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Calvert

Mid-Cap Fund

Semiannual Report

March 31, 2022

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund and the other funds it manages. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

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 summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.

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Semiannual Report March 31, 2022

Calvert

Mid-Cap Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Officers and Directors	21
Privacy Notice	22
Important Notices	24

Calvert

Mid-Cap Fund

March 31, 2022

Performance

Portfolio Manager(s) Charles B. Gaffney of Calvert Research and Management

% Average Annual Total Returns1,2	Class Inception Date	Performance Inception Date	Six Months	One Year	Five Years	Ten Years
Class A at NAV	10/31/1994	10/31/1994	(1.22)%	1.93%	10.10%	9.19%
Class A with 4.75% Maximum Sales Charge	—	—	(5.90)	(2.91)	9.03	8.66
Class C at NAV	10/31/1994	10/31/1994	(1.53)	1.22	9.28	8.52
Class C with 1% Maximum Sales Charge	—	—	(2.35)	0.39	9.28	8.52
Class I at NAV	06/03/2003	10/31/1994	(1.08)	2.21	10.43	9.65
Russell Midcap® Index	—	—	0.39%	6.92%	12.61%	12.85%

    

% Total Annual Operating Expense Ratios3	Class A	Class C	Class I
Gross	1.22%	1.98%	0.97%
Net	1.18	1.93	0.93

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to www.calvert.com.

2

Calvert

Mid-Cap Fund

March 31, 2022

Fund Profile

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Calvert

Mid-Cap Fund

March 31, 2022

Endnotes and Additional Disclosures

1	Russell Midcap® Index is an unmanaged index of U.S. mid-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
2	Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser.
3	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. Fund profile subject to change due to active management.

 

4

Calvert

Mid-Cap Fund

March 31, 2022

Fund Expenses

Example

As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2021 to March 31, 2022).

Actual Expenses

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (10/1/21)	Ending Account Value (3/31/22)	Expenses Paid During Period* (10/1/21 – 3/31/22)	Annualized Expense Ratio
Actual
Class A	$1,000.00	$ 987.80	$5.85 **	1.18%
Class C	$1,000.00	$ 984.70	$9.55 **	1.93%
Class I	$1,000.00	$ 989.20	$4.61 **	0.93%
Hypothetical
(5% return per year before expenses)
Class A	$1,000.00	$1,019.05	$5.94 **	1.18%
Class C	$1,000.00	$1,015.31	$9.70 **	1.93%
Class I	$1,000.00	$1,020.29	$4.68 **	0.93%

    

*	Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021.
**	Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher.

5

Calvert

Mid-Cap Fund

March 31, 2022

Schedule of Investments (Unaudited)

Calvert

Mid-Cap Fund

March 31, 2022

Schedule of Investments (Unaudited) — continued

Calvert

Mid-Cap Fund

March 31, 2022

Schedule of Investments (Unaudited) — continued

8

See Notes to Financial Statements.

Calvert

Mid-Cap Fund

March 31, 2022

Statement of Assets and Liabilities (Unaudited)

	March 31, 2022
Assets
Investments in securities of unaffiliated issuers, at value (identified cost $263,066,493)	$ 312,659,743
Investments in securities of affiliated issuers, at value (identified cost $3,116,927)	3,099,519
Receivable for capital shares sold	281,884
Dividends and interest receivable	237,250
Dividends and interest receivable - affiliated	1,837
Securities lending income receivable	197
Receivable from affiliate	13,240
Directors' deferred compensation plan	188,050
Total assets	$316,481,720
Liabilities
Payable for capital shares redeemed	$ 156,934
Payable to affiliates:
Investment advisory fee	170,474
Administrative fee	31,472
Distribution and service fees	42,804
Sub-transfer agency fee	21,035
Directors' deferred compensation plan	188,050
Accrued expenses	104,373
Total liabilities	$ 715,142
Net Assets	$315,766,578
Sources of Net Assets
Paid-in capital	$ 265,998,794
Distributable earnings	49,767,784
Net Assets	$315,766,578
Class A Shares
Net Assets	$ 180,029,742
Shares Outstanding	4,946,921
Net Asset Value and Redemption Price Per Share  (net assets ÷ shares of beneficial interest outstanding)	$ 36.39
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share)	$ 38.20
Class C Shares
Net Assets	$ 6,567,529
Shares Outstanding	293,253
Net Asset Value and Offering Price Per Share*  (net assets ÷ shares of beneficial interest outstanding)	$ 22.40
Class I Shares
Net Assets	$ 129,169,307
Shares Outstanding	2,887,373
Net Asset Value, Offering Price and Redemption Price Per Share  (net assets ÷ shares of beneficial interest outstanding)	$ 44.74

    

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.

Calvert

Mid-Cap Fund

March 31, 2022

Statement of Operations (Unaudited)

	Six Months Ended
	March 31, 2022
Investment Income
Dividend income (net of foreign taxes withheld of $443)	$ 1,885,041
Dividend income - affiliated issuers	840
Interest income	61
Interest income - affiliated issuers	2,700
Securities lending income, net	4,121
Total investment income	$ 1,892,763
Expenses
Investment advisory fee	$ 1,048,194
Administrative fee	193,513
Distribution and service fees:
Class A	229,809
Class C	35,167
Directors' fees and expenses	6,364
Custodian fees	4,160
Transfer agency fees and expenses	192,207
Accounting fees	36,050
Professional fees	15,796
Registration fees	35,884
Reports to shareholders	10,360
Miscellaneous	8,389
Total expenses	$ 1,815,893
Waiver and/or reimbursement of expenses by affiliate	$ (50,452)
Net expenses	$ 1,765,441
Net investment income	$ 127,322
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment securities	$ 5,699,568
Investment securities - affiliated issuers	(932)
Foreign currency transactions	850
Net realized gain	$ 5,699,486
Change in unrealized appreciation (depreciation):
Investment securities	$ (9,877,481)
Investment securities - affiliated issuers	(11,785)
Net change in unrealized appreciation (depreciation)	$(9,889,266)
Net realized and unrealized loss	$(4,189,780)
Net decrease in net assets from operations	$(4,062,458)

10

See Notes to Financial Statements.

