-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KcxRQgvEBN3R58orbPoOPncUhP3eulyz+lkRw2zGhV8gL8Yq7b9ui0FrkPKoS/3t Y+7H3opCXppxuDZo47zAAQ== 0000950123-09-039353.txt : 20090828 0000950123-09-039353.hdr.sgml : 20090828 20090828154902 ACCESSION NUMBER: 0000950123-09-039353 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090630 FILED AS OF DATE: 20090828 DATE AS OF CHANGE: 20090828 EFFECTIVENESS DATE: 20090828 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALVERT WORLD VALUES FUND INC CENTRAL INDEX KEY: 0000884110 IRS NUMBER: 521771206 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06563 FILM NUMBER: 091043292 BUSINESS ADDRESS: STREET 1: 4550 MONTGOMERY AVE STREET 2: STE 1000N CITY: BETHESDA STATE: MD ZIP: 20801 BUSINESS PHONE: 3019514881 MAIL ADDRESS: STREET 1: CALVERT GROUP STREET 2: 4550 MONTGOMERY AVE SUITE 1000 N CITY: BETHESDA STATE: MD ZIP: 20814 0000884110 S000008724 International Equity Fund C000023776 Class A CWVGX C000023777 Class B CWVBX C000023778 Class C CWVCX C000023779 Class I CWVIX C000073560 Class Y 0000884110 S000008725 Calvert Capital Accumulation Fund C000023780 Class A CCAFX C000023781 Class B CWCBX C000023782 Class C CCACX C000023783 Class I CCPIX 0000884110 S000017170 Calvert International Opportunities Fund C000047589 Class A C000047590 Class B C000047591 Class C C000047592 Class I C000073561 Class Y N-Q 1 w75480nvq.htm FORM N-Q nvq
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-06563
CALVERT WORLD VALUES FUND, INC.
(Exact name of registrant as specified in charter)
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
(Address of Principal Executive Offices)
William M. Tartikoff, Esq.
4550 Montgomery Avenue
Suite 1000N
Bethesda, Maryland 20814
(Name and Address of Agent for Service)
Registrant’s telephone number, including area code: (301) 951-4800
Date of fiscal year end: September 30
Date of reporting period: Third quarter ended June 30, 2009
 
 

 

 

Item 1. Schedule of Investments.
CALVERT CAPITAL ACCUMULATION FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2009
                 
    SHARES     VALUE  
 
EQUITY SECURITIES — 97.3%
                
 
Capital Markets — 2.7%
                
Affiliated Managers Group, Inc.*
     37,200     $ 2,164,668  
 
              
 
                
Chemicals — 3.4%
                
Praxair, Inc.
     38,600       2,743,302  
 
              
 
                
Commercial Services & Supplies — 2.4%
                
Brink’s Co.
     65,000       1,886,950  
 
              
 
                
Construction & Engineering — 1.7%
                
EMCOR Group, Inc.*
     67,800       1,364,136  
 
              
 
                
Diversified Consumer Services — 1.6%
                
ITT Educational Services, Inc.*
     12,300       1,238,118  
 
              
 
                
Diversified Financial Services — 2.8%
                
IntercontinentalExchange, Inc.*
     19,200       2,193,408  
 
              
 
                
Diversified Telecommunication Services — 2.6%
                
CenturyTel, Inc.
     68,000       2,087,600  
 
              
 
                
Electrical Equipment — 2.5%
                
General Cable Technologies Corp.*
     52,600       1,976,708  
 
              
 
                
Electronic Equipment & Instruments — 8.0%
                
Amphenol Corp.
     63,700       2,015,468  
FLIR Systems, Inc.*
     86,100       1,942,416  
Itron, Inc.*
     43,700       2,406,559  
 
              
 
             6,364,443  
 
              
 
                
Energy Equipment & Services — 4.9%
                
FMC Technologies, Inc.*
     53,550       2,012,409  
Superior Energy Services, Inc.*
     108,700       1,877,249  
 
              
 
             3,889,658  
 
              
 
                
Food Products — 2.4%
                
J.M. Smucker Co.
     39,700       1,931,802  
 
              

 

 

                 
    SHARES     VALUE  
 
Gas Utilities — 5.1%
                
Energen Corp.
     57,700       2,302,230  
Questar Corp.
     56,300       1,748,678  
 
              
 
             4,050,908  
 
              
 
                
Health Care Equipment & Supplies — 3.6%
                
Hospira, Inc.*
     42,600       1,640,952  
Kinetic Concepts, Inc.*
     44,000       1,199,000  
 
              
 
             2,839,952  
 
              
 
                
Health Care Providers & Services — 6.5%
                
AmerisourceBergen Corp.
     95,700       1,697,718  
Healthspring, Inc.*
     121,000       1,314,060  
Lincare Holdings, Inc.*
     90,900       2,137,968  
 
              
 
             5,149,746  
 
              
 
                
Hotels, Restaurants & Leisure — 2.6%
                
Brinker International, Inc.
     121,000       2,060,630  
 
              
 
                
Household Products — 2.5%
                
Church & Dwight Co., Inc.
     37,350       2,028,479  
 
              
 
                
IT Services — 3.0%
                
Global Payments, Inc.
     64,800       2,427,408  
 
              
 
                
Life Sciences — Tools & Services — 4.9%
                
Dionex Corp.*
     35,800       2,184,874  
Mettler-Toledo International, Inc.*
     22,800       1,759,020  
 
              
 
             3,943,894  
 
              
 
                
Machinery — 5.1%
                
Bucyrus International, Inc.
     68,700       1,962,072  
SPX Corp.
     42,100       2,061,637  
 
              
 
             4,023,709  
 
              
 
                
Metals & Mining — 2.7%
                
Reliance Steel & Aluminum Co.
     55,500       2,130,645  
 
              
 
                
Multiline Retail — 1.0%
                
Nordstrom, Inc.
     39,700       789,633  
 
              
 
                
Oil, Gas & Consumable Fuels — 3.4%
                
Denbury Resources, Inc.*
     115,300       1,698,369  
St. Mary Land & Exploration Co.
     48,800       1,018,456  
 
