# EDGAR Filing Document

**Accession Number:** 0000319676
**File Stem:** 0001410368-25-032325
**Filing Date:** 2025-11
**Character Count:** 48287
**Document Hash:** 6e5aeddfda2f3aec4cd8f4c9475f0127
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032325.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032325

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calvert Management Series
- **CENTRAL INDEX KEY:** 0000319676

**ORGANIZATION NAME:**
- **EIN:** 526211999
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03101
- **FILM NUMBER:** 251528488

**BUSINESS ADDRESS:**
- **STREET 1:** 2050 M STREET NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036
- **BUSINESS PHONE:** 8002256265

**MAIL ADDRESS:**
- **STREET 1:** 2050 M STREET NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALVERT TAX FREE RESERVES
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Calvert Small/Mid-Cap Fund (Series ID: S000080181)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000241882 | Calvert Small/Mid-Cap Fund Class I |  |
| C000241883 | Calvert Small/Mid-Cap Fund Class C |  |
| C000241884 | Calvert Small/Mid-Cap Fund Class A |  |

## Nport-Ex

Calvert

Small/Mid-Cap Fund

September 30, 2025

Schedule of Investments (Unaudited)

------

Common Stocks — 99.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Aerospace & Defense — 1.3% | Aerospace & Defense — 1.3% |  |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48318 | $3029539 |
|  |  | **$3029539** |
| Automobile Components — 2.6% | Automobile Components — 2.6% |  |
| Dorman Products, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;37785 | $5889926 |
|  |  | **$5889926** |
| Banks — 6.9% | Banks — 6.9% |  |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105674 | $6315078 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134982 | &nbsp;&nbsp; 4542145 |
| SouthState Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48500 | &nbsp;&nbsp;&nbsp;&nbsp;4795195 |
|  |  | **$15652418** |
| Biotechnology — 2.2% | Biotechnology — 2.2% |  |
| Caris Life Sciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40551 | &nbsp;&nbsp;&nbsp;$1226668 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27098 | &nbsp;&nbsp;&nbsp;&nbsp;3804017 |
|  |  | &nbsp;&nbsp;&nbsp;**$5030685** |
| Building Products — 8.7% | Building Products — 8.7% |  |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70264 | &nbsp;&nbsp;&nbsp;$5158080 |
| AAON, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25547 | &nbsp;&nbsp;&nbsp;&nbsp;2387112 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20611 | &nbsp;&nbsp;&nbsp;&nbsp;2858746 |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28111 | &nbsp;&nbsp;&nbsp;&nbsp;3067753 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18243 | &nbsp;&nbsp;&nbsp;&nbsp;4428488 |
| Hayward Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;111543 | &nbsp;&nbsp;&nbsp;&nbsp;1686530 |
|  |  | **$19586709** |
| Capital Markets — 2.3% | Capital Markets — 2.3% |  |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6345 | &nbsp;&nbsp;&nbsp;$2110918 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;28014 | &nbsp;&nbsp;&nbsp;&nbsp;3108994 |
|  |  | &nbsp;&nbsp;&nbsp;**$5219912** |
| Chemicals — 2.8% | Chemicals — 2.8% |  |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20089 | &nbsp;&nbsp;&nbsp;$3014555 |
