
    
(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.
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.
18

 


Calvert
Mid-Cap Fund
September 30, 2022
Notes to Financial Statements — continued

2  Related Party Transactions
The investment advisory fee is earned by Calvert Research and Management (CRM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment advisory fee is computed at the annual rate of 0.65% of the Fund's average daily net assets and is payable monthly. For the year ended September 30, 2022, the investment advisory fee amounted to $1,953,735.
Effective April 26, 2022, the Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment advisory fee paid by the Fund is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended September 30, 2022, the investment advisory fee paid was reduced by $1,882 relating to the Fund’s investment in the Liquidity Fund. Prior to April 26, 2022, the Fund may have invested its cash in Calvert Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by CRM. CRM did not 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, 2023. For the year ended September 30, 2022, CRM waived or reimbursed expenses of $133,337.
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 year ended September 30, 2022, CRM was paid administrative fees of $360,689.
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 year ended September 30, 2022 amounted to $429,902 and $62,915 for Class A shares and Class C shares, respectively.
The Fund was informed that EVD received $20,841 as its portion of the sales charge on sales of Class A shares for the year ended September 30, 2022. The Fund was also informed that EVD received less than $100 and $267 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 year ended September 30, 2022, sub-transfer agency fees and expenses incurred to EVM amounted to $65,421 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 $214,000 ($154,000 prior to January 1, 2022), plus an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee. The Board chair receives an additional $30,000 annual fee, Committee chairs receive an additional $6,000 annual fee and the special equities liaison receives an additional $2,500 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.
3  Investment Activity
During the year ended September 30, 2022, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $322,507,785 and $324,110,541, respectively.
19

 


Calvert
Mid-Cap Fund
September 30, 2022
Notes to Financial Statements — continued

4  Distributions to Shareholders and Income Tax Information
The tax character of distributions declared for the years ended September 30, 2022 and September 30, 2021 was as follows:
  Year Ended September 30, 
  2022 2021
Ordinary income $ 4,740,634 $ 165,389
Long-term capital gains $33,418,030 $2,192,084
During the year ended September 30, 2022, accumulated loss was increased by $1,457 and paid-in capital was increased by $1,457 due to differences between book and tax accounting. These reclassifications had no effect on the net assets or net asset value per share of the Fund.
As of September 30, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
Post October capital losses $ (3,048,302)
Late year ordinary losses (29,021)
Net unrealized depreciation (13,114,095)
Accumulated loss $(16,191,418)
At September 30, 2022, the Fund had a late year ordinary loss of $29,021 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.
Additionally, at September 30, 2022, the Fund had a net capital loss of $3,048,302 attributable to security transactions incurred after October 31, 2021 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, 2023.
The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2022, as determined on a federal income tax basis, were as follows:
Aggregate cost $258,175,433
Gross unrealized appreciation $ 8,856,589
Gross unrealized depreciation (21,970,684)
Net unrealized depreciation $ (13,114,095)
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 in an amount at least equal to the market value of the securities on loan. 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.
20

 


Calvert
Mid-Cap Fund
September 30, 2022
Notes to Financial Statements — continued

At September 30, 2022, the total value of securities on loan was $4,765,352 and the total value of collateral received was $4,853,948, comprised of cash of $4,485,280 and U.S. government and/or agencies securities of $368,668.
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 September 30, 2022.
  Remaining Contractual Maturity of the Transactions
  Overnight and
Continuous
<30 days 30 to 90 days >90 days Total
Common Stocks $4,485,280 $ — $ — $ — $4,485,280
The carrying amount of the liability for deposits for securities loaned at September 30, 2022 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 September 30, 2022.
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 25, 2022. 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 Secured Overnight Financing Rate (SOFR) 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 2021, an arrangement fee of $150,000 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 September 30, 2022. The Fund did not have any significant borrowings or allocated fees during the year ended September 30, 2022. Effective October 25, 2022, the Fund renewed its line of credit agreement, which expires October 24, 2023. In connection with the renewal, the borrowing limit was decreased to $725 million.
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 September 30, 2022, the value of the Fund’s investment in the Notes and affiliated funds was $5,757,780, which represents 2.4% of the Fund’s net assets. Transactions in the Notes and affiliated funds by the Fund for the year ended September 30, 2022 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/Shares,
end of period
High Social Impact Investments                
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) $  353,819 $  — $   — $  — $ (19,465) $   334,354 $  5,400 $    360,000
Short-Term Investments            
Cash Reserves Fund 5,583,915 26,366,998 (31,949,578) (777)    (558)  —  1,031
Liquidity Fund  — 38,745,254 (33,321,828)  —  — 5,423,426 18,377 5,423,426
Total       $(777) $(20,023) $5,757,780 $24,808  
    
