# EDGAR Filing Document

**Accession Number:** 0001121624
**File Stem:** 0001193125-25-300025
**Filing Date:** 2025-11
**Character Count:** 598510
**Document Hash:** c4cd805a1654fccbc71a40235d48af5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-300025.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-300025

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calvert Impact Fund, Inc.
- **CENTRAL INDEX KEY:** 0001121624

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10045
- **FILM NUMBER:** 251528862

**BUSINESS ADDRESS:**
- **STREET 1:** 2050 M STREET NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036
- **BUSINESS PHONE:** 8002256265

**MAIL ADDRESS:**
- **STREET 1:** 2050 M STREET NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALVERT IMPACT FUND INC
- **DATE OF NAME CHANGE:** 20000809

## Series and Classes Contracts Data

### Calvert Small-Cap Fund (Series ID: S000008714)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000023745 | Class A                         | CCVAX           |
| C000023746 | Class C                         | CSCCX           |
| C000023747 | Class I                         | CSVIX           |
| C000211123 | Calvert Small-Cap Fund Class R6 | CALRX           |

### Calvert Global Energy Solutions Fund (Series ID: S000017171)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047593 | Class A      | CGAEX           |
| C000047595 | Class C      | CGACX           |
| C000047596 | Class I      | CAEIX           |

### Calvert Global Water Fund (Series ID: S000024182)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000070983 | Class A                           | CFWAX           |
| C000070984 | Class C                           | CFWCX           |
| C000139783 | Calvert Global Water Fund Class I | CFWIX           |

### Calvert Green Bond Fund (Series ID: S000042600)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000131729 | Class A                          | CGAFX           |
| C000131731 | Class I                          | CGBIX           |
| C000211124 | Calvert Green Bond Fund Class R6 | CBGRX           |

?xml version='1.0' encoding='ASCII'? Calvert Impact Fund Inc

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act File Number: 811-10045

## Calvert Impact Fund, Inc.

#### (Exact Name of Registrant as Specified in Charter)

#### 2050 M Street NW, Suite 200, Washington, DC 20036

#### (Address of Principal Executive Offices)

#### Deidre E. Walsh

#### One Post Office Square, Boston, Massachusetts 02109

#### (Name and Address of Agent for Services)
(202) 238-2200

#### (Registrant's Telephone Number)

#### September 30

#### Date of Fiscal Year End

#### September 30, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) # Calvert Global Energy Solutions Fund

# Class A CGAEX
![Image](g37159i9db79f8ac5804794f72a.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Global Energy Solutions Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $132 | 1.24% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI ACWI Index (the Index):

↓ Not owning NVIDIA Corp, a leading contributor to global equity markets, detracted due to another strong year driven by surging AI/data-centre demand and record high margins

↓ Not owning Broadcom Inc. detracted from returns as record AI-networking led revenue growth made it a key driver of technology market leadership

↓ An overweight position in Enphase Energy, Inc. hampered returns as slowing solar module demand and margin pressure weighed on its share price

↓ An overweight position in Orsted A/S, a renewable energy firm, hurt as broader renewable headwinds and contract renegotiation costs weighed on performance

↑ An out-of-index position in Bloom Energy Corp. contributed to returns as it posted record full-year revenue and strong quarters from scaling its business

↑ An overweight position in Siemens Energy AG helped returns as high order intake and rising demand for grid and gas services led to an upgraded outlook

↑ An overweight position in Delta Electronics, Inc. helped performance due to strong revenue and net income growth reflecting demand for efficient power solutions

↑ An out-of-index position in Arcadium Lithium Plc, also helped returns as its premium-priced acquisition and lithium-chemicals growth story lifted sentiment

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g37159id3185ed4e480f769fb94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **MSCI ACWI Index** | **Calvert Global Energy Research Spliced Benchmark** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $10413 | $10785 | $10650 |
| **11/15** | $10199 | $10696 | $10738 |
| **12/15** | $10615 | $10503 | $11028 |
| **1/16** | $9675 | $9869 | $9913 |
| **2/16** | $9675 | $9802 | $10125 |
| **3/16** | $10351 | $10528 | $10874 |
| **4/16** | $10351 | $10683 | $10848 |
| **5/16** | $10219 | $10697 | $10659 |
| **6/16** | $9774 | $10632 | $10426 |
| **7/16** | $10120 | $11090 | $10870 |
| **8/16** | $10087 | $11128 | $11002 |
| **9/16** | $10269 | $11196 | $11106 |
| **10/16** | $9725 | $11006 | $10742 |
| **11/16** | $9576 | $11089 | $10602 |
| **12/16** | $9794 | $11329 | $10907 |
| **1/17** | $10144 | $11639 | $11304 |
| **2/17** | $10361 | $11965 | $11552 |
| **3/17** | $10494 | $12112 | $11690 |
| **4/17** | $10777 | $12300 | $12015 |
| **5/17** | $11077 | $12572 | $12363 |
| **6/17** | $11260 | $12629 | $12575 |
| **7/17** | $11560 | $12982 | $12919 |
| **8/17** | $11610 | $13032 | $12987 |
| **9/17** | $12043 | $13284 | $13488 |
| **10/17** | $12509 | $13559 | $14031 |
| **11/17** | $12443 | $13822 | $13970 |
| **12/17** | $12675 | $14045 | $14283 |
| **1/18** | $13147 | $14837 | $14837 |
| **2/18** | $12422 | $14214 | $14049 |
| **3/18** | $12304 | $13910 | $13823 |
| **4/18** | $12203 | $14042 | $13800 |
| **5/18** | $12321 | $14060 | $13918 |
| **6/18** | $11765 | $13984 | $13279 |
| **7/18** | $12051 | $14406 | $13603 |
| **8/18** | $11950 | $14519 | $13512 |
| **9/18** | $11714 | $14582 | $13278 |
| **10/18** | $10551 | $13489 | $11910 |
| **11/18** | $10922 | $13686 | $12335 |
| **12/18** | $10182 | $12722 | $11494 |
| **1/19** | $11313 | $13727 | $12810 |
| **2/19** | $11707 | $14094 | $13306 |
| **3/19** | $11587 | $14271 | $13160 |
| **4/19** | $12085 | $14753 | $13745 |
| **5/19** | $11262 | $13878 | $12799 |
| **6/19** | $12136 | $14787 | $13829 |
| **7/19** | $11947 | $14830 | $13722 |
| **8/19** | $11759 | $14478 | $13427 |
| **9/19** | $12136 | $14783 | $13876 |
| **10/19** | $12530 | $15188 | $14358 |
| **11/19** | $12856 | $15558 | $14751 |
| **12/19** | $13558 | $16106 | $15606 |
| **1/20** | $13385 | $15928 | $15473 |
| **2/20** | $12883 | $14642 | $14741 |
| **3/20** | $10372 | $12665 | $11916 |
| **4/20** | $11705 | $14022 | $13480 |
| **5/20** | $12467 | $14632 | $14307 |
| **6/20** | $13246 | $15099 | $15216 |
| **7/20** | $14632 | $15898 | $16893 |
| **8/20** | $16329 | $16871 | $18888 |
| **9/20** | $16519 | $16327 | $19073 |
| **10/20** | $16640 | $15930 | $19229 |
| **11/20** | $19705 | $17894 | $22877 |
| **12/20** | $21847 | $18724 | $25384 |
| **1/21** | $22405 | $18639 | $26173 |
| **2/21** | $21934 | $19071 | $25640 |
| **3/21** | $22074 | $19580 | $25799 |
| **4/21** | $22213 | $20436 | $26039 |
| **5/21** | $22440 | $20754 | $26339 |
| **6/21** | $22893 | $21028 | $26847 |
| **7/21** | $23085 | $21173 | $27095 |
| **8/21** | $23417 | $21703 | $27542 |
| **9/21** | $22301 | $20806 | $26306 |
| **10/21** | $24131 | $21868 | $28428 |
| **11/21** | $23277 | $21342 | $27404 |
| **12/21** | $23268 | $22195 | $27471 |
| **1/22** | $21153 | $21105 | $24821 |
| **2/22** | $21432 | $20560 | $25321 |
| **3/22** | $21747 | $21005 | $25845 |
| **4/22** | $19754 | $19324 | $23505 |
| **5/22** | $20453 | $19347 | $24187 |
| **6/22** | $18513 | $17716 | $21898 |
| **7/22** | $20523 | $18953 | $24324 |
| **8/22** | $19789 | $18255 | $23630 |
| **9/22** | $17237 | $16508 | $20616 |
| **10/22** | $18006 | $17504 | $21473 |
| **11/22** | $20331 | $18862 | $23941 |
| **12/22** | $19160 | $18119 | $22901 |
| **1/23** | $20972 | $19418 | $25015 |
| **2/23** | $20110 | $18862 | $24157 |
| **3/23** | $20796 | $19443 | $24898 |
| **4/23** | $20356 | $19723 | $24395 |
| **5/23** | $20110 | $19511 | $24100 |
| **6/23** | $21095 | $20644 | $25304 |
| **7/23** | $21781 | $21400 | $26229 |
| **8/23** | $20022 | $20802 | $24118 |
| **9/23** | $18509 | $19942 | $22335 |
| **10/23** | $16855 | $19342 | $20239 |
| **11/23** | $18650 | $21127 | $22495 |
| **12/23** | $20191 | $22142 | $24360 |
| **1/24** | $18470 | $22272 | $22427 |
| **2/24** | $18789 | $23228 | $22684 |
| **3/24** | $19570 | $23957 | $23664 |
| **4/24** | $18896 | $23167 | $22947 |
| **5/24** | $20564 | $24108 | $24813 |
| **6/24** | $19268 | $24644 | $23345 |
| **7/24** | $19872 | $25042 | $24083 |
| **8/24** | $20013 | $25678 | $24280 |
| **9/24** | $21007 | $26274 | $25566 |
| **10/24** | $19836 | $25685 | $24090 |
| **11/24** | $19747 | $26645 | $23969 |
| **12/24** | $18711 | $26015 | $22797 |
| **1/25** | $18765 | $26888 | $22949 |
| **2/25** | $18640 | $26726 | $22718 |
| **3/25** | $18264 | $25670 | $22193 |
| **4/25** | $18908 | $25909 | $23049 |
| **5/25** | $20269 | $27399 | $24736 |
| **6/25** | $21379 | $28629 | $26071 |
| **7/25** | $22149 | $29017 | $27174 |
| **8/25** | $23116 | $29734 | $28342 |
| **9/25** | $23811 | $30811 | $29185 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 13.36% | 7.59% | 9.65% |
| Class A with 5.25% Maximum Sales Charge | 7.38% | 6.43% | 9.06% |
| MSCI ACWI Index (net of foreign withholding taxes) | 17.27% | 13.54% | 11.90% |
| Calvert Global Energy Research Spliced Benchmark<sup>Footnote Reference2</sup> | 14.16% | 8.88% | 11.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective October 4, 2016, the Fund changed its investment objective and principal investment strategies. Performance prior to October 4, 2016 reflects the Fund's performance under its former investment objective and policies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Benchmark is comprised of the Alerian Global Alternative Energy Index prior to October 4, 2016 and Calvert Global Energy Research Index thereafter. The Calvert Global Energy Research Index includes stocks of companies that manage energy in a sustainable manner or are facilitating the move to a more sustainable economy. The Calvert Global Energy Research Index incepted on July 15, 2016; accordingly, the ten year return is not available. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $155238702 |
| # of Portfolio Holdings | 174 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $715150 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g37159i778a44a49339b00d71e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 26.0% |
| Denmark | 3.5% |
| United Kingdom | 3.8% |
| Spain | 4.4% |
| France | 4.6% |
| Taiwan | 4.6% |
| Canada | 4.7% |
| Japan | 4.8% |
| Germany | 5.6% |
| China | 5.6% |
| United States | 32.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Orsted AS | 1.5% |
| SSE PLC | 1.0% |
| EDP SA | 1.0% |
| EDP Renovaveis SA | 0.9% |
| Ormat Technologies, Inc. | 0.9% |
| Brookfield Renewable Partners LP | 0.9% |
| Bloom Energy Corp., Class A | 0.9% |
| Neste OYJ | 0.9% |
| Elia Group SA | 0.9% |
| Brookfield Renewable Corp. | 0.9% |
| Total | 9.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g37159i75f820897a6b977b600b.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report September 30, 2025

# CGAEX-TSR-AR

# Calvert Global Energy Solutions Fund

# Class C CGACX
![Image](g37159i9db79f8ac5804794f72a.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Global Energy Solutions Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $211 | 1.99% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI ACWI Index (the Index):

↓ Not owning NVIDIA Corp, a leading contributor to global equity markets, detracted due to another strong year driven by surging AI/data-centre demand and record high margins

↓ Not owning Broadcom Inc. detracted from returns as record AI-networking led revenue growth made it a key driver of technology market leadership

↓ An overweight position in Enphase Energy, Inc. hampered returns as slowing solar module demand and margin pressure weighed on its share price

↓ An overweight position in Orsted A/S, a renewable energy firm, hurt as broader renewable headwinds and contract renegotiation costs weighed on performance

↑ An out-of-index position in Bloom Energy Corp. contributed to returns as it posted record full-year revenue and strong quarters from scaling its business

↑ An overweight position in Siemens Energy AG helped returns as high order intake and rising demand for grid and gas services led to an upgraded outlook

↑ An overweight position in Delta Electronics, Inc. helped performance due to strong revenue and net income growth reflecting demand for efficient power solutions

↑ An out-of-index position in Arcadium Lithium Plc, also helped returns as its premium-priced acquisition and lithium-chemicals growth story lifted sentiment

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g37159iab933bde59eabbe49181.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **MSCI ACWI Index** | **Calvert Global Energy Research Spliced Benchmark** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $10978 | $10785 | $10650 |
| **11/15** | $10738 | $10696 | $10738 |
| **12/15** | $11181 | $10503 | $11028 |
| **1/16** | $10166 | $9869 | $9913 |
| **2/16** | $10185 | $9802 | $10125 |
| **3/16** | $10867 | $10528 | $10874 |
| **4/16** | $10867 | $10683 | $10848 |
| **5/16** | $10720 | $10697 | $10659 |
| **6/16** | $10240 | $10632 | $10426 |
| **7/16** | $10609 | $11090 | $10870 |
| **8/16** | $10572 | $11128 | $11002 |
| **9/16** | $10738 | $11196 | $11106 |
| **10/16** | $10185 | $11006 | $10742 |
| **11/16** | $10018 | $11089 | $10602 |
| **12/16** | $10242 | $11329 | $10907 |
| **1/17** | $10593 | $11639 | $11304 |
| **2/17** | $10796 | $11965 | $11552 |
| **3/17** | $10944 | $12112 | $11690 |
| **4/17** | $11222 | $12300 | $12015 |
| **5/17** | $11536 | $12572 | $12363 |
| **6/17** | $11721 | $12629 | $12575 |
| **7/17** | $12017 | $12982 | $12919 |
| **8/17** | $12072 | $13032 | $12987 |
| **9/17** | $12497 | $13284 | $13488 |
| **10/17** | $12978 | $13559 | $14031 |
| **11/17** | $12904 | $13822 | $13970 |
| **12/17** | $13143 | $14045 | $14283 |
| **1/18** | $13626 | $14837 | $14837 |
| **2/18** | $12864 | $14214 | $14049 |
| **3/18** | $12734 | $13910 | $13823 |
| **4/18** | $12604 | $14042 | $13800 |
| **5/18** | $12734 | $14060 | $13918 |
| **6/18** | $12139 | $13984 | $13279 |
| **7/18** | $12436 | $14406 | $13603 |
| **8/18** | $12325 | $14519 | $13512 |
| **9/18** | $12083 | $14582 | $13278 |
| **10/18** | $10856 | $13489 | $11910 |
| **11/18** | $11246 | $13686 | $12335 |
| **12/18** | $10478 | $12722 | $11494 |
| **1/19** | $11640 | $13727 | $12810 |
| **2/19** | $12033 | $14094 | $13306 |
| **3/19** | $11902 | $14271 | $13160 |
| **4/19** | $12408 | $14753 | $13745 |
| **5/19** | $11546 | $13878 | $12799 |
| **6/19** | $12427 | $14787 | $13829 |
| **7/19** | $12240 | $14830 | $13722 |
| **8/19** | $12033 | $14478 | $13427 |
| **9/19** | $12427 | $14783 | $13876 |
| **10/19** | $12821 | $15188 | $14358 |
| **11/19** | $13139 | $15558 | $14751 |
| **12/19** | $13864 | $16106 | $15606 |
| **1/20** | $13657 | $15928 | $15473 |
| **2/20** | $13131 | $14642 | $14741 |
| **3/20** | $10572 | $12665 | $11916 |
| **4/20** | $11927 | $14022 | $13480 |
| **5/20** | $12698 | $14632 | $14307 |
| **6/20** | $13488 | $15099 | $15216 |
| **7/20** | $14880 | $15898 | $16893 |
| **8/20** | $16611 | $16871 | $18888 |
| **9/20** | $16780 | $16327 | $19073 |
| **10/20** | $16893 | $15930 | $19229 |
| **11/20** | $19997 | $17894 | $22877 |
| **12/20** | $22153 | $18724 | $25384 |
| **1/21** | $22699 | $18639 | $26173 |
| **2/21** | $22209 | $19071 | $25640 |
| **3/21** | $22341 | $19580 | $25799 |
| **4/21** | $22454 | $20436 | $26039 |
| **5/21** | $22680 | $20754 | $26339 |
| **6/21** | $23113 | $21028 | $26847 |
| **7/21** | $23302 | $21173 | $27095 |
| **8/21** | $23622 | $21703 | $27542 |
| **9/21** | $22473 | $20806 | $26306 |
| **10/21** | $24319 | $21868 | $28428 |
| **11/21** | $23434 | $21342 | $27404 |
| **12/21** | $23396 | $22195 | $27471 |
| **1/22** | $21267 | $21105 | $24821 |
| **2/22** | $21531 | $20560 | $25321 |
| **3/22** | $21833 | $21005 | $25845 |
| **4/22** | $19817 | $19324 | $23505 |
| **5/22** | $20514 | $19347 | $24187 |
| **6/22** | $18555 | $17716 | $21898 |
| **7/22** | $20552 | $18953 | $24324 |
| **8/22** | $19798 | $18255 | $23630 |
| **9/22** | $17236 | $16508 | $20616 |
| **10/22** | $18009 | $17504 | $21473 |
| **11/22** | $20307 | $18862 | $23941 |
| **12/22** | $19139 | $18119 | $22901 |
| **1/23** | $20928 | $19418 | $25015 |
| **2/23** | $20062 | $18862 | $24157 |
| **3/23** | $20721 | $19443 | $24898 |
| **4/23** | $20288 | $19723 | $24395 |
| **5/23** | $20024 | $19511 | $24100 |
| **6/23** | $20985 | $20644 | $25304 |
| **7/23** | $21663 | $21400 | $26229 |
| **8/23** | $19892 | $20802 | $24118 |
| **9/23** | $18385 | $19942 | $22335 |
| **10/23** | $16728 | $19342 | $20239 |
| **11/23** | $18498 | $21127 | $22495 |
| **12/23** | $20019 | $22142 | $24360 |
| **1/24** | $18304 | $22272 | $22427 |
| **2/24** | $18587 | $23228 | $22684 |
| **3/24** | $19360 | $23957 | $23664 |
| **4/24** | $18681 | $23167 | $22947 |
| **5/24** | $20302 | $24108 | $24813 |
| **6/24** | $19020 | $24644 | $23345 |
| **7/24** | $19624 | $25042 | $24083 |
| **8/24** | $19737 | $25678 | $24280 |
| **9/24** | $20698 | $26274 | $25566 |
| **10/24** | $19548 | $25685 | $24090 |
| **11/24** | $19454 | $26645 | $23969 |
| **12/24** | $18410 | $26015 | $22797 |
| **1/25** | $18448 | $26888 | $22949 |
| **2/25** | $18316 | $26726 | $22718 |
| **3/25** | $17938 | $25670 | $22193 |
| **4/25** | $18561 | $25909 | $23049 |
| **5/25** | $19881 | $27399 | $24736 |
| **6/25** | $20956 | $28629 | $26071 |
| **7/25** | $21692 | $29017 | $27174 |
| **8/25** | $22616 | $29734 | $28342 |
| **9/25** | $23655 | $30811 | $29185 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 12.55% | 6.78% | 8.98% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 11.55% | 6.78% | 8.98% |
| MSCI ACWI Index (net of foreign withholding taxes) | 17.27% | 13.54% | 11.90% |
| Calvert Global Energy Research Spliced Benchmark<sup>Footnote Reference2</sup> | 14.16% | 8.88% | 11.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective October 4, 2016, the Fund changed its investment objective and principal investment strategies. Performance prior to October 4, 2016 reflects the Fund's performance under its former investment objective and policies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Benchmark is comprised of the Alerian Global Alternative Energy Index prior to October 4, 2016 and Calvert Global Energy Research Index thereafter. The Calvert Global Energy Research Index includes stocks of companies that manage energy in a sustainable manner or are facilitating the move to a more sustainable economy. The Calvert Global Energy Research Index incepted on July 15, 2016; accordingly, the ten year return is not available. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $155238702 |
| # of Portfolio Holdings | 174 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $715150 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g37159i6c0fd6e95ca122b280ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 26.0% |
| Denmark | 3.5% |
| United Kingdom | 3.8% |
| Spain | 4.4% |
| France | 4.6% |
| Taiwan | 4.6% |
| Canada | 4.7% |
| Japan | 4.8% |
| Germany | 5.6% |
| China | 5.6% |
| United States | 32.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Orsted AS | 1.5% |
| SSE PLC | 1.0% |
| EDP SA | 1.0% |
| EDP Renovaveis SA | 0.9% |
| Ormat Technologies, Inc. | 0.9% |
| Brookfield Renewable Partners LP | 0.9% |
| Bloom Energy Corp., Class A | 0.9% |
| Neste OYJ | 0.9% |
| Elia Group SA | 0.9% |
| Brookfield Renewable Corp. | 0.9% |
| Total | 9.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g37159i75f820897a6b977b600b.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report September 30, 2025

# CGACX-TSR-AR

# Calvert Global Energy Solutions Fund

# Class I CAEIX
![Image](g37159i9db79f8ac5804794f72a.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Global Energy Solutions Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $106 | 0.99% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI ACWI Index (the Index):

↓ Not owning NVIDIA Corp, a leading contributor to global equity markets, detracted due to another strong year driven by surging AI/data-centre demand and record high margins

↓ Not owning Broadcom Inc. detracted from returns as record AI-networking led revenue growth made it a key driver of technology market leadership

↓ An overweight position in Enphase Energy, Inc. hampered returns as slowing solar module demand and margin pressure weighed on its share price

↓ An overweight position in Orsted A/S, a renewable energy firm, hurt as broader renewable headwinds and contract renegotiation costs weighed on performance

↑ An out-of-index position in Bloom Energy Corp. contributed to returns as it posted record full-year revenue and strong quarters from scaling its business

↑ An overweight position in Siemens Energy AG helped returns as high order intake and rising demand for grid and gas services led to an upgraded outlook

↑ An overweight position in Delta Electronics, Inc. helped performance due to strong revenue and net income growth reflecting demand for efficient power solutions

↑ An out-of-index position in Arcadium Lithium Plc, also helped returns as its premium-priced acquisition and lithium-chemicals growth story lifted sentiment

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g37159i539d2f15d9e86f2dc6e3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI Index** | **Calvert Global Energy Research Spliced Benchmark** |
| **9/15** | $1000000 | $1000000 | $1000000 |
| **12/15** | $1120145 | $1050290 | $1102764 |
| **3/16** | $1094453 | $1052792 | $1087432 |
| **6/16** | $1034507 | $1063202 | $1042637 |
| **9/16** | $1087602 | $1119571 | $1110646 |
| **12/16** | $1039080 | $1132888 | $1090732 |
| **3/17** | $1114047 | $1211150 | $1169044 |
| **6/17** | $1195988 | $1262905 | $1257496 |
| **9/17** | $1279672 | $1328350 | $1348835 |
| **12/17** | $1347031 | $1404465 | $1428326 |
| **3/18** | $1309909 | $1390960 | $1382334 |
| **6/18** | $1253340 | $1398382 | $1327915 |
| **9/18** | $1249805 | $1458189 | $1327787 |
| **12/18** | $1087419 | $1272243 | $1149356 |
| **3/19** | $1237097 | $1427139 | $1315967 |
| **6/19** | $1296608 | $1478686 | $1382908 |
| **9/19** | $1298411 | $1478303 | $1387592 |
| **12/19** | $1451501 | $1610626 | $1560578 |
| **3/20** | $1110079 | $1266513 | $1191568 |
| **6/20** | $1420463 | $1509923 | $1521584 |
| **9/20** | $1771014 | $1632684 | $1907271 |
| **12/20** | $2344220 | $1872432 | $2538412 |
| **3/21** | $2370001 | $1958028 | $2579895 |
| **6/21** | $2458393 | $2102794 | $2684685 |
| **9/21** | $2395782 | $2080621 | $2630568 |
| **12/21** | $2502137 | $2219531 | $2747076 |
| **3/22** | $2339276 | $2100547 | $2584526 |
| **6/22** | $1993197 | $1771590 | $2189811 |
| **9/22** | $1856245 | $1650773 | $2061585 |
| **12/22** | $2066212 | $1811936 | $2290114 |
| **3/23** | $2243529 | $1944313 | $2489841 |
| **6/23** | $2277126 | $2064418 | $2530366 |
| **9/23** | $1999018 | $1994175 | $2233538 |
| **12/23** | $2182985 | $2214220 | $2435961 |
| **3/24** | $2116948 | $2395705 | $2366360 |
| **6/24** | $2084873 | $2464444 | $2334473 |
| **9/24** | $2275437 | $2627439 | $2556568 |
| **12/24** | $2027382 | $2601458 | $2279717 |
| **3/25** | $1981565 | $2567001 | $2219275 |
| **6/25** | $2319462 | $2862889 | $2607106 |
| **9/25** | $2584816 | $3081122 | $2918483 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 13.60% | 7.85% | 9.95% |
| MSCI ACWI Index (net of foreign withholding taxes) | 17.27% | 13.54% | 11.90% |
| Calvert Global Energy Research Spliced Benchmark<sup>Footnote Reference2</sup> | 14.16% | 8.88% | 11.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective October 4, 2016, the Fund changed its investment objective and principal investment strategies. Performance prior to October 4, 2016 reflects the Fund's performance under its former investment objective and policies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Benchmark is comprised of the Alerian Global Alternative Energy Index prior to October 4, 2016 and Calvert Global Energy Research Index thereafter. The Calvert Global Energy Research Index includes stocks of companies that manage energy in a sustainable manner or are facilitating the move to a more sustainable economy. The Calvert Global Energy Research Index incepted on July 15, 2016; accordingly, the ten year return is not available. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $155238702 |
| # of Portfolio Holdings | 174 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $715150 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g37159i5ea26fd475a6b59e2e00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 26.0% |
| Denmark | 3.5% |
| United Kingdom | 3.8% |
| Spain | 4.4% |
| France | 4.6% |
| Taiwan | 4.6% |
| Canada | 4.7% |
| Japan | 4.8% |
| Germany | 5.6% |
| China | 5.6% |
| United States | 32.4% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Orsted AS | 1.5% |
| SSE PLC | 1.0% |
| EDP SA | 1.0% |
| EDP Renovaveis SA | 0.9% |
| Ormat Technologies, Inc. | 0.9% |
| Brookfield Renewable Partners LP | 0.9% |
| Bloom Energy Corp., Class A | 0.9% |
| Neste OYJ | 0.9% |
| Elia Group SA | 0.9% |
| Brookfield Renewable Corp. | 0.9% |
| Total | 9.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g37159i75f820897a6b977b600b.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report September 30, 2025

# CAEIX-TSR-AR

# Calvert Global Water Fund

# Class A CFWAX
![Image](g37159i9db79f8ac5804794f72a.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Global Water Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $127 | 1.24% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI ACWI Index (the Index):

↓ Not owning shares of NVIDIA Corp. hurt relative returns as NVIDIA surged on record breaking demand for AI chips and outsized margin expansion

↓ An overweight exposure to Reece Ltd., a plumbing and waterworks firm, hurt returns due to softer growth in the U.S. residential segment and margin pressure amid higher input costs

↓ An out-of-index position in Reliance Worldwide Corp., a water technology firm, hurt returns as weaker market demand and high interest costs dampened growth outlook

↓ Not owning Broadcom Inc. hurt as it posted record revenue growth led by its AI-networking business, making it a key driver of technology market leadership

↑ An out-of-index position in Companhia de Saneamento Basico do Estado de Sao Paulo SABESP, helped as it posted strong revenue growth post privatization

↑ An out-of-index position in Organo Corp. helped returns due to record sales in its water-treatment and performance-products segments through growing industrial electronics demand

↑ An out-of-index position in Companhia de Saneamento de Minas Gerais, a water and waste services firm, contributed to returns on positive growth and improving business fundamentals

↑ An overweight position in Guangdong Investment Ltd. helped returns as solid results came from its infrastructure and property holdings in China

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g37159i7710df80e80b400bd675.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **MSCI ACWI Index** | **Calvert Global Water Research Spliced Benchmark** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $10227 | $10785 | $10692 |
| **11/15** | $10367 | $10696 | $10838 |
| **12/15** | $9752 | $10503 | $10555 |
| **1/16** | $9204 | $9869 | $10348 |
| **2/16** | $9350 | $9802 | $10433 |
| **3/16** | $10223 | $10528 | $11277 |
| **4/16** | $10625 | $10683 | $11768 |
| **5/16** | $10618 | $10697 | $11852 |
| **6/16** | $10803 | $10632 | $12050 |
| **7/16** | $11058 | $11090 | $12375 |
| **8/16** | $11103 | $11128 | $12416 |
| **9/16** | $11288 | $11196 | $12629 |
| **10/16** | $10893 | $11006 | $12198 |
| **11/16** | $11103 | $11089 | $12449 |
| **12/16** | $11116 | $11329 | $12554 |
| **1/17** | $11383 | $11639 | $12892 |
| **2/17** | $11606 | $11965 | $13160 |
| **3/17** | $11772 | $12112 | $13342 |
| **4/17** | $12008 | $12300 | $13627 |
| **5/17** | $12027 | $12572 | $13657 |
| **6/17** | $12091 | $12629 | $13727 |
| **7/17** | $12397 | $12982 | $14088 |
| **8/17** | $12231 | $13032 | $13902 |
| **9/17** | $12696 | $13284 | $14458 |
| **10/17** | $12887 | $13559 | $14679 |
| **11/17** | $13193 | $13822 | $15056 |
| **12/17** | $13214 | $14045 | $15128 |
| **1/18** | $13472 | $14837 | $15441 |
| **2/18** | $12725 | $14214 | $14615 |
| **3/18** | $12796 | $13910 | $14652 |
| **4/18** | $12796 | $14042 | $14711 |
| **5/18** | $12847 | $14060 | $14753 |
| **6/18** | $12674 | $13984 | $14605 |
| **7/18** | $13066 | $14406 | $15054 |
| **8/18** | $12976 | $14519 | $14996 |
| **9/18** | $12867 | $14582 | $14885 |
| **10/18** | $11805 | $13489 | $13646 |
| **11/18** | $12075 | $13686 | $13947 |
| **12/18** | $11413 | $12722 | $13201 |
| **1/19** | $12359 | $13727 | $14384 |
| **2/19** | $12756 | $14094 | $14874 |
| **3/19** | $12743 | $14271 | $14852 |
| **4/19** | $13206 | $14753 | $15391 |
| **5/19** | $12359 | $13878 | $14413 |
| **6/19** | $13382 | $14787 | $15646 |
| **7/19** | $13356 | $14830 | $15686 |
| **8/19** | $13147 | $14478 | $15400 |
| **9/19** | $13493 | $14783 | $15808 |
| **10/19** | $14099 | $15188 | $16551 |
| **11/19** | $14112 | $15558 | $16576 |
| **12/19** | $14612 | $16106 | $17207 |
| **1/20** | $14447 | $15928 | $17067 |
| **2/20** | $13396 | $14642 | $15713 |
| **3/20** | $11266 | $12665 | $13296 |
| **4/20** | $12219 | $14022 | $14435 |
| **5/20** | $12890 | $14632 | $15175 |
| **6/20** | $13074 | $15099 | $15406 |
| **7/20** | $13672 | $15898 | $16171 |
| **8/20** | $14329 | $16871 | $16987 |
| **9/20** | $14244 | $16327 | $16870 |
| **10/20** | $14244 | $15930 | $16880 |
| **11/20** | $15907 | $17894 | $18929 |
| **12/20** | $16772 | $18724 | $19949 |
| **1/21** | $16613 | $18639 | $19813 |
| **2/21** | $17129 | $19071 | $20431 |
| **3/21** | $17871 | $19580 | $21326 |
| **4/21** | $18646 | $20436 | $22283 |
| **5/21** | $18925 | $20754 | $22617 |
| **6/21** | $18858 | $21028 | $22563 |
| **7/21** | $19488 | $21173 | $23338 |
| **8/21** | $20110 | $21703 | $24131 |
| **9/21** | $18951 | $20806 | $22805 |
| **10/21** | $19779 | $21868 | $23770 |
| **11/21** | $19527 | $21342 | $23471 |
| **12/21** | $20561 | $22195 | $24778 |
| **1/22** | $18943 | $21105 | $22756 |
| **2/22** | $18428 | $20560 | $22236 |
| **3/22** | $18415 | $21005 | $22321 |
| **4/22** | $17038 | $19324 | $20662 |
| **5/22** | $17038 | $19347 | $20602 |
| **6/22** | $15734 | $17716 | $19002 |
| **7/22** | $17185 | $18953 | $20764 |
| **8/22** | $16269 | $18255 | $19765 |
| **9/22** | $14664 | $16508 | $17830 |
| **10/22** | $15834 | $17504 | $19230 |
| **11/22** | $17232 | $18862 | $20758 |
| **12/22** | $16528 | $18119 | $20081 |
| **1/23** | $17960 | $19418 | $21797 |
| **2/23** | $17560 | $18862 | $21414 |
| **3/23** | $17817 | $19443 | $21692 |
| **4/23** | $17831 | $19723 | $21724 |
| **5/23** | $17526 | $19511 | $21337 |
| **6/23** | $18543 | $20644 | $22609 |
| **7/23** | $19032 | $21400 | $23280 |
| **8/23** | $18326 | $20802 | $22440 |
| **9/23** | $17010 | $19942 | $20860 |
| **10/23** | $16427 | $19342 | $20078 |
| **11/23** | $18218 | $21127 | $22355 |
| **12/23** | $19554 | $22142 | $24020 |
| **1/24** | $18788 | $22272 | $23195 |
| **2/24** | $19658 | $23228 | $24185 |
| **3/24** | $20264 | $23957 | $24966 |
| **4/24** | $19519 | $23167 | $24121 |
| **5/24** | $20396 | $24108 | $25094 |
| **6/24** | $19825 | $24644 | $24472 |
| **7/24** | $21078 | $25042 | $26031 |
| **8/24** | $21531 | $25678 | $26605 |
| **9/24** | $22408 | $26274 | $27765 |
| **10/24** | $21071 | $25685 | $26118 |
| **11/24** | $21607 | $26645 | $26744 |
| **12/24** | $20325 | $26015 | $25273 |
| **1/25** | $20751 | $26888 | $25849 |
| **2/25** | $20583 | $26726 | $25560 |
| **3/25** | $20363 | $25670 | $25258 |
| **4/25** | $21032 | $25909 | $26161 |
| **5/25** | $21717 | $27399 | $27040 |
| **6/25** | $22417 | $28629 | $27891 |
| **7/25** | $22394 | $29017 | $28011 |
| **8/25** | $23215 | $29734 | $29013 |
| **9/25** | $23396 | $30811 | $29207 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 4.38% | 10.42% | 9.45% |
| Class A with 5.25% Maximum Sales Charge | (1.09)% | 9.24% | 8.86% |
| MSCI ACWI Index (net of foreign withholding taxes) | 17.27% | 13.54% | 11.90% |
| Calvert Global Water Research Spliced Benchmark<sup>Footnote Reference2</sup> | 5.19% | 11.60% | 11.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective April 11, 2016, the Fund changed its investment objective and principal investment strategies. Performance prior to April 11, 2016 reflects the Fund's performance under its former investment objective and policies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Benchmark is comprised of the S-Network Global Water Index prior to April 11, 2016 and Calvert Global Water Research Index thereafter. The Calvert Global Water Research Index is composed of stocks of companies that manage water use in a sustainable manner or are facilitating the move to a more sustainable economy. The Calvert Global Water Research Index incepted on February 5, 2016; accordingly, the ten year return is not available. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $566508743 |
| # of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $3685510 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g37159idfb1321de6870f375fd2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 12.5% |
| South Korea | 1.8% |
| Italy | 2.0% |
| Australia | 2.0% |
| France | 3.3% |
| Brazil | 4.3% |
| China | 4.6% |
| Switzerland | 4.9% |
| Japan | 6.5% |
| United Kingdom | 8.6% |
| United States | 49.5% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Ecolab, Inc. | 1.7% |
| Xylem, Inc. | 1.7% |
| Veolia Environnement SA | 1.7% |
| Cia de Saneamento Basico do Estado de Sao Paulo (SABESP), ADR | 1.7% |
| American Water Works Co., Inc. | 1.6% |
| Veralto Corp. | 1.6% |
| Pentair PLC | 1.6% |
| Essential Utilities, Inc. | 1.5% |
| Waters Corp. | 1.5% |
| United Utilities Group PLC | 1.5% |
| Total | 16.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g37159i75f820897a6b977b600b.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report September 30, 2025