              
 
             2,716,825  
 
              

 

 

                 
    SHARES     VALUE  
 
Pharmaceuticals — 1.8%
                
Endo Pharmaceuticals Holdings, Inc.*
     80,600       1,444,352  
 
              
 
                
Software — 6.5%
                
ANSYS, Inc.*
     69,600       2,168,736  
Salesforce.com, Inc.*
     23,200       885,544  
Sybase, Inc.*
     67,400       2,112,316  
 
              
 
             5,166,596  
 
              
 
                
Specialty Retail — 7.3%
                
Advance Auto Parts, Inc.
     51,500       2,136,735  
GameStop Corp.*
     73,400       1,615,534  
Ross Stores, Inc.
     52,700       2,034,220  
 
              
 
             5,786,489  
 
              
 
                
Textiles, Apparel & Luxury Goods — 3.2%
                
Deckers Outdoor Corp.*
     36,650       2,575,395  
 
              
 
                
Trading Companies & Distributors — 2.1%
                
WESCO International, Inc.*
     67,200       1,682,688  
 
              
 
                
Wireless Telecommunication Services — 1.0%
                
NII Holdings, Inc.*
     41,200       785,684  
 
              
 
                
Total Equity Securities (Cost $82,956,701)
             77,443,826  
 
              
                 
    PRINCIPAL          
    AMOUNT          
 
 
HIGH SOCIAL IMPACT INVESTMENTS — 1.8%
                
Calvert Social Investment Foundation Notes, 3.00%, 7/1/11 (b)(i)(r)
   $ 1,419,488       1,413,526  
 
              
 
                
Total High Social Impact Investments (Cost $1,419,488)
             1,413,526  
 
              
 
                
TIME DEPOSIT — 0.5%
                
State Street Corp. Time Deposit, 0.01%, 7/1/09
     421,000       421,000  
 
              
 
                
Total Time Deposit (Cost $421,000)
             421,000  
 
              
 
                
TOTAL INVESTMENTS (Cost $84,797,189) — 99.6%
             79,278,352  
Other assets and liabilities, net — 0.4%
             317,007  
 
              
NET ASSETS — 100%
           $ 79,595,359  
 
              

 

 

 
*   Non income producing security
 
(b)   This security was valued by the Board of Directors, see Note A.
 
(i)   Restricted securities represent 1.8% of the net assets of the Fund.
 
(r)   The coupon rate shown on floating or adjustable rate securities represents the rate at period end.
                 
    ACQUISITION        
    DATES     COST  
 
Restricted Securities
                
Calvert Social Investment Foundation Notes, 3.00%, 7/1/11
    7/1/08     $ 1,419,488  
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s portfolio holdings as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder’s statement.
CALVERT WORLD VALUES INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2009
                 
    SHARES     VALUE  
 
EQUITY SECURITIES — 96.5%
                
Australia — 7.3%
                
Amcor Ltd.
     674,161     $ 2,705,436  
BlueScope Steel Ltd.
     689,190       1,393,315  
Commonwealth Bank of Australia
     242,254       7,570,818  
Origin Energy Ltd.
     337,201       3,965,861  
Santos Ltd.
     859,130       10,087,636  
 
              
 
             25,723,066  
 
              
 
                
Austria — 0.3%
                
Raiffeisen International Bank Holding AG
     26,962       935,760  
 
              
 
                
Belgium — 2.5%
                
AGFA-Gevaert NV*
     19,091       54,424  
Delhaize Group
     122,527       8,621,554  
D’ieteren SA
     726       149,347  
Umicore SA
     4,306       98,018  
 
              
 
             8,923,343  
 
              

 

 

                 
    SHARES     VALUE  
 
Bermuda — 0.0%
                
Allied World Assurance Co. Holdings Ltd.
     1,947       79,496  
 
              
 
                
Brazil — 0.1%
                
Investimentos Itaú SA, Preferred
     85,700       380,211  
 
              
 
                
Canada — 4.4%
                
Alimentation Couche Tard, Inc.
     19,900       240,833  
Bank of Montreal
     120,500       5,080,776  
Bank of Nova Scotia
     25,100       937,418  
Bombardier, Inc.
     248,000       735,937  
EnCana Corp.
     34,600       1,716,310  
Laurentian Bank of Canada
     2,400       72,417  
Magna International, Inc.
     20,800       882,917  
Royal Bank of Canada
     19,800       810,155  
Sierra Wireless, Inc.*
     51,000       291,720  
Talisman Energy, Inc.
     142,300       2,045,272  
Teck Resources Ltd.*
     172,100       2,745,962  
 
              
 
             15,559,717  
 
              
 
                
China — 0.1%
                
Renhe Commercial Holdings Co. Ltd.
     2,262,000       466,396  
 
              
 
                
Denmark — 0.4%
                
Danske Bank A/S*
     53,500       922,930  
H. Lundbeck A/S
     30,431       579,333  
 
              
 
             1,502,263  
 
              
 
                
Finland — 0.3%
                
Outotec Oyj
     18,469       439,081  
Stora Enso Oyj*
     106,723       562,848  
 
              
 
             1,001,929  
 
              
 
                
France — 9.4%
                
Atos Origin SA *
     63,160       2,143,084  
BNP Paribas
     56,754       3,680,754  
Cap Gemini SA
     94,458       3,486,804  
CNP Assurances SA
     16,870       1,609,722  
France Telecom SA
     26,001       590,390  
Havas SA
     26,443       65,186  
PPR SA
     8,294       678,249  
PSA Peugeot Citroen SA*
     134,083       3,534,606  
Publicis Groupe
     51,781       1,580,029  
Renault SA*
     46,904       1,730,505  
Sanofi-Aventis SA
     210,454       12,369,553  
Thomson SA*
     310,033       272,457  

 

 

                 
    SHARES     VALUE  
 
UBISOFT Entertainment SA*
     26,600       649,881  
Valeo SA*
     44,707       824,494  
Zodiac SA
     9,458       307,942  
 
              
 
             33,523,656  
 
              
 