Calvert

Mid-Cap Fund

March 31, 2022

Statements of Changes in Net Assets

	Six Months Ended March 31, 2022 (Unaudited)	Year Ended September 30, 2021
Increase (Decrease) in Net Assets
From operations:
Net investment income (loss)	$ 127,322	$ (688,234)
Net realized gain	5,699,486	40,068,200
Net change in unrealized appreciation (depreciation)	(9,889,266)	18,161,340
Net increase (decrease) in net assets from operations	$ (4,062,458)	$ 57,541,306
Distributions to shareholders:
Class A	$ (22,683,315)	$ (1,449,640)
Class C	(1,286,727)	(106,024)
Class I	(14,188,530)	(801,809)
Total distributions to shareholders	$ (38,158,572)	$ (2,357,473)
Capital share transactions:
Class A	$ 20,900,560	$ 352,323
Class C	482,385	(3,016,708)
Class I	22,754,036	27,105,326
Net increase in net assets from capital share transactions	$ 44,136,981	$ 24,440,941
Net increase in net assets	$ 1,915,951	$ 79,624,774
Net Assets
At beginning of period	$ 313,850,627	$ 234,225,853
At end of period	$315,766,578	$313,850,627

11

See Notes to Financial Statements.

Calvert

Mid-Cap Fund

March 31, 2022

Financial Highlights

	Class A
	Six Months Ended March 31, 2022 (Unaudited)	Year Ended September 30,
		2021	2020	2019	2018	2017
Net asset value — Beginning of period	$ 41.79	$ 33.96	$ 34.69	$ 34.84	$ 33.40	$ 29.68
Income (Loss) From Operations
Net investment income (loss)(1)	$ (0.00)(2)	$ (0.12)	$ 0.05	$ 0.09	$ 0.07	$ 0.20
Net realized and unrealized gain (loss)	(0.24)	8.28	1.07	1.85	4.59	3.68
Total income (loss) from operations	$ (0.24)	$ 8.16	$ 1.12	$ 1.94	$ 4.66	$ 3.88
Less Distributions
From net investment income	$  —	$ (0.00)(2)	$ (0.03)	$ (0.08)	$ (0.04)	$ (0.15)
From net realized gain	(5.16)	(0.33)	(1.82)	(2.01)	(3.18)	(0.01)
Total distributions	$ (5.16)	$ (0.33)	$ (1.85)	$ (2.09)	$ (3.22)	$ (0.16)
Net asset value — End of period	$ 36.39	$ 41.79	$ 33.96	$ 34.69	$ 34.84	$ 33.40
Total Return(3)	(1.22)% (4)	24.13%	3.20%	6.56%	15.04%	13.11%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$180,030	$183,991	$149,112	$158,005	$157,046	$159,951
Ratios (as a percentage of average daily net assets):(5)
Total expenses	1.21% (6)	1.22%	1.26%	1.30%	1.28%	1.34%
Net expenses	1.18% (6)	1.18%	1.18%	1.19%	1.21%	1.21%
Net investment income (loss)	(0.01)% (6)	(0.30)%	0.15%	0.27%	0.22%	0.64%
Portfolio Turnover	37% (4)	79%	70%	83%	62%	162%

    

(1)	Computed using average shares outstanding.
(2)	Amount is less than $(0.005).
(3)	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.
(4)	Not annualized.
(5)	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.
(6)	Annualized.

12

See Notes to Financial Statements.

Calvert

Mid-Cap Fund

March 31, 2022

Financial Highlights — continued

	Class C
	Six Months Ended March 31, 2022 (Unaudited)	Year Ended September 30,
		2021	2020	2019	2018	2017
Net asset value — Beginning of period	$ 27.53	$ 22.64	$ 23.83	$ 24.65	$ 24.55	$ 21.87
Income (Loss) From Operations
Net investment loss(1)	$ (0.09)	$ (0.28)	$ (0.14)	$ (0.11)	$ (0.12)	$ (0.03)
Net realized and unrealized gain (loss)	(0.07)	5.50	0.73	1.23	3.27	2.72
Total income (loss) from operations	$ (0.16)	$ 5.22	$ 0.59	$ 1.12	$ 3.15	$ 2.69
Less Distributions
From net realized gain	$ (4.97)	$ (0.33)	$ (1.78)	$ (1.94)	$ (3.05)	$ (0.01)
Total distributions	$ (4.97)	$ (0.33)	$ (1.78)	$ (1.94)	$ (3.05)	$ (0.01)
Net asset value — End of period	$22.40	$27.53	$22.64	$ 23.83	$ 24.65	$ 24.55
Total Return(2)	(1.53)% (3)	23.20%	2.40%	5.77%	14.20%	12.29%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$ 6,568	$ 7,469	$ 8,787	$14,535	$17,043	$18,146
Ratios (as a percentage of average daily net assets):(4)
Total expenses	1.96% (5)	1.98%	2.01%	2.05%	2.03%	2.18%
Net expenses	1.93% (5)	1.93%	1.93%	1.94%	1.96%	1.96%
Net investment loss	(0.77)% (5)	(1.05)%	(0.62)%	(0.49)%	(0.53)%	(0.12)%
Portfolio Turnover	37% (3)	79%	70%	83%	62%	162%

    

(1)	Computed using average shares outstanding.
(2)	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.
(3)	Not annualized.
(4)	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.
(5)	Annualized.

13

See Notes to Financial Statements.

Calvert

Mid-Cap Fund

March 31, 2022

Financial Highlights — continued

	Class I
	Six Months Ended March 31, 2022 (Unaudited)	Year Ended September 30,
		2021	2020	2019	2018	2017
Net asset value — Beginning of period	$ 50.28	$ 40.77	$ 41.25	$ 40.97	$ 38.70	$ 34.38
Income (Loss) From Operations
Net investment income (loss)(1)	$ 0.06	$ (0.03)	$ 0.16	$ 0.21	$ 0.23	$ 0.41
Net realized and unrealized gain (loss)	(0.34)	9.95	1.27	2.24	5.37	4.22
Total income (loss) from operations	$ (0.28)	$ 9.92	$ 1.43	$ 2.45	$ 5.60	$ 4.63
Less Distributions
From net investment income	$ (0.08)	$ (0.08)	$ (0.09)	$ (0.16)	$ (0.15)	$ (0.30)
From net realized gain	(5.18)	(0.33)	(1.82)	(2.01)	(3.18)	(0.01)
Total distributions	$ (5.26)	$ (0.41)	$ (1.91)	$ (2.17)	$ (3.33)	$ (0.31)
Net asset value — End of period	$ 44.74	$ 50.28	$ 40.77	$ 41.25	$ 40.97	$ 38.70
Total Return(2)	(1.08)% (3)	24.45%	3.45%	6.85%	15.48%	13.53%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$129,169	$122,391	$76,327	$46,533	$93,198	$68,748
Ratios (as a percentage of average daily net assets):(4)
Total expenses	0.96% (5)	0.97%	1.01%	1.05%	1.03%	0.88%
Net expenses	0.93% (5)	0.93%	0.93%	0.91%	0.86%	0.86%
Net investment income (loss)	0.25% (5)	(0.06)%	0.40%	0.54%	0.59%	1.14%
Portfolio Turnover	37% (3)	79%	70%	83%	62%	162%

