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: 811-03334
Calvert Social Investment Fund
(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 Service)
(202) 238-2200
(Registrant’s Telephone Number)
September 30
Date of Fiscal Year End
March 31, 2022
Date of Reporting Period
Item 1. Report to Stockholders.
Calvert
Social Investment Fund
Semiannual Report
March 31, 2022
Calvert Balanced
Fund • Calvert Bond Fund • Calvert Equity Fund
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 each Fund and the other funds it manages. Accordingly, neither the Funds nor the adviser is subject to CFTC
regulation.
Fund shares are not insured by the FDIC
and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current
summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and
prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.
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Calvert
Balanced Fund
March 31, 2022
Performance
Portfolio Manager(s) Vishal
Khanduja, CFA, Brian S. Ellis, CFA and Charles B. Gaffney, each of Calvert Research and Management
| % Average Annual Total Returns1,2 | Class
Inception Date |
Performance
Inception Date |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 10/21/1982 | 10/21/1982 | 0.48% | 6.74% | 10.26% | 8.70% |
| Class A with 4.75% Maximum Sales Charge | — | — | (4.29) | 1.66 | 9.20 | 8.17 |
| Class C at NAV | 03/01/1994 | 10/21/1982 | 0.11 | 5.96 | 9.43 | 8.01 |
| Class C with 1% Maximum Sales Charge | — | — | (0.83) | 4.97 | 9.43 | 8.01 |
| Class I at NAV | 12/27/2004 | 10/21/1982 | 0.61 | 7.02 | 10.57 | 9.09 |
| Class R6 at NAV | 02/01/2019 | 10/21/1982 | 0.64 | 7.08 | 10.60 | 9.11 |
|
| ||||||
| Russell 1000® Index | — | — | 4.15% | 13.27% | 15.81% | 14.52% |
| Bloomberg U.S. Aggregate Bond Index | — | — | (5.92) | (4.15) | 2.14 | 2.24 |
| Balanced Blended Benchmark | — | — | 0.14 | 6.16 | 10.50 | 9.70 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
| 0.90% | 1.66% | 0.66% | 0.61% |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and
are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.
For performance as of the most recent month-end, please refer to www.calvert.com.
2
Calvert
Bond Fund
March 31, 2022
Performance
Portfolio Manager(s) Vishal
Khanduja, CFA and Brian S. Ellis, CFA, each of Calvert Research and Management
| % Average Annual Total Returns1,2 | Class
Inception Date |
Performance
Inception Date |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 08/24/1987 | 08/24/1987 | (5.80)% | (3.76)% | 2.53% | 2.74% |
| Class A with 3.75% Maximum Sales Charge | — | — | (9.34) | (7.37) | 1.75 | 2.34 |
| Class C at NAV | 06/01/1998 | 08/24/1987 | (6.16) | (4.51) | 1.70 | 2.06 |
| Class C with 1% Maximum Sales Charge | — | — | (7.09) | (5.44) | 1.70 | 2.06 |
| Class I at NAV | 03/31/2000 | 08/24/1987 | (5.69) | (3.56) | 2.77 | 3.12 |
| Class R6 at NAV | 10/03/2017 | 08/24/1987 | (5.72) | (3.56) | 2.81 | 3.14 |
|
| ||||||
| Bloomberg U.S. Aggregate Bond Index | — | — | (5.92)% | (4.15)% | 2.14% | 2.24% |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
| Gross | 0.74% | 1.54% | 0.54% | 0.47% |
| Net | 0.73 | 1.53 | 0.53 | 0.46 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and
are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.
For performance as of the most recent month-end, please refer to www.calvert.com.
4
Calvert
Equity Fund
March 31, 2022
Performance
Portfolio Manager(s) Joseph B.
Hudepohl, CFA, Lance V. Garrison, CFA, Jeffrey A. Miller, CFA and Robert R. Walton, Jr., CFA, each of Atlanta Capital Management Company, LLC
| % Average Annual Total Returns1,2 | Class
Inception Date |
Performance
Inception Date |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 08/24/1987 | 08/24/1987 | (0.26)% | 12.74% | 19.31% | 14.78% |
| Class A with 4.75% Maximum Sales Charge | — | — | (5.00) | 7.38 | 18.16 | 14.22 |
| Class C at NAV | 03/01/1994 | 08/24/1987 | (0.63) | 11.88 | 18.41 | 14.10 |
| Class C with 1% Maximum Sales Charge | — | — | (1.56) | 10.88 | 18.41 | 14.10 |
| Class I at NAV | 11/01/1999 | 08/24/1987 | (0.14) | 13.02 | 19.65 | 15.22 |
| Class R6 at NAV | 10/03/2017 | 08/24/1987 | (0.11) | 13.09 | 19.70 | 15.24 |
|
| ||||||
| Russell 1000® Growth Index | — | — | 1.54% | 14.98% | 20.87% | 17.03% |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
| 0.91% | 1.66% | 0.66% | 0.60% |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and
are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.
For performance as of the most recent month-end, please refer to www.calvert.com.
6
Calvert
Social Investment Fund
March 31, 2022
Endnotes and
Additional Disclosures
| 1 | Russell 1000® Index is an unmanaged index of 1,000 U.S. large-cap stocks. Russell 1000® Growth Index is an unmanaged index of U.S. large-cap growth stocks. Bloomberg U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. The Balanced Blended Benchmark is an internally constructed benchmark comprised of a blend of 60% Russell 1000® Index and 40% Bloomberg U.S. Aggregate Bond Index, and is rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
| 2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.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 each Fund on December 31, 2016. Performance reflected prior to such date is that of each Fund’s former investment adviser. |
| 3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement for Calvert Bond Fund 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 profiles subject to change due to active management. |
8
Calvert
Social Investment Fund
March 31, 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 (October 1, 2021 to March 31, 2022).
Actual Expenses
The first section of the tables 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 tables 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 tables 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 tables 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.
Calvert Balanced Fund
| Beginning
Account Value (10/1/21) |
Ending
Account Value (3/31/22) |
Expenses
Paid During Period* (10/1/21 – 3/31/22) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $1,004.80 | $4.50 | 0.90% |
| Class C | $1,000.00 | $1,001.10 | $8.28 | 1.66% |
| Class I | $1,000.00 | $1,006.10 | $3.30 | 0.66% |
| Class R6 | $1,000.00 | $1,006.40 | $3.05 | 0.61% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,020.44 | $4.53 | 0.90% |
| Class C | $1,000.00 | $1,016.65 | $8.35 | 1.66% |
| Class I | $1,000.00 | $1,021.64 | $3.33 | 0.66% |
| Class R6 | $1,000.00 | $1,021.89 | $3.07 | 0.61% |
| * | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021. |
9
Calvert
Social Investment Fund
March 31, 2022
Fund
Expenses — continued
Calvert Bond Fund
| Beginning
Account Value (10/1/21) |
Ending
Account Value (3/31/22) |
Expenses
Paid During Period* (10/1/21 – 3/31/22) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $ 942.00 | $3.53 ** | 0.73% |
| Class C | $1,000.00 | $ 938.40 | $7.39 ** | 1.53% |
| Class I | $1,000.00 | $ 943.10 | $2.57 ** | 0.53% |
| Class R6 | $1,000.00 | $ 942.80 | $2.23 ** | 0.46% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,021.29 | $3.68 ** | 0.73% |
| Class C | $1,000.00 | $1,017.30 | $7.70 ** | 1.53% |
| Class I | $1,000.00 | $1,022.29 | $2.67 ** | 0.53% |
| Class R6 | $1,000.00 | $1,022.64 | $2.32 ** | 0.46% |
| * | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021. |
| ** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Calvert Equity Fund
| Beginning
Account Value (10/1/21) |
Ending
Account Value (3/31/22) |
Expenses
Paid During Period* (10/1/21 – 3/31/22) |
Annualized
Expense Ratio | |
| Actual | ||||
| Class A | $1,000.00 | $ 997.40 | $4.48 | 0.90% |
| Class C | $1,000.00 | $ 993.70 | $8.20 | 1.65% |
| Class I | $1,000.00 | $ 998.60 | $3.24 | 0.65% |
| Class R6 | $1,000.00 | $ 998.90 | $2.89 | 0.58% |
| Hypothetical | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,020.44 | $4.53 | 0.90% |
| Class C | $1,000.00 | $1,016.70 | $8.30 | 1.65% |
| Class I | $1,000.00 | $1,021.69 | $3.28 | 0.65% |
| Class R6 | $1,000.00 | $1,022.04 | $2.92 | 0.58% |
| * | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021. |
10
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited)
11
See Notes to Financial Statements.
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
12
See Notes to Financial Statements.
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
13
See Notes to Financial Statements.
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
14
See Notes to Financial Statements.
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
15
See Notes to Financial Statements.
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
16
See Notes to Financial Statements.
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
17
See Notes to Financial Statements.
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
18
See Notes to Financial Statements.
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
19
See Notes to Financial Statements.
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
20
See Notes to Financial Statements.
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
21
See Notes to Financial Statements.
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
22
See Notes to Financial Statements.
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
23
See Notes to Financial Statements.
Calvert
Balanced Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
| (22) | Represents investment of cash collateral received in connection with securities lending. |
Futures Contracts
| Description | Number
of Contracts |
Position | Expiration
Date |
Notional
Amount |
Value/
Unrealized Appreciation (Depreciation) |
| Interest Rate Futures | |||||
| U.S. 2-Year Treasury Note | 251 | Long | 6/30/22 | $ 53,192,391 | $ (577,294) |
| U.S. 5-Year Treasury Note | 209 | Long | 6/30/22 | 23,969,688 | (576,742) |
| U.S. 10-Year Treasury Note | 50 | Long | 6/21/22 | 6,143,750 | (167,279) |
| U.S. Long Treasury Bond | 10 | Long | 6/21/22 | 1,500,625 | (42,362) |
| U.S. 10-Year Treasury Note | (2) | Short | 6/21/22 | (245,750) | 6,653 |
| U.S. Long Treasury Bond | (3) | Short | 6/21/22 | (450,188) | 12,651 |
| U.S. Ultra 10-Year Treasury Note | (326) | Short | 6/21/22 | (44,162,813) | 1,304,160 |
| U.S. Ultra-Long Treasury Bond | (17) | Short | 6/21/22 | (3,011,125) | 89,264 |
| $ 49,051 |
Restricted Securities
| Description | Acquisition Dates | Cost |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $2,500,000 |
| CFBanc Corp., Common Stock | 3/14/03 | 270,000 |
| Consensus Orthopedics, Inc., Common Stock | 2/10/06 | 504,331 |
| Consensus Orthopedics, Inc., Series A-1, Preferred | 8/19/05 | 4,331 |
| Consensus Orthopedics, Inc., Series B, Preferred | 2/10/06 | 139,576 |
| Consensus Orthopedics, Inc., Series C, Preferred | 2/10/06 | 120,342 |
| First Analysis Private Equity Fund IV, L.P. | 2/25/02-7/6/11 | 0 |
| GEEMF Partners, L.P. | 2/28/97 | 0 |
| Global Environment Emerging Markets Fund, L.P. | 1/14/94-2/1/95 | 0 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 0.00%, 11/3/22 | 11/13/15 | 39,329 |
| Learn Capital Venture Partners III, L.P., Common Stock | 8/30/16-12/15/21 | 1,056,322 |
| Lumni, Inc., Series B, Preferred | 8/8/13 | 116,367 |
| Neighborhood Bancorp, Class A, Common Stock | 6/25/97 | 100,000 |
| Solstice Capital, L.P. | 6/26/01-6/17/08 | 0 |
| Wind Harvest Co., Inc., Preferred | 5/16/94 | 100,000 |
| Abbreviations: | |
| ADR | – American Depositary Receipt |
| LIBOR | – London Interbank Offered Rate |
| SOFR | – Secured Overnight Financing Rate |
| TBA | – To Be Announced |
| Currency Abbreviations: | |
| USD | – United States Dollar |
24
See Notes to Financial Statements.
Calvert
Bond Fund
March 31, 2022
Schedule of
Investments (Unaudited)
25
See Notes to Financial Statements.
Calvert
Bond Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
26
See Notes to Financial Statements.
Calvert
Bond Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
27
See Notes to Financial Statements.
Calvert
Bond Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
28
See Notes to Financial Statements.
Calvert
Bond Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
29
See Notes to Financial Statements.
Calvert
Bond Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
30
See Notes to Financial Statements.
Calvert
Bond Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
31
See Notes to Financial Statements.
Calvert
Bond Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
32
See Notes to Financial Statements.
Calvert
Bond Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
33
See Notes to Financial Statements.
Calvert
Bond Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
34
See Notes to Financial Statements.
Calvert
Bond Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts
| Currency Purchased | Currency Sold | Counterparty | Settlement
Date |
Unrealized
Appreciation |
Unrealized
(Depreciation) | ||
| USD | 4,130,628 | CAD | 5,298,108 | State Street Bank and Trust Company | 5/31/22 | $ — | $ (106,723) |
| $ — | $(106,723) | ||||||
35
See Notes to Financial Statements.
Calvert
Bond Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
Futures
Contracts
| Description | Number
of Contracts |
Position | Expiration
Date |
Notional
Amount |
Value/
Unrealized Appreciation (Depreciation) |
| Interest Rate Futures | |||||
| U.S. 2-Year Treasury Note | 1,750 | Long | 6/30/22 | $ 370,863,283 | $ (4,508,576) |
| U.S. 5-Year Treasury Note | 779 | Long | 6/30/22 | 89,341,563 | (2,149,675) |
| U.S. 10-Year Treasury Note | 474 | Long | 6/21/22 | 58,242,750 | (1,585,800) |
| U.S. Long Treasury Bond | 106 | Long | 6/21/22 | 15,906,625 | (449,042) |
| U.S. Ultra-Long Treasury Bond | 161 | Long | 6/21/22 | 28,517,125 | (975,407) |
| U.S. Ultra 10-Year Treasury Note | (1,324) | Short | 6/21/22 | (179,360,625) | 5,232,684 |
| $(4,435,816) |
Restricted Securities
| Description | Acquisition Dates | Cost |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | $5,000,000 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 0.00%, 11/3/22 | 11/13/15 | 49,037 |
| Abbreviations: | |
| LIBOR | – London Interbank Offered Rate |
| SOFR | – Secured Overnight Financing Rate |
| TBA | – To Be Announced |
| Currency Abbreviations: | |
| CAD | – Canadian Dollar |
| USD | – United States Dollar |
36
See Notes to Financial Statements.
Calvert
Equity Fund
March 31, 2022
Schedule of
Investments (Unaudited)
37
See Notes to Financial Statements.
Calvert
Equity Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
38
See Notes to Financial Statements.
Calvert
Equity Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
Restricted Securities
| Description | Acquisition Dates | Cost |
| 20/20 Gene Systems, Inc. | 8/1/08-8/27/13 | $ 166,889 |
| Accion Frontier Inclusion Fund L.P. | 11/12/15-3/29/22 | 767,616 |
| Adobe Capital Social Mezzanine I L.P. | 2/8/13-7/22/20 | 297,250 |
| Africa Renewable Energy Fund L.P. | 4/17/14-5/22/19 | 986,582 |
| Arborview Capital Partners L.P. | 11/13/12-12/7/21 | 14,610 |
| Bridges Ventures US Sustainable Growth Fund L.P. | 6/18/16-10/7/21 | 822,498 |
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23 | 12/14/20 | 7,970,000 |
| China Environment Fund III L.P. | 1/24/08-4/19/13 | 528,093 |
| Coastal Ventures III L.P. | 7/30/12-1/9/19 | 119,453 |
| Core Innovations Capital I L.P. | 1/6/11-6/30/17 | 0 |
| Cross Culture Ventures I L.P. | 2/24/16-7/7/21 | 350,258 |
| DBL Equity Fund - BAEF Il L.P. | 3/30/11-8/2/16 | 697,586 |
| DBL Partners III L.P. | 1/16/15-9/3/21 | 838,321 |
| Digital Directions International, Inc. | 7/2/08-7/15/09 | 683,778 |
| Entouch, Series C, Preferred | 2/3/16 | 350,000 |
| Entouch, Series C-1, Preferred | 10/11/17-11/5/19 | 136,289 |
| First Analysis Private Equity Fund V L.P. | 6/7/13-6/13/18 | 328,866 |
| Ignia Fund I L.P. | 1/28/10-12/9/16 | 989,801 |
| Impact Ventures II L.P. | 9/8/10-2/5/18 | 638,988 |
| ImpactAssets, Inc., Global Sustainable Agriculture Notes, 0.00%, 11/3/22 | 11/13/15 | 144,608 |
| Ivy Capital (Proprietary) Ltd. | 9/12/12-5/14/14 | 557,372 |
| LeapFrog Financial Inclusion Fund | 1/20/10-1/23/19 | 0 |
| New Markets Education Partners L.P. | 9/27/11-6/1/21 | 0 |
| New Markets Venture Partners II L.P. | 7/21/08-5/3/16 | 0 |
| Owl Ventures L.P. | 7/10/14-3/20/20 | 0 |
| Renewable Energy Asia Fund L.P. | 9/29/10-1/5/17 | 1,753,943 |
| SEAF India International Growth Fund L.P. | 3/22/05-5/24/10 | 200,375 |
39
See Notes to Financial Statements.