                
Germany — 3.6%
                
Allianz SE
     34,105       3,151,837  
Celesio AG
     28,591       656,763  
Deutsche Bank AG
     68,209       4,148,200  
Deutsche Post AG
     218,927       2,859,700  
Software AG
     6,117       433,489  
Suedzucker AG
     79,200       1,609,894  
 
              
 
             12,859,883  
 
              
 
                
Greece — 0.3%
                
Alpha Bank AE*
     10,536       113,778  
National Bank of Greece SA*
     34,325       939,873  
 
              
 
             1,053,651  
 
              
 
                
Hungary — 0.1%
                
Egis Gyogyszergyar Nyrt
     2,173       195,630  
 
              
 
                
India — 0.0%
                
Patni Computer Systems Ltd. (ADR)
     6,800       74,528  
State Bank of India Ltd. (GDR)*
     815       57,871  
 
              
 
             132,399  
 
              
 
                
Italy — 0.7%
                
Banca Monte dei Paschi di Siena SpA
     156,916       253,303  
Esprinet SpA
     13,043       118,208  
Italcementi SpA
     40,488       462,404  
Pirelli & C. SpA*
     3,214,082       1,135,746  
Seat Pagine Gialle SpA*
     858,011       197,738  
UniCredit SpA*
     39,732       101,730  
 
              
 
             2,269,129  
 
              
 
                
Japan — 28.6%
                
Aisin Seiki Co. Ltd.
     205,000       4,428,808  
Alps Electric Co. Ltd.
     253,100       1,365,441  
Amada Co. Ltd.
     49,000       302,508  
Anritsu Corp.
     52,000       223,389  
Asatsu-DK, Inc.
     6,300       142,176  
Astellas Pharma, Inc.
     205,800       7,262,525  
Autobacs Seven Co. Ltd.
     3,400       121,462  
Benesse Corp.
     5,700       227,586  
Brother Industries Ltd.
     267,700       2,360,787  

 

 

                 
    SHARES     VALUE  
 
Central Glass Co. Ltd.
     79,000       313,619  
Central Japan Railway Co.
     212       1,301,289  
Chuo Denki Kogyo Co. Ltd.
     19,000       155,912  
Chuo Mitsui Trust Holdings, Inc.
     393,000       1,489,965  
Circle K Sunkus Co. Ltd.
     29,600       461,296  
COMSYS Holdings Corp.
     54,400       600,690  
CSK Holdings Corp.*
     196,200       917,269  
Dai Nippon Printing Co. Ltd.
     68,000       928,659  
Daiichikosho Co. Ltd.
     8,400       91,321  
Daito Trust Construction Co. Ltd.
     82,700       3,878,094  
Daiwa House Industry Co. Ltd.
     188,000       2,012,554  
DIC Corp.
     174,000       271,052  
DTS Corp.
     8,000       83,171  
FANCL Corp.
     6,100       74,290  
Fuji Media Holdings, Inc.
     2,455       3,694,284  
Fujitsu Ltd.
     1,212,000       6,561,038  
Furukawa Electric Co. Ltd.
     99,000       443,604  
Gunma Bank Ltd.
     57,000       315,760  
Hino Motors Ltd.
     951,000       2,944,595  
Hitachi Information Systems Ltd.
     12,600       264,895  
Isuzu Motors Ltd.
     288,000       459,519  
Kao Corp.
     44,000       957,961  
Kissei Pharmaceutical Co. Ltd.
     4,000       97,122  
Komori Corp.
     19,900       237,300  
Konica Minolta Holdings, Inc.
     93,500       970,583  
Mazda Motor Corp.
     471,067       1,194,734  
Minebea Co. Ltd.
     31,000       131,024  
Miraca Holdings, Inc.
     10,900       266,257  
Mitsubishi Gas Chemical Co., Inc.
     50,000       271,654  
Mitsubishi Steel Manufacturing Co. Ltd.
     72,000       167,921  
NET One Systems Co. Ltd.
     309       542,148  
Nichirei Corp.
     120,000       469,507  
Nippo Corp.
     10,000       92,660  
Nippon Express Co. Ltd.
     690,000       3,123,026  
Nippon Sheet Glass Co. Ltd.
     628,000       1,816,847  
Nippon Telegraph & Telephone Corp.
     206,000       8,373,454  
Nippon Television Network Corp.
     3,410       403,211  
Nissan Motor Co. Ltd.
     981,700       5,920,924  
Nissan Shatai Co. Ltd.
     27,000       221,413  
Nisshin Seifun Group, Inc.
     124,500       1,476,640  
Nisshin Steel Co. Ltd.
     1,757,000       3,904,306  
NSD Co. Ltd.
     20,200       204,116  
Ohsho Food Service Corp.
     9,900       202,977  
Ono Pharmaceutical Co. Ltd.
     5,400       238,674  
Pioneer Corp.*
     156,500       461,574  
Rohm Co. Ltd.
     23,200       1,683,436  
Sanwa Holdings Corp.
     83,000       295,355  

 

 

                 
    SHARES     VALUE  
 
SBI Holdings, Inc.
     12,704       2,572,022  
Seiko Epson Corp.
     45,900       744,575  
ShinMaywa Industries Ltd.
     21,000       75,789  
Sony Corp.
     385,300       9,943,428  
Sumitomo Bakelite Co. Ltd.
     126,000       631,576  
Sumitomo Osaka Cement Co. Ltd.
     262,000       565,005  
Takefuji Corp.
     166,560       903,722  
Tokyu Land Corp.
     261,000       1,177,793  
Toppan Printing Co. Ltd.
     162,000       1,626,413  
Toshiba TEC Corp.
     76,623       310,025  
Toyo Engineering Corp.
     51,000       171,411  
Toyo Seikan Kaisha Ltd.
     193,800       4,080,261  
TS TECH Co. Ltd.
     35,900       520,840  
Yamato Holdings Co. Ltd.
     71,000       942,378  
 
              
 
             101,687,620  
 
              
 
                
Mexico — 0.8%
                
America Movil SAB de CV
     1,107,900       2,149,131  
Empresas ESM, Contingent Deferred Distribution (b)(i)*
     350,000       —  
Telefonos de Mexico SAB de CV
     593,152       484,112  
 