(1) Restricted security.
21

 


Calvert
Mid-Cap Fund
September 30, 2022
Notes to Financial Statements — continued

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 years ended September 30, 2022 and September 30, 2021 were as follows:
  Year Ended
September 30, 2022
  Year Ended
September 30, 2021
  Shares Amount   Shares Amount
Class A          
Shares sold 347,775 $ 12,598,312   375,750 $ 15,160,623
Reinvestment of distributions 569,411 21,853,997   36,990 1,395,999
Shares redeemed (511,755) (18,074,158)   (465,944) (18,704,612)
Converted from Class C 20,522 758,966   65,033 2,500,313
Net increase 425,953 $ 17,137,117   11,829 $ 352,323
Class C          
Shares sold 18,402 $ 425,732   39,443 $ 1,049,807
Reinvestment of distributions 53,032 1,255,259   4,145 103,674
Shares redeemed (47,986) (1,071,952)   (62,534) (1,669,876)
Converted to Class A (32,755) (758,966)   (97,920) (2,500,313)
Net decrease (9,307) $ (149,927)   (116,866) $ (3,016,708)
Class I          
Shares sold 1,148,431 $ 52,061,444   1,050,276 $ 50,894,880
Reinvestment of distributions 296,205 13,963,127   17,429 789,688
Shares redeemed (1,133,056) (48,384,812)   (505,501) (24,579,242)
Net increase 311,580 $ 17,639,759   562,204 $ 27,105,326
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 of disease, 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, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.
22

 


Calvert
Mid-Cap Fund
September 30, 2022
Report of Independent Registered Public Accounting Firm

To the Board of Directors of Calvert World Values Fund, Inc. and Shareholders of Calvert Mid-Cap Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Calvert Mid-Cap Fund (the "Fund") (one of the funds constituting Calvert World Values Fund, Inc.), including the schedule of investments, as of September 30, 2022, the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, and the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the years ended September 30, 2020, 2019, and 2018 were audited by other auditors whose report, dated November 20, 2020, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
November 22, 2022
We have served as the auditor of one or more Calvert investment companies since 2021.
23

 


Calvert
Mid-Cap Fund
September 30, 2022
Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.
Qualified Dividend Income. For the fiscal year ended September 30, 2022, the Fund designates approximately $2,601,665, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.
Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2022 ordinary income dividends, 38.53% qualifies for the corporate dividends received deduction.
Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2022, $4,726,203 or, if subsequently determined to be different, the net capital gain of such year.
24

 


Calvert
Mid-Cap Fund
September 30, 2022
Board of Directors' Contract Approval

Overview of the Contract Review Process
The Investment Company Act of 1940, as amended, provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of directors, including by a vote of a majority of the directors who are not “interested persons” of the fund (“Independent Directors”), cast in person at a meeting called for the purpose of considering such approval.
At a video conference meeting of the Boards of Trustees/Directors (each a “Board”) of the registered investment companies advised by Calvert Research and Management (“CRM” or the “Adviser”) (the “Calvert Funds”) held on June 14, 2022, the Board, including a majority of the Independent Directors, voted to approve continuation of existing investment advisory and investment sub-advisory agreements for the Calvert Funds for an additional one-year period. The meeting was held by video conference due to circumstances related to current or potential effects of COVID-19 pursuant to temporary exemptive relief issued by the Securities and Exchange Commission.
In evaluating the investment advisory and investment sub-advisory agreements for the Calvert Funds, the Board considered a variety of information relating to the Calvert Funds and various service providers, including the Adviser. The Independent Directors reviewed a report prepared by the Adviser regarding various services provided to the Calvert Funds by the Adviser and its affiliates. Such report included, among other data, information regarding the Adviser’s personnel and the Adviser’s revenue and cost of providing services to the Calvert Funds, and a separate report prepared by an independent data provider, which compared each fund’s investment performance, fees and expenses to those of comparable funds as identified by such independent data provider (“comparable funds”).
The Independent Directors were separately represented by independent legal counsel with respect to their consideration of the continuation of the investment advisory and investment sub-advisory agreements for the Calvert Funds. Prior to voting, the Independent Directors reviewed the proposed continuation of the Calvert Funds’ investment advisory and investment sub-advisory agreements with management and also met in private sessions with their counsel at which time no representatives of management were present.
The information that the Board considered included, among other things, the following (for funds that invest through one or more affiliated underlying fund(s), references to “each fund” in this section may include information that was considered at the underlying fund-level):
Information about Fees, Performance and Expenses
A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;
A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;
Data regarding investment performance in comparison to benchmark indices;
For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;
Profitability analyses for the Adviser with respect to each fund;
Information about Portfolio Management and Trading
Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs;
Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions;
Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;
Information about the Adviser
Reports detailing the financial results and condition of CRM;
Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;
A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
25