| Quaker Chemical Corp.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24528 | &nbsp;&nbsp;&nbsp;&nbsp;3231564 |
|  |  | &nbsp;&nbsp;&nbsp;**$6246119** |
| Construction Materials — 0.7% | Construction Materials — 0.7% |  |
| Knife River Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19950 | &nbsp;&nbsp;&nbsp;$1533556 |
|  |  | &nbsp;&nbsp;&nbsp;**$1533556** |
| Consumer Staples Distribution & Retail — 2.5% | Consumer Staples Distribution & Retail — 2.5% |  |
| Performance Food Group Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55051 | &nbsp;&nbsp;&nbsp;$5727506 |
|  |  | &nbsp;&nbsp;&nbsp;**$5727506** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Containers & Packaging — 2.4% | Containers & Packaging — 2.4% |  |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40337 | $5391443 |
|  |  | **$5391443** |
| Diversified Consumer Services — 0.8% | Diversified Consumer Services — 0.8% |  |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15760 | $1711063 |
|  |  | **$1711063** |
| Diversified REITs — 1.0% | Diversified REITs — 1.0% |  |
| Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77476 | $2305686 |
|  |  | **$2305686** |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% |  |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13665 | &nbsp;&nbsp;&nbsp;$1805830 |
|  |  | &nbsp;&nbsp;&nbsp;**$1805830** |
| Electronic Equipment, Instruments & Components — 3.2% | Electronic Equipment, Instruments & Components — 3.2% |  |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19174 | &nbsp;&nbsp;&nbsp;$3424093 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14423 | &nbsp;&nbsp;&nbsp;&nbsp;2297295 |
| Novanta, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15294 | &nbsp;&nbsp;&nbsp;&nbsp;1531694 |
|  |  | &nbsp;&nbsp;&nbsp;**$7253082** |
| Financial Services — 1.5% | Financial Services — 1.5% |  |
| Euronet Worldwide, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38564 | &nbsp;&nbsp;&nbsp;$3386305 |
|  |  | &nbsp;&nbsp;&nbsp;**$3386305** |
| Food Products — 1.0% | Food Products — 1.0% |  |
| Post Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21134 | &nbsp;&nbsp;&nbsp;$2271482 |
|  |  | &nbsp;&nbsp;&nbsp;**$2271482** |
| Health Care Providers & Services — 2.9% | Health Care Providers & Services — 2.9% |  |
| Addus HomeCare Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28472 | &nbsp;&nbsp;&nbsp;$3359412 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7299 | &nbsp;&nbsp;&nbsp;&nbsp;3268054 |
|  |  | &nbsp;&nbsp;&nbsp;**$6627466** |
| Health Care Technology — 1.0% | Health Care Technology — 1.0% |  |
| Certara, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;94495 | &nbsp;&nbsp;&nbsp;$1154729 |
| HeartFlow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30201 | &nbsp;&nbsp;&nbsp;&nbsp;1016566 |
|  |  | &nbsp;&nbsp;&nbsp;**$2171295** |
| Hotels, Restaurants & Leisure — 5.2% | Hotels, Restaurants & Leisure — 5.2% |  |
| Aramark | &nbsp;&nbsp;124052 | &nbsp;&nbsp;&nbsp;$4763597 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6332 | &nbsp;&nbsp;&nbsp;&nbsp;2733588 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54034 | &nbsp;&nbsp;&nbsp;&nbsp;4317316 |
|  |  | **$11814501** |
| Household Durables — 1.5% | Household Durables — 1.5% |  |
| Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14815 | &nbsp;&nbsp;&nbsp;$1073051 |
| NVR, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;2305947 |
|  |  | &nbsp;&nbsp;&nbsp;**$3378998** |