              
 
             2,633,243  
 
              
 
                
Netherlands — 1.6%
                
Heijmans NV*
     16,534       62,820  
Heijmans NV (CVA)*
     16,534       34,598  
ING Groep NV (CVA)
     19,322       194,360  
Koninklijke Philips Electronics NV
     227,821       4,210,157  
Oce NV
     7,149       38,641  
TNT NV
     21,771       423,787  
Unilever NV (CVA)
     25,729       620,560  
USG People NV*
     10,767       123,642  
 
              
 
             5,708,565  
 
              
 
                
New Zealand — 0.0%
                
Telecom Corp. of New Zealand Ltd.
     70,053       122,923  
 
              
 
                
Norway — 0.2%
                
Marine Harvest ASA*
     295,000       198,628  
Norske Skogindustrier ASA*
     49,000       71,976  
Petroleum Geo-Services ASA*
     50,400       313,843  
 
              
 
             584,447  
 
              
 
                
Poland — 0.0%
                
Telekomunikacja Polska SA
     23,426       113,272  
 
              

 

 

                 
    SHARES     VALUE  
 
Singapore — 0.8%
                
DBS Group Holdings Ltd.
     295,000       2,394,568  
Oversea-Chinese Banking Corp. Ltd.
     94,000       432,349  
 
              
 
             2,826,917  
 
              
 
                
South Africa — 1.3%
                
Aveng Ltd.
     347,100       1,567,583  
BIDVest Group Ltd.
     52,045       650,330  
Clicks Group Ltd.
     89,730       212,761  
MTN Group Ltd.
     114,091       1,745,958  
Telkom SA Ltd.
     38,383       189,085  
VenFin Ltd.*
     55,800       158,553  
 
              
 
             4,524,270  
 
              
 
                
South Korea — 3.3%
                
KB Financial Group, Inc. (ADR)*
     17,400       579,594  
KT Corp. (ADR) (s)
     659,400       9,468,984  
LG Display Co. Ltd. (ADR)
     144,400       1,803,556  
 
              
 
             11,852,134  
 
              
 
                
Spain — 0.8%
                
Banco Bilbao Vizcaya Argentaria SA
     223,602       2,815,999  
 
              
 
                
Sweden — 0.2%
                
Autoliv, Inc.
     35       1,007  
SSAB Svenskt Stal AB
     69,477       807,030  
 
              
 
             808,037  
 
              
 
                
Switzerland — 5.1%
                
Novartis AG
     286,270       11,627,501  
STMicroelectronics NV
     865,434       6,488,403  
Valora Holding AG
     647       117,346  
 
              
 
             18,233,250  
 
              
 
                
Taiwan — 3.3%
                
AU Optronics Corp. (ADR)
     871,634       8,437,417  
United Microelectronics Corp. (ADR)
     1,234,663       3,259,510  
 
              
 
             11,696,927  
 
              
 
                
Thailand — 0.1%
                
Thai Airways International PCL*
     734,400       304,626  
Thanachart Capital PCL
     215,800       86,562  
 
              
 
             391,188  
 
              

 

 

                 
    SHARES     VALUE  
 
United Kingdom — 15.8%
                
3i Group plc
     196,247       785,048  
Aggreko plc
     225,404       1,924,143  
Arriva plc
     9,734       65,183  
Aviva plc
     237,836       1,343,752  
Barclays plc
     402,215       1,873,067  
Beazley plc
     104,099       166,764  
BT Group plc
     668,165       1,118,370  
Cadbury plc
     115,669       987,907  
Centrica plc
     2,024,681       7,438,746  
Close Brothers Group plc
     45,727       495,918  
Compass Group plc
     1,260,562       7,101,951  
De La Rue plc
     81,589       1,224,668  
Dimension Data Holdings plc:
                
Johannesburg Exchange
     129,651       128,072  
London Exchange
     201,769       197,535  
GlaxoSmithKline plc
     284,001       5,000,220  
HMV Group plc
     686,364       1,275,833  
HSBC Holdings plc
     141,894       1,177,735  
International Power plc
     472,107       1,853,208  
J Sainsbury plc
     752,745       3,885,586  
Johnson Matthey plc
     24,058       456,721  
Kesa Electricals plc
     115,435       211,469  
Legal & General Group plc
     1,171,858       1,094,932  
Logica plc
     2,107,338       2,744,222  
Mondi plc
     130,172       443,383  
Next plc
     16,115       390,455  
Reckitt Benckiser Group plc
     33,537       1,528,138  
Schroders plc
     60,395       817,388  
Scottish & Southern Energy plc
     35,780       671,632  
Stagecoach Group plc
     836,591       1,749,347  
Tate & Lyle plc
     359,886       1,893,745  
Tomkins plc
     117,280       286,542  
William Morrison Supermarkets plc
     1,441,565       5,616,166  
Yell Group plc
     870,106       377,121  
 
              
 
             56,324,967  
 
              
 
                
United States — 5.1%
                
American Financial Group, Inc.
     41,300       891,254  
APAC Customer Services, Inc.*
     19,500       100,035  
Black Box Corp.
     5,500       184,085  
Brady Corp.
     3,300       82,896  
Brink’s Co.
     15,300       444,159  
Cal Dive International, Inc.*
     17,100       147,573  
Compuware Corp.*
     98,655       676,773  
Conseco, Inc.*
     61,500       145,755  
Convergys Corp.*
     9,700       90,016  

 

 

                 
    SHARES     VALUE  
 
Darling International, Inc.*
     47,231       311,725  
Del Monte Foods Co.
     145,900       1,368,542  
DISH Network Corp.*
     31,100       504,131  
Distributed Energy Systems Corp.*
     308,138       2,773  
DST Systems, Inc.*
     10,500       387,975  
EMCOR Group, Inc.*
     40,300       810,836  
Evergreen Solar, Inc.*
     1,400       3,038  
Fiserv, Inc.*
     18,100       827,170  
H2Gen Innovations, Inc.:
                
