Calvert Asset Allocation Funds

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1 Q INVESTMENT COMMENTARY Calvert Asset Allocation Funds Calvert s Asset Allocation Funds provide a convenient, one-step approach to investment diversification that incorporates environmental, social, and governance (ESG) criteria. Our Funds offer investors access to institutional-quality money management expertise across a range of asset classes. In conjunction with financial analysis, Calvert s comprehensive Principles for Responsible Investment guide the investment research process and decision-making. Key Takeaways Global equity and fixed-income markets broadly continued to advance in the third quarter, responding to a favorable investment environment of global liquidity, better-than-expected U.S. economic growth, strong corporate earnings and subdued inflation. Volatility remained low in the global financial markets, providing ongoing support for global risk assets* and producing solid U.S. fixed-income returns. Calvert Conservative Allocation Fund (Y shares and A shares at NAV) posted positive returns, performing largely in line with its composite benchmark. Calvert Moderate Allocation Fund and Calvert Aggressive Allocation Fund (Y shares and A shares at NAV) also advanced but slightly underperformed their respective composite benchmarks. Across all funds, overweights to developed, non-u.s. and emerging-market equities were positive contributors to performance relative to their benchmarks, while being underweight U.S. equities tended to detract. MARKET OVERVIEW The broad rally in financial markets that characterized the first half of 2017 continued in the third quarter amid optimism about the global economy, weakness in the U.S. dollar and accommodative central bank policies. Tensions with North Korea sparked bouts of volatility, but volatility generally remained extremely low. Equity markets delivered the strongest gains, led by the MSCI Emerging Markets Index1, which rose 7.58% in local currencies and 7.89% in U.S. dollars. The weak dollar spurred capital flows into emerging markets, China appeared on track to meet its 2017 growth target, and prices of many commodities increased. In the developed world, the S&P 500 Index advanced 4.48%, ending September at its 39th new closing high of the year. The MSCI EAFE Index returned a more modest 3.36% in local currencies but outperformed the S&P 500 Index in U.S. dollars with a 5.40% gain. The U.S. Dollar Index fell 2.69% during the quarter, down 8.94% year-to-date. Factors contributing to the decline included better-than-expected eurozone growth, a lack of material progress on U.S. fiscal policy, and the belief that soft inflation might slow U.S. monetary tightening. The Federal Reserve (the Fed) held interest rates steady at each of *Risk asset is a term broadly used to describe any security that is not a risk-free asset like a high-quality U.S. government bond. A risk market refers to these securities. MORNINGSTAR RATINGS 2 HHHH Calvert Conservative Allocation Fund Overall out of 395 funds, received the ratings in the Allocation 30% to 50% Equity category for Class A shares based on risk adjusted returns. HHHH Calvert Moderate Allocation Fund Overall out of 725 funds, received the ratings in the Allocation 50% to 70% Equity category for Class A shares based on risk adjusted returns. HHHH Calvert Aggressive Allocation Fund Overall out of 156 funds, received the ratings in the Allocation 85%+ Equity category for Class A shares based on risk adjusted returns. CALVERT S APPROACH TO RESPONSIBLE INVESTING WHO WE ARE Calvert Research and Management is a recognized leader in Responsible Investing. Our mission is to deliver superior long term performance to our clients and to enable them to achieve positive impact. WHAT WE OFFER Serving financial advisors and their clients, as well as a wide array of institutional investors, Calvert s investment strategies feature integrated environmental, social, and governance (ESG) research and corporate engagement. HOW WE STAND APART At Calvert Research and Management, our integrated responsible investment approach sets us apart from many other investment managers. YOUR MANAGEMENT TEAM CALVERT RESEARCH AND MANAGEMENT (ADVISOR) Vishal Khanduja, CFA Vice President, Calvert Research and Management Joined Eaton Vance 2016 Managed Fund since 2015 Dan R. Strelow, CFA Vice President, Calvert Research and Management Joined Eaton Vance 2016 Managed Fund since 2016 Justin H. Bourgette, CFA Vice President, Calvert Research and Management Joined Eaton Vance 2016 Managed Fund since 2016

