Item 1. Report to Stockholders.
[Calvert Social Index Fund Annual Report]
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Dear Shareholder:
Stock markets ended the 2012 annual reporting period sharply higher as the Standard & Poor’s (S&P) 500 Index returned 30.20% versus 1.14% for the 12 months through September 30, 2011. While the two periods shared many commonalities--such as a softening of economic indicators, mounting concerns about sovereign debt in the eurozone, and relatively strong corporate profits--there were some key differences.
Financial markets around the world breathed a sigh of relief after the European Central Bank committed to saving the euro this summer and offered to support the debt markets for any euro member government seeking a new financial bailout. And while the disasters in Japan and strife in the Middle East and North Africa weighed heavily on investor confidence last year, uncertainty closer to home rattled investors this year, primarily as a result of the presidential election and looming “fiscal cliff” in January 2013 that could raise taxes for many Americans. The good news is both situations should see some resolution by the end of 2012.
The U.S. economy’s relative strength was also more evident in this annual reporting period. The divergence with foreign stock market returns widened as the S&P 500 Index more than doubled the 14.33% return of the MSCI EAFE Index for the 12-month period ending September 30, 2012. In the 12 months ending September 30, 2011, the S&P 500 barely eked out a positive return compared with -8.94% for the MSCI EAFE for the same period.
A Truly Uneven Recovery
Within the United States, the economic recovery was also uneven, with some consumers and businesses feeling left behind in the midst of an “improving” economy. For example, growth in northeastern metropolitan areas lagged, while metro areas out west, particularly those in natural gas or high-tech centers, rebounded strongly.
1
Also, the housing market finally turned the corner, as national home prices rose 3.6% year-over-year for the past 12 months. However, they surged 9.4% in the western U.S. while notching up only 0.9% in the northeast.
2
In employment, more than 70% of jobs lost in service industries during the recession have returned, but only 15% of jobs lost in manufacturing, construction, and other goods-producing industries have come back. The differences are stark even within industries, where retail general merchandisers such as Costco recouped 92% while department stores regained just 41% of lost jobs.
3
Overall, we remain cautiously optimistic about the economic recovery ahead. As both citizens and investors, we hope that government legislators return to the negotiating table after the election and give us all the gift of more certainty before the holidays.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
1
Making Strides in Board Diversity
Calvert continued its advocacy efforts in many areas, including board diversity. The United Nations Gender Equality for Sustainable Business Event in March marked the two-year anniversary of the U.N.’s Women’s Empowerment Principles (WEP), which were adapted from the Calvert’s Women Principles
®
, and emphasized the business case for promoting gender equality and women’s empowerment in the workplace. Calvert also joined the newly formed WEP Leadership Group to expand implementation of the Principles.
On March 21, we testified before the Senate Democratic Steering and Outreach Committee about the importance of gender equity in economic empowerment and job creation, highlighting research showing the inclusion of women in corporate management correlates with higher shareholder value and better operating results.
Creating “The Future We Want” in Rio
Finally, I had the pleasure of representing Calvert by speaking at several events at the Rio + 20 Summit about board oversight of sustainability, social enterprise and impact investing, the role of business in promoting gender equality, the business case for the green economy, and establishing value for natural capital.
The first Earth Summit in Rio de Janeiro 20 years ago created climate and biodiversity conventions and set the stage for frameworks to address global environmental degradation, climate change, and poverty. However, global economic uncertainty weighed heavily on the Rio + 20 Summit. While negotiations continued to advance toward 2015, we’re disappointed by the lack of concrete commitments needed for substantial progress on critical sustainability issues.
However, side events sponsored by private-sector and non-governmental organizations sparked many innovative initiatives and positive outcomes. A number of major companies made significant commitments on water, energy, renewable materials, and deforestation. Corporate and investor disclosure of environmental, social, and governance (ESG) impacts took a real step forward as well. In fact, NASDAQ will now encourage companies on its exchange to report on ESG issues, or explain why they do not.
While these efforts can’t substitute for binding governmental commitments, we are happy to see so many companies and investors stepping up to the plate and believe the private sector will remain a key driver of progress on sustainability issues over the next few years.
Stay Informed in the Months Ahead
Maintaining a well-diversified mix of stocks, bonds, and cash appropriate for your goals and risk tolerance is one of the best ways to mitigate the effects of an uneven economic recovery. We also recommend discussing any changes in your financial situation with your investment advisor.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
2
A financial services consulting firm recently named Calvert as one of the Top Social Media Leaders in 2012 for using Facebook to share valuable content with investors and advisors.
4
Join the dialogue at
www.facebook.com/calvert
.
We also invite you to visit our website,
www.calvert.com
, for fund information, portfolio updates, and commentary from Calvert professionals. You can now get the same information on the go with our new iPhone
®
app, available free at iTunes.
As always, we thank you for investing with Calvert.
President and CEO of Calvert Investments, Inc.
October 2012
1. Brookings Institution, Metro Monitor - September 2012, www.brookings.edu/research/
interactives/metromonitor#overall
2. Clear Capital, “June Home Prices Provide Further Evidence of Budding Recovery. Forecast
Indicates Further Increases Through 2012,” July 2012 Market Report, http://clearcapital.com/
company/MarketReport.cfm?month=July&year=2012
3. Paul Davison and Barbara Hansen, “Service Businesses Lead Uneven Jobs Recovery,” USA
Today, July 15, 2012, www.usatoday.com/money/economy/story/2012-07-15/jobs-recov-
ered/56242656/1
4. kasina ranked Calvert fifth of 53 asset management and insurance companies for using
Facebook to tell a compelling brand story and share valuable content with investors and advi-
sors. The ranking was based on kasina’s three-tier methodology that ranked firms based on
content, branding, interactivity, and usability on each social platform. For more information,
visit www.kasina.com.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
3
Landmark Rules on Conflict Minerals
After a complicated and controversial two-year rulemaking process, the Securities and Exchange Commission (SEC) released final rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) Section 1502, which require companies to file and publish reports on their efforts to eliminate the use of “conflict minerals” that have fueled a violent 14-year conflict in the Eastern Democratic Republic of the Congo (DRC).
Calvert played a leading role among investors during the rulemaking process and is pleased with the progress. However, the two- to four-year timeline for compliance and exclusion of mining companies from reporting requirements was disappointing. We will continue to press all companies involved with conflict minerals to step up their efforts to address these issues.
New Standards Will Nearly Double Fuel Efficiency by 2025
Newly finalized corporate average fuel economy (CAFE) standards require cars and light-duty trucks to reach the equivalent of 54.5 mpg by 2025. Experts estimate the new standards will reduce oil consumption by 12 billion barrels while saving consumers $1.7 trillion. The major U.S. automakers supported the new standards and have already begun incorporating them into future vehicles.
The higher standards should boost both the competitiveness of American automakers and U.S. policy efforts to mitigate climate change, since more than 90% of a vehicle’s contribution to climate change through greenhouse gas emissions (GHGs) is related to fuel consumption.
1
Calvert has long advocated for higher standards in public testimony to Environmental Protection Agency, meetings with Obama administration officials, dialogues with the auto industry, and the media and will continue to do so.
Helping Companies Combat Climate Change Risks
Economic and insured losses from natural catastrophes set new records last year, driving home the very real physical climate risks for investors. Extreme weather events accounted for 90% of the disasters and eight of the 10 most costly events, causing overall losses of more than $148 billion.
To that end, Calvert co-authored two reports to help companies evaluate their exposure to climate risks and protect shareholder value. Oxfam America and Ceres joined us to create
Physical Risks from Climate Change: A guide for companies and investors on disclosure and management of climate impacts
.
We also developed
Value Chain Climate Resilience: A guide to managing climate impacts in companies and communities
, a first-of-its-kind guide to help businesses assess and prepare for the risks and opportunities posed by climate change, with other leading companies from the Partnership for Resilience and Environmental Preparedness (PREP).
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
4
Exercising Our Say on Pay
Calvert fought for the new “say on pay” rule, which requires publicly traded U.S. companies to allow shareholders to vote on the compensation awarded to senior management the previous year. We built on that success this year by creating a strict set of voting guidelines on executive compensation for the proxy season. We also shared our reasons for voting against the proposals to management at key companies.
Overall, Calvert votes against compensation packages that do not align management and shareholder interests and do not incentivize the company’s long-term performance. In May, this meant voting against company compensation packages 34% of the time. This includes Gilead Sciences, Safeway, and Plains Exploration and Production, all of which rewarded CEOs with high pay in 2011 despite lackluster shareholder returns.
Even before the May announcement of a massive trading loss, we rejected the $23 million pay package for JPMorgan Chase Chairman and CEO Jamie Dimon due to its discretionary nature and inherent lack of accountability to long-term financial goals. The weaknesses in risk oversight evident by the company’s failed hedging strategy only reinforced our decision.
Other Shareholder Advocacy Efforts
This spring, Calvert filed 24 shareholder resolutions to keep the sustainability issues with a real impact on profits, people, and the planet front and center. Six were voted upon by shareholders, including resolutions on: -- Board diversity at Urban Outfitters, which received 39% support (up from 22% last year). Despite owning popular women’s retail brands Anthropologie and Free People, the company does not have any women or minorities on its board of directors.
-- Disclosure of water scarcity and pollution risks at Fossil, which received 31% support. As an apparel company, Fossil relies on water- and energy-intensive processes for producing cotton, leather, and other products. These processes can also pollute water supplies, especially in developing countries.
-- Sustainability reports at Gentex, which received 32% support. This supplier for the automotive, aerospace, and commercial fire protection industries currently provides no information on its efforts to manage resource efficiency and environmental impacts—despite increasing demands from its key clients for sustainability data.
Promoting Privacy on the Internet
In 2006, Calvert joined other investors, human rights advocacy organizations, academic experts and companies to develop the multi-stakeholder Global Network Initiative (GNI) to help information and communication technology (ICT) companies address freedom of expression and privacy issues. In early 2012, GNI’s path to becoming a fully global standard leapt forward as the first three GNI companies—Yahoo, Google, and Microsoft— completed the second phase of the assessment process.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
5
In addition, Facebook became a GNI observer in May, opening the door to its participation in GNI policy and advocacy discussions for one year as it evaluates the potential commitment of implementing the GNI principles. We welcome the opportunity to work with Facebook, particularly in protecting against privacy violations that can endanger members using it as an instrument of freedom of expression and political dissent across the world.
Community Investments
Many of our Funds participate in Calvert’s High Social Impact Investing program, which is administered through the Calvert Foundation. This community investment program may allocate a small percentage of Fund assets at below-market interest rates to investments that provide economic opportunity for struggling populations.
2
One such investment through the Foundation is FMM Popayan, which offers financial services to more than 400,000 clients in some of the poorest areas of Columbia. Women comprise 66% of their client base.
We also supported the Triodos Sustainable Trade Fund, which seeks to improve the economic position of farmers in emerging markets and stimulate development in the sustainable agriculture sector. It does this by providing pre-export value chain financing to farmer cooperatives—with a specific focus on fair trade and organic farming.
Special Equities
A modest but important portion of certain funds is allocated to small private companies developing products or services that address important sustainability or environmental issues facing our society.
One example of a recent investment is Ivy Capital/All Life Insurance Company of South Africa, which insures people living with HIV.
3
The company uses online support systems to help clients comply with their medical requirements in order to live a longer life. This provides enormous security to their families and employers and seems to be a rather unique business model in fighting the scourge of AIDS.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
6
1. ACEEE, Automobiles and the Environment, www.greenercars.org/guide_environment. htm
2. As of September 30, 2012, Calvert Social Investment Foundation (“Calvert Foundation” or “Foundation”) Community Investment Notes represented the following percentages of Fund net assets: Calvert Capital Accumulation Fund 0.51%, Calvert International Equity Fund 1.29%, and Calvert Small Cap Fund 0.48%. The Calvert Foundation is a 501(c)(3) nonprofit organization. The Foundation’s Community Investment Note Program is not a mutual fund and should not be confused with any Calvert Investments-sponsored investment product.
3. As of September 30, 2012, Ivy Capital All Life Insurance represented 0.02% of Calvert Equity Portfolio. Holdings are subject to change.
As of September 30, 2012, the following companies represented the following percentages of net assets in Calvert Social Index Fund: Gilead Sciences 0.59%, Safeway 0.04%, Plains Exploration and Production 0.06%, JPMorgan Chase 1.80%, Urban Outfitters 0%, Fossil 0.05%, Gentex 0.03%, Yahoo 0.19%, Google 2.33%, Microsoft 2.62% and Facebook 0%. Holdings are subject to change.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
7
Investment Performance
Calvert Social Index Fund Class A shares (at NAV) returned 29.36% for the 12-month period ended September 30, 2012. The Fund underperformed its benchmark, the Calvert Social Index (CSI), which posted a return of 30.36% for the period. The difference was primarily the result of fund expenses, which an index does not incur.
Investment Climate
Gradually improving U.S. economic data, healthy corporate earnings, and some policy steps toward mitigation of the sovereign debt crisis in Europe provided support for equities worldwide during the fiscal year. Global inflation remained tame, and aggressive, accommodative monetary policy by central banks around the globe helped equity markets rally hard off their lows posted last fall, albeit on low volume.
For the trailing 12-month period, the Standard and Poor’s (S&P) 500, Russell 1000, and Russell 2000 Indices returned 30.20%, 30.06%, and 31.91% respectively. Negative headwinds from the eurozone and an economic slowdown in China led to a divergence in performance by international stocks with the MSCI EAFE and MSCI Emerging Markets Indices returning 14.33% and 17.33%, respectively.
CALVERT SOCIAL
|
INDEX FUND
|
S
eptember
30, 2012
|
IN
VESTMENT P
E
RFORMANCE
|
|
|
|
(total return at NAV*)
|
|
|
|
|
6 Months
|
|
12 Months
|
|
|
Ended
|
|
Ended
|
|
|
9/30/2012
|
|
9/30/2012
|
|
Class A
|
1.45
|
%
|
29.36
|
%
|
Class B
|
0.96
|
%
|
28.17
|
%
|
Class C
|
0.96
|
%
|
28.17
|
%
|
Class I
|
1.74
|
%
|
30.11
|
%
|
Class Y**
|
1.45
|
%
|
29.36
|
%
|
|
Calvert Social Index
|
1.74
|
%
|
30.36
|
%
|
|
Lipper Multi-Cap Core
|
|
|
|
Funds Average
|
0.71
|
%
|
25.79
|
%
|
TE
N L
A
RGEST S
T
OCK H
O
LDINGS
|
|
|
% of Net Assets
|
|
Apple, Inc.
|
7.3
|
%
|
Microsoft Corp.
|
2.6
|
%
|
International Business
|
|
|
Machines Corp.
|
2.6
|
%
|
AT&T, Inc.
|
2.5
|
%
|
Google, Inc.
|
2.3
|
%
|
Procter & Gamble Co.
|
2.2
|
%
|
Johnson & Johnson
|
2.2
|
%
|
Wells Fargo & Co.
|
2.0
|
%
|
JPMorgan Chase & Co.
|
1.8
|
%
|
The Coca-Cola Co.
|
1.7
|
%
|
Total
|
27.2
|
%
|
*Investment performance/return at NAV does not reflect the deduction of the Fund’s maximum 4.75% front-end sales charge or any deferred sales charge.
** See note on page 9 regarding Class Y shares.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
8
Value stocks slightly outperformed growth stocks during the fiscal year, and within the Russell 1000 Index, Consumer Discretionary, Telecommunication Services, and Financials were the top-performing sectors, while the Utilities, Consumer Staples, and Energy sectors lagged.
The U.S. economy continued to proceed on the path of gradual recovery. The U.S. corporate sector remained strong and provided some upside surprises for investors. The top-line numbers driven by the economic recovery were encouraging. Improvement in employment numbers were also a welcome, positive sign, though the decline in the unemployment rate was, unfortunately, primarily due to a drop in the labor force participation rate.
U.S. inflation remained low, bank lending continued to improve, and a weak U.S. dollar, thanks to the especially accommodative monetary policy in the U.S., helped U.S. exports and supported the rebuilding of the domestic manufacturing and industrial base. Vehicle sales and production also looked encouraging.
The manufacturing sector continued to provide a boost to employment and the U.S. economy, but accelerating recession in Europe and the overall slowdown in the global economy will de-emphasize the contribution of exports to U.S. GDP. Therefore, the continued recovery of the U.S. consumer will be important for a self-sustained U.S. economic recovery. More recently, the service sector has been showing signs of improvement. Consumer spending patterns remained promising and consumer confidence, helped by strength in the housing market, a falling unemployment rate, and improving equity markets, has also shown signs of improvement.
CALVERT SOCIAL
|
INDEX FUND
|
S
eptember
30, 2012
|
|
|
AV
ERAGE A
N
NUAL T
O
TAL R
E
TURNS
|
|
|
CLASS A SHARES
|
(with max. load)
|
|
One year
|
23.18
|
%
|
Five year
|
-0.57
|
%
|
Ten year
|
6.26
|
%
|
|
CLASS B SHARES
|
(with max. load)
|
|
One year
|
23.17
|
%
|
Five year
|
-0.78
|
%
|
Ten year
|
5.71
|
%
|
|
CLASS C SHARES
|
(with max. load)
|
|
One year
|
27.17
|
%
|
Five year
|
-0.58
|
%
|
Ten year
|
5.72
|
%
|
|
CLASS I SHARES
|
|
|
One year
|
30.11
|
%
|
Five year
|
0.96
|
%
|
Ten year
|
7.30
|
%
|
|
|
|
CLASS Y SHARES*
|
|
|
One year
|
29.36
|
%
|
Five year
|
0.40
|
%
|
Ten year
|
6.77
|
%
|
* Calvert Social Index Fund first offered Class Y shares on July 13, 2012. Performance prior to that date reflects the performance of Class A shares at net asset value (NAV). Actual Class Y share performance would have been different.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
9
G
rowth of
$10,000
The graph below shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal year periods. The results shown are for Classes A, B, C and I shares and reflect the deduction of the maximum front-end sales charge of 4.75%, or deferred sales charge, as applicable and assume the reinvestment of dividends. The result is compared with benchmarks that include a broad based market index and a Lipper peer group average. Market indexes are unmanaged and their results do not reflect the effect of expenses or sales charges. The Lipper average reflects the deduction of the category’s average front-end sales charge. The value of an investment in a different share class would be different.