 


Calvert
Mid-Cap Fund
September 30, 2022
Board of Directors' Contract Approval — continued


Other Relevant Information
Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and
The terms of each investment advisory agreement.
Over the course of the year, the Board and its committees held regular quarterly meetings. During these meetings, the Directors participated in investment and performance reviews with the portfolio managers and other investment professionals of the Adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective(s), such as the use of derivative instruments, as well as risk management techniques. The Board and its committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, corporate governance and other issues with respect to the funds, and received and participated in reports and presentations provided by CRM and its affiliates with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Directors held regular video conferences in between meetings to discuss, among other topics, matters relating to the continuation of the Calvert Funds’ investment advisory and investment sub-advisory agreements.
For funds that invest through one or more affiliated underlying funds, the Board considered similar information about the underlying fund(s) when considering the approval of investment advisory agreements. In addition, in cases where the Adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any investment sub-advisory agreement.
The Independent Directors were assisted throughout the contract review process by their independent legal counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and investment sub-advisory agreement and the weight to be given to each such factor. The Board, including the Independent Directors, did not identify any single factor as controlling, and each Director may have attributed different weight to various factors.
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board, including the Independent Directors, concluded that the continuation of the investment advisory agreement of Calvert Mid-Cap Fund (the “Fund”), including the fee payable under the agreement, is in the best interests of the Fund’s shareholders. Accordingly, the Board, including a majority of the Independent Directors, voted to approve the continuation of the investment advisory agreement of the Fund.
Nature, Extent and Quality of Services
In considering the nature, extent and quality of the services provided by the Adviser under the investment advisory agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel, including, among other information, biographical information on the Adviser’s investment personnel and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser as well as the Board’s familiarity with management through Board meetings, discussions and other reports. The Board considered the Adviser’s management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser’s compliance with applicable policies and procedures, including those related to personal investing. The Board took into account, among other items, periodic reports received from the Adviser over the past year concerning the Adviser’s ongoing review and enhancement of certain processes, policies and procedures of the Calvert Funds and the Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Adviser under the investment advisory agreement.
Fund Performance
In considering the Fund’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund’s performance results, portfolio composition and investment strategies. The Board compared the Fund’s investment performance to that of the Fund’s peer universe and its benchmark index. The Board’s review included comparative performance data for the one-, three- and five-year periods ended December 31, 2021. This performance data indicated that the Fund had underperformed the median of its peer universe and its benchmark index for the one-, three- and five-year periods ended December 31, 2021. The Board took into account management’s discussion of the Fund’s performance and anticipated portfolio management changes. Based upon its review, the Board concluded that the Fund’s performance was satisfactory relative to the performance of its peer universe and its benchmark index.
Management Fees and Expenses
In considering the Fund’s fees and expenses, the Board compared the Fund’s fees and total expense ratio with those of comparable funds in its expense group. Among other findings, the data indicated that the Fund’s advisory and administrative fees (after taking into account waivers and/or reimbursements) (referred to collectively as “management fees”) and the Fund’s total expenses (net of waivers and/or reimbursements) were each below the respective median of the Fund’s expense group. The Board took into account the Adviser’s current undertaking to maintain expense limitations for the Fund and that the Adviser was waiving and/or reimbursing a portion of the Fund’s expenses. Based upon its review, the Board concluded that the management fees were reasonable in view of the nature, extent and quality of services provided by the Adviser.
26

 


Calvert
Mid-Cap Fund
September 30, 2022
Board of Directors' Contract Approval — continued

Profitability and Other “Fall-Out” Benefits
The Board reviewed the Adviser’s profitability in regard to the Fund and the Calvert Funds in the aggregate. In reviewing the overall profitability of the Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provided sub-transfer agency support, administrative and distribution services to the Fund for which they received compensation. The information considered by the Board included the profitability of the Fund to the Adviser and its affiliates without regard to any marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered that the Adviser and its affiliates derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Based upon its review, the Board concluded that the Adviser’s and its affiliates’ level of profitability from their relationships with the Fund was reasonable.
Economies of Scale
The Board considered the effect of the Fund’s current size and its potential growth on its performance and fees. The Board concluded that adding breakpoints to the advisory fee at specified asset levels would not be appropriate at this time. The Board noted that if the Fund’s assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.
27

 


Calvert
Mid-Cap Fund
September 30, 2022
Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.
At a meeting of the Fund’s Board of Trustees/Directors on June 14, 2022, the Committee provided a written report to the Fund’s Board of Trustees/ Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2021 through December 31, 2021 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
28