# CFWAX-TSR-AR

# Calvert Global Water Fund

# Class C CFWCX
![Image](g37159i9db79f8ac5804794f72a.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Global Water Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $203 | 1.99% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI ACWI Index (the Index):

↓ Not owning shares of NVIDIA Corp. hurt relative returns as NVIDIA surged on record breaking demand for AI chips and outsized margin expansion

↓ An overweight exposure to Reece Ltd., a plumbing and waterworks firm, hurt returns due to softer growth in the U.S. residential segment and margin pressure amid higher input costs

↓ An out-of-index position in Reliance Worldwide Corp., a water technology firm, hurt returns as weaker market demand and high interest costs dampened growth outlook

↓ Not owning Broadcom Inc. hurt as it posted record revenue growth led by its AI-networking business, making it a key driver of technology market leadership

↑ An out-of-index position in Companhia de Saneamento Basico do Estado de Sao Paulo SABESP, helped as it posted strong revenue growth post privatization

↑ An out-of-index position in Organo Corp. helped returns due to record sales in its water-treatment and performance-products segments through growing industrial electronics demand

↑ An out-of-index position in Companhia de Saneamento de Minas Gerais, a water and waste services firm, contributed to returns on positive growth and improving business fundamentals

↑ An overweight position in Guangdong Investment Ltd. helped returns as solid results came from its infrastructure and property holdings in China

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g37159ie0ff66540a6b37af3e5d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **MSCI ACWI Index** | **Calvert Global Water Research Spliced Benchmark** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $10788 | $10785 | $10692 |
| **11/15** | $10925 | $10696 | $10838 |
| **12/15** | $10275 | $10503 | $10555 |
| **1/16** | $9689 | $9869 | $10348 |
| **2/16** | $9834 | $9802 | $10433 |
| **3/16** | $10751 | $10528 | $11277 |
| **4/16** | $11163 | $10683 | $11768 |
| **5/16** | $11156 | $10697 | $11852 |
| **6/16** | $11337 | $10632 | $12050 |
| **7/16** | $11604 | $11090 | $12375 |
| **8/16** | $11640 | $11128 | $12416 |
| **9/16** | $11828 | $11196 | $12629 |
| **10/16** | $11402 | $11006 | $12198 |
| **11/16** | $11619 | $11089 | $12449 |
| **12/16** | $11626 | $11329 | $12554 |
| **1/17** | $11900 | $11639 | $12892 |
| **2/17** | $12124 | $11965 | $13160 |
| **3/17** | $12283 | $12112 | $13342 |
| **4/17** | $12529 | $12300 | $13627 |
| **5/17** | $12536 | $12572 | $13657 |
| **6/17** | $12594 | $12629 | $13727 |
| **7/17** | $12905 | $12982 | $14088 |
| **8/17** | $12731 | $13032 | $13902 |
| **9/17** | $13208 | $13284 | $14458 |
| **10/17** | $13389 | $13559 | $14679 |
| **11/17** | $13707 | $13822 | $15056 |
| **12/17** | $13709 | $14045 | $15128 |
| **1/18** | $13970 | $14837 | $15441 |
| **2/18** | $13194 | $14214 | $14615 |
| **3/18** | $13259 | $13910 | $14652 |
| **4/18** | $13252 | $14042 | $14711 |
| **5/18** | $13296 | $14060 | $14753 |
| **6/18** | $13107 | $13984 | $14605 |
| **7/18** | $13506 | $14406 | $15054 |
| **8/18** | $13404 | $14519 | $14996 |
| **9/18** | $13288 | $14582 | $14885 |
| **10/18** | $12179 | $13489 | $13646 |
| **11/18** | $12455 | $13686 | $13947 |
| **12/18** | $11761 | $12722 | $13201 |
| **1/19** | $12730 | $13727 | $14384 |
| **2/19** | $13131 | $14094 | $14874 |
| **3/19** | $13109 | $14271 | $14852 |
| **4/19** | $13575 | $14753 | $15391 |
| **5/19** | $12694 | $13878 | $14413 |
| **6/19** | $13743 | $14787 | $15646 |
| **7/19** | $13699 | $14830 | $15686 |
| **8/19** | $13481 | $14478 | $15400 |
| **9/19** | $13831 | $14783 | $15808 |
| **10/19** | $14435 | $15188 | $16551 |
| **11/19** | $14443 | $15558 | $16576 |
| **12/19** | $14947 | $16106 | $17207 |
| **1/20** | $14764 | $15928 | $17067 |
| **2/20** | $13684 | $14642 | $15713 |
| **3/20** | $11500 | $12665 | $13296 |
| **4/20** | $12472 | $14022 | $14435 |
| **5/20** | $13143 | $14632 | $15175 |
| **6/20** | $13319 | $15099 | $15406 |
| **7/20** | $13917 | $15898 | $16171 |
| **8/20** | $14582 | $16871 | $16987 |
| **9/20** | $14487 | $16327 | $16870 |
| **10/20** | $14472 | $15930 | $16880 |
| **11/20** | $16159 | $17894 | $18929 |
| **12/20** | $17026 | $18724 | $19949 |
| **1/21** | $16851 | $18639 | $19813 |
| **2/21** | $17369 | $19071 | $20431 |
| **3/21** | $18107 | $19580 | $21326 |
| **4/21** | $18881 | $20436 | $22283 |
| **5/21** | $19151 | $20754 | $22617 |
| **6/21** | $19071 | $21028 | $22563 |
| **7/21** | $19692 | $21173 | $23338 |
| **8/21** | $20305 | $21703 | $24131 |
| **9/21** | $19129 | $20806 | $22805 |
| **10/21** | $19955 | $21868 | $23770 |
| **11/21** | $19685 | $21342 | $23471 |
| **12/21** | $20718 | $22195 | $24778 |
| **1/22** | $19077 | $21105 | $22756 |
| **2/22** | $18543 | $20560 | $22236 |
| **3/22** | $18521 | $21005 | $22321 |
| **4/22** | $17122 | $19324 | $20662 |
| **5/22** | $17115 | $19347 | $20602 |
| **6/22** | $15796 | $17716 | $19002 |
| **7/22** | $17239 | $18953 | $20764 |
| **8/22** | $16309 | $18255 | $19765 |
| **9/22** | $14691 | $16508 | $17830 |
| **10/22** | $15855 | $17504 | $19230 |
| **11/22** | $17239 | $18862 | $20758 |
| **12/22** | $16534 | $18119 | $20081 |
| **1/23** | $17950 | $19418 | $21797 |
| **2/23** | $17537 | $18862 | $21414 |
| **3/23** | $17788 | $19443 | $21692 |
| **4/23** | $17788 | $19723 | $21724 |
| **5/23** | $17471 | $19511 | $21337 |
| **6/23** | $18474 | $20644 | $22609 |
| **7/23** | $18953 | $21400 | $23280 |
| **8/23** | $18238 | $20802 | $22440 |
| **9/23** | $16918 | $19942 | $20860 |
| **10/23** | $16320 | $19342 | $20078 |
| **11/23** | $18090 | $21127 | $22355 |
| **12/23** | $19407 | $22142 | $24020 |
| **1/24** | $18632 | $22272 | $23195 |
| **2/24** | $19490 | $23228 | $24185 |
| **3/24** | $20076 | $23957 | $24966 |
| **4/24** | $19324 | $23167 | $24121 |
| **5/24** | $20182 | $24108 | $25094 |
| **6/24** | $19602 | $24644 | $24472 |
| **7/24** | $20829 | $25042 | $26031 |
| **8/24** | $21257 | $25678 | $26605 |
| **9/24** | $22115 | $26274 | $27765 |
| **10/24** | $20783 | $25685 | $26118 |
| **11/24** | $21295 | $26645 | $26744 |
| **12/24** | $20023 | $26015 | $25273 |
| **1/25** | $20426 | $26888 | $25849 |
| **2/25** | $20253 | $26726 | $25560 |
| **3/25** | $20015 | $25670 | $25258 |
| **4/25** | $20664 | $25909 | $26161 |
| **5/25** | $21329 | $27399 | $27040 |
| **6/25** | $21994 | $28629 | $27891 |
| **7/25** | $21970 | $29017 | $28011 |
| **8/25** | $22750 | $29734 | $29013 |
| **9/25** | $23263 | $30811 | $29207 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 3.58% | 9.59% | 8.80% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 2.63% | 9.59% | 8.80% |
| MSCI ACWI Index (net of foreign withholding taxes) | 17.27% | 13.54% | 11.90% |
| Calvert Global Water Research Spliced Benchmark<sup>Footnote Reference2</sup> | 5.19% | 11.60% | 11.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective April 11, 2016, the Fund changed its investment objective and principal investment strategies. Performance prior to April 11, 2016 reflects the Fund's performance under its former investment objective and policies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Benchmark is comprised of the S-Network Global Water Index prior to April 11, 2016 and Calvert Global Water Research Index thereafter. The Calvert Global Water Research Index is composed of stocks of companies that manage water use in a sustainable manner or are facilitating the move to a more sustainable economy. The Calvert Global Water Research Index incepted on February 5, 2016; accordingly, the ten year return is not available. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $566508743 |
| # of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $3685510 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g37159i7fd20f2bdc35929c139a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 12.5% |
| South Korea | 1.8% |
| Italy | 2.0% |
| Australia | 2.0% |
| France | 3.3% |
| Brazil | 4.3% |
| China | 4.6% |
| Switzerland | 4.9% |
| Japan | 6.5% |
| United Kingdom | 8.6% |
| United States | 49.5% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Ecolab, Inc. | 1.7% |
| Xylem, Inc. | 1.7% |
| Veolia Environnement SA | 1.7% |
| Cia de Saneamento Basico do Estado de Sao Paulo (SABESP), ADR | 1.7% |
| American Water Works Co., Inc. | 1.6% |
| Veralto Corp. | 1.6% |
| Pentair PLC | 1.6% |
| Essential Utilities, Inc. | 1.5% |
| Waters Corp. | 1.5% |
| United Utilities Group PLC | 1.5% |
| Total | 16.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g37159i75f820897a6b977b600b.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report September 30, 2025

# CFWCX-TSR-AR

# Calvert Global Water Fund

# Class I CFWIX
![Image](g37159i9db79f8ac5804794f72a.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Global Water Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $101 | 0.99% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI ACWI Index (the Index):

↓ Not owning shares of NVIDIA Corp. hurt relative returns as NVIDIA surged on record breaking demand for AI chips and outsized margin expansion

↓ An overweight exposure to Reece Ltd., a plumbing and waterworks firm, hurt returns due to softer growth in the U.S. residential segment and margin pressure amid higher input costs

↓ An out-of-index position in Reliance Worldwide Corp., a water technology firm, hurt returns as weaker market demand and high interest costs dampened growth outlook

↓ Not owning Broadcom Inc. hurt as it posted record revenue growth led by its AI-networking business, making it a key driver of technology market leadership

↑ An out-of-index position in Companhia de Saneamento Basico do Estado de Sao Paulo SABESP, helped as it posted strong revenue growth post privatization

↑ An out-of-index position in Organo Corp. helped returns due to record sales in its water-treatment and performance-products segments through growing industrial electronics demand

↑ An out-of-index position in Companhia de Saneamento de Minas Gerais, a water and waste services firm, contributed to returns on positive growth and improving business fundamentals

↑ An overweight position in Guangdong Investment Ltd. helped returns as solid results came from its infrastructure and property holdings in China

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g37159i443442ad639d7a3b24ad.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI Index** | **Calvert Global Water Research Spliced Benchmark** |
| **9/15** | $1000000 | $1000000 | $1000000 |
| **12/15** | $1030617 | $1050290 | $1055459 |
| **3/16** | $1081745 | $1052792 | $1127721 |
| **6/16** | $1143635 | $1063202 | $1205009 |
| **9/16** | $1196781 | $1119571 | $1262930 |
| **12/16** | $1179290 | $1132888 | $1255376 |
| **3/17** | $1249926 | $1211150 | $1334188 |
| **6/17** | $1284908 | $1262905 | $1372692 |
| **9/17** | $1350835 | $1328350 | $1445756 |
| **12/17** | $1406944 | $1404465 | $1512803 |
| **3/18** | $1364000 | $1390960 | $1465224 |
| **6/18** | $1351730 | $1398382 | $1460476 |
| **9/18** | $1373543 | $1458189 | $1488497 |
| **12/18** | $1219548 | $1272243 | $1320053 |
| **3/19** | $1362290 | $1427139 | $1485221 |
| **6/19** | $1432276 | $1478686 | $1564569 |
| **9/19** | $1444748 | $1478303 | $1580758 |
| **12/19** | $1565318 | $1610626 | $1720734 |
| **3/20** | $1207431 | $1266513 | $1329557 |
| **6/20** | $1402133 | $1509923 | $1540645 |
| **9/20** | $1528899 | $1632684 | $1686983 |
| **12/20** | $1801310 | $1872432 | $1994942 |
| **3/21** | $1920832 | $1958028 | $2132591 |
| **6/21** | $2028330 | $2102794 | $2256271 |
| **9/21** | $2039646 | $2080621 | $2280521 |
| **12/21** | $2214510 | $2219531 | $2477758 |
| **3/22** | $1984116 | $2100547 | $2232101 |
| **6/22** | $1696480 | $1771590 | $1900194 |
| **9/22** | $1581998 | $1650773 | $1782968 |
| **12/22** | $1784909 | $1811936 | $2008054 |
| **3/23** | $1924673 | $1944313 | $2169179 |
| **6/23** | $2004019 | $2064418 | $2260913 |
| **9/23** | $1840232 | $1994175 | $2086029 |
| **12/23** | $2115942 | $2214220 | $2401958 |
| **3/24** | $2194532 | $2395705 | $2496584 |
| **6/24** | $2148126 | $2464444 | $2447247 |
| **9/24** | $2429553 | $2627439 | $2776546 |
| **12/24** | $2205073 | $2601458 | $2527291 |
| **3/25** | $2210809 | $2567001 | $2525825 |
| **6/25** | $2434512 | $2862889 | $2789063 |
| **9/25** | $2541857 | $3081122 | $2920715 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 4.62% | 10.70% | 9.77% |
| MSCI ACWI Index (net of foreign withholding taxes) | 17.27% | 13.54% | 11.90% |
| Calvert Global Water Research Spliced Benchmark<sup>Footnote Reference2</sup> | 5.19% | 11.60% | 11.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Effective April 11, 2016, the Fund changed its investment objective and principal investment strategies. Performance prior to April 11, 2016 reflects the Fund's performance under its former investment objective and policies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Benchmark is comprised of the S-Network Global Water Index prior to April 11, 2016 and Calvert Global Water Research Index thereafter. The Calvert Global Water Research Index is composed of stocks of companies that manage water use in a sustainable manner or are facilitating the move to a more sustainable economy. The Calvert Global Water Research Index incepted on February 5, 2016; accordingly, the ten year return is not available. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $566508743 |
| # of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $3685510 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of total investments)
![Group By Asset Type Chart](g37159i8cbf9db9858bf2fc98b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 12.5% |
| South Korea | 1.8% |
| Italy | 2.0% |
| Australia | 2.0% |
| France | 3.3% |
| Brazil | 4.3% |
| China | 4.6% |
| Switzerland | 4.9% |
| Japan | 6.5% |
| United Kingdom | 8.6% |
| United States | 49.5% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Ecolab, Inc. | 1.7% |
| Xylem, Inc. | 1.7% |
| Veolia Environnement SA | 1.7% |
| Cia de Saneamento Basico do Estado de Sao Paulo (SABESP), ADR | 1.7% |
| American Water Works Co., Inc. | 1.6% |
| Veralto Corp. | 1.6% |
| Pentair PLC | 1.6% |
| Essential Utilities, Inc. | 1.5% |
| Waters Corp. | 1.5% |
| United Utilities Group PLC | 1.5% |
| Total | 16.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g37159i75f820897a6b977b600b.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report September 30, 2025

# CFWIX-TSR-AR

# Calvert Green Bond Fund

# Class A CGAFX
![Image](g37159ic7089e016176d92c766c.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Green Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $73 | 0.72% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA USD Green Bond Index (the Index):

↓ An underweight to investment grade corporates, which outperformed the benchmark, detracted from relative performance

↓ Underweights to government related and sovereign debt detracted from performance, as the sectors rallied throughout the year

↑ Out-of-index position in high yield corporates was a top contributor relative to performance as it benefited from spread tightening, adding meaningfully to excess returns

↑ Overweight in securitized credit added to excess returns through both sector allocation and security selection, reflecting the Fund's use of out-of-index securities

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g37159i41693cbc687b7c72232c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Bloomberg U.S. Universal Index** | **ICE BofA USD Green Bond Index** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $9686 | $10032 | $9983 |
| **11/15** | $9641 | $9995 | $9977 |
| **12/15** | $9614 | $9945 | $9944 |
| **1/16** | $9724 | $10055 | $10080 |
| **2/16** | $9770 | $10127 | $10121 |
| **3/16** | $9868 | $10251 | $10189 |
| **4/16** | $9914 | $10321 | $10218 |
| **5/16** | $9939 | $10329 | $10226 |
| **6/16** | $10082 | $10511 | $10373 |
| **7/16** | $10168 | $10597 | $10419 |
| **8/16** | $10170 | $10609 | $10405 |
| **9/16** | $10179 | $10611 | $10418 |
| **10/16** | $10122 | $10541 | $10347 |
| **11/16** | $9968 | $10304 | $10092 |
| **12/16** | $9966 | $10334 | $10094 |
| **1/17** | $10008 | $10371 | $10129 |
| **2/17** | $10068 | $10451 | $10213 |
| **3/17** | $10069 | $10447 | $10231 |
| **4/17** | $10122 | $10534 | $10307 |
| **5/17** | $10177 | $10615 | $10387 |
| **6/17** | $10184 | $10606 | $10376 |
| **7/17** | $10231 | $10659 | $10432 |
| **8/17** | $10304 | $10751 | $10516 |
| **9/17** | $10250 | $10713 | $10467 |
| **10/17** | $10249 | $10726 | $10453 |
| **11/17** | $10244 | $10710 | $10455 |
| **12/17** | $10266 | $10757 | $10457 |
| **1/18** | $10182 | $10654 | $10356 |
| **2/18** | $10120 | $10553 | $10271 |
| **3/18** | $10150 | $10606 | $10288 |
| **4/18** | $10097 | $10535 | $10215 |
| **5/18** | $10142 | $10592 | $10245 |
| **6/18** | $10143 | $10577 | $10259 |
| **7/18** | $10141 | $10599 | $10284 |
| **8/18** | $10215 | $10651 | $10325 |
| **9/18** | $10168 | $10606 | $10289 |
| **10/18** | $10111 | $10517 | $10182 |
| **11/18** | $10164 | $10564 | $10190 |
| **12/18** | $10296 | $10730 | $10446 |
| **1/19** | $10378 | $10878 | $10566 |
| **2/19** | $10406 | $10889 | $10587 |
| **3/19** | $10578 | $11086 | $10797 |
| **4/19** | $10605 | $11102 | $10835 |
| **5/19** | $10743 | $11272 | $11001 |
| **6/19** | $10882 | $11431 | $11173 |
| **7/19** | $10951 | $11465 | $11219 |
| **8/19** | $11209 | $11725 | $11483 |
| **9/19** | $11135 | $11674 | $11415 |
| **10/19** | $11168 | $11712 | $11473 |
| **11/19** | $11160 | $11709 | $11462 |
| **12/19** | $11120 | $11727 | $11475 |
| **1/20** | $11384 | $11937 | $11727 |
| **2/20** | $11501 | $12116 | $11903 |
| **3/20** | $10872 | $11879 | $11425 |
| **4/20** | $11286 | $12117 | $11759 |
| **5/20** | $11347 | $12230 | $11875 |
| **6/20** | $11499 | $12332 | $12060 |
| **7/20** | $11735 | $12549 | $12293 |
| **8/20** | $11708 | $12477 | $12224 |
| **9/20** | $11723 | $12454 | $12188 |
| **10/20** | $11708 | $12410 | $12173 |
| **11/20** | $11852 | $12572 | $12378 |
| **12/20** | $11897 | $12615 | $12449 |
| **1/21** | $11874 | $12536 | $12352 |
| **2/21** | $11722 | $12374 | $12136 |
| **3/21** | $11640 | $12230 | $12017 |
| **4/21** | $11667 | $12333 | $12137 |
| **5/21** | $11687 | $12380 | $12184 |
| **6/21** | $11743 | $12470 | $12303 |
| **7/21** | $11871 | $12595 | $12432 |
| **8/21** | $11833 | $12587 | $12419 |
| **9/21** | $11742 | $12479 | $12287 |
| **10/21** | $11689 | $12469 | $12279 |
| **11/21** | $11694 | $12484 | $12276 |
| **12/21** | $11669 | $12476 | $12252 |
| **1/22** | $11447 | $12202 | $11966 |
| **2/22** | $11248 | $12036 | $11775 |
| **3/22** | $11003 | $11713 | $11495 |
| **4/22** | $10649 | $11276 | $11070 |
| **5/22** | $10642 | $11338 | $11094 |
| **6/22** | $10384 | $11112 | $10894 |
| **7/22** | $10688 | $11391 | $11122 |
| **8/22** | $10402 | $11095 | $10899 |
| **9/22** | $10019 | $10617 | $10431 |
| **10/22** | $9971 | $10500 | $10305 |
| **11/22** | $10265 | $10892 | $10678 |
| **12/22** | $10151 | $10855 | $10689 |
| **1/23** | $10475 | $11192 | $10987 |
| **2/23** | $10256 | $10917 | $10742 |
| **3/23** | $10417 | $11173 | $10960 |
| **4/23** | $10504 | $11241 | $11074 |
| **5/23** | $10405 | $11124 | $10956 |
| **6/23** | $10358 | $11107 | $10941 |
| **7/23** | $10395 | $11118 | $10979 |
| **8/23** | $10373 | $11051 | $10927 |
| **9/23** | $10169 | $10788 | $10728 |
| **10/23** | $10026 | $10625 | $10586 |
| **11/23** | $10456 | $11104 | $11014 |
| **12/23** | $10824 | $11525 | $11393 |
| **1/24** | $10821 | $11497 | $11384 |
| **2/24** | $10703 | $11360 | $11285 |
| **3/24** | $10785 | $11471 | $11388 |
| **4/24** | $10535 | $11203 | $11181 |
| **5/24** | $10695 | $11389 | $11352 |
| **6/24** | $10787 | $11493 | $11442 |
| **7/24** | $11011 | $11754 | $11660 |
| **8/24** | $11173 | $11927 | $11839 |
| **9/24** | $11321 | $12090 | $11997 |
| **10/24** | $11084 | $11816 | $11785 |
| **11/24** | $11169 | $11940 | $11891 |
| **12/24** | $11011 | $11760 | $11742 |
| **1/25** | $11081 | $11831 | $11800 |
| **2/25** | $11304 | $12075 | $12000 |
| **3/25** | $11264 | $12073 | $12005 |
| **4/25** | $11327 | $12115 | $12032 |
| **5/25** | $11278 | $12054 | $12026 |
| **6/25** | $11455 | $12242 | $12207 |
| **7/25** | $11448 | $12224 | $12237 |
| **8/25** | $11585 | $12371 | $12363 |
| **9/25** | $11682 | $12502 | $12492 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 3.19% | (0.07)% | 1.90% |
| Class A with 3.25% Maximum Sales Charge | (0.14)% | (0.73)% | 1.57% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| ICE BofA USD Green Bond Index | 4.12% | 0.49% | 2.25% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $801985874 |
| # of Portfolio Holdings | 188 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $1551747 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](g37159i0f4683f3e60c51bfff37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.8% |
| Preferred Stocks | 1.1% |
| Taxable Municipal Obligations | 1.3% |
| Sovereign Government Bonds | 8.2% |
| Short-Term Investments | 9.1% |
| Asset-Backed Securities | 9.6% |
| Commercial Mortgage-Backed Securities | 9.9% |
| U.S. Government Agency Mortgage-Backed Securities | 13.2% |
| Corporate Bonds | 46.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g37159i3c97def2f65e62e7e246.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | 7.3% |
| Not Rated | 0.1% |
| B | 1.0% |
| BB | 3.1% |
| BBB | 20.5% |
| A | 22.2% |
| AA | 29.8% |
| AAA | 16.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or Kroll Bond Rating Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P, Fitch and Kroll scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g37159i75f820897a6b977b600b.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report September 30, 2025

# CGAFX-TSR-AR

# Calvert Green Bond Fund

# Class I CGBIX
![Image](g37159ic7089e016176d92c766c.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Green Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $48 | 0.47% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA USD Green Bond Index (the Index):

↓ An underweight to investment grade corporates, which outperformed the benchmark, detracted from relative performance

↓ Underweights to government related and sovereign debt detracted from performance, as the sectors rallied throughout the year

↑ Out-of-index position in high yield corporates was a top contributor relative to performance as it benefited from spread tightening, adding meaningfully to excess returns

↑ Overweight in securitized credit added to excess returns through both sector allocation and security selection, reflecting the Fund's use of out-of-index securities

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g37159ibe3903e3cf621bd39ad8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **ICE BofA USD Green Bond Index** |
| **9/15** | $1000000 | $1000000 | $1000000 |
| **12/15** | $995271 | $994545 | $994443 |
| **3/16** | $1022498 | $1025077 | $1018908 |
| **6/16** | $1044984 | $1051051 | $1037324 |
| **9/16** | $1056030 | $1061107 | $1041778 |
| **12/16** | $1035594 | $1033436 | $1009410 |
| **3/17** | $1047264 | $1044733 | $1023106 |
| **6/17** | $1060243 | $1060629 | $1037610 |
| **9/17** | $1068182 | $1071325 | $1046724 |
| **12/17** | $1070463 | $1075709 | $1045719 |
| **3/18** | $1059765 | $1060578 | $1028840 |
| **6/18** | $1059774 | $1057711 | $1025904 |
| **9/18** | $1063040 | $1060582 | $1028909 |
| **12/18** | $1077704 | $1072968 | $1044566 |
| **3/19** | $1108610 | $1108612 | $1079702 |
| **6/19** | $1141153 | $1143113 | $1117342 |
| **9/19** | $1167642 | $1167378 | $1141531 |
| **12/19** | $1167568 | $1172661 | $1147542 |
| **3/20** | $1141470 | $1187915 | $1142467 |
| **6/20** | $1207969 | $1233232 | $1205991 |
| **9/20** | $1232249 | $1245411 | $1218829 |
| **12/20** | $1251370 | $1261494 | $1244921 |
| **3/21** | $1225133 | $1222990 | $1201744 |
| **6/21** | $1236676 | $1247003 | $1230299 |
| **9/21** | $1237437 | $1247936 | $1228702 |
| **12/21** | $1230522 | $1247580 | $1225244 |
| **3/22** | $1161125 | $1171300 | $1149463 |
| **6/22** | $1096545 | $1111162 | $1089428 |
| **9/22** | $1058751 | $1061685 | $1043068 |
| **12/22** | $1073297 | $1085489 | $1068923 |
| **3/23** | $1102122 | $1117271 | $1095950 |
| **6/23** | $1095740 | $1110713 | $1094098 |
| **9/23** | $1076455 | $1078770 | $1072756 |
| **12/23** | $1147328 | $1152499 | $1139324 |
| **3/24** | $1143933 | $1147110 | $1138822 |
| **6/24** | $1144822 | $1149285 | $1144152 |
| **9/24** | $1202213 | $1209032 | $1199704 |
| **12/24** | $1170036 | $1175995 | $1174204 |
| **3/25** | $1197621 | $1207254 | $1200532 |
| **6/25** | $1218713 | $1224153 | $1220721 |
| **9/25** | $1243696 | $1250196 | $1249187 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 3.45% | 0.19% | 2.20% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| ICE BofA USD Green Bond Index | 4.12% | 0.49% | 2.25% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $801985874 |
| # of Portfolio Holdings | 188 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $1551747 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](g37159ia1959db4747ec411f3b6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.8% |
| Preferred Stocks | 1.1% |
| Taxable Municipal Obligations | 1.3% |
| Sovereign Government Bonds | 8.2% |
| Short-Term Investments | 9.1% |
| Asset-Backed Securities | 9.6% |
| Commercial Mortgage-Backed Securities | 9.9% |
| U.S. Government Agency Mortgage-Backed Securities | 13.2% |
| Corporate Bonds | 46.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g37159i4cb67c742a602afd767a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | 7.3% |
| Not Rated | 0.1% |
| B | 1.0% |
| BB | 3.1% |
| BBB | 20.5% |
| A | 22.2% |
| AA | 29.8% |
| AAA | 16.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or Kroll Bond Rating Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P, Fitch and Kroll scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g37159i75f820897a6b977b600b.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report September 30, 2025

# CGBIX-TSR-AR

# Calvert Green Bond Fund

# Class R6 CBGRX
![Image](g37159ic7089e016176d92c766c.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Green Bond Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $43 | 0.42% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA USD Green Bond Index (the Index):

↓ An underweight to investment grade corporates, which outperformed the benchmark, detracted from relative performance

↓ Underweights to government related and sovereign debt detracted from performance, as the sectors rallied throughout the year

↑ Out-of-index position in high yield corporates was a top contributor relative to performance as it benefited from spread tightening, adding meaningfully to excess returns

↑ Overweight in securitized credit added to excess returns through both sector allocation and security selection, reflecting the Fund's use of out-of-index securities