Common Stock (b)(i)*
     2,077       —  
Common Warrants (strike price $1.00/share, expires 10/31/13) (b)(i)*
     27,025       —  
Series A, Preferred (b)(i)*
     69,033       17,949  
Series A, Preferred Warrants (strike price $1.00/share, expires 10/10/12) (b)(i)*
     1,104       —  
Series B, Preferred (b)(i)*
     161,759       42,057  
Series C, Preferred (b)(i)*
     36,984       9,616  
Hawaiian Holdings, Inc.*
     25,700       154,714  
Health Management Associates, Inc.*
     12,724       62,856  
Lubrizol Corp.
     6,900       326,439  
MeadWestvaco Corp.
     11,700       191,997  
Overseas Shipholding Group, Inc.
     21,600       735,264  
Powerspan Corp.:
                
Series A, Preferred (b)(i)*
     45,455       385,655  
Series B, Preferred (b)(i)*
     20,000       203,548  
Series C, Preferred (b)(i)*
     239,764       824,788  
Series D, Preferred (b)(i)*
     45,928       157,993  
Series D, Preferred Warrants (strike price $3.44/share, expires 12/31/12) (b)(i)*
     2,347       —  
Protective Life Corp.
     29,469       337,125  
RF Technology, Inc. (b)(i)*
     365,374       21,185  
SEACOR Holdings, Inc.*
     2,500       188,100  
SMARTHINKING, Inc.:
                
Series 1-A, Convertible Preferred (b)(i)*
     104,297       172,388  
Series 1-B, Convertible Preferred (b)(i)*
     163,588       31,050  
Series 1-B, Preferred Warrants (strike price $0.01/share, expires 5/26/15) (b)(i)*
     11,920       2,143  
State Street Corp.
     113,311       5,348,279  
Tech Data Corp.*
     18,100       592,051  
Ventas, Inc.
     17,300       516,578  
WESCO International, Inc.*
     9,900       247,896  
World Fuel Services Corp.
     11,300       465,899  
 
              
 
             18,014,306  
 
              
Total Equity Securities (Cost $395,853,524)
             342,944,594  
 
              

 

 

                 
    ADJUSTED
BASIS		          
 
LIMITED PARTNERSHIP INTEREST — 0.9%
                
Balkan Financial Sector Equity Fund CV (b)(i)*
   $ 360,182       327,006  
China Environment Fund 2004 LLC (b)(i)*
     441       226,362  
Emerald Cleantech Fund I (b)(i)*
     903,214       578,346  
GNet Defta Development Holdings LLC (a)(b)(i)*
     400,000       363,504  
SEAF Central and Eastern European Growth Fund LLC (a)(b)(i)*
     330,740       400,885  
SEAF India International Growth Fund LLC (b)(i)*
     473,932       455,433  
ShoreCap International LLC (b)(i)*
     446,828       839,431  
Terra Capital (b)(i)*
     469,590       1  
 
              
Total Limited Partnership Interest (Cost $3,384,927)
             3,190,968  
 
              
                 
    PRINCIPAL
AMOUNT		          
 
CERTIFICATES OF DEPOSIT — 0.0%
                
Self Help Credit Union, 2.75%, 2/22/10 (b)(k)
   $ 100,000       99,770  
 
              
 
                
Total Certificates of Deposit (Cost $100,000)
             99,770  
 
              
 
                
VENTURE CAPITAL DEBT OBLIGATIONS — 0.2%
                
Access Bank plc, 8.477%, 8/29/12 (b)(i)
     500,000       525,829  
Mayer Laboratories, Inc., 6.00%, 12/31/10 (b)(i)
     61,389       15,347  
 
              
 
                
Total Venture Capital Debt Obligations (Cost $561,389)
             541,176  
 
              
 
                
HIGH SOCIAL IMPACT INVESTMENTS — 1.2%
                
Calvert Social Investment Foundation Notes, 3.00%, 7/1/11 (b)(i)(r)
     4,431,583       4,412,970  
 
              
 
                
Total High Social Impact Investments (Cost $4,431,583)
             4,412,970  
 
              
 
                
TIME DEPOSIT — 0.1%
                
State Street Corp. Time Deposit, 0.01%, 7/1/09
     238,000       238,000  
 
              
 
                
Total Time Deposit (Cost $238,000)
             238,000  
 
              
 
                
TOTAL INVESTMENTS (Cost $404,569,423) — 98.9%
             351,427,478  
Other assets and liabilities, net — 1.1%
             3,972,184  
 
              
NET ASSETS — 100%
           $ 355,399,662  
 
              

 

 

 
(a)   Affiliated company.
 
(b)   This security was valued by the Board of Directors. See Note A.
 
(i)   Restricted securities represent 2.8% of net assets of the Fund.
 
(k)   These certificates of deposit are fully insured by agencies of the federal government.
 
(r)   The coupon rate shown on floating or adjustable rate securities represents the rate period end.
 
(s)   100,000 shares of KT Corp. have been soft segregated in order to cover outstanding commitments to certain limited partnership investments with the Fund. There are no restrictions on the trading of this security.
 
*   Non-income producing security.
Abbreviations:
ADR: American Depositary Receipt
CVA: Certificaten Van Aandelen
GDR: Global Depositary Receipt
LLC: Limited Liability Corporation
LP: Limited Partnership
PCL: Public Company Limited
                 
    ACQUISITION        
    DATES     COST  
 
Restricted Securities
                
Access Bank plc, 8.477%, 8/29/12
     8/29/07     $ 500,000  
Balkan Financial Sector Equity Fund CV LP
     1/12/06 - 11/5/08       360,182  
Calvert Social Investment Foundation Notes, 3.00%, 7/1/11
     7/1/08       4,431,583  
China Environment Fund 2004 LP
     9/15/05 - 4/1/09       441  
Emerald Cleantech Fund I LP
     7/19/01 - 2/10/09       903,214  
Empresas ESM, Contingent Deferred Distribution
     11/2/06       350,000  
GNet Defta Development Holdings LLC, LP
     8/30/05       400,000  
H2Gen Innovations, Inc.:
                
