Strategy. The Fund invests primarily in equity securities of non-U.S. small-cap to mid-cap companies, which the Fund defines as companies whose market capitalization falls within the range of the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Small-Mid (SMID) Index at the time of investment. ? The market capitalization range of the MSCI EAFE SMID Index companies was $346.0 million to $43.5 billion as of December 31, 2025. Market capitalizations of companies within the MSCI EAFE SMID Index are subject to change. Such non-U.S. investments may include American Depositary Receipts (ADRs), which are either sponsored or unsponsored, and Global Depositary Receipts (GDRs). The Fund may also invest in publicly-traded real estate investment trusts (REITs). The Fund invests no … Show more… The Fund invests primarily in equity securities of non-U.S. small-cap to mid-cap companies, which the Fund defines as companies whose market capitalization falls within the range of the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Small-Mid (SMID) Index at the time of investment. ? The market capitalization range of the MSCI EAFE SMID Index companies was $346.0 million to $43.5 billion as of December 31, 2025. Market capitalizations of companies within the MSCI EAFE SMID Index are subject to change. Such non-U.S. investments may include American Depositary Receipts (ADRs), which are either sponsored or unsponsored, and Global Depositary Receipts (GDRs). The Fund may also invest in publicly-traded real estate investment trusts (REITs). The Fund invests no more than 20% of its net assets in ?U.S. companies. The Fund primarily holds stocks of companies in developed countries but as an internationally diverse fund, it may invest in any geographic region of the world (at least three different countries). The Fund may invest up to 20% of its assets in securities of issuers in emerging market countries. The securities in which the Fund invests are often denominated and traded in foreign currencies. In managing the Fund, the portfolio managers seek to exploit inefficiencies in the small- and mid-cap market through fundamental bottom-up research, including consideration of the responsible investing criteria described below. The portfolio managers look for companies that, in their opinion, are high in quality or improving in quality. The portfolio managers take a long-term perspective when selecting companies and the quality focus typically leads to companies benefiting from structural growth or structural change. Sought after company characteristics may include: a business model with identifiable competitive advantage(s)/barrier(s) to entry, a scalable market opportunity, a solid balance sheet, and a strong management team with a history of good capital allocation. Such companies typically exhibit high or improving returns on capital, strong free-cash-flow generation, and positive or inflecting earnings. The portfolio managers also employ a disciplined valuation framework in pursuit of attractive risk adjusted returns. The portfolio managers seek to manage investment risk by maintaining broad issuer and industry diversification among the Funds holdings, and by utilizing fundamental analysis of risk/return characteristics in securities selection. Securities may be sold if, in the opinion of the portfolio managers, the price moves above a fair level of valuation, the companys fundamentals deteriorate, or to pursue more attractive investment opportunities. A security will also be sold (in accordance with the investment advisers guidelines and at a time and in a manner that is determined to be in the best interests of shareholders) if the investment adviser determines that the issuer does not operate in a manner consistent with the Funds responsible investment criteria. The Fund may enter into foreign currency derivatives (including forward foreign currency exchange contracts and currency futures contracts) to seek to hedge foreign currency exposure. The Fund may also lend its securities. ? 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 advisers 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 Funds 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 advisers engagement activity with such issuer. Show less