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g37159i70a5b397ca0717f2088c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **ICE BofA USD Green Bond Index** |
| **9/15** | $5000000 | $5000000 | $5000000 |
| **10/15** | $5007239 | $5015983 | $4991428 |
| **11/15** | $4985579 | $4997691 | $4988373 |
| **12/15** | $4976355 | $4972724 | $4972214 |
| **1/16** | $5034820 | $5027618 | $5040152 |
| **2/16** | $5060445 | $5063331 | $5060252 |
| **3/16** | $5112492 | $5125385 | $5094541 |
| **4/16** | $5134428 | $5160305 | $5108927 |
| **5/16** | $5152767 | $5164336 | $5113164 |
| **6/16** | $5224921 | $5255253 | $5186619 |
| **7/16** | $5274907 | $5298558 | $5209380 |
| **8/16** | $5277519 | $5304274 | $5202532 |
| **9/16** | $5280151 | $5305534 | $5208888 |
| **10/16** | $5255891 | $5270337 | $5173515 |
| **11/16** | $5177545 | $5151874 | $5045965 |
| **12/16** | $5177971 | $5167178 | $5047049 |
| **1/17** | $5201393 | $5185408 | $5064292 |
| **2/17** | $5234577 | $5225417 | $5106414 |
| **3/17** | $5236321 | $5223667 | $5115529 |
| **4/17** | $5265463 | $5267009 | $5153513 |
| **5/17** | $5295805 | $5307646 | $5193566 |
| **6/17** | $5301217 | $5303146 | $5188048 |
| **7/17** | $5327275 | $5329560 | $5215933 |
| **8/17** | $5367152 | $5375542 | $5258203 |
| **9/17** | $5340908 | $5356623 | $5233619 |
| **10/17** | $5340956 | $5363055 | $5226722 |
| **11/17** | $5339659 | $5354939 | $5227658 |
| **12/17** | $5352317 | $5378546 | $5228594 |
| **1/18** | $5309974 | $5326789 | $5178195 |
| **2/18** | $5282453 | $5276280 | $5135481 |
| **3/18** | $5298824 | $5302892 | $5144201 |
| **4/18** | $5272365 | $5267509 | $5107498 |
| **5/18** | $5296935 | $5296234 | $5122278 |
| **6/18** | $5298868 | $5288553 | $5129520 |
| **7/18** | $5302296 | $5299621 | $5141837 |
| **8/18** | $5338402 | $5325731 | $5162331 |
| **9/18** | $5315199 | $5302910 | $5144546 |
| **10/18** | $5289867 | $5258549 | $5091191 |
| **11/18** | $5318654 | $5282199 | $5095182 |
| **12/18** | $5388519 | $5364842 | $5222830 |
| **1/19** | $5436415 | $5438812 | $5282934 |
| **2/19** | $5450599 | $5444740 | $5293526 |
| **3/19** | $5542114 | $5543060 | $5398512 |
| **4/19** | $5554137 | $5550818 | $5417381 |
| **5/19** | $5627973 | $5635849 | $5500345 |
| **6/19** | $5705771 | $5715564 | $5586708 |
| **7/19** | $5743545 | $5732577 | $5609272 |
| **8/19** | $5879740 | $5862290 | $5741403 |
| **9/19** | $5842603 | $5836892 | $5707656 |
| **10/19** | $5861248 | $5855751 | $5736279 |
| **11/19** | $5858755 | $5854580 | $5731205 |
| **12/19** | $5839325 | $5863304 | $5737708 |
| **1/20** | $5979172 | $5968538 | $5863386 |
| **2/20** | $6042002 | $6057906 | $5951621 |
| **3/20** | $5713239 | $5939573 | $5712336 |
| **4/20** | $5932002 | $6058552 | $5879693 |
| **5/20** | $5965733 | $6115138 | $5937383 |
| **6/20** | $6046674 | $6166162 | $6029954 |
| **7/20** | $6175989 | $6274476 | $6146615 |
| **8/20** | $6159879 | $6238296 | $6111883 |
| **9/20** | $6168950 | $6227053 | $6094147 |
| **10/20** | $6162738 | $6204796 | $6086462 |
| **11/20** | $6240064 | $6285765 | $6188886 |
| **12/20** | $6265451 | $6307471 | $6224603 |
| **1/21** | $6254891 | $6267825 | $6175929 |
| **2/21** | $6176574 | $6186952 | $6067790 |
| **3/21** | $6134959 | $6114952 | $6008720 |
| **4/21** | $6150400 | $6166371 | $6068578 |
| **5/21** | $6162850 | $6189892 | $6091881 |
| **6/21** | $6193517 | $6235017 | $6151493 |
| **7/21** | $6262778 | $6297624 | $6216228 |
| **8/21** | $6244437 | $6293421 | $6209676 |
| **9/21** | $6198132 | $6239678 | $6143512 |
| **10/21** | $6171466 | $6234578 | $6139324 |
| **11/21** | $6175749 | $6242109 | $6138142 |
| **12/21** | $6164315 | $6237900 | $6126219 |
| **1/22** | $6048698 | $6101139 | $5982905 |
| **2/22** | $5945046 | $6017957 | $5887378 |
| **3/22** | $5813656 | $5856502 | $5747315 |
| **4/22** | $5632085 | $5638069 | $5534782 |
| **5/22** | $5629859 | $5669091 | $5546901 |
| **6/22** | $5494952 | $5555809 | $5447138 |
| **7/22** | $5652993 | $5695493 | $5561090 |
| **8/22** | $5503524 | $5547431 | $5449355 |
| **9/22** | $5306400 | $5308427 | $5215341 |
| **10/22** | $5282115 | $5250182 | $5152281 |
| **11/22** | $5438870 | $5445942 | $5338900 |
| **12/22** | $5379970 | $5427445 | $5344615 |
| **1/23** | $5553200 | $5595807 | $5493595 |
| **2/23** | $5434510 | $5458308 | $5370923 |
| **3/23** | $5525061 | $5586356 | $5479752 |
| **4/23** | $5572668 | $5620482 | $5537245 |
| **5/23** | $5521497 | $5562210 | $5477929 |
| **6/23** | $5493801 | $5553566 | $5470490 |
| **7/23** | $5518987 | $5559087 | $5489703 |
| **8/23** | $5504564 | $5525611 | $5463445 |
| **9/23** | $5397903 | $5393852 | $5363780 |
| **10/23** | $5327536 | $5312738 | $5293182 |
| **11/23** | $5557078 | $5551837 | $5507193 |
| **12/23** | $5753774 | $5762497 | $5696620 |
| **1/24** | $5753562 | $5748706 | $5691891 |
| **2/24** | $5692508 | $5679782 | $5642625 |
| **3/24** | $5737499 | $5735549 | $5694108 |
| **4/24** | $5606084 | $5601518 | $5590452 |
| **5/24** | $5688316 | $5694370 | $5675978 |
| **6/24** | $5742716 | $5746426 | $5720761 |
| **7/24** | $5863475 | $5876857 | $5830033 |
| **8/24** | $5950970 | $5963370 | $5919401 |
| **9/24** | $6031186 | $6045161 | $5998522 |
| **10/24** | $5906433 | $5907858 | $5892502 |
| **11/24** | $5953292 | $5970143 | $5945709 |
| **12/24** | $5870647 | $5879976 | $5871022 |
| **1/25** | $5909817 | $5915408 | $5900187 |
| **2/25** | $6029382 | $6037713 | $6000049 |
| **3/25** | $6009730 | $6036272 | $6002660 |
| **4/25** | $6044930 | $6057592 | $6016159 |
| **5/25** | $6020374 | $6026869 | $6013154 |
| **6/25** | $6116259 | $6120766 | $6103606 |
| **7/25** | $6113916 | $6112028 | $6118632 |
| **8/25** | $6188561 | $6185444 | $6181299 |
| **9/25** | $6244091 | $6250980 | $6245936 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 3.50% | 0.24% | 2.24% |
| Bloomberg U.S. Universal Index | 3.40% | 0.08% | 2.26% |
| ICE BofA USD Green Bond Index | 4.12% | 0.49% | 2.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Class R6 performance prior to 2/1/19 is linked to Class I. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the Financial Highlights included in the financial statements is not linked. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $801985874 |
| # of Portfolio Holdings | 188 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid | $1551747 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Credit Rating Chart](g37159i6e3f0b6e10e1b45c9d19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other<sup>Footnote Reference†</sup> | 0.8% |
| Preferred Stocks | 1.1% |
| Taxable Municipal Obligations | 1.3% |
| Sovereign Government Bonds | 8.2% |
| Short-Term Investments | 9.1% |
| Asset-Backed Securities | 9.6% |
| Commercial Mortgage-Backed Securities | 9.9% |
| U.S. Government Agency Mortgage-Backed Securities | 13.2% |
| Corporate Bonds | 46.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Investment types less than 1% each |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](g37159ibaaa2b35fa0e9d9abd23.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Equivalents | 7.3% |
| Not Rated | 0.1% |
| B | 1.0% |
| BB | 3.1% |
| BBB | 20.5% |
| A | 22.2% |
| AA | 29.8% |
| AAA | 16.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Ratings are based on Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"), or Kroll Bond Rating Agency, LLC ("Kroll") for securitized debt instruments only (such as asset-backed and mortgage-backed securities). If securities are rated differently by the ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P, Fitch and Kroll scale with ratings ranging from AAA, being the highest, to D, being the lowest. Ratings of BBB or higher are considered to be investment-grade quality. Holdings designated as "Not Rated" (if any) are not rated by the national ratings agencies stated above. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g37159i75f820897a6b977b600b.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report September 30, 2025

# CBGRX-TSR-AR

# Calvert Small-Cap Fund

# Class A CCVAX
![Image](g37159i9db79f8ac5804794f72a.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Small-Cap Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $118 | 1.20% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup>®</sup> Index (the Index):

↓ Out-of-index exposure to Chemed Corp. detracted due to headwinds from Medicare revenue caps in its health care business and weakening demand for residential Roto-Rooter services

↓ Cohen & Steers, Inc., a financial services firm with a significant real estate business underperformed as high interest rates pressured real estate valuations, impacting results

↓ Albany International Corp., a textile and aerospace composites maker, declined due to a fall in overall revenues as well as an increase in input costs in the machine clothing segment

↓ Out-of-index exposure to AptarGroup, Inc. detracted as a management warning of headwinds in certain end markets (pharmaceuticals, European cough/cold) caused investor distress

↑ An out-of-index exposure to Woodward, Inc. helped as its shares increased after reporting strong earnings driven by an increase in government aerospace and defense spending. The stock was sold by period end

↑ ESCO Technologies, Inc., an aerospace company, also benefitted from increased defense spending and growing naval offerings through strategic acquisitions

↑ Dorman Products, Inc., a supplier of automotive aftermarket parts, surged due to better-than-expected sales and earnings per share in their second quarter financial report

↑ An out-of-index exposure to Core & Main, Inc. contributed as industry dynamics and resilient demand, specifically within the municipal construction segment, helped results

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g37159ie25e13e50dbe4a172fea.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $9952 | $10790 | $10563 |
| **11/15** | $9961 | $10850 | $10907 |
| **12/15** | $9470 | $10627 | $10359 |
| **1/16** | $8916 | $10027 | $9448 |
| **2/16** | $8940 | $10024 | $9448 |
| **3/16** | $9587 | $10730 | $10202 |
| **4/16** | $9606 | $10796 | $10362 |
| **5/16** | $9751 | $10990 | $10596 |
| **6/16** | $9798 | $11012 | $10589 |
| **7/16** | $10182 | $11449 | $11221 |
| **8/16** | $10135 | $11478 | $11420 |
| **9/16** | $10201 | $11496 | $11547 |
| **10/16** | $9840 | $11248 | $10998 |
| **11/16** | $10956 | $11751 | $12224 |
| **12/16** | $11364 | $11980 | $12567 |
| **1/17** | $11269 | $12206 | $12616 |
| **2/17** | $11563 | $12660 | $12860 |
| **3/17** | $11658 | $12668 | $12877 |
| **4/17** | $11682 | $12803 | $13018 |
| **5/17** | $11582 | $12934 | $12753 |
| **6/17** | $11848 | $13050 | $13194 |
| **7/17** | $11863 | $13296 | $13292 |
| **8/17** | $11711 | $13322 | $13123 |
| **9/17** | $12214 | $13647 | $13942 |
| **10/17** | $12366 | $13945 | $14061 |
| **11/17** | $12836 | $14368 | $14466 |
| **12/17** | $12863 | $14512 | $14407 |
| **1/18** | $13299 | $15277 | $14784 |
| **2/18** | $12825 | $14714 | $14212 |
| **3/18** | $12934 | $14418 | $14395 |
| **4/18** | $12896 | $14473 | $14520 |
| **5/18** | $13636 | $14882 | $15401 |
| **6/18** | $13750 | $14979 | $15511 |
| **7/18** | $13979 | $15476 | $15782 |
| **8/18** | $14534 | $16020 | $16462 |
| **9/18** | $14479 | $16046 | $16066 |
| **10/18** | $13043 | $14865 | $14321 |
| **11/18** | $13369 | $15162 | $14549 |
| **12/18** | $11982 | $13751 | $12821 |
| **1/19** | $13189 | $14931 | $14263 |
| **2/19** | $13913 | $15457 | $15004 |
| **3/19** | $13741 | $15682 | $14690 |
| **4/19** | $14373 | $16309 | $15189 |
| **5/19** | $13706 | $15253 | $14008 |
| **6/19** | $14666 | $16325 | $14998 |
| **7/19** | $14936 | $16567 | $15084 |
| **8/19** | $14505 | $16229 | $14340 |
| **9/19** | $14568 | $16514 | $14638 |
| **10/19** | $14528 | $16870 | $15024 |
| **11/19** | $14959 | $17511 | $15642 |
| **12/19** | $15099 | $18017 | $16093 |
| **1/20** | $14930 | $17997 | $15577 |
| **2/20** | $13761 | $16524 | $14266 |
| **3/20** | $11491 | $14251 | $11166 |
| **4/20** | $12673 | $16139 | $12700 |
| **5/20** | $13330 | $17002 | $13526 |
| **6/20** | $13412 | $17390 | $14005 |
| **7/20** | $14022 | $18378 | $14392 |
| **8/20** | $14593 | $19709 | $15203 |
| **9/20** | $13929 | $18992 | $14695 |
| **10/20** | $14331 | $18582 | $15003 |
| **11/20** | $15989 | $20842 | $17768 |
| **12/20** | $17310 | $21780 | $19305 |
| **1/21** | $17345 | $21683 | $20277 |
| **2/21** | $18410 | $22361 | $21541 |
| **3/21** | $18991 | $23162 | $21757 |
| **4/21** | $19562 | $24356 | $22214 |
| **5/21** | $19637 | $24467 | $22260 |
| **6/21** | $19579 | $25071 | $22691 |
| **7/21** | $19608 | $25495 | $21872 |
| **8/21** | $19887 | $26222 | $22361 |
| **9/21** | $19282 | $25045 | $21701 |
| **10/21** | $20231 | $26739 | $22625 |
| **11/21** | $19416 | $26332 | $21682 |
| **12/21** | $20715 | $27369 | $22166 |
| **1/22** | $19158 | $25759 | $20032 |
| **2/22** | $19771 | $25110 | $20246 |
| **3/22** | $19571 | $25924 | $20498 |
| **4/22** | $18277 | $23598 | $18466 |
| **5/22** | $17827 | $23566 | $18494 |
| **6/22** | $16802 | $21595 | $16973 |
| **7/22** | $18308 | $23621 | $18745 |
| **8/22** | $17258 | $22739 | $18362 |
| **9/22** | $15845 | $20630 | $16602 |
| **10/22** | $17596 | $22322 | $18430 |
| **11/22** | $18246 | $23487 | $18860 |
| **12/22** | $17378 | $22112 | $17636 |
| **1/23** | $19014 | $23635 | $19355 |
| **2/23** | $19014 | $23083 | $19028 |
| **3/23** | $18494 | $23700 | $18119 |
| **4/23** | $18399 | $23952 | $17793 |
| **5/23** | $17676 | $24046 | $17629 |
| **6/23** | $18855 | $25688 | $19062 |
| **7/23** | $19343 | $26608 | $20228 |
| **8/23** | $18665 | $26095 | $19216 |
| **9/23** | $17372 | $24852 | $18085 |
| **10/23** | $16351 | $24193 | $16851 |
| **11/23** | $17727 | $26449 | $18377 |
| **12/23** | $19367 | $27852 | $20622 |
| **1/24** | $18922 | $28160 | $19820 |
| **2/24** | $19900 | $29685 | $20940 |
| **3/24** | $20750 | $30642 | $21690 |
| **4/24** | $19392 | $29294 | $20163 |
| **5/24** | $20008 | $30678 | $21175 |
| **6/24** | $19729 | $31628 | $20979 |
| **7/24** | $21081 | $32216 | $23111 |
| **8/24** | $21398 | $32917 | $22765 |
| **9/24** | $21614 | $33598 | $22925 |
| **10/24** | $21087 | $33351 | $22593 |
| **11/24** | $23353 | $35570 | $25072 |
| **12/24** | $21676 | $34483 | $23001 |
| **1/25** | $22371 | $35571 | $23604 |
| **2/25** | $21760 | $34890 | $22342 |
| **3/25** | $20724 | $32854 | $20821 |
| **4/25** | $20029 | $32634 | $20340 |
| **5/25** | $20923 | $34703 | $21426 |
| **6/25** | $21168 | $36466 | $22591 |
| **7/25** | $20685 | $37269 | $22982 |
| **8/25** | $21721 | $38131 | $24625 |
| **9/25** | $20860 | $39447 | $25391 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (3.49)% | 8.41% | 8.20% |
| Class A with 5.25% Maximum Sales Charge | (8.57)% | 7.24% | 7.62% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.73% | 14.70% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.55% | 9.76% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2388548026 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid | $17839065 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g37159i8156fc2e0dabda5745d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.8% |
| Consumer Staples | 1.4% |
| Utilities | 2.2% |
| Short-Term Investments | 2.6% |
| Real Estate | 5.6% |
| Materials | 6.4% |
| Health Care | 9.5% |
| Information Technology | 10.3% |
| Consumer Discretionary | 14.5% |
| Financials | 21.9% |
| Industrials | 24.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Commerce Bancshares, Inc. | 3.4% |
| Community Financial System, Inc. | 2.9% |
| SouthState Bank Corp. | 2.8% |
| Dorman Products, Inc. | 2.8% |
| AptarGroup, Inc. | 2.6% |
| Donaldson Co., Inc. | 2.5% |
| U.S. Physical Therapy, Inc. | 2.4% |
| White Mountains Insurance Group Ltd. | 2.4% |
| Essential Properties Realty Trust, Inc. | 2.3% |
| Franklin Electric Co., Inc. | 2.3% |
| Total | 26.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g37159i75f820897a6b977b600b.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report September 30, 2025

# CCVAX-TSR-AR

# Calvert Small-Cap Fund

# Class C CSCCX
![Image](g37159i9db79f8ac5804794f72a.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Small-Cap Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $191 | 1.95% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup>®</sup> Index (the Index):

↓ Out-of-index exposure to Chemed Corp. detracted due to headwinds from Medicare revenue caps in its health care business and weakening demand for residential Roto-Rooter services

↓ Cohen & Steers, Inc., a financial services firm with a significant real estate business underperformed as high interest rates pressured real estate valuations, impacting results

↓ Albany International Corp., a textile and aerospace composites maker, declined due to a fall in overall revenues as well as an increase in input costs in the machine clothing segment

↓ Out-of-index exposure to AptarGroup, Inc. detracted as a management warning of headwinds in certain end markets (pharmaceuticals, European cough/cold) caused investor distress

↑ An out-of-index exposure to Woodward, Inc. helped as its shares increased after reporting strong earnings driven by an increase in government aerospace and defense spending. The stock was sold by period end

↑ ESCO Technologies, Inc., an aerospace company, also benefitted from increased defense spending and growing naval offerings through strategic acquisitions

↑ Dorman Products, Inc., a supplier of automotive aftermarket parts, surged due to better-than-expected sales and earnings per share in their second quarter financial report

↑ An out-of-index exposure to Core & Main, Inc. contributed as industry dynamics and resilient demand, specifically within the municipal construction segment, helped results

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](g37159i810f931a016c5d623c5f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **9/15** | $10000 | $10000 | $10000 |
| **10/15** | $10498 | $10790 | $10563 |
| **11/15** | $10503 | $10850 | $10907 |
| **12/15** | $9980 | $10627 | $10359 |
| **1/16** | $9393 | $10027 | $9448 |
| **2/16** | $9409 | $10024 | $9448 |
| **3/16** | $10080 | $10730 | $10202 |
| **4/16** | $10096 | $10796 | $10362 |
| **5/16** | $10240 | $10990 | $10596 |
| **6/16** | $10285 | $11012 | $10589 |
| **7/16** | $10678 | $11449 | $11221 |
| **8/16** | $10628 | $11478 | $11420 |
| **9/16** | $10689 | $11496 | $11547 |
| **10/16** | $10301 | $11248 | $10998 |
| **11/16** | $11464 | $11751 | $12224 |
| **12/16** | $11885 | $11980 | $12567 |
| **1/17** | $11778 | $12206 | $12616 |
| **2/17** | $12076 | $12660 | $12860 |
| **3/17** | $12166 | $12668 | $12877 |
| **4/17** | $12183 | $12803 | $13018 |
| **5/17** | $12076 | $12934 | $12753 |
| **6/17** | $12346 | $13050 | $13194 |
| **7/17** | $12352 | $13296 | $13292 |
| **8/17** | $12183 | $13322 | $13123 |
| **9/17** | $12701 | $13647 | $13942 |
| **10/17** | $12847 | $13945 | $14061 |
| **11/17** | $13331 | $14368 | $14466 |
| **12/17** | $13351 | $14512 | $14407 |
| **1/18** | $13795 | $15277 | $14784 |
| **2/18** | $13292 | $14714 | $14212 |
| **3/18** | $13397 | $14418 | $14395 |
| **4/18** | $13351 | $14473 | $14520 |
| **5/18** | $14108 | $14882 | $15401 |
| **6/18** | $14219 | $14979 | $15511 |
| **7/18** | $14447 | $15476 | $15782 |
| **8/18** | $15008 | $16020 | $16462 |
| **9/18** | $14943 | $16046 | $16066 |
| **10/18** | $13449 | $14865 | $14321 |
| **11/18** | $13782 | $15162 | $14549 |
| **12/18** | $12345 | $13751 | $12821 |
| **1/19** | $13573 | $14931 | $14263 |
| **2/19** | $14311 | $15457 | $15004 |
| **3/19** | $14125 | $15682 | $14690 |
| **4/19** | $14767 | $16309 | $15189 |
| **5/19** | $14077 | $15253 | $14008 |
| **6/19** | $15049 | $16325 | $14998 |
| **7/19** | $15319 | $16567 | $15084 |
| **8/19** | $14863 | $16229 | $14340 |
| **9/19** | $14925 | $16514 | $14638 |
| **10/19** | $14870 | $16870 | $15024 |
| **11/19** | $15298 | $17511 | $15642 |
| **12/19** | $15436 | $18017 | $16093 |
| **1/20** | $15255 | $17997 | $15577 |
| **2/20** | $14046 | $16524 | $14266 |
| **3/20** | $11726 | $14251 | $11166 |
| **4/20** | $12928 | $16139 | $12700 |
| **5/20** | $13585 | $17002 | $13526 |
| **6/20** | $13661 | $17390 | $14005 |
| **7/20** | $14276 | $18378 | $14392 |
| **8/20** | $14842 | $19709 | $15203 |
| **9/20** | $14165 | $18992 | $14695 |
| **10/20** | $14563 | $18582 | $15003 |
| **11/20** | $16233 | $20842 | $17768 |
| **12/20** | $17568 | $21780 | $19305 |
| **1/21** | $17589 | $21683 | $20277 |
| **2/21** | $18658 | $22361 | $21541 |
| **3/21** | $19238 | $23162 | $21757 |
| **4/21** | $19804 | $24356 | $22214 |
| **5/21** | $19867 | $24467 | $22260 |
| **6/21** | $19797 | $25071 | $22691 |
| **7/21** | $19811 | $25495 | $21872 |
| **8/21** | $20083 | $26222 | $22361 |
| **9/21** | $19454 | $25045 | $21701 |
| **10/21** | $20405 | $26739 | $22625 |
| **11/21** | $19573 | $26332 | $21682 |
| **12/21** | $20865 | $27369 | $22166 |
| **1/22** | $19284 | $25759 | $20032 |
| **2/22** | $19889 | $25110 | $20246 |
| **3/22** | $19677 | $25924 | $20498 |
| **4/22** | $18360 | $23598 | $18466 |
| **5/22** | $17899 | $23566 | $18494 |
| **6/22** | $16854 | $21595 | $16973 |
| **7/22** | $18360 | $23621 | $18745 |
| **8/22** | $17293 | $22739 | $18362 |
| **9/22** | $15870 | $20630 | $16602 |
| **10/22** | $17611 | $22322 | $18430 |
| **11/22** | $18254 | $23487 | $18860 |
| **12/22** | $17370 | $22112 | $17636 |
| **1/23** | $18994 | $23635 | $19355 |
| **2/23** | $18987 | $23083 | $19028 |
| **3/23** | $18455 | $23700 | $18119 |
| **4/23** | $18348 | $23952 | $17793 |
| **5/23** | $17616 | $24046 | $17629 |
| **6/23** | $18779 | $25688 | $19062 |
| **7/23** | $19256 | $26608 | $20228 |
| **8/23** | $18563 | $26095 | $19216 |
| **9/23** | $17262 | $24852 | $18085 |
| **10/23** | $16238 | $24193 | $16851 |
| **11/23** | $17601 | $26449 | $18377 |
| **12/23** | $19210 | $27852 | $20622 |
| **1/24** | $18763 | $28160 | $19820 |
| **2/24** | $19726 | $29685 | $20940 |
| **3/24** | $20550 | $30642 | $21690 |
| **4/24** | $19195 | $29294 | $20163 |
| **5/24** | $19795 | $30678 | $21175 |
| **6/24** | $19503 | $31628 | $20979 |
| **7/24** | $20819 | $32216 | $23111 |
| **8/24** | $21127 | $32917 | $22765 |
| **9/24** | $21327 | $33598 | $22925 |
| **10/24** | $20796 | $33351 | $22593 |
| **11/24** | $23006 | $35570 | $25072 |
| **12/24** | $21346 | $34483 | $23001 |
| **1/25** | $22018 | $35571 | $23604 |
| **2/25** | $21400 | $34890 | $22342 |
| **3/25** | $20368 | $32854 | $20821 |
| **4/25** | $19680 | $32634 | $20340 |
| **5/25** | $20540 | $34703 | $21426 |
| **6/25** | $20767 | $36466 | $22591 |
| **7/25** | $20282 | $37269 | $22982 |
| **8/25** | $21283 | $38131 | $24625 |
| **9/25** | $20727 | $39447 | $25391 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (4.20)% | 7.60% | 7.55% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (5.15)% | 7.60% | 7.55% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.73% | 14.70% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.55% | 9.76% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2388548026 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid | $17839065 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g37159i1535b716b7783bb3910b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.8% |
| Consumer Staples | 1.4% |
| Utilities | 2.2% |
| Short-Term Investments | 2.6% |
| Real Estate | 5.6% |
| Materials | 6.4% |
| Health Care | 9.5% |
| Information Technology | 10.3% |
| Consumer Discretionary | 14.5% |
| Financials | 21.9% |
| Industrials | 24.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Commerce Bancshares, Inc. | 3.4% |
| Community Financial System, Inc. | 2.9% |
| SouthState Bank Corp. | 2.8% |
| Dorman Products, Inc. | 2.8% |
| AptarGroup, Inc. | 2.6% |
| Donaldson Co., Inc. | 2.5% |
| U.S. Physical Therapy, Inc. | 2.4% |
| White Mountains Insurance Group Ltd. | 2.4% |
| Essential Properties Realty Trust, Inc. | 2.3% |
| Franklin Electric Co., Inc. | 2.3% |
| Total | 26.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g37159i75f820897a6b977b600b.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report September 30, 2025

# CSCCX-TSR-AR

# Calvert Small-Cap Fund

# Class I CSVIX
![Image](g37159i9db79f8ac5804794f72a.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Small-Cap Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $93 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup>®</sup> Index (the Index):

↓ Out-of-index exposure to Chemed Corp. detracted due to headwinds from Medicare revenue caps in its health care business and weakening demand for residential Roto-Rooter services

↓ Cohen & Steers, Inc., a financial services firm with a significant real estate business underperformed as high interest rates pressured real estate valuations, impacting results

↓ Albany International Corp., a textile and aerospace composites maker, declined due to a fall in overall revenues as well as an increase in input costs in the machine clothing segment

↓ Out-of-index exposure to AptarGroup, Inc. detracted as a management warning of headwinds in certain end markets (pharmaceuticals, European cough/cold) caused investor distress

↑ An out-of-index exposure to Woodward, Inc. helped as its shares increased after reporting strong earnings driven by an increase in government aerospace and defense spending. The stock was sold by period end

↑ ESCO Technologies, Inc., an aerospace company, also benefitted from increased defense spending and growing naval offerings through strategic acquisitions

↑ Dorman Products, Inc., a supplier of automotive aftermarket parts, surged due to better-than-expected sales and earnings per share in their second quarter financial report

↑ An out-of-index exposure to Core & Main, Inc. contributed as industry dynamics and resilient demand, specifically within the municipal construction segment, helped results

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](g37159i9c19da27c59afaae1404.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **9/15** | $1000000 | $1000000 | $1000000 |
| **12/15** | $1000806 | $1062697 | $1035938 |
| **3/16** | $1013871 | $1072987 | $1020207 |
| **6/16** | $1037666 | $1101212 | $1058891 |
| **9/16** | $1081524 | $1149640 | $1154677 |
| **12/16** | $1206371 | $1198033 | $1256675 |
| **3/17** | $1239001 | $1266839 | $1287663 |
| **6/17** | $1260754 | $1305041 | $1319385 |
| **9/17** | $1300951 | $1364699 | $1394176 |
| **12/17** | $1371572 | $1451185 | $1440743 |
| **3/18** | $1379650 | $1441831 | $1439531 |
| **6/18** | $1468503 | $1497902 | $1551148 |
| **9/18** | $1547125 | $1604611 | $1606622 |
| **12/18** | $1281878 | $1375116 | $1282061 |
| **3/19** | $1471007 | $1568230 | $1469037 |
| **6/19** | $1570400 | $1632451 | $1499814 |
| **9/19** | $1561312 | $1651428 | $1463807 |
| **12/19** | $1619028 | $1801664 | $1609305 |
| **3/20** | $1233271 | $1425122 | $1116621 |
| **6/20** | $1439968 | $1739042 | $1400450 |
| **9/20** | $1496967 | $1899164 | $1469519 |
| **12/20** | $1861084 | $2177992 | $1930536 |
| **3/21** | $2043272 | $2316228 | $2175695 |
| **6/21** | $2107845 | $2507080 | $2269089 |
| **9/21** | $2076711 | $2504530 | $2170148 |
| **12/21** | $2232417 | $2736889 | $2216622 |
| **3/22** | $2110862 | $2592424 | $2049802 |
| **6/22** | $1812836 | $2159459 | $1697335 |
| **9/22** | $1711026 | $2063048 | $1660212 |
| **12/22** | $1877310 | $2211217 | $1763623 |
| **3/23** | $1999417 | $2369989 | $1811907 |
| **6/23** | $2040119 | $2568755 | $1906222 |
| **9/23** | $1880441 | $2485172 | $1808469 |
| **12/23** | $2097558 | $2785179 | $2062185 |
| **3/24** | $2248954 | $3064235 | $2169008 |
| **6/24** | $2140276 | $3162781 | $2097915 |
| **9/24** | $2345697 | $3359795 | $2292450 |
| **12/24** | $2354209 | $3448268 | $2300117 |
| **3/25** | $2252240 | $3285442 | $2082090 |
| **6/25** | $2301313 | $3646553 | $2259060 |
| **9/25** | $2269447 | $3944702 | $2539066 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (3.25)% | 8.67% | 8.53% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.73% | 14.70% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.55% | 9.76% |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2388548026 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid | $17839065 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g37159id18c233d98108996e9f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.8% |
| Consumer Staples | 1.4% |
| Utilities | 2.2% |
| Short-Term Investments | 2.6% |
| Real Estate | 5.6% |
| Materials | 6.4% |
| Health Care | 9.5% |
| Information Technology | 10.3% |
| Consumer Discretionary | 14.5% |
| Financials | 21.9% |
| Industrials | 24.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Commerce Bancshares, Inc. | 3.4% |
| Community Financial System, Inc. | 2.9% |
| SouthState Bank Corp. | 2.8% |
| Dorman Products, Inc. | 2.8% |
| AptarGroup, Inc. | 2.6% |
| Donaldson Co., Inc. | 2.5% |
| U.S. Physical Therapy, Inc. | 2.4% |
| White Mountains Insurance Group Ltd. | 2.4% |
| Essential Properties Realty Trust, Inc. | 2.3% |
| Franklin Electric Co., Inc. | 2.3% |
| Total | 26.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g37159i75f820897a6b977b600b.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report September 30, 2025

# CSVIX-TSR-AR

# Calvert Small-Cap Fund

# Class R6 CALRX
![Image](g37159i9db79f8ac5804794f72a.jpg)

#### Annual Shareholder Report September 30, 2025
This annual shareholder report contains important information about the Calvert Small-Cap Fund for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.eatonvance.com/calvert-fund-documents.php. You can also request this information by contacting us at 1-800-368-2745.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $85 | 0.86% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 2000<sup>®</sup> Index (the Index):

↓ Out-of-index exposure to Chemed Corp. detracted due to headwinds from Medicare revenue caps in its health care business and weakening demand for residential Roto-Rooter services

↓ Cohen & Steers, Inc., a financial services firm with a significant real estate business underperformed as high interest rates pressured real estate valuations, impacting results

↓ Albany International Corp., a textile and aerospace composites maker, declined due to a fall in overall revenues as well as an increase in input costs in the machine clothing segment

↓ Out-of-index exposure to AptarGroup, Inc. detracted as a management warning of headwinds in certain end markets (pharmaceuticals, European cough/cold) caused investor distress

↑ An out-of-index exposure to Woodward, Inc. helped as its shares increased after reporting strong earnings driven by an increase in government aerospace and defense spending. The stock was sold by period end

↑ ESCO Technologies, Inc., an aerospace company, also benefitted from increased defense spending and growing naval offerings through strategic acquisitions

↑ Dorman Products, Inc., a supplier of automotive aftermarket parts, surged due to better-than-expected sales and earnings per share in their second quarter financial report

↑ An out-of-index exposure to Core & Main, Inc. contributed as industry dynamics and resilient demand, specifically within the municipal construction segment, helped results

