# EDGAR Filing Document

**Accession Number:** 0000356682
**File Stem:** 0000940394-23-000187
**Filing Date:** 2023-2
**Character Count:** 25412
**Document Hash:** 67b1b294ce7ee2888df4338b4d7e481e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940394-23-000187.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0000940394-23-000187

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CALVERT SOCIAL INVESTMENT FUND
- **CENTRAL INDEX KEY:** 0000356682
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-75106
- **FILM NUMBER:** 23573745

**BUSINESS ADDRESS:**
- **STREET 1:** 1825 CONNECTICUT AVENUE NW
- **STREET 2:** SUITE 400
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20009
- **BUSINESS PHONE:** 8002256265

**MAIL ADDRESS:**
- **STREET 1:** 1825 CONNECTICUT AVENUE NW
- **STREET 2:** SUITE 400
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20009

## Series and Classes Contracts Data

### Calvert Focused Value Fund (Series ID: S000076003)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000235425 | Calvert Focused Value Fund Class R6 | CRFRX           |
| C000235426 | Calvert Focused Value Fund Class A  | CRFAX           |
| C000235427 | Calvert Focused Value Fund Class C  | CRFCX           |
| C000235428 | Calvert Focused Value Fund Class I  | CRFIX           |

![](csifcfvfsp_101.jpg)

Summary Prospectus dated February 1, 2023

**Calvert Focused Value Fund**

Class / Ticker A / CRFAX C / CRFCX I / CRFIX R6 / CRFRX

**This Summary Prospectus is designed to provide investors with key fund information in a clear and concise format. Before you invest, you may want to review the Fund's Prospectus and Statement of Additional Information, which contain more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated February 1, 2023, as may be amended or supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund's Prospectus, Statement of Additional Information, annual and semi-annual shareholder reports, and other information about the Fund, go to http://www.calvert.com/prospectus, email a request to Prospectusrequest@calvert.com, call 1-800-368-2745, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund. Unless otherwise noted, page number references refer to the current Prospectus for this Fund.**

**Investment Objective**

The Fund's investment objective is total return.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **Investors may also pay commissions or other fees to their financial intermediary, which are not reflected below.** You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in Calvert mutual funds. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix B – Financial Intermediary Sales Charge Variations in the Fund's Prospectus. More information about these and other discounts is available from your financial professional and under "Sales Charges" on page 49 of the Fund's Prospectus and page 24 of the Fund's Statement of Additional Information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Fees (fees paid directly from your investment) | &nbsp;&nbsp;Class A | &nbsp;&nbsp;Class C | &nbsp;&nbsp;Class I | &nbsp;&nbsp;Class R6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | &nbsp;&nbsp;5.25% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Deferred Sales Charge (load) (as a percentage of the lower of net asset value at purchase or redemption) | &nbsp;&nbsp;None<sup>(1)</sup> | &nbsp;&nbsp;1.00% |  |  |

---

<sup>(1)</sup> Class A shares purchased at net asset value in amounts of $1 million or more are subject to a 1.00% contingent deferred sales charge if redeemed within 12 months of purchase.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) | &nbsp;&nbsp;Class A | &nbsp;&nbsp;Class C | &nbsp;&nbsp;Class I | &nbsp;&nbsp;Class R6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.62% | &nbsp;&nbsp;0.62% | &nbsp;&nbsp;0.62% | &nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and Service (12b-1) Fees | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses <sup>(1)</sup> | &nbsp;&nbsp;<u>4.22%</u> | &nbsp;&nbsp;<u>4.22%</u> | &nbsp;&nbsp;<u>4.22%</u> | &nbsp;&nbsp;<u>4.22%</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;5.09% | &nbsp;&nbsp;5.84% | &nbsp;&nbsp;4.84% | &nbsp;&nbsp;4.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Expense Reimbursement and Fee Reduction<sup>(2)</sup> | &nbsp;&nbsp;<u>(4.10)%</u> | &nbsp;&nbsp;<u>(4.10)%</u> | &nbsp;&nbsp;<u>(4.10)%</u> | &nbsp;&nbsp;<u>(4.10)%</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Annual Fund Operating Expenses | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;1.74% | &nbsp;&nbsp;0.74% | &nbsp;&nbsp;0.74% |

---

<sup>(1)</sup> Based on estimates for the current fiscal year.

<sup>(2)</sup> Calvert Research and Management ("CRM") has agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.99% for Class A shares, 1.74% for Class C shares, 0.74% for Class I shares and 0.74% for Class R6 shares. This expense reimbursement will continue through January 31, 2024. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by CRM during the same fiscal year to the extent actual expenses are less than any contractual expense cap in place during such year.