2 Q CALVERT ASSET ALLOCATION Investment Commentary 2 its two policy meetings during the quarter, but signaled a rate hike by year-end, despite inflation running below its 2% target. The Fed also announced plans to start reducing the size of its balance sheet in October. The European Central Bank (ECB) and Bank of England held policy steady but hinted they might soon begin to tighten, while the Bank of Japan remained firmly in easing mode. Anticipation of future Fed rate hikes pushed short-term Treasury yields up slightly during the quarter. Long-term yields were virtually unchanged, contained by muted inflation expectations and lower yields in foreign developed markets, which spurred demand for U.S. securities. Credit spreads on investment-grade and high-yield bonds narrowed modestly, supported by strong corporate profits and a rebound in oil prices. Against this backdrop, the Bloomberg Barclays U.S. Aggregate Bond Index gained 0.85% for the quarter, and the BofA Merrill Lynch U.S. High Yield Index and S&P/LSTA Leveraged Loan Index returned 2.04% and 1.04%, respectively. Real U.S. GDP increased at an annual rate of 3.1% in the second quarter, driven by healthy gains in consumer spending, business investment and exports. This left growth at 2.2% year-overyear and repeated a familiar pattern of a weak winter followed by improvement, but not enough improvement to push the U.S. out of its 2% growth trajectory. Data released for the third quarter suggested that the economy had lost some momentum, in part due to the historic hurricanes. The impact of the hurricanes will distort the data for some time, making it harder to gauge the underlying strength of domestic growth. PERFORMANCE REVIEW Calvert Asset Allocation Funds (the Funds) delivered positive gains for the third quarter. Calvert Conservative Allocation Fund returned 2.00% (Y shares) and 1.93% (A shares at NAV) versus 2.02% for its composite benchmark. Calvert Moderate Allocation Fund gained 3.15% (Y shares) and 3.15% (A shares at NAV) versus 3.51% for its composite benchmark. Calvert Aggressive Allocation Fund returned 4.25% (Y shares) and 4.22% (A shares at NAV) versus 4.60% for its composite benchmark. While posting positive performance, the Funds slightly underperformed their respective benchmarks for the third quarter primarily due to a modest underweight in U.S. equities. The Funds benefited, however, from their allocations favoring international and emerging-market equities. In particular, strong gains by Calvert International Opportunities Fund and Calvert Emerging Markets Equity Fund boosted returns. In fixed income, Calvert Bond Portfolio Fund posted positive performance but modestly underperformed its benchmark. MARKET BENCHMARKS 1 as of 09/30/ % 3 MONTHS 1 YEAR Major Global Index Returns 20% 10% 0% % Bloomberg Barclays U.S. Aggregate Bond Index Russell 3000 Index MSCI EAFE Index MSCI Emerging Markets Index Bloomberg Barclays 1-3 Month US Treasury 1 Bloomberg Barclays US Aggregate Bond Index is an unmanaged index that measures the performance of domestic investment-grade bonds, including corporate, government, and mortgage-backed securities. Russell 3000 Index is an unmanaged index of 3,000 U.S. large-cap stocks. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index measures the performance of U.S. Treasury Bills with a maturity between one and three months. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. 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. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.