    

(1)	Computed using average shares outstanding.
(2)	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.
(3)	Not annualized.
(4)	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.
(5)	Annualized.

14

See Notes to Financial Statements.

Calvert

Mid-Cap Fund

March 31, 2022

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Calvert Mid-Cap Fund (the Fund) is a diversified series of Calvert World Values 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 by investing primarily in mid-cap stocks.

The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Effective April 29, 2022, the maximum sales charge payable upon purchase of Class A shares was increased to 5.25%. A contingent deferred sales charge of 0.80% (1.00% effective April 29, 2022) 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% 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 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 under the direction of the Board.

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.

Affiliated Fund. Calvert Cash Reserves Fund, LLC (Cash Reserves Fund) is an affiliated investment company managed by Calvert Research and Management (CRM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day and are categorized as Level 2 in the hierarchy. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Other Securities. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.

Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund's adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects the

15

Calvert

Mid-Cap Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

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.

The following table summarizes the market value of the Fund's holdings as of March 31, 2022, based on the inputs used to value them:

Asset Description	Level 1	Level 2	Level 3	Total
Common Stocks	$ 312,630,147(1)	$  —	$  —	$ 312,630,147
High Social Impact Investments	—	372,291	—	372,291
Short-Term Investments	—	2,756,824	—	2,756,824
Total Investments	$312,630,147	$3,129,115	$ —	$315,759,262

    

(1)	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 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. 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, 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 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.

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.

E  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.

F  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.

G  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.

H   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.

16

Calvert

Mid-Cap Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

I  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.

J  Interim Financial Statements— The interim financial statements relating to March 31, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Related Party Transactions

The investment advisory fee is earned by 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 0.65% of the Fund's average daily net assets and is payable monthly. For the six months ended March 31, 2022, the investment advisory fee amounted to $1,048,194. CRM does not receive a fee for advisory services provided to Cash Reserves 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 1.18%, 1.93% and 0.93% for Class A, Class C and Class I, respectively, of such class's average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after January 31, 2023. For the six months ended March 31, 2022, CRM waived or reimbursed expenses of $50,452.

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 and Class I and is payable monthly. For the six months ended March 31, 2022, CRM was paid administrative fees of $193,513.

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 six months ended March 31, 2022 amounted to $229,809 and $35,167 for Class A shares and Class C shares, respectively.

The Fund was informed that EVD received $12,776 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2022. The Fund was also informed that EVD received less than $100 and $212 of contingent deferred sales charges paid by Class A and Class C shareholders, respectively, for the same period.

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 six months ended March 31, 2022, sub-transfer agency fees and expenses incurred to EVM amounted to $27,927 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 $214,000 ($154,000 prior to January 1, 2022), plus an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee. The Board chair receives an additional $30,000 annual fee, Committee chairs receive an additional $6,000 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 six months ended March 31, 2022, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $129,880,892 and $119,650,019, respectively.

17

Calvert

Mid-Cap Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

4  Distributions to Shareholders and Income Tax Information

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2022, as determined on a federal income tax basis, were as follows:

Aggregate cost	$267,021,432
Gross unrealized appreciation	$ 53,079,262
Gross unrealized depreciation	(4,341,432)
Net unrealized appreciation	$ 48,737,830

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.

The Fund did not have any securities on loan at March 31, 2022.

6  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 25, 2022. 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 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 2021, 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 March 31, 2022. The Fund did not have any significant borrowings or allocated fees during the six months ended March 31, 2022.

7  Affiliated Issuers and Funds

The Fund has invested a portion of its assets in notes (the Notes) issued by Calvert Impact Capital, Inc. (CIC) pursuant to exemptive relief granted by the U.S. Securities and Exchange Commission (the SEC). There are certain potential points of affiliation between the Fund and CIC. CRM has licensed use of the Calvert name to CIC and provides other types of support. CRM’s President and Chief Executive Officer (and the only director/trustee on the Fund Board that is an “interested person” of the Fund) serves on the CIC Board. In addition, another director/trustee on the Fund Board serves as a director emeritus on the CIC Board.

18

Calvert

Mid-Cap Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

At March 31, 2022, the value of the Fund’s investment in the Notes and affiliated funds was $3,099,519, which represents 1.0% of the Fund’s net assets. Transactions in the Notes and affiliated funds by the Fund for the six months ended March 31, 2022 were as follows:

Name	Value, beginning of period	Purchases	Sales proceeds	Net realized gain (loss)	Change in unrealized appreciation (depreciation)	Value, end of period	Interest/ Dividend income	Principal amount/Units, end of period
High Social Impact Investments
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1)	$  353,819	$  —	$   —	$  —	$ (11,124)	$   342,695	$ 2,700	$    360,000
Short-Term Investments
Calvert Cash Reserves Fund, LLC	5,583,915	22,919,544	(25,745,042)	(932)	(661)	2,756,824	840	2,757,099
Totals				$(932)	$(11,785)	$3,099,519	$3,540

    

(1)	Restricted security.