All performance data shown, including the graph above and the adjacent table, represents past performance, does not guarantee future results, assumes reinvestment of dividends and distributions and does not reflect the deduction of taxes that a shareholder would pay on the Fund’s distributions or the redemption of the Fund shares. All performance data reflects fee waivers and/or expense limitations, if any are in effect; in their absence performance would be lower. See Note B in Notes to Financial Statements. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted; for current performance data visit www.calvert.com. The gross expense ratio from the current prospectus for Class A shares is 0.97%. This number may differ from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, does not include fee or expense waivers. Performance data quoted already reflects the deduction of the Fund’s operating expenses.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
10
The U.S. housing market continued its bottoming-out process into early 2012 and showed significant improvement in the second and third quarters of 2012. With mortgage rates at record lows, housing activity picked up throughout the fiscal year. Housing can provide a positive surprise for the U.S. economy and equity markets through the powerful multiplier effect it can have on the consumer and, therefore, the economy.
The stance of the Federal Reserve (Fed) remained that it was ready to act should economic conditions in the U.S. deteriorate. This so-called “Bernanke put” provided support for U.S. equity markets throughout the fiscal year with investors believing the Fed would provide future liquidity injections in the event the economy faltered. A third round of quantitative easing (QE3) materialized in September with the Federal Reserve’s Open Market Committee (FOMC) announcing an open-ended commitment to purchase $40 billion of mortgage-backed securities each month until substantial improvements in the labor market were seen. This came on top of the FOMC’s announcement earlier in the year to extend “Operation Twist” in an effort to further reduce long-term interest rates.
With global economic challenges keeping inflation in check, policymakers around the globe also continued their efforts toward easing monetary policies. On the flip side, the easing cycle has been inflating the balance sheets of the world’s six biggest central banks, which have more than doubled since 2006.
In the eurozone, the economic picture looked increasingly grim throughout the fiscal year, with peripheral economies firmly in a recessionary spiral and core economies coming under stress. Manufacturing in the region continued to fall deeper into contraction territory while consumer confidence in the eurozone reached its lowest level since early 2009 and the unemployment rate hit a record high.
As we anticipated, markets seemed to overestimate the efficacy of the policy action in Europe and underestimated the possibility of a more severe economic recession in the eurozone.
China cut its economic growth target from 8.0% to 7.5% during the first quarter of 2012, signaling the country’s need to transition from an export-driven to a more sustainable, consumer-driven, economic model. Nevertheless, the Chinese economy continued to decelerate during the fiscal year as foreign direct investment (FDI), one of the major drivers of economic growth in China, continued to decline and China’s HSBC Manufacturing Purchasing Managers Index (PMI) was in contraction territory for 11 consecutive months as exports continued to weaken.
A slower inflation trend allowed the Chinese government to reposition its economic policy from contractionary for most of 2011 to stimulative. A hard landing in China is not out of the question and could significantly impact global growth while making the overall macroeconomic backdrop riskier for the next several quarters.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
11
Portfolio Strategy
Calvert Social Index Fund is managed using a passive investment strategy, with the objective of matching the day-today performance of the CSI as closely as possible. We do this by buying all, or virtually all, of the stocks in the CSI and holding them in the same proportion. Variation in the Fund’s total return generally reflects the variation in the total return of the CSI.
Information Technology, Financials, Health Care, and Consumer Discretionary are the four largest sectors in the CSI and accounted for almost 70% of its value, on average, over the reporting period. Therefore, performance in these sectors has a significant impact on overall performance. Financials was the worst-performing sector, returning -17%.
Information Technology, Health Care, and Consumer Discretionary all posted positive returns.
Utilities was the best-performing sector in the CSI, gaining 17%. Consumer Staples also produced good returns with a gain of more than 10%. The decline of almost 17% in the Financials sector was the biggest drag on performance, and the Industrials sector declined by almost 9%.
|
% of Total
|
|
EC
ONOMIC S
E
CTORS
|
Investments
|
|
Consumer Discretionary
|
12.8
|
%
|
Consumer Staples
|
10.3
|
%
|
Energy
|
2.1
|
%
|
Financials
|
16.3
|
%
|
Government
|
0.4
|
%
|
Health Care
|
11.6
|
%
|
Industrials
|
7.8
|
%
|
Information Technology
|
31.6
|
%
|
Materials
|
1.5
|
%
|
Short-Term Investments
|
0.9
|
%
|
Telecommunication Services
|
3.5
|
%
|
Utilities
|
1.2
|
%
|
Total
|
100
|
%
|
Outlook
Despite healthy corporate earnings and continued gradual economic recovery in the United States, looming developments in the political landscape could have a negative impact on U.S. GDP growth and are likely to be a source of volatility for the markets in the coming months. However, once we have more visibility into the “fiscal cliff” scenarios, market participants may feel better about investing in risky assets for the long term.
We see continued challenges in the global macro backdrop leaving equity markets vulnerable to negative news, especially given that most of the positive catalysts are out and the markets had a healthy run through September 30, 2012. Any negative news from Europe or China or a soft earnings season in the United States will likely trigger a risk aversion trade.
October 2012
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
12
SHAREHOLDER EXPENSE EXAMPLE
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges and redemption fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
This Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2012 to September 30, 2012).
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
The Fund charges an annual low balance account fee of $15 to those shareholders whose regular account balance is less than $5,000 ($1,000 for IRA accounts). If the low balance fee applies to your account, you should subtract the fee from the ending account value in the chart below.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual 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 the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
13
|
|
|
|
|
BEGINNING
|
ENDING ACCOUNT
|
EXPENSES PAID
|
|
ACCOUNT VALUE
|
VALUE
|
DURING PERIOD*
|
|
4/1/12
|
9/30/12
|
4/1/12 - 9/30/12
|
|
|
|
|
CL
ASS A
|
|
|
|
Actual
|
$1,000.00
|
$1,014.50
|
$3.78
|
Hypothetical
|
$1,000.00
|
$1,021.25
|
$3.79
|
(5% return per
|
|
|
|
year before expenses)
|
|
|
|
|
|
|
|
CL
ASS B
|
|
|
|
Actual
|
$1,000.00
|
$1,009.60
|
$8.79
|
Hypothetical
|
$1,000.00
|
$1,016.25
|
$8.82
|
(5% return per
|
|
|
|
year before expenses)
|
|
|
|
|
|
|
|
CL
ASS C
|
|
|
|
Actual
|
$1,000.00
|
$1,009.60
|
$8.67
|
Hypothetical
|
$1,000.00
|
$1,016.37
|
$8.70
|
(5% return per
|
|
|
|
year before expenses)
|
|
|
|
|
|
|
|
CL
ASS I
|
|
|
|
Actual
|
$1,000.00
|
$1,017.40
|
$1.06
|
Hypothetical
|
$1,000.00
|
$1,023.95
|
$1.06
|
(5% return per
|
|
|
|
year before expenses)
|
|
|
|
|
CL
ASS Y
|
|
|
|
Actual
|
$1,000.00
|
$1,014.50
|
$3.02
|
Hypothetical
|
$1,000.00
|
$1,022.00
|
$3.03
|
(5% return per
|
|
|
|
year before expenses)
|
|
|
|
* Expenses are equal to the Fund’s annualized expense ratio of 0.75%, 1.75%, 1.73%, 0.21%, and 0.60% for Class A, Class B, Class C, Class I, and Class Y, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
14
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors of the Calvert Social Index Series, Inc.
and Shareholders of Calvert Social Index Fund:
We have audited the accompanying statement of net assets of the Calvert Social Index Fund (the Fund), the sole series of the Calvert Social Index Series, Inc., as of September 30, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2012, by correspondence with the custodian and brokers or by performing other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Calvert Social Index Fund as of September 30, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
November 29, 2012
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
15
|
|
|
|
STATEMENT OF NET ASSETS
|
SEPTEMBER 30, 2012
|
|
|
EQ
UITY S
E
CURITIES
- 98.4%
|
SH
ARES
|
|
VA
LUE
|
Aerospace & Defense - 0.2%
|
|
|
|
B/E Aerospace, Inc.*
|
1,981
|
$
|
83,400
|
Exelis, Inc.
|
3,559
|
|
36,800
|
Hexcel Corp.*
|
1,845
|
|
44,317
|
Rockwell Collins, Inc.
|
2,708
|
|
145,257
|
Spirit AeroSystems Holdings, Inc.*
|
2,206
|
|
48,995
|
|
|
|
358,769
|
|
Air Freight & Logistics - 1.1%
|
|
|
|
C.H. Robinson Worldwide, Inc
|
3,076
|
|
180,100
|
Expeditors International of Washington, Inc.
|
4,011
|
|
145,840
|
FedEx Corp
|
5,564
|
|
470,826
|
United Parcel Service, Inc., Class B
|
13,697
|
|
980,294
|
|
|
|
1,777,060
|
|
Airlines - 0.2%
|
|
|
|
Alaska Air Group, Inc.*
|
1,351
|
|
47,366
|
Delta Air Lines, Inc.*
|
16,383
|
|
150,068
|
JetBlue Airways Corp.*
|
4,632
|
|
22,187
|
Southwest Airlines Co
|
14,158
|
|
124,166
|
US Airways Group, Inc.*
|
3,023
|
|
31,621
|
|
|
|
375,408
|
|
Auto Components - 0.4%
|
|
|
|
BorgWarner, Inc.*
|
2,180
|
|
150,660
|
Gentex Corp.
|
2,678
|
|
45,553
|
Johnson Controls, Inc
|
13,031
|
|
357,049
|
Tenneco, Inc.*
|
1,134
|
|
31,752
|
TRW Automotive Holdings Corp.*
|
1,942
|
|
84,885
|
Visteon Corp.*
|
984
|
|
43,748
|
|
|
|
713,647
|
|
Automobiles - 0.6%
|
|
|
|
Ford Motor Co.
|
72,674
|
|
716,566
|
Harley-Davidson, Inc
|
4,342
|
|
183,970
|
Tesla Motors, Inc.*
|
1,265
|
|
37,039
|
|
|
|
937,575
|
|
Beverages - 3.2%
|
|
|
|
Dr Pepper Snapple Group, Inc.
|
4,012
|
|
178,654
|
Monster Beverage Corp.*
|
2,971
|
|
160,909
|
PepsiCo, Inc
|
29,654
|
|
2,098,614
|
The Coca-Cola Co
|
73,772
|
|
2,798,172
|
|
|
|
5,236,349
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
16
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Biotechnology - 2.7%
|
|
|
|
Alexion Pharmaceuticals, Inc.*
|
3,678
|
$
|
420,763
|
Alkermes plc*
|
2,318
|
|
48,099
|
Amgen, Inc.
|
14,686
|
|
1,238,324
|
Ariad Pharmaceuticals, Inc.*
|
3,166
|
|
76,696
|
Biogen Idec, Inc.*
|
4,503
|
|
671,983
|
Cepheid, Inc.*
|
1,231
|
|
42,482
|
Cubist Pharmaceuticals, Inc.*
|
1,188
|
|
56,644
|
Dendreon Corp.*
|
2,555
|
|
12,341
|
Gilead Sciences, Inc.*
|
14,416
|
|
956,213
|
Incyte Corp.*
|
2,491
|
|
44,963
|
Medivation, Inc.*
|
1,402
|
|
79,017
|
Myriad Genetics, Inc.*
|
1,661
|
|
44,830
|
Onyx Pharmaceuticals, Inc.*
|
1,231
|
|
104,019
|
Pharmacyclics, Inc.*
|
947
|
|
61,081
|
Regeneron Pharmaceuticals, Inc.*
|
1,415
|
|
216,014
|
Seattle Genetics, Inc.*
|
1,959
|
|
52,795
|
United Therapeutics Corp.*
|
887
|
|
49,566
|
Vertex Pharmaceuticals, Inc.*
|
4,090
|
|
228,835
|
|
|
|
4,404,665
|
|
Building Products - 0.2%
|
|
|
|
A.O. Smith Corp.
|
767
|
|
44,133
|
Lennox International, Inc.
|
943
|
|
45,604
|
Masco Corp.
|
6,965
|
|
104,823
|
Owens Corning*
|
2,258
|
|
75,553
|
|
|
|
270,113
|
|
Capital Markets - 2.6%
|
|
|
|
Affiliated Managers Group, Inc.*
|
997
|
|
122,631
|
Bank of New York Mellon Corp
|
22,509
|
|
509,154
|
BlackRock, Inc
|
2,437
|
|
434,517
|
Charles Schwab Corp
|
20,878
|
|
267,030
|
E*Trade Financial Corp.*
|
4,880
|
|
42,993
|
Eaton Vance Corp.
|
2,162
|
|
62,611
|
Federated Investors, Inc., Class B
|
1,785
|
|
36,932
|
Franklin Resources, Inc
|
2,633
|
|
329,309
|
Goldman Sachs Group, Inc
|
8,586
|
|
976,056
|
Invesco Ltd.
|
8,483
|
|
211,990
|
Janus Capital Group, Inc.
|
3,608
|
|
34,059
|
Jefferies Group, Inc
|
2,440
|
|
33,404
|
Legg Mason, Inc.
|
2,290
|
|
56,517
|
Northern Trust Corp.
|
4,210
|
|
195,407
|
SEI Investments Co.
|
2,689
|
|
57,679
|
State Street Corp
|
9,129
|
|
383,053
|
Stifel Financial Corp.*
|
1,010
|
|
33,936
|
T. Rowe Price Group, Inc
|
4,836
|
|
306,119
|
TD Ameritrade Holding Corp.
|
4,373
|
|
67,213
|
Waddell & Reed Financial, Inc
|
1,614
|
|
52,891
|
|
|
|
4,213,501
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
17
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Chemicals - 1.0%
|
|
|
|
Air Products & Chemicals, Inc.
|
4,033
|
$
|
333,529
|
Airgas, Inc.
|
1,321
|
|
108,718
|
Cabot Corp
|
1,103
|
|
40,337
|
Ecolab, Inc.
|
5,016
|
|
325,087
|
H.B. Fuller Co
|
951
|
|
29,177
|
International Flavors & Fragrances, Inc.
|
1,555
|
|
92,647
|
Praxair, Inc
|
5,681
|
|
590,142
|
Sensient Technologies Corp
|
938
|
|
34,481
|
Sigma-Aldrich Corp.
|
2,301
|
|
165,603
|
|
|
|
1,719,721
|
|
Commercial Banks - 5.1%
|
|
|
|
Associated Banc-Corp.
|
3,244
|
|
42,724
|
Bank of Hawaii Corp
|
854
|
|
38,959
|
BB&T Corp
|
13,402
|
|
444,410
|
BOK Financial Corp
|
508
|
|
30,023
|
CapitalSource, Inc
|
4,287
|
|
32,495
|
CIT Group, Inc.*
|
3,876
|
|
152,676
|
City National Corp
|
918
|
|
47,286
|
Comerica, Inc.
|
3,686
|
|
114,450
|
Commerce Bancshares, Inc.
|
1,419
|
|
57,228
|
Cullen/Frost Bankers, Inc.
|
1,170
|
|
67,193
|
East West Bancorp, Inc
|
2,713
|
|
57,299
|
Fifth Third Bancorp
|
17,509
|
|
271,565
|
First Horizon National Corp.
|
4,897
|
|
47,158
|
First Niagara Financial Group, Inc.
|
6,601
|
|
53,402
|
First Republic Bank
|
1,288
|
|
44,385
|
FirstMerit Corp
|
2,117
|
|
31,183
|
FNB Corp.
|
2,662
|
|
29,841
|
Fulton Financial Corp
|
3,749
|
|
36,965
|
Hancock Holding Co
|
1,615
|
|
49,984
|
Huntington Bancshares, Inc
|
16,689
|
|
115,154
|
IBERIABANK Corp.
|
568
|
|
26,014
|
KeyCorp
|
17,977
|
|
157,119
|
M&T Bank Corp
|
2,293
|
|
218,202
|
PNC Financial Services Group, Inc.
|
10,087
|
|
636,490
|
Popular, Inc.*
|
1,919
|
|
33,448
|
Prosperity Bancshares, Inc
|
882
|
|
37,591
|
Regions Financial Corp
|
27,305
|
|
196,869
|
Signature Bank*
|
866
|
|
58,091
|
SunTrust Banks, Inc.
|
10,260
|
|
290,050
|
Susquehanna Bancshares, Inc.
|
3,552
|
|
37,154
|
SVB Financial Group*
|
829
|
|
50,121
|
Synovus Financial Corp.
|
14,151
|
|
33,538
|
TCF Financial Corp.
|
3,104
|
|
37,062
|
UMB Financial Corp.
|
653
|
|
31,788
|
Umpqua Holdings Corp.