Calvert
Equity Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
Restricted
Securities — continued
| Description | Acquisition Dates | Cost |
| SJF Ventures II L.P., Preferred | 2/14/06-11/20/12 | $ 0 |
| SJF Ventures III L.P. | 2/6/12-7/14/17 | 0 |
| Sword Diagnostics, Preferred | 12/26/06-11/9/10 | 432,472 |
| Westly Capital Partners Fund II L.P. | 12/27/11-4/16/21 | 16,584 |
40
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Statements of Assets
and Liabilities (Unaudited)
| March 31, 2022 | |||
| Balanced Fund | Bond Fund | Equity Fund | |
| Assets | |||
| Investments in securities of unaffiliated issuers, at value (identified cost $1,052,219,422, $2,765,833,311 and $3,012,589,951, respectively) - including $11,744,399, $27,504,299 and $0, respectively, of securities on loan | $ 1,276,258,609 | $ 2,653,337,567 | $ 5,901,944,256 |
| Investments in securities of affiliated issuers, at value (identified cost $27,064,903, $140,320,980 and $123,297,637, respectively) | 26,915,365 | 139,915,630 | 122,915,168 |
| Receivable for variation margin on open futures contracts | — | 214,632 | — |
| Cash | 90,815 | 1,406,232 | 804 |
| Deposits at broker for futures contracts | 890,000 | 3,305,100 | — |
| Deposits for forward commitment securities | — | 3,299,000 | — |
| Receivable for investments sold | 1,150,174 | 6,066,793 | — |
| Receivable for capital shares sold | 1,308,846 | 6,869,566 | 10,731,106 |
| Dividends and interest receivable | 3,114,528 | 13,593,973 | 2,222,987 |
| Dividends and interest receivable - affiliated | 17,077 | 51,219 | 42,303 |
| Securities lending income receivable | 9,251 | 11,685 | — |
| Tax reclaims receivable | 59,152 | — | — |
| Receivable from affiliate | — | 35,580 | — |
| Trustees' deferred compensation plan | 520,935 | 789,917 | 1,747,132 |
| Other assets | — | — | 13,640 |
| Total assets | $1,310,334,752 | $2,828,896,894 | $6,039,617,396 |
| Liabilities | |||
| Payable for variation margin on open futures contracts | $ 63,477 | $ — | $ — |
| Payable for open forward foreign currency exchange contracts | — | 106,723 | — |
| Payable for investments purchased | 914,339 | 5,706,679 | — |
| Payable for when-issued/delayed delivery/forward commitment securities | 67,861,848 | 174,423,061 | — |
| Payable for capital shares redeemed | 1,170,061 | 4,959,856 | 5,196,940 |
| Distributions payable | — | 457,352 | — |
| Deposits for securities loaned | 10,263,014 | 11,442,363 | — |
| Payable to affiliates: | |||
| Investment advisory fee | 398,825 | 662,019 | 2,112,498 |
| Administrative fee | 122,908 | 270,424 | 594,465 |
| Distribution and service fees | 220,948 | 70,034 | 577,551 |
| Sub-transfer agency fee | 76,986 | 35,040 | 86,860 |
| Trustees' deferred compensation plan | 520,935 | 789,917 | 1,747,132 |
| Accrued expenses | 292,063 | 491,085 | 1,188,162 |
| Total liabilities | $ 81,905,404 | $ 199,414,553 | $ 11,503,608 |
| Commitments and contingent liabilities (Note 10) | |||
| Net Assets | $1,228,429,348 | $2,629,482,341 | $6,028,113,788 |
| Sources of Net Assets | |||
| Paid-in capital | $ 995,300,932 | $ 2,762,114,403 | $ 3,074,229,510 |
| Distributable earnings (accumulated loss) | 233,128,416 | (132,632,062) | 2,953,884,278 |
| Net Assets | $1,228,429,348 | $2,629,482,341 | $6,028,113,788 |
| Class A Shares | |||
| Net Assets | $ 824,900,866 | $ 348,102,318 | $ 2,222,463,677 |
| Shares Outstanding | 20,794,120 | 22,336,500 | 29,953,248 |
| Net
Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 39.67 | $ 15.58 | $ 74.20 |
| Maximum
Offering Price Per Share (100 ÷ 95.25, 96.25 and 95.25, respectively, of net asset value per share) |
$ 41.65 | $ 16.19 | $ 77.90 |
41
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Statements of Assets
and Liabilities (Unaudited) — continued
| March 31, 2022 | |||
| Balanced Fund | Bond Fund | Equity Fund | |
| Class C Shares | |||
| Net Assets | $ 65,772,391 | $ 11,666,127 | $ 142,990,013 |
| Shares Outstanding | 1,724,327 | 753,933 | 3,850,653 |
| Net
Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$ 38.14 | $ 15.47 | $ 37.13 |
| Class I Shares | |||
| Net Assets | $ 322,031,961 | $ 1,851,986,633 | $ 3,180,612,525 |
| Shares Outstanding | 7,932,758 | 118,598,661 | 36,236,530 |
| Net
Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 40.60 | $ 15.62 | $ 87.77 |
| Class R6 Shares | |||
| Net Assets | $ 15,724,130 | $ 417,727,263 | $ 482,047,573 |
| Shares Outstanding | 387,529 | 26,780,072 | 5,506,804 |
| Net
Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 40.58 | $ 15.60 | $ 87.54 |
| 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. |
42
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Statements of
Operations (Unaudited)
| Six Months Ended March 31, 2022 | |||
| Balanced Fund | Bond Fund | Equity Fund | |
| Investment Income | |||
| Dividend income (net of foreign taxes withheld of $13,802, $5,294 and $0, respectively) | $ 4,976,249 | $ 558,361 | $ 24,481,653 |
| Dividend income - affiliated issuers | 7,070 | 26,373 | 55,905 |
| Interest and other income (net of foreign taxes withheld of $1,093, $1,841 and $0, respectively) | 5,606,955 | 32,035,205 | 16,302 |
| Interest income - affiliated issuers | 52,114 | 192,649 | 59,775 |
| Securities lending income, net | 20,516 | 63,617 | 41 |
| Total investment income | $ 10,662,904 | $ 32,876,205 | $ 24,613,676 |
| Expenses | |||
| Investment advisory fee | $ 2,404,654 | $ 3,717,319 | $ 13,170,048 |
| Administrative fee | 743,247 | 1,517,568 | 3,735,730 |
| Distribution and service fees: | |||
| Class A | 1,007,399 | 369,267 | 2,909,005 |
| Class C | 339,668 | 64,117 | 755,348 |
| Trustees' fees and expenses | 24,558 | 52,327 | 121,384 |
| Custodian fees | 16,303 | 28,409 | 48,935 |
| Transfer agency fees and expenses | 565,645 | 916,792 | 2,201,858 |
| Accounting fees | 170,900 | 233,679 | 428,771 |
| Professional fees | 31,988 | 30,415 | 49,084 |
| Registration fees | 50,066 | 81,224 | 97,056 |
| Reports to shareholders | 10,048 | 35,551 | 87,786 |
| Miscellaneous | 71,376 | 17,259 | 41,702 |
| Total expenses | $ 5,435,852 | $ 7,063,927 | $ 23,646,707 |
| Waiver and/or reimbursement of expenses by affiliate | $ — | $ (64,674) | $ — |
| Net expenses | $ 5,435,852 | $ 6,999,253 | $ 23,646,707 |
| Net investment income | $ 5,227,052 | $ 25,876,952 | $ 966,969 |
| Realized and Unrealized Gain (Loss) | |||
| Net realized gain (loss): | |||
| Investment securities | $ 17,235,031 | $ (9,541,843) | $ 70,599,162 |
| Investment securities - affiliated issuers | (2,200) | (30,626) | (14,889) |
| Futures contracts | 654,783 | (1,077,910) | — |
| Foreign currency transactions | — | 21,620 | — |
| Forward foreign currency exchange contracts | — | 26,211 | — |
| Net realized gain (loss) | $ 17,887,614 | $ (10,602,548) | $ 70,584,273 |
| Change in unrealized appreciation (depreciation): | |||
| Investment securities | $ (16,346,497) | $ (161,650,499) | $ (84,286,348) |
| Investment securities - affiliated issuers | (80,865) | (296,556) | (257,362) |
| Futures contracts | (660,545) | (8,014,509) | — |
| Foreign currency | (2,786) | 13 | — |
| Forward foreign currency exchange contracts | — | (106,723) | — |
| Net change in unrealized appreciation (depreciation) | $(17,090,693) | $(170,068,274) | $(84,543,710) |
| Net realized and unrealized gain (loss) | $ 796,921 | $(180,670,822) | $(13,959,437) |
| Net increase (decrease) in net assets from operations | $ 6,023,973 | $(154,793,870) | $(12,992,468) |
43
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Statements of
Changes in Net Assets
| Six
Months Ended March 31, 2022 (Unaudited) | |||
| Balanced Fund | Bond Fund | Equity Fund | |
| Increase (Decrease) in Net Assets | |||
| From operations: | |||
| Net investment income | $ 5,227,052 | $ 25,876,952 | $ 966,969 |
| Net realized gain (loss) | 17,887,614 | (10,602,548) | 70,584,273 |
| Net change in unrealized appreciation (depreciation) | (17,090,693) | (170,068,274) | (84,543,710) |
| Net increase (decrease) in net assets from operations | $ 6,023,973 | $ (154,793,870) | $ (12,992,468) |
| Distributions to shareholders: | |||
| Class A | $ (59,344,608) | $ (8,033,808) | $ (86,833,820) |
| Class C | (4,787,016) | (229,804) | (10,386,601) |
| Class I | (22,618,468) | (38,682,716) | (108,527,009) |
| Class R6 | (949,731) | (8,965,227) | (16,720,268) |
| Total distributions to shareholders | $ (87,699,823) | $ (55,911,555) | $ (222,467,698) |
| Capital share transactions: | |||
| Class A | $ 56,231,379 | $ 2,279,490 | $ 35,882,903 |
| Class C | 3,199,748 | (1,076,705) | 5,211,216 |
| Class I | 27,113,111 | 289,651,941 | 152,551,900 |
| Class R6 | 5,448,150 | 128,796,821 | 42,836,371 |
| Net increase in net assets from capital share transactions | $ 91,992,388 | $ 419,651,547 | $ 236,482,390 |
| Net increase in net assets | $ 10,316,538 | $ 208,946,122 | $ 1,022,224 |
| Net Assets | |||
| At beginning of period | $ 1,218,112,810 | $ 2,420,536,219 | $ 6,027,091,564 |
| At end of period | $1,228,429,348 | $2,629,482,341 | $6,028,113,788 |
44
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Statements of
Changes in Net Assets — continued
| Year Ended September 30, 2021 | |||
| Balanced Fund | Bond Fund | Equity Fund | |
| Increase (Decrease) in Net Assets | |||
| From operations: | |||
| Net investment income | $ 8,405,046 | $ 44,427,951 | $ 4,350,668 |
| Net realized gain | 87,470,552 | 31,748,346 | 256,045,998 |
| Net change in unrealized appreciation (depreciation) | 69,358,215 | (17,376,947) | 1,034,820,304 |
| Net increase in net assets from operations | $ 165,233,813 | $ 58,799,350 | $1,295,216,970 |
| Distributions to shareholders: | |||
| Class A | $ (16,610,145) | $ (10,862,835) | $ (54,180,648) |
| Class C | (1,024,717) | (341,745) | (6,181,589) |
| Class I | (6,391,454) | (51,012,607) | (78,465,706) |
| Class R6 | (245,398) | (9,411,050) | (9,228,369) |
| Total distributions to shareholders | $ (24,271,714) | $ (71,628,237) | $ (148,056,312) |
| Capital share transactions: | |||
| Class A | $ 40,159,310 | $ 50,639,467 | $ (46,634,430) |
| Class C | (6,957,622) | (2,384,269) | (14,138,082) |
| Class I | 69,485,568 | 339,259,762 | (372,072,443) |
| Class R6 | 5,507,106 | 52,211,377 | 167,442,612 |
| Net increase (decrease) in net assets from capital share transactions | $ 108,194,362 | $ 439,726,337 | $ (265,402,343) |
| Net increase in net assets | $ 249,156,461 | $ 426,897,450 | $ 881,758,315 |
| Net Assets | |||
| At beginning of year | $ 968,956,349 | $ 1,993,638,769 | $ 5,145,333,249 |
| At end of year | $1,218,112,810 | $2,420,536,219 | $6,027,091,564 |
45
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Financial
Highlights
| Balanced Fund — Class A | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 42.36 | $ 37.18 | $ 34.28 | $ 33.14 | $ 32.59 | $ 30.82 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.17 | $ 0.30 | $ 0.41 | $ 0.44 | $ 0.43 | $ 0.47 |
| Net realized and unrealized gain | 0.19 | 5.77 | 3.67 | 2.24 | 2.68 | 2.11 |
| Total income from operations | $ 0.36 | $ 6.07 | $ 4.08 | $ 2.68 | $ 3.11 | $ 2.58 |
| Less Distributions | ||||||
| From net investment income | $ (0.17) | $ (0.30) | $ (0.42) | $ (0.44) | $ (0.44) | $ (0.46) |
| From net realized gain | (2.88) | (0.59) | (0.76) | (1.10) | (2.12) | (0.35) |
| Total distributions | $ (3.05) | $ (0.89) | $ (1.18) | $ (1.54) | $ (2.56) | $ (0.81) |
| Net asset value — End of period | $ 39.67 | $ 42.36 | $ 37.18 | $ 34.28 | $ 33.14 | $ 32.59 |
| Total Return(2) | 0.48% (3) | 16.48% | 12.22% | 8.56% | 10.01% | 8.51% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $824,901 | $823,892 | $686,408 | $619,744 | $571,452 | $549,517 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.90% (5) | 0.90% | 0.93% | 0.96% | 0.96% | 0.99% |
| Net expenses | 0.90% (5) | 0.90% | 0.93% | 0.93% | 0.94% | 0.99% |
| Net investment income | 0.82% (5) | 0.73% | 1.17% | 1.37% | 1.33% | 1.48% |
| Portfolio Turnover | 47% (3)(6) | 95% (6) | 98% (6) | 69% (6) | 76% | 128% |
| (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) | Not annualized. |
| (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) | Annualized. |
| (6) | Includes the effect of To-Be-Announced (TBA) transactions. |
46
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Financial
Highlights — continued
| Balanced Fund — Class C | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 40.85 | $ 35.90 | $ 33.14 | $ 32.09 | $ 31.63 | $ 29.95 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ 0.01 | $ (0.01) | $ 0.14 | $ 0.20 | $ 0.18 | $ 0.20 |
| Net realized and unrealized gain | 0.18 | 5.56 | 3.55 | 2.15 | 2.61 | 2.06 |
| Total income from operations | $ 0.19 | $ 5.55 | $ 3.69 | $ 2.35 | $ 2.79 | $ 2.26 |
| Less Distributions | ||||||
| From net investment income | $ (0.02) | $ (0.01) | $ (0.17) | $ (0.20) | $ (0.21) | $ (0.23) |
| From net realized gain | (2.88) | (0.59) | (0.76) | (1.10) | (2.12) | (0.35) |
| Total distributions | $ (2.90) | $ (0.60) | $ (0.93) | $ (1.30) | $ (2.33) | $ (0.58) |
| Net asset value — End of period | $ 38.14 | $ 40.85 | $ 35.90 | $ 33.14 | $ 32.09 | $ 31.63 |
| Total Return(2) | 0.11% (3) | 15.59% | 11.39% | 7.77% | 9.14% | 7.66% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $65,772 | $67,292 | $65,760 | $54,062 | $60,674 | $61,205 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 1.66% (5) | 1.66% | 1.69% | 1.71% | 1.71% | 1.80% |
| Net expenses | 1.66% (5) | 1.66% | 1.68% | 1.68% | 1.69% | 1.80% |
| Net investment income (loss) | 0.06% (5) | (0.03)% | 0.42% | 0.63% | 0.58% | 0.67% |
| Portfolio Turnover | 47% (3)(6) | 95% (6) | 98% (6) | 69% (6) | 76% | 128% |
| (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) | Not annualized. |
| (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) | Annualized. |
| (6) | Includes the effect of To-Be-Announced (TBA) transactions. |
47
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Financial
Highlights — continued
| Balanced Fund — Class I | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 43.28 | $ 37.97 | $ 34.97 | $ 33.77 | $ 33.14 | $ 31.32 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.23 | $ 0.40 | $ 0.50 | $ 0.54 | $ 0.55 | $ 0.58 |
| Net realized and unrealized gain | 0.19 | 5.90 | 3.76 | 2.28 | 2.72 | 2.18 |
| Total income from operations | $ 0.42 | $ 6.30 | $ 4.26 | $ 2.82 | $ 3.27 | $ 2.76 |
| Less Distributions | ||||||
| From net investment income | $ (0.22) | $ (0.40) | $ (0.50) | $ (0.52) | $ (0.52) | $ (0.59) |
| From net realized gain | (2.88) | (0.59) | (0.76) | (1.10) | (2.12) | (0.35) |
| Total distributions | $ (3.10) | $ (0.99) | $ (1.26) | $ (1.62) | $ (2.64) | $ (0.94) |
| Net asset value — End of period | $ 40.60 | $ 43.28 | $ 37.97 | $ 34.97 | $ 33.77 | $ 33.14 |
| Total Return(2) | 0.61% (3) | 16.75% | 12.55% | 8.87% | 10.33% | 8.94% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $322,032 | $315,744 | $212,490 | $140,961 | $99,878 | $48,780 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.66% (5) | 0.66% | 0.69% | 0.71% | 0.72% | 0.67% |
| Net expenses | 0.66% (5) | 0.66% | 0.68% | 0.66% | 0.62% | 0.62% |
| Net investment income | 1.06% (5) | 0.96% | 1.41% | 1.64% | 1.66% | 1.80% |
| Portfolio Turnover | 47% (3)(6) | 95% (6) | 98% (6) | 69% (6) | 76% | 128% |
| (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) | Not annualized. |
| (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) | Annualized. |
| (6) | Includes the effect of To-Be-Announced (TBA) transactions. |
48
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Financial
Highlights — continued
| Balanced Fund — Class R6 | ||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | Period
Ended September 30, | ||
| 2021 | 2020 | 2019 (1) | ||
| Net asset value — Beginning of period | $ 43.27 | $ 37.95 | $ 34.98 | $ 31.46 |
| Income (Loss) From Operations | ||||
| Net investment income(2) | $ 0.24 | $ 0.42 | $ 0.51 | $ 0.36 |
| Net realized and unrealized gain | 0.18 | 5.91 | 3.75 | 3.55 |
| Total income from operations | $ 0.42 | $ 6.33 | $ 4.26 | $ 3.91 |
| Less Distributions | ||||
| From net investment income | $ (0.23) | $ (0.42) | $ (0.53) | $ (0.39) |
| From net realized gain | (2.88) | (0.59) | (0.76) | — |
| Total distributions | $ (3.11) | $ (1.01) | $ (1.29) | $ (0.39) |
| Net asset value — End of period | $ 40.58 | $ 43.27 | $37.95 | $34.98 |
| Total Return(3) | 0.64% (4) | 16.82% | 12.57% | 12.44% (4) |
| Ratios/Supplemental Data | ||||
| Net assets, end of period (000’s omitted) | $15,724 | $11,184 | $ 4,298 | $ 230 |
| Ratios (as a percentage of average daily net assets):(5) | ||||
| Total expenses | 0.61% (6) | 0.61% | 0.65% | 0.66% (6) |
| Net expenses | 0.61% (6) | 0.61% | 0.64% | 0.64% (6) |
| Net investment income | 1.12% (6) | 1.01% | 1.43% | 1.58% (6) |
| Portfolio Turnover | 47% (4)(7) | 95% (7) | 98% (7) | 69% (7)(8) |
| (1) | For the period from the commencement of operations, February 1, 2019, to September 30, 2019. |
| (2) | Computed using average shares outstanding. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes the effect of To-Be-Announced (TBA) transactions. |
| (8) | For the year ended September 30, 2019. |
49
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Financial
Highlights — continued
| Bond Fund — Class A | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 16.91 | $ 17.01 | $ 16.67 | $ 15.69 | $ 16.14 | $ 16.36 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.15 | $ 0.31 | $ 0.37 | $ 0.42 | $ 0.37 | $ 0.37 |
| Net realized and unrealized gain (loss) | (1.10) | 0.12 | 0.50 | 0.99 | (0.45) | (0.18) |
| Total income (loss) from operations | $ (0.95) | $ 0.43 | $ 0.87 | $ 1.41 | $ (0.08) | $ 0.19 |
| Less Distributions | ||||||
| From net investment income | $ (0.18) | $ (0.32) | $ (0.38) | $ (0.43) | $ (0.37) | $ (0.36) |
| From net realized gain | (0.20) | (0.21) | (0.15) | — | — | (0.05) |
| Total distributions | $ (0.38) | $ (0.53) | $ (0.53) | $ (0.43) | $ (0.37) | $ (0.41) |
| Net asset value — End of period | $ 15.58 | $ 16.91 | $ 17.01 | $ 16.67 | $ 15.69 | $ 16.14 |
| Total Return(2) | (5.80)% (3) | 2.61% | 5.32% | 9.10% | (0.48)% | 1.21% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $348,102 | $375,792 | $327,252 | $290,893 | $251,714 | $281,490 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.74% (5) | 0.74% | 0.76% | 0.78% | 0.83% | 0.89% |
| Net expenses | 0.73% (5) | 0.73% | 0.73% | 0.75% | 0.83% | 0.89% |
| Net investment income | 1.86% (5) | 1.84% | 2.21% | 2.59% | 2.32% | 2.29% |
| Portfolio Turnover | 72% (3)(6) | 163% (6) | 153% (6) | 75% (6) | 83% | 99% |
| (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) | Not annualized. |
| (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) | Annualized. |
| (6) | Includes the effect of To-Be-Announced (TBA) transactions. |
50
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Financial
Highlights — continued
| Bond Fund — Class C | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 16.79 | $ 16.89 | $ 16.55 | $ 15.58 | $ 16.03 | $ 16.26 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.09 | $ 0.18 | $ 0.23 | $ 0.28 | $ 0.24 | $ 0.22 |
| Net realized and unrealized gain (loss) | (1.11) | 0.12 | 0.50 | 0.98 | (0.44) | (0.18) |
| Total income (loss) from operations | $ (1.02) | $ 0.30 | $ 0.73 | $ 1.26 | $ (0.20) | $ 0.04 |
| Less Distributions | ||||||
| From net investment income | $ (0.10) | $ (0.19) | $ (0.24) | $ (0.29) | $ (0.25) | $ (0.22) |
| From net realized gain | (0.20) | (0.21) | (0.15) | — | — | (0.05) |
| Total distributions | $ (0.30) | $ (0.40) | $ (0.39) | $ (0.29) | $ (0.25) | $ (0.27) |
| Net asset value — End of period | $ 15.47 | $ 16.79 | $ 16.89 | $ 16.55 | $ 15.58 | $ 16.03 |
| Total Return(2) | (6.16)% (3) | 1.80% | 4.50% | 8.19% | (1.25)% | 0.27% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $11,666 | $13,768 | $16,215 | $15,343 | $21,939 | $26,631 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 1.54% (5) | 1.54% | 1.56% | 1.59% | 1.63% | 1.78% |
| Net expenses | 1.53% (5) | 1.53% | 1.53% | 1.56% | 1.63% | 1.78% |
| Net investment income | 1.06% (5) | 1.05% | 1.41% | 1.79% | 1.52% | 1.40% |
| Portfolio Turnover | 72% (3)(6) | 163% (6) | 153% (6) | 75% (6) | 83% | 99% |
| (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) | Not annualized. |
| (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) | Annualized. |
| (6) | Includes the effect of To-Be-Announced (TBA) transactions. |
51
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Financial
Highlights — continued
| Bond Fund — Class I | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 16.94 | $ 17.04 | $ 16.70 | $ 15.72 | $ 16.15 | $ 16.38 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.17 | $ 0.35 | $ 0.40 | $ 0.45 | $ 0.42 | $ 0.42 |
| Net realized and unrealized gain (loss) | (1.12) | 0.12 | 0.50 | 0.99 | (0.45) | (0.17) |
| Total income (loss) from operations | $ (0.95) | $ 0.47 | $ 0.90 | $ 1.44 | $ (0.03) | $ 0.25 |
| Less Distributions | ||||||
| From net investment income | $ (0.17) | $ (0.36) | $ (0.41) | $ (0.46) | $ (0.40) | $ (0.43) |
| From net realized gain | (0.20) | (0.21) | (0.15) | — | — | (0.05) |
| Total distributions | $ (0.37) | $ (0.57) | $ (0.56) | $ (0.46) | $ (0.40) | $ (0.48) |
| Net asset value — End of period | $ 15.62 | $ 16.94 | $ 17.04 | $ 16.70 | $ 15.72 | $ 16.15 |
| Total Return(2) | (5.69)% (3) | 2.81% | 5.52% | 9.30% | (0.15)% | 1.54% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $1,851,987 | $1,709,504 | $1,379,529 | $1,144,805 | $629,822 | $500,510 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.54% (5) | 0.54% | 0.56% | 0.58% | 0.63% | 0.54% |
| Net expenses | 0.53% (5) | 0.53% | 0.53% | 0.53% | 0.53% | 0.52% |
| Net investment income | 2.07% (5) | 2.04% | 2.40% | 2.81% | 2.64% | 2.64% |
| Portfolio Turnover | 72% (3)(6) | 163% (6) | 153% (6) | 75% (6) | 83% | 99% |
| (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) | Not annualized. |
| (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) | Annualized. |
| (6) | Includes the effect of To-Be-Announced (TBA) transactions. |
52
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Financial
Highlights — continued
| Bond Fund — Class R6 | |||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | Period
Ended September 30, | |||
| 2021 | 2020 | 2019 | 2018 (1) | ||
| Net asset value — Beginning of period | $ 16.93 | $ 17.03 | $ 16.69 | $ 15.71 | $ 16.17 |
| Income (Loss) From Operations | |||||
| Net investment income(2) | $ 0.18 | $ 0.36 | $ 0.41 | $ 0.46 | $ 0.42 |
| Net realized and unrealized gain (loss) | (1.13) | 0.12 | 0.50 | 0.99 | (0.46) |
| Total income (loss) from operations | $ (0.95) | $ 0.48 | $ 0.91 | $ 1.45 | $ (0.04) |
| Less Distributions | |||||
| From net investment income | $ (0.18) | $ (0.37) | $ (0.42) | $ (0.47) | $ (0.42) |
| From net realized gain | (0.20) | (0.21) | (0.15) | — | — |
| Total distributions | $ (0.38) | $ (0.58) | $ (0.57) | $ (0.47) | $ (0.42) |
| Net asset value — End of period | $ 15.60 | $ 16.93 | $ 17.03 | $ 16.69 | $ 15.71 |
| Total Return(3) | (5.72)% (4) | 2.89% | 5.66% | 9.31% | (0.27)% (4) |
| Ratios/Supplemental Data | |||||
| Net assets, end of period (000’s omitted) | $417,727 | $321,472 | $270,643 | $252,225 | $133,417 |
| Ratios (as a percentage of average daily net assets):(5) | |||||
| Total expenses | 0.47% (6) | 0.47% | 0.49% | 0.51% | 0.56% (6) |
| Net expenses | 0.46% (6) | 0.46% | 0.46% | 0.48% | 0.53% (6) |
