divspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"common stocks of small- to mid-capitalization companies (the “80% Policy”). The Fund defines small- to mid-capitalization /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"companies as those whose market capitalization falls within the range of the Russell 2500™ Index at the time of investment. The Fund /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"may also invest in larger or smaller companies that the investment adviser believes have growth characteristics as described below. /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"As of March 31, 2026, the market capitalization range for Russell 2500™ Index was $4 million to $94 billion. Market capitalizations of /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"companies within the Russell 2500™ Index are subject to change. The Fund may invest up to 25% of its total assets in foreign /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"securities, some of which may be issued by companies domiciled in emerging market countries. As an alternative to holding foreign /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"stocks directly, the Fund may invest in U.S. dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"over-the-counter market (including depositary receipts, such as American Depositary Receipts (“ADRs”), which are either sponsored /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"or unsponsored, and Global Depositary Receipts, that evidence ownership in underlying foreign stocks). The Fund may invest in /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"exchange-traded funds (“ETFs”), a type of pooled investment vehicle, in order to manage cash positions or seek exposure to certain /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"markets or market sectors. The Fund may also invest in publicly traded real estate investment trusts (“REITs”)./span/divdivspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"Investment decisions for the Fund are made primarily on the basis of fundamental research and consideration of the responsible /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"investing criteria described below. The portfolio managers utilize information provided by, and the expertise of the investment /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"adviser’s research staff in making investment decisions. The portfolio managers look for companies that, in their opinion, are high in /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"quality or improving in quality. The portfolio managers take a long-term perspective when selecting companies and the quality focus /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"typically leads them to companies benefitting from structural growth or structural change. Sought after company characteristics may /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"include: a business model with identifiable competitive advantage(s)/barrier(s) to entry, a scalable market opportunity, a solid balance /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"sheet, and a strong management team with a history of good capital allocation. Such companies typically exhibit high or improving /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"returns on capital, strong free-cash-flow generation, and positive or inflecting earnings. The portfolio managers also employ a /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"disciplined valuation framework in pursuit of attractive risk adjusted returns. The portfolio managers seek to manage investment risk /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"by maintaining broad issuer and industry diversification among the Fund’s holdings, and by utilizing fundamental analysis of risk/return /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"characteristics in securities selection. Securities may be sold if, in the opinion of the portfolio managers, the price moves above a fair /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"level of valuation, the company’s fundamentals deteriorate, or to pursue more attractive investment opportunities./span/divdivspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"bResponsible Investing/b/spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;". The portfolio manager(s) seek to invest in companies that manage environmental, social and governance /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"(“ESG”) risk exposures adequately and that are not exposed to excessive ESG risk through their principal business activities. /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"Companies are analyzed by the investment adviser’s ESG analysts utilizing The Calvert Principles for Responsible Investment /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"(“Principles”), a framework for considering ESG factors (a copy of which is included as an appendix to the Fund’s Prospectus). Each /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"company is evaluated relative to an appropriate peer group based on material ESG factors as determined by the investment adviser. /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"Pursuant to the Principles, the investment adviser seeks to identify companies and other issuers that operate in a manner that is /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"consistent with or promotes environmental sustainability and resource efficiency, equitable societies and respect for human rights, /spanspan style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"and accountable governance and transparency./span/div