diff --git a/crates/ty_python_semantic/resources/mdtest/call/dunder.md b/crates/ty_python_semantic/resources/mdtest/call/dunder.md
index 5caeb1f3b5..8c2a70a2c4 100644
--- a/crates/ty_python_semantic/resources/mdtest/call/dunder.md
+++ b/crates/ty_python_semantic/resources/mdtest/call/dunder.md
@@ -239,3 +239,37 @@ def _(flag: bool):
     # error: [possibly-unbound-implicit-call]
     reveal_type(c[0])  # revealed: str
 ```
+
+## Dunder methods cannot be looked up on instances
+
+Class-level annotations with no value assigned are considered instance-only, and aren't available as
+dunder methods:
+
+```py
+from typing import Callable
+
+class C:
+    __call__: Callable[..., None]
+
+# error: [call-non-callable]
+C()()
+
+# error: [invalid-assignment]
+_: Callable[..., None] = C()
+```
+
+And of course the same is true if we have only an implicit assignment inside a method:
+
+```py
+from typing import Callable
+
+class C:
+    def __init__(self):
+        self.__call__ = lambda *a, **kw: None
+
+# error: [call-non-callable]
+C()()
+
+# error: [invalid-assignment]
+_: Callable[..., None] = C()
+```
diff --git a/crates/ty_python_semantic/resources/mdtest/type_properties/is_assignable_to.md b/crates/ty_python_semantic/resources/mdtest/type_properties/is_assignable_to.md
index 597fd4a614..afc28ac587 100644
--- a/crates/ty_python_semantic/resources/mdtest/type_properties/is_assignable_to.md
+++ b/crates/ty_python_semantic/resources/mdtest/type_properties/is_assignable_to.md
@@ -672,6 +672,29 @@ def f(x: int, y: str) -> None: ...
 c1: Callable[[int], None] = partial(f, y="a")
 ```
 
+### Classes with `__call__` as attribute
+
+An instance type is assignable to a compatible callable type if the instance type's class has a
+callable `__call__` attribute.
+
+TODO: for the moment, we don't consider the callable type as a bound-method descriptor, but this may
+change for better compatibility with mypy/pyright.
+
+```py
+from typing import Callable
+from ty_extensions import static_assert, is_assignable_to
+
+def call_impl(a: int) -> str:
+    return ""
+
+class A:
+    __call__: Callable[[int], str] = call_impl
+
+static_assert(is_assignable_to(A, Callable[[int], str]))
+static_assert(not is_assignable_to(A, Callable[[int], int]))
+reveal_type(A()(1))  # revealed: str
+```
+
 ## Generics
 
 ### Assignability of generic types parameterized by gradual types
diff --git a/crates/ty_python_semantic/resources/mdtest/type_properties/is_subtype_of.md b/crates/ty_python_semantic/resources/mdtest/type_properties/is_subtype_of.md
index f9a97c8c51..8f0f360f09 100644
--- a/crates/ty_python_semantic/resources/mdtest/type_properties/is_subtype_of.md
+++ b/crates/ty_python_semantic/resources/mdtest/type_properties/is_subtype_of.md
@@ -1157,6 +1157,29 @@ def f(fn: Callable[[int], int]) -> None: ...
 f(a)
 ```
 
+### Classes with `__call__` as attribute
+
+An instance type can be a subtype of a compatible callable type if the instance type's class has a
+callable `__call__` attribute.
+
+TODO: for the moment, we don't consider the callable type as a bound-method descriptor, but this may
+change for better compatibility with mypy/pyright.
+
+```py
+from typing import Callable
+from ty_extensions import static_assert, is_subtype_of
+
+def call_impl(a: int) -> str:
+    return ""
+
+class A:
+    __call__: Callable[[int], str] = call_impl
+
+static_assert(is_subtype_of(A, Callable[[int], str]))
+static_assert(not is_subtype_of(A, Callable[[int], int]))
+reveal_type(A()(1))  # revealed: str
+```
+
 ### Class literals
 
 #### Classes with metaclasses
diff --git a/crates/ty_python_semantic/src/types.rs b/crates/ty_python_semantic/src/types.rs
index 1db7479afa..8a91eac857 100644
--- a/crates/ty_python_semantic/src/types.rs
+++ b/crates/ty_python_semantic/src/types.rs
@@ -1291,12 +1291,20 @@ impl<'db> Type<'db> {
             }
 
             (Type::NominalInstance(_) | Type::ProtocolInstance(_), Type::Callable(_)) => {
-                let call_symbol = self.member(db, "__call__").symbol;
-                match call_symbol {
-                    Symbol::Type(Type::BoundMethod(call_function), _) => call_function
-                        .into_callable_type(db)
-                        .is_subtype_of(db, target),
-                    _ => false,
+                let call_symbol = self
+                    .member_lookup_with_policy(
+                        db,
+                        Name::new_static("__call__"),
+                        MemberLookupPolicy::NO_INSTANCE_FALLBACK,
+                    )
+                    .symbol;
+                // If the type of __call__ is a subtype of a callable type, this instance is.
+                // Don't add other special cases here; our subtyping of a callable type
+                // shouldn't get out of sync with the calls we will actually allow.
+                if let Symbol::Type(t, Boundness::Bound) = call_symbol {
+                    t.is_subtype_of(db, target)
+                } else {
+                    false
                 }
             }
             (Type::ProtocolInstance(left), Type::ProtocolInstance(right)) => {
@@ -1641,12 +1649,20 @@ impl<'db> Type<'db> {
             }
 
             (Type::NominalInstance(_) | Type::ProtocolInstance(_), Type::Callable(_)) => {
-                let call_symbol = self.member(db, "__call__").symbol;
-                match call_symbol {
-                    Symbol::Type(Type::BoundMethod(call_function), _) => call_function
-                        .into_callable_type(db)
-                        .is_assignable_to(db, target),
-                    _ => false,
+                let call_symbol = self
+                    .member_lookup_with_policy(
+                        db,
+                        Name::new_static("__call__"),
+                        MemberLookupPolicy::NO_INSTANCE_FALLBACK,
+                    )
+                    .symbol;
+                // If the type of __call__ is assignable to a callable type, this instance is.
+                // Don't add other special cases here; our assignability to a callable type
+                // shouldn't get out of sync with the calls we will actually allow.
+                if let Symbol::Type(t, Boundness::Bound) = call_symbol {
+                    t.is_assignable_to(db, target)
+                } else {
+                    false
                 }
             }
 
@@ -2746,6 +2762,7 @@ impl<'db> Type<'db> {
             instance.display(db),
             owner.display(db)
         );
+
         let descr_get = self.class_member(db, "__get__".into()).symbol;
 
         if let Symbol::Type(descr_get, descr_get_boundness) = descr_get {