3 Q CALVERT ASSET ALLOCATION Investment Commentary 3 The Fund s allocations an overweight to investment-grade corporates, allocations to out-of-benchmark, asset-backed securities, and an underweight to U.S. Treasurys contributed most to positive performance. An underweight to U.S. agency mortgage-backed securities detracted most as this sector significantly outperformed Treasurys. Calvert Ultra-Short Income Fund and Calvert Unconstrained Bond Fund outperformed their benchmarks. The Funds allocations to spread sectors, including investment-grade corporates and asset-backed securities, accounted for the majority of their outperformance as credit spreads continued to rally during the quarter. MARKET OUTLOOK Global growth has improved, and markets have benefited as a result. The question is whether the improvement is sustainable, especially now that unprecedented monetary stimulus is starting to reverse. Another concern is that, although massive liquidity injections have bolstered economies and asset prices, they have hardly impacted inflation and wages. Unhappy voters in many parts of the world reflect widening wealth and income inequality, as well as immigration concerns. Meanwhile, trade imbalances remain friction points, and high debt levels, especially corporate and government debt, act as constraints to growth in most developed countries. Populism and nationalism have become global trends, setting the stage for future election surprises. In the U.S., the economy remains stuck in the 2% gear. Markets continue to be optimistic about pro-growth tax changes, even as the proposals get watered down and the timing gets pushed out. Moreover, factionalism, both within and between parties, and the deficit constraints imposed by the reconciliation process, will make final passage all the more difficult. In this regard, the ultimate failure of health care reform may be instructive. Meanwhile, Congress will need to readdress the debt ceiling by December, and the Fed seems intent on tightening despite low inflation. Of course, Fed leadership next year remains an open question given Yellen s term expires in February, and four other FOMC vacancies will need to be filled. Overseas, German Chancellor Merkel was just re-elected, but her ability to govern was weakened by the large number of parliamentary seats gained by opposition parties. As a result, French President Macron may have to lower his hopes for a more integrated Europe, at least in the near term. We expect to see more political volatility in Europe due to upcoming elections in Italy and Catalonia s push for independence from Spain. In Asia, Chinese officials have done a good job of keeping the economy humming along in the run-up to the National Congress of the Communist Party, which starts on October 18. It remains to be seen if the economic calm in China will persist once this twice-a-decade meeting is over. On a global basis, central banks, local politics and geopolitics most notably, North Korea and its nuclear program dominate the risk landscape. The combination of high valuations and low volatility suggests that markets are exceedingly complacent about these dynamics and their range of potential outcomes. Credit spreads remain rich, and stocks are expensive, particularly in the U.S., although European and emerging-market equities are closing the valuation gap. Treasury yields have been trading in a relatively tight range, the CBOE Volatility Index (VIX) is hovering near record lows, and the S&P 500 Index is in its longest stretch without a 5% pullback since In this environment, we are positioning the Funds in a slightly defensive manner. We believe this more defensive posture may benefit portfolio returns if, as we expect, global monetary tightening challenges expensive valuations in many asset classes. On the equity side, U.S. valuations are extended and the Funds are modestly underweight. We have also reflected a modest bias toward value over growth and mid-cap stocks over small caps. Lastly, we have layered on some equity optionality, at these low implied volatility levels, given the possibility of a tax deal emerging from Washington that could push valuations higher in the intermediate term. On the fixed-income side, the yield curve appears to be underpricing Fed rate hikes, and credit spreads are tight. We are therefore running the Funds durations shorter than their benchmarks, although not dramatically so given our view that growth and inflation will remain low over the long run. We are also more neutral in the long end of the yield curve versus underweight intermediates based on our expectation that the yield curve may flatten further as we move through the fourth quarter and into Lastly, the underlying income funds are also reducing credit-spread duration, moving up the quality spectrum and favoring liquid issues.

