Sustainable & Responsible Investing
Special Equities

The following Calvert funds may choose to allocate a small portion of their assets for early, privately placed investments in companies run by visionary entrepreneurs who seek profitable ways of addressing society's needs:

Up to 3% of Fund Assets

  • Calvert Balanced Portfolio
  • Calvert Capital Accumulation Fund
  • Calvert Emerging Markets Equity Fund
  • Calvert Equity Portfolio
  • Calvert Global Alternative Energy Fund
  • Calvert Global Water Fund
  • Calvert International Equity Fund
  • Calvert International Opportunities Fund
  • Calvert Large Cap Core Portfolio
  • Calvert Small Cap Fund

     

Up to 1% of Fund Assets

  • Calvert Equity Income Fund
  • Calvert Large Cap Value Fund
  • Calvert Social Index Fund

     

The Calvert Special Equities Program, while generally comprising a small percentage of any participating Fund's assets, invests in many investments that involve relatively high risks. These include:

  • Foreign securities
  • Below-investment-grade, high-yield debt securities
  • Emerging market securities
  • Real estate investment trusts
  • Small-cap issuers
  • Limited partnerships, and
  • Securities with debt and equity characteristics (among others)

The Special Equities Committee of each fund's board of directors/trustees identifies, evaluates, and selects the Special Equities investments. The companies in which the program invests seek to provide market-based solutions to some of the more difficult social, environmental, and health problems facing society today. Since 1992, Calvert has invested in many young enterprises through this unique venture capital program. We hope these long-term venture-capital investments will generate a greater return not only for our investors but for future generations as well.

Sample holdings include the following:

Leapfrog Financial Inclusion Fund

Leapfrog Financial Inclusion Fund, Johannesburg, South Africa

LeapFrog is an international fund focused on the growing field of microinsurance: life, health, property, and disability insurance products for low-income populations. It is estimated that only 2% of low-income people in the world's poorest countries have access to insurance of any kind. Unexpected shocks can be especially devastating to this population. Insurance can provide some measure of protection as well as a means of moving forward. The Fund provides capital and technical assistance to microinsurers - either to expand an existing microinsurance operation or to launch new joint ventures that bring together existing risk carriers (e.g. insurance companies) and distributors/agents such as microfinance institutions (MFIs), churches, or retail chains to provide microinsurance products appropriate to their markets.

Kickboard

Kickboard, New Orleans, Louisiana

Kickboard is a next-generation platform in K-12 education that goes beyond the gradebook and expands the view of student achievement by enabling teachers to collect, analyze and share comprehensive student learning profiles, including formative assessment, standards mastery, reading growth, family engagement, extracurriculars, personal interests, and character strengths. By helping educators track whole student performance, Kickboard improves instruction and better supports student success.  The platform is now used by 200 schools in 20 states.

As of March 31, 2013, Leapfrog Investments represented 0.02% of the assets of Calvert Equity Portfolio, and Kickboard represented 0.05% of the assets of Calvert Balanced Portfolio. Holdings are subject to change.

Investment in mutual funds involves risk, including possible loss of principal invested. In addition to the risks associated with the types of investments identified above, the Special Equities investments that the Funds make involve a high degree of risk and are all subject to liquidity, information and transaction risk. These risks may cause the value of an investment to decline below its costs and, in some instances, to lose its value entirely.

B120 (3/13)

Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member, FINRA, and subsidiary of Calvert Investments, Inc. 800.368.2748

Calvert Investment Management, Inc. serves as the investment advisor and provides sustainability research for the Calvert mutual funds and institutional investment strategies.

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