---

------

Calvert

Small/Mid-Cap Fund

September 30, 2025

Schedule of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Household Products — 0.8% | Household Products — 0.8% |  |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19675 | $1724120 |
|  |  | **$1724120** |
| Industrial REITs — 1.3% | Industrial REITs — 1.3% |  |
| EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17528 | $2966789 |
|  |  | **$2966789** |
| Insurance — 8.3% | Insurance — 8.3% |  |
| Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12656 | $1148279 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23300 | &nbsp;&nbsp; 3683730 |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39463 | &nbsp;&nbsp;&nbsp;&nbsp;2535103 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | &nbsp;&nbsp;124324 | &nbsp;&nbsp;&nbsp;&nbsp;3083235 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5175 | &nbsp;&nbsp;&nbsp;&nbsp;2200721 |
| Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39889 | &nbsp;&nbsp;&nbsp;&nbsp;2248144 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2342 | &nbsp;&nbsp;&nbsp;&nbsp;3914700 |
|  |  | **$18813912** |
| Machinery — 10.8% | Machinery — 10.8% |  |
| Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85044 | &nbsp;&nbsp;&nbsp;$3834634 |
| Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66678 | &nbsp;&nbsp;&nbsp;&nbsp;5457595 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15820 | &nbsp;&nbsp;&nbsp;&nbsp;3339760 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49183 | &nbsp;&nbsp;&nbsp;&nbsp;4682222 |
| Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47621 | &nbsp;&nbsp;&nbsp;&nbsp;4045880 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13094 | &nbsp;&nbsp;&nbsp;&nbsp;2971683 |
|  |  | **$24331774** |
| Media — 0.8% | Media — 0.8% |  |
| John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;42364 | &nbsp;&nbsp;&nbsp;$1714471 |
|  |  | &nbsp;&nbsp;&nbsp;**$1714471** |
| Multi-Utilities — 0.8% | Multi-Utilities — 0.8% |  |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40328 | &nbsp;&nbsp;&nbsp;$1746202 |
|  |  | &nbsp;&nbsp;&nbsp;**$1746202** |
| Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% |  |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;98527 | &nbsp;&nbsp;&nbsp;$3476033 |
|  |  | &nbsp;&nbsp;&nbsp;**$3476033** |
| Professional Services — 1.9% | Professional Services — 1.9% |  |
| CBIZ, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;82020 | &nbsp;&nbsp;&nbsp;$4343779 |
|  |  | &nbsp;&nbsp;&nbsp;**$4343779** |
| Residential REITs — 1.6% | Residential REITs — 1.6% |  |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59346 | &nbsp;&nbsp;&nbsp;$3602302 |
|  |  | &nbsp;&nbsp;&nbsp;**$3602302** |
| Semiconductors & Semiconductor Equipment — 4.5% | Semiconductors & Semiconductor Equipment — 4.5% |  |
| Allegro MicroSystems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57176 | &nbsp;&nbsp;&nbsp;$1669539 |
| Diodes, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53099 | &nbsp;&nbsp;&nbsp;&nbsp;2825398 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | **Value** |
| Semiconductors & Semiconductor Equipment (continued) | Semiconductors & Semiconductor Equipment (continued) |  |
| ON Semiconductor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46569 | $2296317 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15511 | &nbsp;&nbsp; 2134934 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8469 | &nbsp;&nbsp; 1216403 |
|  |  | **$10142591** |
| Software — 5.4% | Software — 5.4% |  |
| CCC Intelligent Solutions Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;390336 | $3555961 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;37387 | &nbsp;&nbsp; 673714 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21535 | &nbsp;&nbsp; 2029243 |
| Manhattan Associates, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8451 | &nbsp;&nbsp;&nbsp;&nbsp;1732286 |
| nCino, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437095 |
| SPS Commerce, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19793 | &nbsp;&nbsp;&nbsp;&nbsp;2061243 |
| Tyler Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3139 | &nbsp;&nbsp;&nbsp;&nbsp;1642199 |
|  |  | **$12131741** |
| Specialized REITs — 1.5% | Specialized REITs — 1.5% |  |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;28203 | &nbsp;&nbsp;&nbsp;$3452611 |
|  |  | &nbsp;&nbsp;&nbsp;**$3452611** |
| Specialty Retail — 5.3% | Specialty Retail — 5.3% |  |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43454 | &nbsp;&nbsp;&nbsp;$1119375 |
| Burlington Stores, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20248 | &nbsp;&nbsp;&nbsp;&nbsp;5153116 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2541 | &nbsp;&nbsp;&nbsp;&nbsp;1111713 |
| Valvoline, Inc.<sup>(1)</sup> | &nbsp;&nbsp;125441 | &nbsp;&nbsp;&nbsp;&nbsp;4504586 |
|  |  | **$11888790** |
| Textiles, Apparel & Luxury Goods — 1.4% | Textiles, Apparel & Luxury Goods — 1.4% |  |
| Steven Madden Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95272 | &nbsp;&nbsp;&nbsp;$3189707 |
|  |  | &nbsp;&nbsp;&nbsp;**$3189707** |
| Trading Companies & Distributors — 1.8% | Trading Companies & Distributors — 1.8% |  |
| Core & Main, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75397 | &nbsp;&nbsp;&nbsp;$4058620 |
|  |  | &nbsp;&nbsp;&nbsp;**$4058620** |
| Total Common Stocks<br> (identified cost $206,741,357) |  | **$223616963** |