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 for the six months ended March 31, 2022 and the year ended September 30, 2021 were as follows:

	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
	Shares	Amount		Shares	Amount
Class A
Shares sold	208,979	$ 8,106,666		375,750	$ 15,160,623
Reinvestment of distributions	569,409	21,853,905		36,990	1,395,999
Shares redeemed	(246,115)	(9,538,193)		(465,944)	(18,704,612)
Converted from Class C	12,068	478,182		65,033	2,500,313
Net increase	544,341	$ 20,900,560		11,829	$ 352,323
Class C
Shares sold	12,023	$ 295,731		39,443	$ 1,049,807
Reinvestment of distributions	53,032	1,255,259		4,145	103,674
Shares redeemed	(24,076)	(590,423)		(62,534)	(1,669,876)
Converted to Class A	(18,992)	(478,182)		(97,920)	(2,500,313)
Net increase (decrease)	21,987	$ 482,385		(116,866)	$ (3,016,708)
Class I
Shares sold	642,037	$ 31,513,431		1,050,276	$ 50,894,880
Reinvestment of distributions	296,205	13,963,127		17,429	789,688
Shares redeemed	(485,078)	(22,722,522)		(505,501)	(24,579,242)
Net increase	453,164	$ 22,754,036		562,204	$ 27,105,326

19

Calvert

Mid-Cap Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

9  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.

20

Calvert

Mid-Cap Fund

March 31, 2022

Officers and Directors

Officers

Hope L. Brown Chief Compliance Officer

Deidre E. Walsh Vice President, Secretary and Chief Legal Officer

James F. Kirchner Treasurer

Directors

Alice Gresham Bullock Chairperson

Richard L. Baird, Jr.

Cari M. Dominguez

John G. Guffey, Jr.

Miles D. Harper, III

Joy V. Jones

John H. Streur*

Anthony A. Williams

*Interested Director and President

21

Calvert Funds

Privacy Notice

April 2021

FACTS

WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?

    

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

    

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

    

To limit our sharing	Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com

    

22

Calvert Funds

Privacy Notice — continued

April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ■ Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■ Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

23

Calvert Funds

IMPORTANT NOTICES

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary.

Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Calvert website at www.calvert.com, by calling Calvert at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.

24

Investment Adviser and Administrator

Calvert Research and Management

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, MA 02169

Fund Offices

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

Printed on recycled paper.

24210     3.31.22

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Calvert

International Opportunities Fund

Semiannual Report

March 31, 2022

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund and the other funds it manages. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

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 summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.

Choose Planet-friendly E-delivery!

Sign up now for on-line statements, prospectuses, and fund reports. In less than five minutes you can help reduce paper mail and lower fund costs.

Just go to www.calvert.com. If you already have an online account with the Calvert funds, click on Login to access your Account and select the documents you would like to receive via e-mail.

If you’re new to online account access, click on Login, then Register to create your user name and password. Once you’re in, click on the E-delivery sign-up on the Account Portfolio page and follow the quick, easy steps.

Note: If your shares are not held directly with the Calvert funds but through a brokerage firm, you must contact your broker for electronic delivery options available through their firm.

Semiannual Report March 31, 2022

Calvert

International Opportunities Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Officers and Directors	24
Privacy Notice	25
Important Notices	27

Calvert

International Opportunities Fund

March 31, 2022

Performance

Portfolio Manager(s) Aidan M. Farrell of MSIM Fund Management (Ireland) Limited

% Average Annual Total Returns1,2	Class Inception Date	Performance Inception Date	Six Months	One Year	Five Years	Ten Years
Class A at NAV	05/31/2007	05/31/2007	(13.06)%	(5.47)%	8.18%	8.07%
Class A with 4.75% Maximum Sales Charge	—	—	(17.18)	(9.94)	7.13	7.55
Class C at NAV	07/31/2007	05/31/2007	(13.37)	(6.16)	7.39	7.36
Class C with 1% Maximum Sales Charge	—	—	(14.18)	(7.04)	7.39	7.36
Class I at NAV	05/31/2007	05/31/2007	(12.94)	(5.21)	8.49	8.46
Class R6 at NAV	02/01/2019	05/31/2007	(12.89)	(5.15)	8.53	8.48
MSCI EAFE Small/Mid Cap Index	—	—	(8.02)%	(3.96)%	6.76%	7.52%

    

% Total Annual Operating Expense Ratios3	Class A	Class C	Class I	Class R6
	1.31%	2.06%	1.06%	0.98%

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to www.calvert.com.

2

Calvert

International Opportunities Fund

March 31, 2022

Fund Profile

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Calvert

International Opportunities Fund

March 31, 2022

Endnotes and Additional Disclosures

1	MSCI EAFE Small/Mid Cap Index is an unmanaged index of small & mid-capitalization equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
2	Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. 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. The performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked. Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser.
3	Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.

4

Calvert

International Opportunities Fund

March 31, 2022

Fund Expenses

Example

As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (October 1, 2021 to March 31, 2022).

Actual Expenses

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (10/1/21)	Ending Account Value (3/31/22)	Expenses Paid During Period* (10/1/21 – 3/31/22)	Annualized Expense Ratio
Actual
Class A	$1,000.00	$ 869.40	$ 6.06	1.30%
Class C	$1,000.00	$ 866.30	$ 9.54	2.05%
Class I	$1,000.00	$ 870.60	$ 4.90	1.05%
Class R6	$1,000.00	$ 871.10	$ 4.52	0.97%
Hypothetical
(5% return per year before expenses)
Class A	$1,000.00	$1,018.45	$ 6.54	1.30%
Class C	$1,000.00	$1,014.71	$10.30	2.05%
Class I	$1,000.00	$1,019.70	$ 5.29	1.05%
Class R6	$1,000.00	$1,020.09	$ 4.89	0.97%

    

*

Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on September 30, 2021.

5

Calvert

International Opportunities Fund

March 31, 2022

Schedule of Investments (Unaudited)

Calvert

International Opportunities Fund

March 31, 2022

Schedule of Investments (Unaudited) — continued

Calvert

International Opportunities Fund

March 31, 2022

Schedule of Investments (Unaudited) — continued

8

See Notes to Financial Statements.