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](g37159i33126478234108e8866b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **9/15** | $5000000 | $5000000 | $5000000 |
| **10/15** | $5254927 | $5394926 | $5281701 |
| **11/15** | $5261354 | $5424833 | $5453508 |
| **12/15** | $5004032 | $5313486 | $5179689 |
| **1/16** | $4714755 | $5013671 | $4724215 |
| **2/16** | $4726419 | $5012057 | $4724004 |
| **3/16** | $5069353 | $5364936 | $5101035 |
| **4/16** | $5083350 | $5398185 | $5181094 |
| **5/16** | $5162668 | $5494761 | $5297797 |
| **6/16** | $5188330 | $5506059 | $5294457 |
| **7/16** | $5393623 | $5724578 | $5610571 |
| **8/16** | $5370294 | $5739180 | $5709790 |
| **9/16** | $5407621 | $5748202 | $5773387 |
| **10/16** | $5218657 | $5623837 | $5498921 |
| **11/16** | $5811209 | $5875515 | $6112117 |
| **12/16** | $6031854 | $5990165 | $6283376 |
| **1/17** | $5984564 | $6102911 | $6308160 |
| **2/17** | $6140621 | $6329888 | $6429900 |
| **3/17** | $6195005 | $6334195 | $6438314 |
| **4/17** | $6209192 | $6401336 | $6508920 |
| **5/17** | $6159537 | $6466847 | $6376502 |
| **6/17** | $6303772 | $6525207 | $6596927 |
| **7/17** | $6313230 | $6648239 | $6645939 |
| **8/17** | $6235202 | $6661048 | $6561389 |
| **9/17** | $6504755 | $6823497 | $6970879 |
| **10/17** | $6587513 | $6972400 | $7030301 |
| **11/17** | $6839013 | $7184118 | $7232910 |
| **12/17** | $6857860 | $7255923 | $7203717 |
| **1/18** | $7089417 | $7638387 | $7391981 |
| **2/18** | $6839013 | $7356839 | $7105751 |
| **3/18** | $6898248 | $7209157 | $7197654 |
| **4/18** | $6879400 | $7236557 | $7259881 |
| **5/18** | $7277894 | $7440847 | $7700560 |
| **6/18** | $7342515 | $7489509 | $7755740 |
| **7/18** | $7466371 | $7738055 | $7890910 |
| **8/18** | $7762548 | $8009798 | $8231087 |
| **9/18** | $7735623 | $8023057 | $8033111 |
| **10/18** | $6970946 | $7432297 | $7160583 |
| **11/18** | $7145960 | $7581156 | $7274400 |
| **12/18** | $6409389 | $6875582 | $6410303 |
| **1/19** | $7056860 | $7465741 | $7131452 |
| **2/19** | $7445910 | $7728305 | $7502201 |
| **3/19** | $7355037 | $7841152 | $7345185 |
| **4/19** | $7692971 | $8154264 | $7594706 |
| **5/19** | $7340838 | $7626586 | $7004045 |
| **6/19** | $7854839 | $8162253 | $7499072 |
| **7/19** | $8002507 | $8283585 | $7542247 |
| **8/19** | $7772485 | $8114721 | $7169854 |
| **9/19** | $7809402 | $8257142 | $7319034 |
| **10/19** | $7789524 | $8434892 | $7511790 |
| **11/19** | $8022386 | $8755517 | $7821012 |
| **12/19** | $8099386 | $9008322 | $8046527 |
| **1/20** | $8010097 | $8998483 | $7788462 |
| **2/20** | $7385073 | $8261748 | $7132813 |
| **3/20** | $6169589 | $7125610 | $5583103 |
| **4/20** | $6806134 | $8069327 | $6349966 |
| **5/20** | $7160410 | $8500863 | $6763189 |
| **6/20** | $7206495 | $8695208 | $7002251 |
| **7/20** | $7534849 | $9188951 | $7196061 |
| **8/20** | $7843040 | $9854639 | $7601512 |
| **9/20** | $7491644 | $9495822 | $7347596 |
| **10/20** | $7707666 | $9290872 | $7501483 |
| **11/20** | $8600557 | $10421135 | $8884193 |
| **12/20** | $9315716 | $10889962 | $9652679 |
| **1/21** | $9335911 | $10841524 | $10138424 |
| **2/21** | $9912915 | $11180400 | $10770303 |
| **3/21** | $10227381 | $11581138 | $10878476 |
| **4/21** | $10536078 | $12178136 | $11106912 |
| **5/21** | $10582238 | $12233729 | $11129811 |
| **6/21** | $10553388 | $12535400 | $11345445 |
| **7/21** | $10570698 | $12747381 | $10935776 |
| **8/21** | $10726489 | $13110908 | $11180391 |
| **9/21** | $10400482 | $12522649 | $10850739 |
| **10/21** | $10916900 | $13369488 | $11312323 |
| **11/21** | $10481263 | $13165986 | $10840941 |
| **12/21** | $11182384 | $13684446 | $11083110 |
| **1/22** | $10345018 | $12879305 | $10016098 |
| **2/22** | $10678729 | $12554885 | $10123020 |
| **3/22** | $10573672 | $12962118 | $10249012 |
| **4/22** | $9878442 | $11798868 | $9233239 |
| **5/22** | $9640519 | $11783049 | $9247193 |
| **6/22** | $9084335 | $10797295 | $8486675 |
| **7/22** | $9903161 | $11810275 | $9372708 |
| **8/22** | $9337708 | $11369524 | $9180916 |
| **9/22** | $8574500 | $10315238 | $8301059 |
| **10/22** | $9526192 | $11161149 | $9214914 |
| **11/22** | $9881532 | $11743719 | $9430154 |
| **12/22** | $9412760 | $11056084 | $8818114 |
| **1/23** | $10304429 | $11817546 | $9677581 |
| **2/23** | $10307569 | $11541338 | $9514118 |
| **3/23** | $10028137 | $11849944 | $9059536 |
| **4/23** | $9977902 | $11976197 | $8896660 |
| **5/23** | $9588582 | $12022794 | $8814478 |
| **6/23** | $10229077 | $12843776 | $9531110 |
| **7/23** | $10499089 | $13304183 | $10113971 |
| **8/23** | $10131747 | $13047363 | $9607987 |
| **9/23** | $9431598 | $12425862 | $9042344 |
| **10/23** | $8882154 | $12096468 | $8425666 |
| **11/23** | $9632538 | $13224443 | $9188269 |
| **12/23** | $10524739 | $13925893 | $10310925 |
| **1/24** | $10288334 | $14080229 | $9909897 |
| **2/24** | $10824185 | $14842400 | $10470219 |
| **3/24** | $11287538 | $15321177 | $10845042 |
| **4/24** | $10553108 | $14647018 | $10081740 |
| **5/24** | $10890378 | $15339047 | $10587512 |
| **6/24** | $10742231 | $15813904 | $10489575 |
| **7/24** | $11476662 | $16107868 | $11555307 |
| **8/24** | $11656330 | $16458516 | $11382695 |
| **9/24** | $11779260 | $16798974 | $11462249 |
| **10/24** | $11492423 | $16675610 | $11296691 |
| **11/24** | $12728031 | $17784940 | $12535870 |
| **12/24** | $11821859 | $17241339 | $11500586 |
| **1/25** | $12202385 | $17785617 | $11802122 |
| **2/25** | $11869825 | $17444774 | $11170835 |
| **3/25** | $11310229 | $16427212 | $10410449 |
| **4/25** | $10936099 | $16317002 | $10169946 |
| **5/25** | $11425346 | $17351272 | $10713025 |
| **6/25** | $11562847 | $18232766 | $11295299 |
| **7/25** | $11300636 | $18634299 | $11491238 |
| **8/25** | $11873022 | $19065532 | $12312253 |
| **9/25** | $11402962 | $19723509 | $12695328 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | (3.19)% | 8.76% | 8.59% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.73% | 14.70% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.55% | 9.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Class R6 performance prior to 2/1/19 is linked to Class I. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. Performance presented in the Financial Highlights included in the financial statements is not linked. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php. Performance prior to December 31, 2016 is that of the Fund's former investment adviser.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2388548026 |
| # of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid | $17839065 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Sector Allocation (% of total investments)
![Group By Asset Type Chart](g37159i67975fa526ab02bb88ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.8% |
| Consumer Staples | 1.4% |
| Utilities | 2.2% |
| Short-Term Investments | 2.6% |
| Real Estate | 5.6% |
| Materials | 6.4% |
| Health Care | 9.5% |
| Information Technology | 10.3% |
| Consumer Discretionary | 14.5% |
| Financials | 21.9% |
| Industrials | 24.8% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Commerce Bancshares, Inc. | 3.4% |
| Community Financial System, Inc. | 2.9% |
| SouthState Bank Corp. | 2.8% |
| Dorman Products, Inc. | 2.8% |
| AptarGroup, Inc. | 2.6% |
| Donaldson Co., Inc. | 2.5% |
| U.S. Physical Therapy, Inc. | 2.4% |
| White Mountains Insurance Group Ltd. | 2.4% |
| Essential Properties Realty Trust, Inc. | 2.3% |
| Franklin Electric Co., Inc. | 2.3% |
| Total | 26.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/calvert-fund-documents.php](g37159i75f820897a6b977b600b.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/calvert-fund-documents.php. For proxy information, please visit www.calvert.com/active-engagement.php?DM=how-we-influence.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-368-2745 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report September 30, 2025

# CALRX-TSR-AR

------

(b) Not applicable.

#### Item 2. Code of Ethics
The registrant (sometimes referred to as the "Fund") has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-368-2745. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

------

#### Item 3. Audit Committee Financial Expert
The registrant's Board of Directors has determined that Edward Ramos, an "independent" Director serving on the registrant's audit committee, is an "audit committee financial expert," as defined in Item 3 of Form N-CSR. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Directors in the absence of such designation or identification.

#### Item 4. Principal Accountant Fees and Services

#### (a)-(d)
The following table presents the aggregate fees billed to the registrant for the registrant's fiscal years ended September 30, 2024 and September 30, 2025 by its principal accountant for professional services rendered for the audit of the registrant's annual financial statements and fees billed for other services rendered by its principal accountant during such periods.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Years Ended** | **9/30/24** | **%\*** | **9/30/25** | **%\*** |
|  Audit Fees | $107300 | 0% | $109400 | 0% |
|  Audit-Related Fees(1) | $0 | 0% | $0 | 0% |
|  Tax Fees(2) | $0 | 0% | $0 | 0% |
|  All Other Fees(3) | $0 | 0% | $0 | 0% |
|  Total | $107300 | 0% | $109400 | 0% |

---

\* Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimis waiver of Committee's requirement to pre-approve). 

<sup>(1)</sup> Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under the category of audit fees.

<sup>(2)</sup> Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

<sup>(3)</sup> All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e) The Audit Committee is required to pre-approve all audit and non-audit services provided to the registrant by the auditors, and to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. In determining whether to pre-approve non-audit services, the Audit Committee considers whether the services are consistent with maintaining the independence of the auditors. The Committee may delegate its authority to pre-approve certain matters to one or more of its members. In this regard, the Committee has delegated authority jointly to the Audit Committee Chair together with another Committee member with respect to non-audit services not exceeding $25,000 in each instance. In addition, the Committee has pre-approved the retention of the auditors to provide tax-related services related to the tax treatment and tax accounting of newly acquired securities, upon request by the investment adviser in each instance.

------

(f) Not applicable.

(g) Aggregate non-audit fees billed by the registrant's principal accountant for services rendered to the registrant, and rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant:

---

| | |
|:---|:---|
| **Fiscal Year ended 9/30/24**<br>$**%\*** | **Fiscal Year ended 9/30/25**<br>$**%\*** |
| 0% | 0% |

---

\* Percentage of fees approved by the Audit Committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Reg. S-X (statutory de minimis waiver of Committee's requirement to pre-approve). 

(h) The registrant's audit committee has considered whether the provision by the registrant's principal accountant of non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants
Not applicable.

#### Item 6. Schedule of Investments
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

![](g37159img0e2ed6e31.gif)

------

## Calvert

## Small-Cap Fund

## Annual Financial Statements and

## Additional Information
September 30, 2025

------

![](g37159imgf362b6732.gif)

------

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information September 30, 2025
Calvert

Small-Cap Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_53cff927-370d-46b2-9079-945592aa0c44_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_257a2a61-0883-48c8-a13f-6412c01cfd96_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_257a2a61-0883-48c8-a13f-6412c01cfd96_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_82599047-fc03-4769-b650-5b5a6bdb3fbc_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_82599047-fc03-4769-b650-5b5a6bdb3fbc_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_82599047-fc03-4769-b650-5b5a6bdb3fbc_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_77812c9f-03d0-455d-be58-161c9ef4c51f_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_d168c7a3-9e10-4a20-b913-ddfdfcd9ec04_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_fbaca7f0-fed5-4a65-8242-a8a7ed9f8d31_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| [Federal Tax Information](#xx_448d86cb-e3c0-4628-84db-db4d4c72aee2_1) | &nbsp;&nbsp;19 |
| [Item 9 of Form N-CSR:](#xx_52361bdd-83f8-4342-bb09-183f2b71a92e_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Special Meeting of Shareholders](#xx_52361bdd-83f8-4342-bb09-183f2b71a92e_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| [Item 11 of Form N-CSR:](#xx_92824417-b660-45cc-960c-e939eb52a476_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Directors' Contract Approval](#xx_92824417-b660-45cc-960c-e939eb52a476_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |

---

Item 8 of Form N-CSR is Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Schedule of Investments

------

Common Stocks — 97.1%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Aerospace & Defense — 1.5% | Aerospace & Defense — 1.5% |  |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;557401 | $34949043 |
|  |  | **$34949043** |
| Automobile Components — 2.8% | Automobile Components — 2.8% |  |
| Dorman Products, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;429091 | $66886705 |
|  |  | **$66886705** |
| Banks — 11.5% | Banks — 11.5% |  |
| Commerce Bancshares, Inc. | 1344066 | $80321384 |
| Community Financial System, Inc. | 1182236 | &nbsp;&nbsp; 69326319 |
| First Financial Bankshares, Inc. | 1431565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48172162 |
| SouthState Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;686720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67896007 |
| Stock Yards Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9931161 |
|  |  | **$275647033** |
| Biotechnology — 0.5% | Biotechnology — 0.5% |  |
| Caris Life Sciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;434089 | $13131192 |
|  |  | **$13131192** |
| Building Products — 9.1% | Building Products — 9.1% |  |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;581077 | $42656863 |
| AAON, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;267505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24995667 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32006551 |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33137543 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48397310 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 2451910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37072879 |
|  |  | **$218266813** |
| Capital Markets — 3.1% | Capital Markets — 3.1% |  |
| Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;382268 | $25080604 |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;432924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49123886 |
|  |  | **$74204490** |
| Chemicals — 3.1% | Chemicals — 3.1% |  |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;224014 | $33615541 |
| Quaker Chemical Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;311006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40975040 |
|  |  | **$74590581** |
| Construction Materials — 0.7% | Construction Materials — 0.7% |  |
| Knife River Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;205698 | $15812005 |
|  |  | **$15812005** |
| Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% |  |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;154333 | $9002244 |
|  |  | **$9002244** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Containers & Packaging — 2.6% | Containers & Packaging — 2.6% |  |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;460069 | $61492823 |
|  |  | **$61492823** |
| Diversified Consumer Services — 1.5% | Diversified Consumer Services — 1.5% |  |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;331297 | $35968915 |
|  |  | **$35968915** |
| Diversified REITs — 2.3% | Diversified REITs — 2.3% |  |
| Essential Properties Realty Trust, Inc. | 1829873 | $54457020 |
|  |  | **$54457020** |
| Electric Utilities — 2.2% | Electric Utilities — 2.2% |  |
| IDACORP, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;401305 | $53032456 |
|  |  | **$53032456** |
| Electrical Equipment — 0.3% | Electrical Equipment — 0.3% |  |
| Thermon Group Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;301844 | $8065272 |
|  |  | **$8065272** |
| Electronic Equipment, Instruments & Components — 2.1% | Electronic Equipment, Instruments & Components — 2.1% |  |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224340 | $40062637 |
| Novanta, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9585757 |
|  |  | **$49648394** |
| Financial Services — 1.9% | Financial Services — 1.9% |  |
| Euronet Worldwide, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;519717 | $45636350 |
|  |  | **$45636350** |
| Food Products — 1.0% | Food Products — 1.0% |  |
| Post Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;221890 | $23848737 |
|  |  | **$23848737** |
| Ground Transportation — 0.7% | Ground Transportation — 0.7% |  |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144868 | $17755022 |
|  |  | **$17755022** |
| Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% |  |
| Integer Holdings Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;187489 | $19373238 |
|  |  | **$19373238** |
| Health Care Providers & Services — 7.1% | Health Care Providers & Services — 7.1% |  |
| Addus HomeCare Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;316267 | $37316343 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41531467 |
| Option Care Health, Inc.<sup>(1)</sup> | 1240400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34433504 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;671115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57011219 |
|  |  | **$170292533** |
| Health Care Technology — 1.0% | Health Care Technology — 1.0% |  |
| Certara, Inc.<sup>(1)</sup> | 1026303 | $12541423 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Health Care Technology (continued) | Health Care Technology (continued) |  |
| HeartFlow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;325114 | $10943337 |
|  |  | **$23484760** |
| Hotels, Restaurants & Leisure — 4.4% | Hotels, Restaurants & Leisure — 4.4% |  |
| Aramark | 1364221 | $52386086 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;651239 | &nbsp;&nbsp; 52033996 |
|  |  | **$104420082** |
| Household Durables — 1.2% | Household Durables — 1.2% |  |
| Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;169314 | $12263413 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16545407 |
|  |  | **$28808820** |
| Industrial REITs — 3.3% | Industrial REITs — 3.3% |  |
| EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;258136 | $43692100 |
| Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;611291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34690764 |
|  |  | **$78382864** |
| Insurance — 5.3% | Insurance — 5.3% |  |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201668 | $8841125 |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;427789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27481165 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | 1363490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33814552 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56174773 |
|  |  | **$126311615** |
| Machinery — 9.2% | Machinery — 9.2% |  |
| Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;329217 | $17547266 |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;941798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42465672 |
| Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;736175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60255924 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;210282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44392633 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;567202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53997630 |
|  |  | **$218659125** |
| Media — 0.8% | Media — 0.8% |  |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;476750 | $19294073 |
|  |  | **$19294073** |
| Professional Services — 2.1% | Professional Services — 2.1% |  |
| CBIZ, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;926436 | $49064051 |
|  |  | **$49064051** |
| Semiconductors & Semiconductor Equipment — 3.3% | Semiconductors & Semiconductor Equipment — 3.3% |  |
| Allegro MicroSystems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;690898 | $20174222 |
| Diodes, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;774350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41203163 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;118297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16990998 |
|  |  | **$78368383** |
| Software — 4.9% | Software — 4.9% |  |
| Alkami Technology, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;460402 | $11436386 |
| CCC Intelligent Solutions Holdings, Inc.<sup>(1)</sup> | 4512575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41109558 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Software (continued) | Software (continued) |  |
| Clearwater Analytics Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;628088 | $11318146 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;230125 | &nbsp;&nbsp; 21684679 |
| nCino, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;389349 | &nbsp;&nbsp; 10555251 |
| SPS Commerce, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;208095 | &nbsp;&nbsp; 21671013 |
|  |  | **$117775033** |
| Specialty Retail — 3.2% | Specialty Retail — 3.2% |  |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456433 | $11757714 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26697 | &nbsp;&nbsp; 11680205 |
| Valvoline, Inc.<sup>(1)</sup> | 1490086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53508988 |
|  |  | **$76946907** |
| Textiles, Apparel & Luxury Goods — 1.4% | Textiles, Apparel & Luxury Goods — 1.4% |  |
| Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;989034 | $33112858 |
|  |  | **$33112858** |
| Trading Companies & Distributors — 1.8% | Trading Companies & Distributors — 1.8% |  |
| Core & Main, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;811374 | $43676262 |
|  |  | **$43676262** |
| Total Common Stocks<br> (identified cost $2,005,674,711) |  | **$2320365699** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 2.7% |  |  |
| Affiliated Fund — 1.9% | Affiliated Fund — 1.9% | Affiliated Fund — 1.9% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%<sup>(3)</sup> | 44059265 | $44059265 |
| Total Affiliated Fund<br> (identified cost $44,059,265) |  | **$44059265** |
| Securities Lending Collateral — 0.8% | Securities Lending Collateral — 0.8% | Securities Lending Collateral — 0.8% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.18%<sup>(4)</sup> | 19450796 | $19450796 |
| Total Securities Lending Collateral<br> (identified cost $19,450,796) |  | **$19450796** |
| Total Short-Term Investments<br> (identified cost $63,510,061) |  | **$63510061** |
| Total Investments — 99.8%<br> (identified cost $2,069,184,772) |  | **$2383875760** |
| Other Assets, Less Liabilities — 0.2% |  | **$4672266** |
| Net Assets — 100.0% |  | **$2388548026** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | All or a portion of this security was on loan at September 30, 2025. The aggregate market value of securities on loan at September 30, 2025 was $48,573,426. |
| <sup>(3)</sup> | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of September 30, 2025. |
| <sup>(4)</sup> | Represents investment of cash collateral received in connection with securities lending. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| REITs | – Real Estate Investment Trusts |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $2,025,125,507) - including<br> $48,573,426 of securities on loan | &nbsp;&nbsp;$2339816495 |
| Investments in securities of affiliated issuers, at value (identified cost $44,059,265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44059265 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10571501 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16379249 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280491 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71488 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9513 |
| Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321342 |
| **Total assets** | &nbsp;&nbsp;**$2413509855** |
| Liabilities |  |
| Payable for investments purchased | &nbsp;&nbsp;$479955 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316525 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19450796 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363968 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241044 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76634 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26155 |
| &nbsp;&nbsp;&nbsp;Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321342 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685410 |
| **Total liabilities** | &nbsp;&nbsp;**$24961829** |
| **Net Assets** | &nbsp;&nbsp;**$2388548026** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$1830174850 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558373176 |
| **Net Assets** | &nbsp;&nbsp;**$2388548026** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$265703226 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8197121 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$32.41 |
| **Maximum Offering Price Per Share <br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$34.21 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$23548436 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901327 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$26.13 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$1852525865 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52017430 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$35.61 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$246770499 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6918943 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$35.67 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Investment Income |  |
| Dividend income | &nbsp;&nbsp;$32644358 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082077 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54274 |
| **Total investment income** | &nbsp;&nbsp;**$33782882** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$17873456 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154139 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726731 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280199 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144467 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42082 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387794 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487054 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106837 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82061 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331227 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65530 |
| **Total expenses** | &nbsp;&nbsp;**$25681577** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(34391) |
| **Net expenses** | &nbsp;&nbsp;**$25647186** |
| **Net investment income** | &nbsp;&nbsp;**$8135696** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$270476443 |
| **Net realized gain** | &nbsp;&nbsp;**$270476443** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(364247560) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(364247560)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(93771117)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(85635421)** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8135696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11456985 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270476443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56099504 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364247560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570757962 |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(85635421)** | &nbsp;&nbsp;**$638314451** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4438256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(345097) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(492871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34285575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7571119) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2533398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1326593) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(41750100)** | &nbsp;&nbsp;**$(9242809)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(26629485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(17166181) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5757398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3443910) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370712513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413602599) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81481652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199973724) |
| **Net decrease in net assets from capital share transactions** | &nbsp;&nbsp;**$(321617744)** | &nbsp;&nbsp;**$(634186414)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(449003265)** | &nbsp;&nbsp;**$(5114772)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$2837551291 | &nbsp;&nbsp;$2842666063 |
| **At end of year** | &nbsp;&nbsp;**$2388548026** | &nbsp;&nbsp;**$2837551291** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$34.05 | &nbsp;&nbsp;$27.40 | &nbsp;&nbsp;$25.35 | &nbsp;&nbsp;$33.14 | &nbsp;&nbsp;$23.94 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$0.05 | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$(0.07) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.27 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(1.14)** | &nbsp;&nbsp;**$6.69** | &nbsp;&nbsp;**$2.44** | &nbsp;&nbsp;**$(5.38)** | &nbsp;&nbsp;**$9.20** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(0.50)** | &nbsp;&nbsp;**$(0.04)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(2.41)** | &nbsp;&nbsp;**$—** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$32.41** | &nbsp;&nbsp;**$34.05** | &nbsp;&nbsp;**$27.40** | &nbsp;&nbsp;**$25.35** | &nbsp;&nbsp;**$33.14** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.49)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.63%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(17.82)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.43%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$265703 | &nbsp;&nbsp;$306938 | &nbsp;&nbsp;$262360 | &nbsp;&nbsp;$241335 | &nbsp;&nbsp;$288922 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$27.70 | &nbsp;&nbsp;$22.42 | &nbsp;&nbsp;$20.97 | &nbsp;&nbsp;$27.84 | &nbsp;&nbsp;$20.27 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.26) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.83 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(1.12)** | &nbsp;&nbsp;**$5.28** | &nbsp;&nbsp;**$1.84** | &nbsp;&nbsp;**$(4.63)** | &nbsp;&nbsp;**$7.57** |
| Less Distributions |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$(0.45) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.39) | &nbsp;&nbsp;$(2.24) | &nbsp;&nbsp;$— |
| **Total distributions** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(2.24)** | &nbsp;&nbsp;**$—** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$26.13** | &nbsp;&nbsp;**$27.70** | &nbsp;&nbsp;**$22.42** | &nbsp;&nbsp;**$20.97** | &nbsp;&nbsp;**$27.84** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.55%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.77%** | &nbsp;&nbsp;&nbsp;&nbsp;**(18.42)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37.35%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$23548 | &nbsp;&nbsp;$30966 | &nbsp;&nbsp;$28169 | &nbsp;&nbsp;$26452 | &nbsp;&nbsp;$32596 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$37.34 | &nbsp;&nbsp;$30.03 | &nbsp;&nbsp;$27.73 | &nbsp;&nbsp;$36.02 | &nbsp;&nbsp;$26.00 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;$0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(1.16)** | &nbsp;&nbsp;**$7.42** | &nbsp;&nbsp;**$2.74** | &nbsp;&nbsp;**$(5.81)** | &nbsp;&nbsp;**$10.06** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$(0.04) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(0.57)** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.44)** | &nbsp;&nbsp;**$(2.48)** | &nbsp;&nbsp;**$(0.04)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$35.61** | &nbsp;&nbsp;**$37.34** | &nbsp;&nbsp;**$30.03** | &nbsp;&nbsp;**$27.73** | &nbsp;&nbsp;**$36.02** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.25)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.74%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.90%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(17.61)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.73%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1852526 | &nbsp;&nbsp;$2324427 | &nbsp;&nbsp;$2239650 | &nbsp;&nbsp;$1858334 | &nbsp;&nbsp;$2398219 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022).

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$37.37 | &nbsp;&nbsp;$30.04 | &nbsp;&nbsp;$27.75 | &nbsp;&nbsp;$36.05 | &nbsp;&nbsp;$26.01 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.16 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;$0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.05 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(1.13)** | &nbsp;&nbsp;**$7.46** | &nbsp;&nbsp;**$2.77** | &nbsp;&nbsp;**$(5.79)** | &nbsp;&nbsp;**$10.09** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.05) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(0.57)** | &nbsp;&nbsp;**$(0.13)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(2.51)** | &nbsp;&nbsp;**$(0.05)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$35.67** | &nbsp;&nbsp;**$37.37** | &nbsp;&nbsp;**$30.04** | &nbsp;&nbsp;**$27.75** | &nbsp;&nbsp;**$36.05** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.19)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.89%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(17.56)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.83%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$246770 | &nbsp;&nbsp;$175221 | &nbsp;&nbsp;$312487 | &nbsp;&nbsp;$283192 | &nbsp;&nbsp;$84689 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022).

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Calvert Small-Cap Fund (the Fund) is a diversified series of Calvert Impact Fund, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek to provide long-term capital appreciation through investment primarily in small-cap common stocks of U.S. companies.

The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. A contingent deferred sales charge of 1.00% may apply to certain redemptions of Class A shares for accounts for which no sales charge was paid, if redeemed within 12 months of purchase. Class C shares are sold without a front-end sales charge, and with certain exceptions, are charged a contingent deferred sales charge of 1.00% on shares redeemed within 12 months of purchase. Class C shares are only available for purchase through a financial intermediary. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I and Class R6 shares are sold at net asset value, are not subject to a sales charge and are sold only to certain eligible investors. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and is subject to different expenses.

The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

A Investment Valuation— Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The 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 by the

Board's valuation designee.

U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including 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.

Valuation techniques used to value the Fund's investments by major category are as follows:

**Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy.**

**Other Securities. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day and are categorized as Level 1 in the hierarchy.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Board has designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Notes to Financial Statements — continued

------

The following table summarizes the market value of the Fund's holdings as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$2320365699<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2320365699 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44059265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44059265 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19450796 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19450796 |
| **Total Investments** | &nbsp;&nbsp;**$2383875760** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$2383875760** |

---

<sup>(1)</sup> The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.

B Investment Transactions and Income— Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Non-cash dividends are recorded at the fair value of the securities received. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income is accrued as earned.

C Share Class Accounting— Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer agency fees and expenses on the Statement of Operations, are not allocated to Class R6 shares.

D Distributions to Shareholders— Distributions to shareholders are recorded by the Fund on ex-dividend date. Distributions from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.

E Estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

F Indemnifications— The Corporation's By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G 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 from the date of filing.

H Segment Reporting— During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (CRM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment advisory fee is computed at the annual rate of 0.68% of the Fund's average daily net assets and is payable monthly. For the year ended September 30, 2025, the investment advisory fee amounted to $17,873,456.

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Notes to Financial Statements — continued

------

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment advisory fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended September 30, 2025, the investment advisory fee paid was reduced by $34,391 relating to the Fund's investment in the Liquidity Fund.

CRM has agreed to reimburse the Fund's operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.21%, 1.96%, 0.96% and 0.90% for Class A, Class C, Class I and Class R6, respectively, of such class's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after February 1, 2026. For the year ended September 30, 2025, no expenses were waived and/or reimbursed by CRM.

The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund's average daily net assets attributable to Class A, Class C, Class I and Class R6 and is payable monthly. For the year ended September 30, 2025, CRM was paid administrative fees of $3,154,139.

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund's principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. In addition, pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued for the year ended September 30, 2025 amounted to $726,731 and $280,199 for Class A shares and Class C shares, respectively.

The Fund was informed that EVD received $12,582 as its portion of the sales charge on sales of Class A shares for the year ended September 30, 2025. The Fund was also informed that EVD received $5,948 and $1,185 of contingent deferred sales charges paid by Class A and Class C shareholders, respectively, for the same period. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of CRM and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended September 30, 2025 in the amount of $1,876.

Eaton Vance Management (EVM), an affiliate of CRM, provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended September 30, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $100,804 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Director of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $250,000, an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee, and may receive a fee of $10,000 for special meetings. The Board chair receives an additional $55,000 ($40,000 prior to January 1, 2025) annual fee, Committee chairs receive an additional $20,000 ($15,000 prior to January 1, 2025) annual fee and the special equities liaison receives an additional $2,500 annual fee. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund's assets. Directors' fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM.

3 Investment Activity

During the year ended September 30, 2025, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $875,413,369 and $1,256,309,294, respectively.

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Notes to Financial Statements — continued

------

4 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$8077518 | &nbsp;&nbsp;&nbsp;&nbsp;$9242809 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$33672582 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

During the year ended September 30, 2025, distributable earnings was decreased by $26,005,260 and paid-in capital was increased by $26,005,260

due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$4481362 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241808878 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312082936 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$558373176** |

---

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$2071792824** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$415187832 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103104896) |
| **Net unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$312082936** |

---

5 Securities Lending

To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent based on agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.

At September 30, 2025, the total value of securities on loan was $48,573,426 and the total value of collateral received was $49,464,893, comprised of cash of $19,450,796 and U.S. government and/or agencies securities of $30,014,097.

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Notes to Financial Statements — continued

------

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** |
|  | &nbsp;&nbsp;**Overnight and<br> Continuous** | &nbsp;&nbsp;**<30 days** | &nbsp;&nbsp;**30 to 90 days** | &nbsp;&nbsp;**>90 days** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$19450796 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$19450796 |

---

The carrying amount of the liability for deposits for securities loaned at September 30, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at September 30, 2025.

6 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 21, 2025. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2024, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.

The Fund had no borrowings outstanding pursuant to its line of credit at September 30, 2025. The Fund did not have any significant borrowings or allocated fees during the year ended September 30, 2025. Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

7 Affiliated Investments

At September 30, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $44,059,265, which represents 1.9% of the Fund's net assets. Transactions in such investments by the Fund for the year ended September 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | $44575234 | $596495086 | $(597011055) | $— | $— | $44059265 | $1082077 | 44059265 |

---

8 Capital Shares

The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 75,000,000 common shares, $0.01 par value, for each Class.

Transactions in capital shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244005 | &nbsp;&nbsp;&nbsp;&nbsp;$41563311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396605 | &nbsp;&nbsp;&nbsp;&nbsp;$42733826 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322340 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2177460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72368882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1970840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60222347) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(816116)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(26629485)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(563533)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(17166181)** |

---

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58780 | &nbsp;&nbsp;&nbsp;&nbsp;$1594875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130401 | &nbsp;&nbsp;&nbsp;&nbsp;$3255449 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7796218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6699359) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(216602)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5757398)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(138272)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3443910)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10737832 | &nbsp;&nbsp;&nbsp;&nbsp;$391148959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17754208 | &nbsp;&nbsp;&nbsp;&nbsp;$585723863 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27359579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6203191 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(21665417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(789221051) | &nbsp;&nbsp;&nbsp;&nbsp;(30284976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1005529653) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(10226597)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(370712513)** | &nbsp;&nbsp;&nbsp;&nbsp;**(12342564)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(413602599)** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037820 | &nbsp;&nbsp;&nbsp;&nbsp;$147083554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497082 | &nbsp;&nbsp;&nbsp;&nbsp;$50084459 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265814 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1864671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67805143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7247814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251323997) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2229555** | &nbsp;&nbsp;&nbsp;&nbsp;**$81481652** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5712328)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(199973724)** |

---

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of Calvert Small-Cap Fund and Board of Directors of Calvert Impact Fund, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Calvert Small-Cap Fund (the "Fund"), one of the funds constituting Calvert Impact Fund, Inc., as of September 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 20, 2025

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended September 30, 2025, the Fund designates approximately $26,526,670, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2025 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.**

**Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2025, $267,327,134 or, if subsequently determined to be different, the net capital gain of such year.**

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Special Meeting of Shareholders (Unaudited)

------

Calvert Impact Fund, Inc. held a Special Meeting of Shareholders on June 16, 2025 to elect the five Directors listed below. The other Directors named herein continue to serve as Directors. The results of the vote with respect to the Calvert Impact Fund, Inc. were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Number of Shares** |
| **Nominee for Trustee** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Withheld** |
| Karen Fang | &nbsp;&nbsp;109646473 | &nbsp;&nbsp;1254203 |
| Von M. Hughes | &nbsp;&nbsp;105264380 | &nbsp;&nbsp;5636296 |
| Kim M. Keenan | &nbsp;&nbsp;109747670 | &nbsp;&nbsp;1153006 |
| Eddie Ramos | &nbsp;&nbsp;105263903 | &nbsp;&nbsp;5636774 |
| Carlton M. Waterhouse | &nbsp;&nbsp;105299103 | &nbsp;&nbsp;5601573 |

---

Results are rounded to the nearest whole number.

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Board of Directors' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended, provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund's board of directors, including by a vote of a majority of the directors who are not "interested persons" of the fund ("Independent Directors"), cast in person at a meeting called for the purpose of considering such approval.

At an in-person meeting of the Boards of Trustees/Directors (each a "Board") of the registered investment companies advised by Calvert Research and Management ("CRM" or the "Adviser") (the "Calvert Funds") held on June 9-10, 2025, the Board, including a majority of the Independent Directors, voted to approve continuation of existing investment advisory and investment sub-advisory agreements for the Calvert Funds for an additional one-year period.

In evaluating the investment advisory and investment sub-advisory agreements for the Calvert Funds, the Board considered a variety of information relating to the Calvert Funds and various service providers, including the Adviser. The Independent Directors reviewed a report prepared by the Adviser regarding various services provided to the Calvert Funds by the Adviser and its affiliates. Such report included, among other data, information regarding the Adviser's personnel and the Adviser's revenue and cost of providing services to the Calvert Funds, and a separate report prepared by an independent data provider, which compared each fund's investment performance, fees and expenses to those of comparable funds as identified by such independent data provider ("comparable funds").

The Independent Directors were separately represented by independent legal counsel with respect to their consideration of the continuation of the investment advisory and investment sub-advisory agreements for the Calvert Funds. Prior to voting, the Independent Directors reviewed the proposed continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements with management and also met in private sessions with their counsel at which time no representatives of management were present.

The information that the Board considered included, among other things, the following (for funds that invest through one or more affiliated underlying fund(s), references to "each fund" in this section may include information that was considered at the underlying fund-level):

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

• A report from an independent data provider comparing each fund's total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices;

• For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for the Adviser with respect to each fund;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs;

• Information about the Adviser's policies and practices with respect to trading, including the Adviser's processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

*Information about the Adviser*

• Reports detailing the financial results and condition of CRM;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• A description of CRM's procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Board of Directors' Contract Approval — continued

------

*Other Relevant Information*

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and

• The terms of each investment advisory agreement.