---

------

Calvert

Small/Mid-Cap Fund

September 30, 2025

Schedule of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| Short-Term Investments — 0.7% |  |  |
| **Security** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.05%<sup>(3)</sup> | 1578725 | $1578725 |
| Total Short-Term Investments<br> (identified cost $1,578,725) |  | **$1578725** |
| Total Investments — 99.7%<br> (identified cost $208,320,082) |  | **$225195688** |
| Other Assets, Less Liabilities — 0.3% |  | **$571004** |
| Net Assets — 100.0% |  | **$225766692** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. | The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | All or a portion of this security was on loan at September 30, 2025. The aggregate market value of securities on loan at September 30, 2025 was $8,581,200 and the total market value of the collateral received by the Fund was $8,886,033, comprised of U.S. government and/or agencies securities. |
| <sup>(3)</sup> | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2025. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| REITs | – Real Estate Investment Trusts |

---

The Fund did not have any open derivative instruments at September 30, 2025.

Affiliated Investments

At September 30, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $1,578,725, which represents 0.7% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended September 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net<br> realized<br> gain<br> (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value,<br> end of<br> period** | **Dividend<br> income** | **Shares,<br> end of<br> period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |  |  |  |  |  |  |
| Liquidity Fund, Institutional Class<sup>(1)</sup> | $416828 | $11011053 | $(9849156) | $— | $— | $1578725 | $12042 | 1578725 |

---

<sup>(1)</sup> Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio.

Fair Value Measurements

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.

The following table summarizes the market value of the Fund's holdings as of September 30, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$223616963<sup>(1)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$223616963 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578725 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578725 |
| **Total Investments** | &nbsp;&nbsp;**$225195688** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$225195688** |

---

<sup>(1)</sup> The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.

Reorganization

As of the close of business on September 12, 2025, the Fund acquired the net assets of Calvert Mid-Cap Fund, pursuant to a plan of reorganization approved by the Board of Directors of Calvert Mid-Cap Fund. The investment portfolio of Calvert Mid-Cap Fund, with a fair value of $199,360,018 and identified cost of $183,490,644 was the principal asset acquired by the Fund. For financial reporting purposes, assets received and shares issued by the

------

Calvert

Small/Mid-Cap Fund

September 30, 2025

Schedule of Investments (Unaudited) — continued

------

Fund were recorded at fair value; however, the identified cost of the investments received from Calvert Mid-Cap Fund was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of the Fund immediately before the acquisition were $34,994,416. The net assets of Calvert Mid-Cap Fund at that date of $196,699,581 were combined with those of the Fund, resulting in combined net assets of $231,693,997.

For additional information on the Fund's policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent annual or semi-annual financial statements.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Calvert Management Series

- **b. Investment Company Act file number:** 811-03101

- **c. CIK number of Registrant:** 0000319676

- **d. LEI of Registrant:** 549300JLDDCMBLNYVQ38

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2050 M Street NW

  - **City:** Washington

  - **State:** DC

  - **Foreign country:** US

  - **Zip / Postal Code:** 20036

  - **Telephone number:** 202-238-2200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Calvert Small/Mid-Cap Fund

- **b. EDGAR series identifier (if any):** S000080181

- **c. LEI of Series:** 549300085L1NSA5LCU34

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $226360182.73

**Total Liabilities:** $494896.14

**Net Assets:** $225865286.59

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241882 | -1.10%               | 4.04%                | -3.25%               |
| Class ID C000241883 | -1.18%               | 3.89%                | -3.29%               |
| Class ID C000241884 | -1.08%               | 3.96%                | -3.26%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $507297.91               | $-822861.24                                |
| Month 2  | $479221.30               | $686134.59                                 |
| Month 3  | $966339.64               | $10852369.39                               |