Calvert

International Opportunities Fund

March 31, 2022

Statement of Assets and Liabilities (Unaudited)

	March 31, 2022
Assets
Investments in securities of unaffiliated issuers, at value (identified cost $429,436,704) - including $6,032,457 of securities on loan	$ 449,133,817
Investments in securities of affiliated issuers, at value (identified cost $6,243,554)	6,217,071
Cash denominated in foreign currency, at value (cost $10,657)	10,625
Receivable for investments sold	2,015,893
Receivable for capital shares sold	997,933
Dividends and interest receivable	1,242,504
Dividends and interest receivable - affiliated	2,829
Securities lending income receivable	7,975
Tax reclaims receivable	510,708
Directors' deferred compensation plan	207,404
Total assets	$460,346,759
Liabilities
Payable for investments purchased	$ 5,443,359
Payable for capital shares redeemed	411,804
Deposits for securities loaned	3,899,985
Payable to affiliates:
Investment advisory fee	285,773
Administrative fee	45,724
Distribution and service fees	21,989
Sub-transfer agency fee	8,756
Directors' deferred compensation plan	207,404
Other	11,386
Accrued expenses	173,862
Total liabilities	$ 10,510,042
Net Assets	$449,836,717
Sources of Net Assets
Paid-in capital	$ 426,225,412
Distributable earnings	23,611,305
Net Assets	$449,836,717
Class A Shares
Net Assets	$ 83,147,040
Shares Outstanding	4,560,949
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 18.23
Maximum Offering Price Per Share (100 ÷ 95.25 of net asset value per share)	$ 19.14
Class C Shares
Net Assets	$ 5,267,166
Shares Outstanding	297,134
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding)	$ 17.73

9

See Notes to Financial Statements.

Calvert

International Opportunities Fund

March 31, 2022

Statement of Assets and Liabilities (Unaudited) — continued

	March 31, 2022
Class I Shares
Net Assets	$ 304,713,273
Shares Outstanding	17,110,825
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 17.81
Class R6 Shares
Net Assets	$ 56,709,238
Shares Outstanding	3,185,944
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 17.80

    

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.

10

See Notes to Financial Statements.

Calvert

International Opportunities Fund

March 31, 2022

Statement of Operations (Unaudited)

	Six Months Ended
	March 31, 2022
Investment Income
Dividend income (net of foreign taxes withheld of $363,124)	$ 4,380,748
Dividend income - affiliated issuers	2,610
Interest income	553
Interest income - affiliated issuers	4,200
Securities lending income, net	44,467
Total investment income	$ 4,432,578
Expenses
Investment advisory fee	$ 1,871,789
Administrative fee	299,486
Distribution and service fees:
Class A	113,491
Class C	29,653
Directors' fees and expenses	9,467
Custodian fees	29,468
Transfer agency fees and expenses	207,042
Accounting fees	63,164
Professional fees	17,888
Registration fees	46,056
Reports to shareholders	17,240
Miscellaneous	29,856
Total expenses	$ 2,734,600
Net investment income	$ 1,697,978
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment securities	$ 8,351,547
Investment securities - affiliated issuers	(685)
Foreign currency transactions	25,556
Net realized gain	$ 8,376,418
Change in unrealized appreciation (depreciation):
Investment securities	$ (77,317,819)
Investment securities - affiliated issuers	(17,775)
Foreign currency	(18,324)
Net change in unrealized appreciation (depreciation)	$(77,353,918)
Net realized and unrealized loss	$(68,977,500)
Net decrease in net assets from operations	$(67,279,522)

11

See Notes to Financial Statements.

Calvert

International Opportunities Fund

March 31, 2022

Statements of Changes in Net Assets

	Six Months Ended March 31, 2022 (Unaudited)	Year Ended September 30, 2021
Increase (Decrease) in Net Assets
From operations:
Net investment income	$ 1,697,978	$ 2,644,080
Net realized gain	8,376,418	65,782,386
Net change in unrealized appreciation (depreciation)	(77,353,918)	31,295,662
Net increase (decrease) in net assets from operations	$ (67,279,522)	$ 99,722,128
Distributions to shareholders:
Class A	$ (6,524,091)	$ (413,572)
Class C	(390,242)	—
Class I	(26,006,670)	(2,243,218)
Class R6	(4,768,045)	(497,493)
Total distributions to shareholders	$ (37,689,048)	$ (3,154,283)
Capital share transactions:
Class A	$ 9,857,555	$ 5,722,020
Class C	207,419	(555,571)
Class I	28,067,469	29,139,228
Class R6	1,641,416	6,866,062
Net increase in net assets from capital share transactions	$ 39,773,859	$ 41,171,739
Net increase (decrease) in net assets	$ (65,194,711)	$137,739,584
Net Assets
At beginning of period	$ 515,031,428	$ 377,291,844
At end of period	$449,836,717	$515,031,428

12

See Notes to Financial Statements.

Calvert

International Opportunities Fund

March 31, 2022

Financial Highlights

	Class A
	Six Months Ended March 31, 2022 (Unaudited)	Year Ended September 30,
		2021	2020	2019	2018	2017
Net asset value — Beginning of period	$ 22.54	$ 18.01	$ 16.18	$ 18.86	$ 18.70	$ 14.78
Income (Loss) From Operations
Net investment income(1)	$ 0.05	$ 0.08	$ 0.07	$ 0.18	$ 0.17	$ 0.03
Net realized and unrealized gain (loss)	(2.80)	4.56	1.95	(1.51)	1.20	4.04
Total income (loss) from operations	$ (2.75)	$ 4.64	$ 2.02	$ (1.33)	$ 1.37	$ 4.07
Less Distributions
From net investment income	$ (0.27)	$ (0.11)	$ (0.19)	$ (0.23)	$ (0.24)	$ (0.15)
From net realized gain	(1.29)	—	—	(1.12)	(0.97)	—
Total distributions	$ (1.56)	$ (0.11)	$ (0.19)	$ (1.35)	$ (1.21)	$ (0.15)
Net asset value — End of period	$ 18.23	$ 22.54	$ 18.01	$ 16.18	$ 18.86	$ 18.70
Total Return(2)	(13.06)% (3)	25.83%	12.57%	(6.77)%	7.62%	27.89%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$83,147	$92,236	$68,940	$64,070	$65,994	$50,552
Ratios (as a percentage of average daily net assets):(4)
Total expenses	1.30% (5)	1.30%	1.32%	1.37%	1.38%	1.48%
Net expenses	1.30% (5)	1.30%	1.32%	1.35%	1.38%	1.48%
Net investment income	0.48% (5)	0.36%	0.42%	1.15%	0.91%	0.18%
Portfolio Turnover	21% (3)	54%	62%	60%	60%	158%

    

(1)	Computed using average shares outstanding.
(2)	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.
(3)	Not annualized.
(4)	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.
(5)	Annualized.