Over the course of the year, the Board and its committees held regular quarterly meetings. During these meetings, the Directors participated in investment and performance reviews with the portfolio managers and other investment professionals of the Adviser relating to each fund and considered various investment and trading strategies used in pursuing each fund's investment objective(s), such as the use of derivative instruments, as well as risk management techniques. The Board and its committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, corporate governance and other issues with respect to the funds and received and participated in reports and presentations provided by CRM and its affiliates with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Directors held regular video conferences in between meetings to discuss, among other topics, matters relating to the continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements.

For funds that invest through one or more affiliated underlying funds, the Board considered similar information about the underlying fund(s) when considering the approval of investment advisory agreements. In addition, in cases where the Adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any investment sub-advisory agreement.

The Independent Directors were assisted throughout the contract review process by their independent legal counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and investment sub-advisory agreement and the weight to be given to each such factor. The Board, including the Independent Directors, did not identify any single factor as controlling, and each Director may have attributed different weight to various factors.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board, including the Independent Directors, concluded that the continuation of the investment advisory agreement of Calvert Small-Cap Fund (the "Fund"), including the fee payable under the agreement, is in the best interests of the Fund's shareholders. Accordingly, the Board, including a majority of the Independent Directors, voted to approve the continuation of the investment advisory agreement of the Fund.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services provided by the Adviser under the investment advisory agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel, including, among other information, biographical information on the Adviser's investment personnel and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser as well as the Board's familiarity with management through Board meetings, discussions and other reports. The Board considered the Adviser's management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser's compliance with applicable policies and procedures, including those related to personal investing. The Board took into account, among other items, periodic reports received from the Adviser over the past year concerning the Adviser's ongoing review and enhancement of certain processes, policies and procedures of the Calvert Funds and the Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Adviser under the investment advisory agreement.

Fund Performance

In considering the Fund's performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund's performance results, portfolio composition and investment strategies. The Board compared the Fund's investment performance to that of the Fund's peer universe and a comparative benchmark index. The Board's review included comparative performance data for the one-, three- and five-year periods ended December 31, 2024. This performance data indicated that the Fund had outperformed the median of the Fund's peer universe for the one-year period ended December 31. 2024, while it had underperformed the median of the Fund's peer universe for the three- and five-year periods ended December 31, 2024. This data also indicated that the Fund had outperformed its benchmark index for the one-, three- and five-year periods ended December 31, 2024. The Board took into account management's discussion of the Fund's performance. Based upon its review, the Board concluded that the Fund's performance was satisfactory relative to the performance of its peer universe and its benchmark index.

Management Fees and Expenses

In considering the Fund's fees and expenses, the Board compared the Fund's fees and total expense ratio with those of comparable funds in its expense group. Among other findings, the data indicated that the Fund's advisory and administrative fees (referred to collectively as "management fees") and the Fund's total expenses (net of waivers and/or reimbursements) were each above the respective median of the Fund's expense group. The Board took into account the Adviser's current undertaking to maintain expense limitations for the Fund and that the Adviser had waived or reimbursed a portion of the Fund's expenses. Based upon its review, the Board concluded that the management fees were reasonable in view of the nature, extent and quality of services provided by the Adviser.

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

Calvert

Small-Cap Fund

September 30, 2025

Board of Directors' Contract Approval — continued

------

Profitability and Other "Fall-Out" Benefits

The Board reviewed the Adviser's profitability in regard to the Fund and the Calvert Funds in the aggregate. In reviewing the overall profitability of the Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provided sub-transfer agency support, administrative and distribution services to the Fund for which they received compensation. The information considered by the Board included the profitability of the Fund to the Adviser and its affiliates without regard to any marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered that the Adviser and its affiliates derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Based upon its review, the Board concluded that the Adviser's and its affiliates' level of profitability from their relationships with the Fund was reasonable.

Economies of Scale

The Board considered the effect of the Fund's current size and its potential growth on its performance and fees. The Board concluded that adding breakpoints to the advisory fee at specified asset levels was not necessary at this time. The Board noted that if the Fund's assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

------

[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

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[**Table of Contents**](#JOB_Calve_f89c664c-a9ea-4ba5-a3fd-8b4d10a27ab2_TOC)

CCVAX-NCSR 9.30.25

------

![](g37159img2261a6721.gif)

------

## Calvert

## Global Energy Solutions Fund Global Water Fund

## Annual Financial Statements and

## Additional Information
September 30, 2025

------

![](g37159img3ba5cd2c2.gif)

------

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information September 30, 2025
Calvert

Global Energy Solutions Fund

Global Water Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_0aaf65de-0cdf-4c40-8ea2-4d7e0fb78328_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_d28d3440-9284-48fd-ae5d-1e2dd5c4f483_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedules of Investments](#xx_d28d3440-9284-48fd-ae5d-1e2dd5c4f483_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Calvert Global Energy Solutions Fund](#xx_d28d3440-9284-48fd-ae5d-1e2dd5c4f483_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Calvert Global Water Fund](#xx_d28d3440-9284-48fd-ae5d-1e2dd5c4f483_5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_5f9ab288-6b8e-4492-a540-ce059ad87e6f_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_5f9ab288-6b8e-4492-a540-ce059ad87e6f_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_5f9ab288-6b8e-4492-a540-ce059ad87e6f_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_b942f683-288f-4114-82e4-c7663ca2e90d_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_727d4a27-f9ae-4e58-bdd4-52b45386478f_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_3067b1ef-d3c3-4a42-a4a1-d92ec3b7714c_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| [Federal Tax Information](#xx_267db44e-2b81-4f92-8f10-0087c681e153_1) | &nbsp;&nbsp;29 |
| [Item 9 of Form N-CSR:](#xx_4d5e4514-917c-4751-adc1-00e72c89cdc9_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Special Meeting of Shareholders](#xx_4d5e4514-917c-4751-adc1-00e72c89cdc9_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| [Item 11 of Form N-CSR:](#xx_242ac54c-59c6-47ac-9ac9-60560dd6e643_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Directors' Contract Approval](#xx_242ac54c-59c6-47ac-9ac9-60560dd6e643_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |

---

Item 8 of Form N-CSR is Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

September 30, 2025

Schedule of Investments

------

Common Stocks — 99.5%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Austria — 0.9% | Austria — 0.9% |  |
| Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;18669 | $1359720 |
|  |  | **$1359720** |
| Belgium — 1.4% | Belgium — 1.4% |  |
| Elia Group SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11855 | $1369621 |
| Umicore SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47613 | &nbsp;&nbsp; 850183 |
|  |  | **$2219804** |
| Brazil — 2.9% | Brazil — 2.9% |  |
| Auren Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;570900 | $1101629 |
| Energisa SA | &nbsp;&nbsp;&nbsp;&nbsp;134700 | &nbsp;&nbsp;&nbsp;&nbsp;1287208 |
| Engie Brasil Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;152500 | &nbsp;&nbsp;&nbsp;&nbsp;1166189 |
| Sao Martinho SA | &nbsp;&nbsp;&nbsp;&nbsp;288352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940540 |
|  |  | **$4495566** |
| Canada — 4.8% | Canada — 4.8% |  |
| Boralex, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;56020 | $1093672 |
| Brookfield Renewable Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39511 | &nbsp;&nbsp;&nbsp;&nbsp;1359969 |
| Brookfield Renewable Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;54668 | &nbsp;&nbsp;&nbsp;&nbsp;1409026 |
| Cameco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12531 | &nbsp;&nbsp;&nbsp;&nbsp;1051678 |
| Canadian Solar, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756646 |
| NFI Group, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467756 |
| Northland Power, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;80783 | &nbsp;&nbsp;&nbsp;&nbsp;1352478 |
|  |  | **$7491225** |
| Chile — 2.1% | Chile — 2.1% |  |
| Enel Americas SA | 11406276 | $1150786 |
| Enel Chile SA | 16578605 | &nbsp;&nbsp;&nbsp;&nbsp;1283167 |
| Sociedad Quimica y Minera de Chile SA ADR<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773941 |
|  |  | **$3207894** |
| China — 5.8% | China — 5.8% |  |
| BYD Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;63000 | $890485 |
| China Datang Corp. Renewable Power Co. Ltd., Class H | 3388000 | &nbsp;&nbsp;&nbsp;&nbsp;1187609 |
| China Everbright Environment Group Ltd. | 1276037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728108 |
| Flat Glass Group Co. Ltd., Class H<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;437000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638325 |
| Li Auto, Inc. ADR<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868756 |
| NIO, Inc. ADR<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;123066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937763 |
| Xinyi Solar Holdings Ltd.<sup>(1)</sup> | 1632000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720175 |
| XPENG, Inc. ADR<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897361 |
| Yadea Group Holdings Ltd.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655109 |
| Zhejiang Leapmotor Technology Co. Ltd., Class H<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;84600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721764 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;126500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695179 |
|  |  | **$8940634** |
| Denmark — 3.6% | Denmark — 3.6% |  |
| NKT AS<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8486 | $825339 |
| Novonesis (Novozymes), Class B | &nbsp;&nbsp;&nbsp;&nbsp;12808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788256 |
| Orsted AS<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;140928 | &nbsp;&nbsp;&nbsp;&nbsp;2451384 |
| Rockwool AS, Class B | &nbsp;&nbsp;&nbsp;&nbsp;18089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674383 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Denmark (continued) | Denmark (continued) |  |
| Vestas Wind Systems AS | &nbsp;&nbsp;&nbsp;&nbsp;46151 | $877940 |
|  |  | **$5617302** |
| Finland — 0.9% | Finland — 0.9% |  |
| Neste OYJ<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;76326 | $1402395 |
|  |  | **$1402395** |
| France — 4.7% | France — 4.7% |  |
| Alstom SA<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33881 | $886545 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;8409 | &nbsp;&nbsp; 911129 |
| Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;9777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851902 |
| Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;26162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880116 |
| Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;39339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845652 |
| Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;5827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968221 |
| Nexans SA | &nbsp;&nbsp;&nbsp;&nbsp;5342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795497 |
| Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;4042 | &nbsp;&nbsp;&nbsp;&nbsp;1137711 |
|  |  | **$7276773** |
| Germany — 5.7% | Germany — 5.7% |  |
| Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;7775 | $783622 |
| Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;17325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716415 |
| Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;17899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799859 |
| Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;36508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634841 |
| Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;22324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875774 |
| KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;10866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737210 |
| Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;13045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822226 |
| Nordex SE<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784225 |
| Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;3705 | &nbsp;&nbsp;&nbsp;&nbsp;1000269 |
| Siemens Energy AG<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9765 | &nbsp;&nbsp;&nbsp;&nbsp;1148160 |
| SMA Solar Technology AG<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552183 |
|  |  | **$8854784** |
| Hong Kong — 0.5% | Hong Kong — 0.5% |  |
| MTR Corp. Ltd.<sup>(1)</sup> | &nbsp;&nbsp;213000 | $721342 |
|  |  | **$721342** |
| India — 1.3% | India — 1.3% |  |
| Olectra Greentech Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31563 | $551871 |
| Siemens Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684142 |
| Suzlon Energy Ltd.<sup>(2)</sup> | 1294513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801757 |
|  |  | **$2037770** |
| Ireland — 0.6% | Ireland — 0.6% |  |
| Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;10205 | $853250 |
|  |  | **$853250** |
| Italy — 3.3% | Italy — 3.3% |  |
| Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;88270 | $836494 |
| ERG SpA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46187 | &nbsp;&nbsp;&nbsp;&nbsp;1140429 |
| Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;9309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926446 |
| Snam SpA | &nbsp;&nbsp;133730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802946 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;80959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821611 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Italy (continued) | Italy (continued) |  |
| Webuild SpA<sup>(1)</sup> | 142240 | $592144 |
|  |  | **$5120070** |
| Japan — 4.9% | Japan — 4.9% |  |
| Azbil Corp.<sup>(1)</sup> | 71100 | $674143 |
| Central Japan Railway Co. | 30800 | &nbsp;&nbsp; 883025 |
| Daikin Industries Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp; 795308 |
| East Japan Railway Co. | 34100 | &nbsp;&nbsp; 834046 |
| Fuji Electric Co. Ltd. | 13200 | &nbsp;&nbsp; 884845 |
| GS Yuasa Corp.<sup>(1)</sup> | 35800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845760 |
| Mitsubishi Electric Corp.<sup>(1)</sup> | 41100 | &nbsp;&nbsp;&nbsp;&nbsp;1055601 |
| Nidec Corp.<sup>(1)</sup> | 38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675445 |
| Toyota Motor Corp. | 51800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994895 |
|  |  | **$7643068** |
| Netherlands — 0.4% | Netherlands — 0.4% |  |
| Signify NV<sup>(1)(3)</sup> | 25674 | $675230 |
|  |  | **$675230** |
| New Zealand — 2.5% | New Zealand — 2.5% |  |
| Contact Energy Ltd. | 248164 | $1309367 |
| Mercury NZ Ltd. | 323103 | &nbsp;&nbsp;&nbsp;&nbsp;1251774 |
| Meridian Energy Ltd. | 389177 | &nbsp;&nbsp;&nbsp;&nbsp;1256447 |
|  |  | **$3817588** |
| Norway — 1.2% | Norway — 1.2% |  |
| Norsk Hydro ASA | 125505 | $853324 |
| Scatec ASA<sup>(2)(3)</sup> | 107038 | &nbsp;&nbsp;&nbsp;&nbsp;1056561 |
|  |  | **$1909885** |
| Portugal — 1.0% | Portugal — 1.0% |  |
| EDP SA | 335679 | $1593121 |
|  |  | **$1593121** |
| Singapore — 0.5% | Singapore — 0.5% |  |
| City Developments Ltd. | 153600 | $823939 |
|  |  | **$823939** |
| South Korea — 2.9% | South Korea — 2.9% |  |
| CS Wind Corp. | 20393 | $610026 |
| Doosan Fuel Cell Co. Ltd.<sup>(2)</sup> | 30172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614643 |
| LG Chem Ltd. | &nbsp;&nbsp;&nbsp;4290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851646 |
| LG Display Co. Ltd.<sup>(2)</sup> | 84502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867581 |
| LG Energy Solution Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843663 |
| LS Electric Co. Ltd. | &nbsp;&nbsp;&nbsp;3720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756663 |
|  |  | **$4544222** |
| Spain — 4.5% | Spain — 4.5% |  |
| Acciona SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;6687 | $1343677 |
| Construcciones y Auxiliar de Ferrocarriles SA | &nbsp;&nbsp;&nbsp;9626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596735 |
| Corp. ACCIONA Energias Renovables SA<sup>(1)</sup> | 41593 | &nbsp;&nbsp;&nbsp;&nbsp;1079321 |
| EDP Renovaveis SA | 108793 | &nbsp;&nbsp;&nbsp;&nbsp;1437869 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Spain (continued) | Spain (continued) |  |
| Iberdrola SA | 43293 | $819508 |
| Redeia Corp. SA | 41898 | &nbsp;&nbsp; 808953 |
| Solaria Energia y Medio Ambiente SA<sup>(2)</sup> | 69503 | &nbsp;&nbsp; 891396 |
|  |  | **$6977459** |
| Sweden — 2.3% | Sweden — 2.3% |  |
| AddTech AB, Class B | 21815 | $709647 |
| Castellum AB<sup>(1)</sup> | 71929 | &nbsp;&nbsp; 813690 |
| Fabege AB<sup>(1)</sup> | 94611 | &nbsp;&nbsp; 800083 |
| Munters Group AB<sup>(3)</sup> | 46163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552578 |
| Nibe Industrier AB, Class B<sup>(1)</sup> | 179901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711052 |
|  |  | **$3587050** |
| Switzerland — 2.0% | Switzerland — 2.0% |  |
| ABB Ltd. | 14469 | $1047025 |
| Accelleron Industries AG | &nbsp;&nbsp;&nbsp;8776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743193 |
| Landis & Gyr Group AG | &nbsp;&nbsp;&nbsp;8853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718842 |
| Stadler Rail AG<sup>(1)</sup> | 22962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563003 |
|  |  | **$3072063** |
| Taiwan — 4.8% | Taiwan — 4.8% |  |
| Advanced Energy Solution Holding Co. Ltd. | 16000 | $613576 |
| Chroma ATE, Inc. | 44000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839695 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675271 |
| Delta Electronics, Inc. | 43000 | &nbsp;&nbsp;&nbsp;&nbsp;1211314 |
| E Ink Holdings, Inc. | 88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699149 |
| Everlight Electronics Co. Ltd. | 257000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540144 |
| Simplo Technology Co. Ltd. | 56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681389 |
| Sinbon Electronics Co. Ltd. | 107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810966 |
| Taiwan High Speed Rail Corp. | 705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650788 |
| Voltronic Power Technology Corp. | 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671818 |
|  |  | **$7394110** |
| United Kingdom — 3.9% | United Kingdom — 3.9% |  |
| Croda International PLC | 24040 | $876277 |
| Drax Group PLC | 143016 | &nbsp;&nbsp;&nbsp;&nbsp;1348794 |
| Firstgroup PLC | 207083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628935 |
| Johnson Matthey PLC | 30599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829010 |
| Linde PLC | &nbsp;&nbsp;&nbsp;1703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808925 |
| SSE PLC | 67977 | &nbsp;&nbsp;&nbsp;&nbsp;1594447 |
|  |  | **$6086388** |
| United States — 30.1% | United States — 30.1% |  |
| AAON, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;8735 | $816198 |
| Acuity, Inc. | &nbsp;&nbsp;&nbsp;2367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815171 |
| AECOM | &nbsp;&nbsp;&nbsp;6628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864755 |
| AES Corp. | 60131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791324 |
| Alaska Air Group, Inc.<sup>(2)</sup> | 12969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645597 |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929614 |
| Ameresco, Inc., Class A<sup>(2)</sup> | 22090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741782 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;5067 | &nbsp;&nbsp;&nbsp;&nbsp;1037418 |
| Aptiv PLC<sup>(2)</sup> | 10287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886945 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| United States (continued) | United States (continued) |  |
| Array Technologies, Inc.<sup>(1)(2)</sup> | 74465 | $606890 |
| Autodesk, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;2588 | &nbsp;&nbsp; 822130 |
| Bloom Energy Corp., Class A<sup>(1)(2)</sup> | 16602 | &nbsp;&nbsp; 1404031 |
| BorgWarner, Inc. | 19857 | &nbsp;&nbsp; 872914 |
| Clearway Energy, Inc., Class C | 42786 | &nbsp;&nbsp; 1208704 |
| Corning, Inc. | 12147 | &nbsp;&nbsp; 996418 |
| CRH PLC | &nbsp;&nbsp;&nbsp;7208 | &nbsp;&nbsp; 864239 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;2043 | &nbsp;&nbsp; 862902 |
| Darling Ingredients, Inc.<sup>(2)</sup> | 23987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740479 |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;2842 | &nbsp;&nbsp;&nbsp;&nbsp;1063619 |
| EnerSys | &nbsp;&nbsp;&nbsp;7468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843585 |
| Enphase Energy, Inc.<sup>(2)</sup> | 20905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739828 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811437 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831230 |
| First Solar, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;4717 | &nbsp;&nbsp;&nbsp;&nbsp;1040240 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp;1122807 |
| General Mills, Inc. | 16513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832585 |
| HA Sustainable Infrastructure Capital, Inc. | 28734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882134 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946682 |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;2793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688921 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;3345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943825 |
| Itron, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;6529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813252 |
| Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;8759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963052 |
| MasTec, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;4764 | &nbsp;&nbsp;&nbsp;&nbsp;1013827 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;1608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832864 |
| Modine Manufacturing Co.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;5461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776336 |
| MYR Group, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;3953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822343 |
| NextEra Energy, Inc. | 11306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853490 |
| NEXTracker, Inc., Class A<sup>(2)</sup> | 12713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940635 |
| ON Semiconductor Corp.<sup>(2)</sup> | 18601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917215 |
| Ormat Technologies, Inc. | 14715 | &nbsp;&nbsp;&nbsp;&nbsp;1416319 |
| Owens Corning | &nbsp;&nbsp;&nbsp;5365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758933 |
| Power Integrations, Inc. | 16132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648668 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2688 | &nbsp;&nbsp;&nbsp;&nbsp;1113961 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;2372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829085 |
| Shoals Technologies Group, Inc., Class A<sup>(2)</sup> | 99709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738844 |
| SolarEdge Technologies, Inc.<sup>(1)(2)</sup> | 20864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771968 |
| Stanley Black & Decker, Inc. | 11058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821941 |
| TopBuild Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;1869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730517 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974728 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;5849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840092 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;3598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794546 |
| Whirlpool Corp. | &nbsp;&nbsp;&nbsp;8741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687043 |
| XPLR Infrastructure LP | 100783 | &nbsp;&nbsp;&nbsp;&nbsp;1024963 |
|  |  | **$46739026** |
| Total Common Stocks<br> (identified cost $159,057,797) |  | **$154461678** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Short-Term Investments — 3.1%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Affiliated Fund — 0.1% | Affiliated Fund — 0.1% | Affiliated Fund — 0.1% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;207670 | $207670 |
| Total Affiliated Fund<br> (identified cost $207,670) |  | **$207670** |
| Securities Lending Collateral — 3.0% | Securities Lending Collateral — 3.0% | Securities Lending Collateral — 3.0% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.18%<sup>(5)</sup> | 4613467 | $4613467 |
| Total Securities Lending Collateral<br> (identified cost $4,613,467) |  | **$4613467** |
| Total Short-Term Investments<br> (identified cost $4,821,137) |  | **$4821137** |

---

---

| | |
|:---|:---|
| Total Investments — 102.6%<br> (identified cost $163,878,934) | **$159282815** |
| Other Assets, Less Liabilities — (2.6)% | **$(4044113)** |
| Net Assets — 100.0% | **$155238702** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>(1)</sup> | All or a portion of this security was on loan at September 30, 2025. The aggregate market value of securities on loan at September 30, 2025 was $17,814,061. |
| <sup>(2)</sup> | Non-income producing security. |
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2025, the aggregate value of these securities is $6,112,626 or 3.9% of the Fund's net assets. |
| <sup>(4)</sup> | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of September 30, 2025. |
| <sup>(5)</sup> | Represents investment of cash collateral received in connection with securities lending. |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

September 30, 2025

Schedule of Investments — continued

------

At September 30, 2025, the concentration of the Fund's investments in the various sectors, determined as a percentage of net assets, was as follows:

---

| | |
|:---|:---|
| **Economic Sectors** | &nbsp;&nbsp;**% of Net Assets** |
| Industrials | &nbsp;&nbsp;&nbsp;37.0% |
| Utilities | &nbsp;&nbsp;&nbsp;27.7 |
| Information Technology | &nbsp;&nbsp;&nbsp;14.1 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| **Total** | &nbsp;&nbsp;**99.5%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Water Fund

September 30, 2025

Schedule of Investments

------

Common Stocks — 99.5%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Australia — 2.0% | Australia — 2.0% |  |
| Reece Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;628054 | $4689885 |
| Reliance Worldwide Corp. Ltd. | 2492149 | &nbsp;&nbsp; 6737923 |
|  |  | **$11427808** |
| Austria — 0.8% | Austria — 0.8% |  |
| Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;145036 | $4695447 |
|  |  | **$4695447** |
| Brazil — 4.3% | Brazil — 4.3% |  |
| Cia de Saneamento Basico do Estado de Sao Paulo (SABESP) ADR | &nbsp;&nbsp;&nbsp;&nbsp;380052 | $9459494 |
| Cia de Saneamento de Minas Gerais Copasa MG | 1174992 | &nbsp;&nbsp;&nbsp;&nbsp;7614350 |
| Cia De Sanena Do Parana | 1075400 | &nbsp;&nbsp;&nbsp;&nbsp;7486227 |
|  |  | **$24560071** |
| Canada — 1.6% | Canada — 1.6% |  |
| Brookfield Renewable Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90489 | $3114631 |
| Gildan Activewear, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55839 | &nbsp;&nbsp;&nbsp;&nbsp;3225879 |
| Stantec, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27969 | &nbsp;&nbsp;&nbsp;&nbsp;3016359 |
|  |  | **$9356869** |
| Chile — 1.2% | Chile — 1.2% |  |
| Aguas Andinas SA, Class A | 17846336 | $6778377 |
|  |  | **$6778377** |
| China — 4.6% | China — 4.6% |  |
| Beijing Enterprises Water Group Ltd.<sup>(1)</sup> | 20047452 | $6161210 |
| China Everbright Environment Group Ltd. | 5415666 | &nbsp;&nbsp;&nbsp;&nbsp;3090183 |
| China Lesso Group Holdings Ltd. | 6227578 | &nbsp;&nbsp;&nbsp;&nbsp;3902535 |
| China Water Affairs Group Ltd.<sup>(1)</sup> | 7548421 | &nbsp;&nbsp;&nbsp;&nbsp;5754169 |
| Guangdong Investment Ltd. | 7791427 | &nbsp;&nbsp;&nbsp;&nbsp;7081603 |
|  |  | **$25989700** |
| Finland — 1.2% | Finland — 1.2% |  |
| Kemira OYJ | &nbsp;&nbsp;&nbsp;&nbsp;304164 | $6828914 |
|  |  | **$6828914** |
| France — 3.3% | France — 3.3% |  |
| Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;40193 | $2931131 |
| L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6548 | &nbsp;&nbsp;&nbsp;&nbsp;2845022 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5168 | &nbsp;&nbsp;&nbsp;&nbsp;3180291 |
| Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;280799 | &nbsp;&nbsp;&nbsp;&nbsp;9575809 |
|  |  | **$18532253** |
| Germany — 1.1% | Germany — 1.1% |  |
| GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;41885 | $3096646 |
| Henkel AG & Co. KGaA, PFC Shares | &nbsp;&nbsp;&nbsp;&nbsp;35896 | &nbsp;&nbsp;&nbsp;&nbsp;2896316 |
|  |  | **$5992962** |
| Italy — 2.0% | Italy — 2.0% |  |
| ACEA SpA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;272217 | $6564506 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Italy (continued) | Italy (continued) |  |
| Interpump Group SpA | &nbsp;&nbsp;&nbsp;&nbsp;105398 | $4844903 |
|  |  | **$11409409** |
| Japan — 6.5% | Japan — 6.5% |  |
| Ebara Corp. | &nbsp;&nbsp;&nbsp;&nbsp;144980 | $3304752 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;210942 | &nbsp;&nbsp; 7182193 |
| Lixil Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;383900 | &nbsp;&nbsp; 4722269 |
| Miura Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;341500 | &nbsp;&nbsp; 6708624 |
| Organo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87900 | &nbsp;&nbsp; 6734185 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;159200 | &nbsp;&nbsp;&nbsp;&nbsp;2963771 |
| TOTO Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;191600 | &nbsp;&nbsp;&nbsp;&nbsp;5038982 |
|  |  | **$36654776** |
| Mexico — 0.9% | Mexico — 0.9% |  |
| Orbia Advance Corp. SAB de CV<sup>(1)</sup> | 5051400 | $4907003 |
|  |  | **$4907003** |
| Netherlands — 1.4% | Netherlands — 1.4% |  |
| Aalberts NV | &nbsp;&nbsp;&nbsp;&nbsp;142280 | $4690916 |
| Arcadis NV<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;66129 | &nbsp;&nbsp;&nbsp;&nbsp;3339114 |
|  |  | **$8030030** |
| Singapore — 1.1% | Singapore — 1.1% |  |
| CDL Hospitality Trusts<sup>(1)</sup> | 4924601 | $3076483 |
| City Developments Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;575400 | &nbsp;&nbsp;&nbsp;&nbsp;3086552 |
| Hyflux Ltd.<sup>(1)(2)(3)</sup> | 16595483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  |  | **$6163035** |
| South Korea — 1.8% | South Korea — 1.8% |  |
| Coway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;98325 | $6901006 |
| LG Chem Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15278 | &nbsp;&nbsp;&nbsp;&nbsp;3032970 |
|  |  | **$9933976** |
| Spain — 1.1% | Spain — 1.1% |  |
| Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp;15398 | $3094053 |
| Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;162177 | &nbsp;&nbsp;&nbsp;&nbsp;3069903 |
|  |  | **$6163956** |
| Sweden — 0.5% | Sweden — 0.5% |  |
| Fabege AB<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;354418 | $2997156 |
|  |  | **$2997156** |
| Switzerland — 4.9% | Switzerland — 4.9% |  |
| Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5180 | $5447838 |
| Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8444 | &nbsp;&nbsp;&nbsp;&nbsp;6376919 |
| Georg Fischer AG<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67088 | &nbsp;&nbsp;&nbsp;&nbsp;5272216 |
| Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9367 | &nbsp;&nbsp;&nbsp;&nbsp;3119056 |
| Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;13144 | &nbsp;&nbsp;&nbsp;&nbsp;2951600 |
| Sulzer AG | &nbsp;&nbsp;&nbsp;&nbsp;26443 | &nbsp;&nbsp;&nbsp;&nbsp;4507550 |
|  |  | **$27675179** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Water Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Taiwan — 0.6% | Taiwan — 0.6% |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;80294 | $3487796 |
|  |  | **$3487796** |
| Thailand — 1.0% | Thailand — 1.0% |  |
| Amata Corp. PCL | 11243900 | $5598339 |
|  |  | **$5598339** |
| United Kingdom — 8.6% | United Kingdom — 8.6% |  |
| CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;266512 | $2891655 |
| Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;90053 | &nbsp;&nbsp; 3282502 |
| Genuit Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;948176 | &nbsp;&nbsp;&nbsp;&nbsp;4700207 |
| Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;68647 | &nbsp;&nbsp;&nbsp;&nbsp;3195567 |
| Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;216861 | &nbsp;&nbsp;&nbsp;&nbsp;2999638 |
| Pennon Group PLC | 1166179 | &nbsp;&nbsp;&nbsp;&nbsp;7356586 |
| Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;243071 | &nbsp;&nbsp;&nbsp;&nbsp;8475041 |
| Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;80256 | &nbsp;&nbsp;&nbsp;&nbsp;7390281 |
| United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;554458 | &nbsp;&nbsp;&nbsp;&nbsp;8565659 |
|  |  | **$48857136** |
| United States — 49.0% | United States — 49.0% |  |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77675 | $5702122 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39408 | &nbsp;&nbsp;&nbsp;&nbsp;5465890 |
| AECOM | &nbsp;&nbsp;&nbsp;&nbsp;47750 | &nbsp;&nbsp;&nbsp;&nbsp;6229943 |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24268 | &nbsp;&nbsp;&nbsp;&nbsp;3114798 |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;99394 | &nbsp;&nbsp;&nbsp;&nbsp;7287568 |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66681 | &nbsp;&nbsp;&nbsp;&nbsp;9281328 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41887 | &nbsp;&nbsp;&nbsp;&nbsp;7480180 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57971 | &nbsp;&nbsp;&nbsp;&nbsp;2922898 |
| California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;157382 | &nbsp;&nbsp;&nbsp;&nbsp;7222260 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11790 | &nbsp;&nbsp;&nbsp;&nbsp;5278855 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42636 | &nbsp;&nbsp;&nbsp;&nbsp;3123513 |
| Core & Main, Inc., Class A<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;89343 | &nbsp;&nbsp;&nbsp;&nbsp;4809334 |
| Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104017 | &nbsp;&nbsp;&nbsp;&nbsp;3010252 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18202 | &nbsp;&nbsp;&nbsp;&nbsp;3146762 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35943 | &nbsp;&nbsp;&nbsp;&nbsp;9843350 |
| Energy Recovery, Inc.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;413747 | &nbsp;&nbsp;&nbsp;&nbsp;6379979 |
| Entegris, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36416 | &nbsp;&nbsp;&nbsp;&nbsp;3367023 |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;219514 | &nbsp;&nbsp;&nbsp;&nbsp;8758609 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28502 | &nbsp;&nbsp;&nbsp;&nbsp;6400979 |
| FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;78045 | &nbsp;&nbsp;&nbsp;&nbsp;2624653 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92911 | &nbsp;&nbsp;&nbsp;&nbsp;4960518 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51622 | &nbsp;&nbsp;&nbsp;&nbsp;4914414 |
| Gorman-Rupp Co. | &nbsp;&nbsp;&nbsp;&nbsp;97440 | &nbsp;&nbsp;&nbsp;&nbsp;4522190 |
| H2O America | &nbsp;&nbsp;&nbsp;&nbsp;136762 | &nbsp;&nbsp;&nbsp;&nbsp;6660309 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43027 | &nbsp;&nbsp;&nbsp;&nbsp;7861893 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11046 | &nbsp;&nbsp;&nbsp;&nbsp;2865774 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18550 | &nbsp;&nbsp;&nbsp;&nbsp;3019198 |
| IDEXX Laboratories, Inc.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713 | &nbsp;&nbsp;&nbsp;&nbsp;3011089 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38417 | &nbsp;&nbsp;&nbsp;&nbsp;3174013 |
| Intel Corp.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125235 | &nbsp;&nbsp;&nbsp;&nbsp;4201634 |
| Itron, Inc.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24841 | &nbsp;&nbsp;&nbsp;&nbsp;3094195 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| United States (continued) | United States (continued) |  |
| Lamb Weston Holdings, Inc. | 53042 | $3080679 |
| Levi Strauss & Co., Class A | 136320 | &nbsp;&nbsp; 3176256 |
| Lindsay Corp. | 32675 | &nbsp;&nbsp; 4592798 |
| Masco Corp. | 80653 | &nbsp;&nbsp; 5677165 |
| Middlesex Water Co. | 118778 | &nbsp;&nbsp; 6428265 |
| Mondelez International, Inc., Class A | 49665 | &nbsp;&nbsp; 3102573 |
| Mueller Industries, Inc. | 59194 | &nbsp;&nbsp; 5985105 |
| Mueller Water Products, Inc., Class A | 193732 | &nbsp;&nbsp; 4944041 |
| Nucor Corp. | 20503 | &nbsp;&nbsp;&nbsp;&nbsp;2776721 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;4016 | &nbsp;&nbsp;&nbsp;&nbsp;3044730 |
| Pentair PLC | 81054 | &nbsp;&nbsp;&nbsp;&nbsp;8977541 |
| Procter & Gamble Co. | 19431 | &nbsp;&nbsp;&nbsp;&nbsp;2985573 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;5798 | &nbsp;&nbsp;&nbsp;&nbsp;2891405 |
| Tetra Tech, Inc. | 224429 | &nbsp;&nbsp;&nbsp;&nbsp;7491440 |
| Trimble, Inc.<sup>(3)</sup> | 37732 | &nbsp;&nbsp;&nbsp;&nbsp;3080818 |
| Valmont Industries, Inc. | 14847 | &nbsp;&nbsp;&nbsp;&nbsp;5756627 |
| Veralto Corp. | 85506 | &nbsp;&nbsp;&nbsp;&nbsp;9115795 |
| Waters Corp.<sup>(3)</sup> | 28954 | &nbsp;&nbsp;&nbsp;&nbsp;8680699 |
| Watts Water Technologies, Inc., Class A | 28735 | &nbsp;&nbsp;&nbsp;&nbsp;8025111 |
| Xylem, Inc. | 65815 | &nbsp;&nbsp;&nbsp;&nbsp;9707713 |
| Zurn Elkay Water Solutions Corp., Class C | 173314 | &nbsp;&nbsp;&nbsp;&nbsp;8150957 |
|  |  | **$277407535** |
| Total Common Stocks<br> (identified cost $386,838,520) |  | **$563447727** |