 


Calvert
Mid-Cap Fund
September 30, 2022
Management and Organization

Fund Management. The Directors of Calvert World Values Fund, Inc. (the Corporation) are responsible for the overall management and supervision of the affairs of the Corporation. The Board members and officers of the Corporation are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Board member holds office until his or her successor is elected and qualified, or until his or her earlier death, resignation, retirement, removal or disqualification. Under the terms of the Fund's current Board member retirement policy, an Independent Board member must retire at the end of the calendar year in which he or she turns 75. However, if such retirement would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement will not become effective until such time as action has been taken for the Fund to be in compliance therewith. The “noninterested Directors” consist of those Directors who are not “interested persons” of the Corporation, as that term is defined under the 1940 Act. The business address of each Board member and the Chief Compliance Officer is 1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009 and the business address of the Secretary, Vice President and Chief Legal Officer and the Treasurer is Two International Place, Boston, Massachusetts 02110. As used below, “CRM” refers to Calvert Research and Management and “Eaton Vance” refers to Eaton Vance Management. Each Director oversees 42 funds in the Calvert fund complex. Effective March 1, 2021, each of Eaton Vance and CRM are indirect wholly-owned subsidiaries of Morgan Stanley. Each officer affiliated with CRM may hold a position with other CRM affiliates that is comparable to his or her position with CRM listed below.
Name and Year of Birth Corporation
Position(s)
Length of
Service
Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience
Interested Director
John H. Streur(1)
1960
Director and
President
Since 2015 President and Chief Executive Officer of CRM (since December 31, 2016). President and Chief Executive Officer of Calvert Investments, Inc.
(January 2015 - December 2016); Chief Executive Officer of Calvert
Investment Distributors, Inc. (August 2015 - December 2016); Chief
Compliance Officer of Calvert Investment Management, Inc. (August 2015 -
April 2016); President and Director, Portfolio 21 Investments, Inc.
(through October 2014); President, Chief Executive Officer and
Director, Managers Investment Group LLC (through January 2012);
President and Director, The Managers Funds and Managers AMG
Funds (through January 2012).
Other Directorships. Portfolio 21 Investments, Inc. (asset management)
(through October 2014); Managers Investment Group LLC (asset management)
(through January 2012); The Managers Funds (asset management)
(through January 2012); Managers AMG Funds (asset management)
(through January 2012); Calvert Impact Capital, Inc.
Noninterested Directors
Richard L. Baird, Jr.
1948
Director Since 2005 Regional Disaster Recovery Lead, American Red Cross of Greater
Pennsylvania (since 2017). Volunteer, American Red Cross (since 2015).
Former President and CEO of Adagio Health Inc. (retired in 2014) in
Pittsburgh, PA.
Other Directorships. None.
Alice Gresham Bullock
1950
Chair and
Director
Since 2016 Professor Emerita at Howard University School of Law. Dean Emerita of
Howard University School of Law and Deputy Director of the Association
of American Law Schools (1992-1994).
Other Directorships. None.
Cari M. Dominguez
1949
Director Since 2016 Former Chair of the U.S. Equal Employment Opportunity Commission.
Other Directorships. ManpowerGroup Inc. (workforce solutions company);
Triple S Management Corporation (managed care); National Association of Corporate Directors.
John G. Guffey, Jr.
1948
Director Since 1992 President of Aurora Press Inc., a privately held publisher of trade
paperbacks (since January 1997).
Other Directorships. Calvert Impact Capital, Inc. (through December 31, 2018); Calvert Ventures, LLC.
Miles D. Harper, III
1962
Director Since 2005 Partner, Carr Riggs & Ingram (public accounting firm) since October 2014.
Partner, Gainer Donnelly & Desroches (public accounting firm) (now Carr
Riggs & Ingram) (November 1999 - September 2014).
Other Directorships. Bridgeway Funds (9) (asset management).
Joy V. Jones
1950
Director Since 2005 Attorney.
Other Directorships. Palm Management Corporation.
29

 


Calvert
Mid-Cap Fund
September 30, 2022
Management and Organization — continued

Name and Year of Birth Corporation
Position(s)
Length of
Service
Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience
Noninterested Directors (continued)
Anthony A. Williams
1951
Director Since 2016 CEO and Executive Director of the Federal City Council (July 2012 to
present); Senior Adviser and Independent Consultant for King and
Spalding LLP (September 2015 to present); Executive Director of Global
Government Practice at the Corporate Executive Board (January 2010 to
January 2012).
Other Directorships. Freddie Mac; Evoq Properties/Meruelo Maddux
Properties, Inc. (real estate management); Weston Solutions, Inc.
(environmental services); Bipartisan Policy Center’s Debt Reduction Task Force;
Chesapeake Bay Foundation; Catholic University of America; Urban Institute (research organization); The Howard Hughes Corporation (real estate development); Old Dominion National Bank.
    
