Frequently Asked Questions

1. Why did I receive this check?

You received a check because your account was identified as being impacted by a settlement between Calvert Investment Management, Inc. and Calvert Investment Distributors, Inc., and the Securities and Exchange Commission.

2. What is the settlement about?

The settlement proceedings arose from the improper use of mutual fund assets for the distribution and marketing of fund shares outside of a written, approved Rule 12b-1 plan, as well as to pay expenses in excess of the mutual funds’ expense caps, during the period January 1, 2008 through December 31, 2014 (“Relevant Period”). Calvert Investment Management, Inc., a registered investment adviser, and Calvert Investment Distributors, Inc., its broker-dealer affiliate (“Respondents”), caused Calvert-advised funds to pay intermediaries outside of a written, approved 12b-1 plan, and were not paid by Respondents out of their own resources (e.g., as so-called “revenue sharing payments”).

For more information about the settlement, please visit the SEC's website.

3. How much were Respondents ordered to pay in the settlement?

In total, Respondents paid $22,614,534 into a Distribution Fund. The settlement amount includes disgorgement of $17,829,804, prejudgment interest of $3,784,730, and a civil penalty of $1,000,000.

4. Who performed the calculation?

Respondents retained SS&C Asset Manager Solutions, Inc. (“SS&C”), (formerly Boston Financial Data Services and DST Asset Manager Solutions, Inc.) the Calvert Fair Fund Administrator and TM Financial Forensics, LLC (“TMF”), an economic analysis firm. As the Fair Fund Distribution Administrator, SS&C, collected and aggregated the Fair Fund data, performed payment calculations based on an allocation methodology developed by TMF and managed the administration of the distribution payments.

5. How were payments calculated?

Distribution payments are comprised of three components:

Each of these components is separately reported on the stub accompanying your check.

NOTE: You should consult your financial professional or tax advisor with respect to the specific tax consequences of the distribution payment

To read more about the tax consequences please review the "Calvert Revenue Sharing Fair Fund Statement to Eligible Investors" located on the Tax Information page.

6. Is this a real check? Am I obligated to do anything if I cash this check?

The check that you have received is a real check. By cashing or depositing this check you are not obligating yourself to anything.

NOTE: You should consult with your financial professional or tax advisor prior to cashing or depositing this check to determine the potential tax consequences and appropriate tax treatment for your particular situation.

7. How long do I have to cash this distribution check?

Original distribution checks will expire ninety (90) days from the date the check was issued. A re-issued or replaced distribution check will expire thirty (30) days from the date of reissue.

8. What happens if I do not cash this check?

All distribution checks not cashed within ninety (90) days for initial checks and thirty (30) days for reissued or replaced checks, shall be voided. Unclaimed monies will be sent to the U.S. Treasury, per the terms of the Order. After such monies are sent to the U.S. Treasury, shareholders no longer have a right to receive the distribution payment.

9. If I lost my check, will a replacement check be reissued?

Yes, a replacement check can be issued. Please contact the Fair Fund Distribution Administrator at 1-844-753-6351 for assistance.

Please note it will take approximately 7-10 business days for a new check to be issued and mailed.

If you should locate the original check after requesting a replacement check, a stop payment will be placed on the original check and it will no longer be valid. Presenting a check that has been stopped may result in a service fee charge imposed by your Financial Institution. The Fair Fund Distribution Administrator is not responsible for any charges incurred as a result of a stopped payment.

10. What are the tax consequences from this settlement?

Miller Kaplan Arase, LLP (“MKA”), tax administrator, was retained by the Respondents to review the potential tax consequences of the Calvert Fair Fund Distribution. MKA has prepared a notice entitled “Calvert Revenue Sharing Fair Fund Statement to Eligible Investors,” or SEI. This document is available on the Tax Information page.

NOTE: You should consult with your tax advisor prior to cashing or depositing this check to determine the potential tax consequences and appropriate tax treatment for your particular situation.