Common Stock
     11/4/04       —  
Common Warrants (strike price $1.00/share, expires 10/31/13)
     11/4/04       —  
Series A, Preferred
     11/4/04       251,496  
Series A, Preferred Warrants (strike price $1.00/share, expires 10/10/12)
     11/4/04       —  
Series B, Preferred
     10/21/04 - 10/27/04       161,759  
Series C, Preferred
     6/1/06       52,886  
Mayer Laboratories, Inc., 6.00%, 12/31/10
     12/31/96       61,389  
Powerspan Corp.:
                
Series A, Preferred
     8/20/97       250,000  
Series B, Preferred
     10/5/99       200,000  
Series C, Preferred
     12/21/04 - 6/12/08       273,331  
Series D, Preferred
     6/20/08       157,996  
Series D, Preferred Warrants (strike price $3.44/share, expires 12/31/12)
     12/5/07 - 6/20/08       —  

 

 

                 
    ACQUISITION        
    DATES     COST  
 
RF Technology, Inc.
     7/17/06       299,990  
SEAF Central and Eastern European Growth Fund LLC, LP
     8/10/00 - 9/23/08       330,740  
SEAF India International Growth Fund LLC, LP
     3/22/05 - 5/8/09       473,932  
ShoreCap International LLC, LP
     8/12/04 - 12/15/08       446,828  
SMARTHINKING, Inc.:
                
Series 1-A, Convertible Preferred
     4/22/03 - 5/27/05       159,398  
Series 1-B, Convertible Preferred
     6/10/03       250,000  
Series 1-B, Preferred Warrants (strike price $0.01/share, expires 5/26/15)
     5/27/05       —  
Terra Capital LP
     11/23/98 - 3/14/06       469,590  
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s portfolio holdings as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder’s statement.
CALVERT INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2009
                 
    SHARES     VALUE  
 
EQUITY SECURITIES — 99.5%
                
 
                
Australia — 11.5%
                
Ansell Ltd.
     45,023     $ 316,966  
Arrow Energy NL*
     52,672       149,810  
ASX Ltd.
     18,320       544,019  
CSL Ltd.
     12,383       319,891  
QBE Insurance Group Ltd.
     28,691       457,561  
Ramsay Health Care Ltd.
     23,011       213,149  
Sonic Healthcare Ltd.
     31,696       313,637  
 
              
 
             2,315,033  
 
              
 
                
Brazil — 2.9%
                
Cia de Saneamento Basico do Estado de Sao Paulo (ADR)
     5,000       149,950  
Diagnosticos da America SA*
     8,800       154,017  
Itau Unibanco Banco Multiplo SA (ADR)
     9,038       143,071  
Tractebel Energia SA
     14,200       136,907  
 
              
 
             583,945  
 
              
 
                
Canada — 3.6%
                
Canadian Pacific Railway Ltd.
     7,546       301,035  
Shoppers Drug Mart Corp.
     9,958       428,179  
 
              
 
             729,214  
 
              

 

 

                 
    SHARES     VALUE  
 
Finland — 2.2%
                
Lassila & Tikanoja Oyj
     25,130       451,185  
 
              
 
                
France — 10.2%
                
Accor SA
     10,517       417,960  
Cap Gemini SA
     8,979       331,449  
Cie Generale d’Optique Essilor International SA
     4,288       204,577  
Nexans SA
     5,724       304,943  
Publicis Groupe
     10,990       335,345  
Vallourec SA
     3,828       465,111  
 
              
 
             2,059,385  
 
              
 
                
Germany — 5.0%
                
Adidas AG
     12,982       494,364  
Rhoen Klinikum AG
     9,401       207,750  
SMA Solar Technology AG
     4,101       303,844  
 
              
 
             1,005,958  
 
              
 
                
Greece — 1.4%
                
Alpha Bank AE*
     25,735       277,912  
 
              
 
                
Japan — 16.6%
                
Benesse Corp.
     13,100       523,048  
Daiwa House Industry Co. Ltd.
     16,000       171,281  
FamilyMart Co. Ltd.
     12,700       397,655  
Fanuc Ltd.
     4,200       334,791  
Nikon Corp.
     20,000       343,483  
NTT Data Corp.
     69       222,285  
Shimano, Inc.
     13,600       518,486  
Shiseido Co. Ltd.
     19,000       310,571  
Sumitomo Chemical Co. Ltd.
     75,000       335,844  
USS Co. Ltd.
     3,850       197,345  
 
              
 
             3,354,789  
 
              
 
                
Mexico — 2.8%
                
Banco Compartamos SA de CV
     106,988       344,407  
Urbi Desarrollos Urbanos SA de CV*
     144,316       219,137  
 
              
 
             563,544  
 
              
 
                
Netherlands — 1.0%
                
QIAGEN NV*
     11,286       209,353  
 
              
 
                
New Zealand — 1.9%
                
Contact Energy Ltd.
     103,588       389,414  
 
              

 

 

                 
    SHARES     VALUE  
 
Norway — 5.9%
                
Petroleum Geo-Services ASA*
     40,050       249,393  
ProSafe SE
     44,380       222,828  
Tandberg ASA
     21,700       365,825  
Tomra Systems ASA
     99,600       357,993  
 
              
 
             1,196,039  
 
              
 
                
Philippines — 0.8%
                
Manila Water Co., Inc.
     538,000       161,767  
 
              
 
                
Singapore — 3.7%
                
ComfortDelgro Corp. Ltd.
     313,000       276,406  
Hyflux Ltd.
     312,000       471,482  
 
              
 
             747,888  
 
              
 
                
Spain — 4.3%
                
Acciona SA
     2,283       280,470  
Ebro Puleva SA
     15,922       241,624  
Gamesa Corp. Tecnologica SA
     17,584       333,624  
 
              
 
             855,718  
 
              
 
                
Sweden — 1.6%
                
Svenska Cellulosa AB, Series B
     31,000       325,501  
 
              
 
                
Switzerland — 2.4%
                
Adecco SA
     11,357       474,144  
 
              
 