| Net investment income | 2.16% (6) | 2.11% | 2.48% | 2.84% | 2.64% (6) |
| Portfolio Turnover | 72% (4)(7) | 163% (7) | 153% (7) | 75% (7) | 83% (8) |
| (1) | For the period from the commencement of operations, October 3, 2017, to September 30, 2018. |
| (2) | Computed using average shares outstanding. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes the effect of To-Be-Announced (TBA) transactions. |
| (8) | For the year ended September 30, 2018. |
53
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Financial
Highlights — continued
| Equity Fund — Class A | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 77.18 | $ 63.00 | $ 53.94 | $ 49.18 | $ 43.31 | $ 41.38 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ (0.04) | $ (0.04) | $ 0.01 | $ 0.05 | $ 0.04 | $ 0.06 |
| Net realized and unrealized gain | 0.01 (2) | 16.02 | 10.64 | 8.36 | 9.31 | 6.03 |
| Total income (loss) from operations | $ (0.03) | $ 15.98 | $ 10.65 | $ 8.41 | $ 9.35 | $ 6.09 |
| Less Distributions | ||||||
| From net investment income | $ — | $ — | $ (0.02) | $ (0.01) | $ (0.05) | $ (0.06) |
| From net realized gain | (2.95) | (1.80) | (1.57) | (3.64) | (3.43) | (4.10) |
| Total distributions | $ (2.95) | $ (1.80) | $ (1.59) | $ (3.65) | $ (3.48) | $ (4.16) |
| Net asset value — End of period | $ 74.20 | $ 77.18 | $ 63.00 | $ 53.94 | $ 49.18 | $ 43.31 |
| Total Return(3) | (0.26)% (4) | 25.87% | 20.27% | 18.72% | 22.66% | 16.39% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $2,222,464 | $2,278,654 | $1,896,037 | $1,598,391 | $1,291,870 | $1,220,685 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 0.90% (6) | 0.91% | 0.94% | 1.00% | 1.01% | 1.06% |
| Net expenses | 0.90% (6) | 0.91% | 0.94% | 0.99% | 1.01% | 1.06% |
| Net investment income (loss) | (0.11)% (6) | (0.06)% | 0.01% | 0.11% | 0.08% | 0.16% |
| Portfolio Turnover | 2% (4) | 13% | 16% | 13% | 18% | 29% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
54
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Financial
Highlights — continued
| Equity Fund — Class C | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 40.04 | $ 33.61 | $ 29.67 | $ 28.80 | $ 26.84 | $ 27.35 |
| Income (Loss) From Operations | ||||||
| Net investment loss(1) | $ (0.17) | $ (0.30) | $ (0.22) | $ (0.17) | $ (0.18) | $ (0.15) |
| Net realized and unrealized gain | 0.09 (2) | 8.39 | 5.70 | 4.57 | 5.57 | 3.74 |
| Total income (loss) from operations | $ (0.08) | $ 8.09 | $ 5.48 | $ 4.40 | $ 5.39 | $ 3.59 |
| Less Distributions | ||||||
| From net realized gain | $ (2.83) | $ (1.66) | $ (1.54) | $ (3.53) | $ (3.43) | $ (4.10) |
| Total distributions | $ (2.83) | $ (1.66) | $ (1.54) | $ (3.53) | $ (3.43) | $ (4.10) |
| Net asset value — End of period | $ 37.13 | $ 40.04 | $ 33.61 | $ 29.67 | $ 28.80 | $ 26.84 |
| Total Return(3) | (0.63)% (4) | 24.92% | 19.38% | 17.82% | 21.75% | 15.48% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $142,990 | $149,033 | $138,072 | $100,276 | $155,419 | $152,561 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.65% (6) | 1.66% | 1.69% | 1.75% | 1.76% | 1.83% |
| Net expenses | 1.65% (6) | 1.66% | 1.69% | 1.75% | 1.76% | 1.83% |
| Net investment loss | (0.86)% (6) | (0.81)% | (0.74)% | (0.64)% | (0.67)% | (0.60)% |
| Portfolio Turnover | 2% (4) | 13% | 16% | 13% | 18% | 29% |
| (1) | Computed using average shares outstanding. |
| (2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
55
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Financial
Highlights — continued
| Equity Fund — Class I | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 90.83 | $ 73.80 | $ 62.89 | $ 56.68 | $ 49.44 | $ 46.68 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.07 | $ 0.16 | $ 0.17 | $ 0.21 | $ 0.20 | $ 0.25 |
| Net realized and unrealized gain (loss) | (0.02) | 18.81 | 12.46 | 9.76 | 10.69 | 6.88 |
| Total income from operations | $ 0.05 | $ 18.97 | $ 12.63 | $ 9.97 | $ 10.89 | $ 7.13 |
| Less Distributions | ||||||
| From net investment income | $ (0.08) | $ (0.13) | $ (0.15) | $ (0.12) | $ (0.22) | $ (0.27) |
| From net realized gain | (3.03) | (1.81) | (1.57) | (3.64) | (3.43) | (4.10) |
| Total distributions | $ (3.11) | $ (1.94) | $ (1.72) | $ (3.76) | $ (3.65) | $ (4.37) |
| Net asset value — End of period | $ 87.77 | $ 90.83 | $ 73.80 | $ 62.89 | $ 56.68 | $ 49.44 |
| Total Return(2) | (0.14)% (3) | 26.19% | 20.57% | 19.05% | 23.06% | 16.85% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $3,180,613 | $3,142,730 | $2,863,128 | $1,540,337 | $963,446 | $550,055 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.65% (5) | 0.66% | 0.69% | 0.75% | 0.76% | 0.69% |
| Net expenses | 0.65% (5) | 0.66% | 0.69% | 0.72% | 0.70% | 0.67% |
| Net investment income | 0.14% (5) | 0.19% | 0.26% | 0.37% | 0.38% | 0.54% |
| Portfolio Turnover | 2% (3) | 13% | 16% | 13% | 18% | 29% |
| (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) | Not annualized. |
| (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) | Annualized. |
56
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Financial
Highlights — continued
| Equity Fund — Class R6 | |||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | Period
Ended September 30, | |||
| 2021 | 2020 | 2019 | 2018 (1) | ||
| Net asset value — Beginning of period | $ 90.64 | $ 73.67 | $ 62.80 | $ 56.65 | $ 49.74 |
| Income (Loss) From Operations | |||||
| Net investment income(2) | $ 0.10 | $ 0.23 | $ 0.21 | $ 0.23 | $ 0.17 |
| Net realized and unrealized gain | 0.00 (3)(4) | 18.74 | 12.44 | 9.74 | 10.42 |
| Total income from operations | $ 0.10 | $ 18.97 | $ 12.65 | $ 9.97 | $10.59 |
| Less Distributions | |||||
| From net investment income | $ (0.17) | $ (0.19) | $ (0.21) | $ (0.18) | $ (0.25) |
| From net realized gain | (3.03) | (1.81) | (1.57) | (3.64) | (3.43) |
| Total distributions | $ (3.20) | $ (2.00) | $ (1.78) | $ (3.82) | $ (3.68) |
| Net asset value — End of period | $ 87.54 | $ 90.64 | $ 73.67 | $ 62.80 | $56.65 |
| Total Return(5) | (0.11)% (6) | 26.28% | 20.65% | 19.12% | 22.30% (6) |
| Ratios/Supplemental Data | |||||
| Net assets, end of period (000’s omitted) | $482,048 | $456,674 | $248,096 | $58,035 | $ 843 |
| Ratios (as a percentage of average daily net assets):(7) | |||||
| Total expenses | 0.58% (8) | 0.60% | 0.63% | 0.68% | 0.68% (8) |
| Net expenses | 0.58% (8) | 0.60% | 0.63% | 0.67% | 0.68% (8) |
| Net investment income | 0.21% (8) | 0.27% | 0.32% | 0.37% | 0.31% (8) |
| Portfolio Turnover | 2% (6) | 13% | 16% | 13% | 18% (9) |
| (1) | For the period from the commencement of operations, October 3, 2017, to September 30, 2018. |
| (2) | Computed using average shares outstanding. |
| (3) | Amount is less than $0.0005. |
| (4) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. |
| (5) | 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. |
| (6) | Not annualized. |
| (7) | 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. |
| (8) | Annualized. |
| (9) | For the year ended September 30, 2018. |
57
See Notes to Financial Statements.
Calvert
Social Investment Fund
March 31, 2022
Notes to Financial
Statements (Unaudited)
1 Significant Accounting Policies
Calvert Balanced Fund (Balanced), Calvert Bond Fund (Bond) and
Calvert Equity Fund (Equity) (each a Fund and collectively, the Funds) are diversified series of Calvert Social Investment Fund (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended
(the 1940 Act), as an open-end management investment company. The investment objective of Balanced is to seek to achieve a competitive total return through an actively managed portfolio of stocks, bonds, and money market instruments which offer
income and capital growth opportunity. The investment objective of Bond is to seek to provide as high a level of current income as is consistent with preservation of capital through investment in bonds and other debt securities. The investment
objective of Equity is to seek growth of capital through investment in stocks believed to offer opportunities for potential capital appreciation.
Each Fund offers four classes of shares. Class A shares are
generally sold subject to a sales charge imposed at time of purchase. Effective April 29, 2022, the maximum sales charge payable upon purchase of Class A shares was increased to 5.25% for Balanced and Equity and reduced to 3.25% for Bond. A
contingent deferred sales charge of 0.80% (1.00% for Balanced and Equity and 0.75% for Bond effective 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 Funds’ prospectus. Class I and Class R6 shares are sold at net asset
value, are not subject to a sales charge and are sold only to certain eligible investors. Each class represents a pro rata interest in each Fund, but votes separately on class-specific matters and is subject to different expenses.
Each 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 Funds use independent pricing services approved by the Board of Trustees (the Board) to value their 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 each
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 each 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.
Senior Floating-Rate Loans.
Interests in senior floating-rate loans for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service, and are categorized as Level 2 in the
hierarchy.
Venture Capital Securities. Venture capital securities for which market quotations are not readily available are generally categorized as Level 3 in the hierarchy. Venture capital equity securities are generally valued using the most appropriate
and applicable method to measure fair value in light of each company’s situation. Methods may include market, income, options-pricing or cost approaches with discounts as appropriate based on assumptions of
58
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Social Investment Fund
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Notes to Financial
Statements (Unaudited) — continued
liquidation or exit
risk. Examples of the market approach are subsequent rounds of financing, comparable transactions, and revenue times an industry multiple. An example of the income approach is the discounted cash flow model. Examples of the cost approach are
replacement cost, salvage value, or net asset value. The options-pricing method treats common stock and preferred stock as call options on the enterprise value with strike price based on the preferred stock liquidation preference. Venture capital
limited partnership interests are valued at the fair value reported by the general partner of the partnership, adjusted as necessary to reflect subsequent capital calls and distributions and any other available information. In some cases,
adjustments may be made to account for daily pricing of material public holdings within the partnership.
Affiliated Fund. Calvert Cash
Reserves Fund, LLC (Cash Reserves Fund) is an affiliated investment company managed by Calvert Research and Management (CRM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in
accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day and are categorized as Level 2 in the hierarchy. Cash Reserves Fund generally
values its investment securities based on available market quotations provided by a third party pricing service.
Other Securities. Investments
in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.
Derivatives. Futures contracts
are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are
reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Funds' forward foreign currency exchange contracts are valued at an
interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service and are categorized as Level 2 in the hierarchy.
Fair Valuation. If a market
value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Funds’ adviser, the market value does not constitute a readily available market quotation, or if a significant event has
occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the security’s “fair value”,
which is the amount that the Funds might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing
context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the
issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded
securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
The values assigned to fair value investments are based on
available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have
been used had an active market existed, and the differences could be material.
The following tables summarize the market value of each of the
Funds' holdings as of March 31, 2022, based on the inputs used to value them:
Balanced
| Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
| Asset-Backed Securities | $ — | $ 68,711,517 | $ — | $ 68,711,517 |
| Collateralized Mortgage Obligations | — | 17,723,946 | — | 17,723,946 |
| Commercial Mortgage-Backed Securities | — | 46,988,540 | — | 46,988,540 |
| Common Stocks | 738,760,505 (2) | — | — | 738,760,505 |
| Common Stocks - Venture Capital | — | — | 2,201,464 | 2,201,464 |
| Convertible Bonds | — | 739,495 | — | 739,495 |
| Corporate Bonds | — | 188,763,046 | — | 188,763,046 |
| High Social Impact Investments | — | 2,417,466 | — | 2,417,466 |
| Preferred Stocks | 3,122,673 | — | — | 3,122,673 |
| Preferred Stocks - Venture Capital | — | — | 33,192 | 33,192 |
| Senior Floating-Rate Loans | — | 9,977,952 | — | 9,977,952 |
| Sovereign Government Bonds | — | 7,258,388 | — | 7,258,388 |
| Taxable Municipal Obligations | — | 14,300,951 | — | 14,300,951 |
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Notes to Financial
Statements (Unaudited) — continued
Balanced — continued
| Asset Description (continued) | Level 1 | Level 2 | Level 3(1) | Total |
| U.S. Government Agencies and Instrumentalities | $ — | $ 4,442,080 | $ — | $ 4,442,080 |
| U.S. Government Agency Mortgage-Backed Securities | — | 73,473,509 | — | 73,473,509 |
| U.S. Treasury Obligations | — | 93,707,138 | — | 93,707,138 |
| Venture Capital Limited Partnership Interests | — | — | 378,562 | 378,562 |
| Short-Term Investments: | ||||
| Affiliated Fund | — | 19,910,536 | — | 19,910,536 |
| Securities Lending Collateral | 10,263,014 | — | — | 10,263,014 |
| Total Investments | $ 752,146,192 | $548,414,564 | $2,613,218 | $1,303,173,974 |
| Futures Contracts | $ 1,412,728 | $ — | $ — | $ 1,412,728 |
| Total | $ 753,558,920 | $548,414,564 | $2,613,218 | $1,304,586,702 |
| Liability Description | ||||
| Futures Contracts | $ (1,363,677) | $ — | $ — | $ (1,363,677) |
| Total | $ (1,363,677) | $ — | $ — | $ (1,363,677) |
| (1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
| (2) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
Bond
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Asset-Backed Securities | $ — | $ 410,859,192 | $ — | $ 410,859,192 |
| Collateralized Mortgage Obligations | — | 171,519,934 | — | 171,519,934 |
| Commercial Mortgage-Backed Securities | — | 253,386,606 | — | 253,386,606 |
| Corporate Bonds | — | 1,118,728,954 | — | 1,118,728,954 |
| High Social Impact Investments | — | 4,806,582 | — | 4,806,582 |
| Preferred Stocks | 15,969,205 | — | — | 15,969,205 |
| Senior Floating-Rate Loans | — | 112,489,679 | — | 112,489,679 |
| Sovereign Government Bonds | — | 49,236,982 | — | 49,236,982 |
| Taxable Municipal Obligations | — | 76,019,463 | — | 76,019,463 |
| U.S. Government Agencies and Instrumentalities | — | 28,558,475 | — | 28,558,475 |
| U.S. Government Agency Mortgage-Backed Securities | — | 210,860,279 | — | 210,860,279 |
| U.S. Treasury Obligations | — | 228,677,374 | — | 228,677,374 |
| Short-Term Investments: | ||||
| Affiliated Fund | — | 100,698,109 | — | 100,698,109 |
| Securities Lending Collateral | 11,442,363 | — | — | 11,442,363 |
| Total Investments | $27,411,568 | $2,765,841,629 | $ — | $2,793,253,197 |
| Futures Contracts | $ 5,232,684 | $ — | $ — | $ 5,232,684 |
| Total | $32,644,252 | $2,765,841,629 | $ — | $2,798,485,881 |
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Notes to Financial
Statements (Unaudited) — continued
Bond — continued
| Liability Description | Level 1 | Level 2 | Level 3 | Total |
| Forward Foreign Currency Exchange Contracts | $ — | $ (106,723) | $ — | $ (106,723) |
| Futures Contracts | (9,668,500) | — | — | (9,668,500) |
| Total | $ (9,668,500) | $ (106,723) | $ — | $ (9,775,223) |
Equity
| Asset Description | Level 1 | Level 2 | Level 3(1) | Total |
| Common Stocks | $5,882,943,343 (2) | $ — | $ — | $ 5,882,943,343 |
| Common Stocks - Venture Capital | — | — | 391,301 | 391,301 |
| High Social Impact Investments | — | 7,725,284 | — | 7,725,284 |
| Preferred Stocks - Venture Capital | — | — | 634,789 | 634,789 |
| Venture Capital Limited Partnership Interests | — | — | 17,836,421 | 17,836,421 |
| Short-Term Investments | — | 115,328,286 | — | 115,328,286 |
| Total Investments | $ 5,882,943,343 | $123,053,570 | $18,862,511 | $6,024,859,424 |
| (1) | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
| (2) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
For Balanced and Equity, Level 3 investments at the beginning
and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended March 31, 2022 is not presented.
B Investment Transactions and Income— Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include
proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in
the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are
recorded at the fair value of the securities received. Withholding taxes on foreign dividends and interest, if any, have been provided
for in accordance with the Funds' 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. The Funds may earn certain fees in connection with their investments in senior floating-rate loans. These fees are in addition to interest payments earned and may include amendment
fees, consent fees and prepayment fees, which are recorded to income as earned. Inflation adjustments to the principal amount of
inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an
inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note.
C Share Class Accounting— Realized and unrealized gains and losses and net investment income and losses (except for Bond), 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 each Fund. For Bond, net investment income and losses, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of
each class’s paid shares to the total value of all paid shares. Expenses arising in connection with a specific class are charged directly to that class. Sub-accounting, recordkeeping and similar administrative fees payable to financial
intermediaries, which are a component of transfer agency fees and expenses on the Statements of Operations, are not allocated to Class R6 shares.
D Foreign Currency Transactions— The Funds’ 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 Senior Floating-Rate Loans— The Funds may invest in direct debt instruments, which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The
Funds’ investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the lender) that acts as agent for
all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Funds may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Funds purchase
assignments from lenders, they acquire direct rights against the borrower of
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Notes to Financial
Statements (Unaudited) — continued
the loan. When
investing in a loan participation, the Funds have the right to receive payments of principal, interest and any fees to which they are entitled only from the lender selling the loan agreement and only upon receipt of such payments by the lender from
the borrower. The Funds generally have no right to enforce compliance by the borrower with the terms of the loan agreement. As a result, the Funds may be subject to the credit risk of both the borrower and the lender that is issuing the
participation interest.
F Unfunded Loan
Commitments— The Funds may enter into certain loan agreements all or a portion of which may be unfunded. Each Fund is obligated to fund these commitments at the borrower's
discretion. These commitments, if any, are disclosed in the accompanying Schedules of Investments.
G Futures
Contracts— The Funds may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or
securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are
recorded for financial reporting purposes as unrealized gains or losses by the Funds. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks
associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Funds' ability to close out a futures contract prior to the settlement date, an imperfect correlation between the
value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade, which are designated “contracts
markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange, and the boards of trade, through their clearing corporations,
guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Funds.
H Forward Foreign Currency Exchange Contracts— The Funds may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign
currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from
the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.
I Options
Contracts— Upon the purchase of a call or put option, the premium paid by the Funds is included in the Statements of Assets and Liabilities as an investment. The amount of the
investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Funds' policies on investment valuations discussed above. Premiums paid for purchasing options that expire are treated as
realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. As the purchaser of an
index option, the Funds have the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the
exercise price of the option (in the case of a call) as of the valuation date of the option. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the
issuer or counterparty will fail to perform its contractual obligations.
J Restricted Securities— The Funds 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 each Fund's Schedule of Investments.
K Distributions to Shareholders— Distributions to shareholders are recorded by the Funds on ex-dividend date. Distributions from net investment income are declared daily and paid monthly by Bond, quarterly by
Balanced and annually by Equity. 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 Funds’ capital accounts to reflect income and gains available for distribution under income tax regulations.
L 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.
M
Indemnifications— Under the Trust’s organizational document, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the
performance of their duties to the Funds. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust.
However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and provides that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders or
former shareholders. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against each Fund that have not yet occurred.
N Federal Income
Taxes— No provision for federal income or excise tax is required since each 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.
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Notes to Financial
Statements (Unaudited) — continued
Management has analyzed the Funds' tax positions taken for all
open federal income tax years and has concluded that no provision for federal income tax is required in the Funds' financial statements. Each 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.