11. Will I receive an IRS Form 1099 to use when filing my taxes for 2019?

Generally, if you are (or are presumed to be) a U.S. person for federal tax purposes, you will receive a Form 1099-INT for the distribution if the interest portion of your distribution is $600.00 or more. If you are (or are presumed to be) a nonresident alien of the U.S., or subject to the Foreign Account Tax Compliance Act (known as FATCA), you may receive different tax forms. The Calvert Fair Fund Distribution is a Qualified Settlement Fund (“QSF”) under the Internal Revenue Code. The Form 1099-INT (or other tax form, if applicable) will be produced and mailed under separate cover by the Tax Administrator retained by SS&C Asset Management Solutions for the tax year 2019.

NOTE: You should consult with your tax advisor prior to cashing or depositing this check to determine the potential tax consequences and appropriate tax treatment for your particular situation.

12. What are the Affected Funds?

#Fund #Fund Name and Class
1.964Calvert Aggressive Allocation Fund - A Shares
2.657Calvert Aggressive Allocation Fund - C Shares
3.905Calvert Balanced Portfolio - A Shares
4.123Calvert Balanced Portfolio - A Shares
5.245Calvert Balanced Portfolio - B Shares
6.796Calvert Balanced Portfolio - I Shares
7.530Calvert Balanced Portfolio - Y Shares
8.605Calvert Balanced Portfolio- C Shares
9.916Calvert Bond Portfolio - A Shares
10.246Calvert Bond Portfolio - B Shares
11.616Calvert Bond Portfolio - C Shares
12.797Calvert Bond Portfolio - I Shares
13.366Calvert Bond Portfolio - Y Shares
14.914Calvert Capital Accumulation Fund - A Shares
15.222Calvert Capital Accumulation Fund - B Shares
16.614Calvert Capital Accumulation Fund - C Shares
17.764Calvert Capital Accumulation Fund - I Shares
18.342Calvert Capital Accumulation Fund - Y Shares
19.962Calvert Conservative Allocation Fund - A Shares
20.655Calvert Conservative Allocation Fund - C Shares
21.1068Calvert Emerging Markets Equity Fund - A Shares
22.1168Calvert Emerging Markets Equity Fund - C Shares
23.1368Calvert Emerging Markets Equity Fund - I Shares
24.1268Calvert Emerging Markets Equity Fund - Y Shares
25.982Calvert Equity Income Fund - A Shares
26.482Calvert Equity Income Fund - C Shares
27.583Calvert Equity Income Fund - Y Shares
28.919Calvert Equity Portfolio - A Shares
29.47Calvert Equity Portfolio - A Shares
30.248Calvert Equity Portfolio - B Shares
31.619Calvert Equity Portfolio - C Shares
32.798Calvert Equity Portfolio - I Shares
33.369Calvert Equity Portfolio - Y Shares
34.971Calvert Global Alternative Energy Fund - A Shares
35.666Calvert Global Alternative Energy Fund - C Shares
36.744Calvert Global Alternative Energy Fund - I Shares
37.365Calvert Global Alternative Energy Fund - Y Shares
38.973Calvert Global Water Fund - A Shares
39.600Calvert Global Water Fund - C Shares
40.801Calvert Global Water Fund - I Shares
41.350Calvert Global Water Fund - Y Shares
42.974Calvert Government Fund - A Shares
43.654Calvert Government Fund - C Shares
44.803Calvert Government Fund - I Shares
45.898Calvert Green Bond Fund – A
46.578Calvert Green Bond Fund – I
47.498Calvert Green Bond Fund – Y
48.980Calvert High Yield Bond Fund - A Shares
49.479Calvert High Yield Bond Fund - C Shares
50.867Calvert High Yield Bond Fund - I Shares
51.318Calvert High Yield Bond Fund - Y Shares
52.908Calvert Income Fund - A Shares
53.40Calvert Income Fund - A Shares
54.208Calvert Income Fund - B Shares
55.608Calvert Income Fund - C Shares
56.717Calvert Income Fund - I Shares
57.800Calvert Income Fund - R Shares
58.356Calvert Income Fund - Y Shares
59.926Calvert International Equity Fund - A Shares
60.223Calvert International Equity Fund - B Shares