4 Q CALVERT ASSET ALLOCATION Investment Commentary 4 FUND TARGET ASSET CLASS RANGES CALVERT CONSERVATIVE ALLOCATION FUND A: CCLAX C: CALCX I: CFAIX Y: CALYX Objective The Fund seeks current income and capital appreciation, consistent with the preservation of capital. CALVERT MODERATE ALLOCATION FUND A: CMAAX C: CMACX I: CLAIX Y: CMLYX Objective The Fund seeks to provide long-term capital appreciation and growth of income, with current income a secondary objective. CALVERT AGGRESSIVE ALLOCATION FUND A: CAAAX C: CAACX I: CAGIX Y: CAIYX Objective The Fund seeks to provide long-term capital appreciation. 15% 45% Total Equity 50% 80% Total Equity Total Equity 70% 100% 45% 75% Fixed Income 20% 50% Fixed Income 0% 30% Fixed Income 0% 20% Cash or Cash Equivalents 0% 20% 40% 60% 80% 100% 0% 20% Cash or Cash Equivalents 0% 20% 40% 60% 80% 100% 0% 10% Cash or Cash Equivalents 0% 20% 40% 60% 80% 100% PORTFOLIO HOLDINGS (%) as of 09/30/2017 CONSERVATIVE ALLOCATION MODERATE ALLOCATION AGGRESSIVE ALLOCATION FIXED INCOME Calvert Bond Portfolio Fund Calvert Long-Term Income Fund Calvert Ultra-Short Income Fund Calvert Unconstrained Bond Fund US EQUITIES Calvert Capital Accumulation Fund Calvert Small Cap Fund Calvert U.S. Large Cap Core Responsible Index Fund Calvert U.S. Large Cap Growth Responsible Index Fund Calvert U.S. Large Cap Value Responsible Index Fund Calvert U.S. Mid Cap Core Responsible Index Fund INTERNATIONAL DEVELOPED EQUITIES Calvert Developed Markets Ex-US Responsible Index Fund Calvert International Equity Fund Calvert International Opportunities Fund EMERGING MARKETS EQUITY Calvert Emerging Markets Equity Fund CASH OR CASH EQUIVALENTS

5 Q CALVERT ASSET ALLOCATION Investment Commentary 5 CALVERT CONSERVATIVE ALLOCATION FUND AVERAGE ANNUAL RETURNS (%) as of 09/30/2017 SHARE CLASS (INCEPTION DATE) QTD YTD 1 YR 3 YRS 5 YRS 10 YRS SINCE INCEPTION A Shares (4/29/2005): no sales charge A Shares: 4.75% sales charge C Shares (4/29/2005): no charge C Shares: 1.00% sales charge I Shares (5/20/2016): no charge Y Shares (5/20/2016): no charge Bloomberg Barclays U.S. Aggregate Bond Index Conservative Allocation Composite Benchmark EXPENSE RATIOS (%) NET GROSS EXPENSE RATIOS (%) NET GROSS A Shares I Shares C Shares Y Shares CALVERT MODERATE ALLOCATION FUND AVERAGE ANNUAL RETURNS (%) as of 09/30/2017 SHARE CLASS (INCEPTION DATE) QTD YTD 1 YR 3 YRS 5 YRS 10 YRS SINCE INCEPTION A Shares (4/29/2005): no sales charge A Shares: 4.75% sales charge C Shares (4/29/2005): no charge C Shares: 1.00% sales charge I Shares (5/20/2016): no charge Y Shares (5/20/2016): no charge Russell 3000 Index Moderate Allocation Composite Benchmark EXPENSE RATIOS (%) NET GROSS EXPENSE RATIOS (%) NET GROSS A Shares I Shares C Shares Y Shares CALVERT AGGRESSIVE ALLOCATION FUND AVERAGE ANNUAL RETURNS (%) as of 09/30/2017 SHARE CLASS (INCEPTION DATE) QTD YTD 1 YR 3 YRS 5 YRS 10 YRS SINCE INCEPTION A Shares (4/29/2005): no sales charge A Shares: 4.75% sales charge C Shares (4/29/2005): no charge C Shares: 1.00% sales charge I Shares (5/20/2016): no charge Y Shares (5/20/2016): no charge Russell 3000 Index Aggressive Allocation Composite Benchmark EXPENSE RATIOS (%) NET GROSS EXPENSE RATIOS (%) NET GROSS A Shares I Shares C Shares Y Shares Fee source: Fund prospectus. Net expense ratio for all three funds reflects a contractual fee and/or expense reimbursement through January 31, The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Performance assumes the reinvestment of all distributions, and reflects the deduction of fund expenses and applicable fees. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index. Visit to obtain performance data current to the most recent month-end. Returns for periods of less than one year are not annualized. In the table above, performance results are calculated from the date of inception of the fund s earliest class of shares (the Inception Date ). For share classes launched subsequent to the Inception Date, returns prior to the share class inception date are linked to the performance of that fund s Class A shares at NAV (i.e., without deduction of any front-end sales charge). Actual share class performance would have been lower (Class C) or higher (Class Y and Class I shares) for any such period, depending on whether that share class has higher or lower expenses than Class A shares.