                
United Kingdom — 11.5%
                
Associated British Foods plc
     16,931       212,617  
eaga plc
     175,561       379,460  
FirstGroup plc
     85,464       504,526  
Informa plc
     109,915       395,950  
Legal & General Group plc
     212,270       198,336  
Severn Trent plc
     20,658       372,540  
SSL International plc
     29,465       251,531  
 
              
 
             2,314,960  
 
              
 
                
United States — 10.2%
                
Calgon Carbon Corp.*
     22,796       316,636  
DaVita, Inc.*
     4,044       200,016  
FTI Consulting, Inc.*
     7,378       374,212  
GameStop Corp.*
     11,040       242,990  
Ormat Technologies, Inc.
     2,743       110,570  
Quanta Services, Inc.*
     9,121       210,969  
SunPower Corp.*
     11,262       300,020  
Watson Wyatt Worldwide, Inc.
     8,067       302,755  
 
              

 

 

                 
    SHARES     VALUE  
 
 
             2,058,168  
 
              
 
                
Total Equity Securities (Cost $21,966,197)
             20,073,917  
 
              
                 
    PRINCIPAL          
    AMOUNT          
 
TIME DEPOSIT — 2.9%
                
State Street Corp. Time Deposit, 0.01%, 7/1/09
   $ 585,000       585,000  
 
              
 
                
Total Time Deposit (Cost $585,000)
             585,000  
 
              
 
                
TOTAL INVESTMENTS (Cost $22,551,197) — 102.4%
             20,658,917  
Other assets and liabilities, net — (2.4%)
             (493,142 )
 
              
NET ASSETS — 100%
           $ 20,165,775  
 
              
 
*   Non-income producing security.
Abbreviations:
ADR: American Depositary Receipt
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s portfolio holdings as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder’s statement.
NOTE A — SIGNIFICANT ACCOUNTING POLICIES
General: Calvert World Values Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 as an open-end management investment company. The Fund operates as a series fund with three separate portfolios: International Equity, Capital Accumulation, and International Opportunities. International Equity and International Opportunities are registered as diversified portfolios. Capital Accumulation is registered as a non-diversified portfolio. The operation of each series is accounted for separately. International Opportunities began operations on May 31, 2007. International Equity offers Class A, Class B, Class C, Class I and Class Y (effective October 31, 2008) shares. Capital Accumulation offers Class A, Class B, Class C, and Class I shares. International Opportunities offers Class A, Class C, Class I and Class Y (effective October 31, 2008) shares. Class A shares are sold with a maximum front-end sales charge of 4.75%. Class B shares are sold without a front-end sales charge.

 

 

With certain exceptions, the Fund will impose a deferred sales charge at the time of redemption, depending on how long investors have owned the shares. Class C shares are sold without a front-end sales charge. With certain exceptions, the Fund will impose a deferred sales charge on shares sold within one year of purchase. Class B and Class C shares have higher levels of expenses than Class A shares. Class I shares require a minimum account balance of $1,000,000. The $1 million minimum initial investment may be waived for certain institutional accounts, where it is believed to be in the best interest of the Fund and its shareholders. Class I shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Class Y shares are generally only available to wrap or similar fee-based programs offered by financial intermediaries that have entered into an agreement with the Fund’s Distributor to offer Class Y shares. Class Y shares have no front-end or deferred sales charge. Each class has different: (a) dividend rates, due to differences in Distribution Plan expenses and other class-specific expenses, (b) exchange privileges and (c) class-specific voting rights.
Security Valuation: Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors to value its investments wherever possible. Securities for which market quotations are available are valued at last sale price or official closing price on the primary market or exchange in which they trade. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If events occur after the close of the principal market in which foreign securities are traded, and before the close of business of the Fund, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. Short-term notes are stated at amortized cost, which approximates fair value. The Fund may invest in securities whose resale is subject to restrictions. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board of Directors.
The Calvert World Values International Equity Fund and Calvert International Opportunities Fund have retained a third party fair value pricing service to quantitatively analyze the price movement of their holdings on foreign exchanges and to automatically fair value if the variation from the prior day’s closing price exceeds specified parameters. On June 30, 2009, price movements exceeded specified parameters and the third party fair value pricing service quantitatively fair valued the affected securities.
In determining fair value, the Board considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

 

 

The following securities were fair valued in good faith under the direction of the Board of Directors as of June 30, 2009:
                 
            % of Net
    Total Investments   Assets
     
Capital Accumulation
   $ 1,413,526       1.8 %
International Equity
     10,113,256       2.8 %
Effective October 1, 2008, the Fund adopted Financial Accounting Standards Board Statement on Financial Accounting Standards No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund’s investments and requires additional disclosures about fair value measurements.
Various inputs are used in determining the value of the Fund’s investments. 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 methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. For additional information on the Fund’s policy regarding valuation of investments, please refer to the Fund’s most recent prospectus.

 

 

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:
                                 
International Equity           Valuation Inputs    
Investments in Securities   Level 1   Level 2   Level 3   Total
 
Equity securities*
   $ 58,644,570     $ 282,431,652 **   $ 1,868,372     $ 342,944,594  
Limited partnership interest
     —       —       3,190,968       3,190,968  
Other debt obligations
     —       238,000       5,053,916       5,291,916  
     
TOTAL
   $ 58,644,570     $ 282,669,652     $ 10,113,256 ***   $ 351,427,478  
     
 
*   For further breakdown of Equity securities by country, please refer to the Schedule of Investments.
 
**   Includes certain securities trading primarily outside the U.S. whose value was adjusted as a result of significant market movements following the close of local trading.
 
***   Level 3 securities represent 2.8% of net assets.
                                 
Capital Accumulation           Valuation Inputs    
Investments in Securities   Level 1   Level 2   Level 3   Total
 
Equity securities*
   $ 77,443,826       —       —     $ 77,443,826  
Other debt obligations
     —     $ 421,000     $ 1,413,526       1,834,526  
     
TOTAL
   $ 77,443,826     $ 421,000     $ 1,413,526 **   $ 79,278,352  
     
 
*   For further breakdown of Equity securities by industry type, please refer to the Schedule of Investments.
 