61.626Calvert International Equity Fund - C Shares
62.763Calvert International Equity Fund - I Shares
63.363Calvert International Equity Fund - Y Shares
64.972Calvert International Opportunities Fund - A Shares
65.651Calvert International Opportunities Fund - C Shares
66.745Calvert International Opportunities Fund - I Shares
67.361Calvert International Opportunities Fund - Y Shares
68.910Calvert Large Cap Core Portfolio - A Shares
69.203Calvert Large Cap Core Portfolio - B Shares
70.610Calvert Large Cap Core Portfolio - C Shares
71.710Calvert Large Cap Core Portfolio - I Shares
72.540Calvert Large Cap Core Portfolio - Y Shares
73.979Calvert Large Cap Value Fund - A Shares
74.601Calvert Large Cap Value Fund - C Shares
75.379Calvert Large Cap Value Fund - Y Shares
76.929Calvert Long-Term Income Fund - A Shares
77.963Calvert Moderate Allocation Fund - A Shares
78.656Calvert Moderate Allocation Fund - C Shares
79.923Calvert Short Duration Income Fund - A Shares
80.623Calvert Short Duration Income Fund - C Shares
81.512Calvert Short Duration Income Fund - I Shares
82.355Calvert Short Duration Income Fund - Y Shares
83.960Calvert Small Cap Fund - A Shares
84.89Calvert Small Cap Fund - A Shares
85.465Calvert Small Cap Fund - B Shares
86.659Calvert Small Cap Fund - C Shares
87.761Calvert Small Cap Fund - I Shares
88.866Calvert Small Cap Fund - Y Shares
89.933Calvert Social Index Fund - A Shares
90.433Calvert Social Index Fund - B Shares
91.633Calvert Social Index Fund - C Shares
92.769Calvert Social Index Fund - I Shares
93.553Calvert Social Index Fund - Y Shares
94.913Calvert Tax-Free Bond Fund - A Shares
95.970Calvert Ultra-Short Income Fund - A Shares
96.804Calvert Ultra-Short Income Fund - I Shares
97.370Calvert Ultra-Short Income Fund - Y Shares
98.901Calvert First Government Money Market Fund - O
99.202Calvert First Government Money Market Fund - B
100.669Calvert First Government Money Market Fund - C
101.934Calvert Large Cap Growth Fund – A
102.434Calvert Large Cap Growth Fund – B
103.636Calvert Large Cap Growth Fund -C
104.197Calvert Large Cap Growth Fund – I
105.364Calvert Large Cap Growth Fund – Y
106.961Calvert Mid Cap Value Fund – A
107.660Calvert Mid Cap Value Fund – C
108.928Calvert National Municipal Fund
109.911Calvert New Vision Small Cap Fund - A
110.221Calvert New Vision Small Cap Fund - B
111.611Calvert New Vision Small Cap Fund - C
112.765Calvert New Vision Small Cap Fund- I
113.981Calvert Short Term Government Fund - A
114.760Calvert Short-Term Government Fund - I
115.879Summit Large Cap Growth Portfolio - A
116.903Calvert Tax Free Reserves, Limited Term Portfolio
117.924Calvert Tax Free Reserves, Vermont Portfolio
118.902Calvert Tax-Free Reserves Money Market Portfolio - O
119.585Calvert Unconstrained Bond Fund – A
120.904Calvert Money Market Portfolio
121.942Calvert Variable Series, Balanced Portfolio
122.396Calvert Variable Series, Inc., Calvert VP SRI Equity Portfolio
123.398Calvert Variable Series, Inc., Calvert VP Income Portfolio
124.940Calvert Variable Series, Inc., Calvert Social International Equity Portfolio
125.941Calvert Variable Series, Inc., Calvert VP SRI Mid Cap Growth Portfolio
126.59DC College Savings 0-5 – A
127.62DC College Savings 6-10 – A
128.63DC College Savings 11-13 – A
129.65DC College Savings 14-16 – A
130.82State Street Equity 500 Index – A
131.136Calvert International Equity DC 529 – A

13. Does CRM have information about the distribution payments?

No. All information relating to the distribution is in the possession of DST as Distribution Administrator. CRM, the Funds’ current investment adviser and administrator, does not have information relating to the distribution payments.