13

See Notes to Financial Statements.

Calvert

International Opportunities Fund

March 31, 2022

Financial Highlights — continued

	Class C
	Six Months Ended March 31, 2022 (Unaudited)	Year Ended September 30,
		2021	2020	2019	2018	2017
Net asset value — Beginning of period	$ 21.87	$ 17.51	$ 15.74	$ 18.37	$ 18.29	$ 14.43
Income (Loss) From Operations
Net investment income (loss)(1)	$ (0.03)	$ (0.08)	$ (0.06)	$ 0.06	$ 0.03	$ (0.04)
Net realized and unrealized gain (loss)	(2.72)	4.44	1.90	(1.47)	1.18	3.91
Total income (loss) from operations	$ (2.75)	$ 4.36	$ 1.84	$ (1.41)	$ 1.21	$ 3.87
Less Distributions
From net investment income	$ (0.10)	$  —	$ (0.07)	$ (0.10)	$ (0.16)	$ (0.01)
From net realized gain	(1.29)	—	—	(1.12)	(0.97)	—
Total distributions	$ (1.39)	$  —	$ (0.07)	$ (1.22)	$ (1.13)	$ (0.01)
Net asset value — End of period	$ 17.73	$21.87	$17.51	$15.74	$18.37	$18.29
Total Return(2)	(13.37)% (3)	24.90%	11.68%	(7.49)%	6.92%	26.83%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$ 5,267	$ 6,260	$ 5,527	$ 6,532	$ 7,603	$ 5,850
Ratios (as a percentage of average daily net assets):(4)
Total expenses	2.05% (5)	2.05%	2.08%	2.12%	2.13%	2.61%
Net expenses	2.05% (5)	2.05%	2.08%	2.10%	2.13%	2.30%
Net investment income (loss)	(0.27)% (5)	(0.40)%	(0.37)%	0.38%	0.18%	(0.24)%
Portfolio Turnover	21% (3)	54%	62%	60%	60%	158%

    

(1)	Computed using average shares outstanding.
(2)	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.
(3)	Not annualized.
(4)	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.
(5)	Annualized.

14

See Notes to Financial Statements.

Calvert

International Opportunities Fund

March 31, 2022

Financial Highlights — continued

	Class I
	Six Months Ended March 31, 2022 (Unaudited)	Year Ended September 30,
		2021	2020	2019	2018	2017
Net asset value — Beginning of period	$ 22.08	$ 17.64	$ 15.86	$ 18.52	$ 18.42	$ 14.56
Income (Loss) From Operations
Net investment income(1)	$ 0.07	$ 0.13	$ 0.11	$ 0.22	$ 0.23	$ 0.17
Net realized and unrealized gain (loss)	(2.73)	4.47	1.90	(1.49)	1.17	3.90
Total income (loss) from operations	$ (2.66)	$ 4.60	$ 2.01	$ (1.27)	$ 1.40	$ 4.07
Less Distributions
From net investment income	$ (0.32)	$ (0.16)	$ (0.23)	$ (0.27)	$ (0.33)	$ (0.21)
From net realized gain	(1.29)	—	—	(1.12)	(0.97)	—
Total distributions	$ (1.61)	$ (0.16)	$ (0.23)	$ (1.39)	$ (1.30)	$ (0.21)
Net asset value — End of period	$ 17.81	$ 22.08	$ 17.64	$ 15.86	$ 18.52	$ 18.42
Total Return(2)	(12.94)% (3)	26.17%	12.77%	(6.50)%	7.95%	28.44%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$304,713	$348,044	$254,350	$222,546	$230,748	$115,698
Ratios (as a percentage of average daily net assets):(4)
Total expenses	1.05% (5)	1.05%	1.07%	1.12%	1.13%	1.07%
Net expenses	1.05% (5)	1.05%	1.07%	1.10%	1.13%	1.07%
Net investment income	0.73% (5)	0.62%	0.67%	1.41%	1.23%	1.06%
Portfolio Turnover	21% (3)	54%	62%	60%	60%	158%

    

(1)	Computed using average shares outstanding.
(2)	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.
(3)	Not annualized.
(4)	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.
(5)	Annualized.

15

See Notes to Financial Statements.

Calvert

International Opportunities Fund

March 31, 2022

Financial Highlights — continued

	Class R6
	Six Months Ended March 31, 2022 (Unaudited)	Year Ended September 30,		Period Ended September 30,
		2021	2020	2019 (1)
Net asset value — Beginning of period	$ 22.07	$ 17.64	$ 15.86	$ 15.14
Income (Loss) From Operations
Net investment income(2)	$ 0.08	$ 0.14	$ 0.12	$ 0.16
Net realized and unrealized gain (loss)	(2.72)	4.46	1.91	0.56
Total income (loss) from operations	$ (2.64)	$ 4.60	$ 2.03	$ 0.72
Less Distributions
From net investment income	$ (0.34)	$ (0.17)	$ (0.25)	$  —
From net realized gain	(1.29)	—	—	—
Total distributions	$ (1.63)	$ (0.17)	$ (0.25)	$  —
Net asset value — End of period	$ 17.80	$ 22.07	$ 17.64	$ 15.86
Total Return(3)	(12.89)% (4)	26.21%	12.87%	4.76% (4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$56,709	$68,492	$48,475	$43,489
Ratios (as a percentage of average daily net assets):(5)
Total expenses	0.97% (6)	0.97%	1.00%	1.08% (6)
Net expenses	0.97% (6)	0.97%	1.00%	1.05% (6)
Net investment income	0.81% (6)	0.69%	0.74%	1.53% (6)
Portfolio Turnover	21% (4)	54%	62%	60% (7)

    

(1)	For the period from the commencement of operations, February 1, 2019, to September 30, 2019.
(2)	Computed using average shares outstanding.
(3)	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.
(4)	Not annualized.
(5)	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.
(6)	Annualized.
(7)	For the year ended September 30, 2019.

16

See Notes to Financial Statements.

Calvert

International Opportunities Fund

March 31, 2022

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Calvert International Opportunities Fund (the Fund) is a diversified series of Calvert World Values 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 long-term capital appreciation. The Fund invests primarily in common and preferred stocks of non-U.S. small-cap to mid-cap companies.