**Example.** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Expenses with Redemption | &nbsp;&nbsp;Expenses with Redemption | &nbsp;&nbsp;Expenses without Redemption | &nbsp;&nbsp;Expenses without Redemption |
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;3 Years | &nbsp;&nbsp; 1 Year | &nbsp;&nbsp;3 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A shares | &nbsp;&nbsp;$621 | &nbsp;&nbsp;$1623 | &nbsp;&nbsp;$621 | &nbsp;&nbsp;$1623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C shares | &nbsp;&nbsp;$277 | &nbsp;&nbsp;$1373 | &nbsp;&nbsp;$177 | &nbsp;&nbsp;$1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I shares | &nbsp;&nbsp;$76 | &nbsp;&nbsp;$1086 | &nbsp;&nbsp;$76 | &nbsp;&nbsp;$1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R6 shares | &nbsp;&nbsp;$76 | &nbsp;&nbsp;$1086 | &nbsp;&nbsp;$76 | &nbsp;&nbsp;$1086 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" the portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. The Fund's portfolio turnover rate will be available after the Fund completes its first fiscal year.

**Principal Investment Strategies**

Under normal market conditions, the Fund invests primarily in large-cap companies, but may invest in common stocks of companies of any market capitalization, including smaller companies. The portfolio managers generally consider large-cap companies to be those companies having market capitalizations equal to or greater than the median capitalization of companies included in the Russell 1000® Value Index. As of December 31, 2022, the market capitalization of the Russell 1000 Value Index ranged from $306 million to $1.2 trillion with a weighted average market capitalization of $151.2 billion. Market capitalizations of companies within the Russell 1000 Value Index are subject to change. The Fund invests primarily in value stocks. Value stocks are stocks that, in the opinion of the investment adviser, are inexpensive or undervalued relative to the intrinsic value of the company.

The Fund generally expects to hold approximately 25 to 35 stocks. The Fund may invest up to 25% of its total assets in foreign securities, some of which may be issued by companies domiciled in emerging market countries, and may also invest in U.S. dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the over-the-counter market (including depositary receipts that evidence ownership in underlying foreign stocks). The Fund may also invest in publicly traded real estate investment trusts ("REITs"). The Fund may invest in exchange-traded funds ("ETFs"), a type of pooled investment vehicle, in order to manage cash positions. The Fund may also lend its securities to financial institutions (typically brokers, dealers, and banks) to generate income for the Fund.

Investment decisions are made primarily on the basis of fundamental research and consideration of the responsible investing criteria described below. The portfolio managers utilize information provided by, and the expertise of the investment adviser's research staff in making investment decisions. In selecting securities, the portfolio managers consider (among other factors) a company's earnings or cash flow capabilities, dividend prospects, financial strength, growth potential, the strength of the company's business franchises and management team, sustainability of a company's competitiveness, and estimates of the company's net value. Such assessments are made through the analysis of a company's financial statements, products and services, industry position and conditions, and other factors. The portfolio managers may sell a security when the investment adviser's price objective for the security is reached, the fundamentals of the company deteriorate, a security's price falls below acquisition cost or when other securities are identified to displace a current holding. The portfolio managers seek to manage investment risk by utilizing fundamental analysis of risk/return characteristics in securities selection and also by maintaining issuer and industry diversification among the Fund's holdings.

**Responsible Investing.** The portfolio managers seek to invest in companies that manage environmental, social and governance ("ESG") risk exposures adequately and that are not exposed to excessive ESG risk through their principal business activities. Companies are analyzed by the investment adviser's ESG analysts utilizing The Calvert Principles for Responsible Investment ("Principles"), a framework for considering ESG factors (a copy of which is included as an appendix to the Fund's Prospectus). Each company is evaluated relative to an appropriate peer group based on material ESG factors as determined by the investment adviser. Pursuant to the Principles, the investment adviser seeks to identify companies and other issuers that operate in a manner that is consistent with or promotes environmental sustainability and resource efficiency, equitable societies and respect for human rights, and accountable governance and transparency. The Fund generally invests in issuers that are believed by the investment adviser to operate in accordance with the Principles and may also invest in issuers that the investment adviser believes are likely to operate in accordance with the Principles pending the investment adviser's engagement activity with such issuer.

Calvert Focused Value Fund 2 Summary Prospectus dated February 1, 2023

**Principal Risks**

**Market Risk.** The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund's investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility.

**Equity Securities Risk.** The value of equity securities and related instruments may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer and sector-specific considerations, which are more significant in a focused fund that invests in a limited number of securities; unexpected trading activity among retail investors; or other factors. Market conditions may affect certain types of stocks to a greater extent than other types of stocks. If the stock market declines in value, the value of the Fund's equity securities will also likely decline. Although prices can rebound, there is no assurance that values will return to previous levels.

**Responsible Investing Risk.** Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. The application of responsible investment criteria may affect the Fund's exposure to certain sectors or types of investments, and may impact the Fund's relative investment performance depending on whether such sectors or investments are in or out of favor in the market. An investment's ESG performance or the investment adviser's assessment of such performance may change over time, which could cause the Fund to temporarily hold securities that do not comply with the Fund's responsible investment criteria. In evaluating an investment, the investment adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG factors relevant to a particular investment. Successful application of the Fund's responsible investment strategy will depend on the investment adviser's skill in properly identifying and analyzing material ESG issues.