Name and Year of Birth Corporation
Position(s)
Length of
Service
Principal Occupation(s)
During Past Five Years
Principal Officers who are not Directors
Hope L. Brown
1973
Chief
Compliance
Officer
Since 2014 Chief Compliance Officer of 42 registered investment companies advised
by CRM (since 2014). Vice President and Chief Compliance Officer,
Wilmington Funds (2012-2014).
Deidre E. Walsh
1971
Secretary,
Vice President
and Chief
Legal Officer
Since 2021 Vice President of CRM and officer of 42 registered investment companies
advised by CRM (since 2021). Also Vice President of Eaton Vance and
certain of its affiliates and officer of 136 registered investment companies
advised or administered by Eaton Vance.
James F. Kirchner
1967
Treasurer Since 2016 Vice President of CRM and officer of 42 registered investment companies
advised by CRM (since 2016). Also Vice President of Eaton Vance and
certain of its affiliates and officer of 136 registered investment companies
advised or administered by Eaton Vance.
       
(1) Mr. Streur is an interested person of the Fund because of his positions with the Fund’s adviser and certain affiliates.
The SAI for the Fund includes additional information about the Directors and officers of the Fund and can be obtained without charge on Calvert’s website at www.calvert.com or by calling 1-800-368-2745.
30

 


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.com
Please 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 information
We 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 you
State 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.
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.
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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
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
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.

 


Printed on recycled paper.
24209     9.30.22



Calvert
Emerging Markets Equity Fund
Annual Report
September 30, 2022


 


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 Equity Fund
September 30, 2022
Management's Discussion of Fund Performance

Economic and Market Conditions
Emerging markets struggled during the 12-month period ended September 30, 2022, as appetites for taking on investment risk faded in light of the Ukraine War, rising U.S. interest rates to combat inflation, and COVID-19 lockdowns in China. The benchmark MSCI Emerging Markets Index (the Index) returned -28.11% during the period.
In March 2022, the U.S. Federal Reserve (the Fed) hiked the federal funds rate for the first time in more than three years and central banks in developed markets followed its lead. Central banks in emerging markets had been well ahead of the Fed, starting with Brazil, which began raising rates in March 2021. Nevertheless, as the Fed hiked rates, nearly all emerging-market currencies depreciated in value against the stronger U.S. dollar, and currency volatility hit highs not seen since the beginning of the pandemic.
Asia ex-Japan underperformed the Index, pulled down by the growth-sensitive markets of South Korea and Taiwan as the outlook for global trade deteriorated during the period. Rising inflation, supply-chain disruptions, fears of a drop in consumer demand, and recessionary worries fanned a technology sell-off that dealt a blow to the semiconductors and technology hardware industries.
Chinese stocks within the Index returned -22.44% during the first three quarters of 2022 due to muted economic activities. Consumer sentiment was weighed down by uncertainties over China’s COVID-19 policy and weakness in its real estate market. Geopolitical tensions with Taiwan and reduced investor appetite for risk assets globally further contributed to the stock market’s overall decline during the period.
The ASEAN — Association of Southeast Asian Nations — economic bloc was a bright spot during the period, benefiting from the reopening of markets for many commodity-exporting countries.
In the latter part of the period, expectations rose that interest rates might continue to climb. In August, the Fed and other central banks reaffirmed their priority to fight inflation by easing economic growth and slowing consumer demand. Concerns over the impact of higher prices and borrowing costs heightened fears of an economic recession. This sentiment drove a sharp rise in bond yields and a sell-off in stocks during the final quarter of the period.
Fund Performance
For the 12-month period ended September 30, 2022, Calvert Emerging Markets Equity Fund (the Fund) returned -31.79% for Class A shares at net asset value (NAV), underperforming its benchmark, the Index, which returned -28.11%.
The Fund’s security selections — most notably in Brazil, Russia, and Malaysia — detracted from performance relative to the Index during the period. The Fund’s lack of exposure to the energy markets of Saudi Arabia, Kuwait, and Qatar; and an underweight exposure to the United Arab Emirates also detracted from relative returns.
Yandex LLC, a diversified Russian provider of e-commerce services, detracted from relative Fund performance during the period. Yandex’s share price fell sharply in anticipation of Russia’s invasion of Ukraine. By period-end, the Fund sold its position in the stock.
The share price of Natura & Co. Holding SA (Natura), a Brazilian beauty care products provider, fell after the company reported lower revenues in the first quarter of 2022. The stock price was also weakened by investor concerns that appreciation of Brazil’s currency — the real — made Natura’s products less competitive in global markets. By period-end, the Fund sold its position in the stock.
Techtronic Industries Co. Ltd. (Techtronic), a Hong Kong-based manufacturer of cordless power tools primarily for the U.S. construction industry, detracted from returns relative to the Index during the period. Techtronic’s share price fell in part due to investors’ rotation away from growth equities to value stocks during the period, and on concerns about a slowdown of U.S. housing activity, and a potential recession.
On the up side, security selections in Mexico and Taiwan contributed to performance relative to the Index. The Fund’s underweight allocation to — and eventual exit from Russia in February 2022 — also contributed to relative performance during the period. Overweight allocations to commodity-exporting markets — including Chile, Peru, Indonesia, and Mexico — benefited from positive trade terms and further enhanced relative performance. An overweight exposure to India also contributed to relative returns during the period.
Bank Rakyat Indonesia (Bank Rakyat), one of the largest and oldest banks in the southeast Asian island nation, contributed to performance relative to the Index during the period. Bank Rakyat’s share price rose on expectations for strong economic growth that would support the expansion and profitability of the bank’s micro loan business. Bank Rakyat’s profitability was driven by the bank’s high yield assets and low-cost funding during the period.
ICICI Bank Ltd. (ICICI), one of India’s largest private banks, also contributed to relative returns during the period. ICICI’s share price rose after the bank reported core operating profit growth based on its strong loan business, fee income, asset quality, and the provisioning of funds to anticipate potential losses.
The Fund’s lack of exposure to Gazprom, Russia’s state-owned gas company, contributed to relative returns during the period as Russian stocks were removed from the Index following the country’s invasion of Ukraine in February 2022.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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
September 30, 2022
Performance