|
2,173
|
|
28,010
|
US Bancorp
|
36,114
|
|
1,238,710
|
Valley National Bancorp
|
3,678
|
|
36,854
|
Webster Financial Corp.
|
1,388
|
|
32,896
|
Wells Fargo & Co
|
93,604
|
|
3,232,146
|
Westamerica Bancorporation
|
540
|
|
25,407
|
Zions Bancorporation
|
3,430
|
|
70,847
|
|
|
|
8,272,787
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
18
|
|
|
|
EQ
UITY S
E
CURITIES -
c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Commercial Services & Supplies - 0.1%
|
|
|
|
Avery Dennison Corp.
|
1,944
|
$
|
61,858
|
Covanta Holding Corp.
|
2,564
|
|
43,998
|
Pitney Bowes, Inc
|
3,823
|
|
52,834
|
RR Donnelley & Sons Co
|
3,382
|
|
35,849
|
|
|
|
194,539
|
|
Communications Equipment - 3.1%
|
|
|
|
Acme Packet, Inc.*
|
1,086
|
|
18,571
|
Adtran, Inc
|
1,253
|
|
21,652
|
Arris Group, Inc.*
|
2,190
|
|
28,010
|
Aruba Networks, Inc.*
|
2,127
|
|
47,826
|
Ciena Corp.*
|
1,912
|
|
26,003
|
Cisco Systems, Inc.
|
100,800
|
|
1,924,272
|
F5 Networks, Inc.*
|
1,505
|
|
157,573
|
Harris Corp
|
2,205
|
|
112,940
|
InterDigital, Inc.
|
859
|
|
32,024
|
JDS Uniphase Corp.*
|
4,344
|
|
53,800
|
Juniper Networks, Inc.*
|
10,033
|
|
171,665
|
Motorola Solutions, Inc.
|
5,455
|
|
275,750
|
Plantronics, Inc.
|
806
|
|
28,476
|
Polycom, Inc.*
|
3,144
|
|
31,031
|
QUALCOMM, Inc.
|
32,456
|
|
2,028,175
|
Riverbed Technology, Inc.*
|
2,974
|
|
69,205
|
Tellabs, Inc.
|
6,438
|
|
22,791
|
Viasat, Inc.*
|
790
|
|
29,530
|
|
|
|
5,079,294
|
|
Computers & Peripherals - 9.1%
|
|
|
|
Apple, Inc.
|
17,861
|
|
11,917,931
|
Dell, Inc.
|
27,763
|
|
273,743
|
Diebold, Inc
|
1,214
|
|
40,924
|
EMC Corp.*
|
39,990
|
|
1,090,527
|
Hewlett-Packard Co
|
37,464
|
|
639,136
|
Lexmark International, Inc
|
1,378
|
|
30,661
|
NCR Corp.*
|
2,951
|
|
68,788
|
NetApp, Inc.*
|
6,922
|
|
227,595
|
QLogic Corp.*
|
1,912
|
|
21,835
|
SanDisk Corp.*
|
4,602
|
|
199,865
|
Seagate Technology plc
|
6,737
|
|
208,847
|
Western Digital Corp
|
4,240
|
|
164,215
|
|
|
|
14,884,067
|
|
Construction & Engineering - 0.1%
|
|
|
|
AECOM Technology Corp.*
|
2,154
|
|
45,579
|
EMCOR Group, Inc.
|
1,285
|
|
36,674
|
Quanta Services, Inc.*
|
4,020
|
|
99,294
|
|
|
|
181,547
|
|
Construction Materials - 0.0%
|
|
|
|
Eagle Materials, Inc
|
870
|
|
40,246
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
19
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Consumer Finance - 1.4%
|
|
|
|
American Express Co.
|
18,793
|
$
|
1,068,570
|
Capital One Financial Corp
|
11,070
|
|
631,101
|
Discover Financial Services
|
9,811
|
|
389,791
|
SLM Corp.
|
8,944
|
|
140,599
|
|
|
|
2,230,061
|
|
Containers & Packaging - 0.3%
|
|
|
|
AptarGroup, Inc.
|
1,268
|
|
65,568
|
Ball Corp.
|
2,948
|
|
124,730
|
Bemis Co., Inc.
|
1,940
|
|
61,052
|
Owens-Illinois, Inc.*
|
3,095
|
|
58,062
|
Sealed Air Corp
|
3,349
|
|
51,776
|
Sonoco Products Co.
|
1,881
|
|
58,292
|
|
|
|
419,480
|
|
Distributors - 0.1%
|
|
|
|
Genuine Parts Co
|
2,955
|
|
180,344
|
Pool Corp.
|
889
|
|
36,964
|
|
|
|
217,308
|
|
Diversified Consumer Services - 0.1%
|
|
|
|
Coinstar, Inc.*
|
595
|
|
26,763
|
DeVry, Inc.
|
1,105
|
|
25,150
|
Sotheby’s
|
1,263
|
|
39,784
|
|
|
|
91,697
|
|
Diversified Financial Services - 3.4%
|
|
|
|
Bank of America Corp.
|
205,350
|
|
1,813,240
|
CBOE Holdings, Inc.
|
1,662
|
|
48,896
|
CME Group, Inc.
|
5,829
|
|
334,002
|
IntercontinentalExchange, Inc.*
|
1,386
|
|
184,906
|
JPMorgan Chase & Co.
|
72,383
|
|
2,930,064
|
Moody’s Corp
|
3,746
|
|
165,461
|
NYSE Euronext
|
4,687
|
|
115,535
|
The NASDAQ OMX Group, Inc
|
2,257
|
|
52,577
|
|
|
|
5,644,681
|
|
Diversified Telecommunication Services - 3.0%
|
|
|
|
AT&T, Inc.
|
109,926
|
|
4,144,210
|
CenturyLink, Inc.
|
11,864
|
|
479,306
|
Frontier Communications Corp
|
19,337
|
|
94,751
|
Level 3 Communications, Inc.*
|
3,083
|
|
70,817
|
tw telecom, Inc.*
|
2,846
|
|
74,195
|
Windstream Corp.
|
11,403
|
|
115,284
|
|
|
|
4,978,563
|
|
Electric Utilities - 0.2%
|
|
|
|
Cleco Corp.
|
1,145
|
|
48,067
|
Hawaiian Electric Industries, Inc.
|
1,799
|
|
47,332
|
IDACORP, Inc
|
932
|
|
40,328
|
ITC Holdings Corp.
|
962
|
|
72,708
|
OGE Energy Corp
|
1,910
|
|
105,928
|
Portland General Electric Co.
|
1,409
|
|
38,099
|
|
|
|
352,462
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
20
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Electrical Equipment - 1.1%
|
|
|
|
Acuity Brands, Inc.
|
790
|
$
|
49,999
|
AMETEK, Inc.
|
4,674
|
|
165,693
|
Belden, Inc
|
882
|
|
32,528
|
Brady Corp.
|
955
|
|
27,963
|
Cooper Industries plc
|
3,064
|
|
229,984
|
Emerson Electric Co.
|
13,858
|
|
668,926
|
General Cable Corp.*
|
964
|
|
28,322
|
GrafTech International Ltd.*
|
2,537
|
|
22,808
|
Hubbell, Inc., Class B
|
1,022
|
|
82,516
|
Polypore International, Inc.*
|
886
|
|
31,320
|
Regal-Beloit Corp.
|
779
|
|
54,904
|
Rockwell Automation, Inc.
|
2,689
|
|
187,020
|
Roper Industries, Inc
|
1,888
|
|
207,472
|
|
|
|
1,789,455
|
|
Electronic Equipment & Instruments - 1.0%
|
|
|
|
Amphenol Corp.
|
3,067
|
|
180,585
|
Anixter International, Inc
|
556
|
|
31,948
|
Arrow Electronics, Inc.*
|
2,073
|
|
69,881
|
Avnet, Inc.*
|
2,693
|
|
78,339
|
Corning, Inc.
|
28,372
|
|
373,092
|
Dolby Laboratories, Inc.*
|
996
|
|
32,619
|
FEI Co.
|
725
|
|
38,787
|
FLIR Systems, Inc
|
2,893
|
|
57,788
|
Ingram Micro, Inc.*
|
2,878
|
|
43,832
|
Itron, Inc.*
|
786
|
|
33,916
|
Jabil Circuit, Inc.
|
3,563
|
|
66,699
|
Molex, Inc.
|
2,623
|
|
68,932
|
National Instruments Corp.
|
1,746
|
|
43,947
|
TE Connectivity Ltd
|
8,151
|
|
277,215
|
Tech Data Corp.*
|
719
|
|
32,571
|
Trimble Navigation Ltd.*
|
2,417
|
|
115,194
|
Vishay Intertechnology, Inc.*
|
2,785
|
|
27,377
|
|
|
|
1,572,722
|
|
Energy Equipment & Services - 0.7%
|
|
|
|
Bristow Group, Inc.
|
654
|
|
33,060
|
Cameron International Corp.*
|
4,692
|
|
263,080
|
CARBO Ceramics, Inc.
|
388
|
|
24,413
|
Core Laboratories NV
|
920
|
|
111,762
|
Dril-Quip, Inc.*
|
679
|
|
48,807
|
FMC Technologies, Inc.*
|
4,542
|
|
210,295
|
Helix Energy Solutions Group, Inc.*
|
1,950
|
|
35,626
|
Key Energy Services, Inc.*
|
2,828
|
|
19,796
|
Lufkin Industries, Inc
|
651
|
|
35,037
|
Noble Corp.*
|
4,813
|
|
172,209
|
SEACOR Holdings, Inc.*
|
396
|
|
33,011
|
Tidewater, Inc
|
967
|
|
46,928
|
Unit Corp.*
|
823
|
|
34,154
|
|
|
|
1,068,178
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
21
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Food & Staples Retailing - 2.1%
|
|
|
|
Casey’s General Stores, Inc.
|
710
|
$
|
40,569
|
Costco Wholesale Corp
|
8,238
|
|
824,830
|
CVS Caremark Corp.
|
24,241
|
|
1,173,749
|
Harris Teeter Supermarkets, Inc.
|
939
|
|
36,471
|
Safeway, Inc.
|
4,511
|
|
72,582
|
Sysco Corp
|
11,177
|
|
349,505
|
United Natural Foods, Inc.*
|
909
|
|
53,131
|
Walgreen Co.
|
16,331
|
|
595,101
|
Whole Foods Market, Inc.
|
3,272
|
|
318,693
|
|
|
|
3,464,631
|
|
Food Products - 1.3%
|
|
|
|
Campbell Soup Co
|
3,432
|
|
119,502
|
Darling International, Inc.*
|
2,190
|
|
40,055
|
Flowers Foods, Inc.
|
2,193
|
|
44,255
|
General Mills, Inc.
|
12,352
|
|
492,227
|
Green Mountain Coffee Roasters, Inc.*
|
2,459
|
|
58,401
|
H.J. Heinz Co
|
6,101
|
|
341,351
|
Hain Celestial Group, Inc.*
|
856
|
|
53,928
|
Ingredion, Inc.
|
1,468
|
|
80,975
|
J.M. Smucker Co.
|
2,085
|
|
179,998
|
Kellogg Co.
|
4,704
|
|
243,009
|
McCormick & Co., Inc.
|
2,527
|
|
156,775
|
Ralcorp Holdings, Inc.*
|
1,027
|
|
74,971
|
The Hershey Co
|
2,889
|
|
204,801
|
TreeHouse Foods, Inc.*
|
692
|
|
36,330
|
|
|
|
2,126,578
|
|
Gas Utilities - 0.4%
|
|
|
|
AGL Resources, Inc.
|
2,251
|
|
92,088
|
Atmos Energy Corp.
|
1,691
|
|
60,521
|
New Jersey Resources Corp
|
780
|
|
35,662
|
Oneok, Inc
|
3,907
|
|
188,747
|
Piedmont Natural Gas Co., Inc.
|
1,346
|
|
43,718
|
Questar Corp.
|
3,324
|
|
67,577
|
South Jersey Industries, Inc
|
577
|
|
30,541
|
Southwest Gas Corp.
|
860
|
|
38,012
|
WGL Holdings, Inc
|
962
|
|
38,720
|
|
|
|
595,586
|
|
Health Care Equipment & Supplies - 2.4%
|
|
|
|
Alere, Inc.*
|
1,557
|
|
30,346
|
Align Technology, Inc.*
|
1,364
|
|
50,427
|
Becton Dickinson & Co.
|
3,802
|
|
298,685
|
CareFusion Corp.*
|
4,333
|
|
123,014
|
Covidien plc
|
9,148
|
|
543,574
|
DENTSPLY International, Inc.
|
2,739
|
|
104,466
|
Edwards Lifesciences Corp.*
|
2,225
|
|
238,898
|
Haemonetics Corp.*
|
468
|
|
37,534
|
Hologic, Inc.*
|
5,080
|
|
102,819
|
IDEXX Laboratories, Inc.*
|
1,066
|
|
105,907
|
Intuitive Surgical, Inc.*
|
762
|
|
377,670
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
22
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Health Care Equipment & Supplies - Cont’d
|
|
|
|
Medtronic, Inc.
|
19,438
|
$
|
838,167
|
ResMed, Inc
|
2,766
|
|
111,940
|
Sirona Dental Systems, Inc.*
|
1,046
|
|
59,580
|
St. Jude Medical, Inc.
|
5,982
|
|
252,022
|
Stryker Corp.
|
5,509
|
|
306,631
|
Teleflex, Inc.
|
763
|
|
52,525
|
The Cooper Co.’s, Inc.
|
909
|
|
85,864
|
Thoratec Corp.*
|
1,100
|
|
38,060
|
Varian Medical Systems, Inc.*
|
2,109
|
|
127,215
|
Volcano Corp.*
|
1,020
|
|
29,141
|
West Pharmaceutical Services, Inc.
|
648
|
|
34,389
|
|
|
|
3,948,874
|
|
Health Care Providers & Services - 2.1%
|
|
|
|
AMERIGROUP Corp.*
|
927
|
|
84,756
|
AmerisourceBergen Corp.
|
4,794
|
|
185,576
|
Brookdale Senior Living, Inc.*
|
1,899
|
|
44,095
|
Cardinal Health, Inc.
|
6,499
|
|
253,266
|
Centene Corp.*
|
997
|
|
37,298
|
CIGNA Corp
|
5,532
|
|
260,944
|
Coventry Health Care, Inc
|
2,550
|
|
106,309
|
DaVita, Inc.*
|
1,622
|
|
168,055
|
Express Scripts Holding Co.*
|
15,448
|
|
968,126
|
HCA Holdings, Inc.
|
3,106
|
|
103,274
|
Health Management Associates, Inc.*
|
4,924
|
|
41,312
|
Henry Schein, Inc.*
|
1,686
|
|
133,649
|
HMS Holdings Corp.*
|
1,590
|
|
53,154
|
Laboratory Corp. of America Holdings*
|
1,827
|
|
168,943
|
LifePoint Hospitals, Inc.*
|
933
|
|
39,914
|
Magellan Health Services, Inc.*
|
529
|
|
27,302
|
McKesson Corp.
|
4,497
|
|
386,877
|
Mednax, Inc.*
|
915
|
|
68,122
|
Owens & Minor, Inc.
|
1,235
|
|
36,902
|
Patterson Co.’s, Inc
|
1,618
|
|
55,400
|
Quest Diagnostics, Inc.
|
3,044
|
|
193,081
|
VCA Antech, Inc.*
|
1,666
|
|
32,870
|
WellCare Health Plans, Inc.*
|
801
|
|
45,297
|
|
|
|
3,494,522
|
|
Health Care Technology - 0.2%
|
|
|
|
Allscripts Healthcare Solutions, Inc.*
|
3,263
|
|
40,559
|
athenahealth, Inc.*
|
685
|
|
62,863
|
Cerner Corp.*
|
2,801
|
|
216,825
|
|
|
|
320,247
|
|
Hotels, Restaurants & Leisure - 0.8%
|
|
|
|
Brinker International, Inc.
|
1,414
|
|
49,914
|
Cheesecake Factory, Inc.
|
984
|
|
35,178
|
Chipotle Mexican Grill, Inc.*
|
603
|
|
191,477
|
Darden Restaurants, Inc
|
2,489
|
|
138,762
|
Panera Bread Co.*
|
547
|
|
93,477
|
Ryman Hospitality Properties*
|
936
|
|
37,000
|
Starbucks Corp.
|
14,481
|
|
734,911
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
23
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Hotels, Restaurants & Leisure - Cont’d
|
|
|
|
Vail Resorts, Inc
|
679
|
$
|
39,144
|
Wendy’s Co.
|
5,360
|
|
24,388
|
|
|
|
1,344,251
|
|
Household Durables - 0.4%
|
|
|
|
D.R. Horton, Inc
|
5,379
|
|
111,023
|
Garmin Ltd
|
2,219
|
|
92,621
|
Harman International Industries, Inc
|
1,315
|
|
60,700
|
Mohawk Industries, Inc.*
|
1,070
|
|
85,621
|
PulteGroup, Inc.*
|
6,539
|
|
101,355
|
Tempur-Pedic International, Inc.*
|
1,134
|
|
33,895
|
Tupperware Brands Corp
|
1,053
|
|
56,430
|
Whirlpool Corp.
|
1,491
|
|
123,619
|
|
|
|
665,264
|
|
Household Products - 3.4%
|
|
|
|
Church & Dwight Co., Inc.
|
2,692
|
|
145,341
|
Colgate-Palmolive Co.
