Strategy. Under normal circumstances, at least 80% of the Funds net assets (plus any borrowings for investment purposes) will be invested in the equity securities of U.S. issuers. This policy may be changed without shareholder approval; however, shareholders would be notified upon 60 days notice in writing of any changes. The Fund is actively managed, not designed to track a benchmark, and therefore not constrained by the composition of a benchmark. The Fund primarily invests in the equity securities of large capitalization U.S. issuers that are involved in economic activities that address global environmental or societal challenges that relate to areas such as environmental sustainability and resource efficiency, diversity, equity and inclusion, respect for human rights, product responsibility, human capital management … Show more… Under normal circumstances, at least 80% of the Funds net assets (plus any borrowings for investment purposes) will be invested in the equity securities of U.S. issuers. This policy may be changed without shareholder approval; however, shareholders would be notified upon 60 days notice in writing of any changes. The Fund is actively managed, not designed to track a benchmark, and therefore not constrained by the composition of a benchmark. The Fund primarily invests in the equity securities of large capitalization U.S. issuers that are involved in economic activities that address global environmental or societal challenges that relate to areas such as environmental sustainability and resource efficiency, diversity, equity and inclusion, respect for human rights, product responsibility, human capital management and accountable governance and transparent operations, or are leaders in managing financially material environmental or social risks and opportunities, such as carbon emission management and diversity, equity and inclusion. Economic activities that address environmental and/or societal challenges vary based on the respective industry a company operates in, but examples may include: providing access to finance to demographics that are typically excluded from traditional financing channels, providing affordable and accessible healthy food and other products, growing electric vehicle sales and strategy, and efficient management of natural resources. As described below, the Adviser utilizes a quantitative and qualitative research process that applies the Calvert Principles for Responsible Investment ( the Calvert Principles) ( a copy of which is included as an appendix to the Funds prospectus) to define the investment universe for the Fund. ?Calvert Research and Management (Calvert), on behalf of the Adviser, may engage with company management regarding financially material environmental, social and governance (ESG) issues in pursuit of improving environmental and social outcomes. The Adviser gives due consideration to the relevance and potential materiality of sustainability risks for a particular investment opportunity or for the portfolio as a whole in the context of the investment objective and intended time horizon for holding a particular security. In order to mitigate Responsible Investing risks explained in the below section entitled Principal Risks, the Adviser may (i) determine not to hold, determine to sell or otherwise determine to ?underweight a security relative to the Funds benchmark, the Russell 1000 Index; (ii) engage Calvert to discuss potential engagement with company management on its material ESG risks or opportunities (e.g., climate change, diversity, labor and human rights and ESG disclosure); or (iii) make other adjustments to the Funds portfolio. Through a qualitative and quantitative process (the Selection Process), the Adviser seeks to identify companies that are performing in the top 20-40% of their peer group with respect to environmental or social factors determined to be financially material to the company based on Calvert and/or the Advisers proprietary research (each, a Select Company and collectively, the Select Companies). A company may also be determined to be a Select Company based on leadership or significant improvement of such companys financially material environmental or social risks or opportunities. Once the Funds investment universe of Select Companies (the Investment Universe) has been established, the Adviser then selects and weights Select Companies through an optimization process that at a portfolio level has better diversity and lower carbon risk, while also minimizing factor risks relative to the Russell 1000 Index (the Optimization Process). The Adviser seeks to ensure that at least 90% of the companies in the Funds portfolio are reviewed via the Selection Process. In managing the Fund, the Adviser also takes into account the long-term carbon reduction objectives of the Paris Agreement, an international treaty on climate change with the goal of limiting global warming to well below 2 degrees Celsius, preferably to 1.5 degrees. The Adviser measures a companys carbon footprint by its weighted average carbon intensity, which is defined as metric tons of greenhouse gas emissions ?per $1 million of revenue. The Fund seeks to maintain a portfolio with an overall carbon footprint that is substantially lower than the carbon footprint of the Russell 1000 Index. Individual securities held by the Fund, however, may have carbon footprints that are higher than the average carbon footprint of the Russell 1000 Index and/or the carbon footprint of certain Russell 1000 Index constituents. The long-term carbon reduction objectives of the Paris Agreement may warrant the Adviser to revise the targeted range of carbon reduction by companies it seeks to invest in over time. ESG analysis is determined by Calvert, using a combination of third party and customized ESG data as a base, and having regard to ESG themes such as environmental sustainability and resource efficiency, diversity, equity and inclusion, respect for human rights, product responsibility, human capital management and accountable governance and transparent operations. In addition, the Fund will seek to maintain higher levels of diversity level than the Russell 1000 Index as measured by weighted average number of women at the board level. The Adviser obtains board gender diversity data from third party vendors, which provide data on the number of women on boards at the issuer level. The Adviser collects this data for all names in its investment universe for which data is available and calculates the weighted average for the Fund and the Russell 1000 Index. The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to seek to earn income. The Funds use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps, contracts for difference (CFDs) and other related instruments and techniques. Derivative instruments used by the Fund will be counted toward the Funds 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy. Although the Funds ESG factors and responsible investing criteria are typically considered with respect to each company or issuer in which the Fund invests, other factors may be considered by the portfolio management team. In assessing investments, Calvert generally focuses on the ESG factors and responsible investing criteria relevant to the issuers operations, and an issuer may be acceptable for investment based primarily on such assessment. As a result, securities may be deemed suitable for investment even if the issuer does not operate in accordance with all elements of the Funds ESG factors and responsible investing criteria. For instance, the Fund may also invest in issuers that Calvert believes are likely to operate in a manner consistent with the Calvert Principles pending Calverts engagement activity with such issuer. Additionally, the Fund may invest in cash, money market instruments and ETFs. Such investments will generally not be subject to the Funds responsible investment analysis and will not be required to be consistent with the Funds ESG factors and responsible investment criteria otherwise applicable to investments made by the Fund. In addition, ETFs in which the Fund may invest may hold securities of issuers that do not operate in accordance with the Funds ESG factors and responsible investment criteria. Show less