O When-Issued
Securities and Delayed Delivery Transactions— The Funds may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced)
securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Funds maintain cash and/or security
positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning
interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward
purchase commitment may also be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Funds will realize a gain or loss on investments based on the price established when the Funds entered into the
commitment.
P Interim Financial
Statements— The interim financial statements relating to March 31, 2022 and for the six months then ended have not been audited by an independent registered public accounting
firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Related Party Transactions
The investment advisory fee is earned by CRM, an indirect,
wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to each Fund. The investment advisory fee is computed at the following annual rates of each respective Fund’s average daily net assets and is
payable monthly:
Balanced
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $500 million | 0.410% |
| Over $500 million up to and including $1 billion | 0.385% |
| Over $1 billion | 0.350% |
Bond
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $1 billion | 0.300% |
| Over $1 billion | 0.290% |
Equity
| Average Daily Net Assets | Annual Fee Rate |
| Up to and including $2 billion | 0.500% |
| Over $2 billion up to and including $3 billion | 0.425% |
| Over $3 billion | 0.375% |
For the six months ended March 31,
2022, the investment advisory fee for Balanced, Bond and Equity amounted to $2,404,654, $3,717,319 and $13,170,048, respectively, or 0.39% (annualized), 0.29% (annualized) and 0.42% (annualized), respectively, of each Fund's average daily net
assets. CRM does not receive a fee for advisory services provided to Cash Reserves Fund.
Pursuant to an investment sub-advisory agreement, CRM has
delegated the investment management of Equity to Atlanta Capital Management Company, LLC (Atlanta Capital), an affiliate of CRM and an indirect, wholly-owned subsidiary of Morgan Stanley. CRM pays Atlanta Capital a portion of its investment advisory
fee for sub-advisory services provided to the Fund.
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Social Investment Fund
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
CRM
has agreed to reimburse the Funds' 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, as a percentage of such class’ average daily net assets, the following amounts:
| Class A | Class C | Class I | Class R6 | |
| Balanced | 0.93% | 1.68% | 0.68% | 0.64% |
| Bond | 0.73% | 1.53% | 0.53% | 0.46% |
| Equity | 0.99% | 1.74% | 0.74% | 0.67% |
The expense reimbursement agreements
with CRM may be changed or terminated after January 31, 2023. For the six months ended March 31, 2022, CRM waived or reimbursed expenses of $64,674 for Bond and no expenses for Balanced and Equity.
The administrative fee is earned by CRM as compensation for
administrative services rendered to the Funds. The fee is computed at an annual rate of 0.12% of each Fund’s average daily net assets attributable to Class A, Class C, Class I and Class R6 and is payable monthly. For the six months ended March
31, 2022, CRM was paid administrative fees of $743,247, $1,517,568 and $3,735,730 for Balanced, Bond and Equity, respectively.
Each 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, each Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Funds' principal underwriter, a distribution and service fee at a rate per annum
of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Funds by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fee rates
for Class A shares are as follows:
| Balanced | Bond | Equity | |
| Class A Plan | 0%
up to $30 million, 0.25% over $30 million |
0.20% | 0.25% |
Each 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, each 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 Funds. In addition, pursuant to the Class C Plan, each 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 for Balanced, Bond and Equity paid or accrued for the six
months ended March 31, 2022 amounted to $1,007,399, $369,267 and $2,909,005, respectively, for Class A shares and $339,668, $64,117 and $755,348, respectively, for Class C shares.
The Funds were informed that EVD received $93,845, $21,792 and
$113,591 for Balanced, Bond and Equity, respectively, as their portion of the sales charge on sales of Class A shares for the six months ended March 31, 2022. The Funds were also informed that EVD received $18,679, $3,771 and $8,675 for Balanced,
Bond and Equity, respectively, of contingent deferred sales charges paid by each Fund's shareholders for the same period. The Funds were informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of CRM and EVD,
also received a portion of the sales charge on sales of Class A shares for the six months ended March 31, 2022 in the amount of $5,199, $893 and $12,753 for Balanced, Bond and Equity, respectively.
Eaton Vance Management (EVM), an affiliate of CRM, provides
sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2022, sub-transfer agency fees and expenses incurred to EVM amounted to $93,098, $40,582 and
$113,389 for Balanced, Bond and Equity, respectively, and are included in transfer agency fees and expenses on the Statements of Operations.
Each Trustee of the Funds 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 Trustees 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 Funds or other Calvert funds selected by the Trustees. The Funds purchase 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 Funds’ assets. Trustees’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Trustees of the Funds who are employees
of CRM or its affiliates are paid by CRM.
64
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Social Investment Fund
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Notes to Financial
Statements (Unaudited) — continued
3 Investment Activity
During the six months ended March 31, 2022, the cost of
purchases and proceeds from sales of investments, other than short-term securities and including maturities, paydowns, principal repayments on senior floating-rate loans and TBA transactions, were as follows:
| Balanced | Bond | Equity | |
| Purchases | |||
| U.S. Government and Agency Securities | $ 306,458,263 | $ 1,433,133,915 | $ — |
| Non-U.S. Government and Agency Securities | 320,071,228 | 742,671,509 | 168,062,319 |
| Total Purchases | $626,529,491 | $2,175,805,424 | $168,062,319 |
| Sales | |||
| U.S. Government and Agency Securities | $ 257,051,134 | $ 1,439,902,832 | $ — |
| Non-U.S. Government and Agency Securities | 328,958,917 | 487,529,490 | 131,329,729 |
| Total Sales | $586,010,051 | $1,927,432,322 | $131,329,729 |
4 Distributions to
Shareholders and Income Tax Information
At September 30,
2021, Bond had a late year ordinary loss of $22,012 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.
The cost and unrealized appreciation (depreciation) of
investments, including open derivative contracts, of the Funds at March 31, 2022, as determined on a federal income tax basis, were as follows:
| Balanced | Bond | Equity | |
| Aggregate cost | $1,085,136,881 | $2,906,150,846 | $3,137,223,640 |
| Gross unrealized appreciation | $ 246,669,832 | $ 6,553,994 | $ 2,909,373,267 |
| Gross unrealized depreciation | (28,583,688) | (123,994,182) | (21,737,483) |
| Net unrealized appreciation (depreciation) | $ 218,086,144 | $ (117,440,188) | $2,887,635,784 |
5 Financial
Instruments
The Funds may trade in financial instruments
with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include forward foreign currency exchange contracts and futures contracts and may involve, to a varying degree, elements of risk in
excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Fund has in particular classes of financial instruments and do not necessarily represent the
amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at March
31, 2022 is included in each Fund’s Schedule of Investments. At March 31, 2022, Balanced and Bond had sufficient cash and/or securities to cover commitments under these contracts. At March 31, 2022, there were no obligations outstanding under
these financial instruments for Equity.
In the normal
course of pursuing their investment objectives, Balanced and Bond are subject to the following risks:
Foreign Exchange Risk: Bond enters into forward foreign
currency exchange contracts to enhance return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.
Interest Rate Risk: During the six months ended March 31, 2022,
Balanced and Bond entered into futures contracts and options thereon to hedge against fluctuations in interest rates and to manage overall duration.
65
Calvert
Social Investment Fund
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Bond
enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain
level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At March 31, 2022, the fair value of derivatives with credit-related contingent features in a net liability position was
$106,723. At March 31, 2022, there were no assets pledged by the Fund for such liability.
The over-the-counter (OTC) derivatives in which Bond invests
are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement
(“ISDA Master Agreement”) with its derivative counterparty. The ISDA Master Agreement is a bilateral agreement between the Fund and the counterparty that governs certain OTC derivatives and typically contains, among other things, set-off
provisions in the event of a default and/or termination event as defined under the ISDA Master Agreement. Under the ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial
instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy
or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. The ISDA Master Agreement allows the
counterparty to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreement, which would cause the
counterparty to accelerate payment by the Fund of any net liability owed to it.
The collateral requirements for derivatives traded under the
ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under the
ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required. Collateral pledged for the
benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as
deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statements of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are
identified as such in the Schedule of Investments.
At
March 31, 2022, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure was as follows:
Balanced
| Risk | Derivative | Statements of Assets and Liabilities Caption | Assets | Liabilities |
| Interest rate | Futures contracts | Distributable earnings | $1,412,728 (1) | $(1,363,677) (1) |
| (1) | Only the current day's variation margin is reported within the Statements of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
Bond
| Risk | Derivative | Statements of Assets and Liabilities Caption | Assets | Liabilities |
| Foreign exchange | Forward foreign currency exchange contracts | Receivable/Payable
for open forward foreign currency exchange contracts |
$ — | $ (106,723) |
| Interest rate | Futures contracts | Accumulated loss | 5,232,684 (1) | (9,668,500) (1) |
| Total | $ 5,232,684 | $(9,775,223) | ||
| Derivatives not subject to master netting agreements | $ 5,232,684 | $(9,668,500) | ||
| Total Derivatives subject to master netting agreements | $ — | $ (106,723) | ||
| (1) | Only the current day's variation margin is reported within the Statements of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
Bond's derivative assets and liabilities at fair value by risk,
which are reported gross in the Statements of Assets and Liabilities, are presented in the table above. The following table presents the Fund's derivative liabilities by counterparty, net of amounts available for offset under a master netting
agreement and net of the related collateral pledged by the Fund for such liabilities as of March 31, 2022.
66
Calvert
Social Investment Fund
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
| Counterparty | Derivative
Liabilities Subject to Master Netting Agreement |
Derivatives
Available for Offset |
Non-cash
Collateral Pledged(a) |
Cash
Collateral Pledged(a) |
Net
Amount of Derivative Liabilities(b) |
| State Street Bank and Trust Company | $(106,723) | $ — | $ — | $ — | $(106,723) |
| (a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
| (b) | Net amount represents the net amount payable to the counterparty in the event of default. |
The effect of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) on the Statements of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended March 31, 2022 was as follows:
Balanced
| Statements of Operations Caption | |
| Net realized gain (loss): | |
| Investment securities(1) | $ 25,850 |
| Futures contracts | 654,783 |
| Total | $ 680,633 |
| Change in unrealized appreciation (depreciation): | |
| Futures contracts | $ (660,545) |
| Total | $(660,545) |
| (1) | Relates to purchased options. |
The effect of
derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statements of Operations by risk exposure for the six months ended March 31, 2022 was as follows:
Bond
| Statements of Operations Caption | Foreign exchange | Interest rate | Total |
| Net realized gain (loss): | |||
| Investment securities(1) | $ — | $ 790,064 | $ 790,064 |
| Forward foreign currency exchange contracts | 26,211 | — | 26,211 |
| Futures contracts | — | (1,077,910) | (1,077,910) |
| Total | $ 26,211 | $ (287,846) | $ (261,635) |
| Change in unrealized appreciation (depreciation): | |||
| Forward foreign currency exchange contracts | $ (106,723) | $ — | $ (106,723) |
| Futures contracts | — | (8,014,509) | (8,014,509) |
| Total | $(106,723) | $(8,014,509) | $(8,121,232) |
| (1) | Relates to purchased options. |
67
Calvert
Social Investment Fund
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
The
average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended March 31, 2022, which are indicative of the volume of these derivative types, were approximately as
follows:
| Balanced | Bond | |
| Futures contracts — long | $73,230,000 | $415,489,000 |
| Futures contracts — short | $55,941,000 | $239,129,000 |
| Forward foreign currency exchange contracts* | $ — | $ 1,180,000 |
| * | The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
The average number of purchased options contracts outstanding
during the six months ended March 31, 2022, which is indicative of the volume of this derivative type, was approximately 8 contracts and 236 contracts for Balanced and Bond, respectively.
6 Securities Lending
To generate additional income, the Funds may lend their
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 Funds at any time and, therefore, are not considered
illiquid investments. The Funds require 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 Funds 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 Funds. Income earned on the investment of collateral, net of broker rebates and other
expenses incurred by the securities lending agent, is split between the Funds 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 a Fund and cannot be sold
or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statements 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 Funds in the case of default of any securities borrower.
At March 31, 2022, the total value of securities on loan,
including accrued interest, and the total value of collateral received were as follows:
| Balanced | Bond | |
| Securities on Loan | $ 11,821,586 | $ 27,667,747 |
| Collateral Received: | ||
| Cash | 10,263,014 | 11,442,363 |
| U.S. government and/or agencies securities | 1,784,381 | 17,021,729 |
| Total Collateral Received | $12,047,395 | $28,464,092 |
Equity did not have any securities
on loan at March 31, 2022.
68
Calvert
Social Investment Fund
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
The
following tables provide a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of March 31, 2022.
| Balanced | Remaining Contractual Maturity of the Transactions | ||||
| Overnight
and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
| Corporate Bonds | $ 8,735,689 | $ — | $ — | $ — | $ 8,735,689 |
| U.S. Treasury Obligations | 1,527,325 | — | — | — | 1,527,325 |
| Total | $10,263,014 | $ — | $ — | $ — | $10,263,014 |
| Bond | Remaining Contractual Maturity of the Transactions | ||||
| Overnight
and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
| Corporate Bonds | $11,442,363 | $ — | $ — | $ — | $11,442,363 |
The carrying amounts of the
liabilities for deposits for securities loaned at March 31, 2022 approximated their fair value. If measured at fair value, such liabilities would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at March 31, 2022.
7 Line of Credit
The Funds participate 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 Funds solely for temporary purposes related to redemptions and other
short-term cash needs. Interest is charged to each 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 Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time.
Balanced and Equity had no borrowings pursuant to their line of
credit during the six months ended March 31, 2022. Bond had no borrowings outstanding pursuant to its line of credit at March 31, 2022. Bond did not have any significant borrowings or allocated fees during the six months ended March 31, 2022.
8 Affiliated Companies/Issuers and Funds
Each 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 Funds 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 Funds) serves on the CIC Board. In
addition, another director/trustee on the Fund Board serves as a director emeritus on the CIC Board.
In addition to the Notes, Balanced and Bond invested in
issuers that may be deemed to be affiliated with Morgan Stanley. Also, a Fund may invest in companies that are considered affiliated companies because the Fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more
of the outstanding voting shares of the company, or the company is under common ownership or control with the Fund. At March 31, 2022, the value of each Fund’s investment in the Notes and affiliated companies/issuers and funds was $26,915,365,
$139,915,630 and $122,915,168 for Balanced, Bond and Equity, respectively, which represents 2.2%, 5.3% and 2.0% of net assets for Balanced, Bond and Equity, respectively. Transactions in the Notes and affiliated companies/issuers and funds by the
Funds for the six months ended March 31, 2022 were as follows:
69
Calvert
Social Investment Fund
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Balanced
| Name | Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Interest/
Dividend income |
Principal
amount/Units, end of period |
| Commercial Mortgage-Backed Securities | ||||||||
| Morgan Stanley Capital I Trust: | ||||||||
| Series 2017-CLS, Class A, 1.097%, (1 mo. USD LIBOR + 0.70%), 11/15/34 | $ 1,909,605 | $ — | $ — | $ — | $ (8,957) | $ 1,900,700 | $ 8,158 | $ 1,909,000 |
| Series 2017-CLS, Class E, 2.347%, (1 mo. USD LIBOR + 1.95%), 11/15/34 | — | 224,824 | — | — | (1,938) | 222,888 | 1,538 | 225,000 |
| Series 2017-CLS, Class F, 2.997%, (1 mo. USD LIBOR + 2.60%), 11/15/34 | 412,531 | 214,902 | — | — | (5,415) | 621,919 | 5,844 | 629,000 |
| Series 2019-BPR, Class A, 1.797%, (1 mo. USD LIBOR + 1.40%), 5/15/36 | 1,304,268 | — | — | — | (5,175) | 1,299,014 | 10,047 | 1,315,000 |
| Series 2019-BPR, Class B, 2.497%, (1 mo. USD LIBOR + 2.10%), 5/15/36 | 366,588 | — | — | — | 9,790 | 376,527 | 4,488 | 386,000 |
| Series 2019-BPR, Class C, 3.447%, (1 mo. USD LIBOR + 3.05%), 5/15/36 | 184,857 | — | — | — | 11,778 | 196,635 | 3,289 | 205,000 |
| High Social Impact Investments | ||||||||
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | 2,457,075 | — | — | — | (77,250) | 2,379,825 | 18,750 | 2,500,000 |
| Venture Capital Limited Partnership Interests | ||||||||
| GEEMF Partners, L.P.(1)(2)(3) | 10,721 | — | — | — | (3,400) | 7,321 | — | — |
| Short-Term Investments | ||||||||
| Calvert Cash Reserves Fund, LLC | 17,702,327 | 203,612,734 | (201,402,027) | (2,200) | (298) | 19,910,536 | 7,070 | 19,912,528 |
| Totals | $(2,200) | $ (80,865) | $ 26,915,365 | $ 59,184 | ||||
| (1) | Restricted security. |
| (2) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 1A). |
| (3) | Non-income producing security. |
Bond
| Name | Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Interest/
Dividend income |
Principal
amount/Units, end of period |
| Commercial Mortgage-Backed Securities | ||||||||
| Morgan Stanley Capital I Trust: | ||||||||
| Series 2017-CLS, Class A, 1.097%, (1 mo. USD LIBOR + 0.70%), 11/15/34 | $ 17,033,394 | $ 5,429,406 | $ — | $ — | $ (86,427) | $ 22,375,290 | $ 77,258 | $ 22,473,000 |
| Series 2017-CLS, Class B, 1.247%, (1 mo. USD LIBOR + 0.85%), 11/15/34 | — | 3,999,375 | — | — | (20,094) | 3,979,301 | 14,930 | 4,000,000 |
| Series 2019-BPR, Class A, 1.797%, (1 mo. USD LIBOR + 1.40%), 5/15/36 | 8,136,055 | — | — | — | (32,568) | 8,103,280 | 62,961 | 8,203,000 |
70
Calvert
Social Investment Fund
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Bond — continued
| Name | Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Interest/
Dividend income |
Principal
amount/Units, end of period |
| High Social Impact Investments | ||||||||
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | $ 4,914,150 | $ — | $ — | $ — | $ (154,500) | $ 4,759,650 | $ 37,500 | $ 5,000,000 |
| Short-Term Investments | ||||||||
| Calvert Cash Reserves Fund, LLC | 13,362,609 | 668,045,974 | (580,676,881) | (30,626) | (2,967) | 100,698,109 | 26,373 | 100,708,180 |
| Totals | $(30,626) | $(296,556) | $139,915,630 | $219,022 | ||||
| (1) | Restricted security. |
Equity
| Name | Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Interest/
Dividend income |
Principal
amount/Units, end of period |
| High Social Impact Investments | ||||||||
| Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1) | $ 7,833,155 | $ — | $ — | $ — | $ (246,273) | $ 7,586,882 | $ 59,775 | $ 7,970,000 |
| Short-Term Investments | ||||||||
| Calvert Cash Reserves Fund, LLC | 138,546,499 | 330,304,161 | (353,496,396) | (14,889) | (11,089) | 115,328,286 | 55,905 | 115,339,820 |
| Totals | $(14,889) | $(257,362) | $122,915,168 | $115,680 | ||||
| (1) | Restricted security. |
9 Capital
Shares
Each Fund's Declaration of Trust permits the
Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Funds) and classes.