|
8,509
|
|
912,335
|
Kimberly-Clark Corp.
|
7,524
|
|
645,409
|
Procter & Gamble Co
|
52,481
|
|
3,640,082
|
The Clorox Co
|
2,469
|
|
177,891
|
|
|
|
5,521,058
|
|
Industrial Conglomerates - 1.1%
|
|
|
|
3M Co.
|
12,118
|
|
1,119,946
|
Carlisle Co.’s, Inc
|
1,145
|
|
59,448
|
Danaher Corp.
|
11,144
|
|
614,592
|
|
|
|
1,793,986
|
|
Insurance - 3.4%
|
|
|
|
ACE Ltd.
|
6,461
|
|
488,452
|
Aflac, Inc.
|
8,922
|
|
427,185
|
Alleghany Corp.*
|
328
|
|
113,140
|
Allied World Assurance Co. Holdings AG
|
697
|
|
53,843
|
American Financial Group, Inc
|
1,502
|
|
56,926
|
Aon plc
|
6,143
|
|
321,217
|
Arch Capital Group Ltd.*
|
2,624
|
|
109,368
|
Arthur J. Gallagher & Co.
|
2,292
|
|
82,099
|
Aspen Insurance Holdings Ltd
|
1,328
|
|
40,491
|
Assured Guaranty Ltd.
|
3,697
|
|
50,353
|
AXIS Capital Holdings Ltd
|
2,257
|
|
78,814
|
Brown & Brown, Inc.
|
2,180
|
|
56,833
|
Cincinnati Financial Corp.
|
2,787
|
|
105,599
|
CNO Financial Group, Inc
|
4,243
|
|
40,945
|
Endurance Specialty Holdings Ltd
|
840
|
|
32,340
|
Erie Indemnity Co.
|
526
|
|
33,806
|
Everest Re Group Ltd.
|
987
|
|
105,570
|
Fidelity National Financial, Inc
|
4,016
|
|
85,902
|
First American Financial Corp.
|
1,976
|
|
42,820
|
Genworth Financial, Inc.*
|
9,168
|
|
47,949
|
Hanover Insurance Group, Inc.
|
852
|
|
31,746
|
Hartford Financial Services Group, Inc
|
8,304
|
|
161,430
|
HCC Insurance Holdings, Inc.
|
1,899
|
|
64,357
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
24
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Insurance - Cont’d
|
|
|
|
Lincoln National Corp
|
5,319
|
$
|
128,667
|
Markel Corp.*
|
172
|
|
78,860
|
MBIA, Inc.*
|
2,696
|
|
27,311
|
PartnerRe Ltd.
|
1,203
|
|
89,359
|
Platinum Underwriters Holdings Ltd
|
675
|
|
27,587
|
Principal Financial Group, Inc
|
5,285
|
|
142,378
|
ProAssurance Corp
|
584
|
|
52,817
|
Progressive Corp.
|
10,678
|
|
221,462
|
Protective Life Corp
|
1,520
|
|
39,839
|
Prudential Financial, Inc.
|
8,879
|
|
483,994
|
RenaissanceRe Holdings Ltd.
|
971
|
|
74,806
|
StanCorp Financial Group, Inc
|
863
|
|
26,960
|
The Chubb Corp.
|
5,065
|
|
386,358
|
Torchmark Corp
|
1,817
|
|
93,303
|
Travelers Co.’s, Inc.
|
7,342
|
|
501,165
|
Unum Group
|
5,337
|
|
102,577
|
Validus Holdings Ltd
|
1,790
|
|
60,699
|
White Mountains Insurance Group Ltd
|
105
|
|
53,901
|
Willis Group Holdings plc
|
3,321
|
|
122,611
|
WR Berkley Corp.
|
2,178
|
|
81,653
|
XL Group plc
|
5,825
|
|
139,975
|
|
|
|
5,567,467
|
|
Internet & Catalog Retail - 1.7%
|
|
|
|
Amazon.com, Inc.*
|
6,891
|
|
1,752,519
|
Expedia, Inc.
|
1,784
|
|
103,186
|
Liberty Media Corp. - Interactive*
|
9,850
|
|
182,225
|
Liberty Ventures:
|
|
|
|
Common*
|
554
|
|
27,501
|
Rights*
|
1
|
|
13
|
Netflix, Inc.*
|
1,038
|
|
56,509
|
priceline.com, Inc.*
|
949
|
|
587,175
|
TripAdvisor, Inc.*
|
2,088
|
|
68,758
|
|
|
|
2,777,886
|
|
Internet Software & Services - 3.6%
|
|
|
|
Akamai Technologies, Inc.*
|
3,378
|
|
129,242
|
AOL, Inc.*
|
1,754
|
|
61,793
|
CoStar Group, Inc.*
|
510
|
|
41,585
|
eBay, Inc.*
|
22,099
|
|
1,069,813
|
Equinix, Inc.*
|
907
|
|
186,887
|
Google, Inc.*
|
5,047
|
|
3,807,963
|
LinkedIn Corp.*
|
1,268
|
|
152,667
|
Rackspace Hosting, Inc.*
|
2,067
|
|
136,608
|
Yahoo!, Inc.*
|
19,863
|
|
317,311
|
|
|
|
5,903,869
|
|
IT Services - 6.4%
|
|
|
|
Accenture plc
|
12,095
|
|
847,013
|
Alliance Data Systems Corp.*
|
968
|
|
137,408
|
Amdocs Ltd.
|
3,158
|
|
104,182
|
Automatic Data Processing, Inc.
|
9,232
|
|
541,549
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
25
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
IT Services - Cont’d
|
|
|
|
Broadridge Financial Solutions, Inc.
|
2,315
|
$
|
54,009
|
Cognizant Technology Solutions Corp.*
|
5,689
|
|
397,775
|
Computer Sciences Corp.
|
2,977
|
|
95,889
|
Convergys Corp.
|
1,977
|
|
30,980
|
CoreLogic, Inc.*
|
1,996
|
|
52,954
|
DST Systems, Inc.
|
584
|
|
33,031
|
Fidelity National Information Services, Inc
|
4,771
|
|
148,951
|
Fiserv, Inc.*
|
2,585
|
|
191,367
|
Gartner, Inc.*
|
1,780
|
|
82,040
|
Genpact Ltd
|
2,550
|
|
42,534
|
Global Payments, Inc
|
1,469
|
|
61,448
|
International Business Machines Corp.
|
20,468
|
|
4,246,087
|
Iron Mountain, Inc
|
2,878
|
|
98,169
|
Jack Henry & Associates, Inc.
|
1,616
|
|
61,246
|
Lender Processing Services, Inc.
|
1,583
|
|
44,150
|
MasterCard, Inc.
|
2,050
|
|
925,534
|
NeuStar, Inc.*
|
1,226
|
|
49,077
|
Paychex, Inc
|
6,151
|
|
204,767
|
Teradata Corp.*
|
3,212
|
|
242,217
|
Total System Services, Inc
|
3,081
|
|
73,020
|
VeriFone Systems, Inc.*
|
1,988
|
|
55,366
|
Visa, Inc.
|
9,959
|
|
1,337,294
|
Western Union Co
|
11,478
|
|
209,129
|
Wright Express Corp.*
|
725
|
|
50,547
|
|
|
|
10,417,733
|
|
Leisure Equipment & Products - 0.3%
|
|
|
|
Hasbro, Inc.
|
2,244
|
|
85,654
|
Mattel, Inc.
|
6,563
|
|
232,855
|
Polaris Industries, Inc
|
1,213
|
|
98,095
|
|
|
|
416,604
|
|
Life Sciences - Tools & Services - 0.8%
|
|
|
|
Agilent Technologies, Inc
|
6,689
|
|
257,192
|
Bio-Rad Laboratories, Inc.*
|
364
|
|
38,846
|
Illumina, Inc.*
|
2,353
|
|
113,415
|
Life Technologies Corp.*
|
3,340
|
|
163,259
|
Mettler-Toledo International, Inc.*
|
591
|
|
100,908
|
Techne Corp
|
695
|
|
49,998
|
Thermo Fisher Scientific, Inc
|
6,965
|
|
409,751
|
Waters Corp.*
|
1,670
|
|
139,161
|
|
|
|
1,272,530
|
|
Machinery - 2.5%
|
|
|
|
Actuant Corp.
|
1,388
|
|
39,725
|
AGCO Corp.*
|
1,869
|
|
88,740
|
CLARCOR, Inc
|
945
|
|
42,175
|
Cummins, Inc
|
3,374
|
|
311,117
|
Deere & Co.
|
7,463
|
|
615,623
|
Donaldson Co., Inc.
|
2,678
|
|
92,953
|
Dover Corp
|
3,483
|
|
207,204
|
Eaton Corp.
|
6,477
|
|
306,103
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
26
|
|
|
|
EQ
UITY S
E
CURITIES -
c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Machinery - Cont’d
|
|
|
|
Gardner Denver, Inc
|
939
|
$
|
56,725
|
Graco, Inc.
|
1,141
|
|
57,370
|
Harsco Corp.
|
1,556
|
|
31,945
|
IDEX Corp.
|
1,559
|
|
65,119
|
Illinois Tool Works, Inc
|
8,218
|
|
488,724
|
Lincoln Electric Holdings, Inc.
|
1,582
|
|
61,777
|
Middleby Corp.*
|
363
|
|
41,977
|
Nordson Corp
|
1,112
|
|
65,185
|
PACCAR, Inc.
|
6,735
|
|
269,568
|
Pall Corp.
|
2,239
|
|
142,154
|
Parker Hannifin Corp.
|
2,847
|
|
237,952
|
Pentair, Inc.*
|
1,904
|
|
84,747
|
Robbins & Myers, Inc.
|
811
|
|
48,336
|
Snap-on, Inc.
|
1,127
|
|
80,998
|
SPX Corp.
|
956
|
|
62,532
|
Stanley Black & Decker, Inc.
|
3,203
|
|
244,229
|
Terex Corp.*
|
2,055
|
|
46,402
|
The Toro Co.
|
1,110
|
|
44,156
|
Valmont Industries, Inc.
|
446
|
|
58,649
|
WABCO Holdings, Inc.*
|
1,231
|
|
70,992
|
Woodward, Inc.
|
1,091
|
|
37,072
|
Xylem, Inc.
|
3,536
|
|
88,930
|
|
|
|
4,089,179
|
|
Marine - 0.0%
|
|
|
|
Kirby Corp.*
|
1,044
|
|
57,712
|
|
Media - 3.1%
|
|
|
|
AMC Networks, Inc.*
|
1,092
|
|
47,524
|
CBS Corp., Class B
|
11,341
|
|
412,019
|
Charter Communications, Inc.*
|
864
|
|
64,860
|
DIRECTV*
|
11,963
|
|
627,579
|
Discovery Communications, Inc.*
|
4,709
|
|
280,798
|
DISH Network Corp
|
4,345
|
|
133,000
|
DreamWorks Animation SKG, Inc.*
|
1,323
|
|
25,441
|
Gannett Co., Inc
|
4,409
|
|
78,260
|
John Wiley & Sons, Inc
|
892
|
|
40,987
|
Lamar Advertising Co.*
|
1,129
|
|
41,841
|
Liberty Global, Inc.*
|
4,766
|
|
289,535
|
Liberty Media Corp. - Liberty Capital*
|
2,120
|
|
220,840
|
Madison Square Garden Co.*
|
1,158
|
|
46,633
|
McGraw-Hill Co.’s, Inc.
|
5,394
|
|
294,458
|
Morningstar, Inc.
|
452
|
|
28,313
|
Omnicom Group, Inc
|
5,061
|
|
260,945
|
Scripps Networks Interactive, Inc.
|
1,676
|
|
102,621
|
Sirius XM Radio, Inc.*
|
73,041
|
|
189,907
|
Time Warner Cable, Inc.
|
5,837
|
|
554,865
|
Time Warner, Inc.
|
18,081
|
|
819,612
|
Viacom, Inc., Class B
|
9,020
|
|
483,382
|
Washington Post Co., Class B
|
91
|
|
33,036
|
|
|
|
5,076,456
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
27
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Metals & Mining - 0.1%
|
|
|
|
Compass Minerals International, Inc.
|
614
|
$
|
45,798
|
Reliance Steel & Aluminum Co
|
1,454
|
|
76,117
|
|
|
|
121,915
|
|
Multiline Retail - 1.1%
|
|
|
|
Big Lots, Inc.*
|
1,230
|
|
36,383
|
Dillard’s, Inc.
|
583
|
|
42,162
|
Dollar General Corp.*
|
4,242
|
|
218,633
|
Dollar Tree, Inc.*
|
4,388
|
|
211,831
|
Family Dollar Stores, Inc.
|
1,848
|
|
122,522
|
Kohl’s Corp.
|
4,110
|
|
210,514
|
Nordstrom, Inc.
|
2,910
|
|
160,574
|
Target Corp.
|
12,478
|
|
791,979
|
|
|
|
1,794,598
|
|
Multi-Utilities - 0.5%
|
|
|
|
Avista Corp.
|
1,119
|
|
28,803
|
CMS Energy Corp.
|
5,070
|
|
119,398
|
Consolidated Edison, Inc.
|
5,580
|
|
334,186
|
Integrys Energy Group, Inc
|
1,513
|
|
78,979
|
MDU Resources Group, Inc
|
3,598
|
|
79,300
|
NiSource, Inc
|
5,506
|
|
140,293
|
|
|
|
780,959
|
|
Office Electronics - 0.1%
|
|
|
|
Xerox Corp.
|
24,908
|
|
182,825
|
Zebra Technologies Corp.*
|
975
|
|
36,601
|
|
|
|
219,426
|
|
Oil, Gas & Consumable Fuels - 1.6%
|
|
|
|
Cheniere Energy, Inc.*
|
4,085
|
|
63,522
|
Cimarex Energy Co
|
1,657
|
|
97,017
|
Denbury Resources, Inc.*
|
7,590
|
|
122,654
|
Energen Corp
|
1,357
|
|
71,120
|
EOG Resources, Inc
|
5,145
|
|
576,497
|
EQT Corp.
|
2,890
|
|
170,510
|
Pioneer Natural Resources Co
|
2,361
|
|
246,489
|
Plains Exploration & Production Co.*
|
2,498
|
|
93,600
|
QEP Resources, Inc.
|
3,428
|
|
108,531
|
Range Resources Corp.
|
3,121
|
|
218,064
|
SM Energy Co.
|
1,194
|
|
64,607
|
Southwestern Energy Co.*
|
6,707
|
|
233,270
|
Spectra Energy Corp.
|
12,440
|
|
365,239
|
Whiting Petroleum Corp.*
|
2,269
|
|
107,505
|
World Fuel Services Corp.
|
1,328
|
|
47,290
|
|
|
|
2,585,915
|
|
Paper & Forest Products - 0.1%
|
|
|
|
Domtar Corp.
|
683
|
|
53,472
|
MeadWestvaco Corp
|
3,351
|
|
102,541
|
|
|
|
156,013
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
28
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Personal Products - 0.3%
|
|
|
|
Avon Products, Inc.
|
8,347
|
$
|
133,135
|
Estee Lauder Co.’s, Inc.
|
4,574
|
|
281,621
|
|
|
|
414,756
|
|
Pharmaceuticals - 3.5%
|
|
|
|
Allergan, Inc
|
5,859
|
|
536,567
|
Bristol-Myers Squibb Co.
|
31,993
|
|
1,079,764
|
Endo Health Solutions, Inc.*
|
2,186
|
|
69,340
|
Hospira, Inc.*
|
3,195
|
|
104,860
|
Johnson & Johnson
|
52,534
|
|
3,620,118
|
Medicis Pharmaceutical Corp.
|
1,153
|
|
49,890
|
Perrigo Co.
|
1,674
|
|
194,469
|
Questcor Pharmaceuticals, Inc.*
|
1,137
|
|
21,034
|
Salix Pharmaceuticals Ltd.*
|
997
|
|
42,213
|
Viropharma, Inc.*
|
1,309
|
|
39,558
|
VIVUS, Inc.*
|
1,912
|
|
34,072
|
|
|
|
5,791,885
|
|
Professional Services - 0.3%
|
|
|
|
Acacia Research Corp.*
|
947
|
|
25,957
|
FTI Consulting, Inc.*
|
805
|
|
21,478
|
IHS, Inc.*
|
952
|
|
92,677
|
Manpower, Inc
|
1,504
|
|
55,347
|
Robert Half International, Inc.
|
2,682
|
|
71,422
|
The Dun & Bradstreet Corp
|
855
|
|
68,075
|
Towers Watson & Co
|
1,099
|
|
58,302
|
Verisk Analytics, Inc.*
|
2,697
|
|
128,404
|
|
|
|
521,662
|
|
Real Estate Management & Development - 0.2%
|
|
|
|
Alexander & Baldwin, Inc.*
|
817
|
|
24,126
|
CBRE Group, Inc.*
|
5,807
|
|
106,907
|
Forest City Enterprises, Inc.*
|
2,592
|
|
41,083
|
Howard Hughes Corp.*
|
535
|
|
38,012
|
Jones Lang LaSalle, Inc.
|
815
|
|
62,225
|
The St. Joe Co.*
|
1,721
|
|
33,560
|
|
|
|
305,913
|
|
Road & Rail - 0.4%
|
|
|
|
Avis Budget Group, Inc.*
|
1,970
|
|
30,299
|
Con-way, Inc.