---

Short-Term Investments — 0.5%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Affiliated Fund — 0.2% | Affiliated Fund — 0.2% | Affiliated Fund — 0.2% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%<sup>(4)</sup> | 1360502 | $1360502 |
| Total Affiliated Fund<br> (identified cost $1,360,502) |  | **$1360502** |
| Securities Lending Collateral — 0.3% | Securities Lending Collateral — 0.3% | Securities Lending Collateral — 0.3% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.18%<sup>(5)</sup> | 1614721 | $1614721 |
| Total Securities Lending Collateral<br> (identified cost $1,614,721) |  | **$1614721** |
| Total Short-Term Investments<br> (identified cost $2,975,223) |  | **$2975223** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Water Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Total Investments — 100.0%<br> (identified cost $389,813,743) | **$566422950** |
| Other Assets, Less Liabilities — 0.0%<sup>†</sup> | **$85793** |
| Net Assets — 100.0% | **$566508743** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | All or a portion of this security was on loan at September 30, 2025. The aggregate market value of securities on loan at September 30, 2025 was $38,460,620. |
| <sup>(2)</sup> | Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy. |
| <sup>(3)</sup> | Non-income producing security. |
| <sup>(4)</sup> | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of September 30, 2025. |
| <sup>(5)</sup> | Represents investment of cash collateral received in connection with securities lending. |

---

At September 30, 2025, the concentration of the Fund's investments in the various sectors, determined as a percentage of net assets, was as follows:

---

| | |
|:---|:---|
| **Economic Sectors** | &nbsp;&nbsp;**% of Net Assets** |
| Industrials | &nbsp;&nbsp;&nbsp;43.7% |
| Utilities | &nbsp;&nbsp;&nbsp;26.3 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;9.7 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| **Total** | &nbsp;&nbsp;**99.5%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |
| PCL | – Public Company Limited |
| PFC Shares | – Preference Shares |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Statements of Assets and Liabilities

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund** | &nbsp;&nbsp;&nbsp;**Global Water Fund** |
| Assets |  |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $163,671,264 and $388,453,241, respectively) - including $17,814,061 and $38,460,620, respectively, of securities on loan | &nbsp;&nbsp;$159075145 | &nbsp;&nbsp;$565062448 |
| Investments in securities of affiliated issuers, at value (identified cost $207,670 and $1,360,502, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360502 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 |
| Cash denominated in foreign currency, at value (cost $206,657 and $161,242, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161450 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244576 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463121 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7887 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684238 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19572 |
| Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279809 |
| **Total assets** | &nbsp;&nbsp;**$160240797** | &nbsp;&nbsp;**$569286880** |
| Liabilities |  |  |
| Payable for capital shares redeemed | &nbsp;&nbsp;$59233 | &nbsp;&nbsp;$184352 |
| Payable for foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614721 |
| Payable to affiliates: |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334813 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55648 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63311 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15791 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279809 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229692 |
| **Total liabilities** | &nbsp;&nbsp;**$5002095** | &nbsp;&nbsp;**$2778137** |
| **Net Assets** | &nbsp;&nbsp;**$155238702** | &nbsp;&nbsp;**$566508743** |
| Sources of Net Assets |  |  |
| Paid-in capital | &nbsp;&nbsp;$164490223 | &nbsp;&nbsp;$373104614 |
| Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9251521) | &nbsp;&nbsp;&nbsp;&nbsp;193404129 |
| **Net Assets** | &nbsp;&nbsp;**$155238702** | &nbsp;&nbsp;**$566508743** |
| Class A Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$84872425 | &nbsp;&nbsp;$250071368 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6380871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8133006 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$13.30 | &nbsp;&nbsp;$30.75 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$14.04 | &nbsp;&nbsp;$32.45 |
| Class C Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$5689404 | &nbsp;&nbsp;$14595109 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523237 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$12.35 | &nbsp;&nbsp;$27.89 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Statements of Assets and Liabilities — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund** | &nbsp;&nbsp;&nbsp;**Global Water Fund** |
| Class I Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$64676873 | &nbsp;&nbsp;$301842266 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9729158 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$13.54 | &nbsp;&nbsp;$31.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Statements of Operations

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30, 2025** | &nbsp;&nbsp;&nbsp;**Year Ended September 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund** | &nbsp;&nbsp;&nbsp;**Global Water Fund** |
| Investment Income |  |  |
| Dividend income (net of foreign taxes withheld of $319,428 and $847,573, respectively) | &nbsp;&nbsp;$2920842 | &nbsp;&nbsp;$12489300 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15193 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74301 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144016 |
| **Total investment income** | &nbsp;&nbsp;**$3126189** | &nbsp;&nbsp;**$12724974** |
| Expenses |  |  |
| Investment advisory fee | &nbsp;&nbsp;$1047424 | &nbsp;&nbsp;$3945236 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654897 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603066 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155076 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30126 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61778 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604475 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124538 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89623 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52628 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65972 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53154 |
| **Total expenses** | &nbsp;&nbsp;**$1965227** | &nbsp;&nbsp;**$6440569** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(332274) | &nbsp;&nbsp;$(259726) |
| **Net expenses** | &nbsp;&nbsp;**$1632953** | &nbsp;&nbsp;**$6180843** |
| **Net investment income** | &nbsp;&nbsp;**$1493236** | &nbsp;&nbsp;**$6544131** |
| Realized and Unrealized Gain (Loss) |  |  |
| Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities (net of foreign capital gains taxes of $5,623 and $0, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$165260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20365494 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22253 |
| **Net realized gain** | &nbsp;&nbsp;**$161395** | &nbsp;&nbsp;**$20387747** |
| Change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities (including net decrease in payable for foreign capital gains taxes of $76,523 and $0, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14679962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6765421) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30685 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$14691082** | &nbsp;&nbsp;**$(6734736)** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$14852477** | &nbsp;&nbsp;**$13653011** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$16345713** | &nbsp;&nbsp;**$20197142** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund** | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund** | &nbsp;&nbsp;&nbsp;**Global Water Fund** | &nbsp;&nbsp;&nbsp;**Global Water Fund** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |  |  |
| From operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1493236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1686545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6544131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10303738 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7245012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20387747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39411487 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14691082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11042679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6734736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106732763 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$16345713** | &nbsp;&nbsp;**$19974236** | &nbsp;&nbsp;**$20197142** | &nbsp;&nbsp;**$156447988** |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(666100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(758821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(20170562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6121664) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1324154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408438) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(655336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(770716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24805130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8722518) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(1325072)** | &nbsp;&nbsp;**$(1535300)** | &nbsp;&nbsp;**$(46299846)** | &nbsp;&nbsp;**$(15252620)** |
| Capital share transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(9097049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(10596852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4956124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(10949358) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1726577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2035952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2925362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5741021) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8010100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9384425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5654597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36930730) |
| **Net decrease in net assets from capital share transactions** | &nbsp;&nbsp;**$(18833726)** | &nbsp;&nbsp;**$(22017229)** | &nbsp;&nbsp;**$(13536083)** | &nbsp;&nbsp;**$(53621109)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(3813085)** | &nbsp;&nbsp;**$(3578293)** | &nbsp;&nbsp;**$(39638787)** | &nbsp;&nbsp;**$87574259** |
| Net Assets |  |  |  |  |
| At beginning of year | &nbsp;&nbsp;$159051787 | &nbsp;&nbsp;$162630080 | &nbsp;&nbsp;$606147530 | &nbsp;&nbsp;$518573271 |
| **At end of year** | &nbsp;&nbsp;**$155238702** | &nbsp;&nbsp;**$159051787** | &nbsp;&nbsp;**$566508743** | &nbsp;&nbsp;**$606147530** |

---

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

September 30, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class A** | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class A** | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class A** | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class A** | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$11.84 | &nbsp;&nbsp;$10.52 | &nbsp;&nbsp;$9.86 | &nbsp;&nbsp;$12.79 | &nbsp;&nbsp;$9.54 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;$0.06 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.56** | &nbsp;&nbsp;**$1.41** | &nbsp;&nbsp;**$0.73** | &nbsp;&nbsp;**$(2.90)** | &nbsp;&nbsp;**$3.33** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$(0.08) |
| **Total distributions** | &nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$(0.07)** | &nbsp;&nbsp;**$(0.03)** | &nbsp;&nbsp;**$(0.08)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$13.30** | &nbsp;&nbsp;**$11.84** | &nbsp;&nbsp;**$10.52** | &nbsp;&nbsp;**$9.86** | &nbsp;&nbsp;**$12.79** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.36%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.38%** | &nbsp;&nbsp;&nbsp;&nbsp;**(22.71)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.00%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$84872 | &nbsp;&nbsp;$85422 | &nbsp;&nbsp;$86112 | &nbsp;&nbsp;$79841 | &nbsp;&nbsp;$100038 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class C** | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class C** | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class C** | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class C** | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$10.98 | &nbsp;&nbsp;$9.76 | &nbsp;&nbsp;$9.15 | &nbsp;&nbsp;$11.93 | &nbsp;&nbsp;$8.92 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.02 | &nbsp;&nbsp;$0.02 | &nbsp;&nbsp;$0.02 | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$(0.03) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.38** | &nbsp;&nbsp;**$1.23** | &nbsp;&nbsp;**$0.61** | &nbsp;&nbsp;**$(2.78)** | &nbsp;&nbsp;**$3.03** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.02) |
| **Total distributions** | &nbsp;&nbsp;**$(0.01)** | &nbsp;&nbsp;**$(0.01)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.02)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.35** | &nbsp;&nbsp;**$10.98** | &nbsp;&nbsp;**$9.76** | &nbsp;&nbsp;**$9.15** | &nbsp;&nbsp;**$11.93** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**12.55%** | &nbsp;&nbsp;&nbsp;&nbsp;**12.58%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.67%** | &nbsp;&nbsp;&nbsp;&nbsp;**(23.30)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.93%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$5689 | &nbsp;&nbsp;$6949 | &nbsp;&nbsp;$8151 | &nbsp;&nbsp;$8304 | &nbsp;&nbsp;$11009 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022).

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class I** | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class I** | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class I** | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class I** | &nbsp;&nbsp;&nbsp;**Global Energy Solutions Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$12.06 | &nbsp;&nbsp;$10.71 | &nbsp;&nbsp;$10.03 | &nbsp;&nbsp;$13.01 | &nbsp;&nbsp;$9.70 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.13 | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.60** | &nbsp;&nbsp;**$1.47** | &nbsp;&nbsp;**$0.77** | &nbsp;&nbsp;**$(2.91)** | &nbsp;&nbsp;**$3.41** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;$(0.10) |
| **Total distributions** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.12)** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$(0.07)** | &nbsp;&nbsp;**$(0.10)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$13.54** | &nbsp;&nbsp;**$12.06** | &nbsp;&nbsp;**$10.71** | &nbsp;&nbsp;**$10.03** | &nbsp;&nbsp;**$13.01** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.60%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.83%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.69%** | &nbsp;&nbsp;&nbsp;&nbsp;**(22.52)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.28%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$64677 | &nbsp;&nbsp;$66680 | &nbsp;&nbsp;$68366 | &nbsp;&nbsp;$68349 | &nbsp;&nbsp;$114371 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022).

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Water Fund

September 30, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class A** | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class A** | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class A** | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class A** | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$32.19 | &nbsp;&nbsp;$25.07 | &nbsp;&nbsp;$21.93 | &nbsp;&nbsp;$28.61 | &nbsp;&nbsp;$21.67 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.49 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.33 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.03** | &nbsp;&nbsp;**$7.84** | &nbsp;&nbsp;**$3.50** | &nbsp;&nbsp;**$(6.40)** | &nbsp;&nbsp;**$7.13** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.46) | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.19) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(2.47)** | &nbsp;&nbsp;**$(0.72)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.28)** | &nbsp;&nbsp;**$(0.19)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$30.75** | &nbsp;&nbsp;**$32.19** | &nbsp;&nbsp;**$25.07** | &nbsp;&nbsp;**$21.93** | &nbsp;&nbsp;**$28.61** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(22.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.05%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$250071 | &nbsp;&nbsp;$266288 | &nbsp;&nbsp;$217322 | &nbsp;&nbsp;$196323 | &nbsp;&nbsp;$246978 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Water Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class C** | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class C** | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class C** | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class C** | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$29.40 | &nbsp;&nbsp;$22.94 | &nbsp;&nbsp;$20.06 | &nbsp;&nbsp;$26.19 | &nbsp;&nbsp;$19.84 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;&nbsp;&nbsp;$0.00<sup>(2)</sup> | &nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.72** | &nbsp;&nbsp;**$6.97** | &nbsp;&nbsp;**$3.04** | &nbsp;&nbsp;**$(6.06)** | &nbsp;&nbsp;**$6.36** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;$(0.01) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(2.23)** | &nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.07)** | &nbsp;&nbsp;**$(0.01)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$27.89** | &nbsp;&nbsp;**$29.40** | &nbsp;&nbsp;**$22.94** | &nbsp;&nbsp;**$20.06** | &nbsp;&nbsp;**$26.19** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.58%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.72%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.16%** | &nbsp;&nbsp;&nbsp;&nbsp;**(23.20)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.05%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$14595 | &nbsp;&nbsp;$18524 | &nbsp;&nbsp;$19588 | &nbsp;&nbsp;$23291 | &nbsp;&nbsp;$41631 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022).

*16*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Water Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class I** | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class I** | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class I** | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class I** | &nbsp;&nbsp;&nbsp;**Global Water Fund — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$32.46 | &nbsp;&nbsp;$25.28 | &nbsp;&nbsp;$22.11 | &nbsp;&nbsp;$28.84 | &nbsp;&nbsp;$21.83 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.39 | &nbsp;&nbsp;$0.56 | &nbsp;&nbsp;$0.38 | &nbsp;&nbsp;$0.30 | &nbsp;&nbsp;$0.40 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.86 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.11** | &nbsp;&nbsp;**$7.97** | &nbsp;&nbsp;**$3.60** | &nbsp;&nbsp;**$(6.38)** | &nbsp;&nbsp;**$7.26** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.25) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(2.55)** | &nbsp;&nbsp;**$(0.79)** | &nbsp;&nbsp;**$(0.43)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.25)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$31.02** | &nbsp;&nbsp;**$32.46** | &nbsp;&nbsp;**$25.28** | &nbsp;&nbsp;**$22.11** | &nbsp;&nbsp;**$28.84** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.62%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.02%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.32%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(22.44)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.41%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$301842 | &nbsp;&nbsp;$321335 | &nbsp;&nbsp;$281663 | &nbsp;&nbsp;$245189 | &nbsp;&nbsp;$274586 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended September 30, 2025, 2024, 2023 and 2022).

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Calvert Global Energy Solutions Fund (Global Energy Solutions) and Calvert Global Water Fund (Global Water) (each a Fund and collectively, the Funds) are diversified series of Calvert Impact Fund, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of Global Energy Solutions is to seek to track the performance of the Calvert Global Energy Research Index. Global Energy Solutions invests in equity securities of U.S. and non-U.S. companies whose main business is sustainable energy solutions, or that are significantly involved in the sustainable energy solutions industry. The investment objective of Global Water is to seek to track the performance of the Calvert Global Water Research Index. Global Water invests in equity securities of U.S. and non-U.S. companies whose main business is in the water industry, or that are significantly involved in water-related services or technologies.

Each Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. A contingent deferred sales charge of 1.00% may apply to certain redemptions of Class A shares for accounts for which no sales charge was paid, if redeemed within 12 months of purchase. Class C shares are sold without a front-end sales charge, and with certain exceptions, are charged a contingent deferred sales charge of 1.00% on shares redeemed within 12 months of purchase. Class C shares are only available for purchase through a financial intermediary. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Funds' prospectus. Class I shares are sold at net asset value, are not subject to a sales charge and are sold only to certain eligible investors. Each class represents a pro rata interest in each Fund, but votes separately on class-specific matters and is subject to different expenses.

Each Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

A Investment Valuation— Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Funds use independent pricing services approved by the Board of Directors (the Board) to value their investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith by the Board's valuation designee.

U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Valuation techniques used to value each Fund's investments by major category are as follows:

**Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Funds' Board has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Such securities are categorized as Level 2 in the hierarchy.**

**Other Securities. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day and are categorized as Level 1 in the hierarchy.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Board has designated each Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Funds might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Notes to Financial Statements — continued

------

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.

The following tables summarize the market value of each of the Funds' holdings as of September 30, 2025, based on the inputs used to value them:

#### Global Energy Solutions

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1359720 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1359720 |
| &nbsp;&nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219804 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219804 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495566 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7491225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7491225 |
| &nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433953 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207894 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6236754 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8940634 |
| &nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617302 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617302 |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402395 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276773 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8854784 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8854784 |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721342 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721342 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037770 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037770 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853250 |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120070 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120070 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7643068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7643068 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675230 |
| &nbsp;&nbsp;&nbsp;New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817588 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817588 |
| &nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909885 |
| &nbsp;&nbsp;&nbsp;Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593121 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823939 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823939 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544222 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544222 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6977459 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6977459 |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3587050 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3587050 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072063 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7394110 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7394110 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5277463 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6086388 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;46739026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46739026 |
| **Total Common Stocks** | &nbsp;&nbsp;**$63012563** | &nbsp;&nbsp;**$91449115<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$154461678** |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;$207670 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$207670 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613467 |
| **Total Investments** | &nbsp;&nbsp;**$67833700** | &nbsp;&nbsp;**$91449115** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$159282815** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
<sup>(1)</sup> Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Notes to Financial Statements — continued

------

#### Global Water

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3<sup>(1)</sup>** | &nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11427808 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11427808 |
| &nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695447 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4695447 |
| &nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24560071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24560071 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9356869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9356869 |
| &nbsp;&nbsp;&nbsp;Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6778377 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6778377 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25989700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25989700 |
| &nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6828914 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6828914 |
| &nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18532253 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18532253 |
| &nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5992962 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5992962 |
| &nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11409409 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11409409 |
| &nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36654776 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36654776 |
| &nbsp;&nbsp;&nbsp;Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4907003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4907003 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030030 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030030 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6163035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6163035 |
| &nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9933976 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9933976 |
| &nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6163956 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6163956 |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997156 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27675179 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27675179 |
| &nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487796 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487796 |
| &nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5598339 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5598339 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45965481 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48857136 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;277407535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;277407535 |
| **Total Common Stocks** | &nbsp;&nbsp;**$319123133** | &nbsp;&nbsp;**$244324594<sup>(2)</sup>** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$563447727** |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;$1360502 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1360502 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614721 |
| **Total Investments** | &nbsp;&nbsp;**$322098356** | &nbsp;&nbsp;**$244324594** | &nbsp;&nbsp;**$0** | &nbsp;&nbsp;**$566422950** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
<sup>(1)</sup> None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

<sup>(2)</sup> Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended September 30, 2025 is not presented.

B Investment Transactions and Income— Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. As a result of several court cases in certain countries across the European Union (EU), Global Water filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Notes to Financial Statements — continued

------

reclaims received by the Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder's income tax return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund's shareholders. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income is accrued as earned.

C Share Class Accounting— Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of each Fund. Expenses arising in connection with a specific class are charged directly to that class.

D Foreign Currency Transactions— The Funds' accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

E Distributions to Shareholders— Distributions to shareholders are recorded by the Funds on ex-dividend date. Distributions from net investment income and distributions from net realized capital gains, if any, are paid at least annually. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Funds' capital accounts to reflect income and gains available for distribution under income tax regulations.

F Estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G Indemnifications— The Corporation's By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.

H Federal Income Taxes— No provision for federal income or excise tax is required since each Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.

In addition to the requirements of the Internal Revenue Code, each Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, each Fund estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the respective Fund's change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in the respective Fund's net realized gain (loss) on investments.

Management has analyzed the Funds' tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds' financial statements. Each Fund's federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

I Segment Reporting— During this reporting period, the Funds adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. Each Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Funds' President acts as each Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of each Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Funds' financial statements.

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Notes to Financial Statements — continued

------

2 Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (CRM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to each Fund. The investment advisory fee is computed at the following annual rates of each respective Fund's average daily net assets and is payable monthly:

#### Global Energy Solutions 0.75%

#### Global Water
Up to and including $250 Million0.75%

Over $250 Million0.70%

For the year ended September 30, 2025, the investment advisory fee for Global Energy Solutions and Global Water amounted to $1,047,424 and $3,945,236, respectively, or 0.75% and 0.72%, respectively, of each Fund's average daily net assets.

Each Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment advisory fee paid by each Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by each Fund due to its investment in the Liquidity Fund. For the year ended September 30, 2025, the investment advisory fee paid was reduced by $417 and $509 for Global Energy Solutions and Global Water, respectively, relating to each Fund's investment in the Liquidity Fund.

CRM has agreed to reimburse the Funds' operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.24%, 1.99% and 0.99% of each Fund's average daily net assets for Class A, Class C and Class I, respectively. The expense reimbursement agreements with CRM may be changed or terminated after February 1, 2026. For the year ended September 30, 2025, CRM waived and/or reimbursed expenses of $331,857 and $259,217 for Global Energy Solutions and Global Water, respectively.

The administrative fee is earned by CRM as compensation for administrative services rendered to the Funds. The fee is computed at an annual rate of 0.12% of each Fund's average daily net assets attributable to Class A, Class C and Class I and is payable monthly. For the year ended September 30, 2025, CRM was paid administrative fees of $167,588 and $654,897 for Global Energy Solutions and Global Water, respectively.

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Funds' principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Funds by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Funds. In addition, pursuant to the Class C Plan, each Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. Distribution and service fees for Global Energy Solutions and Global Water paid or accrued for the year ended September 30, 2025 amounted to $190,225 and $603,066, respectively, for Class A shares and $56,086 and $155,076, respectively, for Class C shares.

The Funds were informed that EVD received $5,147 and $14,632 for Global Energy Solutions and Global Water, respectively, as their portion of the sales charge on sales of Class A shares for the year ended September 30, 2025. The Funds were informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of CRM and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended September 30, 2025 in the amount of $8,320 for Global Water and none for Global Energy Solutions.

For the year ended September 30, 2025, the Funds were also informed that EVD received the following amounts of contingent deferred sales charges paid by Class A and Class C shareholders:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Global Energy Solutions** | &nbsp;&nbsp;**Global Water** |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> | &nbsp;&nbsp;$3593 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $100.

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Notes to Financial Statements — continued

------

Eaton Vance Management (EVM), an affiliate of CRM, provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended September 30, 2025, sub-transfer agency fees and expenses for Global Energy Solutions and Global Water incurred to EVM amounted to $43,504 and $62,586, respectively, and are included in transfer agency fees and expenses on the Statements of Operations.

Each Director of the Funds who is not an employee of CRM or its affiliates receives an annual fee of $250,000, an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee, and may receive a fee of $10,000 for special meetings. The Board chair receives an additional $55,000 ($40,000 prior to January 1, 2025) annual fee, Committee chairs receive an additional $20,000 ($15,000 prior to January 1, 2025) annual fee and the special equities liaison receives an additional $2,500 annual fee. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Funds or other Calvert funds selected by the Directors. The Funds purchase shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Funds' assets. Directors' fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Funds who are employees of CRM or its affiliates are paid by CRM.

During the year ended September 30, 2025, CRM reimbursed Global Energy Solutions $28,108 for a net realized loss due to a trading error. The impact of the reimbursement was less than $0.01 per share for each class and had no significant impact on total return.

3 Investment Activity

During the year ended September 30, 2025, the cost of purchases and proceeds from sales of investments, other than short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Global Energy Solutions** | &nbsp;&nbsp;**Global Water** |
| **Purchases** | &nbsp;&nbsp;$63087187 | &nbsp;&nbsp;$128423014 |
| **Sales** | &nbsp;&nbsp;&nbsp;&nbsp;81346965 | &nbsp;&nbsp;&nbsp;&nbsp;185501692 |

---

4 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Global Energy Solutions** | &nbsp;&nbsp;&nbsp;&nbsp;**Global Energy Solutions** | &nbsp;&nbsp;&nbsp;&nbsp;**Global Water** | &nbsp;&nbsp;&nbsp;&nbsp;**Global Water** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1325072 | &nbsp;&nbsp;&nbsp;&nbsp;$1535300 | &nbsp;&nbsp;&nbsp;&nbsp;$13493853 | &nbsp;&nbsp;&nbsp;&nbsp;$7458556 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$32805993 | &nbsp;&nbsp;&nbsp;&nbsp;$7794064 |

---

During the year ended September 30, 2025, the following amounts were reclassified due to the Funds' use of equalization accounting. Tax equalization accounting allows the Funds to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Funds.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Global Energy Solutions** | &nbsp;&nbsp;&nbsp;&nbsp;**Global Water** |
| **Change in:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2210453 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (Accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(78710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2210453) |

---

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Notes to Financial Statements — continued

------

As of September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Global Energy Solutions** | &nbsp;&nbsp;&nbsp;&nbsp;**Global Water** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$923483 | &nbsp;&nbsp;&nbsp;&nbsp;$5521953 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19459566 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4615881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5559123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168422610 |
| **Distributable earnings (accumulated loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(9251521)** | &nbsp;&nbsp;&nbsp;&nbsp;**$193404129** |

---

At September 30, 2025, Global Energy Solutions, for federal income tax purposes, had deferred capital losses of $4,615,881 which would reduce the Fund's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at September 30, 2025, $4,615,881 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Funds at September 30, 2025, as determined on a federal income tax basis, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Global Energy Solutions** | &nbsp;&nbsp;&nbsp;&nbsp;**Global Water** |
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$164856641** | &nbsp;&nbsp;&nbsp;&nbsp;**$398073397** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$23446317 | &nbsp;&nbsp;&nbsp;&nbsp;$191310396 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29020143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22960843) |
| **Net unrealized appreciation (depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5573826)** | &nbsp;&nbsp;&nbsp;&nbsp;**$168349553** |

---

5 Securities Lending

To generate additional income, the Funds may lend their securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Funds at any time and, therefore, are not considered illiquid investments. The Funds require that the loan be continuously collateralized by either cash or securities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Funds on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Funds. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Funds and the securities lending agent based on agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of a Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statements of Assets and Liabilities.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Funds in the case of default of any securities borrower.

At September 30, 2025, the total value of securities on loan and the total value of collateral received were as follows:

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Notes to Financial Statements — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Global Energy Solutions** | &nbsp;&nbsp;&nbsp;&nbsp;**Global Water** |
| Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;$17814061 | &nbsp;&nbsp;&nbsp;&nbsp;$38460620 |
| Collateral Received: |  |  |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614721 |
| &nbsp;&nbsp;&nbsp;U.S. government and/or agencies securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13886768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38614717 |
| **Total Collateral Received** | &nbsp;&nbsp;&nbsp;&nbsp;**$18500235** | &nbsp;&nbsp;&nbsp;&nbsp;**$40229438** |

---

The following tables provide a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Global Energy Solutions</u>** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** |
|  | &nbsp;&nbsp;**Overnight and<br> Continuous** | &nbsp;&nbsp;**<30 days** | &nbsp;&nbsp;**30 to 90 days** | &nbsp;&nbsp;**>90 days** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$4613467 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4613467 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Global Water</u>** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** |
|  | &nbsp;&nbsp;**Overnight and<br> Continuous** | &nbsp;&nbsp;**<30 days** | &nbsp;&nbsp;**30 to 90 days** | &nbsp;&nbsp;**>90 days** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$1614721 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1614721 |

---

The carrying amounts of the liabilities for deposits for securities loaned at September 30, 2025 approximated their fair value. If measured at fair value, such liabilities would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at September 30, 2025.

6 Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 21, 2025. Borrowings are made by the Funds solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to each Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2024, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time.

The Funds had no borrowings outstanding pursuant to their line of credit at September 30, 2025. The Funds did not have any significant borrowings or allocated fees during the year ended September 30, 2025. Effective October 21, 2025, the Funds renewed their line of credit agreement, which expires October 20, 2026, at substantially the same terms.

7 Affiliated Investments

At September 30, 2025, the value of each Fund's investment in funds that may be deemed to be affiliated was $207,670 for Global Energy Solutions, which represents 0.1% of its net assets, and $1,360,502 for Global Water, which represents 0.2% of its net assets. Transactions in such investments by the Funds for the year ended September 30, 2025 were as follows:

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Notes to Financial Statements — continued

------

#### Global Energy Solutions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | $100183 | $29514158 | $(29406671) | $— | $— | $207670 | $11458 | 207670 |

---

#### Global Water

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | $— | $41314328 | $(39953826) | $— | $— | $1360502 | $15193 | 1360502 |

---

8 Capital Shares

The Corporation may issue its shares in one or more series (such as the Funds). The authorized shares of each Fund consists of 75,000,000 common shares, $0.01 par value, for each Class.

Transactions in capital shares, including direct exchanges pursuant to share class conversions, were as follows:

#### Global Energy Solutions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412355 | &nbsp;&nbsp;&nbsp;&nbsp;$4716553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504551 | &nbsp;&nbsp;&nbsp;&nbsp;$5434854 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718201 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1306662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14443871) | &nbsp;&nbsp;&nbsp;&nbsp;(1538290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16749907) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(833704)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(9097049)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(969785)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(10596852)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56004 | &nbsp;&nbsp;&nbsp;&nbsp;$615620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30064 | &nbsp;&nbsp;&nbsp;&nbsp;$300452 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5679 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2345776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2342083) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(172037)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1726577)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(202627)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2035952)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122287 | &nbsp;&nbsp;&nbsp;&nbsp;$12989048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125404 | &nbsp;&nbsp;&nbsp;&nbsp;$12285682 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765167 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1938549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21646666) | &nbsp;&nbsp;&nbsp;&nbsp;(2043493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22435274) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(755002)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(8010100)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(851087)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(9384425)** |

---

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Notes to Financial Statements — continued

------

#### Global Water

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514734 | &nbsp;&nbsp;&nbsp;&nbsp;$14927481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549629 | &nbsp;&nbsp;&nbsp;&nbsp;$15552319 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17904723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5449947 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(1325005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37788328) | &nbsp;&nbsp;&nbsp;&nbsp;(1141293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31951624) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(138928)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4956124)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(395411)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(10949358)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32433 | &nbsp;&nbsp;&nbsp;&nbsp;$856658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36295 | &nbsp;&nbsp;&nbsp;&nbsp;$914810 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384297 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5033377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7040128) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(106832)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2925362)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(223888)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5741021)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343006 | &nbsp;&nbsp;&nbsp;&nbsp;$38775354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214915 | &nbsp;&nbsp;&nbsp;&nbsp;$33896494 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22605850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7934434 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(2354349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67035801) | &nbsp;&nbsp;&nbsp;&nbsp;(2743268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78761658) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(169725)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5654597)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1244474)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(36930730)** |

---

9 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Funds may have difficulties enforcing their legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.

#### Concentration Risk
Global Energy Solutions concentrates its investments in the sustainable energy solutions industry. This industry can be significantly affected by obsolescence of existing technology, short product lifecycles, falling prices and profits, competition from new market entrants and general economic conditions. The industry can also be significantly affected by fluctuations in energy prices and supply and demand of alternative energy fuels, energy conservation, the success of exploration projects and tax and other government regulations and policies. Companies in this industry could be adversely affected by commodity price volatility, imposition of import controls, increased competition, depletion of resources, technological developments and labor relations.

Global Water concentrates its investments in the water industry. This industry can be significantly affected by economic trends or other conditions or developments, such as the availability of water, the level of rainfall and occurrence of other climatic events, changes in water consumption, new technologies relating to the supply of water, and water conservation. The industry can also be significantly affected by environmental considerations, taxation, government regulation (including the increased cost of compliance), inflation, increases in interest rates, price and supply fluctuations, increases in the cost of raw materials and other operating costs, technological advances, and competition from new market entrants.

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of Calvert Global Energy Solutions Fund and Calvert Global Water Fund and Board of Directors of Calvert Impact Fund, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Calvert Global Energy Solutions Fund and Calvert Global Water Fund (the "Funds"), two of the funds constituting Calvert Impact Fund, Inc., as of September 30, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 20, 2025

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations, the foreign tax credit and capital gains dividends.

**Qualified Dividend Income. For the fiscal year ended September 30, 2025, the Funds designate approximately the following amounts, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%:**

---

| | |
|:---|:---|
| Global Energy Solutions | &nbsp;&nbsp;$2463541 |
| Global Water | &nbsp;&nbsp;$9752647 |

---

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of each Fund's dividend distribution that qualifies under tax law. For each Fund's fiscal 2025 ordinary income dividends, the following qualifies for the corporate dividends received deduction:**

---

| | |
|:---|:---|
| Global Energy Solutions | &nbsp;&nbsp;26.39% |
| Global Water | &nbsp;&nbsp;23.20% |

---

#### Foreign Tax Credit. For the fiscal year ended September 30, 2025, the Funds paid foreign taxes and recognized foreign source income as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Foreign Taxes | &nbsp;&nbsp;Foreign Source Income |
| Global Energy Solutions | &nbsp;&nbsp;$310945 | &nbsp;&nbsp;$2746684 |
| Global Water | &nbsp;&nbsp;$756064 | &nbsp;&nbsp;$9818420 |

---

**Capital Gains Dividends. The Funds hereby designate as a capital gain dividend with respect to the taxable year ended September 30, 2025, the following amounts or, if subsequently determined to be different, the net capital gain of such year:**

---

| | |
|:---|:---|
| Global Energy Solutions | &nbsp;&nbsp;$— |
| Global Water | &nbsp;&nbsp;$21698755 |

---

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

Global Water Fund

September 30, 2025

Special Meeting of Shareholders (Unaudited)

------

Calvert Impact Fund, Inc. held a Special Meeting of Shareholders on June 16, 2025 to elect the five Directors listed below. The other Directors named herein continue to serve as Directors. The results of the vote with respect to the Calvert Impact Fund, Inc. were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Number of Shares** |
| **Nominee for Director** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Withheld** |
| Karen Fang | &nbsp;&nbsp;109646473 | &nbsp;&nbsp;1254203 |
| Von M. Hughes | &nbsp;&nbsp;105264380 | &nbsp;&nbsp;5636296 |
| Kim M. Keenan | &nbsp;&nbsp;109747670 | &nbsp;&nbsp;1153006 |
| Eddie Ramos | &nbsp;&nbsp;105263903 | &nbsp;&nbsp;5636774 |
| Carlton M. Waterhouse | &nbsp;&nbsp;105299103 | &nbsp;&nbsp;5601573 |

---

Results are rounded to the nearest whole number.

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

September 30, 2025

Board of Directors' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended, provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund's board of directors, including by a vote of a majority of the directors who are not "interested persons" of the fund ("Independent Directors"), cast in person at a meeting called for the purpose of considering such approval.

At an in-person meeting of the Boards of Trustees/Directors (each a "Board") of the registered investment companies advised by Calvert Research and Management ("CRM" or the "Adviser") (the "Calvert Funds") held on June 9-10, 2025, the Board, including a majority of the Independent Directors, voted to approve continuation of existing investment advisory and investment sub-advisory agreements for the Calvert Funds for an additional one-year period.