Transactions in capital shares for the six months ended March
31, 2022 and the year ended September 30, 2021 were as follows:
Balanced
| Six
Months Ended March 31, 2022 (Unaudited) |
Year
Ended September 30, 2021 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 1,008,963 | $ 42,213,303 | 2,279,235 | $ 92,983,161 | |
| Reinvestment of distributions | 1,348,283 | 56,393,389 | 397,057 | 15,794,829 | |
| Shares redeemed | (1,075,845) | (45,081,398) | (1,856,547) | (75,279,097) | |
| Converted from Class C | 64,942 | 2,706,085 | 168,547 | 6,660,417 | |
| Net increase | 1,346,343 | $ 56,231,379 | 988,292 | $ 40,159,310 | |
71
Calvert
Social Investment Fund
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Balanced — continued
| Six
Months Ended March 31, 2022 (Unaudited) |
Year
Ended September 30, 2021 | ||||
| Shares | Amount | Shares | Amount | ||
| Class C | |||||
| Shares sold | 177,214 | $ 7,194,484 | 439,525 | $ 17,229,418 | |
| Reinvestment of distributions | 112,291 | 4,521,132 | 23,490 | 889,165 | |
| Shares redeemed | (144,973) | (5,809,783) | (472,702) | (18,415,788) | |
| Converted to Class A | (67,501) | (2,706,085) | (174,827) | (6,660,417) | |
| Net increase (decrease) | 77,031 | $ 3,199,748 | (184,514) | $ (6,957,622) | |
| Class I | |||||
| Shares sold | 1,002,555 | $ 42,576,530 | 2,917,721 | $120,161,052 | |
| Reinvestment of distributions | 510,724 | 21,848,557 | 148,967 | 6,081,820 | |
| Shares redeemed | (875,403) | (37,311,976) | (1,368,210) | (56,757,304) | |
| Net increase | 637,876 | $ 27,113,111 | 1,698,478 | $ 69,485,568 | |
| Class R6 | |||||
| Shares sold | 140,172 | $ 5,945,501 | 315,799 | $ 12,873,669 | |
| Reinvestment of distributions | 22,219 | 949,731 | 6,002 | 245,398 | |
| Shares redeemed | (33,372) | (1,447,082) | (176,543) | (7,611,961) | |
| Net increase | 129,019 | $ 5,448,150 | 145,258 | $ 5,507,106 | |
Bond
| Six
Months Ended March 31, 2022 (Unaudited) |
Year
Ended September 30, 2021 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 2,166,700 | $ 35,626,929 | 5,847,705 | $ 99,119,549 | |
| Reinvestment of distributions | 460,228 | 7,604,755 | 600,546 | 10,194,310 | |
| Shares redeemed | (2,550,511) | (41,502,710) | (3,644,123) | (61,773,051) | |
| Converted from Class C | 33,621 | 550,516 | 180,930 | 3,098,659 | |
| Net increase | 110,038 | $ 2,279,490 | 2,985,058 | $ 50,639,467 | |
| Class C | |||||
| Shares sold | 47,279 | $ 774,625 | 189,227 | $ 3,185,889 | |
| Reinvestment of distributions | 13,823 | 227,382 | 19,736 | 332,869 | |
| Shares redeemed | (93,360) | (1,528,196) | (166,729) | (2,804,368) | |
| Converted to Class A | (33,856) | (550,516) | (182,205) | (3,098,659) | |
| Net decrease | (66,114) | $ (1,076,705) | (139,971) | $ (2,384,269) | |
72
Calvert
Social Investment Fund
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Bond — continued
| Six
Months Ended March 31, 2022 (Unaudited) |
Year
Ended September 30, 2021 | ||||
| Shares | Amount | Shares | Amount | ||
| Class I | |||||
| Shares sold | 37,227,922 | $ 609,318,653 | 42,951,446 | $ 728,966,874 | |
| Reinvestment of distributions | 2,262,913 | 37,397,594 | 2,918,783 | 49,632,871 | |
| Shares redeemed | (21,807,766) | (357,064,306) | (25,910,924) | (439,339,983) | |
| Net increase | 17,683,069 | $ 289,651,941 | 19,959,305 | $ 339,259,762 | |
| Class R6 | |||||
| Shares sold | 9,856,265 | $ 162,521,807 | 6,054,120 | $ 102,472,452 | |
| Reinvestment of distributions | 347,410 | 5,734,803 | 342,419 | 5,818,329 | |
| Shares redeemed | (2,415,940) | (39,459,789) | (3,298,925) | (56,079,404) | |
| Net increase | 7,787,735 | $ 128,796,821 | 3,097,614 | $ 52,211,377 | |
Equity
| Six
Months Ended March 31, 2022 (Unaudited) |
Year
Ended September 30, 2021 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 1,171,267 | $ 91,200,826 | 2,596,260 | $ 180,832,787 | |
| Reinvestment of distributions | 1,039,306 | 81,876,572 | 780,979 | 51,036,992 | |
| Shares redeemed | (1,838,550) | (141,450,935) | (4,237,985) | (298,193,577) | |
| Converted from Class C | 56,205 | 4,256,440 | 292,252 | 19,689,368 | |
| Net increase (decrease) | 428,228 | $ 35,882,903 | (568,494) | $ (46,634,430) | |
| Class C | |||||
| Shares sold | 284,718 | $ 11,239,842 | 800,638 | $ 28,981,689 | |
| Reinvestment of distributions | 232,685 | 9,195,700 | 158,739 | 5,416,186 | |
| Shares redeemed | (277,059) | (10,967,886) | (793,663) | (28,846,589) | |
| Converted to Class A | (111,473) | (4,256,440) | (552,405) | (19,689,368) | |
| Net increase (decrease) | 128,871 | $ 5,211,216 | (386,691) | $ (14,138,082) | |
| Class I | |||||
| Shares sold | 5,493,873 | $ 499,907,415 | 12,055,562 | $ 976,388,106 | |
| Reinvestment of distributions | 1,052,347 | 97,994,592 | 873,143 | 67,013,757 | |
| Shares redeemed | (4,911,320) | (445,350,107) | (17,124,119) | (1,415,474,306) | |
| Net increase (decrease) | 1,634,900 | $ 152,551,900 | (4,195,414) | $ (372,072,443) | |
73
Calvert
Social Investment Fund
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Equity — continued
| Six
Months Ended March 31, 2022 (Unaudited) |
Year
Ended September 30, 2021 | ||||
| Shares | Amount | Shares | Amount | ||
| Class R6 | |||||
| Shares sold | 1,271,441 | $ 115,173,482 | 4,379,332 | $ 380,560,595 | |
| Reinvestment of distributions | 138,863 | 12,893,398 | 63,494 | 4,860,497 | |
| Shares redeemed | (941,581) | (85,230,509) | (2,772,361) | (217,978,480) | |
| Net increase | 468,723 | $ 42,836,371 | 1,670,465 | $ 167,442,612 | |
10 Capital Commitments
In connection with certain venture capital and/or limited
partnership investments, Balanced and Equity are committed to future capital calls, which will increase each Fund's investment in these securities. The aggregate amount of the future capital commitments totaled $100,593 and $573,724 for Balanced and
Equity, respectively, at March 31, 2022. Balanced and Equity had sufficient cash and/or securities to cover these commitments.
Unfunded capital commitments by investment at March 31, 2022
were as follows:
Balanced
| Name of Investment | Unfunded
Commitment |
| First Analysis Private Equity Fund IV, L.P. | $ 60,000 |
| Learn Capital Venture Partners III, L.P. | 40,593 |
| Total | $100,593 |
Equity
| Name of Investment | Unfunded
Commitment |
| Accion Frontier Inclusion Fund L.P. | $ 19,005 |
| Adobe Capital Social Mezzanine I L.P. | 5,958 |
| Africa Renewable Energy Fund L.P. | 10,449 |
| Arborview Capital Partners L.P. | 3,929 |
| Bridges Ventures US Sustainable Growth Fund L.P. | 104,268 |
| China Environment Fund III L.P. | 1,205 |
| Core Innovations Capital I L.P. | 51,766 |
| Cross Culture Ventures I L.P. | 47,490 |
| DBL Partners III L.P. | 32,575 |
| First Analysis Private Equity Fund V L.P. | 18,302 |
| Impact Ventures II L.P. | 9,632 |
| LeapFrog Financial Inclusion Fund | 78,436 |
| New Markets Education Partners L.P. | 51,800 |
| New Markets Venture Partners II L.P. | 25,000 |
| Owl Ventures L.P. | 20,000 |
74
Calvert
Social Investment Fund
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Equity — continued
| Name of Investment | Unfunded
Commitment |
| Westly Capital Partners Fund II L.P. | $ 93,909 |
| Total | $573,724 |
11 Risks and
Uncertainties
Pandemic Risk
An outbreak of respiratory disease caused by a novel
coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines,
cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic
risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so
in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Funds' performance, or the performance of the securities in which the Funds invest.
75
Calvert
Social Investment Fund
March 31, 2022
Officers and
Trustees
| Officers |
| Hope L.
Brown Chief Compliance Officer |
| Deidre E.
Walsh Vice President, Secretary and Chief Legal Officer |
| James F.
Kirchner Treasurer |
| Trustees |
| Alice
Gresham Bullock Chairperson |
| Richard L. Baird, Jr. |
| Cari M. Dominguez |
| John G. Guffey, Jr. |
| Miles D. Harper, III |
| Joy V. Jones |
| John H. Streur* |
| Anthony A. Williams |
| *Interested Trustee and President |
76
Calvert Funds
| Privacy Notice | April 2021 |
| FACTS | WHAT
DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The
types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons
we can share your personal information |
Does
Eaton Vance share? |
Can
you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
| To
limit our sharing |
Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
77
Calvert Funds
| Privacy Notice — continued | April 2021 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do | |
| How
does Eaton Vance protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How
does Eaton Vance collect my personal information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your
account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information
about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment
Management Affiliates |
Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
78
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.
79
* FINRA
BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of
current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Calvert
Asset Allocation Funds
Semiannual Report
March 31, 2022
Conservative
Allocation • Moderate Allocation • Growth Allocation
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 each Fund and the other funds it manages. Accordingly, neither the Funds nor the adviser is subject to CFTC
regulation.
Fund shares are not insured by the FDIC
and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current
summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and
prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.
Choose Planet-friendly E-delivery!
Sign up now for on-line statements, prospectuses, and fund
reports. In less than five minutes you can help reduce paper mail and lower fund costs.
Just go to
www.calvert.com. If you already have an online account with the Calvert funds, click on Login to access your Account and select the documents you would like to receive via e-mail.
If you’re new to online account access, click on Login,
then Register to create your user name and password. Once you’re in, click on the E-delivery sign-up on the Account Portfolio page and follow the quick, easy steps.
Note: If your shares are not
held directly with the Calvert funds but through a brokerage firm, you must contact your broker for electronic delivery options available through their firm.
Calvert
Conservative Allocation Fund
March 31, 2022
Performance
Portfolio Manager(s) Dan R.
Strelow, CFA, CIPM, Justin H. Bourgette, CFA and Schuyler Hooper, CFA, each of Calvert Research and Management
| % Average Annual Total Returns1,2 | Class
Inception Date |
Performance
Inception Date |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 04/29/2005 | 04/29/2005 | (3.65)% | (0.59)% | 6.21% | 5.94% |
| Class A with 4.75% Maximum Sales Charge | — | — | (8.23) | (5.30) | 5.18 | 5.42 |
| Class C at NAV | 04/29/2005 | 04/29/2005 | (4.01) | (1.30) | 5.42 | 5.21 |
| Class C with 1% Maximum Sales Charge | — | — | (4.94) | (2.25) | 5.42 | 5.21 |
| Class I at NAV | 05/20/2016 | 04/29/2005 | (3.52) | (0.29) | 6.53 | 6.13 |
| Class R6 at NAV | 02/01/2022 | 04/29/2005 | (3.57) | (0.34) | 6.52 | 6.13 |
|
| ||||||
| Bloomberg U.S. Aggregate Bond Index | — | — | (5.92)% | (4.15)% | 2.14% | 2.24% |
| Conservative Allocation Blended Benchmark | — | — | (3.34) | 0.10 | 6.11 | 5.73 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
| 0.86% | 1.61% | 0.61% | 0.57% |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and
are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.
For performance as of the most recent month-end, please refer to www.calvert.com.
2
Calvert
Moderate Allocation Fund
March 31, 2022
Performance
Portfolio Manager(s) Dan R.
Strelow, CFA, CIPM, Justin H. Bourgette, CFA and Schuyler Hooper, CFA, each of Calvert Research and Management
| % Average Annual Total Returns1,2 | Class
Inception Date |
Performance
Inception Date |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 04/29/2005 | 04/29/2005 | (2.61)% | 1.44% | 8.82% | 8.18% |
| Class A with 4.75% Maximum Sales Charge | — | — | (7.23) | (3.38) | 7.77 | 7.66 |
| Class C at NAV | 04/29/2005 | 04/29/2005 | (2.93) | 0.76 | 8.02 | 7.54 |
| Class C with 1% Maximum Sales Charge | — | — | (3.86) | (0.20) | 8.02 | 7.54 |
| Class I at NAV | 05/20/2016 | 04/29/2005 | (2.45) | 1.74 | 9.13 | 8.37 |
| Class R6 at NAV | 02/01/2022 | 04/29/2005 | (2.44) | 1.75 | 9.13 | 8.37 |
|
| ||||||
| Russell 3000® Index | — | — | 3.51% | 11.92% | 15.39% | 14.28% |
| Moderate Allocation Blended Benchmark | — | — | (1.27) | 3.58 | 9.25 | 8.50 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
| 0.86% | 1.61% | 0.61% | 0.57% |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and
are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.
For performance as of the most recent month-end, please refer to www.calvert.com.
4
Calvert
Growth Allocation Fund
March 31, 2022
Performance
Portfolio Manager(s) Dan R.
Strelow, CFA, CIPM, Justin H. Bourgette, CFA and Schuyler Hooper, CFA, each of Calvert Research and Management
| % Average Annual Total Returns1,2 | Class
Inception Date |
Performance
Inception Date |
Six Months | One Year | Five Years | Ten Years |
| Class A at NAV | 06/30/2005 | 06/30/2005 | (2.09)% | 2.85% | 11.30% | 10.32% |
| Class A with 4.75% Maximum Sales Charge | — | — | (6.74) | (2.05) | 10.22 | 9.79 |
| Class C at NAV | 06/30/2005 | 06/30/2005 | (2.46) | 2.10 | 10.47 | 9.50 |
| Class C with 1% Maximum Sales Charge | — | — | (3.41) | 1.11 | 10.47 | 9.50 |
| Class I at NAV | 05/20/2016 | 06/30/2005 | (1.97) | 3.11 | 11.62 | 10.51 |
| Class R6 at NAV | 02/01/2022 | 06/30/2005 | (1.97) | 3.11 | 11.62 | 10.51 |
|
| ||||||
| Russell 3000® Index | — | — | 3.51% | 11.92% | 15.39% | 14.28% |
| Growth Allocation Blended Benchmark | — | — | 0.30 | 6.27 | 11.60 | 10.58 |
| % Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
| Gross | 0.93% | 1.68% | 0.68% | 0.64% |
| Net | 0.92 | 1.67 | 0.67 | 0.63 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and
are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.
For performance as of the most recent month-end, please refer to www.calvert.com.
6
Calvert
Asset Allocation Funds
March 31, 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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period
and held for the entire period (October 1, 2021 to March 31, 2022) for Class A, Class C and Class I and (February 1, 2022 to March 31, 2022) for Class R6. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half
year period (October 1, 2021 to March 31, 2022).
Actual
Expenses
The first section of the tables 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 tables 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 tables 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 tables 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.
Calvert Conservative Allocation Fund
| Beginning
Account Value (10/1/21) |
Ending
Account Value (3/31/22) |
Expenses
Paid During Period (10/1/21 – 3/31/22) |
Annualized
Expense Ratio | |
| Actual * | ||||
| Class A | $1,000.00 | $ 963.50 | $1.96 | 0.40% |
| Class C | $1,000.00 | $ 959.90 | $5.62 | 1.15% |
| Class I | $1,000.00 | $ 964.80 | $0.73 | 0.15% |
| Class R6 | $1,000.00 | $ 969.10 | $0.13 | 0.08% |
| Hypothetical ** | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,022.94 | $2.02 | 0.40% |
| Class C | $1,000.00 | $1,019.20 | $5.79 | 1.15% |
| Class I | $1,000.00 | $1,024.18 | $0.76 | 0.15% |
| Class R6 | $1,000.00 | $1,024.53 | $0.40 | 0.08% |
| * | Class R6 had not commenced operations on October 1, 2021. Actual expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period); 59/365 for Class R6 (to reflect the period from the commencement of operations on February 1, 2022 to March 31, 2022). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021 (February 1, 2022 for Class R6). Expenses do not include fees and expenses incurred indirectly from investment in underlying affiliated funds. |
| ** | Hypothetical expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021 (February 1, 2022 for Class R6). Expenses do not include fees and expenses incurred indirectly from investment in underlying affiliated funds. |
9
Calvert
Asset Allocation Funds
March 31, 2022
Fund
Expenses — continued
Calvert Moderate Allocation Fund
| Beginning
Account Value (10/1/21) |
Ending
Account Value (3/31/22) |
Expenses
Paid During Period (10/1/21 – 3/31/22) |
Annualized
Expense Ratio | |
| Actual * | ||||
| Class A | $1,000.00 | $ 973.90 | $1.92 | 0.39% |
| Class C | $1,000.00 | $ 970.70 | $5.60 | 1.14% |
| Class I | $1,000.00 | $ 975.50 | $0.69 | 0.14% |
| Class R6 | $1,000.00 | $ 972.80 | $0.13 | 0.08% |
| Hypothetical ** | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,022.99 | $1.97 | 0.39% |
| Class C | $1,000.00 | $1,019.25 | $5.74 | 1.14% |
| Class I | $1,000.00 | $1,024.23 | $0.71 | 0.14% |
| Class R6 | $1,000.00 | $1,024.53 | $0.40 | 0.08% |
| * | Class R6 had not commenced operations on October 1, 2021. Actual expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period); 59/365 for Class R6 (to reflect the period from the commencement of operations on February 1, 2022 to March 31, 2022). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021 (February 1, 2022 for Class R6). Expenses do not include fees and expenses incurred indirectly from investment in underlying affiliated funds. |
| ** | Hypothetical expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021 (February 1, 2022 for Class R6). Expenses do not include fees and expenses incurred indirectly from investment in underlying affiliated funds. |
10
Calvert
Asset Allocation Funds
March 31, 2022
Fund
Expenses — continued
Calvert Growth Allocation Fund
| Beginning
Account Value (10/1/21) |
Ending
Account Value (3/31/22) |
Expenses
Paid During Period (10/1/21 – 3/31/22) |
Annualized
Expense Ratio | |
| Actual * | ||||
| Class A | $1,000.00 | $ 979.10 | $2.07 | 0.42% |
| Class C | $1,000.00 | $ 975.40 | $5.76 | 1.17% |
| Class I | $1,000.00 | $ 980.30 | $0.84 | 0.17% |
| Class R6 | $1,000.00 | $ 972.10 | $0.13 | 0.08% |
| Hypothetical ** | ||||
| (5% return per year before expenses) | ||||
| Class A | $1,000.00 | $1,022.84 | $2.12 | 0.42% |
| Class C | $1,000.00 | $1,019.10 | $5.89 | 1.17% |
| Class I | $1,000.00 | $1,024.08 | $0.86 | 0.17% |
| Class R6 | $1,000.00 | $1,024.53 | $0.40 | 0.08% |
| * | Class R6 had not commenced operations on October 1, 2021. Actual expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period); 59/365 for Class R6 (to reflect the period from the commencement of operations on February 1, 2022 to March 31, 2022). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021 (February 1, 2022 for Class R6). Expenses do not include fees and expenses incurred indirectly from investment in underlying affiliated funds. |
| ** | Hypothetical expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021 (February 1, 2022 for Class R6). Expenses do not include fees and expenses incurred indirectly from investment in underlying affiliated funds. |
11
Calvert
Conservative Allocation Fund
March 31, 2022
Schedule of
Investments (Unaudited)
12
See Notes to Financial Statements.
Calvert
Conservative Allocation Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
Futures
Contracts
| Description | Number
of Contracts |
Position | Expiration
Date |
Notional
Amount |
Value/
Unrealized Appreciation (Depreciation) |
| Interest Rate Futures | |||||
| U.S. 2-Year Treasury Note | 42 | Long | 6/30/22 | $ 8,900,719 | $ (117,600) |
| U.S. 5-Year Treasury Note | 190 | Long | 6/30/22 | 21,790,625 | (515,799) |
| U.S. 10-Year Treasury Note | 162 | Long | 6/21/22 | 19,905,750 | (534,519) |
| U.S. Long Treasury Bond | 49 | Long | 6/21/22 | 7,353,062 | (209,846) |
| U.S. Ultra 10-Year Treasury Note | 76 | Long | 6/21/22 | 10,295,625 | (316,448) |
| U.S. Ultra-Long Treasury Bond | 17 | Long | 6/21/22 | 3,011,125 | (101,899) |
| $(1,796,111) |
13
See Notes to Financial Statements.
Calvert
Moderate Allocation Fund
March 31, 2022
Schedule of
Investments (Unaudited)
14
See Notes to Financial Statements.
Calvert
Moderate Allocation Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
Futures
Contracts
| Description | Number
of Contracts |
Position | Expiration
Date |
Notional
Amount |
Value/
Unrealized Appreciation (Depreciation) |
| Interest Rate Futures | |||||
| U.S. 2-Year Treasury Note | 44 | Long | 6/30/22 | $ 9,324,563 | $ (123,200) |
| U.S. 5-Year Treasury Note | 129 | Long | 6/30/22 | 14,794,687 | (350,200) |
| U.S. 10-Year Treasury Note | 139 | Long | 6/21/22 | 17,079,625 | (458,630) |
| U.S. Long Treasury Bond | 63 | Long | 6/21/22 | 9,453,937 | (269,802) |
| U.S. Ultra 10-Year Treasury Note | 42 | Long | 6/21/22 | 5,689,688 | (171,007) |
| U.S. Ultra-Long Treasury Bond | (1) | Short | 6/21/22 | (177,125) | 6,068 |
| $(1,366,771) |
15
See Notes to Financial Statements.
Calvert
Growth Allocation Fund
March 31, 2022
Schedule of
Investments (Unaudited)
16
See Notes to Financial Statements.