|
1,081
|
|
29,587
|
Dollar Thrifty Automotive Group, Inc.*
|
534
|
|
46,421
|
Genesee & Wyoming, Inc.*
|
751
|
|
50,212
|
Hertz Global Holdings, Inc.*
|
5,686
|
|
78,069
|
JB Hunt Transport Services, Inc.
|
1,724
|
|
89,717
|
Kansas City Southern
|
2,126
|
|
161,108
|
Landstar System, Inc.
|
880
|
|
41,606
|
Old Dominion Freight Line, Inc.*
|
1,346
|
|
40,595
|
Ryder System, Inc.
|
991
|
|
38,708
|
|
|
|
606,322
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
29
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Semiconductors & Semiconductor Equipment - 3.1%
|
|
|
|
Advanced Micro Devices, Inc.*
|
10,997
|
$
|
37,060
|
Altera Corp.
|
6,095
|
|
207,139
|
Analog Devices, Inc.
|
5,769
|
|
226,087
|
Applied Materials, Inc
|
23,579
|
|
263,260
|
Atmel Corp.*
|
8,326
|
|
43,795
|
Cavium, Inc.*
|
908
|
|
30,264
|
Cirrus Logic, Inc.*
|
1,230
|
|
47,220
|
Cymer, Inc.*
|
591
|
|
30,176
|
Cypress Semiconductor Corp.*
|
2,604
|
|
27,915
|
Fairchild Semiconductor International, Inc.*
|
2,394
|
|
31,409
|
Hittite Microwave Corp.*
|
546
|
|
30,287
|
Intel Corp.
|
95,330
|
|
2,162,084
|
Intersil Corp.
|
2,434
|
|
21,298
|
KLA-Tencor Corp.
|
3,172
|
|
151,320
|
Lam Research Corp.*
|
3,473
|
|
110,389
|
Linear Technology Corp.
|
4,387
|
|
139,726
|
LSI Corp.*
|
10,921
|
|
75,464
|
Marvell Technology Group Ltd.
|
9,499
|
|
86,916
|
Microchip Technology, Inc
|
3,694
|
|
120,942
|
Micron Technology, Inc.*
|
19,268
|
|
115,319
|
NVIDIA Corp.*
|
11,971
|
|
159,693
|
ON Semiconductor Corp.*
|
8,513
|
|
52,525
|
PMC - Sierra, Inc.*
|
4,522
|
|
25,504
|
Semtech Corp.*
|
1,226
|
|
30,834
|
Silicon Laboratories, Inc.*
|
732
|
|
26,908
|
Skyworks Solutions, Inc.*
|
3,673
|
|
86,554
|
Teradyne, Inc.*
|
3,479
|
|
49,471
|
Texas Instruments, Inc
|
21,679
|
|
597,256
|
Xilinx, Inc.
|
5,074
|
|
169,522
|
|
|
|
5,156,337
|
|
Software - 4.9%
|
|
|
|
ACI Worldwide, Inc.*
|
747
|
|
31,568
|
Adobe Systems, Inc.*
|
9,370
|
|
304,150
|
ANSYS, Inc.*
|
1,759
|
|
129,111
|
Ariba, Inc.*
|
1,871
|
|
83,821
|
Aspen Technology, Inc.*
|
1,783
|
|
46,091
|
Autodesk, Inc.*
|
4,392
|
|
146,561
|
BMC Software, Inc.*
|
2,795
|
|
115,965
|
CA, Inc.
|
6,524
|
|
168,091
|
Cadence Design Systems, Inc.*
|
5,153
|
|
66,293
|
Citrix Systems, Inc.*
|
3,562
|
|
272,742
|
Commvault Systems, Inc.*
|
796
|
|
46,725
|
Compuware Corp.*
|
4,105
|
|
40,681
|
Concur Technologies, Inc.*
|
878
|
|
64,735
|
Electronic Arts, Inc.*
|
6,066
|
|
76,978
|
FactSet Research Systems, Inc.
|
801
|
|
77,232
|
Fortinet, Inc.*
|
2,502
|
|
60,398
|
Informatica Corp.*
|
2,031
|
|
70,699
|
Intuit, Inc.
|
5,289
|
|
311,416
|
MICROS Systems, Inc.*
|
1,561
|
|
76,676
|
Microsoft Corp.
|
143,768
|
|
4,281,411
|
Nuance Communications, Inc.*
|
4,692
|
|
116,784
|
Parametric Technology Corp.*
|
2,216
|
|
48,309
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
30
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SH
ARES
|
|
VA
LUE
|
Software - Cont’d
|
|
|
|
Progress Software Corp.*
|
1,201
|
$
|
25,689
|
QLIK Technologies, Inc.*
|
1,401
|
|
31,396
|
Quest Software, Inc.
(b)
*
|
1,066
|
|
29,848
|
Red Hat, Inc.*
|
3,678
|
|
209,425
|
Rovi Corp.*
|
2,128
|
|
30,877
|
Salesforce.com, Inc.*
|
2,427
|
|
370,579
|
SolarWinds, Inc.*
|
1,159
|
|
64,603
|
Solera Holdings, Inc.
|
1,303
|
|
57,163
|
Symantec Corp.*
|
13,394
|
|
241,092
|
Synopsys, Inc.*
|
2,825
|
|
93,282
|
TIBCO Software, Inc.*
|
2,934
|
|
88,695
|
Ultimate Software Group, Inc.*
|
510
|
|
52,071
|
VMware, Inc.*
|
1,629
|
|
157,589
|
|
|
|
8,088,746
|
|
Specialty Retail - 3.5%
|
|
|
|
Aaron’s, Inc
|
1,329
|
|
36,959
|
Advance Auto Parts, Inc
|
1,419
|
|
97,116
|
American Eagle Outfitters, Inc
|
3,408
|
|
71,841
|
ANN, Inc.*
|
940
|
|
35,466
|
Ascena Retail Group, Inc.*
|
2,394
|
|
51,351
|
Bed Bath & Beyond, Inc.*
|
4,423
|
|
278,649
|
Best Buy Co., Inc
|
5,067
|
|
87,102
|
CarMax, Inc.*
|
4,377
|
|
123,869
|
Chico’s FAS, Inc.
|
3,146
|
|
56,974
|
GameStop Corp
|
2,476
|
|
51,996
|
GNC Holdings, Inc.
|
1,503
|
|
58,572
|
Limited Brands, Inc.
|
4,545
|
|
223,887
|
Lowe’s Co.’s, Inc
|
21,733
|
|
657,206
|
O’Reilly Automotive, Inc.*
|
2,265
|
|
189,399
|
PetSmart, Inc.
|
2,100
|
|
144,858
|
Pier 1 Imports, Inc
|
2,058
|
|
38,567
|
Ross Stores, Inc
|
4,266
|
|
275,584
|
Sally Beauty Holdings, Inc.*
|
3,029
|
|
75,998
|
Signet Jewelers Ltd
|
1,541
|
|
75,139
|
Staples, Inc
|
13,002
|
|
149,783
|
The Gap, Inc.
|
5,681
|
|
203,266
|
The Home Depot, Inc.
|
28,723
|
|
1,734,007
|
Tiffany & Co.
|
2,268
|
|
140,344
|
TJX Co.’s, Inc
|
14,026
|
|
628,225
|
Tractor Supply Co.
|
1,350
|
|
133,502
|
Ulta Salon Cosmetics & Fragrance, Inc.
|
1,121
|
|
107,958
|
Williams-Sonoma, Inc.
|
1,676
|
|
73,694
|
|
|
|
5,801,312
|
|
Textiles, Apparel & Luxury Goods - 0.7%
|
|
|
|
CROCS, Inc.*
|
1,678
|
|
27,200
|
Deckers Outdoor Corp.*
|
747
|
|
27,370
|
Fossil, Inc.*
|
1,043
|
|
88,342
|
Hanesbrands, Inc.*
|
1,808
|
|
57,639
|
Nike, Inc., Class B
|
7,005
|
|
664,845
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
31
|
|
|
|
EQ
UITY S
E
CURITIES
- c
ont
’
d
|
SHA
RES
|
|
VAL
UE
|
Textiles, Apparel & Luxury Goods - Cont’d
|
|
|
|
PVH Corp.
|
1,344
|
$
|
125,960
|
Under Armour, Inc.*
|
1,472
|
|
82,182
|
Wolverine World Wide, Inc.
|
906
|
|
40,199
|
|
|
|
1,113,737
|
|
Thrifts & Mortgage Finance - 0.2%
|
|
|
|
Capitol Federal Financial, Inc.
|
2,773
|
|
33,165
|
Hudson City Bancorp, Inc
|
9,154
|
|
72,866
|
New York Community Bancorp, Inc.
|
8,439
|
|
119,496
|
Ocwen Financial Corp.*
|
2,210
|
|
60,576
|
People’s United Financial, Inc.
|
6,898
|
|
83,742
|
Washington Federal, Inc.
|
2,082
|
|
34,728
|
|
|
|
404,573
|
|
Trading Companies & Distributors - 0.4%
|
|
|
|
Air Lease Corp.*
|
1,273
|
|
25,969
|
Fastenal Co.
|
5,135
|
|
220,754
|
MSC Industrial Direct Co., Inc.
|
869
|
|
58,623
|
United Rentals, Inc.*
|
1,766
|
|
57,766
|
W.W. Grainger, Inc
|
1,142
|
|
237,959
|
Watsco, Inc
|
565
|
|
42,821
|
WESCO International, Inc.*
|
808
|
|
46,218
|
|
|
|
690,110
|
|
Water Utilities - 0.0%
|
|
|
|
Aqua America, Inc.
|
2,597
|
|
64,302
|
|
Wireless Telecommunication Services - 0.4%
|
|
|
|
Crown Castle International Corp.*
|
5,583
|
|
357,870
|
MetroPCS Communications, Inc.*
|
5,991
|
|
70,155
|
NII Holdings, Inc.*
|
3,316
|
|
26,031
|
SBA Communications Corp.*
|
2,350
|
|
147,815
|
Telephone & Data Systems, Inc.
|
1,902
|
|
48,710
|
|
|
|
650,581
|
|
|
Total Equity Securities (Cost $129,850,528)
|
|
|
161,147,390
|
|
|
|
PR
INCIPAL
|
|
|
U.S. TR
EASURY O
B
LIGATIONS
- 0.4%
|
AM
OUNT
|
|
|
United States Treasury Bills, 0.10%, 12/13/12^
|
$ 650,000
|
|
649,815
|
|
|
Total U.S. Treasury Obligations (Cost $649,815)
|
|
|
649,815
|
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
32
|
|
|
|
|
|
|
|
PR
INCIPAL
|
|
|
|
TI
ME D
E
POSIT
- 0.9%
|
|
AM
OUNT
|
|
VA
LUE
|
|
State Street Bank Time Deposit, 0.113%, 10/1/12
|
$
|
1,422,042
|
$
|
1,422,042
|
|
|
Total Time Deposit (Cost $1,422,042)
|
|
|
|
1,422,042
|
|
|
|
|
TOTAL INVESTMENTS (Cost $131,922,385) - 99.7%
|
|
|
|
163,219,247
|
|
Other assets and liabilities, net - 0.3%
|
|
|
|
471,339
|
|
NET ASSETS - 100%
|
|
|
$
|
163,690,586
|
|
|
|
|
NE
T A
S
SETS C
O
NSIST OF:
|
|
|
|
|
|
Paid-in capital applicable to the following shares of common stock
|
|
|
|
|
|
with 250,000,000 shares of $0.01 par value shares authorized:
|
|
|
|
|
|
Class A: 7,378,499 shares outstanding
|
|
|
$
|
73,602,706
|
|
Class B: 157,297 shares outstanding
|
|
|
|
1,618,980
|
|
Class C: 787,398 shares outstanding
|
|
|
|
8,906,030
|
|
Class I: 3,060,260 shares outstanding
|
|
|
|
41,766,682
|
|
Class Y: 948,622 shares outstanding
|
|
|
|
12,317,995
|
|
Undistributed net investment income
|
|
|
|
1,080,727
|
|
Accumulated net realized gain (loss)
|
|
|
|
(6,871,551
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
|
31,269,017
|
|
|
|
NET ASSETS
|
|
|
$
|
163,690,586
|
|
|
|
NE
T A
S
SET V
A
LUE P
E
R S
H
ARE
|
|
|
|
|
|
Class A (based on net assets of $97,904,051)
|
|
|
$
|
13.27
|
|
Class B (based on net assets of $1,989,327)
|
|
|
$
|
12.65
|
|
Class C (based on net assets of $9,958,416)
|
|
|
$
|
12.65
|
|
Class I (based on net assets of $41,249,407)
|
|
|
$
|
13.48
|
|
Class Y (based on net assets of $12,589,385)
|
|
|
$
|
13.27
|
|
See notes to financial statements.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
33
|
|
|
UNDERLYING
|
UNREALIZED
|
|
|
NUMBER OF
|
EXPIRATION
|
FACE AMOUNT
|
APPRECIATION
|
|
FU
TURES
|
CONTRACTS
|
DATE
|
AT VALUE
|
(DEPRECIATION)
|
|
Purchased:
|
|
|
|
|
|
E-Mini NASDAQ 100 Index^
|
11
|
12/12
|
$614,240
|
($10,220
|
)
|
E-Mini S&P 500 Index^
|
22
|
12/12
|
1,577,620
|
(17,625
|
)
|
Total Purchased
|
|
|
|
($27,845
|
)
|
(b) This security was valued by the Board of Directors. See Note A.
^ Futures collateralized by $650,000 par value of U.S. Treasury Bills.
* Non-income producing security.
Abbreviations:
plc: Public Limited Company
See notes to financial statements.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
34
|
|
|
|
STATEMENT OF OPERATIONS
|
YEAR ENDED SEPTEMBER 30, 2012
|
|
NE
T I
N
VESTMENT I
N
COME
|
|
|
|
Investment Income:
|
|
|
|
Interest income
|
$
|
3,416
|
|
Dividend income (net of foreign taxes withheld of $605)
|
|
2,333,447
|
|
Total investment income
|
|
2,336,863
|
|
|
Expenses:
|
|
|
|
Investment advisory fee
|
|
262,682
|
|
Transfer agency fees and expenses
|
|
281,907
|
|
Distribution Plan expenses:
|
|
|
|
Class A
|
|
219,809
|
|
Class B
|
|
22,651
|
|
Class C
|
|
79,400
|
|
Directors’ fees and expenses
|
|
16,515
|
|
Administrative fees
|
|
230,846
|
|
Accounting fees
|
|
20,930
|
|
Custodian fees
|
|
68,672
|
|
Registration fees
|
|
59,785
|
|
Reports to shareholders
|
|
35,720
|
|
Professional fees
|
|
27,883
|
|
Miscellaneous
|
|
29,351
|
|
Total expenses
|
|
1,356,151
|
|
Reimbursement from Advisor:
|
|
|
|
Class A
|
|
(316,883
|
)
|
Class B
|
|
(14,258
|
)
|
Class C
|
|
(12,408
|
)
|
Class I
|
|
(97,000
|
)
|
Class Y
|
|
(3,510
|
)
|
Fees paid indirectly
|
|
(63
|
)
|
Net expenses
|
|
912,029
|
|
|
|
NET INVESTMENT INCOME
|
|
1,424,834
|
|
|
|
RE
ALIZED AND U
N
REALIZED G
A
IN (
LO
SS)
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
Investments
|
|
953,806
|
|
Futures
|
|
820,569
|
|
|
|
1,774,375
|
|
Change in unrealized appreciation (depreciation) on:
|
|
|
|
Investments
|
|
28,926,568
|
|
Futures
|
|
23,269
|
|
|
|
28,949,837
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
|
30,724,212
|
|
|
INCREASE (DECREASE) IN NET ASSETS
|
|
|
|
RESULTING FROM OPERATIONS
|
$
|
32,149,046
|
|
See notes to financial statements.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
35
|
|
|
|
|
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
Year ended
|
|
Year ended
|
|
|
September 30,
|
|
September 30,
|
|
IN
CREASE (
DE
CREASE)
I
N N
E
T A
S
SETS
|
2012
|
|
2011
|
|
Operations:
|
|
|
|
|
Net investment income
|
$1,424,834
|
|
$1,057,860
|
|
Net realized gain (loss)
|
1,774,375
|
|
1,310,031
|
|
Change in unrealized appreciation (depreciation)
|
28,949,837
|
|
(2,697,311
|
)
|
|
|
INCREASE (DECREASE) IN NET ASSETS
|
|
|
|
|
RESULTING FROM OPERATIONS
|
32,149,046
|
|
(329,420
|
)
|
|
Distributions to shareholders from:
|
|
|
|
|
Net investment income:
|
|
|
|
|
Class A shares
|
(705,939
|
)
|
(539,608
|
)
|
Class I shares
|
(442,162
|
)
|
(373,939
|
)
|
Total distributions
|
(1,148,101
|
)
|
(913,547
|
)
|
|
Capital share transactions:
|
|
|
|
|
Shares sold:
|
|
|
|
|
Class A shares
|
21,978,733
|
|
14,771,888
|
|
Class B shares
|
16,998
|
|
42,880
|
|
Class C shares
|
2,809,321
|
|
1,625,236
|
|
Class I shares
|
13,354,751
|
|
3,924,406
|
|
Class Y shares
|
14,297,242
|
|
—
|
|
Reinvestment of distributions:
|
|
|
|
|
Class A shares
|
653,996
|
|
485,156
|
|
Class I shares
|
442,162
|
|
362,961
|
|
Redemption fees:
|
|
|
|
|
Class A shares
|
410
|
|
76
|
|
Class C shares
|
111
|
|
16
|
|
Shares redeemed:
|
|
|
|
|
Class A shares
|
(17,135,467
|
)
|
(14,494,970
|
)
|
Class B shares
|
(925,269
|
)
|
(692,338
|
)
|
Class C shares
|
(751,682
|
)
|
(1,549,376
|
)
|
Class I shares
|
(6,975,861
|
)
|
(6,432,509
|
)
|
Class Y shares
|
(1,979,247
|
)
|
—
|
|
Total capital share transactions
|
25,786,198
|
|
(1,956,574
|
)
|
|
|
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
56,787,143
|
|
(3,199,541
|
)
|
|
NE
T A
S
SETS
|
|
|
|
|
Beginning of year
|
106,903,443
|
|
110,102,984
|
|
End of year (including undistributed net investment
|
|
|
|
|
income of $1,080,727 and $803,994, respectively)
|
$163,690,586
|
|
$106,903,443
|
|
See notes to financial statements.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
36
|
|
|
|
|
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
Year ended
|
|
Year ended
|
|
|
September 30,
|
|
September 30,
|
|
CA
PITAL S
H
ARE A
C
TIVITY
|
2012
|
|
2011
|
|
Shares sold:
|
|
|
|
|
Class A shares
|
1,795,066
|
|
1,289,237
|
|
Class B shares
|
1,443
|
|
3,825
|
|
Class C shares
|
235,042
|
|
146,403
|
|
Class I shares
|
1,042,439
|
|
337,479
|
|
Class Y shares
|
1,095,517
|
|
—
|
|
Reinvestment of distributions:
|
|
|
|
|
Class A shares
|
58,081
|
|
42,187
|
|
Class I shares
|
38,820
|
|
31,155
|
|
Shares redeemed:
|
|
|
|
|
Class A shares
|
(1,408,613
|
)
|
(1,263,017
|
)
|
Class B shares
|
(79,538
|
)
|
(63,102
|
)
|
Class C shares
|
(65,489
|
)
|
(140,700
|
)
|
Class I shares
|
(562,851
|
)
|
(554,515
|
)
|
Class Y shares
|
(146,895
|
)
|
—
|
|
|
2,003,022
|
|
(171,048
|
)
|
See notes to financial statements.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
37
NOTES TO FINANCIAL STATEMENTS
NO
TE A
— SI
GNIFICANT A
C
COUNTING P
O
LICIES
General:
The Calvert Social Index Fund (the “Fund”), the sole series of Calvert Social Index Series, Inc., is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Fund offers five classes of shares of capital stock - Classes A, B, C, I, and Y. The Fund began offering Class Y shares on July 13, 2012. Class A shares are sold with a maximum front-end sales charge of 4.75%. Class B shares are sold without a front-end sales charge and, with certain exceptions, will be charged a deferred sales charge at the time of redemption, depending on how long investors have owned the shares. Class B shares are no longer offered for purchase, except through reinvestment of dividends and/or distributions and through certain exchanges. Class C shares are sold without a front-end sales charge and, with certain exceptions, will be charged a deferred sales charge on shares sold within one year of purchase. Class B and Class C shares have higher levels of expenses than Class A shares. Class I shares require a minimum account balance of $1,000,000. The $1 million minimum initial investment may be waived for certain institutional accounts where it is believed to be in the best interest of the Fund and its shareholders. Class I shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Class Y shares are generally only available to wrap or similar fee-based programs offered by financial intermediaries that have entered into an agreement with the Fund’s Distributor to offer Class Y shares. Class Y shares have no front-end or deferred sales charge and have lower levels of expenses than Class A shares. Each class has different: (a) dividend rates, due to differences in Distribution Plan expenses and other class specific expenses, (b) exchange privileges and (c) class specific voting rights.