### Schedule of Portfolio Investments

| Name                                   | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Nordson Corp                           | Nordson Corp                                                        | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |     13094 | NS      | $2971683.30   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp                    | Meritage Homes Corp                                                 | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |     14815 | NS      | $1073050.45   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                        | Core & Main Inc                                                     | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75397 | NS      | $4058620.51   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc          | Advanced Drainage Systems Inc                                       | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     20611 | NS      | $2858745.70   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc  | Essential Properties Realty Trust Inc                               | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               |  | US        |     77476 | NS      | $2305685.76   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                          | Valvoline Inc                                                       | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |    125441 | NS      | $4504586.31   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc            | Ryan Specialty Holdings Inc                                         | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39889 | NS      | $2248144.04   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc                   | Tradeweb Markets Inc                                                | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28014 | NS      | $3108993.72   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                       | Donaldson Co Inc                                                    | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |     66678 | NS      | $5457594.30   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                           | Teradyne Inc                                                        | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     15511 | NS      | $2134934.04   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies Inc      | Atmus Filtration Technologies Inc                                   | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85044 | NS      | $3834633.96   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                 | Arch Capital Group Ltd                                              | CUSIP: 000000000<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | BM        |     12656 | NS      | $1148278.88   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                | Aramark                                                             | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |    124052 | NS      | $4763596.80   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc                  | Burlington Stores Inc                                               | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     20248 | NS      | $5153116.00   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp          | First American Financial Corp                                       | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |     39463 | NS      | $2535103.12   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc               | Franklin Electric Co Inc                                            | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |     49183 | NS      | $4682221.60   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HeartFlow Inc                          | HeartFlow Inc                                                       | CUSIP: 42238D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30201 | NS      | $1016565.66   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                           | Balchem Corp                                                        | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     20089 | NS      | $3014555.34   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc               | Manhattan Associates Inc                                            | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      8451 | NS      | $1732285.98   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                              | nCino Inc                                                           | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |     16123 | NS      | $437094.53    | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Group 1 Automotive Inc                 | Group 1 Automotive Inc                                              | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      2541 | NS      | $1111712.91   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc         | First Financial Bankshares Inc                                      | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |    134982 | NS      | $4542144.30   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                       | Knife River Corp                                                    | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19950 | NS      | $1533556.50   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc                    | Dorman Products Inc                                                 | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |     37785 | NS      | $5889925.80   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                                | AZZ Inc                                                             | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |     28111 | NS      | $3067753.43   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                            | CDW Corp/DE                                                         | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     14423 | NS      | $2297295.44   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc                 | Tyler Technologies Inc                                              | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      3139 | NS      | $1642199.24   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp                    | Addus HomeCare Corp                                                 | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |     28472 | NS      | $3359411.28   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                         | A O Smith Corp                                                      | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |     70264 | NS      | $5158080.24   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Insurance Group Ltd           | Hamilton Insurance Group Ltd                                        | CUSIP: 000000000<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               | CORP              | BM        |    124324 | NS      | $3083235.20   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                   | Lamar Advertising Co                                                | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               |  | US        |     28203 | NS      | $3452611.26   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORP                   | SOUTHSTATE BANK CORP                                                | CUSIP: 84472E102<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     48500 | NS      | $4795195.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc                  | John Wiley & Sons Inc                                               | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |     42364 | NS      | $1714471.08   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                 | Universal Display Corp                                              | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8469 | NS      | $1216402.47   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc                      | Post Holdings Inc                                                   | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |     21134 | NS      | $2271482.32   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc                  | ESCO Technologies Inc                                               | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     15820 | NS      | $3339760.20   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                             | Diodes Inc                                                          | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |     53099 | NS      | $2825397.79   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                       | Badger Meter Inc                                                    | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |     19174 | NS      | $3424092.92   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Caris Life Sciences Inc                | Caris Life Sciences Inc                                             | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |     40551 | NS      | $1226667.75   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutions Inc   | Bright Horizons Family Solutions Inc                                | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15760 | NS      | $1711063.20   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                         | AptarGroup Inc                                                      | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     40337 | NS      | $5391443.42   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                     | Domino's Pizza Inc                                                  | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      6332 | NS      | $2733587.72   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp              | Cincinnati Financial Corp                                           | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |     23300 | NS      | $3683730.