Portfolio Manager(s) Kunjal Gala and Vivek Bhutoria, CFA, each of Hermes Investment Management Limited
% Average Annual Total Returns1,2 Class
Inception Date
Performance
Inception Date
One Year Five Years Since Inception
Class A at NAV 10/29/2012 10/29/2012 (31.79)% (2.27)% 3.15%
Class A with 5.25% Maximum Sales Charge (35.36) (3.32) 2.59
Class C at NAV 10/29/2012 10/29/2012 (32.30) (3.01) 2.46
Class C with 1% Maximum Deferred Sales Charge (32.97) (3.01) 2.46
Class I at NAV 10/29/2012 10/29/2012 (31.59) (2.00) 3.47
Class R6 at NAV 02/01/2018 10/29/2012 (31.55) (1.97) 3.49

MSCI Emerging Markets Index (28.11)% (1.81)% 1.17%
    
% Total Annual Operating Expense Ratios3 Class A Class C Class I Class R6
Gross 1.27% 2.02% 1.02% 0.94%
Net 1.24 1.99 0.99 0.92
Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
Growth of Investment2 Amount Invested Period Beginning At NAV With Maximum Sales Charge
Class C $10,000 10/29/2012 $12,728 N.A.
Class I, at minimum investment $1,000,000 10/29/2012 $1,403,060 N.A.
Class R6, at minimum investment $5,000,000 10/29/2012 $7,026,942 N.A.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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.
3

 


Calvert
Emerging Markets Equity Fund
September 30, 2022
Fund Profile

Sector Allocation (% of net assets)1
Top 10 Holdings (% of net assets)1  
Taiwan Semiconductor Manufacturing Co., Ltd. 8.1%
Samsung Electronics Co., Ltd. 5.6
Tencent Holdings, Ltd. 3.9
Alibaba Group Holding, Ltd. 3.8
Bank Rakyat Indonesia Persero Tbk PT 3.6
JD.com, Inc., Class A 3.5
ICICI Bank, Ltd. 3.0
NARI Technology Co., Ltd., Class A 2.8
Delta Electronics, Inc. 2.7
AIA Group, Ltd. 2.4
Total 39.4%
 
Footnotes:
1 Excludes cash and cash equivalents.
4

 


Calvert
Emerging Markets Equity Fund
September 30, 2022
Endnotes and Additional Disclosures

The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Calvert and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.
   
1 MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
2 Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.
Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.
Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.
  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 1/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

  
Fund profile subject to change due to active management.
  Important Notice to Shareholders
   Effective November 22, 2022, Christopher Clube was added as a portfolio manager to the Fund.
 