Security Valuation:
Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (“the Board”) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.
The Board has adopted Valuation Procedures (the “Procedures”) to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. The Board has delegated the day-to-day responsibility for determining the fair value of assets of the Fund to Calvert Investment Management, Inc. (the “Advisor” or “Calvert”) and has provided these Procedures to govern Calvert in its valuation duties.
Calvert has chartered an internal Valuation Committee to oversee the implementation of these Procedures and to assist it in carrying out the valuation responsibilities that the Board has delegated.
The Valuation Committee meets on a regular basis to review illiquid securities and other investments which may not have readily available market prices. The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
38
The Valuation Committee utilizes various methods to measure the fair value of the Fund’s investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period. Valuation techniques used to value the Fund’s investments by major category are as follows: Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official 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. In the event that there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or using the last available price and are categorized as Level 2 in the hierarchy. Foreign securities are valued based on quotations from the principal market in which such securities are normally traded.
If events occur after the close of the principal market in which foreign securities are traded, and before the close of business of the Fund, that are expected to materially affect the value of those securities, then they are valued at their fair value taking these events into account. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and such securities are categorized as Level 3 in the hierarchy.
Short-term instruments of sufficient credit quality with remaining maturities of sixty days or less are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Advisor, 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 the Valuation Committee.
The Valuation Committee considers a number of factors, including significant unobservable valuation inputs when arriving at fair value. It considers all significant facts that are reasonably available and relevant to the determination of fair value.
The Valuation Committee primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
39
values, and other relevant information for the investment to determine the fair value of the investment. When more appropriate, the fund may employ an income-based or cost approach. An income-based valuation approach discounts anticipated future cash flows of the investment to calculate a present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. A cost based approach is based on the amount that currently would be required to replace the service capacity of an asset (current replacement cost). From the seller’s perspective, the price that would be received for the asset is determined based on the cost to a buyer to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence.
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 Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of key inputs and assumptions, transactional back-testing or disposition analysis and reviews of any related market activity.
At September 30, 2012, securities valued at $29,848, or 0.02% of net assets, were fair valued in good faith under the direction of the Board.
The following is a summary of the inputs used to value the Fund’s net assets as of September 30, 2012:
|
|
|
VA
LUATION I
N
PUTS
|
|
|
IN
VESTMENTS IN S
E
CURITIES
|
L
evel
1
|
|
L
evel
2
|
L
evel
3
|
Total
|
|
Equity securities *
|
$161,117,542
|
|
$29,848
|
—
|
$161,147,390
|
|
Other debt obligations
|
—
|
|
1,422,042
|
—
|
1,422,042
|
|
U.S. government obligations
|
—
|
|
649,815
|
—
|
649,815
|
|
TOTAL
|
$161,117,542
|
|
$2,101,705
|
—
|
$163,219,247
|
|
|
Other financial instruments**
|
($27,845
|
)
|
—
|
—
|
($27,845
|
)
|
* For further breakdown of equity securities by industry type, please refer to the Statement of Net Assets.
** Other financial instruments are derivative instruments not reflected in the Statement of Net Assets, such as futures,
which are valued at the unrealized appreciation/depreciation on the instrument.
Futures Contracts:
The Fund may purchase and sell futures contracts, but only when, in the judgment of the Advisor, such a position acts as a hedge. The Fund may not enter into futures contracts for the purpose of speculation or leverage. These futures contracts may include, but are not limited to, market index futures contracts. The Fund is subject to market risk in the normal course of pursuing its investment objectives. The Fund may use futures contracts to hedge against changes in the value of securities. The Fund may enter into futures contracts agreeing 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
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CALVERT SOCIAL INDEX FUND ANNUAL REPORT
40
are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund. During the year, futures contracts were used to hedge the lack of equity market exposure inherent in a cash position.
During the year, the Fund invested in E-Mini S&P 500 Index and E-Mini NASDAQ 100 Index futures. The Fund’s futures contracts at year end, as presented in the Statement of Net Assets, are generally indicative of the volume of futures contract activity during the year.
Security Transactions and Net Investment Income:
Security transactions are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Investment income and realized and unrealized gains and losses are allocated to separate classes of shares based upon the relative net assets of each class. Expenses arising in connection with a specific class are charged directly to that class. Expenses common to the classes are allocated to each class in proportion to their relative net assets.
Foreign Currency Transactions:
The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. The effect of changes in foreign exchange rates on securities and foreign currencies is included in the net realized and unrealized gain or loss on investments.
Distributions to Shareholders:
Distributions to shareholders are recorded by the Fund on ex-dividend date. Dividends from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles; accordingly, periodic reclassifications are made within the Fund’s capital accounts to reflect income and gains available for distribution under income tax regulations.
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CALVERT SOCIAL INDEX FUND ANNUAL REPORT
41
Estimates:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Redemption Fees:
The Fund charges a 2% redemption fee on redemptions, including exchanges, made within 30 days of purchase (within seven days for Class I shares). The redemption fee is accounted for as an addition to paid-in capital and is intended to discourage market-timers by ensuring that short-term trading costs are borne by the investors making the transactions and not the shareholders already in the Fund.
Expense Offset Arrangements:
The Fund has an arrangement with its custodian bank whereby the custodian’s fees may be paid indirectly by credits earned on the Fund’s cash on deposit with the bank. These credits are used to reduce the Fund’s expenses. Such a deposit arrangement may be an alternative to overnight investments.
Federal Income Taxes:
No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.
Management has analyzed the Fund’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements. A Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.
New Accounting Pronouncements:
In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities.” The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently evaluating the impact the adoption of this pronouncement will have on the Fund’s financial statements and related disclosures.
NO
TE B
— RE
LATED P
A
RTY T
R
ANSACTIONS
Calvert Investment Management, Inc. (the “Advisor”) is wholly-owned by Calvert Investments, Inc., which is indirectly wholly-owned by Ameritas Mutual Holding Company (formerly known as UNIFI Mutual Holding Company). The Advisor provides investment advisory services and pays the salaries and fees of officers and Directors of the Fund who are employees of the Advisor or its affiliates. For its services, the Advisor receives an annual fee, payable monthly, of .20% of the Fund’s average daily net assets. Under the terms of the agreement, $26,641 was payable at year end. In addition, $14,011 was payable at year end for operating expenses paid by the Advisor during September 2012.
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CALVERT SOCIAL INDEX FUND ANNUAL REPORT
42
The Advisor has contractually agreed to limit net annual fund operating expenses for Class A, B, and C through January 31, 2013, for Class I through January 31, 2016, and for Class Y through January 31, 2014. The contractual expense cap is .75%, 1.75%, 1.75%, .21%, and .60% for Class A, B, C, I, and Y, respectively. For the purpose of this expense limit, operating expenses do not include interest expense, brokerage commissions, taxes and extraordinary expenses. To the extent any expense offset credits are earned, the Advisor’s obligation under the contractual limitation may be reduced and the Advisor may benefit from the expense offset arrangement.
Calvert Investment Administrative Services, Inc., an affiliate of the Advisor, provides administrative services to the Fund for an annual fee, payable monthly, of .20% for Classes A, B, C, and Y shares and .10% for Class I shares based on their average daily net assets. Under the terms of the agreement, $23,379 was payable at year end.
Calvert Investment Distributors, Inc. (“CID”), an affiliate of the Advisor, is the distributor and principal underwriter for the Fund. Distribution Plans, adopted by Class A, B, and C shares, allow the Fund to pay CID for expenses and services associated with distribution of shares. The expenses paid may not exceed .25%, 1.00%, and 1.00% annually of average daily net assets of each Class A, B, and C, respectively. The amount actually paid by the Fund is an annualized fee, payable monthly of .25%, 1.00%, and 1.00% of the Fund’s average daily net assets of Class A, B, and C, respectively. Class I and Class Y do not have Distribution Plan expenses. Under the terms of the agreement, $29,655 was payable at year end.
CID received $33,062 as its portion of commissions charged on sales of the Fund’s Class A shares for the year ended September 30, 2012.
Calvert Investment Services, Inc. (“CIS”), an affiliate of the Advisor, is the shareholder servicing agent for the Fund. For its services, CIS received fees of $26,773 for the year ended September 30, 2012. Under the terms of the agreement, $2,378 was payable at year end. Boston Financial Data Services, Inc. is the transfer and dividend disbursing agent.
Each Director of the Fund who is not an employee of the Advisor or its affiliates receives an annual retainer of $44,000 plus a meeting fee of $2,000 for each Board meeting attended. Additional fees of up to $5,000 annually may be paid to the Board chair and Committee chairs ($10,000 for the Special Equities Committee chair) and $2,500 annually may be paid to Committee members, plus a Committee meeting fee of $500 for each Committee meeting attended. Directors’ fees are allocated to each of the funds served.
NO
TE C
— IN
VESTMENT A
C
TIVITY AND T
A
X I
N
FORMATION
During the year, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $36,056,771 and $8,915,584, respectively.
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CALVERT SOCIAL INDEX FUND ANNUAL REPORT
43
CAPITAL LOSS CARRYFORWARDS
|
|
EXPIRATION DATE
|
|
30-Sep-17
|
($131,673)
|
30-Sep-18
|
(2,870,112)
|
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred in taxable years beginning after December 22, 2010 can be carried forward for an unlimited period. These losses are required to be utilized prior to the losses incurred in pre-enactment taxable years. Losses incurred in pre-enactment taxable years can be utilized until expiration.
The tax character of dividends and distributions paid during the years ended September 30, 2012 and September 30, 2011 were as follows:
Distributions paid from:
|
2012
|
2011
|
Ordinary income
|
$1,148,101
|
$913,547
|
Total
|
$1,148,101
|
$913,547
|
As of September 30, 2012, the tax basis components of distributable earnings/(accumulated losses) and the federal tax cost were as follows:
Unrealized appreciation
|
$37,579,007
|
|
Unrealized (depreciation)
|
(10,179,756
|
)
|
Net unrealized appreciation/(depreciation)
|
$27,399,251
|
|
|
Undistributed ordinary income
|
$1,080,727
|
|
Capital loss carryforward
|
($3,001,785
|
)
|
|
Federal income tax cost of investments
|
$135,819,996
|
|
The difference between the components of distributable earnings on a tax basis and the amounts reflected in the statement of net assets are primarily due to temporary book-tax differences that will reverse in a subsequent period. These differences are mainly due to wash sales and Section 1256 contracts.
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CALVERT SOCIAL INDEX FUND ANNUAL REPORT
44
NO
TE D
— LI
NE OF C
R
EDIT
A financing agreement is in place with the Calvert Funds and State Street Corporation (“SSC”). Under the agreement, SSC provides an unsecured line of credit facility, in the aggregate amount of $50 million ($25 million committed and $25 million uncommitted), accessible by the Funds for temporary or emergency purposes only. Borrowings under the committed facility bear interest at the higher of the London Interbank Offered Rate (LIBOR) or the overnight Federal Funds Rate plus 1.25% per annum. A commitment fee of .11% per annum is incurred on the unused portion of the committed facility, which is allocated to all participating funds. The Fund had no borrowings under the agreement during the year ended September 30, 2012.
