____________________________________________________________________________________________________ Overview CIAS is an SEC-registered investment adviser with its principal office and place of business located at 7550 Wisconsin Avenue, 8th Floor, Bethesda, MD 20814. The Adviser began conducting business in 2023. Principal Owners CIAS is wholly owned by Calvert Impact, Inc. ("Calvert Impact"), a 501(c)(3) non-profit, non-stock organization incorporated in Delaware. The Adviser's Control Persons & Executive Officers, who undertake all the Firm's significant strategic and administrative decisions, are as follows: Jennifer Pryce (President), Emmeline Shu-Teh Liu (Secretary & Chief Compliance Officer), and Derek M. Strocher (Treasurer). Advisory Business Calvert Impact and its subsidiaries have over 28 years of track record of providing positive social and environmental impact and financial returns. Through its products and services, Calvert Impact and its subsidiaries raise capital from individual and institutional investors to finance intermediaries and funds that are investing in communities left behind by the traditional capital markets. Over the last 28 years, Calvert Impact and its subsidiaries have mobilized more than $4 billion of investor capital to organizations in under-resourced communities to address climate change and improve access to quality affordable housing, healthcare, education, income and wealth-building opportunities, and other critical community services – including a long- standing commitment to supporting Community Development Financial Institutions ("CDFIs") and other community-based lenders. In its history, Calvert Impact and its subsidiaries have made more than $640 million in loans and/or investments to CDFIs, affordable housing developers, and other mission-driven financial institutions across the United States. In addition to issuing and managing its flagship product, the Community Investment Note®, Calvert Impact and its subsidiaries provide syndication and structuring services to strive to facilitate more efficient flows of capital into communities. Further, Calvert Impact and its subsidiaries have structured and syndicated more than 25 credit facilities across impact sectors and geographies in the past seven years, mobilizing more than $850 million in institutional capital for direct, measurable social and environmental impact. Calvert Impact is recognized as a leader in Investment Measurement & Management ("IMM") and was one of the founding signatories of the Operating Principles for Impact Management. CIAS is the investment adviser registered with the U.S. Securities and Exchange Commission. Calvert Impact is the sole member of CIAS. CIAS does not have employees. Supervised Persons (defined below) provide services to CIAS pursuant to a services agreement between CIAS and Calvert Impact or an affiliate of Calvert Impact (collectively, the "CI Group"). Each partner, officer, director (or other person occupying a similar status or performing similar functions), or other person who provides investment advice on behalf of CIAS and is subject to CIAS' supervision and control owes a fiduciary duty to the entities to whom CIAS provides investment advisory services ("Clients"). As used in this Brochure, the words "we," "our," and "us" refer to Calvert Impact Advisory Services, LLC, and the words "you," "your," and "Client" refer to you as either a Client or prospective Client of our Firm. Reference to "Supervised Persons" means CIAS' members, officers, directors, or other persons occupying similar statuses or performing like functions, employees, or other individuals who provide investment advice on CIAS' behalf subject to our supervision and control. CIAS serves as a fiduciary to its Clients, as defined under the applicable laws and regulations. As fiduciaries, we uphold a duty of loyalty, fairness, and good faith towards each Client and seek to mitigate potential conflicts of interest. In providing investment advice and managing Client assets, CIAS strives to act with a degree of care, skill, prudence and diligence under the circumstances that a prudent person acting in a fiduciary capacity would use. Our relationship with each Client is non-exclusive; in other words, we can provide advisory services to multiple Clients. In the event that CIAS has more than one Client, it will seek to avoid situations in which one Client's interest may conflict with another Client's interest. Types of Advisory Services Currently, CIAS advises and provides private fund investment supervisory services to one Client (the "Fund"). The Fund is an impact-first investment fund formed to drive growth and financial resiliency in the mission-driven bank sector that translates into demonstrated progress in closing the racial wealth gap in the United

States and its territories over the Fund's term (the "Fund Mission"). CIAS serves as a sub-adviser to the Fund, and two representatives of CIAS sit on the Fund's investment committee (the "Investment Committee"). In such a role, they evaluate and vote for or against all decisions regarding portfolio investment acquisition or disposition. The principal objective of the Fund is capital preservation and modest returns, which the Fund seeks to achieve by making, managing and selling investments in minority depository institutions ("MDIs"), CDFIs, or subsidiaries thereof (collectively, "Covered Entities"). CIAS assists the lead portfolio manager (the "Lead Fund Manager") in seeking to construct a Fund portfolio that balances risk, return, capacity building, and impact. The terms applicable to investors in the Fund are detailed in the Fund's offering documents (the "Offering Documents") provided to prospective investors. Portfolio Management & Client Tailored Services CIAS is one of several investment firms providing investment management services to the Fund, which is excepted from registration as an investment company under the Investment Company Act of 1940, as amended, and whose securities are not registered under the Securities Act of 1933, as amended ("1933 Act"). As an investment manager, CIAS assists with the identification of potential Fund investments. The Adviser also provides tailored investment services to the Fund in accordance with the Fund's investment objective, policy, and restrictions in a manner consistent with the written sub-adviser agreement between the Adviser and the Lead Fund Manager. Investment advice is provided directly to the Fund and not to individual investors. Investors will invest in the Fund directly. The Lead Fund Manager and the fund administrator must receive a completed subscription agreement from each prospective investor in the Fund before any subscription will be accepted. The subscription agreement contains information that the Fund administrator must review to assess the prospective investor's eligibility to invest. The subscription agreement also includes an acknowledgment that the prospective investor has received and read the Offering Documents. In addition to its investment services, CIAS creates and manages the Fund's technical services and IMM programs. The technical services program seeks to connect portfolio companies with service providers and subsidize the costs of such service providers to build organizational capacity at the portfolio companies. The Fund will bear the costs of the technical services program, as described in more detail in Item 5: Fees & Compensation, below. The IMM program guides the measurement, management and reporting of the impact of the Fund and its investments. The IMM program is embedded across the investment process, including the sourcing, screening, due diligence, approval, monitoring, and reporting processes. Additional information about the Fund is contained in the Offering Documents, which are available to current and eligible prospective investors only through the Adviser or another authorized party. Since the Adviser does not provide individualized advice to Fund investors (and an investment in the Fund does not, in and of itself, create an advisory relationship between the investor and the Adviser), investors must consider whether an investment in the Fund meets their investment objectives and risk tolerance prior to investing. While this Brochure may be provided to investors and may include information about the Fund, this Brochure is intended solely to provide information about the Adviser and should not be considered to be an offer of interest in the Fund. Client-Imposed Restrictions The Adviser provides investment advice to the Fund in accordance with the investment objectives, strategies, guidelines and terms and conditions contained in the Offering Documents. The Adviser does not tailor its advisory services to the individual needs of the investors in the Fund. The rights of investors to influence the investment objectives, strategies and guidelines of the Fund are limited to those outlined in the Offering Documents. Wrap Fee Programs A wrap fee program is defined as any advisory program under which a specified fee or fees not based directly upon transactions in a Client's account are charged for investment supervisory services, which may include portfolio management or advice concerning the selection of other investment advisers and the execution of Client transactions. CIAS does not offer a wrap fee program as part of its advisory services. Assets Under Management As of December 31, 2023, CIAS managed $111,270,488 of regulatory assets under management, all of which were managed on a discretionary basis.