**   Level 3 securities represent 1.8% of net assets.

 

 

                                 
International Opportunities           Valuation Inputs    
Investments in Securities   Level 1   Level 2   Level 3   Total
 
Equity securities*
   $ 4,330,822     $ 15,743,095 **     —     $ 20,073,917  
Other debt obligations
     —       585,000       —       585,000  
     
TOTAL
   $ 4,330,822     $ 16,328,095       —     $ 20,658,917  
     
 
*   For further breakdown of Equity securities by country, please refer to the Schedule of Investments.
 
**   Includes certain securities trading primarily outside the U.S. whose value was adjusted as a result of significant market movements following the close of local trading.
Repurchase Agreements: The Fund may enter into repurchase agreements with recognized financial institutions or registered broker/dealers and, in all instances, holds underlying securities with a value exceeding the total repurchase price, including accrued interest. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its value and a possible loss of income or value if the counterparty fails to perform in accordance with the terms of the agreement.
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 is included at the end of the Schedules of Investments.
Security Transactions and Net Investment Income: Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Expenses arising in connection with a class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

 

 

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 translated 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. The effect of changes in foreign exchange rates on securities and foreign currencies is included in the net realized and unrealized gain or loss on securities and foreign currencies.
Distributions to Shareholders: Distributions to shareholders are recorded by the Fund on ex-dividend date. Dividends from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.
Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.
Redemption Fees: The Fund charges a 2% redemption fee on redemptions, including exchanges, made within 30 days of purchase in the same Fund (within seven days for Class I shares). The redemption fee is paid to the Class of the Fund from which the redemption is made, and is accounted for as an addition to paid-in capital. The fee is intended to discourage market-timers by ensuring that short-term trading costs are borne by the investors making the transactions and not the shareholders already in the Fund.
Expense Offset Arrangement: The Fund has an arrangement with its custodian bank whereby the custodian’s fees may be paid indirectly by credits earned on the Fund’s cash on deposit with the bank. These credits are used to reduce the Fund’s expenses. Such a deposit arrangement may be an alternative to overnight investments.
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.
The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements or in any of the

 

 

open tax years; thus, no provision for income tax is required. Each of the Fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.
New Accounting Pronouncements: In March 2008, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 161, “Disclosures about Derivative Instruments and Hedging Activities.” The new standard is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand the effect on the Fund’s financial position, financial performance, and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the impact the adoption of SFAS No. 161 will have on the Fund’s financial statements and related disclosures.
In April 2009, the FASB issued FASB Staff Position No. FAS 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” (“FSP 157-4”). FSP 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosure are to be expanded for each major category of equity and debt securities. There was no change to the financial position of the Fund and the results of its operations due to the adoption of FSP 157-4 and all disclosures have been made for the current period as part of the Notes to Schedules of Investments and Schedules of Investments.
NOTE B — TAX INFORMATION
The following tables present the cost of investments for federal income tax purposes, and the components of net unrealized appreciation (depreciation) at June 30, 2009, and net realized capital loss carryforwards as of September 30, 2008 with expiration dates:
                         
    International   Capital   International
    Equity   Accumulation   Opportunities
 
Federal income tax cost of investments
   $ 406,155,917     $ 85,074,682     $ 22,931,132  
Unrealized appreciation
     21,697,660       6,007,715       792,235  
Unrealized depreciation
     (76,426,099 )     (11,804,045 )     (3,064,450 )
Net unrealized appreciation/(depreciation)
     ($54,728,439 )     ($5,796,330 )     ($2,272,215 )

 

 

Capital Loss Carryforwards
                 
    International   Capital
Expiration Date   Equity   Accumulation
 
30-Sep-09
   $ 89,871     $ —  
30-Sep-16
     —       372,018  
       
 
   $ 89,871     $ 372,018  
       
Capital losses may be utilized to offset current and future capital gains until expiration.
The International Equity Fund’s use of net capital loss carryforwards of $89,871 (from Calvert South Africa Fund that merged into the Fund in September 2002) may be limited under certain tax provisions.
NOTE C — AFFILIATED COMPANIES
An affiliated company is a company in which the Fund has a direct or indirect ownership of, control of, or voting power over 5 percent or more of the outstanding voting shares.
Affiliated companies of the International Equity Fund are as follows:
                 
AFFILIATES   COST   VALUE
GNet Defta Development Holdings LLC
   $ 400,000     $ 363,504  
SEAF Central & Eastern European Growth Fund LLC
     330,740       400,885  
       
TOTALS
   $ 730,740     $ 764,389  
NOTE D — OTHER
In connection with certain venture capital investments, the International Equity Fund is committed to future capital calls, which will increase the Fund’s investment in these securities. The aggregate amount of the future capital commitments totals $655,036 at June 30, 2009.

 

 

Item 2. Controls and Procedures.
(a) The principal executive and financial officers concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act, as of a date within 90 days of the filing date of this report.
(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).
     Filed herewith.
     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
CALVERT WORLD VALUES FUND, INC.
 		    
By:   /s/ Barbara J. Krumsiek      
  Barbara J. Krumsiek     
  President — Principal Executive Officer     
 
Date: August 27, 2009
     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
     
/s/ Barbara J. Krumsiek      
Barbara J. Krumsiek     
President — Principal Executive Officer     
 
Date: August 27, 2009
         
     
/s/ Ronald M. Wolfsheimer      
Ronald M. Wolfsheimer     
Treasurer — Principal Financial Officer     
 
Date: August 27, 2009

 

EX-99.CERT 2 w75480exv99wcert.htm EX-99.CERT exv99wcert
EX-99.CERT
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Barbara J. Krumsiek, certify that:
1. I have reviewed this report on Form N-Q of Calvert World Values Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly represent in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 27, 2009
         
     
/s/ Barbara J. Krumsiek      
Barbara J. Krumsiek     
President — Principal Executive Officer     

 

 

         
EX-99.CERT
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Ronald M. Wolfsheimer, certify that:
1. I have reviewed this report on Form N-Q of Calvert World Values Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly represent in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 27, 2009
         
     
/s/ Ronald M. Wolfsheimer      
Ronald M. Wolfsheimer     
Treasurer — Principal Financial Officer     
 

 

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