Calvert
Growth Allocation Fund
March 31, 2022
Schedule of
Investments (Unaudited) — continued
Futures
Contracts
| Description | Number
of Contracts |
Position | Expiration
Date |
Notional
Amount |
Value/
Unrealized Appreciation (Depreciation) |
| Interest Rate Futures | |||||
| U.S. 5-Year Treasury Note | 19 | Long | 6/30/22 | $ 2,179,063 | $ (51,580) |
| U.S. 10-Year Treasury Note | 77 | Long | 6/21/22 | 9,461,375 | (254,061) |
| U.S. Long Treasury Bond | 19 | Long | 6/21/22 | 2,851,187 | (81,369) |
| U.S. Ultra 10-Year Treasury Note | 24 | Long | 6/21/22 | 3,251,250 | (110,655) |
| U.S. Ultra-Long Treasury Bond | (26) | Short | 6/21/22 | (4,605,250) | 157,779 |
| $(339,886) |
17
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Statements of Assets
and Liabilities (Unaudited)
| March 31, 2022 | |||
| Conservative Allocation Fund | Moderate Allocation Fund | Growth Allocation Fund | |
| Assets | |||
| Investments in securities of unaffiliated issuers, at value (identified cost $3,452,788, $5,440,865 and $3,387,711, respectively) | $ 4,000,122 | $ 6,303,348 | $ 3,564,267 |
| Investments in securities of affiliated issuers, at value (identified cost $295,525,745, $359,169,056 and $253,295,616, respectively) | 313,658,498 | 422,401,458 | 310,336,624 |
| Receivable for variation margin on open futures contracts | 153,706 | 115,501 | 15,962 |
| Receivable for capital shares sold | 596,279 | 1,203,285 | 629,529 |
| Interest receivable | 6,905 | 7,957 | 1,314 |
| Dividends receivable - affiliated | 380,412 | 288,458 | 60,476 |
| Trustees' deferred compensation plan | 145,684 | 214,260 | 113,612 |
| Total assets | $318,941,606 | $430,534,267 | $314,721,784 |
| Liabilities | |||
| Due to custodian | $ — | $ 107,516 | $ — |
| Payable for investments purchased | 391,421 | 296,225 | 61,589 |
| Payable for capital shares redeemed | 62,985 | 227,332 | 117,418 |
| Payable to affiliates: | |||
| Distribution and service fees | 65,530 | 92,077 | 62,380 |
| Sub-transfer agency fee | 15,177 | 18,996 | — |
| Trustees' deferred compensation plan | 145,684 | 214,260 | 113,612 |
| Accrued expenses | 55,548 | 71,812 | 91,549 |
| Total liabilities | $ 736,345 | $ 1,028,218 | $ 446,548 |
| Net Assets | $318,205,261 | $429,506,049 | $314,275,236 |
| Sources of Net Assets | |||
| Paid-in capital | $ 300,764,139 | $ 362,820,085 | $ 253,359,557 |
| Distributable earnings | 17,441,122 | 66,685,964 | 60,915,679 |
| Net Assets | $318,205,261 | $429,506,049 | $314,275,236 |
| Class A Shares | |||
| Net Assets | $ 210,712,777 | $ 303,715,479 | $ 226,212,405 |
| Shares Outstanding | 11,563,858 | 13,910,043 | 8,829,533 |
| Net
Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 18.22 | $ 21.83 | $ 25.62 |
| Maximum
Offering Price Per Share (100 ÷ 95.25 of net asset value per share) |
$ 19.13 | $ 22.92 | $ 26.90 |
| Class C Shares | |||
| Net Assets | $ 24,266,208 | $ 34,017,331 | $ 18,507,795 |
| Shares Outstanding | 1,349,106 | 1,659,646 | 867,970 |
| Net
Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$ 17.99 | $ 20.50 | $ 21.32 |
| Class I Shares | |||
| Net Assets | $ 83,216,583 | $ 91,763,513 | $ 69,545,317 |
| Shares Outstanding | 4,563,452 | 4,198,002 | 2,701,209 |
| Net
Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$ 18.24 | $ 21.86 | $ 25.75 |
18
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Statements of Assets
and Liabilities (Unaudited) — continued
| March 31, 2022 | |||
| Conservative Allocation Fund | Moderate Allocation Fund | Growth Allocation Fund | |
| Class R6 Shares | |||
| Net Assets | $ 9,693 | $ 9,726 | $ 9,719 |
| Shares Outstanding | 532 | 445 | 378 |
| Net
Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding, including fractional shares) |
$ 18.23 | $ 21.86 | $ 25.75 |
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
| * | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
19
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Statements of
Operations (Unaudited)
| Six Months Ended March 31, 2022 | |||
| Conservative Allocation Fund | Moderate Allocation Fund | Growth Allocation Fund | |
| Investment Income | |||
| Dividend income - affiliated issuers | $ 2,969,249 | $ 4,228,117 | $ 2,960,984 |
| Interest income | 113,715 | 179,126 | 101,643 |
| Total investment income | $ 3,082,964 | $ 4,407,243 | $ 3,062,627 |
| Expenses | |||
| Distribution and service fees: | |||
| Class A | $ 268,445 | $ 391,245 | $ 287,276 |
| Class C | 130,713 | 179,044 | 95,243 |
| Trustees' fees and expenses | 6,388 | 8,702 | 6,122 |
| Custodian fees | 744 | 311 | 231 |
| Transfer agency fees and expenses | 136,927 | 197,668 | 180,095 |
| Accounting fees | 15,596 | 24,720 | 15,330 |
| Professional fees | 15,282 | 15,728 | 14,618 |
| Registration fees | 46,177 | 42,636 | 35,522 |
| Reports to shareholders | 6,128 | 6,710 | 6,437 |
| Miscellaneous | 7,667 | 7,765 | 7,919 |
| Total expenses | $ 634,067 | $ 874,529 | $ 648,793 |
| Net investment income | $ 2,448,897 | $ 3,532,714 | $ 2,413,834 |
| Realized and Unrealized Gain (Loss) | |||
| Net realized gain (loss): | |||
| Investment securities | $ 31,829 | $ 49,022 | $ 59,841 |
| Investment securities - affiliated issuers | 4,182 | 1,357,154 | (620,502) |
| Futures contracts | (2,076,602) | (1,544,591) | 223,438 |
| Written options | 95,709 | 174,104 | 195,197 |
| Capital gains distributions received from affiliated issuers | 4,361,727 | 8,196,394 | 7,817,649 |
| Net realized gain | $ 2,416,845 | $ 8,232,083 | $ 7,675,623 |
| Change in unrealized appreciation (depreciation): | |||
| Investment securities | $ (227,716) | $ (346,509) | $ (171,833) |
| Investment securities - affiliated issuers | (15,297,739) | (21,613,641) | (16,284,641) |
| Futures contracts | (1,373,570) | (1,121,024) | (536,004) |
| Written options | 19,211 | 36,675 | 40,167 |
| Net change in unrealized appreciation (depreciation) | $(16,879,814) | $(23,044,499) | $(16,952,311) |
| Net realized and unrealized loss | $(14,462,969) | $(14,812,416) | $ (9,276,688) |
| Net decrease in net assets from operations | $(12,014,072) | $(11,279,702) | $ (6,862,854) |
20
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Statements of
Changes in Net Assets
| Six
Months Ended March 31, 2022 (Unaudited) | |||
| Conservative Allocation Fund | Moderate Allocation Fund | Growth Allocation Fund | |
| Increase (Decrease) in Net Assets | |||
| From operations: | |||
| Net investment income | $ 2,448,897 | $ 3,532,714 | $ 2,413,834 |
| Net realized gain | 2,416,845 | 8,232,083 | 7,675,623 |
| Net change in unrealized appreciation (depreciation) | (16,879,814) | (23,044,499) | (16,952,311) |
| Net decrease in net assets from operations | $ (12,014,072) | $ (11,279,702) | $ (6,862,854) |
| Distributions to shareholders: | |||
| Class A | $ (8,112,312) | $ (14,994,030) | $ (8,025,816) |
| Class C | (896,854) | (1,706,175) | (660,905) |
| Class I | (2,755,050) | (4,476,182) | (2,187,032) |
| Class R6(1) | (26) | (17) | — |
| Total distributions to shareholders | $ (11,764,242) | $ (21,176,404) | $ (10,873,753) |
| Capital share transactions: | |||
| Class A | $ 15,155,286 | $ 14,385,429 | $ 14,966,577 |
| Class C | (871,920) | 333,159 | 1,034,013 |
| Class I | 26,657,264 | 7,905,818 | 18,342,248 |
| Class R6(1) | 10,026 | 10,017 | 10,000 |
| Net increase in net assets from capital share transactions | $ 40,950,656 | $ 22,634,423 | $ 34,352,838 |
| Net increase (decrease) in net assets | $ 17,172,342 | $ (9,821,683) | $ 16,616,231 |
| Net Assets | |||
| At beginning of period | $ 301,032,919 | $ 439,327,732 | $ 297,659,005 |
| At end of period | $318,205,261 | $429,506,049 | $314,275,236 |
| (1) | For the period from the commencement of operations, February 1, 2022, to March 31, 2022. |
21
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Statements of
Changes in Net Assets — continued
| Year Ended September 30, 2021 | |||
| Conservative Allocation Fund | Moderate Allocation Fund | Growth Allocation Fund | |
| Increase (Decrease) in Net Assets | |||
| From operations: | |||
| Net investment income | $ 3,494,848 | $ 3,930,762 | $ 1,019,944 |
| Net realized gain | 10,041,017 | 16,952,944 | 7,018,472 |
| Net change in unrealized appreciation (depreciation) | 15,109,909 | 44,627,542 | 45,190,340 |
| Net increase in net assets from operations | $ 28,645,774 | $ 65,511,248 | $ 53,228,756 |
| Distributions to shareholders: | |||
| Class A | $ (7,555,578) | $ (11,455,609) | $ (5,971,036) |
| Class C | (885,825) | (1,303,488) | (555,944) |
| Class I | (2,113,609) | (3,258,054) | (959,883) |
| Total distributions to shareholders | $ (10,555,012) | $ (16,017,151) | $ (7,486,863) |
| Capital share transactions: | |||
| Class A | $ 21,690,288 | $ 16,528,914 | $ 29,969,401 |
| Class C | (3,896,996) | (2,684,281) | (1,206,936) |
| Class I | 19,302,335 | 23,376,837 | 31,370,919 |
| Net increase in net assets from capital share transactions | $ 37,095,627 | $ 37,221,470 | $ 60,133,384 |
| Net increase in net assets | $ 55,186,389 | $ 86,715,567 | $105,875,277 |
| Net Assets | |||
| At beginning of year | $ 245,846,530 | $ 352,612,165 | $ 191,783,728 |
| At end of year | $301,032,919 | $439,327,732 | $297,659,005 |
22
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Financial
Highlights
| Conservative Allocation Fund — Class A | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 19.63 | $ 18.34 | $ 17.57 | $ 17.25 | $ 17.25 | $ 16.48 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.15 | $ 0.25 | $ 0.30 | $ 0.37 | $ 0.33 | $ 0.30 |
| Net realized and unrealized gain (loss) | (0.83) | 1.80 | 1.17 | 0.70 | 0.36 | 0.96 |
| Total income (loss) from operations | $ (0.68) | $ 2.05 | $ 1.47 | $ 1.07 | $ 0.69 | $ 1.26 |
| Less Distributions | ||||||
| From net investment income | $ (0.24) | $ (0.29) | $ (0.32) | $ (0.41) | $ (0.42) | $ (0.33) |
| From net realized gain | (0.49) | (0.47) | (0.38) | (0.34) | (0.27) | (0.16) |
| Total distributions | $ (0.73) | $ (0.76) | $ (0.70) | $ (0.75) | $ (0.69) | $ (0.49) |
| Net asset value — End of period | $ 18.22 | $ 19.63 | $ 18.34 | $ 17.57 | $ 17.25 | $ 17.25 |
| Total Return(2) | (3.65)% (3) | 11.37% | 8.66% | 6.57% | 4.08% | 7.84% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $210,713 | $211,702 | $177,060 | $159,188 | $150,237 | $138,512 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses(5) | 0.40% (6) | 0.40% | 0.41% | 0.44% | 0.44% | 0.51% |
| Net expenses(5) | 0.40% (6) | 0.40% | 0.41% | 0.44% | 0.44% | 0.44% |
| Net investment income | 1.57% (6) | 1.28% | 1.70% | 2.18% | 1.93% | 1.77% |
| Portfolio Turnover | 9% (3) | 23% | 36% | 85% | 94% | 46% |
| (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) | Not annualized. |
| (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) | Amounts do not include the expenses of the Underlying Funds. |
| (6) | Annualized. |
23
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Financial
Highlights — continued
| Conservative Allocation Fund — Class C | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 19.39 | $ 18.11 | $ 17.36 | $ 17.05 | $ 17.06 | $ 16.28 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.08 | $ 0.10 | $ 0.17 | $ 0.25 | $ 0.20 | $ 0.17 |
| Net realized and unrealized gain (loss) | (0.82) | 1.80 | 1.15 | 0.68 | 0.36 | 0.96 |
| Total income (loss) from operations | $ (0.74) | $ 1.90 | $ 1.32 | $ 0.93 | $ 0.56 | $ 1.13 |
| Less Distributions | ||||||
| From net investment income | $ (0.17) | $ (0.15) | $ (0.19) | $ (0.28) | $ (0.30) | $ (0.19) |
| From net realized gain | (0.49) | (0.47) | (0.38) | (0.34) | (0.27) | (0.16) |
| Total distributions | $ (0.66) | $ (0.62) | $ (0.57) | $ (0.62) | $ (0.57) | $ (0.35) |
| Net asset value — End of period | $ 17.99 | $ 19.39 | $ 18.11 | $ 17.36 | $ 17.05 | $ 17.06 |
| Total Return(2) | (4.01)% (3) | 10.62% | 7.81% | 5.77% | 3.30% | 7.04% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $24,266 | $27,062 | $29,017 | $29,828 | $33,843 | $33,661 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses(5) | 1.15% (6) | 1.15% | 1.15% | 1.19% | 1.19% | 1.30% |
| Net expenses(5) | 1.15% (6) | 1.15% | 1.15% | 1.19% | 1.19% | 1.19% |
| Net investment income | 0.82% (6) | 0.54% | 0.97% | 1.47% | 1.17% | 1.03% |
| Portfolio Turnover | 9% (3) | 23% | 36% | 85% | 94% | 46% |
| (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) | Not annualized. |
| (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) | Amounts do not include the expenses of the Underlying Funds. |
| (6) | Annualized. |
24
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Financial
Highlights — continued
| Conservative Allocation Fund — Class I | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 19.65 | $ 18.35 | $ 17.58 | $ 17.25 | $ 17.23 | $ 16.48 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.17 | $ 0.29 | $ 0.34 | $ 0.42 | $ 0.41 | $ 0.40 |
| Net realized and unrealized gain (loss) | (0.82) | 1.82 | 1.18 | 0.70 | 0.34 | 0.91 |
| Total income (loss) from operations | $ (0.65) | $ 2.11 | $ 1.52 | $ 1.12 | $ 0.75 | $ 1.31 |
| Less Distributions | ||||||
| From net investment income | $ (0.27) | $ (0.34) | $ (0.37) | $ (0.45) | $ (0.46) | $ (0.40) |
| From net realized gain | (0.49) | (0.47) | (0.38) | (0.34) | (0.27) | (0.16) |
| Total distributions | $ (0.76) | $ (0.81) | $ (0.75) | $ (0.79) | $ (0.73) | $ (0.56) |
| Net asset value — End of period | $ 18.24 | $ 19.65 | $ 18.35 | $ 17.58 | $ 17.25 | $17.23 |
| Total Return(2) | (3.52)% (3) | 11.70% | 8.93% | 6.89% | 4.40% | 8.22% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $83,217 | $62,269 | $39,770 | $28,288 | $19,605 | $ 3,052 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses(5) | 0.15% (6) | 0.15% | 0.16% | 0.19% | 0.19% | 1.43% |
| Net expenses(5) | 0.15% (6) | 0.15% | 0.16% | 0.16% | 0.09% | 0.09% |
| Net investment income | 1.80% (6) | 1.51% | 1.93% | 2.44% | 2.36% | 2.37% |
| Portfolio Turnover | 9% (3) | 23% | 36% | 85% | 94% | 46% |
| (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) | Not annualized. |
| (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) | Amounts do not include the expenses of the Underlying Funds. |
| (6) | Annualized. |
25
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Financial
Highlights — continued
| Conservative Allocation Fund — Class R6 | |
| Period
Ended March 31, 2022(1) (Unaudited) | |
| Net asset value — Beginning of period | $ 18.86 |
| Income (Loss) From Operations | |
| Net investment income(2) | $ 0.04 |
| Net realized and unrealized loss | (0.62) |
| Total loss from operations | $ (0.58) |
| Less Distributions | |
| From net investment income | $ (0.05) |
| Total distributions | $ (0.05) |
| Net asset value — End of period | $18.23 |
| Total Return(3) | (3.09)% (4) |
| Ratios/Supplemental Data | |
| Net assets, end of period (000’s omitted) | $ 10 |
| Ratios (as a percentage of average daily net assets):(5) | |
| Total expenses(6) | 0.08% (7) |
| Net expenses(6) | 0.08% (7) |
| Net investment income | 1.39% (7) |
| Portfolio Turnover | 9% (4)(8) |
| (1) | For the period from the commencement of operations, February 1, 2022, to March 31, 2022. |
| (2) | Computed using average shares outstanding. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Amounts do not include the expenses of the Underlying Funds. |
| (7) | Annualized. |
| (8) | For the six months ended March 31, 2022. |
26
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Financial
Highlights — continued
| Moderate Allocation Fund — Class A | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 23.50 | $ 20.66 | $ 19.49 | $ 19.77 | $ 19.32 | $ 17.86 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.19 | $ 0.22 | $ 0.26 | $ 0.31 | $ 0.29 | $ 0.28 |
| Net realized and unrealized gain (loss) | (0.74) | 3.54 | 1.73 | 0.43 | 1.15 | 1.93 |
| Total income (loss) from operations | $ (0.55) | $ 3.76 | $ 1.99 | $ 0.74 | $ 1.44 | $ 2.21 |
| Less Distributions | ||||||
| From net investment income | $ (0.35) | $ (0.25) | $ (0.26) | $ (0.40) | $ (0.47) | $ (0.28) |
| From net realized gain | (0.77) | (0.67) | (0.56) | (0.62) | (0.52) | (0.47) |
| Total distributions | $ (1.12) | $ (0.92) | $ (0.82) | $ (1.02) | $ (0.99) | $ (0.75) |
| Net asset value — End of period | $ 21.83 | $ 23.50 | $ 20.66 | $ 19.49 | $ 19.77 | $ 19.32 |
| Total Return(2) | (2.61)% (3) | 18.53% | 10.44% | 4.44% | 7.62% | 12.86% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $303,715 | $312,287 | $259,726 | $247,372 | $231,146 | $213,343 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses(5) | 0.39% (6) | 0.39% | 0.41% | 0.42% | 0.43% | 0.50% |
| Net expenses(5) | 0.39% (6) | 0.39% | 0.41% | 0.42% | 0.43% | 0.44% |
| Net investment income | 1.61% (6) | 0.98% | 1.32% | 1.65% | 1.47% | 1.52% |
| Portfolio Turnover | 11% (3) | 26% | 35% | 89% | 73% | 45% |
| (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) | Not annualized. |
| (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) | Amounts do not include the expenses of the Underlying Funds. |
| (6) | Annualized. |
27
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Financial
Highlights — continued
| Moderate Allocation Fund — Class C | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 22.14 | $ 19.56 | $ 18.52 | $ 18.84 | $ 18.37 | $ 17.11 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.09 | $ 0.05 | $ 0.11 | $ 0.19 | $ 0.13 | $ 0.14 |
| Net realized and unrealized gain (loss) | (0.67) | 3.33 | 1.64 | 0.38 | 1.10 | 1.84 |
| Total income (loss) from operations | $ (0.58) | $ 3.38 | $ 1.75 | $ 0.57 | $ 1.23 | $ 1.98 |
| Less Distributions | ||||||
| From net investment income | $ (0.29) | $ (0.13) | $ (0.15) | $ (0.27) | $ (0.24) | $ (0.25) |
| From net realized gain | (0.77) | (0.67) | (0.56) | (0.62) | (0.52) | (0.47) |
| Total distributions | $ (1.06) | $ (0.80) | $ (0.71) | $ (0.89) | $ (0.76) | $ (0.72) |
| Net asset value — End of period | $ 20.50 | $ 22.14 | $ 19.56 | $ 18.52 | $ 18.84 | $ 18.37 |
| Total Return(2) | (2.93)% (3) | 17.60% | 9.62% | 3.68% | 6.83% | 12.02% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $34,017 | $36,398 | $34,674 | $36,679 | $45,880 | $42,529 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses(5) | 1.14% (6) | 1.14% | 1.16% | 1.17% | 1.18% | 1.29% |
| Net expenses(5) | 1.14% (6) | 1.14% | 1.16% | 1.17% | 1.18% | 1.19% |
| Net investment income | 0.86% (6) | 0.24% | 0.59% | 1.04% | 0.72% | 0.77% |
| Portfolio Turnover | 11% (3) | 26% | 35% | 89% | 73% | 45% |
| (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) | Not annualized. |
| (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) | Amounts do not include the expenses of the Underlying Funds. |
| (6) | Annualized. |
28
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Financial
Highlights — continued
| Moderate Allocation Fund — Class I | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 23.52 | $ 20.68 | $ 19.51 | $ 19.79 | $ 19.36 | $ 17.85 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.21 | $ 0.28 | $ 0.30 | $ 0.35 | $ 0.33 | $ 0.26 |
| Net realized and unrealized gain (loss) | (0.72) | 3.54 | 1.74 | 0.44 | 1.19 | 2.02 |
| Total income (loss) from operations | $ (0.51) | $ 3.82 | $ 2.04 | $ 0.79 | $ 1.52 | $ 2.28 |
| Less Distributions | ||||||
| From net investment income | $ (0.38) | $ (0.31) | $ (0.31) | $ (0.45) | $ (0.57) | $ (0.30) |
| From net realized gain | (0.77) | (0.67) | (0.56) | (0.62) | (0.52) | (0.47) |
| Total distributions | $ (1.15) | $ (0.98) | $ (0.87) | $ (1.07) | $ (1.09) | $ (0.77) |
| Net asset value — End of period | $ 21.86 | $ 23.52 | $ 20.68 | $ 19.51 | $ 19.79 | $19.36 |
| Total Return(2) | (2.45)% (3) | 18.80% | 10.71% | 4.69% | 8.04% | 13.26% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $91,764 | $90,643 | $58,212 | $42,444 | $29,145 | $ 9,124 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses(5) | 0.14% (6) | 0.14% | 0.16% | 0.17% | 0.17% | 0.55% |
| Net expenses(5) | 0.14% (6) | 0.14% | 0.16% | 0.14% | 0.09% | 0.09% |
| Net investment income | 1.85% (6) | 1.22% | 1.51% | 1.83% | 1.70% | 1.43% |
| Portfolio Turnover | 11% (3) | 26% | 35% | 89% | 73% | 45% |
| (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) | Not annualized. |
| (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) | Amounts do not include the expenses of the Underlying Funds. |
| (6) | Annualized. |
29
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Financial
Highlights — continued
| Moderate Allocation Fund — Class R6 | |
| Period
Ended March 31, 2022(1) (Unaudited) | |
| Net asset value — Beginning of period | $ 22.51 |
| Income (Loss) From Operations | |
| Net investment income(2) | $ 0.03 |
| Net realized and unrealized loss | (0.64) |
| Total loss from operations | $ (0.61) |
| Less Distributions | |
| From net investment income | $ (0.04) |
| Total distributions | $ (0.04) |
| Net asset value — End of period | $21.86 |
| Total Return(3) | (2.72)% (4) |
| Ratios/Supplemental Data | |
| Net assets, end of period (000’s omitted) | $ 10 |
| Ratios (as a percentage of average daily net assets):(5) | |
| Total expenses(6) | 0.08% (7) |
| Net expenses(6) | 0.08% (7) |
| Net investment income | 0.79% (7) |
| Portfolio Turnover | 11% (4)(8) |
| (1) | For the period from the commencement of operations, February 1, 2022, to March 31, 2022. |
| (2) | Computed using average shares outstanding. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Amounts do not include the expenses of the Underlying Funds. |
| (7) | Annualized. |
| (8) | For the six months ended March 31, 2022. |
30
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Financial
Highlights — continued
| Growth Allocation Fund — Class A | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 27.07 | $ 22.15 | $ 20.38 | $ 21.16 | $ 20.27 | $ 18.12 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.21 | $ 0.11 | $ 0.18 | $ 0.20 | $ 0.22 | $ 0.23 |
| Net realized and unrealized gain (loss) | (0.71) | 5.63 | 2.35 | 0.15 | 1.79 | 2.82 |
| Total income (loss) from operations | $ (0.50) | $ 5.74 | $ 2.53 | $ 0.35 | $ 2.01 | $ 3.05 |
| Less Distributions | ||||||
| From net investment income | $ (0.49) | $ (0.12) | $ (0.20) | $ (0.36) | $ (0.44) | $ (0.23) |
| From net realized gain | (0.46) | (0.70) | (0.56) | (0.77) | (0.68) | (0.67) |
| Total distributions | $ (0.95) | $ (0.82) | $ (0.76) | $ (1.13) | $ (1.12) | $ (0.90) |
| Net asset value — End of period | $ 25.62 | $ 27.07 | $ 22.15 | $ 20.38 | $ 21.16 | $ 20.27 |
| Total Return(2) | (2.09)% (3) | 26.32% | 12.52% | 2.56% | 10.19% | 17.59% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $226,212 | $224,233 | $157,659 | $136,474 | $129,981 | $116,680 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses(5) | 0.42% (6) | 0.44% | 0.47% | 0.52% | 0.52% | 0.60% |
| Net expenses(5) | 0.42% (6) | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| Net investment income | 1.57% (6) | 0.43% | 0.87% | 1.04% | 1.07% | 1.24% |
| Portfolio Turnover | 6% (3) | 17% | 43% | 92% | 64% | 55% |
| (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) | Not annualized. |
| (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) | Amounts do not include the expenses of the Underlying Funds. |
| (6) | Annualized. |
31
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Financial
Highlights — continued
| Growth Allocation Fund — Class C | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 22.61 | $ 18.63 | $ 17.26 | $ 18.10 | $ 17.50 | $ 15.85 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $ 0.09 | $ (0.06) | $ 0.02 | $ 0.08 | $ 0.06 | $ 0.08 |