6 Q CALVERT ASSET ALLOCATION Investment Commentary 6 Additional Performance Disclosure: Conservative Allocation Composite Benchmark is an internally constructed benchmark comprised of 22% Russell 3000 Index, 7% MSCI EAFE Investable Market Index, 1% MSCI Emerging Markets Index, 60% Bloomberg Barclays U.S. Aggregate Index, and 10% Bloomberg Barclays U.S. 3 Month Treasury Bellwether. Prior to 3/3/15, was comprised of 22% Russell 3000 Index, 8% MSCI EAFE Investable Market Index, 60% Barclays U.S. Credit Index, and 10% Barclays U.S. 3 Month Treasury Bellwether. Returns of the fixed income component prior to 11/1/2015 reflect the performance of the Barclays U.S. Credit Index. Moderate Allocation Composite Benchmark is an internally constructed benchmark comprised of 47% Russell 3000 Index, 15%MSCI EAFE Investable Market Index, 3% MSCI Emerging Markets Index, 30% Barclays U.S. Aggregate Index, and 5% Barclays U.S. 3 Month Treasury Bellwether. Prior to 3/3/15 was comprised of 47% Russell 3000 Index, 18% MSCI EAFE Investable Market Index, 30% Barclays U.S. Credit Index, and 5% Barclays U.S. 3 Month Treasury Bellwether. Returns of the fixed income component prior to 11/1/2015 reflect the performance of the Barclays U.S. Credit Index. Aggressive Allocation Composite Benchmark is an internally constructed benchmark comprised of 64% Russell 3000 Index, 21% MSCI EAFE Investable Market Index, 5%MSCI Emerging Markets Index, and 10% Barclays U.S. Aggregate Index. Prior to 3/3/15 was comprised of 64% Russell 3000 Index, 26% MSCI EAFE Investable Market Index, and 10% Barclays U.S. Credit Index. Returns of the fixed income component prior to 11/1/2015 reflect the performance of the Barclays U.S. Credit Index. The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward looking statements. The Fund s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund s filings with the Securities and Exchange Commission. 2 The Morningstar Rating for funds, or star rating, is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchangetraded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for months of total returns, 60% five-year rating/40% three-year rating for months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load. For the period ended 09/30/2017, the Calvert Conservative Allocation Fund (Class I Shares) received 4 stars Overall among 395 funds, and 4 stars, 4 stars and 4 stars among 395, 356 and 257 funds, respectively, for the three-, five- and 10-year periods in the Morningstar Allocation 30% to 50% Equity category. The Fund (Class A Shares) received 4 stars Overall among 395 funds, and 4 stars, 4 stars and 4 stars among 395, 356 and 257 funds, respectively, for the three-, five- and 10-year periods in the Morningstar Allocation 30% to 50% Equity category. The Calvert Moderate Allocation Fund (Class I Shares) received 4 stars Overall among 725 funds, and 4 stars, 4 stars and 3 stars among 725, 664 and 458 funds, respectively, for the three-, five- and 10-year periods in the in the Morningstar Allocation 50% to 70% Equity category. The Fund (Class A Shares) received 4 stars Overall among 725 funds, and 4 stars, 4 stars and 3 stars among 725, 664 and 458 funds, respectively, for the three-, five- and 10-year periods in the Morningstar Allocation 50% to 70% Equity category. The Calvert Aggressive Allocation Fund (Class I Shares) received 4 stars Overall among 156 funds, and 4 stars, 4 stars and 3 stars among 156, 131 and 105 funds, respectively, for the three-, five- and 10-year periods in the Morningstar Allocation 85%+ Equity category. The Fund (Class A Shares) received 4 stars Overall among 156 funds, and 4 stars, 4 stars and 3 stars among 156, 131 and 105 funds funds, respectively, for the three-, five- and 10-year periods in the Morningstar Allocation 85%+ Equity category Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Investment in mutual funds involves risk, including the possible loss of principal invested. Each Fund is subject to asset allocation risk, which is the chance that selection of, and allocation of assets to, the underlying funds will cause the Fund to underperform. The Calvert Conservative, Moderate and Aggressive Allocation Funds differ by the percentage invested in equity funds versus fixed-income funds and cash equivalents. Each Fund shares the principal risks of each underlying fund in which it invests and pays a proportionate share of the operating expenses of those funds. The greater the degree of investments in the underlying equity funds, the higher the potential volatility and risk of the Allocation Fund. Thus, the Aggressive Allocation Fund may experience more price fluctuations and involve greater risk than the Moderate Allocation Fund, which in turn may experience more price fluctuations and involve more risk than the Conservative Allocation Fund. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Funds may underperform funds that do not utilize a responsible investment strategy. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company s ESG performance. Asset allocation does not ensure a profit and may not protect against a loss. Effective December 31, 2016, Eaton Vance Distributors, Inc. replaced Calvert Investment Distributors, Inc. as the Fund s principal underwriter following the acquisition by Calvert Research and Management ( CRM ) of substantially all the business assets of Calvert Investment Management, Inc. ( CIM ). CRM has also replaced CIM as the investment adviser to the Fund. See the Fund s updated prospectus dated January 3, For more information on any Calvert fund, please contact your financial advisor or visit for a free summary prospectus and/or prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money Eaton Vance Distributors, Inc. Member FINRA/SIPC Two International Place, Boston, MA