The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Effective April 29, 2022, the maximum sales charge payable upon purchase of Class A shares was increased to 5.25%. A contingent deferred sales charge of 0.80% (1.00% effective April 29, 2022) 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% 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 under the direction of the Board.

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. 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 Fund's 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.

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.

Affiliated Fund. Calvert Cash Reserves Fund, LLC (Cash Reserves Fund) is an affiliated investment company managed by Calvert Research and Management (CRM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day and are categorized as Level 2 in the hierarchy. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

17

Calvert

International Opportunities Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

Other Securities. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.

Fair Valuation. If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Fund's adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would materially affect the value of the security, the security will be fair valued as determined in good faith by or at the direction of the Board in a manner that most fairly reflects 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.

The following table summarizes the market value of the Fund's holdings as of March 31, 2022, based on the inputs used to value them:

Asset Description	Level 1	Level 2	Level 3	Total
Common Stocks:
Australia	$  —	$ 25,958,916	$  —	$ 25,958,916
Austria	—	9,071,413	—	9,071,413
Belgium	—	17,193,028	—	17,193,028
Canada	13,822,904	—	—	13,822,904
France	—	2,633,630	—	2,633,630
Germany	—	5,750,912	—	5,750,912
Ireland	—	6,411,855	—	6,411,855
Italy	—	32,993,398	—	32,993,398
Japan	—	111,148,287	—	111,148,287
Luxembourg	—	1,365,153	—	1,365,153
Netherlands	—	22,025,275	—	22,025,275
New Zealand	—	2,716,091	—	2,716,091
Norway	—	7,307,208	—	7,307,208
Portugal	—	2,549,993	—	2,549,993
Singapore	—	10,406,349	—	10,406,349
Spain	—	8,077,538	—	8,077,538
Sweden	3,587,864	28,970,692	—	32,558,556
Switzerland	—	19,122,838	—	19,122,838
United Kingdom	2,389,416	100,115,872	—	102,505,288
Total Common Stocks	$19,800,184	$413,818,448 (1)	$ —	$433,618,632
Exchange-Traded Funds	$ 5,365,178	$ 6,239,391	$  —	$ 11,604,569
High Social Impact Investments	—	543,712	—	543,712
Short-Term Investments:
Affiliated Fund	—	5,683,990	—	5,683,990
Securities Lending Collateral	3,899,985	—	—	3,899,985
Total Investments	$29,065,347	$426,285,541	$ —	$455,350,888

    

(1)	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.

18

Calvert

International Opportunities Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

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. 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, 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 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  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.

E  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.

F  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.

G  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.

H   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.

I  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.

J  Interim Financial Statements— The interim financial statements relating to March 31, 2022 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Related Party Transactions

The investment advisory fee is earned by 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 0.75% of the Fund’s average daily net assets and is payable monthly. For the six months ended March 31, 2022, the investment advisory fee amounted to $1,871,789. CRM does not receive a fee for advisory services provided to Cash Reserves Fund.

19

Calvert

International Opportunities Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

Pursuant to an investment sub-advisory agreement, CRM has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of CRM and an indirect, wholly-owned subsidiary of Morgan Stanley. Effective October 1, 2021, EVAIL uses the portfolio management, research and other resources of its affiliate, MSIM Fund Management (Ireland) Limited (MSIM FMIL), in rendering investment advisory services to the Fund. MSIM FMIL has entered into a Memorandum of Understanding with EVAIL pursuant to which MSIM FMIL is considered a participating affiliate of the sub-adviser as that term is used in relief granted by the staff of the U.S. Securities and Exchange Commission allowing U.S. registered investment advisers to use portfolio management or research resources of unregistered advisory affiliates subject to the supervision of a U.S. registered adviser. CRM pays EVAIL a portion of its investment advisory fee for sub-advisory services provided to the Fund.

CRM and EVAIL have 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 1.34%, 2.09%, 1.09% and 1.05% for Class A, Class C, Class I and Class R6, respectively, of such class’s average daily net assets. The expense reimbursement agreement may be changed or terminated after January 31, 2023. For the six months ended March 31, 2022, no expenses were waived or reimbursed by CRM and EVAIL.

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 six months ended March 31, 2022, CRM was paid administrative fees of $299,486.

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 six months ended March 31, 2022 amounted to $113,491 and $29,653 for Class A shares and Class C shares, respectively.

The Fund was informed that EVD received $9,649 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 2022. The Fund was also informed that EVD received $764 and $251 of contingent deferred sales charges paid by Class A and Class C shareholders, respectively, for the same period.

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 six months ended March 31, 2022, sub-transfer agency fees and expenses incurred to EVM amounted to $10,658 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 $214,000 ($154,000 prior to January 1, 2022), plus an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee. The Board chair receives an additional $30,000 annual fee, Committee chairs receive an additional $6,000 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 six months ended March 31, 2022, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $117,001,695 and $104,453,710, respectively.

20

Calvert

International Opportunities Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

4  Distributions to Shareholders and Income Tax Information

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2022, as determined on a federal income tax basis, were as follows:

Aggregate cost	$440,248,831
Gross unrealized appreciation	$ 53,060,226
Gross unrealized depreciation	(37,958,169)
Net unrealized appreciation	$ 15,102,057

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 March 31, 2022, the total value of securities on loan was $6,032,457 and the total value of collateral received was $6,370,284, comprised of cash of $3,899,985 and U.S. government and/or agencies securities of $2,470,299.

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 March 31, 2022.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous	<30 days	30 to 90 days	>90 days	Total
Common Stocks	$ 43,760	$  —	$  —	$  —	$ 43,760
Exchange-Traded Funds	3,856,225	—	—	—	3,856,225
Total	$3,899,985	$ —	$ —	$ —	$3,899,985

The carrying amount of the liability for deposits for securities loaned at March 31, 2022 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 March 31, 2022.

6  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in an $800 million unsecured line of credit with a group of banks, which is in effect through October 25, 2022. 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 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 2021, 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 pursuant to its line of credit during the six months ended March 31, 2022.