5

 


Calvert
Emerging Markets Equity Fund
September 30, 2022
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 (April 1, 2022 to September 30, 2022).
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
(4/1/22)
Ending
Account Value
(9/30/22)
Expenses Paid
During Period*
(4/1/22 – 9/30/22)
Annualized
Expense
Ratio
Actual        
Class A $1,000.00 $ 774.60 $ 5.52** 1.24%
Class C $1,000.00 $ 771.50 $ 8.84** 1.99%
Class I $1,000.00 $ 775.40 $ 4.41** 0.99%
Class R6 $1,000.00 $ 775.90 $ 4.10** 0.92%
Hypothetical        
(5% return per year before expenses)        
Class A $1,000.00 $1,018.85 $ 6.28** 1.24%
Class C $1,000.00 $1,015.09 $10.05 ** 1.99%
Class I $1,000.00 $1,020.10 $ 5.01** 0.99%
Class R6 $1,000.00 $1,020.46 $ 4.66** 0.92%
    
* Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 March 31, 2022.
** Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher.
6

 


Calvert
Emerging Markets Equity Fund
September 30, 2022
Schedule of Investments

Common Stocks — 98.5%
    
Security Shares Value
Brazil — 3.7%  
Hapvida Participacoes e Investimentos S.A.(1)   33,759,334 $    47,375,153
Magazine Luiza S.A.(2)   23,235,600    19,297,133
WEG S.A.   3,038,600    18,104,240
      $   84,776,526
Chile — 1.9%  
Banco de Chile   480,791,357 $    42,321,242
      $   42,321,242
China — 26.4%  
Alibaba Group Holding, Ltd.(2)   8,655,527 $ 86,376,410
Autohome, Inc. ADR   938,203 26,982,718
China Communications Services Corp., Ltd., Class H   59,585,534 20,032,434
China Merchants Bank Co., Ltd., Class H   4,217,000 19,515,676
Hangzhou Tigermed Consulting Co., Ltd., Class A   2,279,046 29,174,735
Hundsun Technologies, Inc., Class A   7,086,277 33,718,746
JD.com, Inc., Class A   3,148,537 79,431,865
Meituan, Class B(1)(2)   1,945,300 40,883,284
Midea Group Co., Ltd.   4,291,662 29,751,325
NARI Technology Co., Ltd., Class A   17,995,877 62,758,269
Silergy Corp.   644,000 8,399,012
Sungrow Power Supply Co., Ltd.   2,356,540 36,504,270
Tencent Holdings, Ltd.   2,610,592 88,176,161
WuXi Biologics Cayman, Inc.(1)(2)   3,934,000 23,418,480
Wuxi Lead Intelligent Equipment Co., Ltd.   2,445,367 16,227,837
      $ 601,351,222
Hong Kong — 5.9%  
AIA Group, Ltd.   6,683,217 $ 55,643,816
Samsonite International S.A.(1)(2)   18,349,377 44,009,198
Techtronic Industries Co., Ltd.   3,646,790 34,798,121
      $ 134,451,135
Hungary — 1.1%  
Richter Gedeon Nyrt   1,458,274 $ 24,977,346
      $ 24,977,346
India — 15.9%  
Bajaj Finserv, Ltd.   2,285,777 $ 47,032,816
Bharat Forge, Ltd.   2,766,072 23,449,010
Container Corp. of India, Ltd.   2,832,768 24,703,505
Dabur India, Ltd.   5,065,830 35,497,117
Hero MotoCorp, Ltd.   812,790 25,307,849
ICICI Bank, Ltd.   6,463,529 68,240,113
Motherson Sumi Systems, Ltd.   10,454,512 13,954,931
SBI Life Insurance Co., Ltd.(1)   3,173,461 48,481,674
Security Shares Value
India (continued)  
State Bank of India   6,589,451 $    42,750,026
Tech Mahindra, Ltd.   2,746,495    33,824,042
      $  363,241,083
Indonesia — 5.1%  
Bank Central Asia Tbk PT   59,076,400 $    32,978,771
Bank Rakyat Indonesia Persero Tbk PT   283,712,750    83,034,924
      $  116,013,695
Malaysia — 2.0%  
Press Metal Aluminium Holdings Bhd   53,549,700 $ 46,374,514
      $ 46,374,514
Mexico — 4.7%  
Grupo Aeroportuario del Pacifico SAB de CV, Class B   1,958,667 $ 24,800,024
Grupo Financiero Banorte SAB de CV, Class O   6,564,880 42,053,436
Wal-Mart de Mexico SAB de CV   11,639,690 40,878,635
      $ 107,732,095
Peru — 1.5%  
Credicorp, Ltd.   274,109 $ 33,660,585
      $ 33,660,585
South Africa — 3.5%  
Clicks Group, Ltd.   1,564,725 $ 24,698,949
Prosus NV(3)   597,994 30,978,358
Shoprite Holdings, Ltd.(3)   1,982,453 23,667,947
      $ 79,345,254
South Korea — 9.7%  
KB Financial Group, Inc.   1,376,218 $ 41,559,735
LG Chem, Ltd.   140,353 51,823,286
Samsung Electronics Co., Ltd.   3,484,990 127,966,191
      $ 221,349,212
Sweden — 0.5%  
Epiroc AB, Class A   846,540 $ 12,110,171
      $ 12,110,171
Taiwan — 15.2%  
Accton Technology Corp.   5,180,000 $ 44,182,773
Delta Electronics, Inc.   7,658,000 60,828,409
LandMark Optoelectronics Corp.   3,335,398 14,845,021
Taiwan Semiconductor Manufacturing Co., Ltd.   13,979,000 185,297,111
Win Semiconductors Corp.   2,352,000 9,037,568
Wiwynn Corp.   1,293,000 32,674,402
      $ 346,865,284
 