NO
TE E
– SU
BSEQUENT E
V
ENTS
In preparing the financial statements as of September 30, 2012, no subsequent events or transactions occurred that would have required recognition or disclosure in these financial statements.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
45
|
|
|
|
|
|
|
FINANCIAL HIGHLIGHTS
|
|
|
|
|
YEARS ENDED
|
|
|
|
|
CL
ASS A
SH
ARES
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2012
|
(z)
|
2011
|
(z)
|
2010
|
|
Net asset value, beginning
|
$10.35
|
|
$10.48
|
|
$9.70
|
|
Income from investment operations:
|
|
|
|
|
|
|
Net investment income
|
.13
|
|
.09
|
|
.08
|
|
Net realized and unrealized gain (loss)
|
2.89
|
|
(.14
|
)
|
.80
|
|
Total from investment operations
|
3.02
|
|
(.05
|
)
|
.88
|
|
Distributions from:
|
|
|
|
|
|
|
Net investment income
|
(.10
|
)
|
(.08
|
)
|
(.10
|
)
|
Total distributions
|
(.10
|
)
|
(.08
|
)
|
(.10
|
)
|
Total increase (decrease) in net asset value
|
2.92
|
|
(.13
|
)
|
.78
|
|
Net asset value, ending
|
$13.27
|
|
$10.35
|
|
$10.48
|
|
|
Total return*
|
29.36
|
%
|
(.57
|
%)
|
9.06
|
%
|
Ratios to average net assets:
A
|
|
|
|
|
|
|
Net investment income
|
1.03
|
%
|
.81
|
%
|
.77
|
%
|
Total expenses
|
1.11
|
%
|
.99
|
%
|
1.06
|
%
|
Expenses before offsets
|
.75
|
%
|
.75
|
%
|
.75
|
%
|
Net expenses
|
.75
|
%
|
.75
|
%
|
.75
|
%
|
Portfolio turnover
|
7
|
%
|
8
|
%
|
10
|
%
|
Net assets, ending (in thousands)
|
$97,904
|
|
$71,741
|
|
$71,952
|
|
|
|
|
|
|
YEARS ENDED
|
|
|
CL
ASS A
SH
ARES
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2009
|
(z)
|
2008
|
|
Net asset value, beginning
|
|
|
$10.44
|
|
$13.67
|
|
Income from investment operations:
|
|
|
|
|
|
|
Net investment income
|
|
|
.11
|
|
.14
|
|
Net realized and unrealized gain (loss)
|
|
|
(.75
|
)
|
(3.23
|
)
|
Total from investment operations
|
|
|
(.64
|
)
|
(3.09
|
)
|
Distributions from:
|
|
|
|
|
|
|
Net investment income
|
|
|
(.10
|
)
|
(.14
|
)
|
Total distributions
|
|
|
(.10
|
)
|
(.14
|
)
|
Total increase (decrease) in net asset value
|
|
|
(.74
|
)
|
(3.23
|
)
|
Net asset value, ending
|
|
|
$9.70
|
|
$10.44
|
|
|
Total return*
|
|
|
(5.80
|
%)
|
(22.81
|
%)
|
Ratios to average net assets:
A
|
|
|
|
|
|
|
Net investment income
|
|
|
1.34
|
%
|
1.14
|
%
|
Total expenses
|
|
|
1.16
|
%
|
1.10
|
%
|
Expenses before offsets
|
|
|
.75
|
%
|
.76
|
%
|
Net expenses
|
|
|
.75
|
%
|
.75
|
%
|
Portfolio turnover
|
|
|
16
|
%
|
14
|
%
|
Net assets, ending (in thousands)
|
|
|
$63,609
|
|
$44,439
|
|
See notes to financial highlights.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
46
|
|
|
|
|
|
|
FINANCIAL HIGHLIGHTS
|
|
|
|
|
YEARS ENDED
|
|
|
|
|
CL
ASS B
SH
ARES
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2012
|
(z)
|
2011
|
(z)
|
2010
|
|
Net asset value, beginning
|
$9.87
|
|
$10.03
|
|
$9.30
|
|
Income from investment operations:
|
|
|
|
|
|
|
Net investment income (loss)
|
—
|
|
(.02
|
)
|
(.06
|
)
|
Net realized and unrealized gain (loss)
|
2.78
|
|
(.14
|
)
|
.80
|
|
Total from investment operations
|
2.78
|
|
(.16
|
)
|
.74
|
|
Distributions from:
|
|
|
|
|
|
|
Net investment income
|
—
|
|
—
|
|
(.01
|
)
|
Total distributions
|
—
|
|
—
|
|
(.01
|
)
|
Total increase (decrease) in net asset value
|
2.78
|
|
(.16
|
)
|
.73
|
|
Net asset value, ending
|
$12.65
|
|
$9.87
|
|
$10.03
|
|
|
Total return*
|
28.17
|
%
|
(1.60
|
%)
|
7.94
|
%
|
Ratios to average net assets:
A
|
|
|
|
|
|
|
Net investment income (loss)
|
.04
|
%
|
(.19
|
%)
|
(.23
|
%)
|
Total expenses
|
2.38
|
%
|
2.31
|
%
|
2.30
|
%
|
Expenses before offsets
|
1.75
|
%
|
1.75
|
%
|
1.75
|
%
|
Net expenses
|
1.75
|
%
|
1.75
|
%
|
1.75
|
%
|
Portfolio turnover
|
7
|
%
|
8
|
%
|
10
|
%
|
Net assets, ending (in thousands)
|
$1,989
|
|
$2,324
|
|
$2,956
|
|
|
|
|
|
|
YEARS ENDED
|
|
|
CL
ASS B
SH
ARES
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2009
|
(z)
|
2008
|
|
Net asset value, beginning
|
|
|
$10.01
|
|
$13.11
|
|
Income from investment operations:
|
|
|
|
|
|
|
Net investment income
|
|
|
.03
|
|
.01
|
|
Net realized and unrealized gain (loss)
|
|
|
(.71
|
)
|
(3.10
|
)
|
Total from investment operations
|
|
|
(.68
|
)
|
(3.09
|
)
|
Distributions from:
|
|
|
|
|
|
|
Net investment income
|
|
|
(.03
|
)
|
(.01
|
)
|
Total distributions
|
|
|
(.03
|
)
|
(.01
|
)
|
Total increase (decrease) in net asset value
|
|
|
(.71
|
)
|
(3.10
|
)
|
Net asset value, ending
|
|
|
$9.30
|
|
$10.01
|
|
|
Total return*
|
|
|
(6.67
|
%)
|
(23.57
|
%)
|
Ratios to average net assets:
A
|
|
|
|
|
|
|
Net investment income
|
|
|
.37
|
%
|
.14
|
%
|
Total expenses
|
|
|
2.46
|
%
|
2.11
|
%
|
Expenses before offsets
|
|
|
1.75
|
%
|
1.76
|
%
|
Net expenses
|
|
|
1.75
|
%
|
1.75
|
%
|
Portfolio turnover
|
|
|
16
|
%
|
14
|
%
|
Net assets, ending (in thousands)
|
|
|
$3,433
|
|
$4,117
|
|
See notes to financial highlights.
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CALVERT SOCIAL INDEX FUND ANNUAL REPORT
47
|
|
|
|
|
|
|
FINANCIAL HIGHLIGHTS
|
|
|
|
|
YEARS ENDED
|
|
|
|
CL
ASS C
SH
ARES
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2012
|
(z)
|
2011
|
(z)
|
2010
|
|
Net asset value, beginning
|
$9.87
|
|
$10.03
|
|
$9.29
|
|
Income from investment operations:
|
|
|
|
|
|
|
Net investment income (loss)
|
.01
|
|
(.02
|
)
|
(.02
|
)
|
Net realized and unrealized gain (loss)
|
2.77
|
|
(.14
|
)
|
.77
|
|
Total from investment operations
|
2.78
|
|
(.16
|
)
|
.75
|
|
Distributions from:
|
|
|
|
|
|
|
Net investment income
|
—
|
|
—
|
|
(.01
|
)
|
Total distributions
|
—
|
|
—
|
|
(.01
|
)
|
Total increase (decrease) in net asset value
|
2.78
|
|
(.16
|
)
|
.74
|
|
Net asset value, ending
|
$12.65
|
|
$9.87
|
|
$10.03
|
|
|
Total return*
|
28.17
|
%
|
(1.60
|
%)
|
8.04
|
%
|
Ratios to average net assets:
A
|
|
|
|
|
|
|
Net investment income (loss)
|
.04
|
%
|
(.19
|
%)
|
(.23
|
%)
|
Total expenses
|
1.89
|
%
|
1.95
|
%
|
2.06
|
%
|
Expenses before offsets
|
1.74
|
%
|
1.75
|
%
|
1.75
|
%
|
Net expenses
|
1.74
|
%
|
1.75
|
%
|
1.75
|
%
|
Portfolio turnover
|
7
|
%
|
8
|
%
|
10
|
%
|
Net assets, ending (in thousands)
|
$9,958
|
|
$6,098
|
|
$6,139
|
|
|
|
|
|
|
|
YEARS ENDED
|
|
|
CL
ASS C
SH
ARES
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2009
|
(z)
|
2008
|
|
Net asset value, beginning
|
|
|
$10.01
|
|
$13.10
|
|
Income from investment operations:
|
|
|
|
|
|
|
Net investment income
|
|
|
.03
|
|
.01
|
|
Net realized and unrealized gain (loss)
|
|
|
(.72
|
)
|
(3.09
|
)
|
Total from investment operations
|
|
|
(.69
|
)
|
(3.08
|
)
|
Distributions from:
|
|
|
|
|
|
|
Net investment income
|
|
|
(.03
|
)
|
(.01
|
)
|
Total distributions
|
|
|
(.03
|
)
|
(.01
|
)
|
Total increase (decrease) in net asset value
|
|
|
(.72
|
)
|
(3.09
|
)
|
Net asset value, ending
|
|
|
$9.29
|
|
$10.01
|
|
|
Total return*
|
|
|
(6.80
|
%)
|
(23.51
|
%)
|
Ratios to average net assets:
A
|
|
|
|
|
|
|
Net investment income
|
|
|
.36
|
%
|
.14
|
%
|
Total expenses
|
|
|
2.23
|
%
|
1.97
|
%
|
Expenses before offsets
|
|
|
1.75
|
%
|
1.76
|
%
|
Net expenses
|
|
|
1.75
|
%
|
1.75
|
%
|
Portfolio turnover
|
|
|
16
|
%
|
14
|
%
|
Net assets, ending (in thousands)
|
|
|
$5,607
|
|
$6,141
|
|
See notes to financial highlights.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
48
|
|
|
|
|
|
|
FINANCIAL HIGHLIGHTS
|
|
|
|
|
YEARS ENDED
|
|
|
|
|
CL
ASS I
SH
ARES
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
2012
|
(z)
|
2011
|
(z)
|
2010
|
|
Net asset value, beginning
|
$10.52
|
|
$10.65
|
|
$9.85
|
|
Income from investment operations:
|
|
|
|
|
|
|
Net investment income
|
.19
|
|
.16
|
|
.13
|
|
Net realized and unrealized gain (loss)
|
2.95
|
|
(.15
|
)
|
.81
|
|
Total from investment operations
|
3.14
|
|
.01
|
|
.94
|
|
Distributions from:
|
|
|
|
|
|
|
Net investment income
|
(.18
|
)
|
(.14
|
)
|
(.14
|
)
|
Total distributions
|
(.18
|
)
|
(.14
|
)
|
(.14
|
)
|
Total increase (decrease) in net asset value
|
2.96
|
|
(.13
|
)
|
.80
|
|
Net asset value, ending
|
$13.48
|
|
$10.52
|
|
$10.65
|
|
|
Total return*
|
30.11
|
%
|
(.06
|
%)
|
9.62
|
%
|
Ratios to average net assets:
A
|
|
|
|
|
|
|
Net investment income
|
1.57
|
%
|
1.35
|
%
|
1.32
|
%
|
Total expenses
|
.51
|
%
|
.52
|
%
|
.55
|
%
|
Expenses before offsets
|
.21
|
%
|
.21
|
%
|
.21
|
%
|
Net expenses
|
.21
|
%
|
.21
|
%
|
.21
|
%
|
Portfolio turnover
|
7
|
%
|
8
|
%
|
10
|
%
|
Net assets, ending (in thousands)
|
$41,249
|
|
$26,741
|
|
$29,055
|
|
|
|
|
|
YEARS ENDED
|
|
|
CL
ASS I
SH
ARES
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2009
|
(z)
|
2008
|
|
Net asset value, beginning
|
|
|
$10.65
|
|
$13.92
|
|
Income from investment operations:
|
|
|
|
|
|
|
Net investment income
|
|
|
.15
|
|
.18
|
|
Net realized and unrealized gain (loss)
|
|
|
(.77
|
)
|
(3.25
|
)
|
Total from investment operations
|
|
|
(.62
|
)
|
(3.07
|
)
|
Distributions from:
|
|
|
|
|
|
|
Net investment income
|
|
|
(.18
|
)
|
(.20
|
)
|
Total distributions
|
|
|
(.18
|
)
|
(.20
|
)
|
Total increase (decrease) in net asset value
|
|
|
(.80
|
)
|
(3.27
|
)
|
Net asset value, ending
|
|
|
$9.85
|
|
$10.65
|
|
|
Total return*
|
|
|
(5.26
|
%)
|
(22.34
|
%)
|
Ratios to average net assets:
A
|
|
|
|
|
|
|
Net investment income
|
|
|
1.88
|
%
|
1.68
|
%
|
Total expenses
|
|
|
.63
|
%
|
.57
|
%
|
Expenses before offsets
|
|
|
.21
|
%
|
.22
|
%
|
Net expenses
|
|
|
.21
|
%
|
.21
|
%
|
Portfolio turnover
|
|
|
16
|
%
|
14
|
%
|
Net assets, ending (in thousands)
|
|
|
$21,781
|
|
$21,342
|
|
See notes to financial highlights.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
49
|
|
|
FINANCIAL HIGHLIGHTS
|
|
|
|
PERIOD ENDED
|
|
|
September 30,
|
|
CL
ASS Y
SH
ARES
|
2012
|
#
(z)
|
Net asset value, beginning
|
$12.42
|
|
Income from investment operations:
|
|
|
Net investment income
|
.03
|
|
Net realized and unrealized gain (loss)
|
.82
|
|
Total from investment operations
|
.85
|
|
Distributions from:
|
|
|
Net investment income
|
—
|
|
Total distributions
|
—
|
|
Total increase (decrease) in net asset value
|
.85
|
%
|
Net asset value, ending
|
$13.27
|
|
|
Total return*
|
6.84
|
%
|
Ratios to average net assets:
A
|
|
|
Net investment income
|
1.16
|
%
(a)
|
Total expenses
|
.86
|
%
(a)
|
Expenses before offsets
|
.60
|
%
(a)
|
Net expenses
|
.60
|
%
(a)
|
Portfolio turnover
|
7
|
%
|
Net assets, ending (in thousands)
|
$12,589
|
|
A Total expenses do not reflect amounts reimbursed and/or waived by the Advisor or reductions from expense offset
arrangements. Expenses before offsets reflect expenses after reimbursement and/or waiver by the Advisor but prior
to reductions from expense offset arrangements. Net expenses are net of all reductions and represent the net expenses
paid by the Fund.
(a) Annualized.
(z) Per share figures are calculated using the Average Shares Method.
* Total return is not annualized for periods less than one year and does not reflect deduction of any front-end or
deferred sales charge.
# From July 13, 2012 inception.
See notes to financial statements.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT
50
EXPLANATION OF FINANCIAL TABLES
SC
HEDULE OF I
N
VESTMENTS
The Schedule of Investments is a snapshot of all securities held in the fund at their market value, on the last day of the reporting period. Securities are listed by asset type (e.g., common stock, corporate bonds, U.S. government obligations) and may be further broken down into sub-groups and by industry classification.
ST
ATEMENT OF A
S
SETS AND L
I
ABILITIES
The Statement of Assets and Liabilities is often referred to as the fund’s balance sheet. It lists the value of what the fund owns, is due and owes on the last day of the reporting period. The fund’s assets include the market value of securities owned, cash, receivables for securities sold and shareholder subscriptions, and receivables for dividends and interest payments that have been earned, but not yet received. The fund’s liabilities include payables for securities purchased and shareholder redemptions, and expenses owed but not yet paid. The statement also reports the fund’s net asset value (NAV) per share on the last day of the reporting period. The NAV is calculated by dividing the fund’s net assets (assets minus liabilities) by the number of shares outstanding. This statement is accompanied by a Schedule of Investments. Alternatively, if certain conditions are met, a Statement of Net Assets may be presented in lieu of this statement and the Schedule of Investments.
ST
ATEMENT OF N
E
T A
S
SETS
The Statement of Net Assets provides a detailed list of the fund’s holdings, including each security’s market value on the last day of the reporting period. The Statement of Net Assets includes a Schedule of Investments. Other assets are added and other liabilities subtracted from the investments total to calculate the fund’s net assets. Finally, net assets are divided by the outstanding shares of the fund to arrive at its share price, or Net Asset Value (NAV) per share.
At the end of the Statement of Net Assets is a table displaying the composition of the fund’s net assets. Paid in Capital is the money invested by shareholders and represents the bulk of net assets. Undistributed Net Investment Income and Accumulated Net Realized Gains usually approximate the amounts the fund had available to distribute to shareholders as of the statement date. Accumulated Realized Losses will appear as negative balances. Unrealized Appreciation (Depreciation) is the difference between the market value of the fund’s investments and their cost, and reflects the gains (losses) that would be realized if the fund were to sell all of its investments at their statement-date values.
ST
ATEMENT OF O
P
ERATIONS
The Statement of Operations summarizes the fund’s investment income earned and expenses incurred in operating the fund. Investment income includes dividends earned from stocks and interest earned from interest-bearing securities in the fund. Expenses
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
51
incurred in operating the fund include the advisory fee paid to the investment advisor, administrative services fees, distribution plan expenses (if applicable), transfer agent fees, shareholder servicing expenses, custodial, legal, and audit fees, and the printing and postage expenses related to shareholder reports. Expense offsets (fees paid indirectly) are also shown. Credits earned from offset arrangements are used to reduce the fund’s expenses. This statement also shows net gains (losses) realized on the sale of investments and the increase or decrease in the unrealized appreciation (depreciation) on investments held during the period.
ST
ATEMENT OF C
H
ANGES IN N
E
T A
S
SETS
The Statement of Changes in Net Assets shows how the fund’s total net assets changed during the two most recent reporting periods. Changes in the fund’s net assets are attributable to investment operations, distributions and capital share transactions.
The Operations section of the report summarizes information detailed in the Statement of Operations. The Distribution section shows the dividend and capital gain distributions made to shareholders. The amounts shown as distributions in this section may not match the net investment income and realized gains amounts shown in the Operations section because distributions are determined on a tax basis and certain investments or transactions may be treated differently for financial statement and tax purposes. The Capital Share Transactions section shows the amount shareholders invested in the fund, either by purchasing shares or by reinvesting distributions, and the amounts redeemed. The corresponding numbers of shares issued, reinvested and redeemed are shown at the end of the report.
FI
NANCIAL H
I
GHLIGHTS
The Financial Highlights table provides a per-share breakdown per class of the components that affect the fund’s net asset value for current and past reporting periods. The table provides total return, total distributions, expense ratios, portfolio turnover and net assets for the applicable period. Total return is a measure of a fund’s performance that encompasses all elements of return: dividends, capital gain distributions and changes in net asset value. Total return is the change in value of an investment over a given period, assuming reinvestment of any dividends and capital gain distributions, expressed as a percentage of the initial investment. Total distributions include distributions from net investment income and net realized gains. Long-term gains are earned on securities held in the fund more than one year. Short-term gains, on the sale of securities held less than one year, are treated as ordinary dividend income for tax purposes. The expense ratio is a fund’s cost of doing business, expressed as a percentage of net assets. These expenses directly reduce returns to shareholders. Portfolio turnover measures the trading activity in a fund’s investment portfolio – how often securities are bought and sold by a fund. Portfolio turnover is affected by market conditions, changes in the size of the fund, the nature of the fund’s investments and the investment style of the portfolio manager.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
52
PROXY VOTING
The Proxy Voting Guidelines of the Calvert Funds that the Fund uses to determine how to vote proxies relating to portfolio securities are 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 Fund at 1-800-368-2745, by visiting the Calvert website at www.calvert.com; or by visiting the SEC’s website at www.sec.gov.
Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at www.calvert.com and on the SEC’s website at www.sec.gov.
AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov. The Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
www.calvert.com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
53
DIRECTOR A
ND O
FFICER INFORMATION T
ABLE
|
|
|
|
(Not Applicable to Officers)
|
|
|
|
|
# of
|
|
|
Position
|
Position
|
|
Calvert
|
|
Name &
|
with
|
Start
|
Principal Occupation
|
Portfolios
|
Other
|
Age
|
Fund
|
Date
|
During Last 5 Years
|
Overseen
|
Directorships
|
INDEPENDENT TRUSTEES/DIRECTORS
|
|
|
|
REBECCA L.
|
Trustee
|
1989
|
President of the national non-
|
16
|
• Bay & Paul
|
ADAMSON
|
|
CSIF
|
profit, First People’s
|
|
Foundation
|
AGE: 63
|
|
|
Worldwide, formerly First
|
|
|
|
Director
|
2000
|
Nations Financial Project.
|
|
|
|
|
IMPACT
|
Founded by her in 1980, First
|
|
|
|
|
|
People’s Worldwide is the
|
|
|
|
Director
|
2000
|
only American Indian
|
|
|
|
|
CSIS
|
alternative development
|
|
|
|
|
|
institute in the country.
|
|
|
|
Director
|
2005
|
|
|
|
|
|
CWVF
|
|
|
|
|
RICHARD L.
|
Trustee &
|
1982
|
President and CEO of Adagio
|
26
|
None
|
BAIRD, JR.
|
Chair
|
CSIF
|
Health Inc. in Pittsburgh, PA,
|
|
|
AGE: 64
|
|
|
a non-profit corporation which
|
|
|
|
Director &
|
2000
|
provides family planning
|
|
|
|
Chair
|
CSIS
|
services, nutrition,
|
|
|
|
|
|
maternal/child health care, and
|
|
|
|
Director &
|
2005
|
various health screening
|
|
|
|
Chair
|
CWVF
|
services and community
|
|
|
|
|
|
preventive health programs.
|
|
|
|
Director &
|
2005
|
|
|
|
|
Chair
|
Impact
|
|
|
|
www calvert.
com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
54
|
|
|
|
|
|
JOHN G.
GUFFEY, JR.
|
Director
|
1992
|
President of Aurora Press Inc., a privately held publisher of trade paperbacks.
|
26
|
• Ariel Funds (3)
|
|
CWVF
|
|
(through 12/31/11)
|
AGE: 64
|
|
|
|
• Calvert Social
|
|
Trustee
|
1982
|
|
|
Investment
|
|
|
CSIF
|
|
|
Foundation
|
|
|
|
|
|
• Calvert Ventures,
|
|
Director
|
2000
|
|
|
LLC
|
|
|
CSIS
|
|
|
|
|
|
Director
|
2005
|
|
|
|
|
|
IMPACT
|
|
|
|
|
MILES
DOUGLAS
HARPER, III
|
Director
|
2000
|
Partner, Gainer Donnelly &
Desroches (public accounting firm) since January 1999.
|
16
|
• Bridgeway Funds
|
|
Impact
|
|
(14)
|
|
|
|
|
AGE: 49
|
Trustee
|
2005
|
|
|
|
|
|
CSIF
|
|
|
|
|
|
Director
|
2005
|
|
|
|
|
|
CSIS
|
|
|
|
|
|
Director
|
2005
|
|
|
|
|
|
CWVF
|
|
|
|
www calvert.
com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
55
|
|
|
|
|
|
|
|
|
|
|
(Not Applicable to Officers)
|
|
|
|
|
# of
|
|
|
|
Position
|
Position
|
|
Calvert
|
|
|
Name &
|
with
|
Start
|
Principal Occupation
|
Portfolios
|
|
Other
|
Age
|
Fund
|
Date
|
During Last 5 Years
|
Overseen
|
|
Directorships
|
JOY V. JONES
|
Director
|
2000
|
Attorney.
|
16
|
•
|
Director, Conduit
|
AGE: 62
|
|
Impact
|
|
|
|
Street Restaurants
|
|
|
|
|
|
|
Limited
|
|
Trustee
|
1990
|
|
|
•
|
Director, Palm
|
|
|
CSIF
|
|
|
|
Management
|
|
|
|
|
|
|
Corporation
|
|
Director
|
2000
|
|
|
|
|
|
|
CSIS
|
|
|
|
|
|
|
Director
|
2005
|
|
|
|
|
|
|
CWVF
|
|
|
|
|
TERRENCE J.
|
Director
|
1992
|
Founder, Chairperson and
|
16
|
•
|
Calvert Social
|
MOLLNER,
|
|
CWVF
|
President of The Love Skill
|
|
|
Investment
|
Ed.D.
|
|
|
Foundation, Inc., an
|
|
|
Foundation
|
AGE: 67
|
Trustee
|
1982
|
educational organization
|
|
•
|
Ben & Jerry's
|
|
|
CSIF
|
focused on the personal skills
|
|
|
Homemade, Inc.
|
|
|
|
and organizations described in
|
|
•
|
ArtNOW, Inc.
|
|
Director
|
2000
|
Dr. Mollner’s book,
The Love
|
|
•
|
Yourolivebranch.org
|
|
|
CSIS
|
Skill: We Are Mastering the 7
|
|
|
|
|
|
|
Layers of Human Maturity,
|
|
|
|
|
Director
|
2005
|
particularly businesses that
|
|
|
|
|
|
IMPACT
|
freely chose to give priority to
|
|
|
|
|
|
|
the common good.
Chairperson, Stakeholder of
Capital, Inc., an asset
management firm and
|
|
|
|
|
|
|
financial services provider in
|
|
|
|
|
|
|
Amherst, MA.
|
|
|
|
www calvert.
com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
56
|
|
|
|
|
|
SYDNEY
|
Trustee
|
1982
|
Rev. Morris currently serves
|
16
|
None
|
AMARA
|
|
CSIF
|
as Parish Minister to the
|
|
|
MORRIS
|
|
|
Keweenaw Unitarian
|
|
|
AGE: 63
|
Director
|
2000
|
Universalist Fellowship in
|
|
|
|
|
CSIS
|
Houghton, MI. Rev. Morris is
|
|
|
|
|
|
a graduate of Harvard Divinity
|
|
|
|
Director
|
2005
|
School and is immediate past
|
|
|
|
|
CWVF
|
chair of the National Unitarian
|
|
|
|
|
|
Universalist Committee
|
|
|
|
Director
|
2005
|
National on Socially
|
|
|
|
|
IMPACT
|
Responsible Investing.
|
|
|
www calvert.
com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
57
|
|
|
|
|
|
|
|
|
|
|
(Not Applicable to Officers)
|
|
|
|
|
# of
|
|
|
|
Position
|
Position
|
|
Calvert
|
|
|
Name &
|
with
|
Start
|
Principal Occupation
|
Portfolios
|
|
Other
|
Age
|
Fund
|
Date
|
During Last 5 Years
|
Overseen
|
|
Directorships
|
INTERESTED TRUSTEES/DIRECTORS
|
|
|
|
|
BARBARA J.
|
Director &
|
1997
|
President, Chief Executive
|
44
|
•
|
Calvert Social
|
KRUMSIEK*
|
President
|
CWVF
|
Officer and Chair of Calvert
|
|
|
Investment
|
AGE: 60
|
|
|
Investments, Inc.
|
|
|
Foundation
|
|
Trustee &
|
|
|
|
•
|
Pepco Holdings, Inc.
|
|
President
|
1997
|
|
|
•
|
Acacia Life
|
|
|
CSIF
|
|
|
|
Insurance Company
|
|
Director &
|
|
|
|
|
(Chair)
|
|
President
|
|
|
|
•
|
Griffin Realty Corp.
|
|
|
2000
|
|
|
|
|
|
|
CSIS
|
|
|
|
|
|
Director &
|
|
|
|
|
|
|
President
|
|
|
|
|
|
|
|
2000
|
|
|
|
|
|
|
Impact
|
|
|
|
|
|
D. WAYNE
|
Director
|
1992
|
Mr. Silby is the founding
|
26
|
•
|
Ameritas Mutual
|
SILBY, Esq.*
|
|
CWVF
|
Chair of the Calvert Funds. He
|
|
|
Holding Company
|
AGE: 64
|
|
|
is the Chair-Elect and a
|
|
•
|
Calvert Social
|
|
Trustee
|
1982
|
principal of Syntao.com, a
|
|
|
Investment
|
|
|
CSIF
|
Beijing-based company
|
|
|
Foundation
|
|
|
|
promoting corporate social
|
|
•
|
Studio School Fund
|
|
Director
|
|
responsibility.
|
|
•
|
Syntao.com China
|
|
|
2000
|
|
|
|
(HK)
|
|
Director
|
CSIS
|
|
|
•
|
The Ice Organization
|
|
|
|
|
|
•
|
Impact Assets, Inc.
|
|
|
2000
|
|
|
|
|
|
|
Impact
|
|
|
|
|
www calvert.
com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
58
|
|
|
|
OFFICERS
|
|
|
|
MICHAEL T.
|
Vice
|
2011
|
Vice President of Calvert Investment Management, Inc. (since 2011) and
|
ABRAMO
|
President
|
|
portfolio manager for Calvert’s taxable fixed-income funds.
|
AGE: 39
|
|
|
|
KAREN
|
Chief
|
2005
|
Chief Compliance Officer for the Calvert Funds. From March 2009
|
BECKER
|
Compliance
|
|
through October 2012 Ms. Becker also served as Head of the Securities
|
AGE: 59
|
Officer
|
|
Operations Department for Calvert Investment Management, Inc.
|
SUSAN
|
Assistant
|
1988
|
Assistant Vice President, Assistant Secretary and Associate General
|
WALKER
|
Vice-
|
CSIF
|
Counsel of Calvert Investments, Inc.
|
BENDER
, Esq.
|
President &
|
|
|
AGE: 53
|
Assistant
|
2000
|
|
|
Secretary
|
CSIS
|
|
|
|
|
1992
|
|
|
|
CWVF
|
|
|
|
|
2000
|
|
|
|
Impact
|
|
THOMAS
|
Vice
|
2004
|
Vice President of Calvert Investment Management, Inc. and lead
|
DAILEY
|
President
|
|
portfolio manager of Calvert’s taxable and tax-exempt money market
|
AGE: 48
|
|
|
funds and municipal funds.
|
www calvert.
com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
59
|
|
|
|
|
Position
|
Position
|
|
Name &
|
with
|
Start
|
Principal Occupation
|
Age
|
Fund
|
Date
|
During Last 5 Years
|
MATTHEW
|
Vice
|
2011
|
Vice President of Calvert Investment Management, Inc. (since 2011) and
|
DUCH
|
President
|
|
portfolio manager for Calvert’s taxable fixed-income funds.
|
AGE: 37
|
|
|
|
IVY WAFFORD
|
Assistant
|
1996
|
Assistant Vice President, Assistant Secretary and Deputy General
|
DUKE
, Esq.
|
Vice-
|
CSIF
|
Counsel of Calvert Investments, Inc., and Chief Compliance Officer for
|
AGE: 44
|
President &
|
|
Calvert Investment Management, Inc. and Calvert Investment
|
|
Assistant
|
2000
|
Distributors, Inc.
|
|
Secretary
|
CSIS
|
|
|
|
|
1996
|
|
|
|
CWVF
|
|
|
|
|
2000
|
|
|
|
Impact
|
|
PATRICK FAUL
|
Vice
|
2010
|
Vice President of Calvert Investment Management, Inc. since 2008, and
|
AGE: 47
|
President
|
|
Head of Credit Research since 2009. Prior to 2009, Mr. Faul was Co-
|
|
|
|
Head of Credit Research (2008) and a Senior Securities Analyst (prior to
|
|
|
|
2008).
|
TRACI L.
|
Assistant
|
2004
|
Electronic Filing Manager and Administrative Operations Manager
|
GOLDT
|
Secretary
|
|
(since 2011) and Executive Assistant to General Counsel, Calvert
|
AGE: 38
|
|
|
Investments, Inc. (prior to 2011).
|
www calvert.
com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
60
|
|
|
|
HUI PING HO,
|
Assistant
|
2000
|
Assistant Treasurer and Tax Compliance Manager of Calvert
|
CPA
|
Treasurer
|
|
Investments, Inc.
|
AGE: 47
|
|
|
|
|
LANCELOT A.
|
Assistant
|
2002
|
Assistant Vice President, Assistant Secretary and Associate General
|
KING,
Esq.
|
Vice
|
|
Counsel of Calvert Investments, Inc.
|
AGE: 42
|
President &
|
|
|
|
Assistant
|
|
|
|
Secretary
|
|
|
|
AUGUSTO DIVO
MACEDO, Esq.
|
Assistant
|
2007
|
Assistant Vice President, Assistant Secretary, and Assistant General
Counsel Compliance of Calvert Investments, Inc.
|
Vice
|
|
AGE: 49
|
President &
|
|
|
|
Assistant
|
|
|
|
Secretary
|
|
|
ANDREW K.
|
Assistant
|
2006
|
Assistant Vice President, Assistant Secretary & Associate General
|
NIEBLER,
Esq.
|
Vice
|
|
Counsel of Calvert Investments, Inc.
|
AGE: 45
|
President &
|
|
|
|
Assistant
|
|
|
|
Secretary
|
|
|
CATHERINE P.
|
Vice
|
2004
|
Senior Vice President of Calvert Investment Management, Inc. and Chief
|
ROY
|
President
|
|
Investment Officer – Fixed Income.
|
AGE: 56
|
|
|
|
www calvert.
com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
61
|
|
|
|
|
Position
|
Position
|
|
Name &
|
with
|
Start
|
Principal Occupation
|
Age
|
Fund
|
Date
|
During Last 5 Years
|
WILLIAM M.
|
Vice
|
1990
|
Senior Vice President, Secretary, and General Counsel of Calvert
|
TARTIKOFF,
|
President
|
CSIF
|
Investments, Inc.
|
Esq
.
|
and
|
|
|
AGE: 65
|
Secretary
|
2000
|
|
|
|
CSIS
|
|
|
|
|
1992
|
|
|
|
CWVF
|
|
|
|
|
2000
|
|
|
|
Impact
|
|
|
NATALIE
|
Vice
|
2008
|
Senior Vice President of Calvert Investment Management, Inc., and
|
TRUNOW
|
President
|
|
Chief Investment Officer - Equities. Prior to joining Calvert in August
|
AGE: 44
|
|
|
2008, Ms. Trunow was the Section Head (2005-2008) and Portfolio
|
|
|
|
Manager (2001-2008) for the Global Public Markets Group of General
|
|
|
|
Motors Asset Management.
|
www calvert.
com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
62
|
|
|
|
RONALD M.
|
Treasurer
|
1982
|
Executive Vice President and Chief Financial and Administrative Officer
|
WOLFSHEIMER
|
|
CSIF
|
of Calvert Investments, Inc.
|
CPA
|
|
|
|
AGE: 60
|
|
2000
|
|
|
|
CSIS
|
|
|
|
|
1992
|
|
|
|
CWVF
|
|
|
|
|
2000
|
|
|
|
Impact
|
|
MICHAEL V.
|
Fund
|
1999
|
Vice President of Fund Administration of Calvert Investment
|
YUHAS, JR.
,
|
Controller
|
CSIF
|
Administrative Services, Inc.
|
CPA
|
|
|
|
AGE: 51
|
|
2000
|
|
|
|
CSIS
|
|
|
|
|
1999
|
|
|
|
CWVF
|
|
|
|
|
2000
|
|
|
|
Impact
|
|
www calvert.
com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
63
*The address of Trustees/Directors and Officers is 4550 Montgomery Avenue, Suite 1000N, Bethesda, Maryland 20814, except Mr. Silby’s address is 1715 18th Street, N.W., Washington, DC 20009. Ms. Krumsiek is an interested person of the Fund since she is an officer and director of the Fund’s advisor and certain affiliates. Mr. Silby is an interested person of the Fund since he is a director of the parent company of the Fund’s advisor.
Additional information about the Fund’s Trustees/Directors can be found in the Statement of Additional Information (SAI). You can get a free copy of the SAI at www.calvert.com, or by contacting your broker, or the Fund at 1-800-368-2745.
www calvert.
com
CALVERT SOCIAL INDEX FUND ANNUAL REPORT (UNAUDITED)
64
To Open an Account
800-368-2748
Yields and Prices
Calvert Information Network
(24 hours, 7 days a week)
800-368-2745
Service for Existing Account
Shareholders: 800-368-2745
Brokers: 800-368-2746
TDD for Hearing Impaired
800-541-1524
Branch Office
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
Registered, Certified
or Overnight Mail
Calvert Investments
c/o BFDS,
330 West 9th Street
Kansas City, MO 64105
Web Site
www.calvert.com
Principal Underwriter
Calvert Investment Distributors, Inc.
4550 Montgomery Avenue
Suite 1000 North
Bethesda, Maryland 20814
This report is intended to provide fund information to shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
Note: The information on our website is not incorporated by reference into this report; our website address is included as an inactive textual reference only.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Calvert Funds. This and other important information is contained in the fund’s summary prospectus and prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call Calvert at 800/368-2745 or visit www. calvert.com.