| Net realized and unrealized gain (loss) | (0.59) | 4.72 | 1.98 | 0.08 | 1.53 | 2.45 |
| Total income (loss) from operations | $ (0.50) | $ 4.66 | $ 2.00 | $ 0.16 | $ 1.59 | $ 2.53 |
| Less Distributions | ||||||
| From net investment income | $ (0.33) | $ — | $ (0.07) | $ (0.23) | $ (0.31) | $ (0.21) |
| From net realized gain | (0.46) | (0.68) | (0.56) | (0.77) | (0.68) | (0.67) |
| Total distributions | $ (0.79) | $ (0.68) | $ (0.63) | $ (1.00) | $ (0.99) | $ (0.88) |
| Net asset value — End of period | $ 21.32 | $ 22.61 | $ 18.63 | $ 17.26 | $ 18.10 | $ 17.50 |
| Total Return(2) | (2.46)% (3) | 25.38% | 11.67% | 1.80% | 9.39% | 16.72% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $18,508 | $18,612 | $16,419 | $15,189 | $19,372 | $18,045 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses(5) | 1.17% (6) | 1.19% | 1.22% | 1.27% | 1.27% | 1.42% |
| Net expenses(5) | 1.17% (6) | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
| Net investment income (loss) | 0.83% (6) | (0.28)% | 0.13% | 0.48% | 0.33% | 0.52% |
| Portfolio Turnover | 6% (3) | 17% | 43% | 92% | 64% | 55% |
| (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) | Not annualized. |
| (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) | Amounts do not include the expenses of the Underlying Funds. |
| (6) | Annualized. |
32
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Financial
Highlights — continued
| Growth Allocation Fund — Class I | ||||||
| Six
Months Ended March 31, 2022 (Unaudited) |
Year Ended September 30, | |||||
| 2021 | 2020 | 2019 | 2018 | 2017 | ||
| Net asset value — Beginning of period | $ 27.23 | $ 22.27 | $ 20.48 | $ 21.26 | $ 20.35 | $ 18.14 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $ 0.23 | $ 0.14 | $ 0.21 | $ 0.24 | $ 0.25 | $ 0.36 |
| Net realized and unrealized gain (loss) | (0.69) | 5.69 | 2.39 | 0.16 | 1.84 | 2.77 |
| Total income (loss) from operations | $ (0.46) | $ 5.83 | $ 2.60 | $ 0.40 | $ 2.09 | $ 3.13 |
| Less Distributions | ||||||
| From net investment income | $ (0.56) | $ (0.17) | $ (0.25) | $ (0.41) | $ (0.50) | $ (0.25) |
| From net realized gain | (0.46) | (0.70) | (0.56) | (0.77) | (0.68) | (0.67) |
| Total distributions | $ (1.02) | $ (0.87) | $ (0.81) | $ (1.18) | $ (1.18) | $ (0.92) |
| Net asset value — End of period | $ 25.75 | $ 27.23 | $ 22.27 | $ 20.48 | $ 21.26 | $20.35 |
| Total Return(2) | (1.97)% (3) | 26.63% | 12.81% | 2.84% | 10.57% | 18.02% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $69,545 | $54,814 | $17,706 | $11,864 | $11,938 | $ 1,790 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses(5) | 0.17% (6) | 0.19% | 0.22% | 0.27% | 0.26% | 1.76% |
| Net expenses(5) | 0.17% (6) | 0.18% | 0.18% | 0.15% | 0.08% | 0.08% |
| Net investment income | 1.74% (6) | 0.52% | 1.03% | 1.23% | 1.20% | 1.91% |
| Portfolio Turnover | 6% (3) | 17% | 43% | 92% | 64% | 55% |
| (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) | Not annualized. |
| (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) | Amounts do not include the expenses of the Underlying Funds. |
| (6) | Annualized. |
33
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Financial
Highlights — continued
| Growth Allocation Fund — Class R6 | |
| Period
Ended March 31, 2022(1) (Unaudited) | |
| Net asset value — Beginning of period | $ 26.49 |
| Income (Loss) From Operations | |
| Net investment income(2) | $ 0.01 |
| Net realized and unrealized loss | (0.75) |
| Total loss from operations | $ (0.74) |
| Net asset value — End of period | $25.75 |
| Total Return(3) | (2.79)% (4) |
| Ratios/Supplemental Data | |
| Net assets, end of period (000’s omitted) | $ 10 |
| Ratios (as a percentage of average daily net assets):(5) | |
| Total expenses(6) | 0.08% (7) |
| Net expenses(6) | 0.08% (7) |
| Net investment income | 0.17% (7) |
| Portfolio Turnover | 6% (4)(8) |
| (1) | For the period from the commencement of operations, February 1, 2022, to March 31, 2022. |
| (2) | Computed using average shares outstanding. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Amounts do not include the expenses of the Underlying Funds. |
| (7) | Annualized. |
| (8) | For the six months ended March 31, 2022. |
34
See Notes to Financial Statements.
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited)
1 Significant Accounting Policies
Calvert Conservative Allocation Fund (Conservative), Calvert
Moderate Allocation Fund (Moderate) and Calvert Growth Allocation Fund (Growth) (each a Fund and collectively, the Funds) are diversified series of Calvert Social Investment Fund (the Trust). The Trust is a Massachusetts business trust registered
under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of Conservative is to seek current income and capital appreciation, consistent with the preservation of
capital. The investment objective of Moderate is to seek long-term capital appreciation and growth of income, with current income a secondary objective. The investment objective of Growth is to seek long-term capital appreciation. Each Fund is a
"fund-of-funds" that invests primarily in a combination of other Calvert equity and income funds (the Underlying Funds). The financial statements of the Underlying Funds are included in their shareholder reports, which are available free of charge
at www.calvert.com.
Each Fund offers four classes of
shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Effective April 29, 2022, the maximum sales charge payable upon purchase of Class A shares was increased to 5.25%. A contingent deferred sales charge of
0.80% (1.00% effective 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 Funds’ prospectus. Class I and Class R6 shares are sold at net asset value, are not subject to a sales charge and are sold only to certain eligible
investors. Each class represents a pro rata interest in each Fund, but votes separately on class-specific matters and is subject to different expenses.
Each 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 Funds use independent pricing services approved by the Board of Trustees (the Board) to value their 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 each
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 each Fund’s
investments by major category are as follows:
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.
Affiliated Fund. Calvert Cash
Reserves Fund, LLC (Cash Reserves Fund) is an affiliated investment company managed by Calvert Research and Management (CRM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in
accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day and are categorized as Level 2 in the hierarchy. Cash Reserves Fund generally
values its investment securities based on available market quotations provided by a third party pricing service.
Other Securities. Investments
in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Valuation methodologies and policies of the Underlying Funds are included in their financial statements, which are
available upon request.
Derivatives. Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the
hierarchy.
35
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Fair
Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Funds’ adviser, the market value does not constitute a readily
available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly
reflects the security’s “fair value”, which is the amount that the Funds might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of
relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and
extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or
the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is
purchased and sold.
The values assigned to fair
value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly
from the values that would have been used had an active market existed, and the differences could be material.
The following tables summarize the market value of each of the
Funds' holdings as of March 31, 2022, based on the inputs used to value them:
Conservative
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Mutual Funds | $ 291,342,910 | $ — | $ — | $ 291,342,910 |
| U.S. Treasury Obligations | — | 4,000,122 | — | 4,000,122 |
| Short-Term Investments | — | 22,315,588 | — | 22,315,588 |
| Total Investments | $291,342,910 | $26,315,710 | $ — | $317,658,620 |
| Liability Description | ||||
| Futures Contracts | $ (1,796,111) | $ — | $ — | $ (1,796,111) |
| Total | $ (1,796,111) | $ — | $ — | $ (1,796,111) |
Moderate
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Mutual Funds | $ 393,550,212 | $ — | $ — | $ 393,550,212 |
| U.S. Treasury Obligations | — | 6,303,348 | — | 6,303,348 |
| Short-Term Investments | — | 28,851,246 | — | 28,851,246 |
| Total Investments | $393,550,212 | $35,154,594 | $ — | $428,704,806 |
| Futures Contracts | $ 6,068 | $ — | $ — | $ 6,068 |
| Total | $393,556,280 | $35,154,594 | $ — | $428,710,874 |
| Liability Description | ||||
| Futures Contracts | $ (1,372,839) | $ — | $ — | $ (1,372,839) |
| Total | $ (1,372,839) | $ — | $ — | $ (1,372,839) |
36
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Growth
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Mutual Funds | $ 297,101,019 | $ — | $ — | $ 297,101,019 |
| U.S. Treasury Obligations | — | 3,564,267 | — | 3,564,267 |
| Short-Term Investments | — | 13,235,605 | — | 13,235,605 |
| Total Investments | $297,101,019 | $16,799,872 | $ — | $313,900,891 |
| Futures Contracts | $ 157,779 | $ — | $ — | $ 157,779 |
| Total | $297,258,798 | $16,799,872 | $ — | $314,058,670 |
| Liability Description | ||||
| Futures Contracts | $ (497,665) | $ — | $ — | $ (497,665) |
| Total | $ (497,665) | $ — | $ — | $ (497,665) |
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. Distributions from the Underlying Funds are recorded on the ex-dividend date. 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. Inflation adjustments to the principal amount of inflation-adjusted
bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or
note. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds.
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 each Fund. Expenses arising in connection with a specific class are charged directly to that class. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer agency fees and expenses on the Statements of Operations, are not allocated to Class R6
shares.
D Futures Contracts— The Funds may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required
by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial
reporting purposes as unrealized gains or losses by the Funds. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering
into futures contracts may include the possible illiquidity of the secondary market which would limit the Funds' ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and
the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade, which are designated “contracts markets” by the
Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange, and the boards of trade, through their clearing corporations, guarantee the futures
contracts against default. As a result, there is minimal counterparty credit risk to the Funds.
E Options
Contracts— Upon the purchase of a call or put option, the premium paid by the Funds is included in the Statements of Assets and Liabilities as an investment. The amount of the
investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Funds' policies on investment valuations discussed above. Premiums paid for purchasing options that expire are treated as
realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. As the purchaser of an
index option, the Funds have the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the
exercise price of the option (in the case of a call) as of the valuation date of the option. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the
issuer or counterparty will fail to perform its contractual obligations.
Upon the writing of a call or a put option, the premium
received by the Funds is included in the Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Funds'
policies on investment valuations discussed above. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to or offset against the proceeds or
amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, each Fund is required to deliver an amount of cash determined by the excess of the exercise price of the option over the value of the index (in
the case of a put) or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract
37
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
termination. The
Funds, as writers of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and, as a result, bear the market risk of an unfavorable change in the price of the instrument underlying the written
option. The Funds may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
F Distributions to Shareholders— Distributions to shareholders are recorded by the Funds on ex-dividend date. Distributions from net investment income are declared and paid quarterly for Conservative and Moderate
and annually for Growth. 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 Funds’ 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— Under the Trust’s organizational document, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the
performance of their duties to the Funds. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust.
However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and provides that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders or
former shareholders. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against each Fund that have not yet occurred.
I Federal Income
Taxes— No provision for federal income or excise tax is required since each 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 Funds' tax positions taken for all
open federal income tax years and has concluded that no provision for federal income tax is required in the Funds' financial statements. Each Fund's federal tax return is subject to examination by the Internal Revenue Service for a period of three
years from the date of filing.
J Interim
Financial Statements— The interim financial statements relating to March 31, 2022 and for the six months then ended have not been audited by an independent registered public
accounting firm, but in the opinion of the Funds' management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Related Party Transactions
CRM, an indirect, wholly-owned subsidiary of Morgan Stanley,
provides investment advisory services to the Funds. CRM does not receive compensation from the Funds for performing investment advisory services. CRM does, however, receive a fee for investment advisory services provided to the Underlying Funds. CRM
does not receive a fee for advisory services provided to Cash Reserves Fund.
CRM has agreed to reimburse the Funds’ 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, borrowing costs, taxes or litigation expenses) for Conservative,
Moderate and Growth exceed 0.44%, 0.44% and 0.43%, respectively, for Class A; 1.19%, 1.19% and 1.18%, respectively, for Class C; 0.19%, 0.19% and 0.18%, respectively, for Class I; and 0.15%, 0.15% and 0.14%, respectively, for Class R6 of such
class's average daily net assets. The expense reimbursement agreements with CRM may be changed or terminated after January 31, 2023. For the six months ended March 31, 2022, no expenses were waived or reimbursed for Conservative, Moderate and
Growth. CRM serves as the administrator of the Funds, but receives no compensation.
Each 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, each Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Funds' 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 Funds by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Each 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, each 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 Funds. In addition, pursuant to the Class C Plan, each 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 for Conservative, Moderate and Growth paid or accrued for
the six months ended March 31, 2022 amounted to $268,445, $391,245 and $287,276, respectively, for Class A shares and $130,713, $179,044 and $95,243, respectively, for Class C shares.
The Funds were informed that EVD received $21,521, $44,036 and
$68,517 for Conservative, Moderate and Growth, respectively, as their portion of the sales charge on sales of Class A shares for the six months ended March 31, 2022. The Funds were also informed that EVD received $3,414, $2,860 and $2,871 for
Conservative, Moderate and Growth, respectively, of contingent deferred sales charges paid by each Fund's shareholders for the same period.
38
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Eaton
Vance Management (EVM), an affiliate of CRM, provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2022, sub-transfer agency fees and expenses
incurred to EVM amounted to $17,608, $25,184 and $3,772 for Conservative, Moderate and Growth, respectively, and are included in transfer agency fees and expenses on the Statements of Operations.
Each Trustee of the Funds 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 Trustees 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 Funds or other Calvert funds selected by the Trustees. The Funds purchase 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 Funds' assets. Trustees’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Trustees of the Funds who are employees of CRM
or its affiliates are paid by CRM.
3 Investment Activity
During the six months ended March 31, 2022, the cost of
purchases and proceeds from sales of investments, other than short-term securities, were as follows:
| Conservative | Moderate | Growth | |
| Purchases | |||
| Non-U.S. Government and Agency Securities | $70,885,750 | $61,697,674 | $58,199,129 |
| Sales | |||
| Non-U.S. Government and Agency Securities | $24,451,229 | $42,756,553 | $17,128,922 |
4 Distributions to
Shareholders and Income Tax Information
The cost and
unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Funds at March 31, 2022, as determined on a federal income tax basis, were as follows:
| Conservative | Moderate | Growth | |
| Aggregate cost | $299,525,726 | $365,514,833 | $256,907,327 |
| Gross unrealized appreciation | $ 23,653,981 | $ 65,837,649 | $ 57,074,265 |
| Gross unrealized depreciation | (7,317,198) | (4,014,447) | (420,587) |
| Net unrealized appreciation | $ 16,336,783 | $ 61,823,202 | $ 56,653,678 |
5 Financial Instruments
A summary of futures contracts outstanding at March 31, 2022 is
included in each Fund's Schedule of Investments. During the six months ended March 31, 2022, each Fund used futures contracts and purchased and written options contracts to facilitate the periodic rebalancing of its portfolio to maintain its target
asset allocation and to make tactical asset allocations.
39
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
At
March 31, 2022, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk was as follows:
Conservative
| Derivative | Statements of Assets and Liabilities Caption | Assets | Liabilities | |
| Futures contracts | Distributable earnings | $ — | $(1,796,111) (1) | |
| (1) | Only the current day's variation margin is reported within the Statements of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
Moderate
| Derivative | Statements of Assets and Liabilities Caption | Assets | Liabilities | |
| Futures contracts | Distributable earnings | $6,068 (1) | $(1,372,839) (1) | |
| (1) | Only the current day's variation margin is reported within the Statements of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
Growth
| Derivative | Statements of Assets and Liabilities Caption | Assets | Liabilities | |
| Futures contracts | Distributable earnings | $157,779 (1) | $(497,665) (1) | |
| (1) | Only the current day's variation margin is reported within the Statements of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
The effect of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) on the Statements of Operations by risk exposure for the six months ended March 31, 2022 was as follows:
Conservative
| Statements of Operations Caption | Equity price | Interest rate | Total |
| Net realized gain (loss): | |||
| Investment securities(1) | $ 31,829 | $ — | $ 31,829 |
| Futures contracts | — | (2,076,602) | (2,076,602) |
| Written options | 95,709 | — | 95,709 |
| Total | $127,538 | $(2,076,602) | $(1,949,064) |
| Change in unrealized appreciation (depreciation): | |||
| Investment securities(1) | $ 36,976 | $ — | $ 36,976 |
| Futures contracts | — | (1,373,570) | (1,373,570) |
| Written options | 19,211 | — | 19,211 |
| Total | $ 56,187 | $(1,373,570) | $(1,317,383) |
| (1) | Relates to purchased options. |
40
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Moderate
| Statements of Operations Caption | Equity price | Interest rate | Total |
| Net realized gain (loss): | |||
| Investment securities(1) | $ 49,022 | $ — | $ 49,022 |
| Futures contracts | — | (1,544,591) | (1,544,591) |
| Written options | 174,104 | — | 174,104 |
| Total | $223,126 | $(1,544,591) | $(1,321,465) |
| Change in unrealized appreciation (depreciation): | |||
| Investment securities(1) | $ 70,590 | $ — | $ 70,590 |
| Futures contracts | — | (1,121,024) | (1,121,024) |
| Written options | 36,675 | — | 36,675 |
| Total | $107,265 | $(1,121,024) | $(1,013,759) |
| (1) | Relates to purchased options. |
Growth
| Statements of Operations Caption | Equity price | Interest rate | Total |
| Net realized gain (loss): | |||
| Investment securities(1) | $ 59,841 | $ — | $ 59,841 |
| Futures contracts | — | 223,438 | 223,438 |
| Written options | 195,197 | — | 195,197 |
| Total | $255,038 | $ 223,438 | $ 478,476 |
| Change in unrealized appreciation (depreciation): | |||
| Investment securities(1) | $ 77,313 | $ — | $ 77,313 |
| Futures contracts | — | (536,004) | (536,004) |
| Written options | 40,167 | — | 40,167 |
| Total | $117,480 | $(536,004) | $(418,524) |
| (1) | Relates to purchased options. |
The average
notional cost of futures contracts and the average number of purchased and written options contracts outstanding during the six months ended March 31, 2022, which are indicative of the volume of these derivative types, were approximately as
follows:
| Conservative | Moderate | Growth | |
| Futures contracts — long | $54,386,000 | $43,878,000 | $10,404,000 |
| Futures contracts — short | $ — | $ 192,000 | $ 7,711,000 |
| Purchased options | 6 | 11 | 12 |
| Written options | (7) | (13) | (14) |
41
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
6 Overdraft Advances
Pursuant to the custodian agreement, State Street Bank and
Trust Company (SSBT) may, in its discretion, advance funds to the Funds to make properly authorized payments. When such payments result in an overdraft, each Fund is obligated to repay SSBT at the current rate of interest charged by SSBT for secured
loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on each Fund's assets to the extent of any overdraft. At March 31, 2022, Moderate had a payment due to SSBT pursuant to the foregoing
arrangement of $107,516. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at March 31, 2022. If measured at fair value, overdraft advances would
have been considered as Level 2 in the fair value hierarchy (see Note 1A) at March 31, 2022. The Funds' average overdraft advances during the six months ended March 31, 2022 were not significant.