In evaluating the investment advisory and investment sub-advisory agreements for the Calvert Funds, the Board considered a variety of information relating to the Calvert Funds and various service providers, including the Adviser. The Independent Directors reviewed a report prepared by the Adviser regarding various services provided to the Calvert Funds by the Adviser and its affiliates. Such report included, among other data, information regarding the Adviser's personnel and the Adviser's revenue and cost of providing services to the Calvert Funds, and a separate report prepared by an independent data provider, which compared each fund's investment performance, fees and expenses to those of comparable funds as identified by such independent data provider ("comparable funds").

The Independent Directors were separately represented by independent legal counsel with respect to their consideration of the continuation of the investment advisory and investment sub-advisory agreements for the Calvert Funds. Prior to voting, the Independent Directors reviewed the proposed continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements with management and also met in private sessions with their counsel at which time no representatives of management were present.

The information that the Board considered included, among other things, the following (for funds that invest through one or more affiliated underlying fund(s), references to "each fund" in this section may include information that was considered at the underlying fund-level):

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

• A report from an independent data provider comparing each fund's total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices;

• For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for the Adviser with respect to each fund;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs;

• Information about the Adviser's policies and practices with respect to trading, including the Adviser's processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

*Information about the Adviser*

• Reports detailing the financial results and condition of CRM;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• A description of CRM's procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

September 30, 2025

Board of Directors' Contract Approval — continued

------

*Other Relevant Information*

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and

• The terms of each investment advisory agreement.

Over the course of the year, the Board and its committees held regular quarterly meetings. During these meetings, the Directors participated in investment and performance reviews with the portfolio managers and other investment professionals of the Adviser relating to each fund and considered various investment and trading strategies used in pursuing each fund's investment objective(s), such as the use of derivative instruments, as well as risk management techniques. The Board and its committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, corporate governance and other issues with respect to the funds and received and participated in reports and presentations provided by CRM and its affiliates with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Directors held regular video conferences in between meetings to discuss, among other topics, matters relating to the continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements.

For funds that invest through one or more affiliated underlying funds, the Board considered similar information about the underlying fund(s) when considering the approval of investment advisory agreements. In addition, in cases where the Adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any investment sub-advisory agreement.

The Independent Directors were assisted throughout the contract review process by their independent legal counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and investment sub-advisory agreement and the weight to be given to each such factor. The Board, including the Independent Directors, did not identify any single factor as controlling, and each Director may have attributed different weight to various factors.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board, including the Independent Directors, concluded that the continuation of the investment advisory agreement of Calvert Global Energy Solutions Fund (the "Fund"), including the fee payable under the agreement, is in the best interests of the Fund's shareholders. Accordingly, the Board, including a majority of the Independent Directors, voted to approve the continuation of the investment advisory agreement of the Fund.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services provided by the Adviser under the investment advisory agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel, including, among other information, biographical information on the Adviser's investment personnel and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser as well as the Board's familiarity with management through Board meetings, discussions and other reports. The Board considered the Adviser's management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser's compliance with applicable policies and procedures, including those related to personal investing. The Board took into account, among other items, periodic reports received from the Adviser over the past year concerning the Adviser's ongoing review and enhancement of certain processes, policies and procedures of the Calvert Funds and the Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Adviser under the investment advisory agreement.

Fund Performance

In considering the Fund's performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund's performance results, portfolio composition and investment strategies. The Board compared the Fund's investment performance to that of the Fund's peer universe and its custom benchmark. The Board's review included comparative performance data for the one-, three- and five-year periods ended December 31, 2024. This performance data indicated that the Fund had underperformed the median of its peer universe for the one- and three-year periods ended December 31, 2024, while it had outperformed its peer universe for the five-year period ended December 31, 2024. The performance data also indicated that the Fund had underperformed its custom benchmark for the one-, three- and five-year periods ended December 31, 2024. The Board took into account management's discussion of the Fund's performance. Based upon its review, the Board concluded that the Fund's performance was satisfactory relative to the performance of its peer universe and its custom benchmark.

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Energy Solutions Fund

September 30, 2025

Board of Directors' Contract Approval — continued

------

Management Fees and Expenses

In considering the Fund's fees and expenses, the Board compared the Fund's fees and total expense ratio with those of comparable funds in its expense group. Among other findings, the data indicated that the Fund's advisory and administrative fees (after taking into account waivers and/or reimbursements) (referred to collectively as "management fees") were below the median of the Fund's expense group and the Fund's total expenses (net of waivers and/or reimbursements) were above the median of the Fund's expense group. The Board took into account the Adviser's current undertaking to maintain expense limitations for the Fund and that the Adviser had waived or reimbursed a portion of the Fund's expenses. Based upon its review, the Board concluded that the management fees were reasonable in view of the nature, extent and quality of services provided by the Adviser.

Profitability and Other "Fall-Out" Benefits

The Board reviewed the Adviser's profitability in regard to the Fund and the Calvert Funds in the aggregate. In reviewing the overall profitability of the Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provided sub-transfer agency support, administrative and distribution services to the Fund for which they received compensation. The information considered by the Board included the profitability of the Fund to the Adviser and its affiliates without regard to any marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered that the Adviser and its affiliates derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Based upon its review, the Board concluded that the Adviser's and its affiliates' level of profitability from their relationships with the Fund was reasonable.

Economies of Scale

The Board considered the effect of the Fund's current size and its potential growth on its performance and fees. The Board concluded that adding breakpoints to the advisory fee at specified asset levels was not necessary at this time. The Board noted that if the Fund's assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Water Fund

September 30, 2025

Board of Directors' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended, provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund's board of directors, including by a vote of a majority of the directors who are not "interested persons" of the fund ("Independent Directors"), cast in person at a meeting called for the purpose of considering such approval.

At an in-person meeting of the Boards of Trustees/Directors (each a "Board") of the registered investment companies advised by Calvert Research and Management ("CRM" or the "Adviser") (the "Calvert Funds") held on June 9-10, 2025, the Board, including a majority of the Independent Directors, voted to approve continuation of existing investment advisory and investment sub-advisory agreements for the Calvert Funds for an additional one-year period.

In evaluating the investment advisory and investment sub-advisory agreements for the Calvert Funds, the Board considered a variety of information relating to the Calvert Funds and various service providers, including the Adviser. The Independent Directors reviewed a report prepared by the Adviser regarding various services provided to the Calvert Funds by the Adviser and its affiliates. Such report included, among other data, information regarding the Adviser's personnel and the Adviser's revenue and cost of providing services to the Calvert Funds, and a separate report prepared by an independent data provider, which compared each fund's investment performance, fees and expenses to those of comparable funds as identified by such independent data provider ("comparable funds").

The Independent Directors were separately represented by independent legal counsel with respect to their consideration of the continuation of the investment advisory and investment sub-advisory agreements for the Calvert Funds. Prior to voting, the Independent Directors reviewed the proposed continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements with management and also met in private sessions with their counsel at which time no representatives of management were present.

The information that the Board considered included, among other things, the following (for funds that invest through one or more affiliated underlying fund(s), references to "each fund" in this section may include information that was considered at the underlying fund-level):

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

• A report from an independent data provider comparing each fund's total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices;

• For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for the Adviser with respect to each fund;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs;

• Information about the Adviser's policies and practices with respect to trading, including the Adviser's processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

*Information about the Adviser*

• Reports detailing the financial results and condition of CRM;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• A description of CRM's procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Water Fund

September 30, 2025

Board of Directors' Contract Approval — continued

------

*Other Relevant Information*

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and

• The terms of each investment advisory agreement.

Over the course of the year, the Board and its committees held regular quarterly meetings. During these meetings, the Directors participated in investment and performance reviews with the portfolio managers and other investment professionals of the Adviser relating to each fund and considered various investment and trading strategies used in pursuing each fund's investment objective(s), such as the use of derivative instruments, as well as risk management techniques. The Board and its committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, corporate governance and other issues with respect to the funds and received and participated in reports and presentations provided by CRM and its affiliates with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Directors held regular video conferences in between meetings to discuss, among other topics, matters relating to the continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements.

For funds that invest through one or more affiliated underlying funds, the Board considered similar information about the underlying fund(s) when considering the approval of investment advisory agreements. In addition, in cases where the Adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any investment sub-advisory agreement.

The Independent Directors were assisted throughout the contract review process by their independent legal counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and investment sub-advisory agreement and the weight to be given to each such factor. The Board, including the Independent Directors, did not identify any single factor as controlling, and each Director may have attributed different weight to various factors.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board, including the Independent Directors, concluded that the continuation of the investment advisory agreement of Calvert Global Water Fund (the "Fund"), including the fee payable under the agreement, is in the best interests of the Fund's shareholders. Accordingly, the Board, including a majority of the Independent Directors, voted to approve the continuation of the investment advisory agreement of the Fund.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services provided by the Adviser under the investment advisory agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel, including, among other information, biographical information on the Adviser's investment personnel and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser as well as the Board's familiarity with management through Board meetings, discussions and other reports. The Board considered the Adviser's management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser's compliance with applicable policies and procedures, including those related to personal investing. The Board took into account, among other items, periodic reports received from the Adviser over the past year concerning the Adviser's ongoing review and enhancement of certain processes, policies and procedures of the Calvert Funds and the Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Adviser under the investment advisory agreement.

Fund Performance

In considering the Fund's performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund's performance results, portfolio composition and investment strategies. The Board compared the Fund's investment performance to that of the Fund's peer universe and its custom benchmark. The Board's review included comparative performance data for the one-, three- and five-year periods ended December 31, 2024. This performance data indicated that the Fund had outperformed the median of its peer universe for the one-year period ended December 31, 2024, while the Fund had underperformed the median of its peer universe for the three- and five-year periods ended December 31, 2024. This performance data also indicated that the Fund had underperformed its custom benchmark for the one-, three- and five-year periods ended December 31, 2024. The Board took into account management's discussion of the Fund's performance. Based upon its review, the Board concluded that the Fund's performance was satisfactory relative to the performance of its peer universe and its custom benchmark.

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

Calvert

Global Water Fund

September 30, 2025

Board of Directors' Contract Approval — continued

------

Management Fees and Expenses

In considering the Fund's fees and expenses, the Board compared the Fund's fees and total expense ratio with those of comparable funds in its expense group. Among other findings, the data indicated that the Fund's advisory and administrative fees (after taking into account waivers and/or reimbursements) (referred to collectively as "management fees") and the Fund's total expenses (net of waivers and/or reimbursements) were each above the respective median of the Fund's expense group. The Board took into account the Adviser's current undertaking to maintain expense limitations for the Fund and that the Adviser had waived or reimbursed a portion of the Fund's expenses. Based upon its review, the Board concluded that the management fees were reasonable in view of the nature, extent and quality of services provided by the Adviser.

Profitability and Other "Fall-Out" Benefits

The Board reviewed the Adviser's profitability in regard to the Fund and the Calvert Funds in the aggregate. In reviewing the overall profitability of the Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provided sub-transfer agency support, administrative and distribution services to the Fund for which they received compensation. The information considered by the Board included the profitability of the Fund to the Adviser and its affiliates without regard to any marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered that the Adviser and its affiliates derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Based upon its review, the Board concluded that the Adviser's and its affiliates' level of profitability from their relationships with the Fund was reasonable.

Economies of Scale

The Board considered the effect of the Fund's current size and its potential growth on its performance and fees. The Board also took into account the breakpoint in the advisory fee schedule for the Fund that would reduce the advisory fee rate on assets above a specific asset level. The Board noted that if the Fund's assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

------

[**Table of Contents**](#JOB_Calve_b7d459ff-2769-4b4f-a250-6dbed0efe3c5_TOC)

CGAEX-NCSR 9.30.25

------

![](g37159img39c60b711.gif)

------

## Calvert

## Green Bond Fund

## Annual Financial Statements and

## Additional Information
September 30, 2025

------

![](g37159img1afffa272.gif)

------

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the prospectus and/or statement of additional information, which can be obtained by calling 1-800-368-2745 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.

------

#### Annual Financial Statements and Additional Information September 30, 2025
Calvert

Green Bond Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_97f7ee8a-c89b-43d8-ba9a-ecc2283d94d2_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_13e02648-eaea-4855-9824-4adb5de81ab5_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx_13e02648-eaea-4855-9824-4adb5de81ab5_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_25f6d916-0e2d-4c6d-9202-bc8d40353b35_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_25f6d916-0e2d-4c6d-9202-bc8d40353b35_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_25f6d916-0e2d-4c6d-9202-bc8d40353b35_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_637cff4f-2f61-4aa7-8f4b-7c38aae873cb_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_a57c9343-a659-45c4-90dc-5be9ee9e285e_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_5a13ac12-150f-4640-babb-d4311a2d16f3_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| [Federal Tax Information](#xx_04ac8c0d-6026-4021-a160-2d8ea2709912_1) | &nbsp;&nbsp;24 |
| [Item 9 of Form N-CSR:](#xx_0c6d16ce-50aa-46ef-9323-2fa52115e8c6_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Special Meeting of Shareholders](#xx_0c6d16ce-50aa-46ef-9323-2fa52115e8c6_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| [Item 11 of Form N-CSR:](#xx_a3925d23-2536-44e8-9c55-00639a6757de_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Directors' Contract Approval](#xx_a3925d23-2536-44e8-9c55-00639a6757de_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |

---

Item 8 of Form N-CSR is Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Schedule of Investments

------

Asset-Backed Securities — 9.7%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Cloud Capital Holdco LP, Series 2024-1A, Class A2, 5.781%, 11/22/49<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | $5997646 |
| GoodLeap Sustainable Home Solutions Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-4GS, Class A, 1.93%, 7/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267 | &nbsp;&nbsp; 1051550 |
| &nbsp;&nbsp;&nbsp;Series 2021-5CS, Class A, 2.31%, 10/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp; 940153 |
| Loanpal Solar Loan Ltd.: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1GS, Class C, 2.00%, 6/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331 | &nbsp;&nbsp; 2152926 |
| &nbsp;&nbsp;&nbsp;Series 2020-3GS, Class A, 2.47%, 12/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149 | &nbsp;&nbsp; 973612 |
| Luminace ABS Issuer LLC, Series 2022-1, Class A, 4.88%, 7/31/62<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp; 2394229 |
| Mill City Solar Loan Ltd., Series 2020-1A, Class C, 2.00%, 6/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp; 235692 |
| Mosaic Solar Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class A, 4.01%, 6/22/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326511 |
| &nbsp;&nbsp;&nbsp;Series 2018-1A, Class B, 2.00%, 6/22/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812762 |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class A, 4.37%, 12/21/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469083 |
| &nbsp;&nbsp;&nbsp;Series 2019-2A, Class A, 2.88%, 9/20/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 | &nbsp;&nbsp;&nbsp;&nbsp;1737476 |
| &nbsp;&nbsp;&nbsp;Series 2019-2A, Class B, 3.28%, 9/20/40<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478 | &nbsp;&nbsp;&nbsp;&nbsp;1321135 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class A, 2.10%, 4/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668707 |
| &nbsp;&nbsp;&nbsp;Series 2020-1A, Class B, 3.10%, 4/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758998 |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class B, 2.21%, 8/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889487 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class B, 2.05%, 12/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516772 |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class C, 2.25%, 12/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373273 |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class A, 1.64%, 4/22/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp;&nbsp;&nbsp;1276927 |
| Mosaic Solar Loans LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A, 4.45%, 6/20/42<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211651 |
| &nbsp;&nbsp;&nbsp;Series 2017-2A, Class A, 3.82%, 6/22/43<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26192 |
| Sunnova Helios II Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-AA, Class C, 5.32%, 6/20/46<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753994 |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class B, 2.01%, 7/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836 | &nbsp;&nbsp;&nbsp;&nbsp;2092980 |
| Sunnova Helios IV Issuer LLC, Series 2020-AA, Class A, 2.98%, 6/20/47<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5180 | &nbsp;&nbsp;&nbsp;&nbsp;4619353 |
| Sunnova Helios V Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A, 1.80%, 2/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157 | &nbsp;&nbsp;&nbsp;&nbsp;1703281 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class B, 3.15%, 2/20/48<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641 | &nbsp;&nbsp;&nbsp;&nbsp;1658829 |
| Sunnova Sol II Issuer LLC: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class A, 2.73%, 11/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp;&nbsp;1056705 |
| &nbsp;&nbsp;&nbsp;Series 2020-2A, Class B, 5.47%, 11/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5711 | &nbsp;&nbsp;&nbsp;&nbsp;4656696 |
| Sunnova Sol Issuer LLC, Series 2020-1A, Class B, 5.54%, 2/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 | &nbsp;&nbsp;&nbsp;&nbsp;1142914 |
| Sunrun Atlas Issuer LLC, Series 2019-2, Class A, 3.61%, 2/1/55<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066 | &nbsp;&nbsp;&nbsp;&nbsp;1978084 |
| Sunrun Demeter Issuer LLC, Series 2021-2A, Class A, 2.27%, 1/30/57<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6679 | &nbsp;&nbsp;&nbsp;&nbsp;6015996 |
| Sunrun Jupiter Issuer LLC, Series 2022-1A, Class A, 4.75%, 7/30/57<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3897 | &nbsp;&nbsp;&nbsp;&nbsp;3744463 |
| Sunrun Vulcan Issuer LLC, Series 2021-1A, Class A, 2.46%, 1/30/52<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349 | &nbsp;&nbsp;&nbsp;&nbsp;3916027 |
| Sunrun Xanadu Issuer LLC, Series 2019-1A, Class A, 3.98%, 6/30/54<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463 | &nbsp;&nbsp;&nbsp;&nbsp;1390023 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Tesla Auto Lease Trust: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-A, Class A4, 5.94%, 7/20/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | $118322 |
| &nbsp;&nbsp;&nbsp;Series 2023-B, Class A3, 6.13%, 9/21/26<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp; 1966717 |
| &nbsp;&nbsp;&nbsp;Series 2023-B, Class A4, 6.22%, 3/22/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp; 1355008 |
| &nbsp;&nbsp;&nbsp;Series 2024-B, Class A3, 4.82%, 10/20/27<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410 | &nbsp;&nbsp; 2424074 |
| Tesla Lease Electric Vehicle Securitization LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-A, Class A2, 4.14%, 6/20/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp; 2509042 |
| &nbsp;&nbsp;&nbsp;Series 2025-A, Class A3, 4.27%, 11/20/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | &nbsp;&nbsp; 2694888 |
| Vantage Data Centers Germany Borrower Lux SARL, Series 2025-1A, Class A2, 4.292%, 6/28/50<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3444 | &nbsp;&nbsp; 4124335 |
| Vivint Solar Financing V LLC, Series 2018-1A, Class A, 4.73%, 4/30/48<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;1184352 |
| Vivint Solar Financing VII LLC, Series 2020-1A, Class A, 2.21%, 7/31/51<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4157 | &nbsp;&nbsp;&nbsp;&nbsp;3844633 |
| Total Asset-Backed Securities<br> (identified cost $87,799,589) |  |  | **$78085498** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
Commercial Mortgage-Backed Securities — 10.0%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates: |  |  |
| &nbsp;&nbsp;&nbsp;Series KG02, Class A2, 2.412%, 8/25/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 | $3823919 |
| &nbsp;&nbsp;&nbsp;Series KG04, Class A2, 1.487%, 11/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 17651232 |
| &nbsp;&nbsp;&nbsp;Series KG08, Class A2, 4.134%, 5/25/33<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp; 18882475 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-M13, Class A2, 3.032%, 9/25/27<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4622 | &nbsp;&nbsp; 4530523 |
| &nbsp;&nbsp;&nbsp;Series 2018-M4, Class A2, 3.159%, 3/25/28<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9233 | &nbsp;&nbsp; 9050220 |
| &nbsp;&nbsp;&nbsp;Series 2018-M13, Class A2, 3.875%, 9/25/30<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp; 4897807 |
| &nbsp;&nbsp;&nbsp;Series 2019-M1, Class A2, 3.661%, 9/25/28<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101 | &nbsp;&nbsp; 4044582 |
| &nbsp;&nbsp;&nbsp;Series 2019-M22, Class A2, 2.522%, 8/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6278 | &nbsp;&nbsp;&nbsp;&nbsp;5936862 |
| &nbsp;&nbsp;&nbsp;Series 2020-M1, Class A2, 2.444%, 10/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7842 | &nbsp;&nbsp;&nbsp;&nbsp;7337501 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-609M, Class A, 5.693%, (1 mo. SOFR + 1.542%), 8/15/42<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp;3983513 |
| Total Commercial Mortgage-Backed Securities<br> (identified cost $80,879,481) |  | **$80138634** |

---

Corporate Bonds — 47.3%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Communications — 3.4% | Communications — 3.4% | Communications — 3.4% |  |
| Comcast Corp., 4.65%, 2/15/33<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | $6029373 |
| Telefonica Emisiones SA, 4.183%, 11/21/33<sup>(5)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp; 1580879 |
| Verizon Communications, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 9/18/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11734 | &nbsp;&nbsp; 10261317 |
| &nbsp;&nbsp;&nbsp;5.50%, 2/23/54<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 4928688 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Communications (continued) | Communications (continued) | Communications (continued) |  |
| Virgin Media O2 Vendor Financing Notes V DAC, 7.875%, 3/15/32<sup>(1)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | $4602981 |
|  |  |  | **$27403238** |
| Consumer, Cyclical — 2.9% | Consumer, Cyclical — 2.9% | Consumer, Cyclical — 2.9% |  |
| Ford Motor Co., 3.25%, 2/12/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14671 | $12840331 |
| General Motors Co., 5.40%, 10/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9989 | &nbsp;&nbsp; 10320719 |
|  |  |  | **$23161050** |
| Consumer, Non-cyclical — 1.0% | Consumer, Non-cyclical — 1.0% | Consumer, Non-cyclical — 1.0% |  |
| Coca-Cola Femsa SAB de CV, 1.85%, 9/1/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470 | $2894584 |
| Conservation Fund, 3.474%, 12/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp;2211186 |
| Kaiser Foundation Hospitals, 3.15%, 5/1/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp;1193499 |
| PepsiCo, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, 10/15/49 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715357 |
| &nbsp;&nbsp;&nbsp;3.90%, 7/18/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781732 |
|  |  |  | **$7796358** |
| Energy — 0.6% | Energy — 0.6% | Energy — 0.6% |  |
| Raizen Fuels Finance SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.70%, 1/17/35<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | $200964 |
| &nbsp;&nbsp;&nbsp;6.45%, 3/5/34<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829895 |
| &nbsp;&nbsp;&nbsp;6.95%, 3/5/54<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1380950 |
| TerraForm Power Operating LLC, 4.75%, 1/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940 | &nbsp;&nbsp;&nbsp;&nbsp;2843850 |
|  |  |  | **$5255659** |
| Financial — 16.7% | Financial — 16.7% | Financial — 16.7% |  |
| Alexandria Real Estate Equities, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 5/18/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | $5835770 |
| &nbsp;&nbsp;&nbsp;4.75%, 4/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332 | &nbsp;&nbsp;&nbsp;&nbsp;3256013 |
| AXA SA, 1.375% to 4/7/31, 10/7/41<sup>(5)(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545 | &nbsp;&nbsp;&nbsp;&nbsp;5860101 |
| Banco Santander SA, 0.625% to 6/24/28, 6/24/29<sup>(5)(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;4997805 |
| BNP Paribas SA: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375% to 10/14/26, 10/14/27<sup>(5)(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;8627016 |
| &nbsp;&nbsp;&nbsp;1.675% to 6/30/26, 6/30/27<sup>(1)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp;1328150 |
| CaixaBank SA, 1.25% to 3/18/26, 6/18/31<sup>(5)(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;7343602 |
| Canadian Imperial Bank of Commerce, 0.95%, 10/23/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 | &nbsp;&nbsp;&nbsp;&nbsp;1965897 |
| Commonwealth Bank of Australia, 4.266% to 6/4/29, 6/4/34<sup>(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2427839 |
| Cooperatieve Rabobank UA, 1.106% to 2/24/26, 2/24/27<sup>(1)(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7021 | &nbsp;&nbsp;&nbsp;&nbsp;6931594 |
| Danske Bank AS, 3.75% to 11/19/31, 11/19/36<sup>(5)(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2367969 |
| Digital Dutch Finco BV, 1.50%, 3/15/30<sup>(5)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;6877234 |
| Fifth Third Bancorp, 1.707% to 11/1/26, 11/1/27<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1457959 |
| HA Sustainable Infrastructure Capital, Inc., 6.375%, 7/1/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8492 | &nbsp;&nbsp;&nbsp;&nbsp;8646594 |
| HAT Holdings I LLC/HAT Holdings II LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 6/15/26<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599223 |
| &nbsp;&nbsp;&nbsp;3.75%, 9/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783 | &nbsp;&nbsp;&nbsp;&nbsp;1645445 |
| Healthpeak OP LLC, 2.125%, 12/1/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;2810104 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Financial (continued) | Financial (continued) | Financial (continued) |  |
| ING Groep NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.875% to 3/9/27, 6/9/32<sup>(5)(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | $6156333 |
| &nbsp;&nbsp;&nbsp;4.625%, 1/6/26<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025 | &nbsp;&nbsp; 4028109 |
| Intesa Sanpaolo SpA, 6.50% to 3/14/28, 3/14/29<sup>(5)(6)</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 4198372 |
| JPMorgan Chase & Co., 6.07% to 10/22/26, 10/22/27<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp; 8466528 |
| Kimco Realty OP LLC, 2.70%, 10/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 2781595 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 1.25% to 11/26/30, 5/26/41<sup>(5)(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp; 3341560 |
| PNC Financial Services Group, Inc., 4.758% to 1/26/26, 1/26/27<sup>(6)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp; 921078 |
| Prologis Euro Finance LLC, 0.375%, 2/6/28 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;7489243 |
| Prologis LP, 1.25%, 10/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477 | &nbsp;&nbsp;&nbsp;&nbsp;1283170 |
| Prudential Financial, Inc., 1.50%, 3/10/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8131 | &nbsp;&nbsp;&nbsp;&nbsp;8038054 |
| REC Ltd., 5.625%, 4/11/28<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3841 | &nbsp;&nbsp;&nbsp;&nbsp;3947353 |
| Royal Bank of Canada, 1.15%, 7/14/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;1956831 |
| Svenska Handelsbanken AB, 3.625% to 11/4/31, 11/4/36<sup>(5)(6)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2366165 |
| Toronto-Dominion Bank, 5.264%, 12/11/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp;2814240 |
| Vonovia SE, 2.375%, 3/25/32<sup>(5)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;2440820 |
| Welltower OP LLC, 2.70%, 2/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp;1257693 |
|  |  |  | **$134465459** |
| Government - Multinational — 5.0% | Government - Multinational — 5.0% | Government - Multinational — 5.0% |  |
| Asian Development Bank: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 8/14/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 | $2618117 |
| &nbsp;&nbsp;&nbsp;2.375%, 8/10/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3908685 |
| &nbsp;&nbsp;&nbsp;3.125%, 9/26/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788044 |
| European Investment Bank, 2.375%, 5/24/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9028 | &nbsp;&nbsp;&nbsp;&nbsp;8842246 |
| International Bank for Reconstruction & Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, 11/20/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp;4143639 |
| &nbsp;&nbsp;&nbsp;4.125%, 3/20/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;11880 | &nbsp;&nbsp;&nbsp;&nbsp;12063243 |
| &nbsp;&nbsp;&nbsp;6.875%, 2/9/29 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;3724580 |
| International Finance Corp., 2.125%, 4/7/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3987 | &nbsp;&nbsp;&nbsp;&nbsp;3949877 |
|  |  |  | **$40038431** |
| Industrial — 2.5% | Industrial — 2.5% | Industrial — 2.5% |  |
| Jabil, Inc., 4.25%, 5/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150 | $5153080 |
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 9/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650 | &nbsp;&nbsp;&nbsp;&nbsp;4123971 |
| Owens Corning, 3.95%, 8/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382 | &nbsp;&nbsp;&nbsp;&nbsp;1365125 |
| Smurfit Kappa Treasury ULC: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.438%, 4/3/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934476 |
| &nbsp;&nbsp;&nbsp;5.777%, 4/3/54<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285 | &nbsp;&nbsp;&nbsp;&nbsp;3358619 |
| Xylem, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.95%, 1/30/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;3240186 |
| &nbsp;&nbsp;&nbsp;2.25%, 1/30/31<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821 | &nbsp;&nbsp;&nbsp;&nbsp;1636770 |
|  |  |  | **$19812227** |
| Technology — 3.3% | Technology — 3.3% | Technology — 3.3% |  |
| Apple, Inc., 3.00%, 6/20/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;14550 | $14381857 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Technology (continued) | Technology (continued) | Technology (continued) |  |
| Intel Corp., 4.15%, 8/5/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | $3859998 |
| NXP BV/NXP Funding LLC/NXP USA, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 5/11/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp; 5477509 |
| &nbsp;&nbsp;&nbsp;3.40%, 5/1/30<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861 | &nbsp;&nbsp; 2744159 |
|  |  |  | **$26463523** |
| Utilities — 11.9% | Utilities — 11.9% | Utilities — 11.9% |  |
| AES Corp., 2.45%, 1/15/31<sup>(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11377 | $10193330 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 5.625%, 2/15/32<sup>(5)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp; 2757582 |
| Clearway Energy Operating LLC, 3.75%, 1/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313 | &nbsp;&nbsp;&nbsp;&nbsp;2077881 |
| Constellation Energy Generation LLC, 5.75%, 3/15/54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 | &nbsp;&nbsp;&nbsp;&nbsp;4513711 |
| EDP Servicios Financieros Espana SA, 3.50%, 7/16/30<sup>(5)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959704 |
| Enel Finance International NV: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.625%, 7/12/26<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224 | &nbsp;&nbsp;&nbsp;&nbsp;2180399 |
| &nbsp;&nbsp;&nbsp;4.625%, 6/15/27<sup>(1)(4)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;6546462 |
| &nbsp;&nbsp;&nbsp;5.00%, 6/15/32<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692 | &nbsp;&nbsp;&nbsp;&nbsp;2739084 |
| Engie SA, 4.75% to 3/14/30<sup>(5)(6)(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;2576539 |
| Eurogrid GmbH, 3.279%, 9/5/31<sup>(5)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827491 |
| Iberdrola International BV, Series NC9, 1.825% to 8/9/29<sup>(5)(6)(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;2616604 |
| Liberty Utilities Finance GP 1, 2.05%, 9/15/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;11594 | &nbsp;&nbsp;&nbsp;&nbsp;10352185 |
| MidAmerican Energy Co.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.15%, 4/15/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;1101817 |
| &nbsp;&nbsp;&nbsp;3.65%, 8/1/48 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490 | &nbsp;&nbsp;&nbsp;&nbsp;3430074 |
| &nbsp;&nbsp;&nbsp;4.25%, 7/15/49 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190 | &nbsp;&nbsp;&nbsp;&nbsp;3510015 |
| NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;16515 | &nbsp;&nbsp;&nbsp;&nbsp;15615748 |
| Niagara Mohawk Power Corp., 1.96%, 6/27/30<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 | &nbsp;&nbsp;&nbsp;&nbsp;1335195 |
| Northern States Power Co., 2.60%, 6/1/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798 | &nbsp;&nbsp;&nbsp;&nbsp;2381565 |
| NSTAR Electric Co., 3.25%, 5/15/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;3876601 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 8/15/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp;2023962 |
| Public Service Co. of Colorado: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 3/1/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;3456649 |
| &nbsp;&nbsp;&nbsp;4.10%, 6/15/48 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803660 |
| SSE PLC, 3.50%, 3/18/32<sup>(5)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;1729026 |
| TenneT Holding BV, 4.625% to 3/21/29<sup>(5)(6)(7)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp;2591718 |
| Tucson Electric Power Co., 1.50%, 8/1/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;2885692 |
| XPLR Infrastructure Operating Partners LP, 8.625%, 3/15/33<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp;2114630 |
|  |  |  | **$95197324** |
| Total Corporate Bonds<br> (identified cost $389,244,962) |  |  | **$379593269** |

---

High Social Impact Investments — 0.1%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Calvert Impact Climate, Inc., Cut Carbon Notes, 5.50%, 12/15/53<sup>(8)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | $979572 |
| Total High Social Impact Investments<br> (identified cost $989,467) |  | **$979572** |

---

Preferred Stocks — 1.1%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Electric Utilities — 0.6% | Electric Utilities — 0.6% |  |
| Brookfield BRP Holdings Canada, Inc., 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;315384 | $4888452 |
|  |  | **$4888452** |
| Real Estate Management & Development — 0.5% | Real Estate Management & Development — 0.5% |  |
| Brookfield Property Partners LP: |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | $1232800 |
| &nbsp;&nbsp;&nbsp;Series A2, 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;169100 | &nbsp;&nbsp; 2548337 |
|  |  | **$3781137** |
| Total Preferred Stocks<br> (identified cost $14,459,994) |  | **$8669589** |

---

Sovereign Government Bonds — 8.3%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Canada — 1.4% | Canada — 1.4% | Canada — 1.4% |  |
| Export Development Canada, 4.75%, 6/5/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | $11519204 |
|  |  |  | **$11519204** |
| Chile — 0.3% | Chile — 0.3% | Chile — 0.3% |  |
| Chile Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.83%, 7/2/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 | $1080826 |
| &nbsp;&nbsp;&nbsp;2.55%, 1/27/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 1338000 |
|  |  |  | **$2418826** |
| Finland — 0.6% | Finland — 0.6% | Finland — 0.6% |  |
| Kuntarahoitus OYJ, 3.625%, 10/9/29<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | $4476907 |
|  |  |  | **$4476907** |
| Germany — 3.5% | Germany — 3.5% | Germany — 3.5% |  |
| Kreditanstalt fuer Wiederaufbau: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, 10/1/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5023 | $4886403 |
| &nbsp;&nbsp;&nbsp;4.375%, 2/28/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;22413 | &nbsp;&nbsp;&nbsp;&nbsp;22903964 |
|  |  |  | **$27790367** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Principal<br> Amount\*<br> (000's omitted)** | **Principal<br> Amount\*<br> (000's omitted)** | **Value** |
| Ivory Coast — 0.2% | Ivory Coast — 0.2% | Ivory Coast — 0.2% |  |
| Ivory Coast Government International Bonds, 7.625%, 1/30/33<sup>(5)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576 | $1640854 |
|  |  |  | **$1640854** |
| Netherlands — 1.3% | Netherlands — 1.3% | Netherlands — 1.3% |  |
| Nederlandse Waterschapsbank NV, 2.375%, 3/24/26<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10866 | $10783945 |
|  |  |  | **$10783945** |
| Romania — 0.3% | Romania — 0.3% | Romania — 0.3% |  |
| Romania Government International Bonds, 5.625%, 2/22/36<sup>(1)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $2318071 |
|  |  |  | **$2318071** |
| South Korea — 0.2% | South Korea — 0.2% | South Korea — 0.2% |  |
| Export-Import Bank of Korea, 5.125%, 1/11/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429 | $1497737 |
|  |  |  | **$1497737** |
| Sweden — 0.5% | Sweden — 0.5% | Sweden — 0.5% |  |
| Kommuninvest I Sverige AB, 4.625%, 9/29/28<sup>(1)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | $4108535 |
|  |  |  | **$4108535** |
| Total Sovereign Government Bonds<br> (identified cost $65,463,809) |  |  | **$66554446** |

---

Taxable Municipal Obligations — 1.4%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| General Obligations — 0.8% | General Obligations — 0.8% |  |
| Massachusetts, Green Bonds, 3.277%, 6/1/46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8240 | $6576678 |
|  |  | **$6576678** |
| Water and Sewer — 0.6% | Water and Sewer — 0.6% |  |
| District of Columbia Water & Sewer Authority, Green Bonds, 4.814%, 10/1/2114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 | $1461447 |
| Massachusetts Water Pollution Abatement Trust, 5.192%, 8/1/40<sup>(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp; 92415 |
| Narragansett Bay Commission, RI, Wastewater System Revenue: |  |  |
| &nbsp;&nbsp;&nbsp;Green Bonds, 2.094%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp; 566485 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 2.184%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 448517 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 2.264%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391523 |
| &nbsp;&nbsp;&nbsp;Green Bonds, 2.344%, 9/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;1248482 |
|  |  | **$4208869** |
| Total Taxable Municipal Obligations<br> (identified cost $13,362,213) |  | **$10785547** |

---

U.S. Government Agencies and Instrumentalities — 0.7%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| U.S. International Development Finance Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;1.79%, 10/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425 | $2324981 |
| &nbsp;&nbsp;&nbsp;2.36%, 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571 | &nbsp;&nbsp; 1521478 |
| &nbsp;&nbsp;&nbsp;3.52%, 9/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899 | &nbsp;&nbsp; 1855778 |
| Total U.S. Government Agencies and Instrumentalities<br> (identified cost $5,894,848) |  | **$5702237** |

---

U.S. Government Agency Mortgage-Backed Securities — 13.4%

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security** | **Principal<br> Amount<br> (000's omitted)** | **Value** |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, with various maturities to 2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27920 | $27737662 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38147 | &nbsp;&nbsp; 38588009 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;2.68%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841 | &nbsp;&nbsp; 1821403 |
| &nbsp;&nbsp;&nbsp;5.00%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11447 | &nbsp;&nbsp; 11396879 |
| &nbsp;&nbsp;&nbsp;5.50%, with various maturities to 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27614 | &nbsp;&nbsp; 27898841 |
| Total U.S. Government Agency Mortgage-Backed Securities<br> (identified cost $105,937,876) |  | **$107442794** |

---

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 9.2% |  |  |
| Affiliated Fund — 6.9% | Affiliated Fund — 6.9% | Affiliated Fund — 6.9% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%<sup>(10)</sup> | 55324254 | $55324254 |
| Total Affiliated Fund<br> (identified cost $55,324,254) |  | **$55324254** |
| Securities Lending Collateral — 2.3% | Securities Lending Collateral — 2.3% | Securities Lending Collateral — 2.3% |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.18%<sup>(11)</sup> | 18191580 | $18191580 |
| Total Securities Lending Collateral<br> (identified cost $18,191,580) |  | **$18191580** |
| Total Short-Term Investments<br> (identified cost $73,515,834) |  | **$73515834** |
| Total Investments — 101.2%<br> (identified cost $837,548,073) |  | **$811467420** |
| Other Assets, Less Liabilities — (1.2)% |  | **$(9481546)** |
| Net Assets — 100.0% |  | **$801985874** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Schedule of Investments — continued

------

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| \* | In U.S. dollars unless otherwise indicated. |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At September 30, 2025, the aggregate value of these securities is $161,464,781 or 20.1% of the Fund's net assets. |
| <sup>(2)</sup> | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at September 30, 2025. |
| <sup>(3)</sup> | Variable rate security. The stated interest rate represents the rate in effect at September 30, 2025. |
| <sup>(4)</sup> | All or a portion of this security was on loan at September 30, 2025. The aggregate market value of securities on loan at September 30, 2025 was $23,299,686. |
| <sup>(5)</sup> | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At September 30, 2025, the aggregate value of these securities is $71,857,374 or 8.8% of the Fund's net assets. |
| <sup>(6)</sup> | Security converts to variable rate after the indicated fixed-rate coupon period. |

---

<sup>(7)</sup> Perpetual security with no stated maturity date but may be subject to calls by the issuer.