7
See Notes to Financial Statements.

 


Calvert
Emerging Markets Equity Fund
September 30, 2022
Schedule of Investments — continued

Security Shares Value
United Arab Emirates — 0.5%  
Abu Dhabi Commercial Bank PJSC   4,816,998 $    11,815,361
      $   11,815,361
United States — 0.9%  
Micron Technology, Inc.   419,341 $    21,008,984
      $   21,008,984
Total Common Stocks
(identified cost $2,555,347,965)
    $2,247,393,709
    
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) $       5,170 $     4,801,689
Total High Social Impact Investments
(identified cost $5,170,000)
    $    4,801,689
    
Short-Term Investments — 0.2%
    
Affiliated Fund — 0.0%(6)
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.80%(7)         1,258 $         1,258
Total Affiliated Fund
(identified cost $1,258)
    $        1,258
    
Securities Lending Collateral — 0.2%
Security Shares Value
State Street Navigator Securities Lending Government Money Market Portfolio, 3.07%(8)     4,443,880 $     4,443,880
Total Securities Lending Collateral
(identified cost $4,443,880)
    $    4,443,880
Total Short-Term Investments
(identified cost $4,445,138)
    $    4,445,138
    
     
Total Investments — 98.9%
(identified cost $2,564,963,103)
  $2,256,640,536
Other Assets, Less Liabilities — 1.1%   $   24,967,157
Net Assets — 100.0%   $2,281,607,693
    
The percentage shown for each investment category in the Schedule of Investments is based on net assets.
(1) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2022, the aggregate value of these securities is $204,167,789 or 8.9% of the Fund's net assets.
(2) Non-income producing security.
(3) All or a portion of this security was on loan at September 30, 2022. The aggregate market value of securities on loan at September 30, 2022 was $26,741,679.
(4) May be deemed to be an affiliated company (see Note 7).
(5) Restricted security. Total market value of restricted securities amounts to $4,801,689, which represents 0.2% of the net assets of the Fund as of September 30, 2022.
(6) Amount is less than 0.05%.
(7) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2022.
(8) Represents investment of cash collateral received in connection with securities lending.
At September 30, 2022, 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 25.1%
Financials 24.9
Consumer Discretionary 17.2
Industrials 11.0
Health Care 5.5
Consumer Staples 5.5
Communication Services 5.0
Materials 4.3
High Social Impact Investments 0.2
Total 98.7%
 
8
See Notes to Financial Statements.

 


Calvert
Emerging Markets Equity Fund
September 30, 2022
Schedule of Investments — continued

Restricted Securities
Description Acquisition Date Cost
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 12/14/20 $5,170,000
    
Abbreviations: 
ADR – American Depositary Receipt
9
See Notes to Financial Statements.

 


Calvert
Emerging Markets Equity Fund
September 30, 2022
Statement of Assets and Liabilities

  September 30, 2022
Assets  
Investments in securities of unaffiliated issuers, at value (identified cost $2,559,791,845) - including
$26,741,679 of securities on loan
$ 2,251,837,589
Investments in securities of affiliated issuers, at value (identified cost $5,171,258) 4,802,947
Cash denominated in foreign currency, at value (cost $27,757,414) 27,130,457
Receivable for investments sold  16,436,618
Receivable for capital shares sold 19,427,294
Dividends and interest receivable 1,660,999
Dividends and interest receivable - affiliated 87,102
Securities lending income receivable 2,609
Receivable from affiliate 45,903
Directors' deferred compensation plan 661,644
Total assets $2,322,093,162
Liabilities  
Payable for investments purchased $ 4,035,547
Payable for capital shares redeemed 14,924,939
Payable for foreign capital gains taxes 6,904,585
Deposits for securities loaned 4,443,880
Payable to affiliates:  
Investment advisory fee 1,572,503
Administrative fee 251,934
Distribution and service fees 56,396