21

Calvert

International Opportunities Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

7  Affiliated Companies and Funds

The Fund has invested a portion of its assets in notes (the Notes) issued by Calvert Impact Capital, Inc. (CIC) pursuant to exemptive relief granted by the U.S. Securities and Exchange Commission (the SEC). There are certain potential points of affiliation between the Fund and CIC. CRM has licensed use of the Calvert name to CIC and provides other types of support. CRM’s President and Chief Executive Officer (and the only director/trustee on the Fund Board that is an “interested person” of the Fund) serves on the CIC Board. In addition, another director/trustee on the Fund Board serves as a director emeritus on the CIC Board.

At March 31, 2022, the value of the Fund’s investment in the Notes and affiliated funds was $6,217,071, which represents 1.4% of the Fund’s net assets. Transactions in the Notes and affiliated funds by the Fund for the six months ended March 31, 2022 were as follows:

Name	Value, beginning of period	Purchases	Sales proceeds	Net realized gain (loss)	Change in unrealized appreciation (depreciation)	Value, end of period	Interest/ Dividend income	Principal amount/Units, end of period
High Social Impact Investments
Calvert Impact Capital, Inc., Community Investment Notes, 1.50%, 12/15/23(1)	$  550,385	$  —	$   —	$  —	$ (17,304)	$   533,081	$ 4,200	$    560,000
Short-Term Investments
Calvert Cash Reserves Fund, LLC	9,284,016	53,705,807	(57,304,677)	(685)	(471)	5,683,990	2,610	5,684,558
Totals				$(685)	$(17,775)	$6,217,071	$6,810

    

(1)	Restricted security.

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 for the six months ended March 31, 2022 and the year ended September 30, 2021 were as follows:

	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
	Shares	Amount		Shares	Amount
Class A
Shares sold	450,900	$ 9,337,748		760,083	$ 16,175,778
Reinvestment of distributions	304,379	6,349,351		19,781	396,014
Shares redeemed	(294,622)	(5,984,666)		(541,451)	(11,369,638)
Converted from Class C	7,594	155,122		26,177	519,866
Net increase	468,251	$ 9,857,555		264,590	$ 5,722,020
Class C
Shares sold	12,579	$ 253,024		34,930	$ 722,561
Reinvestment of distributions	16,712	339,750		—	—
Shares redeemed	(10,611)	(230,233)		(37,361)	(758,266)
Converted to Class A	(7,820)	(155,122)		(26,938)	(519,866)
Net increase (decrease)	10,860	$ 207,419		(29,369)	$ (555,571)
Class I
Shares sold	2,468,005	$ 49,750,183		5,018,088	$103,872,491
Reinvestment of distributions	1,144,540	23,314,281		101,329	1,984,025
Shares redeemed	(2,266,378)	(44,996,995)		(3,771,380)	(76,717,288)
Net increase	1,346,167	$ 28,067,469		1,348,037	$ 29,139,228

22

Calvert

International Opportunities Fund

March 31, 2022

Notes to Financial Statements (Unaudited) — continued

	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021
	Shares	Amount		Shares	Amount
Class R6
Shares sold	314,025	$ 6,447,180		564,906	$ 11,061,998
Reinvestment of distributions	234,302	4,768,045		25,434	497,493
Shares redeemed	(465,287)	(9,573,809)		(235,237)	(4,693,429)
Net increase	83,040	$ 1,641,416		355,103	$ 6,866,062

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. 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.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.

23

Calvert

International Opportunities Fund

March 31, 2022

Officers and Directors

Officers

Hope L. Brown Chief Compliance Officer

Deidre E. Walsh Vice President, Secretary and Chief Legal Officer

James F. Kirchner Treasurer

Directors

Alice Gresham Bullock Chairperson

Richard L. Baird, Jr.

Cari M. Dominguez

John G. Guffey, Jr.

Miles D. Harper, III

Joy V. Jones

John H. Streur*

Anthony A. Williams

*Interested Director and President

24

Calvert Funds

Privacy Notice

April 2021

FACTS

WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?

    

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

    

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

    

To limit our sharing	Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com

    

25

Calvert Funds

Privacy Notice — continued

April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ■ Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■ Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

26

Calvert Funds

IMPORTANT NOTICES

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary.

Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Calvert website at www.calvert.com, by calling Calvert at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.

27

This Page Intentionally Left Blank

Investment Adviser and Administrator

Calvert Research and Management

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, MA 02169

Fund Offices

1825 Connecticut Avenue NW, Suite 400

Washington, DC 20009

Printed on recycled paper.

24212     3.31.22

---

Calvert

International Equity Fund

Semiannual Report

March 31, 2022

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund and the other funds it manages. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

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 summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.

Choose Planet-friendly E-delivery!

Sign up now for on-line statements, prospectuses, and fund reports. In less than five minutes you can help reduce paper mail and lower fund costs.

Just go to www.calvert.com. If you already have an online account with the Calvert funds, click on Login to access your Account and select the documents you would like to receive via e-mail.

If you’re new to online account access, click on Login, then Register to create your user name and password. Once you’re in, click on the E-delivery sign-up on the Account Portfolio page and follow the quick, easy steps.

Note: If your shares are not held directly with the Calvert funds but through a brokerage firm, you must contact your broker for electronic delivery options available through their firm.

Semiannual Report March 31, 2022

Calvert

International Equity Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Officers and Directors	25
Privacy Notice	26
Important Notices	28

Calvert

International Equity Fund

March 31, 2022

Performance

Portfolio Manager(s) Christopher M. Dyer, CFA and Ian Kirwan, each of Eaton Vance Advisers International Ltd.

% Average Annual Total Returns1,2	Class Inception Date	Performance Inception Date	Six Months	One Year	Five Years	Ten Years
Class A at NAV	07/02/1992	07/02/1992	(5.85)%	(0.41)%	9.46%	6.61%
Class A with 4.75% Maximum Sales Charge	—	—	(10.33)	(5.14)	8.40	6.09
Class C at NAV	03/01/1994	07/02/1992	(6.27)	(1.21)	8.64	5.91
Class C with 1% Maximum Sales Charge	—	—	(7.14)	(2.13)	8.64	5.91
Class I at NAV	02/26/1999	07/02/1992	(5.78)	(0.20)	9.79	7.07
Class R6 at NAV	03/07/2019	07/02/1992	(5.75)	(0.13)	9.82	7.09
MSCI EAFE Index	—	—	(3.38)%	1.16%	6.71%	6.27%