<sup>(8)</sup> Restricted security. Total market value of restricted securities amounts to $979,572, which represents 0.1% of the net assets of the Fund as of September 30, 2025.

<sup>(9)</sup> Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

<sup>(10)</sup> May be deemed to be an affiliated investment company (see Note 8). The rate shown is the annualized seven-day yield as of September 30, 2025.

<sup>(11)</sup> Represents investment of cash collateral received in connection with securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Country Allocation (% of Total Investments) |  |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;70.0% |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Other (less than 3.0% each) | &nbsp;&nbsp;&nbsp;&nbsp;21.2 |
| **Total** | &nbsp;&nbsp;**100.0%** |

---

#### Forward Foreign Currency Exchange Contracts (OTC)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;85297427 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;72041137 | &nbsp;&nbsp;&nbsp;&nbsp;Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9202092 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6785918 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$421395** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1)** |

---

#### Futures Contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Interest Rate Futures** |  |  |  |  |  |
| U.S. 2-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;$83567774 | &nbsp;&nbsp;&nbsp;&nbsp;$43472 |
| U.S. 5-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25442508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27887 |
| U.S. 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215383 |
| U.S. Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18421813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364237 |
| U.S. Ultra-Long Treasury Bond | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42622188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039639 |
| U.S. Ultra 10-Year Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;(141) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16226016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135601) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1555017** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Schedule of Investments — continued

------

#### Restricted Securities

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquisition Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** |
| Calvert Impact Climate, Inc., Cut Carbon Notes, 5.50%, 12/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;10/18/23 | &nbsp;&nbsp;&nbsp;&nbsp;$989467 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$989467** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| OTC | – Over-the-counter |
| SOFR | – Secured Overnight Financing Rate |
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| CAD | – Canadian Dollar |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| MXN | – Mexican Peso |
| SEK | – Swedish Krona |
| USD | – United States Dollar |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Assets |  |
| Investments in securities of unaffiliated issuers, at value (identified cost $782,223,819) - including<br> $23,299,686 of securities on loan | &nbsp;&nbsp;$756143166 |
| Investments in securities of affiliated issuers, at value (identified cost $55,324,254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55324254 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421395 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79521 |
| Cash denominated in foreign currency, at value (cost $113,932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114001 |
| Deposits for derivatives collateral: |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874313 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 |
| Receivable for capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637978 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5066803 |
| Dividends receivable - affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171187 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006 |
| Receivable from affiliate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168868 |
| Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110478 |
| **Total assets** | &nbsp;&nbsp;**$822645970** |
| Liabilities |  |
| Cash collateral due to brokers | &nbsp;&nbsp;$530000 |
| Payable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185819 |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050119 |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61068 |
| Deposits for securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18191580 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158597 |
| &nbsp;&nbsp;&nbsp;Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78943 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15402 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226 |
| &nbsp;&nbsp;&nbsp;Directors' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110478 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274863 |
| **Total liabilities** | &nbsp;&nbsp;**$20660096** |
| **Net Assets** | &nbsp;&nbsp;**$801985874** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$901677369 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99691495) |
| **Net Assets** | &nbsp;&nbsp;**$801985874** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$74308249 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5173976 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$14.36 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$14.84 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$684035269 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47559481 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$14.38 |
| Class R6 Shares |  |
| **Net Assets** | &nbsp;&nbsp;$43642356 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032600 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$14.39 |

---

On sales of $100,000 or more, the offering price of Class A shares is reduced.

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**September 30, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $51,127) | &nbsp;&nbsp;$715290 |
| Dividend income - affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905418 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29622205 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62931 |
| **Total investment income** | &nbsp;&nbsp;**$32305844** |
| Expenses |  |
| Investment advisory fee | &nbsp;&nbsp;$1973318 |
| Administrative fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947193 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177700 |
| Directors' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42930 |
| Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30019 |
| Transfer agency fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677915 |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180670 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79743 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67409 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89698 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40041 |
| **Total expenses** | &nbsp;&nbsp;**$4306636** |
| Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$(421571) |
| **Net expenses** | &nbsp;&nbsp;**$3885065** |
| **Net investment income** | &nbsp;&nbsp;**$28420779** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2151053) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7777534) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21202 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3445406) |
| **Net realized loss** | &nbsp;&nbsp;**$(13352791)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investment securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8589785 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319453 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34302 |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171406 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$11114946** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(2237845)** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$26182934** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28420779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25193422 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13352791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11034926) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11114946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67951272 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$26182934** | &nbsp;&nbsp;**$82109768** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2390774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2332014) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24133571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23466371) |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1831840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1768376) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(28356185)** | &nbsp;&nbsp;**$(27566761)** |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2848464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1970291 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6921515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14888386 |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10331687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9954076 |
| **Net increase (decrease) in net assets from capital share transactions** | &nbsp;&nbsp;**$(561708)** | &nbsp;&nbsp;**$26812753** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(2734959)** | &nbsp;&nbsp;**$81355760** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$804720833 | &nbsp;&nbsp;$723365073 |
| **At end of year** | &nbsp;&nbsp;**$801985874** | &nbsp;&nbsp;**$804720833** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$14.39 | &nbsp;&nbsp;$13.38 | &nbsp;&nbsp;$13.51 | &nbsp;&nbsp;$16.15 | &nbsp;&nbsp;$16.36 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.47 | &nbsp;&nbsp;$0.44 | &nbsp;&nbsp;$0.32 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.21 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.44** | &nbsp;&nbsp;**$1.49** | &nbsp;&nbsp;**$0.21** | &nbsp;&nbsp;**$(2.35)** | &nbsp;&nbsp;**$0.03** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.47) | &nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.24) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(0.47)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.24)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$14.36** | &nbsp;&nbsp;**$14.39** | &nbsp;&nbsp;**$13.38** | &nbsp;&nbsp;**$13.51** | &nbsp;&nbsp;**$16.15** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.19%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.33%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.49%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.67)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.17%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$74308 | &nbsp;&nbsp;$71564 | &nbsp;&nbsp;$64700 | &nbsp;&nbsp;$71019 | &nbsp;&nbsp;$89164 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to 0.01% of average daily net assets for the year ended September 30, 2025, less than 0.01% of average daily net assets for the year ended September 30, 2024 and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$14.41 | &nbsp;&nbsp;$13.39 | &nbsp;&nbsp;$13.53 | &nbsp;&nbsp;$16.17 | &nbsp;&nbsp;$16.38 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;$0.47 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.25 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.48** | &nbsp;&nbsp;**$1.54** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$(2.31)** | &nbsp;&nbsp;**$0.07** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.51) | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.28) | &nbsp;&nbsp;$(0.28) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.28)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$14.38** | &nbsp;&nbsp;**$14.41** | &nbsp;&nbsp;**$13.39** | &nbsp;&nbsp;**$13.53** | &nbsp;&nbsp;**$16.17** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.45%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(14.44)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.42%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$684035 | &nbsp;&nbsp;$678859 | &nbsp;&nbsp;$617734 | &nbsp;&nbsp;$661646 | &nbsp;&nbsp;$863670 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to 0.01% of average daily net assets for the year ended September 30, 2025, less than 0.01% of average daily net assets for the year ended September 30, 2024 and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022).

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;**Class R6** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$14.42 | &nbsp;&nbsp;$13.40 | &nbsp;&nbsp;$13.54 | &nbsp;&nbsp;$16.18 | &nbsp;&nbsp;$16.39 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.52 | &nbsp;&nbsp;$0.48 | &nbsp;&nbsp;$0.36 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.26 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.59) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.49** | &nbsp;&nbsp;**$1.54** | &nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;**$(2.30)** | &nbsp;&nbsp;**$0.08** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;$(0.52) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.29) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total distributions** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;**$(0.38)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.29)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$14.39** | &nbsp;&nbsp;**$14.42** | &nbsp;&nbsp;**$13.40** | &nbsp;&nbsp;**$13.54** | &nbsp;&nbsp;**$16.18** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.72%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.39)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.47%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$43642 | &nbsp;&nbsp;$54298 | &nbsp;&nbsp;$40931 | &nbsp;&nbsp;$38160 | &nbsp;&nbsp;$9277 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(3)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(4)</sup> Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund's investment in the Liquidity Fund (equal to 0.01% of average daily net assets for the year ended September 30, 2025, less than 0.01% of average daily net assets for the year ended September 30, 2024 and less than 0.005% of average daily net assets for the years ended September 30, 2023 and 2022).

*13*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Calvert Green Bond Fund (the Fund) is a diversified series of Calvert Impact Fund, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek to maximize income, to the extent consistent with preservation of capital, primarily through investment in bonds. The Fund invests primarily in "green" investments which include those issued by companies that develop or provide products or services that seek to provide environmental solutions and/or that support environmental projects, among others.

The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. A contingent deferred sales charge of 0.75% may apply to certain redemptions of Class A shares for accounts for which no sales charge was paid, if redeemed within 12 months of purchase. Class I and Class R6 shares are sold at net asset value, are not subject to a sales charge and are sold only to certain eligible investors. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and is subject to different expenses.

The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

A Investment Valuation— Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The 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 by the

Board's valuation designee.

U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including 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.

Valuation techniques used to value the Fund's investments by major category are as follows:

**Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy.**

**Debt Securities. Debt securities are generally valued based on valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. Accordingly, debt securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities with a remaining maturity at time of purchase of more than sixty days are valued based on valuations provided by a third party pricing service. Such securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities of sufficient credit quality purchased with remaining maturities of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.**

**Other Securities. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day and are categorized as Level 1 in the hierarchy.**

**Derivatives. Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service and are categorized as Level 2 in the hierarchy.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Board has designated the Fund's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are**

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.

The following table summarizes the market value of the Fund's holdings as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Asset-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$78085498 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$78085498 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80138634 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80138634 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;379593269 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;379593269 |
| High Social Impact Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979572 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979572 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8669589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8669589 |
| Sovereign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66554446 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66554446 |
| Taxable Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10785547 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10785547 |
| U.S. Government Agencies and Instrumentalities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702237 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702237 |
| U.S. Government Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;107442794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;107442794 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;55324254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55324254 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;18191580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18191580 |
| **Total Investments** | &nbsp;&nbsp;**$82185423** | &nbsp;&nbsp;**$729281997** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$811467420** |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$421395 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$421395 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690618 |
| **Total** | &nbsp;&nbsp;**$83876041** | &nbsp;&nbsp;**$729703392** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$813579433** |
| **Liability Description** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135601) |
| **Total** | &nbsp;&nbsp;**$(135601)** | &nbsp;&nbsp;**$(1)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(135602)** |

---

B Investment Transactions and Income— Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned.

C Share Class Accounting— Realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class's paid shares to the total value of all paid shares. Expenses arising in connection with a specific class are charged directly to that class. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer agency fees and expenses on the Statement of Operations, are not allocated to Class R6 shares.

D 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. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

E Futures Contracts— The Fund may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the 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.

F Forward Foreign Currency Exchange Contracts— The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

G Restricted Securities— The Fund may invest in securities that are subject to legal or contractual restrictions on resale. Generally, these securities may only be sold publicly upon registration under the Securities Act of 1933 or in transactions exempt from such registration. Information regarding restricted securities (excluding Rule 144A securities) is included at the end of the Schedule of Investments.

H Distributions to Shareholders— Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund declares income distributions daily to shareholders of record at the time of declaration and generally pays them monthly. The Fund makes distributions of net realized capital gains, if any, at least annually. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.

I Estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

J Indemnifications— The Corporation's By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

K 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 from the date of filing.

L Segment Reporting— During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

2 Related Party Transactions

The investment advisory fee is earned by Calvert Research and Management (CRM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment advisory fee is computed at the annual rate of 0.25% of the Fund's average daily net assets and is payable monthly. For the year ended September 30, 2025, the investment advisory fee amounted to $1,973,318.

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment advisory fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended September 30, 2025, the investment advisory fee paid was reduced by $64,023 relating to the Fund's investment in the Liquidity Fund.

CRM has agreed to reimburse the Fund's operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.73%, 0.48% and 0.43% for Class A, Class I and Class R6, respectively, of such class's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after February 1, 2026. For the year ended September 30, 2025, CRM waived and/or reimbursed expenses of $357,548.

The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund's average daily net assets attributable to Class A, Class I and Class R6 and is payable monthly. For the year ended September 30, 2025, CRM was paid administrative fees of $947,193.

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund's principal underwriter, a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued for the year ended September 30, 2025 amounted to $177,700 for Class A shares.

The Fund was informed that EVD received $4,139 as its portion of the sales charge on sales of Class A shares and no contingent deferred sales charges paid by Fund shareholders for the year ended September 30, 2025.

Eaton Vance Management (EVM), an affiliate of CRM, provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended September 30, 2025, sub-transfer agency fees and expenses incurred to EVM amounted to $12,359 and are included in transfer agency fees and expenses on the Statement of Operations.

Each Director of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $250,000, an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee, and may receive a fee of $10,000 for special meetings. The Board chair receives an additional $55,000 ($40,000 prior to January 1, 2025) annual fee, Committee chairs receive an additional $20,000 ($15,000 prior to January 1, 2025) annual fee and the special equities liaison receives an additional $2,500 annual fee. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund's assets. Directors' fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM.

3 Investment Activity

During the year ended September 30, 2025, the cost of purchases and proceeds from sales of investments, other than U.S. government and agency securities and short-term securities and including maturities and paydowns were $98,727,454 and $157,107,831, respectively. Purchases and sales of U.S. government and agency securities, including paydowns, were $61,666,246 and $55,446,880, respectively.

4 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended September 30, 2025 and September 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended September 30,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$28356185 | &nbsp;&nbsp;&nbsp;&nbsp;$27566761 |

---

During the year ended September 30, 2025, accumulated loss was increased by $187,113 and paid-in capital was increased by $187,113 due to the Fund's use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds

representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

As of September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1829533 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73132045) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28327915) |
| Distributions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61068) |
| **Accumulated loss** | &nbsp;&nbsp;&nbsp;&nbsp;**$(99691495)** |

---

At September 30, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $73,132,045 which would reduce the Fund's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year, can be carried forward for an unlimited period, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at September 30, 2025, $4,872,987 are short-term and $68,259,058 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at September 30, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;&nbsp;&nbsp;**$839817366** |
| Gross unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;$12418362 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40768308) |
| **Net unrealized depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**$(28349946)** |

---

5 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at September 30, 2025 is included in the Schedule of Investments. At September 30, 2025, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, the Fund is subject to the following risks:

Foreign Exchange Risk: During the year ended September 30, 2025, the Fund entered into forward foreign currency exchange contracts to seek to hedge against the decline in the value of currencies in which its portfolio holdings are denominated against the U.S. dollar and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: During the year ended September 30, 2025, the Fund used futures contracts to hedge interest rate risk and to manage duration.

The Fund enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund's net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At September 30, 2025, the fair value of derivatives with credit-related contingent features in a net liability position was $1. At September 30, 2025, there were no assets pledged by the Fund for such liability.

The OTC derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") with its derivative counterparties. The ISDA Master Agreement is a bilateral agreement between the Fund and the counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the ISDA Master Agreement. Under the ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

Master Agreements allow the counterparty to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under the ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under the ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments. The carrying amount of the liability for cash collateral due to brokers at September 30, 2025 approximated its fair value. If measured at fair value, such liability would have been considered Level 2 in the fair value hierarchy (see Note 1A) at September 30, 2025.

At September 30, 2025, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Statement of Assets and Liabilities Caption** | &nbsp;&nbsp;&nbsp;&nbsp;**Foreign<br> Exchange** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1690618<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$1690618 |
| Receivable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421395 |
| **Total Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;**$421395** | &nbsp;&nbsp;&nbsp;&nbsp;**$1690618** | &nbsp;&nbsp;&nbsp;&nbsp;**$2112013** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$1690618** | &nbsp;&nbsp;&nbsp;&nbsp;**$1690618** |
| **Total Asset Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$421395** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$421395** |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(135601)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$(135601) |
| Payable for open forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| **Total Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(135601)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(135602)** |
| **Derivatives not subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(135601)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(135601)** |
| **Total Liability Derivatives subject to master netting or similar agreements** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Only the current day's variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.

The Fund's derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund's derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities as of September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;**Derivative<br> Assets Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;**Non-cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(a)</sup>** | &nbsp;&nbsp;**Net Amount<br> of Derivative<br> Assets<sup>(b)</sup>** |
| Bank of America, N.A. | &nbsp;&nbsp;$346604 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(346604) | &nbsp;&nbsp;$— |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74791 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74791) | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;**$421395** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(421395)** | &nbsp;&nbsp;**$—** |

---

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;**Derivative<br> Liabilities Subject to<br> Master Netting<br> Agreement** | &nbsp;&nbsp;**Derivatives<br> Available<br> for Offset** | &nbsp;&nbsp;**Non-cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;**Cash<br> Collateral<br> Pledged<sup>(a)</sup>** | &nbsp;&nbsp;**Net Amount<br> of Derivative<br> Liabilities<sup>(c)</sup>** |
| Barclays Bank PLC | &nbsp;&nbsp;$(1) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.

<sup>(b)</sup> Net amount represents the net amount due from the counterparty in the event of default.

<sup>(c)</sup> Net amount represents the net amount payable to the counterparty in the event of default.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended September 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Operations Caption** | &nbsp;&nbsp;&nbsp;&nbsp;**Foreign exchange** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Net realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(3445406) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(3445406) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7777534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7777534) |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3445406)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7777534)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11222940)** |
| Change in unrealized appreciation (depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;$1171406 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1171406 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319453 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$1171406** | &nbsp;&nbsp;&nbsp;&nbsp;**$1319453** | &nbsp;&nbsp;&nbsp;&nbsp;**$2490859** |

---

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended September 30, 2025, which are indicative of the volume of these derivative types, were approximately as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Futures Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures Contracts — Short** | &nbsp;&nbsp;&nbsp;&nbsp;**Forward Foreign Currency Exchange Contracts\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$268462000 | &nbsp;&nbsp;&nbsp;&nbsp;$35581000 | &nbsp;&nbsp;&nbsp;&nbsp;$67427000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold.

6 Securities Lending

To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent based on agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.

At September 30, 2025, the total value of securities on loan, including accrued interest, was $23,582,047 and the total value of collateral received was $24,082,297, comprised of cash of $18,191,580 and U.S. government and/or agencies securities of $5,890,717.

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** | &nbsp;&nbsp;**Remaining Contractual Maturity of the Transactions** |
|  | &nbsp;&nbsp;**Overnight and<br> Continuous** | &nbsp;&nbsp;**<30 days** | &nbsp;&nbsp;**30 to 90 days** | &nbsp;&nbsp;**>90 days** | &nbsp;&nbsp;**Total** |
| Corporate Bonds | &nbsp;&nbsp;$18191580 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$18191580 |

---

The carrying amount of the liability for deposits for securities loaned at September 30, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at September 30, 2025.

7 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 21, 2025. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2024, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.

The Fund had no borrowings outstanding pursuant to its line of credit at September 30, 2025. The Fund did not have any significant borrowings or allocated fees during the year ended September 30, 2025. Effective October 21, 2025, the Fund renewed its line of credit agreement, which expires October 20, 2026, at substantially the same terms.

8 Affiliated Investments

At September 30, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $55,324,254, which represents 6.9% of the Fund's net assets. Transactions in such investments by the Fund for the year ended September 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund | $13512011 | $291808819 | $(249996576) | $— | $— | $55324254 | $1905418 | 55324254 |

---

9 Capital Shares

The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 75,000,000 common shares, $0.01 par value, for each Class.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066402 | &nbsp;&nbsp;&nbsp;&nbsp;$15016248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938947 | &nbsp;&nbsp;&nbsp;&nbsp;$13062230 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255426 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1027615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14474352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(966632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13347365) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**202199** | &nbsp;&nbsp;&nbsp;&nbsp;**$2848464** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**134492** | &nbsp;&nbsp;&nbsp;&nbsp;**$1970291** |

---

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12715834 | &nbsp;&nbsp;&nbsp;&nbsp;$179315397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13586862 | &nbsp;&nbsp;&nbsp;&nbsp;$189054856 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23587653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23157673 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(13921105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195981535) | &nbsp;&nbsp;&nbsp;&nbsp;(14280235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197324143) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**463593** | &nbsp;&nbsp;&nbsp;&nbsp;**$6921515** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**969825** | &nbsp;&nbsp;&nbsp;&nbsp;**$14888386** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912943 | &nbsp;&nbsp;&nbsp;&nbsp;$12879209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112657 | &nbsp;&nbsp;&nbsp;&nbsp;$15515903 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379242 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1749236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24684042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6941069) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(732130)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(10331687)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**710503** | &nbsp;&nbsp;&nbsp;&nbsp;**$9954076** |

---

10 Risks and Uncertainties

#### Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Economic data as reported by sovereign entities may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a sovereign entity to restructure defaulted debt may be limited. Therefore, losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S. debt issuer.

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Report of Independent Registered Public Accounting Firm

------

To the Shareholders of Calvert Green Bond Fund and Board of Directors of Calvert Impact Fund, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Calvert Green Bond Fund (the "Fund"), one of the funds constituting Calvert Impact Fund, Inc., as of September 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

November 20, 2025

We have served as the auditor of one or more Calvert investment companies since 2021.

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of 163(j) interest dividends.

**163(j) Interest Dividends. For the fiscal year ended September 30, 2025, the Fund designates 84.89% of distributions from net investment income as a 163(j) interest dividend.**

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Special Meeting of Shareholders (Unaudited)

------

Calvert Impact Fund, Inc. held a Special Meeting of Shareholders on June 16, 2025 to elect the five Directors listed below. The other Directors named herein continue to serve as Directors. The results of the vote with respect to the Calvert Impact Fund, Inc. were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Number of Shares** |
| **Nominee for Director** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Withheld** |
| Karen Fang | &nbsp;&nbsp;109646473 | &nbsp;&nbsp;1254203 |
| Von M. Hughes | &nbsp;&nbsp;105264380 | &nbsp;&nbsp;5636296 |
| Kim M. Keenan | &nbsp;&nbsp;109747670 | &nbsp;&nbsp;1153006 |
| Eddie Ramos | &nbsp;&nbsp;105263903 | &nbsp;&nbsp;5636774 |
| Carlton M. Waterhouse | &nbsp;&nbsp;105299103 | &nbsp;&nbsp;5601573 |

---

Results are rounded to the nearest whole number.

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Board of Directors' Contract Approval

------

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended, provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund's board of directors, including by a vote of a majority of the directors who are not "interested persons" of the fund ("Independent Directors"), cast in person at a meeting called for the purpose of considering such approval.

At an in-person meeting of the Boards of Trustees/Directors (each a "Board") of the registered investment companies advised by Calvert Research and Management ("CRM" or the "Adviser") (the "Calvert Funds") held on June 9-10, 2025, the Board, including a majority of the Independent Directors, voted to approve continuation of existing investment advisory and investment sub-advisory agreements for the Calvert Funds for an additional one-year period.

In evaluating the investment advisory and investment sub-advisory agreements for the Calvert Funds, the Board considered a variety of information relating to the Calvert Funds and various service providers, including the Adviser. The Independent Directors reviewed a report prepared by the Adviser regarding various services provided to the Calvert Funds by the Adviser and its affiliates. Such report included, among other data, information regarding the Adviser's personnel and the Adviser's revenue and cost of providing services to the Calvert Funds, and a separate report prepared by an independent data provider, which compared each fund's investment performance, fees and expenses to those of comparable funds as identified by such independent data provider ("comparable funds").

The Independent Directors were separately represented by independent legal counsel with respect to their consideration of the continuation of the investment advisory and investment sub-advisory agreements for the Calvert Funds. Prior to voting, the Independent Directors reviewed the proposed continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements with management and also met in private sessions with their counsel at which time no representatives of management were present.

The information that the Board considered included, among other things, the following (for funds that invest through one or more affiliated underlying fund(s), references to "each fund" in this section may include information that was considered at the underlying fund-level):

*Information about Fees, Performance and Expenses*

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

• A report from an independent data provider comparing each fund's total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices;

• For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for the Adviser with respect to each fund;

*Information about Portfolio Management and Trading*

• Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs;

• Information about the Adviser's policies and practices with respect to trading, including the Adviser's processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

*Information about the Adviser*

• Reports detailing the financial results and condition of CRM;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• A description of CRM's procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Board of Directors' Contract Approval — continued

------

*Other Relevant Information*

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and

• The terms of each investment advisory agreement.

Over the course of the year, the Board and its committees held regular quarterly meetings. During these meetings, the Directors participated in investment and performance reviews with the portfolio managers and other investment professionals of the Adviser relating to each fund and considered various investment and trading strategies used in pursuing each fund's investment objective(s), such as the use of derivative instruments, as well as risk management techniques. The Board and its committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, corporate governance and other issues with respect to the funds and received and participated in reports and presentations provided by CRM and its affiliates with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Directors held regular video conferences in between meetings to discuss, among other topics, matters relating to the continuation of the Calvert Funds' investment advisory and investment sub-advisory agreements.

For funds that invest through one or more affiliated underlying funds, the Board considered similar information about the underlying fund(s) when considering the approval of investment advisory agreements. In addition, in cases where the Adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any investment sub-advisory agreement.

The Independent Directors were assisted throughout the contract review process by their independent legal counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and investment sub-advisory agreement and the weight to be given to each such factor. The Board, including the Independent Directors, did not identify any single factor as controlling, and each Director may have attributed different weight to various factors.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board, including the Independent Directors, concluded that the continuation of the investment advisory agreement of Calvert Green Bond Fund (the "Fund"), including the fee payable under the agreement, is in the best interests of the Fund's shareholders. Accordingly, the Board, including a majority of the Independent Directors, voted to approve the continuation of the investment advisory agreement of the Fund.

Nature, Extent and Quality of Services

In considering the nature, extent and quality of the services provided by the Adviser under the investment advisory agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel, including, among other information, biographical information on the Adviser's investment personnel and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser as well as the Board's familiarity with management through Board meetings, discussions and other reports. The Board considered the Adviser's management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser's compliance with applicable policies and procedures, including those related to personal investing. The Board took into account, among other items, periodic reports received from the Adviser over the past year concerning the Adviser's ongoing review and enhancement of certain processes, policies and procedures of the Calvert Funds and the Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Adviser under the investment advisory agreement.

Fund Performance

In considering the Fund's performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund's performance results, portfolio composition and investment strategies. The Board compared the Fund's investment performance to that of the Fund's peer universe and a comparative benchmark index. The Board's review included comparative performance data for the one-, three- and five-year periods ended December 31, 2024. This performance data indicated that the Fund had outperformed the median of its peer universe for the one-, three- and five-year periods ended December 31, 2024. The performance data also indicated that the Fund had underperformed its benchmark index for the one-year period ended December 31, 2024, while the Fund had outperformed its benchmark index for the three- and five-year periods ended December 31, 2024. Based upon its review, the Board concluded that the Fund's performance was satisfactory relative to the performance of its peer universe and its benchmark index.

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

Calvert

Green Bond Fund

September 30, 2025

Board of Directors' Contract Approval — continued

------

Management Fees and Expenses

In considering the Fund's fees and expenses, the Board compared the Fund's fees and total expense ratio with those of comparable funds in its expense group. Among other findings, the data indicated that the Fund's advisory and administrative fees (after taking into account waivers and/or reimbursements) (referred to collectively as "management fees") were below the median of the Fund's expense group and the Fund's total expenses (net of waivers and/or reimbursements) were above the median of the Fund's expense group. The Board took into account the Adviser's current undertaking to maintain expense limitations for the Fund and that the Adviser had waived or reimbursed a portion of the Fund's expenses. Based upon its review, the Board concluded that the management fees were reasonable in view of the nature, extent and quality of services provided by the Adviser.

Profitability and Other "Fall-Out" Benefits

The Board reviewed the Adviser's profitability in regard to the Fund and the Calvert Funds in the aggregate. In reviewing the overall profitability of the Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provided sub-transfer agency support, administrative and distribution services to the Fund for which they received compensation. The information considered by the Board included the profitability of the Fund to the Adviser and its affiliates without regard to any marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered that the Adviser and its affiliates derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Based upon its review, the Board concluded that the Adviser's and its affiliates' level of profitability from their relationships with the Fund was reasonable.

Economies of Scale

The Board considered the effect of the Fund's current size and its potential growth on its performance and fees. The Board concluded that adding breakpoints to the advisory fee at specified asset levels was not necessary at this time. The Board noted that if the Fund's assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.

------

[**Table of Contents**](#JOB_Calve_da56f1b9-17b8-4876-af3b-69eee3357e2a_TOC)

CGAFX-NCSR 9.30.25

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included in Item 7 of this Form N-CSR.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

#### Item 16. Controls and Procedures
(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant's internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

------

#### Item 19. Exhibits

---

| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d37159dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d37159dex99cert.htm#a) |
| (b) | [Combined Section 906 certification.](d37159dex99906cert.htm) |

---

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| <u>Calvert Impact Fund, Inc.</u> | <u>Calvert Impact Fund, Inc.</u> |
| By: | /s/ Von M. Hughes |
|  | Von M. Hughes |
|  | Principal Executive Officer |

---

Date: November 24, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

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| | |
|:---|:---|
| Date: November 24, 2025 | Date: November 24, 2025 |
| By: | /s/ Von M. Hughes |
|  | Von M. Hughes |
|  | Principal Executive Officer |
| Date: November 24, 2025 | Date: November 24, 2025 |

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## Ex-99.Cert

**Calvert Impact Fund, Inc.** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Calvert Impact Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 24, 2025 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**Calvert Impact Fund, Inc.** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Von M. Hughes, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Calvert Impact Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 24, 2025 | /s/ Von M. Hughes |
|  | Von M. Hughes |
|  | Principal Executive Officer |

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## Exhibit 99.906

**Form N-CSR Item 19(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Calvert Impact Fund, Inc. (the "**Corporation**") that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Report of the **Corporation** on Form N-CSR for the period ended
September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the **Corporation** for such period.

**A signed original of this written statement required by section 906 has been provided to the Corporation and will be retained by the Corporation and furnished to the Securities and Exchange Commission or its staff upon request.** 

---

| |
|:---|
| Calvert Impact Fund, Inc. |
| Date: November 24, 2025 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: November 24, 2025 |
| /s/ Von M. Hughes |
| Von M. Hughes |
| Principal Executive Officer |

---