7 Line of Credit
The Funds participate 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 Funds solely for temporary purposes related to redemptions and other
short-term cash needs. Interest is charged to each 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 Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time.
The Funds had no borrowings pursuant to their line of credit
during the six months ended March 31, 2022.
8 Affiliated Funds
At March 31, 2022, the value of each Fund’s investment in
affiliated funds was $313,658,498, $422,401,458 and $310,336,624 for Conservative, Moderate and Growth, respectively, which represents 98.6%, 98.3% and 98.8% of net assets for Conservative, Moderate and Growth, respectively. Transactions in
affiliated funds by the Funds for the six months ended March 31, 2022 were as follows:
Conservative
| Name
of Calvert Fund |
Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Dividend
income |
Capital
gains distributions received |
Shares/Units,
end of period |
| Bond Fund, Class R6 | $77,659,304 | $31,499,949 | $ (475,693) | $ (38,171) | $ (7,273,286) | $ 101,372,103 | $ 961,231 | $ 985,379 | 6,498,212 |
| Cash Reserves Fund, LLC | 36,741,730 | 39,219,334 | (53,639,811) | (2,926) | (2,739) | 22,315,588 | 11,551 | — | 22,317,820 |
| Emerging Markets Advancement Fund, Class I | 5,847,825 | 2,559,311 | — | — | (391,764) | 8,015,372 | 35,507 | 233,243 | 680,422 |
| Emerging Markets Equity Fund, Class R6 | 5,034,476 | 549,485 | (931,666) | (35,608) | (563,280) | 4,053,407 | 38,951 | — | 218,867 |
| Equity Fund, Class R6 | 8,789,733 | 3,842,314 | (828,244) | 1,163 | (368,511) | 11,436,455 | 19,379 | 350,891 | 130,643 |
| Flexible Bond Fund, Class R6 | 16,578,282 | 1,939,096 | (2,579,622) | (68,258) | (765,495) | 15,104,003 | 197,102 | 181,222 | 1,018,476 |
| Floating-Rate Advantage Fund, Class R6 | 20,511,732 | 2,068,172 | (2,378,623) | (60,097) | (394,255) | 19,746,929 | 424,712 | — | 2,121,045 |
| High Yield Bond Fund, Class R6 | 3,033,107 | 6,920,033 | (63,426) | (4,157) | (241,603) | 9,643,954 | 91,831 | — | 379,086 |
42
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Conservative — continued
| Name
of Calvert Fund |
Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Dividend
income |
Capital
gains distributions received |
Shares/Units,
end of period |
| International Equity Fund, Class R6 | $ 9,524,109 | $ 4,152,339 | $ (1,075,254) | $ (114,629) | $ (1,297,782) | $ 11,188,783 | $ 115,485 | $ 507,275 | 472,300 |
| International Opportunities Fund, Class R6 | 8,067,159 | 1,212,227 | (2,362,130) | 188,061 | (1,594,235) | 5,511,082 | 105,292 | 406,994 | 309,611 |
| International Responsible Index Fund, Class R6 | 7,255,748 | 1,286,772 | — | — | (516,015) | 8,026,505 | 159,175 | — | 284,124 |
| Mid-Cap Fund, Class I | 2,180,760 | 526,799 | — | — | (261,409) | 2,446,150 | 3,525 | 233,995 | 54,675 |
| Short Duration Income Fund, Class R6 | 12,021,656 | 1,448,033 | (158,587) | (7,018) | (613,050) | 12,691,034 | 113,520 | 78,718 | 804,248 |
| Small-Cap Fund, Class R6 | 3,710,141 | 2,231,844 | (190,277) | (12,312) | (116,123) | 5,623,273 | 6,359 | 254,367 | 164,327 |
| Ultra-Short Duration Income Fund, Class R6 | 31,530,433 | 2,952,100 | (8,673,825) | (72,284) | (325,959) | 25,410,465 | 128,840 | — | 2,592,905 |
| US Large-Cap Core Responsible Index Fund, Class R6 | 5,837,809 | 992,054 | (318,752) | 4,914 | 72,166 | 6,588,191 | 54,127 | 15,572 | 165,824 |
| US Large-Cap Growth Responsible Index Fund, Class I | 8,020,619 | 1,726,584 | (606,022) | 24,687 | (17,117) | 9,148,751 | 35,539 | 131,054 | 183,158 |
| US Large-Cap Value Responsible Index Fund, Class I | 30,177,417 | 4,236,609 | (3,745,682) | 206,128 | (408,929) | 30,465,543 | 443,837 | 876,451 | 997,235 |
| US Mid-Cap Core Responsible Index Fund, Class I | 4,415,971 | 742,029 | (63,426) | (5,311) | (218,353) | 4,870,910 | 23,286 | 106,566 | 129,787 |
| Totals | $ 4,182 | $(15,297,739) | $313,658,498 | $2,969,249 | $4,361,727 |
43
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Moderate
| Name
of Calvert Fund |
Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Dividend
income |
Capital
gains distributions received |
Shares/Units,
end of period |
| Bond Fund, Class R6 | $34,196,342 | $11,120,442 | $ (132,471) | $ (6,550) | $ (2,983,310) | $ 42,194,453 | $ 395,383 | $ 406,228 | 2,704,773 |
| Cash Reserves Fund, LLC | 38,142,702 | 25,020,396 | (34,306,346) | (2,388) | (3,118) | 28,851,246 | 12,819 | — | 28,854,132 |
| Emerging Markets Advancement Fund, Class I | 17,288,189 | 3,835,137 | (926,469) | (28,992) | (921,127) | 19,246,738 | 96,792 | 635,817 | 1,633,849 |
| Emerging Markets Equity Fund, Class R6 | 14,848,764 | 990,097 | (2,199,564) | (191,756) | (1,629,968) | 11,817,573 | 122,487 | — | 638,098 |
| Equity Fund, Class R6 | 15,155,815 | 5,579,827 | (1,606,281) | 19,823 | (651,691) | 18,497,493 | 34,126 | 617,918 | 211,303 |
| Flexible Bond Fund, Class R6 | 16,709,396 | 965,329 | (2,031,386) | (65,371) | (748,972) | 14,828,996 | 193,602 | 179,235 | 999,932 |
| Floating-Rate Advantage Fund, Class R6 | 21,346,966 | 1,108,784 | (3,158,804) | (54,322) | (385,395) | 18,857,229 | 423,762 | — | 2,025,481 |
| High Yield Bond Fund, Class R6 | 7,814,448 | 10,027,740 | (173,670) | (6,147) | (549,898) | 17,112,473 | 201,144 | — | 672,660 |
| International Equity Fund, Class R6 | 29,157,548 | 4,836,302 | (4,720,685) | (404,943) | (3,329,464) | 25,538,758 | 347,803 | 1,527,750 | 1,078,040 |
| International Opportunities Fund, Class R6 | 27,074,370 | 2,079,048 | (4,315,930) | 379,755 | (5,270,520) | 19,946,723 | 371,681 | 1,436,687 | 1,120,602 |
| International Responsible Index Fund, Class R6 | 18,280,878 | 3,508,178 | (1,175,389) | (79,628) | (1,297,748) | 19,236,291 | 391,481 | — | 680,931 |
| Mid-Cap Fund, Class I | 4,298,748 | 678,250 | (130,153) | (15,801) | (486,594) | 4,344,450 | 6,810 | 452,094 | 97,104 |
| Short Duration Income Fund, Class R6 | 12,214,865 | 690,935 | (695,402) | (22,022) | (575,910) | 11,612,466 | 110,328 | 78,412 | 735,898 |
| Small-Cap Fund, Class R6 | 7,649,737 | 5,956,553 | (603,503) | (21,341) | (151,280) | 12,830,166 | 12,935 | 517,423 | 374,932 |
| Ultra-Short Duration Income Fund, Class R6 | 38,808,462 | 1,571,050 | (8,154,352) | (65,373) | (415,634) | 31,744,153 | 155,383 | — | 3,239,199 |
| US Large-Cap Core Responsible Index Fund, Class R6 | 41,055,860 | 2,723,544 | (2,751,292) | 666,850 | (115,680) | 41,579,282 | 373,309 | 107,398 | 1,046,546 |
44
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Moderate — continued
| Name
of Calvert Fund |
Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Dividend
income |
Capital
gains distributions received |
Shares/Units,
end of period |
| US Large-Cap Growth Responsible Index Fund, Class I | $19,385,399 | $ 2,118,966 | $ (1,584,553) | $ 464,043 | $ (436,182) | $ 19,947,673 | $ 84,429 | $ 311,341 | 399,353 |
| US Large-Cap Value Responsible Index Fund, Class I | 57,646,663 | 3,077,514 | (8,087,261) | 794,392 | (1,090,770) | 52,340,538 | 831,956 | 1,642,877 | 1,713,275 |
| US Mid-Cap Core Responsible Index Fund, Class I | 11,927,622 | 829,978 | (309,388) | (3,075) | (570,380) | 11,874,757 | 61,887 | 283,214 | 316,407 |
| Totals | $1,357,154 | $(21,613,641) | $422,401,458 | $4,228,117 | $8,196,394 |
Growth
| Name
of Calvert Fund |
Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Dividend
income |
Capital
gains distributions received |
Shares/Units,
end of period |
| Cash Reserves Fund, LLC | $21,124,678 | $28,090,913 | $(35,977,812) | $ (130) | $ (2,044) | $ 13,235,605 | $ 6,067 | $ — | 13,236,929 |
| Emerging Markets Advancement Fund, Class I | 17,386,469 | 4,062,524 | (299,347) | (16,931) | (994,866) | 20,137,849 | 100,722 | 661,635 | 1,709,495 |
| Emerging Markets Equity Fund, Class R6 | 15,675,473 | 2,254,094 | (285,626) | (35,380) | (2,068,255) | 15,540,306 | 134,478 | — | 839,109 |
| Equity Fund, Class R6 | 13,068,966 | 5,374,787 | (417,835) | 19,282 | (699,118) | 17,346,082 | 30,016 | 543,496 | 198,150 |
| Floating-Rate Advantage Fund, Class R6 | 6,015,719 | 542,023 | (874,710) | (22,362) | (111,778) | 5,548,892 | 124,146 | — | 596,014 |
| High Yield Bond Fund, Class R6 | — | 10,986,825 | (61,241) | (666) | (80,701) | 10,844,217 | 44,661 | — | 426,266 |
| International Equity Fund, Class R6 | 30,423,182 | 6,772,159 | (3,815,559) | (495,397) | (3,568,320) | 29,316,065 | 367,477 | 1,614,167 | 1,237,487 |
| International Opportunities Fund, Class R6 | 25,451,309 | 4,342,367 | (1,879,803) | (36,887) | (5,089,771) | 22,787,215 | 366,758 | 1,417,656 | 1,280,181 |
45
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Growth — continued
| Name
of Calvert Fund |
Value,
beginning of period |
Purchases | Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Dividend
income |
Capital
gains distributions received |
Shares/Units,
end of period |
| International Responsible Index Fund, Class R6 | $20,942,871 | $ 4,157,542 | $ (244,965) | $ (20,976) | $ (1,594,403) | $ 23,240,069 | $ 438,531 | $ — | 822,657 |
| Mid-Cap Fund, Class I | 5,774,009 | 1,434,218 | (214,345) | (34,259) | (662,348) | 6,297,275 | 9,239 | 613,368 | 140,753 |
| Small-Cap Fund, Class R6 | 10,259,604 | 4,099,937 | (704,275) | (50,944) | (403,810) | 13,200,512 | 17,594 | 703,777 | 385,754 |
| US Large-Cap Core Responsible Index Fund, Class R6 | 43,487,601 | 4,518,689 | (803,528) | 35,719 | 364,610 | 47,603,091 | 400,494 | 115,218 | 1,198,165 |
| US Large-Cap Growth Responsible Index Fund, Class I | 17,346,206 | 2,632,826 | (642,822) | 32,062 | (102,097) | 19,266,175 | 76,517 | 282,162 | 385,709 |
| US Large-Cap Value Responsible Index Fund, Class I | 52,542,564 | 5,215,308 | (5,482,007) | 173,714 | (588,742) | 51,860,837 | 767,813 | 1,516,211 | 1,697,573 |
| US Mid-Cap Core Responsible Index Fund, Class I | 14,559,808 | 1,805,830 | (1,402,859) | (167,347) | (682,998) | 14,112,434 | 76,471 | 349,959 | 376,031 |
| Totals | $ (620,502) | $(16,284,641) | $310,336,624 | $2,960,984 | $7,817,649 |
9 Capital Shares
Each Fund's Declaration of Trust permits the Trustees to issue
an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Funds) and classes.
Transactions in capital shares for the six months ended March
31, 2022 and the year ended September 30, 2021 were as follows:
46
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Conservative
| Six
Months Ended March 31, 2022 (Unaudited) |
Year
Ended September 30, 2021 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 1,170,301 | $ 22,494,453 | 2,489,240 | $ 48,232,172 | |
| Reinvestment of distributions | 404,789 | 7,810,531 | 376,102 | 7,142,236 | |
| Shares redeemed | (835,098) | (15,924,624) | (1,935,603) | (37,474,641) | |
| Converted from Class C | 40,386 | 774,926 | 197,991 | 3,790,521 | |
| Net increase | 780,378 | $ 15,155,286 | 1,127,730 | $ 21,690,288 | |
| Class C | |||||
| Shares sold | 123,881 | $ 2,349,719 | 301,649 | $ 5,725,633 | |
| Reinvestment of distributions | 45,643 | 871,741 | 45,315 | 845,660 | |
| Shares redeemed | (175,399) | (3,318,454) | (352,334) | (6,677,768) | |
| Converted to Class A | (40,936) | (774,926) | (200,651) | (3,790,521) | |
| Net decrease | (46,811) | $ (871,920) | (206,021) | $ (3,896,996) | |
| Class I | |||||
| Shares sold | 1,763,333 | $ 33,714,700 | 1,460,241 | $ 28,209,196 | |
| Reinvestment of distributions | 142,910 | 2,754,841 | 111,024 | 2,113,388 | |
| Shares redeemed | (512,214) | (9,812,277) | (569,184) | (11,020,249) | |
| Net increase | 1,394,029 | $ 26,657,264 | 1,002,081 | $ 19,302,335 | |
| Class R6(1) | |||||
| Shares sold | 531 | $ 10,000 | — | $ — | |
| Reinvestment of distributions | 1 | 26 | — | — | |
| Net increase | 532 | $ 10,026 | — | $ — | |
| (1) | For the period from the commencement of operations, February 1, 2022, to March 31, 2022. |
Moderate
| Six
Months Ended March 31, 2022 (Unaudited) |
Year
Ended September 30, 2021 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 899,801 | $ 20,744,925 | 1,770,464 | $ 40,539,363 | |
| Reinvestment of distributions | 619,859 | 14,432,453 | 500,217 | 10,997,453 | |
| Shares redeemed | (966,820) | (22,320,566) | (1,767,741) | (39,928,872) | |
| Converted from Class C | 66,089 | 1,528,617 | 219,257 | 4,920,970 | |
| Net increase | 618,929 | $ 14,385,429 | 722,197 | $ 16,528,914 | |
47
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Moderate — continued
| Six
Months Ended March 31, 2022 (Unaudited) |
Year
Ended September 30, 2021 | ||||
| Shares | Amount | Shares | Amount | ||
| Class C | |||||
| Shares sold | 102,561 | $ 2,198,647 | 308,159 | $ 6,692,235 | |
| Reinvestment of distributions | 77,534 | 1,697,985 | 62,727 | 1,295,936 | |
| Shares redeemed | (94,188) | (2,034,856) | (267,358) | (5,751,482) | |
| Converted to Class A | (70,324) | (1,528,617) | (232,182) | (4,920,970) | |
| Net increase (decrease) | 15,583 | $ 333,159 | (128,654) | $ (2,684,281) | |
| Class I | |||||
| Shares sold | 572,370 | $ 13,226,791 | 1,460,779 | $ 33,125,719 | |
| Reinvestment of distributions | 188,945 | 4,401,888 | 145,616 | 3,213,692 | |
| Shares redeemed | (416,993) | (9,722,861) | (567,043) | (12,962,574) | |
| Net increase | 344,322 | $ 7,905,818 | 1,039,352 | $ 23,376,837 | |
| Class R6(1) | |||||
| Shares sold | 444 | $ 10,000 | — | $ — | |
| Reinvestment of distributions | 1 | 17 | — | — | |
| Net increase | 445 | $ 10,017 | — | $ — | |
| (1) | For the period from the commencement of operations, February 1, 2022, to March 31, 2022. |
Growth
| Six
Months Ended March 31, 2022 (Unaudited) |
Year
Ended September 30, 2021 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Shares sold | 821,730 | $ 22,197,357 | 1,718,002 | $ 44,592,171 | |
| Reinvestment of distributions | 283,744 | 7,856,849 | 236,514 | 5,778,037 | |
| Shares redeemed | (575,895) | (15,562,046) | (887,939) | (22,828,968) | |
| Converted from Class C | 18,001 | 474,417 | 98,413 | 2,428,161 | |
| Net increase | 547,580 | $ 14,966,577 | 1,164,990 | $ 29,969,401 | |
| Class C | |||||
| Shares sold | 104,897 | $ 2,352,911 | 237,157 | $ 5,152,583 | |
| Reinvestment of distributions | 28,516 | 658,447 | 26,856 | 551,078 | |
| Shares redeemed | (66,849) | (1,502,928) | (205,037) | (4,482,436) | |
| Converted to Class A | (21,599) | (474,417) | (117,233) | (2,428,161) | |
| Net increase (decrease) | 44,965 | $ 1,034,013 | (58,257) | $ (1,206,936) | |
48
Calvert
Asset Allocation Funds
March 31, 2022
Notes to Financial
Statements (Unaudited) — continued
Growth — continued
| Six
Months Ended March 31, 2022 (Unaudited) |
Year
Ended September 30, 2021 | ||||
| Shares | Amount | Shares | Amount | ||
| Class I | |||||
| Shares sold | 855,695 | $ 22,843,493 | 1,461,296 | $ 37,842,154 | |
| Reinvestment of distributions | 78,583 | 2,185,402 | 39,090 | 958,486 | |
| Shares redeemed | (246,003) | (6,686,647) | (282,580) | (7,429,721) | |
| Net increase | 688,275 | $ 18,342,248 | 1,217,806 | $ 31,370,919 | |
| Class R6(1) | |||||
| Shares sold | 378 | $ 10,000 | — | $ — | |
| Net increase | 378 | $ 10,000 | — | $ — | |
| (1) | For the period from the commencement of operations, February 1, 2022, to March 31, 2022. |
10 Risks and Uncertainties
Pandemic Risk
An outbreak of respiratory disease caused by a novel
coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines,
cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic
risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so
in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Funds' performance, or the performance of the securities in which the Funds invest.
49
Calvert
Asset Allocation Funds
March 31, 2022
Officers and
Trustees
| Officers |
| Hope L.
Brown Chief Compliance Officer |
| Deidre E.
Walsh Vice President, Secretary and Chief Legal Officer |
| James F.
Kirchner Treasurer |
| Trustees |
| Alice
Gresham Bullock Chairperson |
| Richard L. Baird, Jr. |
| Cari M. Dominguez |
| John G. Guffey, Jr. |
| Miles D. Harper, III |
| Joy V. Jones |
| John H. Streur* |
| Anthony A. Williams |
| *Interested Trustee and President |
50
Calvert Funds
| Privacy Notice | April 2021 |
| FACTS | WHAT
DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The
types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
| Reasons
we can share your personal information |
Does
Eaton Vance share? |
Can
you limit this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
| To
limit our sharing |
Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
51
Calvert Funds
| Privacy Notice — continued | April 2021 |
Page 2
| Who we are | |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do | |
| How
does Eaton Vance protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
| How
does Eaton Vance collect my personal information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your
account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information
about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions | |
| Investment
Management Affiliates |
Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information | |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. | |
52
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.
53
* FINRA
BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of
current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Item 2. Code of Ethics.
Not required in this filing.
Item 3. Audit Committee Financial Expert.
Not required in this filing.
Item 4. Principal Accountant Fees and Services.
Not required in this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Please see schedule of investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
No material changes.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 Act, as amended (the “1940 Act”) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), as of a date within 90 days of the filing date of this report.
(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
| Item 13. Exhibits. | ||
| (a)(1) | Registrant’s Code of Ethics - Not applicable (please see Item 2) | |
| (a)(2)(i) | President’s Section 302 certification. | |
| (a)(2)(ii) | Treasurer’s Section 302 certification. | |
| (b) | Combined Section 906 certification. | |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Calvert Social Investment Fund | ||
| By: | /s/ John H. Streur | |
| John H. Streur | ||
| President | ||
| Date: | May 24, 2022 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ John H. Streur | |
| John H. Streur | ||
| President | ||
| Date: | May 24, 2022 | |
| By: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Treasurer | ||
| Date: | May 24, 2022 | |