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                           | NiSource Inc                                                        | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     40328 | NS      | $1746202.40   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc                   | Hayward Holdings Inc                                                | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111543 | NS      | $1686530.16   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                            | Chemed Corp                                                         | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      9267 | NS      | $4149206.58   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                  | Bath & Body Works Inc                                               | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     43454 | NS      | $1119375.04   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Holdings Inc | CCC Intelligent Solutions Holdings Inc                              | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    390336 | NS      | $3555960.96   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC               | Morgan Stanley Institutional Liquidity Funds - Government Portfolio | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   1578725 | NS      | $1578725.15   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro MicroSystems Inc               | Allegro MicroSystems Inc                                            | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57176 | NS      | $1669539.20   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                            | Novanta Inc                                                         | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     15294 | NS      | $1531694.10   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc             | LPL Financial Holdings Inc                                          | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      6345 | NS      | $2110918.05   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc                  | Euronet Worldwide Inc                                               | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     38564 | NS      | $3386304.84   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings Inc      | Clearwater Analytics Holdings Inc                                   | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37387 | NS      | $673713.74    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/The        | Descartes Systems Group Inc/The                                     | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |     21535 | NS      | $2029243.05   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                            | IDACORP Inc                                                         | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     13665 | NS      | $1805829.75   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp                   | Quaker Chemical Corp                                                | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |     24528 | NS      | $3231564.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: —       |
| CBIZ Inc                               | CBIZ Inc                                                            | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |     82020 | NS      | $4343779.20   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc             | Neurocrine Biosciences Inc                                          | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     27098 | NS      | $3804017.24   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp                  | ON Semiconductor Corp                                               | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |     46569 | NS      | $2296317.39   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Group Ltd    | White Mountains Insurance Group Ltd                                 | CUSIP: 000000000<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | BM        |      2342 | NS      | $3914699.84   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc              | Kinsale Capital Group Inc                                           | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      5175 | NS      | $2200720.50   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                | NVR Inc                                                             | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       287 | NS      | $2305947.42   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc                 | Church & Dwight Co Inc                                              | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |     19675 | NS      | $1724120.25   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Certara Inc                            | Certara Inc                                                         | CUSIP: 15687V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94495 | NS      | $1154728.90   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc               | EastGroup Properties Inc                                            | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |     17528 | NS      | $2966789.28   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc/MO             | Commerce Bancshares Inc/MO                                          | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105674 | NS      | $6315078.24   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corp                            | Hexcel Corp                                                         | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     48318 | NS      | $3029538.60   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc           | Wyndham Hotels & Resorts Inc                                        | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     54034 | NS      | $4317316.60   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co              | Performance Food Group Co                                           | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     55051 | NS      | $5727506.04   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                      | Steven Madden Ltd                                                   | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     95272 | NS      | $3189706.56   | 1.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Equity LifeStyle Properties Inc        | Equity LifeStyle Properties Inc                                     | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |     59346 | NS      | $3602302.20   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                     | Royalty Pharma PLC                                                  | CUSIP: 000000000<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |     98527 | NS      | $3476032.56   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                               | AAON Inc                                                            | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25547 | NS      | $2387111.68   | 1.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Graco Inc                              | Graco Inc                                                           | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     47621 | NS      | $4045880.16   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc                    | CSW Industrials Inc                                                 | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |     18243 | NS      | $4428488.25   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                       | SPS Commerce Inc                                                    | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |     19793 | NS      | $2061243.02   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** Calvert Management Series

**Signature:** James Kirchner

**Name of Signer:** James Kirchner

**Title:** Treasurer