**Large-Cap Value Risk.** Because the Fund normally invests primarily in stocks of large-cap value companies, it is subject to the risk of underperforming the overall stock market during periods in which stocks of such companies are out of favor and generate lower returns than the market as a whole.

**Foreign Investment Risk.** 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 against a particular country or countries, organizations, entities and/or individuals. 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. Adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund's investments. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States and, as a result, Fund share values may be more volatile. 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.

**Emerging Markets Investment Risk.** 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 sectors. Emerging market securities often involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets.

**Currency Risk.** Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks.

Calvert Focused Value Fund 3 Summary Prospectus dated February 1, 2023

**Smaller Company Risk.** The stocks of smaller, less seasoned companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than the stocks of larger, more established companies. Such companies may have limited product lines, markets or financial resources, may be dependent on a limited management group, and may lack substantial capital reserves or an established performance record. There may be generally less publicly available information about such companies than for larger, more established companies. Stocks of these companies frequently have lower trading volumes making them more volatile and potentially less liquid and more difficult to value.

**Sector Risk.** Because the Fund may, under certain circumstances, invest a significant portion of its assets in one or more sectors, the value of Fund shares may be affected by events that adversely affect a particular sector and may fluctuate more than that of a fund that invests more broadly.

**Real Estate Risk.** Real estate investments are subject to risks associated with owning real estate, including declines in real estate values, increases in property taxes, fluctuations in interest rates, limited availability of mortgage financing, decreases in revenues from underlying real estate assets, declines in occupancy rates, changes in government regulations affecting zoning, land use, and rents, environmental liabilities, and risks related to the management skill and creditworthiness of the issuer. Companies in the real estate industry may also be subject to liabilities under environmental and hazardous waste laws, among others. REITs must satisfy specific requirements for favorable tax treatment and can involve unique risks in addition to the risks generally affecting the real estate industry. Changes in underlying real estate values may have an exaggerated effect to the extent that investments are concentrated in particular geographic regions or property types.

**ETF Risk.** ETFs are subject to the risks of investing in the underlying securities or other investments. ETF shares may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests.

**Liquidity Risk.** The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund's performance. These effects may be exacerbated during times of financial or political stress.

**Securities Lending Risk.** Securities lending involves a possible delay in recovery of the loaned securities or a possible loss of rights in the collateral if the borrower fails financially. The Fund could also lose money if the value of the collateral decreases.

**Risks Associated with Active Management.** The success of the Fund's investment strategy depends on portfolio management's successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no guarantee that such decisions will produce the desired results or expected returns.

**Portfolio Turnover Risk.** The annual portfolio turnover rate of the Fund may exceed 100%. A mutual fund with a high turnover rate (100% or more) may generate more capital gains and may involve greater expenses (which may reduce return) than a fund with a lower rate. Capital gains distributions will be made to shareholders if offsetting capital loss carry forwards do not exist.

**General Fund Investing Risks.** The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various service providers, including the investment adviser, in its operations and is susceptible to operational, information security and related events (such as public health crises, cyber or hacking attacks) that may affect the service providers or the services that they provide to the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Calvert Focused Value Fund 4 Summary Prospectus dated February 1, 2023

**Performance**

Performance history will be available for the Fund after the Fund has been in operation for one full calendar year.

**Management**

**Investment Adviser.** Calvert Research and Management ("CRM" or the "Adviser").

**Portfolio Managers**

**Aaron S. Dunn, CFA,** Vice President of CRM, has managed the Fund since its inception in April 29, 2022.

**Bradley T. Galko, CFA,** Vice President of CRM, has managed the Fund since its inception in April 29, 2022.

**Purchase and Sale of Fund Shares**

You may purchase, redeem or exchange Fund shares on any business day, which is any day the New York Stock Exchange is open for business.

You may purchase, redeem or exchange Fund shares either through your financial intermediary or (except for purchases of Class C shares by accounts with no specified financial intermediary) directly from the Fund either by writing to the Fund, P.O. Box 219544, Kansas City, MO 64121-9544, or by calling 1-800-368-2745. The minimum initial purchase or exchange into the Fund is $1,000 for Class A and Class C, $1,000,000 for Class I and $5,000,000 for Class R6 (waived in certain circumstances). There is no minimum for subsequent investments.

**Tax Information**

If your shares are held in a taxable account, the Fund's distributions will be taxed to you as ordinary income and/or capital gains, unless you are exempt from taxation. If your shares are held in a tax-advantaged account, you will generally be taxed only upon withdrawals from the account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund's shares through a broker-dealer or other financial intermediary (such as a bank) (collectively, "financial intermediaries"), the Fund, its principal underwriter and its affiliates may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

40507 2.1.23© 2023 Calvert Research and Management

Calvert Focused Value Fund 5 Summary Prospectus dated February 1, 2023